Rules and Regulations - Local Government Federal Credit Union

or company regardless of the amount. Preauthorizedperiodic transfers or payments from or to the CreditUnion accounts may be stopped if written order isreceived by the Credit Union at least three businessdays in advance of a scheduled transfer. Stop paymentorders confirmed by you in writing remain in effectfor 12 months. In order for the stop payment order tocontinue for another 12 months, a new stop paymentorder must be completed in writing by the accountholder and submitted to the Credit Union.StatementsStatements showing all deposits, withdrawals,dividends earned, balance on deposit, etc. will bemade available at periodic intervals. Statements willbe mailed to the depositor by regular first-class mailat the last address shown on the records of the CreditUnion, unless you previously opted out of paper statements.CashPoints ® Global account holders will receiveonly electronic statements. Electronic statements areavailable to all members by logging on to LGFCU’ssecure online banking service, Member Connect,through www.lgfcu.org. Unless depositor notifies theCredit Union in writing within 60 days of the delivery ormailing of any statement of account and/or canceledvouchers that the signature upon any returned voucher(check, drafts, etc.) was forged, or any transaction wasposted in error or was not authorized, the statementof account shall be considered correct for all purposesand the Credit Union shall not be liable for paymentsmade and charged to the depositor’s account whichare later alleged to have been based on forgery, error,or improper authority.Joint AccountsAll joint accounts are governed by North CarolinaGeneral Statute 54-109.58. All joint accounts withLGFCU, regardless of who deposits the funds, shall beheld by the depositors as co-owners with the right ofsurvivorship. The Credit Union may pay the funds inthe account to, or on the order of, either or any of thedepositors named on the account. Upon the death of onejoint owner, the money remaining in the account willbelong to the surviving joint owners, and will not passby inheritance to the heirs of the deceased joint owneror be controlled by the deceased joint owner’s will.Trustee and Revocable Living Trust AccountsThe Credit Union accepts accounts titled in the nameof a member’s revocable or irrevocable living trust.However, the Credit Union accepts no responsibilityfor determining whether a grantor or trustee isqualified to act or has been duly appointed to act inthat capacity, nor whether any transaction involvingthe account is in accordance with or authorized byapplicable law or the trust agreement. The CreditUnion acts only as a depository for the funds.Personal Agency AccountsPersonal agency accounts are governed by NorthCarolina General Statute 54-109.63 as it may beamended or changed from time to time. The agentnamed on the account may sign checks/withdrawalson the account and make deposits to the account. Ifthe owner of the account becomes incapacitated and/or mentally incompetent, the agent has the authority tocontinue acting on behalf of the owners. The personalagent’s authority ends upon the death of the lastaccount holder and the funds remaining in the accountwill be controlled by the will or inherited by the heirs ofthe last account owner to die, or released to any PODbeneficiary(ies), if the account is a POD account.Payable On Death AccountPayable on Death (POD) accounts are governedby North Carolina Statute 54-109-57A as it may beamended or changed from time to time. The PODaccount may be set up with multiple owners andmultiple beneficiaries. If there are two or moreowners, the owners shall own the account as jointtenants with the right of survivorship. During thelifetime of the owner(s), they are the sole owner(s)of the funds in the account and any owner maywithdraw the funds in the account. By written noticeto the Credit Union, the owner(s), individually orjointly, may change the beneficiary(ies) at any time.Upon the death of the last surviving owner, thefunds remaining in the account will belong to thebeneficiary(ies) and will not be inherited by the heirsof the owners or controlled by will. If one or moreowners survive the last surviving beneficiary whowas a natural person, or if a beneficiary who is anentity other than a natural person should cease toexist before the death of the owner, the account shallbecome an individual account of the owner, or a jointaccount with right of survivorship of the owners.LGFCU reports dividends earned under the primaryowner’s Social Security Number.18 19