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Member Contract and Share Deposit Agreement

Revised: October 2016

Important Information about Procedures for Opening New Accounts

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask you your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.



The Member Contract and Share Deposit Account Agreement ("Contract" or "Agreement") contains the terms and conditions that apply to your membership and share deposit account(s) held at Mutual Security Credit Union. It consists of the provisions contained in this document as well as other documents that are provided to you separately, now or in the future. This Agreement supersedes any prior written, electronic, or oral agreements or understandings that we may have with you concerning your share deposit account(s) and all other matters addressed in this Agreement.


Qualifying for Membership

To be eligible for membership in Mutual Security Credit Union you must be an individual or entity qualifying within Mutual Security Credit Union’s field of membership and must satisfy the membership qualifications as set forth in our Bylaws. You authorize us to check financial information data, and employment history about you by any means allowed by law, including obtaining a credit report or credit score from any consumer reporting agency to verify your eligibility for any accounts and services we offer or you request. Membership is required to open and maintain an account with us. Mutual Security Credit Union (“MSCU”) accounts are federally insured by the National Credit Union Share Insurance Fund. Applicants with an unacceptable credit record or history of writing “nonsufficient funds” checks may not be eligible to open or maintain an account. 



This Agreement is the contract of deposit which covers your and our rights and responsibilities concerning Membership and account(s) offered to you. In this Agreement, the words “you” and “your(s)” refers to anyone who maintains an account with us, including all owners and signers on the account and any person or entity on whose behalf the account is opened. “We”, “us” and “our” refer to Mutual Security Credit Union. The word “account” means any one or more savings accounts you have with Mutual Security Credit Union. Please read this agreement carefully and keep a copy for reference.


Right to Change Terms of this Agreement

You agree that we have the right to change any term or condition of this Agreement and to add new ones, and that any such changes will be binding upon you, any additional owners or authorized signers, and their heirs, successors, representatives, and beneficiaries, as the law allows. If the change is required by federal or state law or regulation, we may not give you any prior notice. Otherwise, at our option, we will either post notice of these changes in each of our branches where we accept deposits or mail notice of the changes to you at your most recent address as shown on Mutual Security Credit Union’s records for your account. If you have previously agreed to receive notifications via email, we may email you at the email address shown on our records. Notice will be given within any time period required by law. You agree that our posting, or mailing or emailing of notice of changes to the last address or email address we have for your account in our records, will be sufficient notice to you of any change. Any use of an account after the notice is given or posted will be an additional indication of your notice of and agreement to the changes.




Authorized Signatures

For purposes of withdrawal and other account matters, including account closing, unless we specifically agree otherwise in writing, we can honor any request or order signed by you via electronic means whose name appears on our account records. We do not accept a request from individuals on an account that requires the signature of two or more persons for a withdrawal.



You must furnish your physical home address whenever you open an account with us. You may also furnish a mailing address where statements and notices will be mailed. You must inform us immediately in writing of any change in your address. Unless you do so, we may continue to mail your statement and other notices to your mailing address as it appears in our records. We will change your address on our records upon notice from any one of the signers on a joint account.

If you wish to use any of our online services you will need to provide us with your current email address. We are not responsible for any loss caused if you give us an incorrect mailing address or email address.

Tax Identification Number Required
We are required by law to form a reasonable belief that we know the true identities of our members. To do this, we require you to provide us with documentation, such as a valid driver’s license and other personal information, like your Tax Identification Number (TIN), to enable us to verify your identity before you open an account. For personal accounts your TIN is your Social Security Number (SS#).

When you open your account, you must certify to us a correct TIN. The primary TIN (the TIN associated with the first named person on the account title) will be used for IRS information reporting purposes. If you are a nonresident alien, you must certify to us this fact, and provide us with a Form W-8 listing your permanent (foreign) address. If you fail to provide us with this information, your account may be subject to backup withholding assessed by the IRS.

If you fail to give us a correct TIN, we can refuse to open an account, close your account, or require you to apply for a Taxpayer Identification Number. We can also take from your account any charges imposed on us by the IRS which result from your error, as allowed by law.

