PO Box 1950 West Lafayette, IN // PURDUEFED.COM. Your Guide to Member Services

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1 PO Box 1950 West Lafayette, IN // PURDUEFED.COM Your Guide to Member Services Effective June 1, 2017

2 MEMBERSHIP AND ACCOUNT AGREEMENT This agreement covers your and our rights and responsibilities concerning account(s) offered to you by Purdue Federal Credit Union ( Credit Union or Purdue Federal ). In this Agreement, the words you and yours mean anyone who signs a New Account Application ( Account Application ) or Account Change Card. The words we and us mean the Credit Union. The word account means any one or more share or other accounts you have with the Credit Union, including but not limited to savings, checking, money market, health savings, IRA, and certificate. The classification and form of ownership of your accounts is set forth on your Account Application or Account Change Card. By signing an Account Application or Account Change Card, each of you, jointly and severally, agree to the terms and conditions in this Agreement and in the Account Application, Account Change Card, Rate Sheet Truth-in-Savings Act Disclosure, and the Fee Schedule, and the Credit Union s Bylaws and Policies, and any amendments of these documents from time to time, which collectively govern your membership and accounts. You agree that this is a consumer account for personal use only. All commercial accounts, even if titled as a sole proprietorship doing business in a person s name, must be opened as a commercial account and are governed under a separate agreement. YOUR ELIGIBILITY AND ACCOUNT OWNERSHIP MEMBERSHIP ELIGIBILITY To be eligible for membership in the Credit Union, you must be an individual qualifying within the Credit Union s field of membership, and must purchase and maintain at least one share (the membership share ) of $5.00 in a primary share savings account as required by the Credit Union s Bylaws. Purdue Federal membership is open to any current student, employee, persons retired as pensioners or annuitants of, and alumni of the Select Employee Groups of the Credit Union, and any current member s immediate family. A complete list of all current Select Employee Groups is available at any Purdue Federal branch location and on our website purduefed.com. As a member of Purdue Federal, you share in its ownership. You join a cooperative financial institution organized under federal credit union regulations. USA PATRIOT ACT IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. WHAT DOES THIS MEAN FOR YOU? When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents. SHARE INSURANCE Deposits at Purdue Federal are federally insured through the National Credit Union Share Insurance Fund of the National Credit Union Administration ( NCUA ), an independent agency of the U.S. Government. Non-IRA accounts owned individually are insured to a combined total of $250,000. Individual Retirement Accounts (IRAs) may be insured separately up to an additional $250,000. Additional coverage amounts vary by account type and ownership. For example, joint ownership accounts are insured separate from individual accounts. To estimate the share insurance coverage for your accounts, please visit NCUA s Share Insurance Estimator at ACCOUNT OWNERSHIP Individual: An individual account is owned by one person. Upon the death of the account owner, the interest passes to the decedent s estate unless a Payable on Death (POD) beneficiary has been designated. This is subject to other provisions of this Agreement governing our protection for honoring transaction requests of an owner or owner s agent prior to notice of an owner s death and to any security interest or pledge granted by the account owner and subject to our statutory lien rights. Joint Ownership with Rights of Survivorship and not as Tenants in Common: A joint ownership account is owned by two or more persons. Joint ownership applies to all deposit suffixes under the account number, such as special savings, checking, etc. Any or all owners can make deposits and withdrawals regardless of contributions. Any joint owner is authorized or deemed to act for the other owner(s) and the Credit Union may accept orders and instructions regarding the account, requests for future services and any transaction from any account owners. Each owner guarantees the signature of the other owner(s). Any account owner may withdraw all funds in the account, stop payment on items drawn on the account, transfer, or pledge to the Credit Union all or any part of the deposits of any account without the consent of the other account owner(s), and the Credit Union shall have no duty in such event to notify any other account owner(s). The Credit Union reserves the right at any time to require written consent of all account owners of a change of ownership, termination of an account or require that all owners agree in writing to any transaction concerning the account. If a deposited item in a jointly owned account is returned unpaid, an account is overdrawn, or if we do not receive final payment on any transaction, each account owner is jointly and severally liable for the amount of the returned item, overdraft, or unpaid amount and any charges of fees, regardless of who initiated or benefitted from the transaction. If any account owner is indebted to us, we may enforce our rights against any account owner or all funds in the jointly owned account regardless of who contributed them. A joint account includes rights of survivorship. This means when one owner dies, all sums in the account will pass to the surviving owner(s). A surviving owner s interest is subject to the Credit Union s statutory lien for the deceased owner s obligations, and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it. If a joint owner of an account desires to open an individual account with the Credit Union or to open another joint deposit account with the Credit Union, with one or more different joint owners, this may be accomplished by such joint owner purchasing a new membership share under a different account number. Accounts for Minors: The Credit Union reserves the right to require any minor account to be a joint account with an owner who has reached the age of majority under state law, who shall be jointly and severally liable to the Credit Union for any returned item, overdraft or unpaid charges and fees on the account. The Credit Union may make payments of funds directly to the minor without regard to his or her minority. Unless a parent or guardian is an account owner with the minor, the parent or guardian shall not have any access rights to the minor s account. The Credit 2 PURDUE FEDERAL CREDIT UNION YOUR GUIDE TO MEMBER SERVICES

