Important Account Information for Our Members
Share Account, Truth in Savings Disclosure, Courtesy Pay Disclosure
Except as specifically described, the following disclosures apply to all accounts.
Rate Information. The annual percentage yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. The dividend rate and annual percentage yield may change quarterly as determined by the Priority Credit Union Board of Directors.
Nature of Dividends. Dividends are paid from current income and available earnings after required transfer to reserves at the end of the dividend period. The dividend rate and the APY are the prospective rates and yields that the credit union anticipates paying for the applicable dividend period.
Compounding and Crediting. Dividends will be compounded quarterly and will be credited quarterly. If you close your share account before dividends are paid, you will not receive the accrued dividend
Accrual of Dividends. Dividends will begin to accrue on cash on the business day you make the deposit to your account. Dividends will begin to accrue on non-cash deposits (e.g., checks) on the business day you make the deposit to your account.
Balance Information. The minimum balance required to open a share account is $5.00. For a Share Draft account, an initial deposit of $25.00 is required to open the account. No minimum balance requirements apply to this account.
Balance Computation Method. Dividends are calculated by the average daily balance method, which applies a periodic rate to the average daily balance in the account for that period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period.
Transaction Limitations (Regulation D). The following transfer limitations apply to share accounts: no more than six (6) preauthorized, automatic or telephone transfers may be made from these accounts to another account of yours or a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft or debit card to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.
Dividends are not paid on Share Draft accounts, but Interest is paid on the Green and interest-bearing checking.
EFT Notice
If you pay something with a check or share draft, you may authorize your check or share draft to be converted to an electronic fund transfer. You may also authorize merchants to electronically debit your account for returned check fees.
The fees appearing in the schedule are accurate and effective for deposit accounts as of the last dividend declaration date. If you have any questions or require current rate and fee information on your accounts, please call Priority Credit Union at (407) 425-2561.
Courtesy Pay Program
Courtesy Pay is a service that allows us to pay a check; electronic funds transfer (ACH), POS/debit card transaction, ATM withdrawal or Internet BillPayer transaction on our members’ checking accounts even if it causes the account to become overdrawn. Courtesy Pay may provide certain account holders in "good standing" with the ability to overdraw their checking account up to $500 plus any Courtesy Pay fees.
If the member is at least 18 years of age and the checking account has been open at least 60 days and maintained in good standing, defined as A) Making regular deposits sufficient to cover transactions; B) Bringing the account to a positive balance at least once every thirty days or less; C) There are no legal orders outstanding on your account; D) There has been no derogatory account history, and; E) There are no loan or credit card accounts more than thirty days delinquent, we may, at our sole discretion, pay overdrafts up to the limits mentioned above, including our normal Non-Sufficient Funds and/or Courtesy Pay charge(s). Whether we pay or return an item, your account will be assessed a fee, either as a Courtesy Pay charge or a Non-Sufficient Funds charge but you will not be charged both fees.
Courtesy Pay offers additional flexibility and convenience in managing account holder funds, and provides peace of mind knowing that written checks may be paid up to the authorized overdraft limit. Checks may not be processed in the order in which they occurred and the order in which transactions are received by the credit union and processed can affect the total amount of overdraft fees incurred. It costs nothing unless the privilege is used by initiating checks for more than is on deposit in the account. If you maintain the account in good standing and have need for this “courtesy”, we may, at our sole discretion, pay the item(s) up to the authorized limit, and we will charge the account our normal Courtesy Payment fee for each item that overdraws the account. We will send you a notice each time an overdraft occurs.
Courtesy Pay allows Priority Credit Union to provide a higher level of service to our members by helping to protect your account and reputation when an inadvertent overdraft occurs. Please read the policy below to further clarify any questions you may have. If you still have questions, do not hesitate to contact our Member Services at (407) 425-2561.
Courtesy Pay Policy
It is the policy of our financial institution to comply with applicable laws and regulations, and to conduct business in a SAFE and SOUND manner. We are not obligated to pay any item presented for payment if the account does not contain sufficient collected funds. However, if the accountholder is at least 18 years of age and the checking account has been open at least 60 days and maintained the account in good standing, Courtesy Pay may provide certain accountholders in “good standing”, with the ability to overdraw their checking account up to $500.00 plus any Courtesy Pay fees.
We may refuse to pay an overdraft at any time, regardless of previously paid overdrafts. The account holder will be notified by mail of any Non-Sufficient Funds items paid or returned that the account may have. However, we have no obligation to notify the accountholder before we pay or return an item. The amount of any overdrafts, plus our Non-Sufficient Funds and/or Courtesy Pay fee(s) that the accountholder owes, is due and payable upon demand.
If we pay an overdraft on an account with more than one (1) owner on the signature card, each owner, and/or agent where applicable, drawing/presenting the item, thereby creating the overdraft, are jointly and severally liable for such overdrafts plus the Non-Sufficient Funds and/or Courtesy Pay fee(s).