Investigation Authorization
By signing or making your mark on the Signature Card or via electronic signature and consent, you authorize us to investigate your credit record and verify your credit, employment and income and further authorize any person, association, firm, and corporation or personnel office to furnish on our request, information pertinent to evaluation of your creditworthiness. You authorize us to obtain information concerning your creditworthiness from consumer reporting agencies, now and in connection with updates, renewals, and later credit extensions. If we take adverse action on your account as a result of information obtained from a consumer reporting agency, we will advise you of that fact and supply you with a name and address of the reporting agency making the report.

Ownership of Accounts
Your account type(s) and ownership features are designated on your Signature Card. By signing a Signature Card or via electronic signature and consent, each of you, jointly and severally, agrees to the terms and conditions in this Agreement. In addition, you will agree to the terms and conditions for any Signature Card, Funds Availability Disclosure, Truth-in-Savings Disclosure, Electronic Fund Transfers Agreement, Privacy Disclosure, Fee and Rate Schedules accompanying this Agreement, and Mutual Security Credit Union's Bylaws and policies, and any amendments to these documents that collectively govern your membership and accounts which we may from time to time update as we deem appropriate in our sole discretion.

Individual Accounts – By opening an account that is designated as an individual account on the Signature Card, you are considered to be the sole owner of the account. No other person can use the account unless you have granted that person a power of attorney as described below; however, that person will still have no ownership in the account.

Joint Accounts with Right of Survivorship – If this is an account in the names of two or more individuals, it will be a joint account with the right of survivorship as defined in the Connecticut General Statutes. This means that each of you is making this Agreement with each other as well as with us. Each of you agrees that all amounts deposited by any of you, as well as any dividends earned or bonus payments earned, can be paid to any one or more of you while you are all alive. After the death of any one or more account holders, we can pay any money in the account to any one or more of the account holders that is then alive. Each account holder gives to all of the others authority to deposit into the account any check payable to any one of more account holder. For certain checks, such as a check payable by the government, we may require all persons to whom the check is payable to indorse the check for deposit. We do not allow an account held in the names of individuals to require more than one signature for withdrawals from the account.

Joint Account Owner Liability – If any item deposited in a joint account is returned unpaid or an account is overdrawn, or if we do not receive final payment on any transaction, each of the multiple account owners is jointly and severally liable to Mutual Security Credit Union for the amount of the returned item, overdraft, or unpaid amount and any changes, regardless of who created the overdraft, deposit or cashed the item or benefited from the transaction. If any account owner is indebted to Mutual Security Credit Union, MSCU may enforce its rights against any of all funds in the joint account and any other joint account owned by the parties, regardless of who contributed the funds to the joint account.

In-Trust-For (ITF) Designation – The In-Trust-For designation means that you intend to open an account under the Connecticut State Statutes (entitled Deposits in Trust) or the successor to the statute. The ITF designation means that you have full ownership of the account until your death. When you die, the account will belong to the beneficiary you have named if such named person is alive when you die. If you have named more than one beneficiary, the account will belong equally to the beneficiaries who are alive when you die.

If this is also a joint account with right of survivorship, when any of the owners of the account dies, any remaining owners will have full joint ownership until their deaths. When the last owner dies, the account belongs to the beneficiaries who are living at that time.

“Payable on Death” Account (POD) – If you establish your account payable on death to one or more beneficiaries, the account is a “POD” account. If we receive proof you have died, we will pay the balance of the account to the beneficiary or beneficiaries you designated. Multiple beneficiaries will be paid in equal shares unless the signature card provides otherwise.

Uniform Transfers to Minors Act (UTMA) – An account established as an Uniform Transfers to Minors Account is an individual custodial account established by a member as a custodian on behalf of a minor (a person under eighteen (18) years of age or as otherwise indicated by applicable law). MSCU If you have opened the account as a custodian under the Connecticut UTMA, your rights and duties are governed by the Act. Because the funds in a UTMA account belong to a minor, you must give us the minor’s Social Security number. You will not be allowed to pledge the account as collateral for a personal loan. An UTMA account may have only one custodian; however, another person may be named as a substitute custodian, in the event the first custodian dies or is otherwise unable to serve.

