I/We hereby authorize the NORTH JERSEY FEDERAL CREDIT UNION (the Credit Union) to establish this Share Draft (Checking) Account for me/us. The Credit Union is authorized to pay share drafts signed by me (or by any of us) and to charge all such payments against the shares in this Account.
It is further agreed that:
||Only share draft blanks and other methods approved by the Credit
Union may be used to make withdrawals from this account.
||The Credit Union is under no obligation to pay a share draft that
exceeds the fully paid and collected share balance in this Account;
the Credit Union may, however, pay such share draft and transfer
shares to this Account in the amount of the resulting overdraft,
plus a service charge, from any other share account from which any
of the undersigned is then eligible to withdraw shares.
||Treat such share draft as a request to the Credit Union for an
advance (in multiples of $100) from the loan account identified below
sufficient to permit the Credit Union to pay such share draft and
credit the loan advance to this Account; or
||If none of the undersigned is then eligible to receive a loan advance
as provided above, the Credit Union may, nevertheless, pay such share
draft and transfer shares to this Account in the amount of the resulting
overdraft, plus a service charge, from any other regular share account
from which any of the undersigned is then eligible to withdraw shares.
||The Credit Union may pay a share draft on whatever day it is presented
for payment, notwithstanding the date (or any limitation on the time
of payment) appearing on the share draft.
||When paid, share drafts become the property of the Credit Union
and will not be returned either with the periodic statement of this
Account or otherwise.
||Except for negligence, the Credit Union is not liable for any action
it takes regarding the payment or nonpayment of a share draft.
||Any objection respecting any item shown on a periodic statement
of this Account is waived unless made in writing to the Credit Union
before the end of 60 days after the statement is mailed.
||This Account is subject to the Credit Union's right to require
advance notice of withdrawal, as provided in its bylaws.
||This Account is also subject to such other terms, conditions and
service charges as the Credit Union may establish from time to time.
||If this Agreement is signed by more than one person, the persons
signing shall be the joint owners of this Account which, in that
event, shall be subject to all terms and conditions printed on this
I/We hereby acknowledge that the Credit Union has informed me/us of
the Credit Union's policy concerning the hold period placed on funds
deposited, the Credit Union's stop payment policies, and the Credit Union's
policies concerning its liens on shares.
ADDITIONAL TERMS AND CONDITIONS (Joint Share Account Agreement)
The Credit Union is hereby authorized to recognize any of the signatures
subscribed on this application hereof in the payment of funds or the
transaction of any business for this account. The joint owners of this
account hereby agree with each other and with the Credit Union that all
sums now paid in on shares, or heretofore or hereafter paid in on shares
by any or all of said joint owners to their credit as such joint owners
with all accumulations thereon, are and shall be owned by them jointly,
with right of survivorship and be subject to the withdrawal or receipt
of any of them, and payment to any of them or the survivor or survivors
shall be valid and discharge the Credit Union from any liability for
such payment. The right or authority of the Credit Union under this agreement
shall not be changed or terminated by said owners, or any of them except
by written notice to the Credit Union shall not affect transactions theretofore
made prior to receipt of said written notice.