Opt Out
An account may be removed from the Courtesy Pay program for members who do not wish to have Courtesy Pay protecting their account from overdrafts. At your request, your account can be removed from coverage of any future Courtesy Pay overdrafts. Any items clearing the account without Courtesy Pay and/or sufficient funds will be returned. A Non-Sufficient Funds fee will be charged. To opt out of the Courtesy Pay program, contact us at (407) 425-2561 or write to Priority Credit Union, Attn: Member Services, 301 East Michigan Street, Orlando, FL 32806 and inform us of your wish to be removed from Courtesy Pay.
Limitations
This feature is limited to personal and business checking accounts. We reserve the right to not approve any overdrafts against any account until we can verify that the account is being maintained in good standing, as defined above.
Account Fees
Whether we pay or return a Non-Sufficient Funds item, a per-item fee will be charged to the account as a Non-Sufficient Funds or Courtesy Pay fee, as set forth in the Rate and Fee Schedule.
Courtesy Pay Disclaimer
Priority Credit Union’s Courtesy Pay plan is a non-contractual courtesy and is discretionary. It is not an obligation of the Credit Union and the Credit Union may refuse to provide the courtesy on any checking account, at any time, and from time to time. The account holder does not have a contractual right to Courtesy Pay and Courtesy Pay is not guaranteed by the Courtesy Pay plan.
Main Office
301 East Michigan St
Orlando, FL 32806
Tradeport Branch
10401 Post Office
Blvd, Suite 99
Orlando, FL 32862
Lake Mary Branch
800 Rinehart Rd.
Ste. 303
Lake Mary, FL 32746
W. Melbourne Branch
2305 Minton Road
W. Melbourne, FL 32904
Winter Garden Branch
15155 W. Colonial Drive
Winter Garden, FL 34787
Lakeland Atm
2800 Lakeland Hills Blvd.
Lakeland, FL 33805
Main Number: (407) 425-2561
Mobile Deposits Terms and Conditions
Service Definitions
Business Day” is every Monday through Friday, Eastern Time, excluding Federal Reserve holidays.
Service” refers to Priority’s Mobile Deposit Service.
Use of Service
These Services allow you to deposit checks into eligible Priority Credit Union (Priority) checking accounts from a remote location with a compatible mobile device, which then delivers the images and associated deposit information to Priority Credit Union electronically. You may use this service only for personal and business use in accordance with the Agreement. In order to use this service, you must obtain and maintain, at your expense, compatible hardware. We are not responsible for the functionality or maintenance of any third party hardware or software you may need to use the Service.
Agreement Acceptance
This Agreement applies to personal and business accounts only. The acceptance of this Agreement and use of the Service means you agree to all terms and conditions in this Agreement. Please read this Agreement carefully and keep a copy for your records.
Eligibility and Qualification Requirements
To qualify for this Service, you must meet eligibility criteria as dictated by us, including having all accounts in good standing.
A member must meet the following guidelines to be eligible for Mobile Deposit
Member must be 18 years of age or older to have access to RDC.
Member must have an established account for 90 days or more.
Member must have had an average daily total deposit balance of $500 or more over the past 90 days. Deposit Balance may include: Main Share, Money Market, Share Draft, and CDs.
Member must have a share draft account.
Any overdrafts within the previous 90 days will disqualify the member’s eligibility.
Eligible Accounts
All personal and business checking accounts are eligible for this Service except:
Savings / Certificate
Retirement
Trust Accounts
Estate Accounts
Second Chance Checking Accounts
POA Accounts
Limitations of Service
When using this Service, you may experience technical or other difficulties. We do not assume liability for any technical or other difficulties that you may incur. We reserve the right to change, suspend, or revoke services immediately and at any time without prior notice to you. You acknowledge that you can deposit your check at a branch office location, through a participating ATM, or by mail.
Charges or Fees
Priority does not charge a usage fee for this Service. We reserve the right to start charging for this Service at any time. If an item you transmit for deposit is dishonored, rejected or otherwise returned unpaid, you agree that we may charge back the amount of the return to the account the check was originally deposited to and you will be assessed a fee in the amount shown on Priority’s current Schedule of Fees and Charges for a returned check. If there are not sufficient funds in your account to cover the amount of the returned check, the account will be overdrawn and you will be responsible for payment. You agree that Priority may debit any account maintained by you in order to obtain payment of your obligations under this Agreement. You acknowledge that wireless providers may assess fee, limitations or restrictions, and that we may contact you via your wireless device for any purpose concerning your accounts at Priority, including but not limited to account servicing and collection purposes.
Eligible Items
You agree to deposit only “checks,” which are defined as a negotiable demand draft drawn on or payable through or at an office of a bank.