Fiduciary Designation – A fiduciary is a person or organization named by will, trust or other legal document or appointed by the courts to manage the funds or property of another. A fiduciary may be named in a written agreement, such as a trust or power of attorney, or may be appointed by a court. If you have opened an account as a fiduciary, the funds belong to the trust estate and only the trustee(s) may withdraw funds or otherwise transact business with us for this type of account.

We may require you to give us a certified copy of any trust instrument, court order or decree appointing you as fiduciary. Whether or not a copy is filed with us, we will not be held responsible for the contents or for any duty you may owe as trustee to any trust beneficiaries. The law and the trust document, court order or decree will define your rights and duties as fiduciary.

Power of Attorney – A power of attorney is a legal document signed by a person giving a second person the power to act on the first person’s behalf. If you are acting under a power of attorney, your right to deal with the funds in an account is determined by law and by the terms of the power of attorney. You must give us a copy of the power of attorney. The owner of the account may withdraw funds from the account only if he or she has also signed a Signature Card for the account.

A power of attorney ends when the person who signed it terminates it, dies, has a conservator appointed for his or her estate, or unless the power of attorney specifically provides otherwise, becomes disabled or incompetent.

The owner of an account and the power of attorney agree to notify us promptly if the power terminates. When the power of attorney makes a deposit or withdrawal from an account, that person is confirming that the power has not been terminated. We may rely on the power of attorney until we are given notice that it has been revoked or terminated, and have had a reasonable opportunity to act on that notice.

Change in Ownership
If you wish to add an owner, delete an owner from or otherwise change the ownership of an account, we may require you to close the account and to open a new account listing the new owners. If the account is a Share Certificate, we may require you to pay any applicable early withdrawal penalty when you close the account.

Minor Accounts
If you are under eighteen (18) years of age we may not permit you to open an account other than a joint account with a parent or guardian.


Identification When Making Transactions on Accounts
We require proper identification, as determined in our sole discretion, to make any withdrawal from any account and prior to accepting certain deposits. We, in our sole discretion, will establish from time to time the types of documents which will be deemed acceptable identification for account opening and other identification purposes.

We may require more than one form of identification for our protection and yours, or as required by law. There are also occasions when we reserve the right not to accept a check for deposit or cash, even though more than one form of identification is provided.­­

Deposit of Items
You may make deposits in person, by mail or by any other method we make available, such as automated teller machines. We are not responsible for a deposit made by mail or through a night depository or other such facility until we have actually received and recorded them. If we receive an item on a weekend or holiday or after our cutoff hour on a business day, the item is deemed to have been received on the following business day. Our business hours are posted in our offices and on our website (www.mscu.net) and are subject to change with or without notice. If you fail to indorse an item that you submit for deposit, we have the right, but are not obligated, to supply the missing indorsement. We may require that certain government checks, insurance company checks or other special types of checks be personally indorsed by each of the payees. You agree to reimburse us for any loss or expense we incur because you fail to indorse an item exactly as it is drawn.

You agree not to deposit any copy of a check, other than a substitute check that is the legal equivalent of the original check. To be the legal equivalent of an original check, a substitute check must contain, among other legally required elements, the indorsement of the financial institution that created it and warrants it legality. You agree that you will be liable for any losses that we suffer because you violated this provision.

Use of Our Checks and Forms
We can require that you use only checks we have approved for account use. Only the checks offered to you through us by our approved vendor have our prior approval. If you use a check that we have not approved, we can refuse to pay the check and charge you the fees listed, if any, on our Fee Schedule. We will not be liable for any processing errors that result from your use of such checks. We can also require you to use our forms for making deposits, withdrawals or other transactions and for any other purposes related to your account.

Stale & Post-dated Checks
A stale check is a check more than six (6) months old. At our option, we may either pay or dishonor a stale check upon presentment, without liability to you or any owner of the account. A postdated check is a check you have issued that bears a date later than the date it is presented. We will not look to see if a check is post dated when we determine whether or not to pay the check. We have the right to charge against your account any payment we make on a post dated check before the date of the check, unless you process a stop payment.

Lost Items
MSCU, in receiving items from you for withdrawal or deposit, acts only as your agent and reserves the right to reverse the credit for any deposited items or to charge your account for the items should they become lost in the collection process.

