Common use of Truncated Drafts; Statements Clause in Contracts

Truncated Drafts; Statements. Your canceled checks will not be returned to you, they will become Credit Union property and be held by us (“truncated”) for you. Your monthly statement will itemize your canceled checks by number, date of clearing and the amount of the check. Any objection respecting any item shown on a periodic statement is waived unless made in writing to the Credit Union before the end of sixty (60) days after the statement is mailed. A copy of any check will be available to you as required by law. There may be a small fee to obtain a copy of a check (see the Rate and Fee Schedule for a list of fees).