Purpose
Provide an additional service to VECU members by allowing them check writing privileges through the creation of a share draft account which a member may deposit and withdrawal from through printed checks or check card.
 

Eligibility
A member or association of members with an open share account in good standing is eligible to open a share draft account.
 

Application Process and Approval
A completed application for share draft account with all signatures, identification, and taxpayer identification number are required.  Additionally, all applications for share draft accounts will require an acceptable credit report and a passing score through CHEXSystems.

Types of Accounts
A.        Single owner
B.        Joint owner
C.        Retired members (age 65+) receive free share draft accounts (single or joint accounts) (no monthly fee) and free share drafts (Alliance Series).

Fees
Fees will be assessed using the VECU Share Draft Account Fee Disclosure structure.
 

Balance and Transaction
There is no minimum balance required.  There are no transaction limitations which apply to this type of account.
 

Dividends
An account must have a minimum average daily balance of $100.00 to earn dividends.  Dividends will be paid quarterly, calculated on the actual balance on a day of deposit to day of withdrawal basis.  If an account is in a negative or closed status before dividends are declared, no dividends will be paid on the account. 
 

Statements
Transactions will appear on the members monthly share draft account statement.  E-statements are available at no charge to members through the Online Banking system.  If the member requests a statement at another interval, a fee may be charged according to the VECU Fee Schedule. 

Enroll for the E-statement service by logging into the Online Banking system, select Accounts, then Account Statement to provide your email address. An email will be sent to you when a current statement is available at which time you can log into the Online Banking system to retrieve your statement.

Services
* Direct deposit and ACH transfers
* Free VECU online banking
* Online transfers
* E-statements
* Drive-through teller
* Nationwide ATM access through the CU24 Network
* VISA debit card

CheckRight Account Management Education
CheckRight is a web-based checking account management education module designed to teach you how to manage a checking account. Among other things, CheckRight will help you learn how to: 

• open an account
• write checks
• make deposits
• maintain a check register
• reconcile an account
• create a spending plan

CheckRight is a self-study program that allows you to learn at your own pace.  Once you have read through the chapters, you will be directed to a quiz that will test your knowledge on checking accounts.  You will be able to view the results and you have the option to send the results to the credit union via e-mail.

Disclosures

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.  For all accounts, the Dividend Rate and Annual Percentage Yield may change quarterly as determined by the Credit Unions Board of Directors.  The Dividend Rates and Annual Percentage Yields are the rates and yields as the last dividend declaration date, which is set forth in the Rate Schedule.

Nature of Dividends.  Dividends are paid from current income and available earning after required transfers to reserves at the end of the dividend period.

Dividend Compounding and Crediting.  The compounding and crediting frequency of dividends and dividend period application to each account are stated in the Rate Schedule.  The Dividend Period is the period of time at the end of which an account earns dividend credit.  The Dividend Period beings on the first calendar day of the period.

Accrual of Dividends.  For all accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.

Balance Information.  To open any account you must deposit or already have on deposit at least the par value of one full share in any account.  The par value amount is stated in the Fee Schedule.  Some accounts may have additional minimum opening deposit requirements.  The minimum balance requirements applicable to each account are stated in the Rate Schedule.  For all accounts, there is a minimum Average Daily Balance required to earn the Annual Percentage Yield disclosed for the dividend period.  If the minimum average daily balance is not met, you will not earn the Annual Percentage Yield stated in the Rate Schedule.  For accounts using the Average Daily Balance method as stated on the Rate Schedule, dividends are calculated by applying a periodic rate to the Average Daily Balance in the account for the dividend 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.

Account Limitations.  For Regular Share accounts, no more than six (6) preauthorized, automatic, or telephone transfers may be made from each account to another account or to 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 these limitations, your account may be subject to a fee or be closed. For Regular Share Accounts, no account limitations apply.  Withdrawals over $10,000.00* require thirty (30) days advance notice.  These limitations are subject to change frequently with notice.  For Share Draft accounts, no account limitations apply.