Notice of Withdrawal from Certain Deposit Accounts
We reserve the right to require that you give us written notice seven (7) days before making a withdrawal from any account except a Share Certificate.

Dormant, Abandoned, and Inactive Accounts
If you have an account that you have not made a withdrawal from, deposit to, or transfer involving your account for more than twelve (12) months and Mutual Security Credit Union has been unable to contact you by regular mail during that period, MSCU may classify your account as a dormant account and may charge an inactivity service fee as allowed by applicable law and set forth on the Rate and Fee Schedule. Additionally, when a dormant account is presumed to be abandoned under state law, any funds remaining in the account will be turned over and “escheated” to the State of your domicile.

We encourage you to make sure your accounts remain active by making transactions or signing in to your account online. We will mail you a letter to notify you before we transfer your funds to the state as abandoned property.

Accounts Not Negotiable and Not Transferable
Your account is not transferable to anyone. You may not voluntarily transfer or pledge your account without our consent. This does not affect a transfer occurring by operation law, such as that which would occur on death, bankruptcy or as a result of a court order.

Collection of Items
In handling items for deposit or collection, MSCU only acts as your agent and assumes no responsibility beyond the exercise of ordinary care. MSCU will not be liable for default or negligence of any correspondent or for loss in transit, and each correspondent will only be liable for its own negligence. MSCU reserves the right to send any item for collection.

When you cash or deposit a check, we may require that funds equal to the amount of the check remain in your account or other account you have with us until the funds from the check become “available for withdrawal”. See our Funds Availability Policy for an explanation of when funds are “available for withdrawal”. If we receive a check you have written on your account in an amount greater than the funds “available for withdrawal” from your account, we have the right not to pay that check.

If we credit your account or allow you to withdraw the amount of a deposited check and it is returned to us unpaid or we receive notice of non-payment of the check, we have the right to take that amount from your account or to obtain a refund by any method we deem proper, including the exercise of our right of set-off, as set forth below. If the amount of available funds in your account is less than the amount of the check, you are required to pay us the balance.

There are certain checks that we will not cash or accept for deposit. These include checks drawn on financial institutions in foreign countries. We may agree to collect the money for you from the financial institution on which the check is drawn. If we succeed, we will than deposit the money we collect into your account. We may also charge you for this service. The amount of our charge is listed in our Fee Schedule.

We may cash or accept for deposit a check payable to a third party and indorsed over to you under certain circumstances. We have the right not to accept a third-party indorsed check at our discretion.

Collection Fees
If in the course of collecting any money you may owe us, we incur expenses or fees; we may take those from your account, including attorney’s fees unless prohibited because suit was not instituted. If there are not sufficient available funds in your account to cover these expenses or fees, you will owe us the unpaid balance of such fees or expenses.

Waiver of Your Rights to “Notice of Dishonor” and “Presentment”
If another institution refuses to pay a check (called “dishonor”) which you deposited or cashed, we may put the check through for collection again by re-depositing it. You agree that we are not required to give you notice that the check was dishonored before we re-deposit the check. This means that you are “waiving” your right to “notice of dishonor”. In the process of collecting a check which you have deposited to your account, we may delay putting the check through for collection. This means that you are “waiving” your right to have us begin the process of “presenting” the check by the next banking day. You also agree that if a check you have deposited or cashed has been dishonored twice, you may not re-deposit that check again.

Right of Set-Off
Unless the right is denied by law, we can take any funds in your account to pay any debt you owe us that is in default (including unpaid charges). This is called the right of set-off and applies to all funds of yours in our possession now or in the future in any account you maintain with us. We can use this right to set-off without going through any legal process or court proceedings. If this is a joint account, this right of set-off applies to our use of deposits in any account held by that member to pay the debts owed to us by that same member individually or jointly with others. If we exercise this right by taking what you owe us from a Share Certificate, such payment shall be deemed an early withdrawal, and an early withdrawal penalty may be imposed.

Periodic Statements
All Share Deposit Accounts are Statement Accounts. If you are the first named (primary) owner of a Statement Account, we will mail, send electronically, or otherwise make available to you one or more statements each month or quarter, as applicable, showing all of the transactions that have occurred in your accounts. If your account is a joint account, statements will only be sent to one location even if joint owners have separate mailing addresses. We may combine periodic statements for more than one account where one or more owners of the accounts are the same.