3 Union has no duty to inquire as to use or purpose of any transaction by the minor or any account owner. We may require written authorization from all account owners to change the account status once the minor reaches the age of majority. Uniform Transfers/Gifts to Minors: A Uniform Transfer to Minor Account ( UTMA ) or Uniform Gifts to Minors Act ( UGMA ): A Uniform Transfer to Minor Account (UTMA) is an individual account established by a custodian by depositing funds as an irrevocable gift to a minor. The minor to whom the gift is made is the owner and beneficiary of the account and must qualify to be a member of the Credit Union. The custodian has possession and control of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party entitled to transact on the account. The custodian agrees to be bound by the terms of this Agreement. The Credit Union has no duty to inquire as to the use or purpose of any transaction by the custodian. In the event of the custodian s death, the Credit Union may place a hold on the account until instructions are received from a person authorized by law to withdraw funds on behalf of the minor. Guardianship/Custodial: The Credit Union may open accounts in cases of guardianship or for certain custodial situations, such as Social Security Representative Payees. In opening these types of accounts, the Credit Union acts only as a depository for the funds and is under no obligation to act as a fiduciary or to inquire as to the powers or duties of the guardian, custodian, or representative payee. The guardian, custodian, or representative payee agrees to be bound by the terms of this Agreement, but the beneficiary must qualify to be a member of the Credit Union. Trust: The Credit Union may open an account for certain types of trusts. For a revocable trust, the grantor must be eligible for membership. For an irrevocable trust, when there are no surviving grantors at the time of opening the account, the trust beneficiaries must be eligible for membership. The Trustees agree to be bound by the terms of this Agreement. The Credit Union has no duty to inquire as to the use or purpose of any transaction by the trustees. Estate: The Credit Union may open an account for an estate administered by a court in Indiana. The deceased must have been a member of the Credit Union or all beneficiaries of an estate must be members. The Credit Union has no duty to inquire as to the use or purpose of any transaction by the personal representative of the estate. The personal representative agrees to be bound by the terms of this Agreement. Power of Attorney (POA): The Credit Union may allow a third person acting as your attorney-in-fact to make transactions on your account(s), pursuant to a written Power of Attorney, but we have no obligation to do so. You agree that we have no obligation to verify the scope, authenticity, and validity of any Power of Attorney presented to us. If we accept the Power of Attorney, we have no duty to inquire as to the use or purpose of any transaction(s) by your attorney-in-fact, and may restrict or refuse account access, withdrawals and transfers. Payable on Death (POD): A POD account designation is an instruction to the Credit Union that an individual or joint account so designated is payable to the owner(s) during his, her, or their lifetimes and when the last account owner dies, is payable to all surviving POD beneficiaries. If the beneficiary does not survive the last account holder, the share of the account payable to a deceased beneficiary will be divided pro rata among the remaining beneficiaries. Unless otherwise stated, accounts are payable to beneficiaries in equal shares. Any POD beneficiary designation shall not apply to Individual Retirement Accounts (IRAs) and Health Savings Account (HSAs). The Credit Union shall at no time have any obligation whatsoever to notify any beneficiary of the existence of any account or the vesting of the beneficiary s interest in any account, except as otherwise provided by law. You may designate or change your beneficiaries at any time, but only by filling out and returning to us a form we provide you. If your account is joint with rights of survivorship any one of the joint owners may do so, even after the death of any of owner. DEATH OF ACCOUNT OWNER The Credit Union may continue to honor all transfers, withdrawals, deposits and other transactions on the account until the Credit Union is notified of member s death. Once the Credit Union is notified of a member s death, the Credit Union may pay drafts or honor other payments or transfer orders authorized by the deceased member for a period of ten (10) days unless the Credit Union receives instructions from any person claiming an interest in the account to stop payment on the drafts or other items. We may require anyone claiming a deceased owner s account funds to indemnify us for any losses resulting from our honoring that claim. We may require the claimant to the deceased member s account to produce certain documents before releasing the funds in the account, including but not limited to a death certificate and letters testamentary for the estate. TAXPAYER IDENTIFICATION NUMBER AND BACKUP WITHHOLDING Your failure to furnish a correct Taxpayer Identification Number (TIN) or meet other requirements may result in backup withholding. If your account is subject to backup withholding, we must withhold and pay to the Internal Revenue Service (IRS) a percentage of dividends, interest and certain other payments. If you do not have a TIN, you will be eligible for a