Share Draft Accounts

IUAW Federal Credit Union offers a full-service Share Draft Checking Account at a very low cost, with these features:

No minimum balance requirement
No per check fees
No monthly statement charge
20 free starter checks for new accounts

Rate Information:

Your dividend rate may change quarterly as declared by the Board of Directors.

AS OF THE QUARTER BEGINNING JANUARY 1, 2002, THE BOARD OF DIRECTORS DECLARED A RATE OF ZERO ON SHARE DRAFT ACCOUNTS.

Compounding and crediting – If declared, dividends will be compounded every quarter. If declared, dividends will be credited to your account every quarter.

Dividend period – If declared, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the period, and for the example above is March 31.

If you close your account before dividends are paid, you will not receive the accrued dividends.

Daily balance computation method – If declared, dividends are calculated by the daily method, which applies a daily periodic rate to the balance in the account each day.

Accrual of dividends on non-cash deposits – If declared, dividends will begin to accrue on the first business day after the banking day you place non-cash items to your account.

Minimum balance requirements:

No minimum balance requirements apply to this account.

Overdraft Protection

Overdraft Protection is a Share Draft Account service which works two ways: first, as protection against bounced checks, and second as a convenient source of credit. Overdraft Protection is essentially an unsecured loan at a competitive rate of interest.

With Overdraft Protection, loan funds are forwarded to your account (up to six times a month) any time a share draft clears for an amount greater than the amount in your account. You can use these loan funds to protect against overdrafts, or to write yourself a small loan whenever you need it.

STATEMENTS – You must examine your statement of account with “reasonable promptness”. If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to do either of these duties, you will have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer.

You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance, exceed a total of 30 days from when the statement is first sent or made available to you.

You further agree that if you fail to report any unauthorized signatures, alterations, forgeries, or any other errors in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.