If you do not receive any statement, you agree to notify us within ten (10) days of the time when the statement would ordinarily be received.

For accounts that can be accessed by check, we will not return your checks to you with your periodic statements. Checks will be described on the periodic statement by number, amount and date of payment. You may also request a copy of any check that was drawn on your account. We will make copies of your checks available to you on request for a period of seven (7) years after we have received the check. Checks converted to ACH for electronic presentment cannot be duplicated by MSCU. Any charge for receiving a copy of a check will be listed on our Fee Schedule.

Examining your Statement
You must examine your periodic statements as soon as you receive them. If you do not let us know of any mistakes within thirty (30) days after you receive a statement, we may consider the checks paid during the statement cycle to be genuine. We may also consider the statement to be correct, except as provided in our Electronic Funds Transfer Agreement (EFT). We will not be liable to your for payment for any forged or altered check if you fail to notify us of the forgery or alteration within that 30-day period and your failure causes us to suffer a loss. We will not be liable for forged or altered checks if the forgery or alteration resulted from your negligence. You may have to bear losses that could have been prevented if you had discovered and told us within the 30-day period of errors or unauthorized transactions.

Receipt of Funds Transfer
A “funds transfer” is a transfer of funds to your account which is not initiated by a check, draft or similar paper instrument issued to you; but by a payment order directed to the institution holding the funds. Most funds transfers, including regularly recurring transfers such as a direct deposit of Social Security payments or wages, are governed by our Electronic Funds Transfer Agreement. Some transfers, like wire transfers, are not. If we receive a funds transfer to our account not governed by our EFT agreement and that we are not required by law to accept, we may at our discretion, refuse to accept it. In general, we are required by law to accept funds transfers that are not governed by our EFT Agreement.

ACH Transfers
If you receive a credit from a third party into your account by means of an automated clearing house (ACH), any deposit or payment order via ACH made to your account(s) will be provisional. It will be subject to refund until the final settlement or until we have received payment as provided in the Uniform Commercial Code. In the case of receipt of such a credit, (a) we do not have to give you notice of receipt of the entry, (b) you agree that such entry may be transmitted though one of or more ACHs, (c) you agree to be bound by the rules of ACHs and (d) your rights and obligations with respect to such entry will be in accordance with the laws of the State of Connecticut.

Over Credited Account
If we credit your account for an amount in excess of the checks or funds actually received for deposit, we may take the excess from your account without prior notice to you.


General Overdrafts and Fees
If there are insufficient available funds in your account to pay a transaction at an ATM or a one-time transaction using your Card, we will follow the procedure described in the "Overdrafts at ATMs or One-Time Card Transactions" section below.

If on any day, the available funds in your checking account are not sufficient to cover checks and other items including debit card transactions posted to your account, those checks and items will be handled in accordance with our overdraft procedures or an overdraft protection plan you have with us. MSCU has no duty to notify you of an insufficient funds occurrence. Your account will then be subject to a charge for the item whether paid or returned as set forth in the Fee Schedule. Except as otherwise agreed in writing, Mutual Security Credit Union, by covering one or any overdraft, does not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time.

Overdraft Coverage Plan
If we approve your account for overdraft coverage, we will provide an overdraft coverage plan for you. We may honor checks drawn on insufficient funds in any checking account by transferring the funds from a deposit or loan account to your checking account. If you elect to have transfers from savings, funds will be transferred in the amount necessary to clear the overdrawn item. The fee for overdraft transfers is set forth on the Fee Schedule. Transfers from a deposit account will be governed by this Agreement. Transfers from your line of credit account will be governed by the applicable loan agreement.

Overdrafts at ATMs or One-Time Card Transactions
If you attempt to make a transaction at an ATM or a one-time transaction using your Card for an amount greater than the available balance in your account, we will use commercially reasonable efforts to prevent the authorization of the transaction unless you have chosen to opt-in to our overdraft service.

To find out more about our overdraft service and how you might opt-in, or to find out how you might revoke your opt-in selection, contact us at any of our branches, online, or phone our Member Services Contact Center at the number listed on the last page of this Agreement. You must give us a reasonable amount of time to act after you have provided us with your election to opt-in or your decision to revoke your election.