non-dividend-bearing account only. An account without a TIN will still be covered by share insurance under the National Credit Union Share Insurance Fund. OPERATION OF YOUR ACCOUNT DEPOSIT OF FUNDS Funds may be deposited to any account, in any manner approved by the Credit Union in accordance with the requirements set forth in the Rate Sheet Truth-in-Savings Act Disclosure, the Funds Availability Policy, and other terms of this Agreement. Refusal of any item will be at the Credit Union s discretion. a. Endorsements. You authorize the Credit Union, in its discretion, to accept transfers, checks, drafts and other items for deposit into any of your accounts if they are made payable to, or to the order of, any one or more owners on the account, whether or not they are endorsed by all payees. If a check, draft or item that is payable to two or more persons is ambiguous as to whether it is payable to either or both, we may process the check, draft or item as though it is payable to either person. You authorize the Credit Union to supply missing endorsements of any owners if the Credit Union chooses to supply such endorsements. If an insurance, government, or other check or draft requires an endorsement as set forth on the back of the check or draft, the Credit Union may require endorsement as set forth on the item. YOUR GUIDE TO MEMBER SERVICES PURDUE FEDERAL CREDIT UNION 3

4 Endorsements must be placed in the space on the back of the share draft or check between the top edge and 1 1/2 inches from the top edge. The Credit Union may accept drafts or checks with endorsements outside this space. However, if any such endorsement or any other markings you or any prior endorser has made on the draft or check cause any delay or error in processing the item for payment, you will be responsible for any loss incurred by the Credit Union due to the delay or error. b. Collection of Items and Foreign Transactions. We act only as your agent and we are not responsible for handling items for deposit or collection beyond the exercise of ordinary care. Deposits made by mail or at un-staffed facilities are not our responsibility until we receive them. We are not liable for the negligence of any correspondent or for loss in transit, and each correspondent will only be liable for its own negligence. We may send any item for collection and impose a minimum check or draft amount on any item sent for collection. You waive any notice of nonpayment, dishonor, or protest regarding items we purchase or receive for credit or collection to your account. We reserve the right to pursue collection of previously dishonored items at any time, including giving a payor financial institution extra time beyond any midnight deadline limits. Items drawn on an institution located outside the United States are handled on a collection basis only. Transactions made in foreign countries and foreign currencies will be converted to United States dollars prior to posting to your account. Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in United States dollars. You agree to any fees or adjustments related to the processing or settlement of these transactions as stated in the Fee Schedule, statement, or transaction receipt. c. Restrictive Legends. We are not required to honor any restrictive legend on items you write unless we have agreed to the restriction in writing. Examples of restrictive legends are must be presented within 90 days or two signatures required or not valid over $ d. Final Payment. All items or Automated Clearing House (ACH) transfers credited to your account are provisional and subject to our receipt of final payment. If final payment is not received, we reserve the right to charge your account for the amount of such items or ACH transfers or both, and impose a return item charge on your account. If the Credit Union incurs any fee to collect any item, the Credit Union may charge such fee to your account. The Credit Union reserves the right to refuse or return all or any items and funds transfers. The Credit Union shall have the right to charge back against your account all previously deposited items or other items endorsed by you that are returned to the Credit Union unpaid, regardless of whether the amount of the item has been available for your use or is included in your account balance. e. Payroll Deduction/Direct Deposit. You must authorize any direct deposits to your accounts by a separate authorization form. If applicable, you must notify the Credit Union at least thirty (30) days prior to any direct deposit or preauthorized transfer you wish to cancel or change the direct deposit or direct transfer option. Upon a filing of a bankruptcy, if you fail to cancel any direct deposit authorization, you instruct your employer and the Credit Union to make and apply direct deposits in accordance with your authorization on file with the Credit Union. If the Credit Union is required to reimburse the U.S. Government for any benefit payment directly deposited into your account for any reason, you agree the Credit Union may deduct the amount returned from any of your accounts, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability. You agree that any amount deposited into your account in error by payroll deduction, direct deposit or otherwise, does not belong to you and is not for your use. You authorize us to deduct the errant deposit from your account or from any other account you have with us, without prior notice and at any time. You agree that these errant deposit funds are the property of the Credit Union and you are liable to the Credit Union for the deposit amount and the cost of legal expenses, if any incurred by the Credit Union in recovery of the funds. f. Crediting of Deposits. Deposits made after the deposit cutoff time and deposits made on holidays or days other than our business days will be credited to your account on the next business day. See the Funds Availability Policy for full detail. See the Online, Mobile, and Text Banking Services Agreement for full detail on items deposited via remote deposit capture. WITHDRAWALS OR TRANSFERS You may make withdrawals or transfers from your account