Ineligible Items
You agree that you will not use this Service to deposit any ineligible items, including but not limited to the following:
Checks or items payable to any person or entity other than you
Post-dated checks
Checks or items containing an obvious alteration to any of the fields on the front of the check or item which you know or suspect to be fraudulent
Checks or items drawn or otherwise issued by you or any other party on any of your Priority accounts
Checks or items not payable in United States currency
Items drawn on Financial Institutions located outside the United States
Items previously converted to a substitute check
Consumer Loans, Credit Card, and Mortgage payments
IRA and Share Certificates deposits
Travelers Checks
Starter or counter checks
Amex Gift Check
Savings Bonds
Credit Advance Checks
Checks that require authorization (e.g. COMCHECKS, Branch Pay, Rapid Drafts)
Image Quality
The image of the item transmitted to us must be clearly legible. The image being transmitted must comply with all standards for image quality established by the American National Standards Institute (ANSI), clearinghouse, association, or any other regulatory agency.
Endorsement Requirements
You agree to endorse all items with your signature, account number and print “PCU Mobile Deposit Only or PCU E Deposit” or the box for "Check Here If Mobile Deposit" is selected on the back of the check, please print "PCU" above the checked box. Priority Credit Union reserves the right to reject all items that are not endorsed as specified.
Deposit Limits
When using this Service to deposit funds, the number of deposits you can make is limited to 10 checks per business day, with the aggregate amount of deposits not to exceed $3,000.00 per business day. For Business Accounts, you can make a maximum of 20 deposits, with the aggregate amount of deposit not to exceed $3,000.00 per business day. You must deposit by 3:00 PM for a deposit to be considered that day.
Receipt of Items
We reserve the right to reject any item transmitted through this Service, at our discretion. We are not liable for items we do not receive or for images that are not transmitted completely. An image is considered received when a “Deposit Pending” result is seen on your device. However, such notification does not mean that the transmission was without error. Once an item is reviewed and approved, viewing your account history will confirm the check was posted.
Funds Availability Policy
Below is our general funds availability policy for this Service:
Up to $225.00 of the check will be available on the first business day, after the day of your deposit. Limit of only one (1) $225.00 credit per business day.
Deposits less than $1,000: The entire deposit amount will be available (1) Business Day from the day of approval.
Deposits of $1,000 up to $3,000.00: The entire deposit amount will be available two (2) Business Days from the day of approval.
Please see the Credit Union’s “Funds Availability Policy Disclosure” for further information.
Retention and Disposal of Items
You agree to retain each item no fewer than two business days after your funds have been posted to your account. Upon receipt of these funds, you agree to mark the items prominently as “VOID” and to dispose of the item(s) in a way that prevents representing for payment. You agree to store each retained item in a secured locked container until such proper disposal is performed. You will promptly provide any retained item to Priority Credit Union as requested to aid in the clearing and collection process or to resolve claims by third parties with respect to any item.
Errors and Discrepancies
Notify Priority Credit Union at (407) 425-2561 as soon as possible if you believe your statement is incorrect, or if you need more information about a transaction listed on the statement. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem appeared. If you do not notify us with 60 days from the date of your statement was sent, you may not be compensated for any losses.
Security Requirements
To prevent unauthorized usage of the Service, you agree to ensure the security of the personal device you own and use to access the Service. By securing these devices, we specifically mean installing operating system patches, antivirus software, firewall and spyware detection as applicable and keeping this security software current, as well as securing physical device from theft or unauthorized use. Additionally, Priority Credit Union may also request additional information from you.
Disclaimer of Warranties
Priority’s representations, warranties, obligations, and liabilities and your rights and remedies, set forth in this Agreement, are exclusive. The software is provided by Priority and its licensors “as is” and on an “as available” basis. We disclaim all warranties of any kind as to the use of the services, whether expressed or implied, including but not limited to the implied warranties or merchantability for a particular purpose. We make no warranty that the services (i) will meet your requirements, (ii) will be interrupted, timely, secure, or error free, (iii) that the results that may be obtained from the service will be accurate or reliable, (iv) that any errors in the services or technology will be corrected.
Limitation of Liability
Priority’s liability for errors or omissions with respect to the data transmitted or printed by Priority will be limited to correcting the errors or omissions.
User Warranties and Indemnification
You warrant to Priority Credit Union that:
a. You will only transmit eligible items that are properly endorsed.
b. Images will meet the image quality standards.
c. You will not transmit duplicate items.
d. You will not deposit or re-present the original item once it has been sent through this Service, unless specifically requested to do so by Priority.
e. All information you provide to Priority is accurate and true.
f. Priority will not sustain a loss because you have deposited an image.
g. You will comply with this Agreement and all applicable rules, laws, and regulations.
h. Items you transmit do not contain viruses.
You agree to indemnify and hold harmless Priority from any loss for breach of the warranty provision.
Change in Terms
Priority reserves the right to change the terms and conditions of this Service or terminate this Agreement without notice at any time
Governing Law
This Agreement supplements the terms of your Membership Agreement and Disclosures. Together they constitute the entire Agreement between you and Priority with respect to the services. You may not assign this Agreement. This Agreement is governed by the laws of the State of Florida and of the United States. A determination that any provision of this Agreement is unenforceable or invalid shall not render any other provision of this Agreement unenforceable or invalid. Unauthorized use of this Service is strictly prohibited. Therefore Member agrees to Priority Credit Union Mobile Deposits Terms and Conditions.