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
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