in any manner which is permitted by the Credit Union (i.e. check, Automated Teller Machines (ATMs), Point-of-Sale (POS), in person at a branch, by mail, telephone, automatic transfer, Shared Branching, Online Banking, Mobile Banking, or Bank-by-Phone, as applicable). If the Credit Union accepts for processing any written order to pay funds from your account that is not drawn on a form provided by the Credit Union or its designated check vendor, you will be responsible for any loss incurred by the Credit Union for handling the item. The Credit Union may return as unpaid any item that is not drawn on a form provided by the Credit Union or its designated check vendor. a. Authorized Signature. In order to access any account, the Credit Union must have your authorized signature on a New Account Application or Account Change Card. The Credit Union is authorized to recognize your signature, but will not be liable for refusing to honor any item or instruction of yours if it believes in good faith that the signature on such item or instruction is not genuine. If you have authorized the use of a facsimile signature, the Credit Union may honor any draft that appears to bear your facsimile signature even if it was made by an unauthorized person. If you give your account number to a third person, you authorize us to honor transactions initiated by the third person even if you did not specifically authorize a particular transaction. b. Shared Branching. You may be allowed to conduct transactions at another credit union that participates in the CO-OP Financial Services Shared Branching Network (Shared Branching). Shared Branching allows you to perform transactions to your own individual Purdue Federal accounts at a credit union branch other than Purdue Federal. Credit unions that participate in Shared Branching offer convenient services to members, including those that may be traveling or relocating. Not all services may be available at all Shared Branching locations. Purdue Federal may restrict access to Shared Branching services at any time. You will receive receipts for transactions conducted at Shared Branching locations and the transaction information will be reflected on your periodic statement. Cash back on all shared branching transactions may be limited to $500 per member, per day, depending on the local rules of that credit union. All checks presented for deposit with cash back will be processed based on the balance of available funds in the account prior to the transaction. 4 PURDUE FEDERAL CREDIT UNION YOUR GUIDE TO MEMBER SERVICES

5 c. Credit Union Examination. The Credit Union may disregard information on any draft or check other than the signature of the drawer, amount of the item, and any magnetic encoded information. You agree that the Credit Union does not fail to exercise ordinary care in paying an item solely because its procedures do not provide for sight examination of items. d. Sub-accounts. NOTICE for Account Holders: Your savings or checking account will consist of a transaction sub-account and a savings subaccount. Funds not routinely needed to pay debits may be transferred to a savings sub-account. We may periodically transfer funds between these two sub-accounts. If your account is a Plan (i.e. HSA or IRA) on which dividends are paid, your dividend calculation will remain the same. Otherwise, the savings sub-account will be non-dividend bearing. The savings sub-account will be governed by the rules governing our other savings accounts indicated within the Account Transaction Limitations section within this Agreement. This process will not affect your available balance, the dividends you may earn, NCUA insurance protection, your monthly statement, or any other Account features. WIRE TRANSFERS AND AUTOMATED CLEARING HOUSE (ACH) You may initiate or receive credits or debits to your account via wire transfer or ACH transfer. You agree that any outgoing wire or ACH transfer is processed at our discretion and you agree to any applicable provisions. You agree that we will not be responsible for loss by any person or institution where a receiving financial institution posts or processes a payment order request. You also agree that after we have accepted a payment order, no amendment or cancellation will be effective without the agreement of the Credit Union. We are not obligated to execute any order to transfer funds out of your account if the amount of the requested transfer plus applicable fees exceeds the available funds in your account. Payment orders we accept will be executed within a reasonable time of receipt, but may not necessarily be executed on the date they are received. Cutoff times may apply to the receipt, execution and processing of fund transfers, payment order, cancellations, and amendments. If a request for a fund transfer, payment order, cancellation, or amendment is received after a cutoff time, it may be treated as having been received on the next business day. Information about any cutoff times is available upon request. Any account owner may amend or cancel a payment order, even if that person did not initiate the order. We may refuse any request to amend or cancel a payment order that we believe will expose the Credit Union to liability or loss. Any request that we accept to amend or cancel a payment order will be processed within a reasonable time after it is received. You agree to hold us harmless from and indemnify us for all losses and expenses resulting from any actual or attempted amendment or cancellation of a payment order. We will not provide you with next day notice of ACH transfers, wire transfers, and other electronic payments credited to your account. Instead, the credits will be shown on periodic statements we provide to you. You may contact us to determine whether a credit has been received. We may accept on your behalf payments to your account that have been transmitted through one or more Automated Clearing Houses and which are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the State of Indiana as provided by the operating rules of National Automated Clearing House Association (NACHA), which are applicable to