Share Draft (Checking) Accounts
One of the unique credit union terminologies is calling a checking account a share draft account. The WRCU share draft accounts require no minimum balance. Through its check printing vendor, the Credit Union offers its members a selection of assorted checks from which to choose. The cost of these checks is automatically deducted from the member’s share draft account. Although it is preferred that a member use this selected printer for their share draft printing needs in order to minimize printing errors, a member may choose to order their share drafts through a vendor of their own choice.
If you have ordered checks through our credit union before, and you are under 60 years of age, click here to reorder on-line. If you are over age 60, your checks may be free!
Service charges will be applied to each account as follows:
1. Monthly service charge per share draft account of $2.00, with the exceptions noted above.
2. Overdraft - $27.00 for each draft which results in an overdraft
3. Automatic transfers (to cover overdraft activity) – the first three per month will be free, thereafter; each transfer within that month will be assessed $1.00 per day.
4. Copy of a draft - $1.00 per draft.
5. Stop payment - $10.00 per draft or for a sequence of consecutively numbered drafts.
6. Statement copy - $2.00 per page.
Deposits may be subject to the WRCU Funds Availability Schedule.
Senior Share Draft Accounts
Once the owner of a WRCU Share Draft Account reaches the age of 60, one account will no longer be charged a monthly service charge or for the printing charges of a box of standard share drafts (checks). All other terms apply.
Youth Share Draft Accounts
A Youth Share Draft Account is available for the younger members of WRCU. This account is subject to all of the terms of the regular WRCU share draft accounts with two exceptions:
(1) Share draft accounts owned by a WRCU member age fourteen through nineteen will be exempt from the monthly $2.00 service charge.
(2) For this same group, the first box of standard share drafts will be at no cost to the account owner.
An account established by a minor must be a multiple party account with an owner who has reached the age of majority under state law and who shall be jointly and severally liable to us for any returned item, overdraft, or unpaid charges or amounts on such account. The co-owner does not have to be a member in his own right. The account status will not be changed when the minor reaches the age of majority, unless authorized in writing by all account owners.
Non-profit organizations
Non-profit organizations, such as Municipal, Educational, or Religious, will be exempt from the monthly $2.00 service charge. All other terms apply.
Small Business Share Draft Account
If you own a small business, our Small Business Share Draft Account may be the right choice for you! This account is subject to the terms of the regular WRCU share draft accounts with one additional nominal monthly charge which is calculated on the number of deposit items. You get 30 free deposit items each month, excluding cash deposits, and then there is a minimal charge of 15¢ per item beyond this number. During the first week of each month, this service charge is assessed for the prior month and automatically withdrawn from your Small Business Share Draft Account.
For example:
|
Total drafts and checks deposited for the month |
130 |
|
Deduct the monthly allowance |
30 |
|
Number of drafts and checks beyond allowance |
100 |
|
Multiplied by the Item Charge |
$ .15 |
|
Total excessive deposit item charge |
$15.00 |
|
Plus standard monthly service charge |
2.00 |
|
TOTAL MONTHLY SERVICE CHARGES |
$17.00 |
We believe you’ll find this a good deal compared to what other financial institutions can offer you!
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