Disputes/Legal Matters
In the event a dispute or other claim involving your account arises between you and Mutual Security Credit Union, or between you and a joint accountholder, an authorized signer, or a third person that causes us to become involved, you agree you are liable for any loss, costs, or expenses, incurred by us, including photocopying, research, administrative costs, and attorneys’ fees, to the extent permitted by law. You authorize us to deduct such losses, costs, and/or expenses from your account without prior notice. Unless and only to the extent prohibited by law, our liability to you on any claim against us may be reduced by any negligence on your part (or any of your agents), your failure to review your account statements in a timely manner, your failure to comply with your reporting requirements under this Agreement, your failure to safeguard your blank checks or other identifying account related information, including your Personal Identification Number(s), your Security/Access Code(s), and password(s) used for online banking, any insurance or other recovery that you make or are entitled to in connection with the claim, and any damages that could not have been avoided by us by the use of ordinary care.

You agree that we will have no liability for incidental, special, consequential, indirect or punitive damages in connection with any action concerning, claim to, or dispute over your account, unless prohibited by applicable law. Our liability for any such claims will be limited to the actual value of any deposits not credited, withdrawals not properly debited, or the face value of any transaction or item improperly paid or dishonored.

Death of Account Holder
Mutual Security Credit Union may require the survivor or other claimant to the account to produce certain documents before releasing the funds in the account. MSCU may continue to honor all transfers, withdrawals, deposits and other transactions on the account until MSCU learns of an account owner’s death. Once MSCU learns of a member’s death, MSCU may pay checks or honor other payments or transfer orders authorized by the deceased member for a period of ten (10) days unless MSCU receives instructions from any person claiming an interest in the account to stop payment on the checks or other items. You agree that MSCU can require that anyone who claims funds in your account after your death indemnifies MSCU for any losses resulting from honoring that claim.

Termination of Account
Mutual Security Credit Union may terminate your account at any time without notice to you or may require you to close your account and apply for a new account if: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or committed involving your account; (3) there is a dispute as to the ownership of the funds in the account; (4) any account checks are lost or stolen; (5) there are excessive returned unpaid items not covered by an overdraft coverage plan; (6) there has been any misrepresentation or any other abuse of your accounts; or (7) you fail to satisfy any of the terms and conditions of the account or Credit Union Bylaws and policies. You may terminate your account at any time by notifying MSCU in writing. MSCU is not responsible for payment of any check, withdrawal, or other item once your account is terminated; however, if MSCU pays a check after termination, you agree to reimburse MSCU for the payment.

Termination of Membership
You may terminate your membership at Mutual Security Credit Union after giving written notice of your intent to withdraw from membership. You may be denied services or expelled from membership for any reason allowed by applicable law, for causing a loss to MSCU, which includes but is not limited to causing MSCU to suffer an actual or potential loss, intentionally or otherwise perpetrating real or potential fraud on MSCU; or excessive expense, causing damage to MSCU and its property, or engaging in any abusive or threatening conduct to MSCU, employees or members.

Our Right to Close, Discontinue or Limit Accounts
We reserve the right to stop offering any particular type of account and to close your account at any time. We will mail you a check for the amount of collected funds on deposit as soon as practical. We reserve the right to decline to open an account for any person or business. We have the right to limit the number of accounts owned by any member.

Recording Conversations

You understand and agree that for our mutual protection we may record any of our telephone conversations.

Illegal Activities
You will not use your account to conduct transactions relating to any unlawful or illegal activity. We may refuse any gambling transaction, whether lawful or not.

Legal Process
If we receive a court order, levy, garnishment, execution or other similar legal process (all of which we call legal process) concerning funds in your account, we will withdraw from your account the amount stated in the legal process, pending resolution of any dispute, claim or investigation concerning your account. We may also surrender the funds in your account as required by the legal process. We will not be liable if these actions cause checks to be returned for insufficient funds.

You agree to indemnify us and hold us harmless from any claims, costs, or losses (including attorneys’ fees) arising from your act or omission, or from any breach by you or your agent(s) of this Agreement or which may otherwise arise under this Agreement.