ACH transaction involving your account. Transmitters and receivers of ACH transactions and wire transfers should be aware that the Credit Union might, from time to time, need to temporarily suspend processing of a transaction for greater scrutiny or verification in accordance with the laws and regulations of the Office of Foreign Assets Control. This action may affect settlement or availability of the transaction. You must sign a separate Wire Transfer Security Agreement if you wish to initiate wire transfers. When you initiate a wire transfer, you may identify either the recipient or any financial institution by name and by account or identifying number. We (and other financial institutions) may rely on the account or other identifying number as the proper identification even if it identifies a different party or institution. You agree to pay any applicable fees related to these services as set forth on the Fee Schedule. Federal Reserve Regulation J governs wire transfers if the transfer is cleared through the Federal Reserve. Additionally, wire transfers that are made by consumers from the United States to other countries are considered remittance transfers in accordance with the Consumer Financial Protection Bureau s Regulation E (12 C.F.R 1005). Terms applicable to such transactions will be disclosed to you at the time the wire is requested in accordance with applicable law. The Credit Union will not be liable to you for any incidental, consequential or special damages resulting from late or improper execution or failure to execute an ACH payment order or wire transfer. We are not liable for errors, delays, interruptions, or transmission failures caused by third parties or circumstances beyond our control, including mechanical, electronic, or equipment failure. RATES AND FEES We pay dividends and assess fees against your account as set forth in the Rate Sheet Truth-in-Savings Act Disclosure and Fee Schedule. We may change the Rate Sheet Truth-in-Savings Act Disclosure or Fee Schedule at any time and will notify you as required by law. ACCOUNT TRANSACTION LIMITATIONS a. Withdrawal Restrictions. The Credit Union may permit a withdrawal only if you have sufficient available funds in your account to cover the full amount of the withdrawal or have an established overdraft transfer plan. The Credit Union reserves the right to require a 48-hour notice prior to making cash withdrawals of $3,500 or more. The Credit Union may also refuse to allow a withdrawal in other cases; for example: (1) any dispute between the owners about the account (unless a court has ordered the Credit Union to allow the withdrawal); (2) a legal garnishment or attachment is served; (3) the account secures any obligation to the Credit Union; (4) any required documentation has not been presented; or (5) one or more of your Credit Union loans is delinquent. You will be advised of the reasons for refusal if such action is taken. Any garnishment is subject to the Credit Union s lien or security interest in the account, except when prohibited by law. The Credit Union reserves the right to require members to give notice in writing of any intended withdrawals from any account of not less than seven (7) days and up to sixty (60) days in accordance with applicable law before such withdrawal. b. Transfer Limitations. For savings and money market accounts, during each calendar month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a pre-authorized or automatic transfer, telephonic order, online banking, or instruction or similar order to a third party (including checks). If a transfer request would exceed the transfer YOUR GUIDE TO MEMBER SERVICES PURDUE FEDERAL CREDIT UNION 5

6 limitations in any calendar month period, we may refuse or reverse the transfer, and your account will be subject to suspension, fees, or closure by the Credit Union. These restrictions and fees do not apply to withdrawals or transfers requested in a branch, by mail, or at an ATM, and do not apply to transfers by any method that are directly applied to your Credit Union loan. OVERDRAFT LIABILITY AND PROTECTION PLAN a. Overdraft Liability. If on any day, the available funds in your account are not sufficient to cover check drafts, ACH, fees or other items posted to your account (excluding ATM and one-time debit card transactions), those amounts will be handled in accordance with our overdraft protection procedures described in the coming sections. The Credit Union s determination of a non-sufficient account balance may be made at any time between presentation of the debit and the Credit Union s midnight deadline with only one review of the account required. Items will be paid in the order they are presented to the Credit Union. The Credit Union may impose a Non-Sufficient Funds or Courtesy Pay fee for overdrafts created by share drafts, ACH or fees. The Credit Union has no duty to immediately notify you of a nonsufficient funds situation. Your account will then be subject to a Non-Sufficient Funds or Courtesy Pay fee for the item as set forth in the Fee Schedule whether paid or returned. Except as otherwise agreed in writing, the Credit Union, by covering one or any overdraft, does not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time without notice. If the Credit Union pays a draft or ACH, or imposes a fee that would otherwise overdraw your account, you agree to pay the overdrawn amount immediately. We reserve the right to pursue collection of previously dishonored items at any time, including giving a payor financial institution extra time beyond any midnight deadline limits. The Credit Union reserves the right to pay items into overdraft, to impose overdraft fees (as stated in the Fee Schedule), and to apply any later deposits or direct deposits (including deposits of Social Security or other government benefits) to those overdrafts or overdraft fees. The total of the discretionary overdraft balance, including any and all fees and charges is due and payable on demand. You must bring your account balance positive within 30 days from the date of the first overdraft occurrence. b. Overdraft Procedures. Non-sufficient Funds