The contract governing your open-end credit account, it provides information on changes that may occur to the account.
Office of the Comptroller of the Currency, U.S. Department of the Treasury - Cite This Source - This DefinitionThe contract governing your open-end credit account, it provides information on changes that may occur to the account.
- Browse Related Terms: Account Agreement, Adverse Action, Adverse Action Notice, application, authorization, Available Credit, Billing Error, Credit card account agreement, Credit limit, Debit card, Individual Account, Missing payment, Money market deposit account, Overlimit, Personal Identification Number (PIN), Previous Balance, statement
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An agreement that defines membership eligibility and conditions of your share accounts. It also defines many other important banking operations such as how to order a stop payment on share drafts, transaction limitations on your accounts, overdrafts fees, and what happens if your account becomes dormant. The agreement may disclose if the credit union has a security interest if your loan becomes delinquent or your share account becomes negative. The agreement also discloses if the credit union has a cross collateralization clause for your automobile, for example, it can hold the automobile for security for other loans you have with the credit union.
- Browse Related Terms: Account Agreement, Checking Account (Share Draft Account), Credit card issuer, Credit Union, Credit Union Statement, Dividends, Drawee, Drawee Institution, Financial Performance Report (FPR), Furnisher, Index-linked Share Certificate (SC), Peer Average Ratio, Percentile Rankings, Personal Savings Account, Share Account, Share Certificate, Share Draft Account, Wire transfer