If we receive notice of a claim by a third party regarding your account, or if we receive conflicting instructions from the authorized signers on the account, we may, at our discretion, honor the claim or refuse to pay out any money pending receipt of consistent instructions or a court order. You agree to reimburse us for any loss or expenses that we incur as a result of any action we take or decline to take in connection with any claim, dispute or conflicting instructions involving your account.

Governing Law
This Agreement and all services offered by us will be governed by the Credit Union’s bylaws, federal law and by applicable state law without reference to principles of conflict of laws. Applicable state law shall govern only to the extent not preempted or superseded by federal laws, rules, or regulations. The applicable state law will be the law of the State of Connecticut, where Mutual Security is currently headquartered.

Negative Information Notice
We may report information about your loan, share, or deposit accounts to credit bureaus. Late payments, missed payments, or other defaults on your accounts may be reflected in your credit report.

Copying of Identification Information
You give the Credit Union the right to make photocopies of any personal identification cards or other documents which you may be requested to present in initiating various transactions with the Credit Union. This may include a driver’s license, a social security card, an employee identification card, or any other document which you may present in order to establish your identity.

Enforcement of Our Rights
You are liable to us for any losses, costs, or expenses we incur resulting from your failure to follow this Agreement. You authorize us to deduct any such losses, costs, or expenses from your account without prior notice to you. If we bring a legal action to collect any amount due under or to enforce this Agreement, we shall be entitled, subject to applicable law, to payment of reasonable attorney’s fees and costs, including fees on any appeal, bankruptcy proceedings, and any post judgment collection actions.

Notice of Amendments
We may change the terms of this agreement, including any fees and features of your account, at any time. We many change or terminate this agreement without notice to comply with any appropriate federal or state law or regulation. We will notify you of any changes in account terms at least thirty (30) days in advance. Changes in account ownership, such as adding or removing a joint account owner, must be evidenced in writing. Any such waiver shall not affect MSCU’s right to enforce any right in the future.

Effect of Notice
Any written notice you give us is effective when we actually receive the notification and have a reasonable opportunity to act on it. Any written notice we give you is effective when it is either delivered to you in person or deposited in the U.S. mail and addressed to you at your statement mailing address as it appears in our records. Notice to any one account owner is considered notice to all owners of the account.

Electronic Notices
If you have agreed to receive notices electronically, we may send you notices electronically and discontinue mailing paper notices to you until you notify us that you wish to reinstate receiving paper notices.


Stop-Payment Orders
If you request a stop payment on a check or a series of checks, or on a draft written on your account by a third party, we will make a good faith effort to do so. The stop payment order must describe the check(s) or draft with reasonable certainty. If the stop payment order does not do so or if we do not have a reasonable opportunity to act on it, we will not be liable if we fail to stop payment or if our payment of the check(s) or draft causes other checks or drafts to be returned for insufficient funds. If we do stop a payment at your direction, you agree to pay all costs we may incur as a result.

You must contact us at our Member Services Contact Center, by visiting a branch, or online through Online Banking in order to stop a payment. The EFT Agreement describes how to stop payment on preauthorized transfers.

If you provide your Checking Account number to a third party for the purpose of writing drafts on your account, such drafts are properly payable, and we will pay such drafts (subject to availability of funds) unless you have placed a stop payment order in accordance with this section.

Stop Payment Fees
If you stop payment on a check or draft, we will impose a stop payment fee. We will charge you the amount stated in the Fee Schedule for each stop payment order.

Stop Payment Effective Period
An oral stop payment order is effective for only fourteen (14) calendar days. To extend this time, you must send us a written order within the fourteen-day (14) period. A written order is effective for six (6) months unless renewed in writing. We are not liable for any checks or drafts paid after the expiration of a stop payment order.

Third-Party Check Writing Services
In the event you choose a third-party check-writing or other third-party payment service, you agree that we will not be liable for any loss or harm arising from a transaction entered into by such party with or without your authorization. Any order to pay issued by such party on your account shall be deemed authorized as if you had signed the order, whether such order is in fact signed and/or authorized by you.

You further agree that in the event a dispute arises out of such an arrangement with any party, you are liable for any losses, costs, or expenses we incur, including reasonable attorneys’ fees, to the extent permitted by law. You authorize us to deduct such losses, costs, or expenses from your account without prior notice.