situations are reviewed first to determine if overdraft protection from another account or Purdue Federal Visa Credit Card has been designated, second to determine whether the overdrawn account is eligible for Courtesy Pay, and if neither apply, then the share draft, ACH or fee is not paid and the Non-Sufficient Funds fee is applied to the account. Both the Non-Sufficient Funds fee and Courtesy Pay fee are applied a maximum of once a day. c. Overdraft Protection Options. The Credit Union offers three ways to allow a check draft, ACH or fee to be paid in a non-sufficient funds situation: 1. Overdraft Account Protection Plan: You may designate other Credit Union savings accounts to cover the nonsufficient funds situation from your checking account. Contact a Credit Union representative to review your overdraft protection options and to designate an account or multiple accounts. In this case, a Daily Overdraft Transfer from Savings fee will apply. This request will be effective after it has been received and processed by the Credit Union. 2. Overdraft Credit Card Protection Plan: Another option is to designate that the non-sufficient funds situation be charged to your Purdue Federal Visa Credit Card. In this case, the non-sufficient funds amount would be rounded up to the nearest $100 and charged to your Credit Card account. Contact a Credit Union representative to request this feature. Standard Credit Card terms and conditions would apply. This request will be effective after it has been received and processed by the Credit Union. 3. Courtesy Pay: If no overdraft protection is available, the Credit Union may still choose to pay the draft, ACH or fee in a nonsufficient funds situation if your account meets our internal risk-criteria. A Courtesy Pay fee is applied to the account that had non-sufficient funds when the Credit Union determines your eligibility for this service and chooses to pay in a non-sufficient funds situation. Courtesy Pay is not a loan, which means that the Credit Union does not engage in credit underwriting as a basis for determining your eligibility. Courtesy Pay is a non-contractual service offered to members who meet certain criteria and guidelines. If you choose not to participate in Courtesy Pay, you are required to contact the Credit Union and request to opt out of Courtesy Pay. This request will be effective after it has been received and processed by the Credit Union. POSTDATED AND STALEDATED DRAFTS You agree not to issue any check or draft that is payable on a future date (postdated). If you do issue a check or draft that is postdated and we pay it before that date, you agree that we shall have no liability to you for such payment. You also agree not to deposit checks, drafts or other items before they are properly payable. The Credit Union is under no obligation to you to pay a check or draft drawn on your account that is presented more than six (6) months after its date (stale dated), but may charge your account for the payment unless you have placed an effective stop payment. STOP PAYMENT ORDERS a. Stop Payment Request. You may ask the Credit Union to stop payment on any draft you or any account owner draw upon your share draft account. You may request a stop payment by telephone, mail, online at purduefed.com, or in person. The stop payment will be effective if the Credit Union receives the order in time for the Credit Union to act upon the order and you state the number of the account, number of the draft, and its exact amount. Stop payment requests submitted through Online Banking will be in effect by the end of the next business day following the day the request was submitted. You understand the exact information is necessary for the Credit Union s account system to identify the draft. If you give the Credit Union incorrect or incomplete information, the Credit Union will not be responsible for failing to stop payment on the draft. If the stop payment order is not received in time for the Credit Union to act upon the order, the Credit Union will not be liable to you or to any other party for payment of the draft. If we credit your account after paying a draft over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to transfer all of your rights against the payee or other holders of the draft to the Credit Union and to assist the Credit Union in legal action against the payee or other holders. 6 PURDUE FEDERAL CREDIT UNION YOUR GUIDE TO MEMBER SERVICES

7 b. Duration of Order. You may make an oral stop payment order, which will lapse within fourteen (14) calendar days unless confirmed by you in writing within that time. A written stop payment order will be effective for six (6) months. A written stop payment order may be renewed for additional six (6) month periods by requesting in writing that the stop payment order be renewed within a period during which the stop payment order is effective. We are not obligated to notify you when a stop payment order expires. c. Liability. The Credit Union may charge a fee for each draft for which a stop payment order is requested, as set forth in the Fee Schedule. You may not stop payment on any certified check, cashier s check, teller s check, or any other check, draft or payment guaranteed by the Credit Union. You should be aware that while payment of the item may be stopped, you may remain liable to any person, including the Credit Union, who is a holder of the item despite the stop payment order. The Credit Union reserves the right to refuse to place a stop payment order if the account balance is insufficient for the draft for which the stop payment order is requested to clear. You agree to indemnify and hold the Credit Union harmless from all costs, including attorney s fees, damages or claims related to the Credit Union s action in refusing payment of an item, including claims of any joint account owner, payee or endorsee in failing to stop payment of an item as a result of incorrect information provided by you. d. Cashier s Checks. If you purchase a Purdue Federal Cashier s Check and it is subsequently lost, stolen or destroyed, you may file a Declaration of Loss with the Credit Union and request