Share Draft (Checking) Account
At Lansing Postal Community Credit Union, we offer our members the ultimate in cost-effectiveness and convenience with Share Draft (Checking) Accounts. Our Share Draft (Checking) Account provides you with all the benefits of traditional Checking, without the traditionally high costs. Credit union Share Draft (Checking) Accounts feature:
• No Monthly maintenance fee
• No per check charges
• No minimum balance requirement
• Instant carbon copies of every check you write
The only cost to you is the printing of your share drafts (checks).
|
Share draft accounts in this credit union are subject to the requirements below and such other terms and conditions as contained in the Share Draft Agreement and established by the Board of Directors.
The share draft account is separate from regular shares and all other types of accounts. All funds intended for use in the draft account will be deposited in and will be withdrawn from this account. |
|
1) |
Balance Requirements:
No minimum balance is required to maintain a draft account. |
|
2) |
Dividends:
No dividends paid on draft accounts. |
|
3) |
Statements:
Members with a draft account will receive a monthly statement of the activity on all their credit union accounts. |
|
4) |
Deposits:
Deposits to your draft account may be made in person, by mail, by ATM, or Direct Deposit by your employer. Retirees may elect to have their pensions or social security checks direct deposited. Be sure to ask a credit union employee for instructions regarding direct deposit. If you mail deposits, please include a deposit slip to indicate the account the funds should be credited to. |
|
5) |
Overdraft Transfers:
Members who have money available in their share account will automatically have money transferred to cover the over-draft. This is determined by first subtracting any loan payment(s) transfers from shares. There is no fee for this service. Due to federal regulations, no more than six (6) automatic overdraft transfers may be made per month. |
|
6) |
Phone Transfers:
Due to federal regulations, no more than six (6) telephone transfers may be made per month. |
|
7) |
Drafts (Checks):
When you are approved for a draft (checking) account, your drafts will be ordered and mailed to the credit union in approximately 7 to 10 working days. Prior to ordering, you will be required to make a deposit to your draft account to cover the cost of the drafts. Each draft has a carbonless copy attached to it. Please retain for reconcilement and tax purposes. The original draft will be microfilmed as a permanent record. |
|
8) |
Fees:
Stop Payment
The cost is $18.00 for each draft. Stop payments are valid for six months from the date authorized.
Microfilmed Copies
The cost is $3.00 for each draft received by mail. Faxed in copies can be requested at a cost of $6.00 per draft.
Additional Copies of Statement
Members who need additional copies of their statement will be charged $3.00 for each additional monthly copy.
Hold Charges
Should you call us before 12 noon and should we elect, we may put a hold on your account. Your draft account will be charged a $18.00 hold fee. The amount of draft(s) on hold will be limited to $200.00. You must deposit by 12 noon the following business day or your draft(s) will be returned as insufficient funds.
Holds cannot be placed on electronic checks, ACH transactions, or automatic withdrawals.
Non-Sufficient Funds (NSF)
The cost for draft(s) returned for any reason will be $20.00 per draft. All drafts presented the day the account becomes overdrawn will be returned. You will be notified by mail. Excessive overdrafts may result in the closing of your draft account.
Drafts or other instruments (to include preauthorized items) presented for payment or deposited by a member which are returned to the credit union for various reasons will be charged $20.00 per item. |
|
9) |
Draft Reconcilement:
You are required to reconcile your bank statements on a monthly basis. You have sixty (60) days from the date of statement to notify the credit union regarding any discrepancies. We do offer assistance to members in reconciling their statements. The first time is free of charge. Subsequent times are a $10.00 charge. |
|
10) |
Draft Styles and Costs:
Styles and costs vary. Contact your credit union for current avaiability. Our basic checks are $17.50 for approximately 150 duplicates. |
ATM/Debit Card Service
The ideal partner for a credit union Share or Draft Account is a credit union ATM/Debit card. With this handy little card, you can access your credit union accounts 24 hours a day, every day of the year at any CO-OP Network, Star, or NYCE location in Michigan or throughout the United States. You can also use it at your favorite restaurant or make purchases at your local grocery store right from your checking account! As an ATM/Debit cardholder, you are also entitled to these special advantages:
• No annual fee
• Low $1 per transaction fee at any ATM not owned by LPCCU
• No surcharge when using a CO-OP Network ATM
• No charge for first cards or re-issue of cards upon expiration
Payroll Deduction, Net Pay & Direct Deposit
Who wants to stand in line on payday just to make those routine deposits and bill payments at the credit union? You've waited for your money long enough – you shouldn't have to wait any more! That's why Lansing Postal Community CU offers Payroll Deduction, Net Pay and Direct Deposit.
PAYROLL DEDUCTION
By enrolling in Payroll Deduction, you arrange to have your participating employer deduct a portion of your paycheck and send it to the credit union for automatic deposit into your account.
NET PAY
Net Pay works in a similar way as Payroll Deduction, except your entire paycheck is deposited into your credit union accounts. Your check can be dispersed any way you wish to your accounts at the Credit Union!
DIRECT DEPOSIT
This service is for the convenience of our members who receive regular checks from government or private sources such as Social Security or pension programs. Checks can be sent directly to the credit union for automatic deposit into the accounts you select. End the worrying over a lost, late or stolen check – get the security of Direct Deposit today.
VISA Platinum
Lansing Postal Community CU is now able to offer our members the best Visa Platinum card program anywhere! Take a closer look at the terrific features our Visa Platinum has to offer:
- ScoreCard Bonus Points Program. That's right, LPCCU Visa now offers a Merchandise and Travel Rewards Program with EVERY Visa Platinum Card!
• No annual fee, no cash advance fee. Cash advances and payments can be done at the Credit Union.
• A 25-day grace period on all purchases
• Low competitive 12.90% APR
• $250,000 no-cost travel accident insurance (must meet eligibility requirements)*
You can use our VISA to help pay off higher-interest charge cards. Applications are available at the credit union office. Apply for your convenient, low-cost credit union VISA today!
* Automatic travel accident insurance is provided to VISA cardholders. Coverage is automatically provided when travel fare charges are made to the VISA account by an authorized cardholder. It is not necessary for you to notify your credit union when tickets are changed. See the Credit Union for more details.
Credit Union Shared Branching Locations
LPCCU members can complete a variety of transactions at Shared Branching Locations in Michigan and throughout the United States and enjoy extended office hours. All members who use a Shared Branching Location within 5 miles of our office will be charged $2.00 per transaction. This will be charged to your Regular Share Account at that time. This applies to the Lansing Shared Branching locations only. Give us a call, stop by, or visit www.co-opfs.org for more information and current Shared Branching locations.
Additional Services (Members Only)
- Free Home Banking
- On-Site ATM Access
- Money Orders
- Cashiers Checks
- Fax Machine
- Notary Services
- Automatic Transfers for Loans
- Free Telephone Transfers
- Free Overdraft Transfers
- Drive-Thru Service
- Group Discount Services
- NADA Blue Book Prices for Pre-Owned Vehicles
- NCUA Insurance
- Loan Payment Protection
- Credit Counseling
- Wire Transfers- Incoming Only
- Night Drop Box
-
Visa Gift Cards
-
E-Statements
-
Self-Service Coin Machine in the Lobby
Lansing Postal Community Credit Union
4600 Collins Road
PO Box 22098
Lansing, Michigan
48909
517.337.0401
Fax: 517.337.0977
memberservices@lpcumi.com
|