If you want to stop all future transactions from your account by such third party, you must take the following actions: (1) send to the third party a written revocation of the authorization previously given by you to that third party; and (2) write us to place a stop payment order as described elsewhere in this Agreement, and in connection with such call or writing you must specifically state that you would like to stop all future transactions by that particular third party. You agree we may require that you close your existing accounts and open new accounts in order to stop access to your account by the third party.

IRA and Health Savings Accounts
These accounts are governed by separate contracts and by the rules in this Agreement.


A Share Certificate is a type of account which requires you to leave money in the account for a certain period of time (called the “term”) to earn dividends throughout the terms at the specified rate. Withdrawals prior to the “Maturity Date” are subject to penalties. The Maturity Date is the last day of the term. These penalties are described below. When you establish a Certificate, you may select any term we currently offer, as described in our current Rate Schedule.

Transaction Limitations
After the account is opened you may not make deposits into the account until the maturity date of the certificate.

Effect of Dividend Withdrawal
The annual percentage yield you will earn assumes dividends remain in the account until maturity. A withdrawal will reduce earnings.

Notice of Maturity
We will send you a notice of maturity for all Certificates with terms greater than one (1) month.

Automatic Renewal of Certificates
You have a “grace period” of seven (7) calendar days after the maturity to withdraw the funds without being charged a penalty or to make additional deposits to the account. If you do not withdraw the funds from the Certificate account within the grace period, your Certificate will automatically be renewed as of the Maturity Date of the maturing Certificate for a similar term at the dividend rate we are then paying on Certificates with that term. Any dividends paid during the term of the Certificate and not withdrawn during the grace period, will be included as principal of the renewed Certificate.


If you elect against automatic renewal of your Certificate, you must give us written instructions. You must direct us to:

  • Renew the Certificate for a term which you specify and which we allow;
  • To close the account and deposit the funds into another account you maintain with us, or
  • To close the Certificate and deliver the funds to you. We must receive your instruction within the grace period. If the account is closed during the grace period, we pay dividends at the rate being paid on the maturing Certificate from the Maturity Date until the date of withdrawal.


Transaction Limitation and Early Withdrawal Penalties
You may not make principal withdrawals* from your account before maturity without our consent. Except in the case of death or a court’s declaration of your incompetence, if you withdraw any principal before the maturity date, a penalty will be charged to your account equal to ninety (90) days’ dividends, whether or not earned, for Certificate(s) with a term of one (1) year or less, and 180 days’ dividends, whether or not earned, for Certificate(s) with a term of more than one (1) year. Except for Individual Retirement Share Accounts and certain special certificates, you may not make additional deposits into the account during the term of the account. * Members age 59 1/2 or older making normal periodic withdrawals from their IRA do not pay a penalty.

Dividend Rate on Fixed Rate Certificates
The dividend rate in effect on the day your Certificate is opened will remain in effect until the Maturity Date of your Certificate. If a withdrawal is made that brings your balance below the minimum balance required to earn dividends; you may be required to close the Certificate.


If you have any questions regarding this Member Contract and Share Deposit Account Agreement please contact us at 1-800-761-2400 or by stopping by one of our convenient branches.

Mailing Address
All correspondence should be sent to Mutual Security Credit Union, PO Box 2489, Shelton CT 06484.


Our Confidentiality
We maintain strict policies and security controls to assure that member information in our computer systems and files is protected. Our employees and agents are permitted access to member information that they may need to perform their jobs and to provide service to you. Our employees and agents have access to such member information as necessary to conduct a transaction or respond to your inquiries. All employees and agents are trained to respect member privacy. No one except our employees and agents has regular access to MSCU’s computer system and records storage. MSCU has established internal security controls, including physical, electronic and procedural safeguards to protect the information you provide us and the information we collect about you. We will continue to review our internal security controls to safeguard your member information as we employ new technology in the future.

In addition to this Agreement you have received the following disclosures in your Welcome Packet:

  • MSCU Fee Schedule
  • Electronic Funds Transfer Agreement
  • Funds Availability Policy
  • Privacy Policy
  • MSCU Rate Schedule
  • Truth in Savings Disclosure