payment of the amount of the check. Reimbursement for the check may be delayed for a period of ninety (90) days from the date of the request. During this 90-day period, the Credit Union may pay the check to a person entitled to enforce it, which discharges all liability of the Credit Union with respect to the check. If the check has not been presented before the 90- day waiting period passes, the Credit Union is obligated to pay the amount of the check to the member who filed the claim and is no longer obligated to pay the check. If the check is then presented for payment by a holder in due course and the Credit Union honors the check, you will be obligated to return the funds to the Credit Union. If the Credit Union chooses to dishonor the check, you will be obligated to pay the holder in due course. LEGAL TERMS AND CONDITIONS CREDIT UNION LIABILITY If the Credit Union does not properly complete a transaction according to this Agreement, the Credit Union will be liable for your losses or damages not to exceed the amount of the transaction, except as otherwise provided by law. The Credit Union will not be liable if: (a) through no fault of the Credit Union, your account does not contain enough money to make the transaction; (b) circumstances beyond the Credit Union s control prevent the transaction; (c) your loss is caused by your negligence or the negligence of another financial institution; or (d) the money in your account is subject to legal process or other claim. The Credit Union will not be liable for consequential damages, except liability for wrongful dishonor. The Credit Union s actions will constitute the exercise of ordinary care if such actions or non-actions are consistent with applicable state law, Federal Reserve regulations and operating letters, clearinghouse rules, and general banking practices followed in the area served by the Credit Union. You grant the Credit Union the right, in making payments of deposited funds, to rely exclusively on the form of the account and the terms of this Agreement. Any conflict between oral representations by you or Credit Union employees and any written form will be resolved by reference to this Agreement. CREDIT UNION PLEDGE, LIEN AND SECURITY INTEREST Unless prohibited by law, you pledge and grant as security for all obligations you may have now or in the future, except obligations secured by your principal residence, all shares and dividends and all deposits and interest, if any, in all accounts you have with us now and in the future. If you pledge a specific dollar amount in your account(s) for a loan, we will freeze the funds in your account(s) to the extent of the outstanding balance of the loan or, if greater, the amount of the pledge if the loan is a revolving loan. Otherwise, funds in your pledged account(s) may be withdrawn unless you are in default. Federal or state law, as applicable, gives us a lien on all share and dividends and all deposits and interest, if any, in accounts you have with us now and in the future. Except as limited by federal or state law, the statutory lien gives us the right to apply the balance of all your accounts to any obligation on which you are in default. After you are in default, we may exercise our statutory lien rights without further notice to you. Your pledge and statutory lien rights will allow us to apply the funds in your account(s) to what you owe when you are in default, except as limited by federal or state law. If we do not apply the funds in your account(s) to satisfy your obligation, we may place an administrative freeze on your account(s) in order to protect our statutory lien rights and may apply the funds in your account(s) to the amount you owe us at a later time. The statutory lien and your pledge do not apply to any Individual Retirement Account or any other account that would lose special tax treatment under federal law if given as security. By not enforcing our right to apply funds in your account to your obligations that are in default, we do not waive our right to enforce these rights at a later time. LEGAL PROCESS If any legal action, such as a levy, garnishment or attachment, is brought against your account, the Credit Union may refuse to pay out any money from your account until the dispute is resolved or may pay out funds according to the terms of the order, as permitted by law. If the Credit Union incurs any expenses or attorney fees in responding to legal process, such expenses may be charged against your account without prior notice to you, unless prohibited by law. In addition, your account will be subject to payment of fees, such as Levy Processing or Garnishment/Attachment Processing as detailed in the Fee Schedule. Any legal process against your account is subject to the Credit Union s lien and security interest. ACCOUNT INFORMATION Upon your request, the Credit Union will inform you of the name and address of each credit reporting agency from which the Credit Union obtains a credit report in connection with your account. The Credit Union agrees not to disclose information to third parties about your account regarding any transaction or balances except when: (1) it is necessary to complete the transaction; (2) the third party seeks to verify the existence or condition of your account in accordance with applicable law; (3) such disclosure is in compliance with the law, government agencies or court orders; or (4) you give us your written permission. Unless prohibited by law, the requesting party on a subpoena or other court or governmental YOUR GUIDE TO MEMBER SERVICES PURDUE FEDERAL CREDIT UNION 7

