WACOPSE Federal Credit Union 117 Pennsylvania Avenue West Warren, Pennsylvania 16365-0783 Phone: 1-814-723-8730 Toll Free: 1-800-322-7206 FAX: 1-814-723-8738

---

Share Drafts

Check of the Future

WACOPSE Federal Credit Union has been authorized by the National Credit Union Administration, the federal agency which supervises federally chartered credit unions, to provide a program enabling members to withdraw savings through the use of share drafts. The following features of the share draft program are important and should be carefully noted by members using it.

NATURE OF THE ACCOUNT

Each member using the service must open a special share draft account separate from regular shares, Christmas account or special deposit accounts. It is titled, "Share Draft". All funds intended for use in this program should be deposited in, and will be withdrawn from this account. Each member will purchase books of share drafts through the credit union, with a unique feature. Under each draft, there is a carbonless form which registers all the information written on the draft itself, in addition to a self-balancing section. These copies should be retained by leaving them in place as they are written, or stored in the pocket provided.

OVERDRAFT PROTECTION

Overdraft protection is available through automatic transfers from your share account in multiples of $25.00.

INSURANCE

The Credit Union will not provide life savings insurance on the share draft account, only on the regular share account.

STATEMENTS

On a monthly basis, each member will receive a statement indicating the draft number, date paid and amount of each draft. THis statement should be used for reconciliation purposes. It will show the monthly balance, paid drafts, and deposits made.

PAID DRAFTS

Paid drafts will not be returned. They will be microfilmed by the Federal Reserve as a permanent record. It is considered unnecessary to return paid drafts, since the account can be reconciled by using the statement information. Proof of payment can be established by receipt from the payee or by providing a microfilm copy (available through the credit union). This procedure should result in important member benefits for two reasons:
(a) It will save a great deal of expense, including handling and postage, which can reduce the costs of providing the service.
(b) It will preserve the confidential nature of the service. No drafts are received or retained in the credit union office, and no one but the member will know the reason for which drafts are written.

PURCHASE OF SHARE DRAFTS

Share drafts will be purchased by the member through the Credit Union.

CHARGES

The basic share draft program requires NO minimum balance and is at NO charge to our members. However, you will be charged for these special services:
(a) OVERDRAFTS. A charge of $20.00 will be made for any overdraft.
(b) STOP PAYMENTS. The credit union will accept orders to stop payment on individual drafts for a charge of $5.00 each. The written order will stand for a period of up to six months, or until canceled, whichever occurs first. In the situation where a series of drafts are lost or stolen and a block stop payment is placed, the charge is still $5.00.
(c) CANCELED DRAFTS. A charge of $3.00 will be made for each microfilm copy of a canceled draft.
(d) NAME OR ADDRESS CHANGE. If it is necessary to order new drafts due to a name or address change, the member will be charged for the reorder.
(e) RECONCILEMENT. If it is necesary to have the credit union assist you in balancing your monthly statement an hourly fee could be be imposed.
(f) VISA DEBT CARD. The first four transactions using the card with your Personal Identification Number (P.I.N.) each month are free. After the fourth transaction, there is a charge of $1.25 per transaction.
(g)RETURN TO MAKER DEPOSITS. Deposits that are made to your share draft account and returned due to insufficient funds or any other reason will be charged a $20.00 return Deposit fee.
The above mentioned charges will be deducted from your share draft account or share account, whichever is available.

DEPOSITS

Deposits are made by counter payments, deposits by mail, direct deposit, payroll deduction or ATM machine.

NET CHECK

Using the share draft program, retirees with social security or pension checks may make arrangements to have their net check deposited in the credit union and immediately start writing drafts against the account. This arrangement may be made through the credit union. With social security checks, we will guarantee deposit by the third day of the month.

SPOILED DRAFTS

If a draft is spoiled, the following procedure is recommended. Tear off or mutilate the signature so that it cannot be used. Mark "void" on both copies together and retain for your records.

MEMBER RESPONSIBILITY

Members are expected to use care in using this service.
(a) If a member's control over the drafts is lost in any way, such as theft, loss of unauthorized use, the credit union should be promptly notified so that protective measures can be taken.
(b) Each member will have the responsibility for detecting unauthorized drafts in the monthly statement, and the member will have to give the credit union notice of any unauthorized drafts within 20 days after the statement is mailed.
(c) Each member is responsible for reconciliation of their share draft account. (d) The credit union reserves the right to revoke a member's share draft account because of continued misuse of it.

FUNDS AVAILABILITY POLICY

Our general policy is to allow you to withdraw funds deposited into your share draft account on the business day we receive your deposit.
In some cases, for either personal or nonpersonal transactions, we may delay your ability to withdraw funds. You will be notified if your funds will be delayed.

The policies of the share draft program may be altered by action of the Board of Directors at any time.

CHARTER 4182

---

[ Home | Services | Loans | Share Drafts | Who Can Join]

---

For more information contact info@wacopse.com

---

Page design by DMS Web Development
Updated 10/7/08