InControl - Truth In Savings Disclosure
This disclosure contains the rules that govern your deposit
account as of October 1, 2018.
InControl is a variable fee-based checking account with no
minimum balance that rewards accountholders with the ability to (a) eliminate
the account's monthly service fee and (b) receive nationwide ATM withdrawal fee
refunds by adopting specific banking and spending behaviors during the
account's Monthly Qualification Cycle.
Purpose and Expected Use of Account
This account is intended to be the accountholder's primary
share draft account in which payroll transactions and day-to-day
spending activities including but not limited to grocery, gasoline, apparel,
shopping, dining, sporting and entertainment transactions are posted and
Commensurate with the spending activities identified above,
we expect the account's debit card to be used frequently throughout each month
and for transaction amounts to reflect a wide dollar range. Small debit card
transactions conducted on the same day at a single merchant and/or multiple
transactions made during a condensed time period particularly near the end of a
Monthly Qualification Cycle are not
considered normal, day-to-day spending behavior. These types of transactions
appear to be conducted with the sole purpose of qualifying for the account's
rewards and thus will be deemed inappropriate transactions and will not
count toward earning the account's rewards.
Square Credit Union reserves the right to determine if
the account is being maintained for a purpose other than day-to-day, primary
use. Accountholders who persist in making debit card transactions in a
calculated and limited fashion in order to meet their monthly qualifications
may have their accounts converted to a different share draft account or closed
altogether. We also reserve the right to convert the account to a different
share draft account if the account does not have consistent active use over 12
consecutive Statement Cycles.
We have the right to close this account at any time, with
proper notice. Our decision to close the account will not affect your existing
obligations to us including any obligation to pay fees or charges incurred
prior to termination. No deposits will be accepted, and no checks will be paid
after the account is closed. If the account is closed, you will forfeit any
rewards that have not been credited to your account. A Union Square
Credit Union check for the remaining balance, if
applicable, will be mailed to accountholder at the address indicated on our
current records. Upon termination of your InControl account, any optional
add-on products/services associated with this account will also be terminated
at the same time.
To earn your rewards, the following enrollments must be in
place and all transactions and activities must post and settle to your
InControl account during each Monthly Qualification Cycle:
At least 8
PIN-based or signature-based debit card purchases; or
Be enrolled in and
have agreed to receive e-statements rather than paper statements
Account transactions and activities may take one or more
days to post and settle to the account and all must do so during the Monthly
Qualification Cycle in order to qualify for the account's rewards.
The following activities do not count toward earning
account rewards: ATM-processed transactions, transfers between accounts, credit
card purchases, debit card purchases processed by
merchants and received by our credit union as ATM transactions, non-retail payment
transactions, and purchases made with debit
cards not issued by our credit union. Transactions bundled together by
merchants and received by our institution as a single transaction count as a
single transaction for the purpose of earning account rewards.
"Monthly Qualification Cycle" means a period
beginning one (1) banking day prior to the first day of the current statement
cycle through one (1) banking day prior to the last business day of the current
statement cycle. "Banking Day" means any business day on which an
office of the credit union is open to the public for the purpose of carrying
out substantially all of its banking functions. "Business Day" means
a calendar day other than a Saturday or a Sunday, January 1, the third Monday in
January, the third Monday in February, the last Monday in May, July 4, the
first Monday in September, the second Monday in October, November 11, the
fourth Thursday in November, or December 25. If January 1, July 4, November 11,
or December 25 falls on a Sunday, the next Monday is not a Business Day.
"Statement Cycle" means the period of time for
which our credit union provides a summary of the financial activities and
transactions that post and settle to the accountholder's account.
When your InControl account qualifications are met during a
Monthly Qualification Cycle your monthly $2.99 fee
will be eliminated.
You will receive reimbursements up to an aggregate total
of $25.00 for nationwide ATM withdrawal fees (up to $4.99 per transaction) incurred within your InControl account during that Monthly
Qualification Cycle. We reimburse ATM withdrawal fees based on estimates when
the withdrawal information we receive does not identify the ATM withdrawal fee.
If you have not received an appropriate reimbursement, we will adjust the
reimbursement amount if we receive the transaction receipt within sixty (60)
calendar days of the withdrawal transaction.
When your InControl account qualifications are not met, the
account's fee is not eliminated, and ATM withdrawal fees are not refunded.
Your account's fee will be eliminated on the last day of
the current statement cycle.
Nationwide ATM withdrawal fee reimbursements will be
credited to your account on the last day of the current statement cycle.
Rates, rewards, and bonuses, if any, are variable and may
change after account is opened without notice to you. No minimum balance is
required to earn or receive the account's rewards. Rewards less than a penny
cannot be distributed. If the account is closed before rewards are credited,
you will forfeit the rewards.
Account approval, conditions, qualifications, limits,
timeframes, enrollments, log-ons and other requirements apply. A $100.00 minimum deposit is required to open the account.
At the discretion
of the credit union, a monthly Direct Deposit may be
used to meet the minimum deposit condition of this
account. See accompanying Fee Schedule for
fees that may apply to this account. Enrollment
in electronic services (e.g. online banking, e-statements) and log-ons may be
required to meet some of the account's qualifications. If electronic
services are elected, you will need to maintain a valid email address on record
with the credit union. This account is not to be used for commercial
purposes. If the account is closed, you will forfeit any rewards that have not
been credited to your account. The account's monthly fee will be charged to the
account on the last day of the current statement cycle. When you close this
account, you will not be charged the monthly
fee for that statement cycle. Contact one of our credit union service representatives
for additional information, details, restrictions, reward calculations,
processing limitations, cycle dates and enrollment instructions. Federally insured
by NCUA. Kasasa and
InControl are trademarks of Kasasa, Ltd., registered in the U.S.A.