8 agency issued information request will be billed for Account Research as disclosed on the Fee Schedule for our time spent responding to the request. The fees for Account Research will be deducted from your account if not paid by the requesting party within sixty (60) days of billing. NOTICES: a. Name, Address, or Phone Changes. It is your responsibility to notify us upon a change of address, phone number, address or name. We are only required to attempt to communicate with you at the most recent address you have provided to us. We may require change notices from you to be provided in writing. You provide your express written consent to receive phone calls and text messages from the Credit Union. You understand and agree that your consent covers any phone number, including any cell phone number, that you have provided to the Credit Union now or at any time in the future. You understand and agree that phone calls and text messages may be generated using automated technology and may relate to your accounts, transactions, loans or other products and services offered by the Credit Union. You understand that your consent is not required to make a purchase. b. Notice of Amendments. Except as otherwise prohibited by applicable law, the terms of this Agreement are subject to change at any time. The Credit Union will notify you of any changes in terms, rates or fees as required by law. We reserve the right to waive any term in this Agreement. Any such waiver shall not affect our right to enforce any right in the future. c. Effect of Notice. Any written notice you give to us is effective when it is actually received by us. Any written notice we give to you is effective when it is deposited in the U.S. mail, postage prepaid and addressed to you at your statement mailing address or when placed in your edocuments folder in online banking if you are enrolled in electronic statements, unless statute or regulation dictates otherwise. Notice to any one account owner is considered notice to all owners of the account. d. Electronic Notices. If you have agreed to receive notices electronically, we may send you notices electronically as provided in the Online, Mobile, and Text Banking Services Agreement. STATEMENTS: a. Contents. If we provide a periodic statement for your account, you will receive a periodic statement of transactions and activity on your account during the statement period as required by applicable law. If a periodic statement is provided, you agree that only one statement is necessary for a joint or multiple party account. For share drafts or checking accounts, you understand and agree that, when paid, your original draft becomes property of the Credit Union and will not be returned to you with your periodic statement, but copies may be retained by us or payable through the financial institution and made available to you upon your request. You understand and agree that statements are made available to you on the date they are mailed to you or the date on which notification advising that your statement is available is sent (if you have requested electronic statements). If you fail to receive a periodic statement you agree to notify us within fourteen (14) days of the time you regularly receive a statement. b. Examination. You are responsible for examining each statement and reporting any irregularities to the Credit Union. The Credit Union will not be responsible for any forged, altered or unauthorized items drawn on your account if: (1) you fail to notify the Credit Union within thirty-three (33) days of the mailing date of the earliest statement regarding any forgery, alteration or unauthorized signature on any item described in the statement; or (2) any items are forged or altered in a manner not detectable by a reasonable person, including the unauthorized use of a facsimile signature machine. c. Notice to Credit Union. You agree that the Credit Union s retention of drafts does not alter or waive your responsibility to examine your statements or the time limit for notifying the Credit Union of any errors. The statement will be considered correct for all purposes and the Credit Union will not be liable for any payment made or charge to your account unless you notify the Credit Union in writing within the above time limit for notifying the Credit Union of any errors. INACTIVE ACCOUNTS If your cumulative account balance is below the amount disclosed on the Fee Schedule and you have not made any transactions over a period of time designated on the Fee Schedule, we may classify your account as inactive or dormant. We may charge an Inactive Account fee as disclosed on the Fee Schedule, for processing your inactive account. If we impose a fee, we will notify you on your next statement. You authorize us to transfer funds from another account of yours to cover any service fees, if applicable. We reserve the right to transfer the account funds to an account payable and to suspend any further account statements. If a deposit or withdrawal has not been made on the account and we have had no other contact with you within the period specified by state law, the account will be presumed to be abandoned. Funds in abandoned accounts will be reported and remitted in accordance with state law. Once funds have been turned over to the state, we have no further liability to you for such funds, and if you choose to reclaim such funds, you must apply to the appropriate state agency. SPECIAL ACCOUNT INSTRUCTIONS You may request the Credit Union to facilitate certain trust, will or court-ordered account arrangements. However, because the Credit Union does not give legal advice, we cannot counsel you as to which account arrangement most appropriately meets the specific requirements of your trust, will or court order. If you ask the Credit Union to follow any instructions the Credit Union believes might expose it to claims, lawsuits, expenses, liabilities or damages, whether directly or indirectly, the Credit Union may refuse to follow your instructions or may require you to indemnify the Credit Union or post a bond or other protection. Account changes requested by you, or any account owner, such as adding or closing an account or service must be evidenced by a signed Account Change form, or other document which evidences a change, and accepted by the Credit Union. TERMINATION OF ACCOUNT SERVICES The Credit Union may terminate your account at any time without notice to you or may require you to close your account and apply for a new account if: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or committed involving your 8 PURDUE FEDERAL CREDIT UNION YOUR GUIDE TO MEMBER SERVICES

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