Common use of Payment of Checks after Death Clause in Contracts

Payment of Checks after Death. The Credit Union may, after the date of your death, pay checks drawn before death unless ordered to stop payment by the Personal Representative or other appropriate person claiming an interest in the account. A. General 1. What Does it Mean to Overdraw Your Account? “Overdrawing” your account means that there are not sufficient available funds (as described in Section B below) in your account to pay for a transaction, resulting in a negative or “overdrawn” balance. Some transactions that can result in an overdraft in your account include, but are not limited to: • the payment of checks, electronic fund transfers, telephone-initiated transactions, preauthorized payments under our ▇▇▇▇ Payment Service, debit card transactions, or other withdrawal requests authorized by you; • the return (unpaid) of items deposited by you; • the assessment of service charges by us; or • the deposit of items that are treated as not yet “available” according to our Funds Availability Policy. 2. What Happens if the Credit Union Refuses to Pay the Item? If you overdraw your account, we may return the item unpaid, commonly known as a return for “non-sufficient funds” or “NSF.” It is important to understand that the Credit Union has no control over how many times an intended payee will resubmit an item to us for payment. When we return an item unpaid, we will assess you an NSF Fee each time the item is presented to us for payment. There is no limit on the number of NSF Fees we may assess against your account. NSF items are described in more detail in Section D. 3. What Happens if the Credit Union Pays the Item? If you overdraw your account and we pay the item, we may do so in one of two ways: • through standard overdraft practices that come with your account, which we call “Overdraft Privilege;” or • through an overdraft protection plan, which we call “Overdraft Transfer Service” You can elect to decline either of these services at any time, which may result in your transactions being declined for non-sufficient funds if the available balance in your account is insufficient to pay for your transaction. Note that Overdraft Privilege is not available for business/organizational accounts, minor accounts or for fiduciary accounts (e.g., trust, escrow, representative payee, guardianship, etc.). The Credit Union also offers an overdraft line of credit for qualifying members. This Section describes only our Overdraft Privilege and Overdraft Transfer Services. If you have questions regarding applying for an overdraft line of credit, please contact the Credit Union for additional information.

Payment of Checks after Death. The Credit Union may, after the date of your death, pay checks drawn before death unless ordered to stop payment by the Personal Representative or other appropriate person claiming an interest in the account. A. General 1. What Does it Mean to Overdraw Your Account? “Overdrawing” your account means that there are not sufficient available funds (as described in Section B below) in your account to pay for a transaction, resulting in a negative or “overdrawn” balance. Some transactions that can result in an overdraft in your account include, but are not limited to: • the payment of checks, electronic fund transfers, telephone-initiated transactions, preauthorized payments under our ▇▇▇▇ Bill Payment Service, debit card transactions, or other withdrawal requests authorized by you; • the return (unpaid) of items deposited by you; • the assessment of service charges by us; or • the deposit of items that are treated as not yet “available” according to our Funds Availability Policy. 2. What Happens if the Credit Union Refuses to Pay the Item? If you overdraw your account, we may return the item unpaid, commonly known as a return for “non-sufficient funds” or “NSF.” It is important to understand that the Credit Union has no control over how many times an intended payee will resubmit an item to us for payment. When we return an item unpaid, we will assess you an NSF Fee each time the item is presented to us for payment. There is no limit on the number of NSF Fees we may assess against your account. NSF items are described in more detail in Section D. 3. What Happens if the Credit Union Pays the Item? If you overdraw your account and we pay the item, we may do so in one of two ways: • through standard overdraft practices that come with your account, which we call “Overdraft Privilege;” or • through an overdraft protection plan, which we call “Overdraft Transfer Service” You can elect to decline either of these services at any time, which may result in your transactions being declined for non-sufficient funds if the available balance in your account is insufficient to pay for your transaction. Note that Overdraft Privilege is not available for business/organizational accounts, minor accounts or for fiduciary accounts (e.g., trust, escrow, representative payee, guardianship, etc.). The Credit Union also offers an overdraft line of credit for qualifying members. This Section describes only our Overdraft Privilege and Overdraft Transfer Services. If you have questions regarding applying for an overdraft line of credit, please contact the Credit Union for additional information.