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MSUFCU | Disclosures | Business

Business Account Disclosures

Notice of Change in Terms of the Fee Schedule and
Membership & Account Agreement at MSUFCU

 

Effective May 15, 2016, some fees associated with your account at MSUFCU will change.

 

FEE CURRENT FEE NEW FEE
Escheatment $0.00 $75.00
Levy $0.00

$75.00

Garnishment $50.00 $75.00

 

Dormant Account Fee Change
Effective May 15, 2016, the Dormant Account Fee will be charged to all Dormant Accounts, not only accounts with balances of less than $500.00. Verbiage in Section 27 of the Membership & Account Agreement has been updated to reflect this change.

 

Section 27 – Dormant Account
We will consider an account to be dormant if there are no deposits or withdrawals for a period of 18 months. Exceptions are loan accounts, Certificates, and IRAs/HSAs.

 

When an account becomes dormant, we will charge a monthly dormant account fee as stated in the Fee Schedule, unless restricted by law. The fee will be charged until the account becomes active or there are no funds available to pay the fee. You authorize us to transfer funds from other accounts of yours to cover any service fees we may impose upon the account deemed dormant. To the extent allowed by law, we reserve the right to transfer account funds to an account payable and suspend any further account statements. We will attempt to notify you prior to your account becoming dormant. If a deposit or withdrawal has not been posted to your account for 36 consecutive months, and we have not had any other contact with you, we will consider your account abandoned. We will report and disburse the funds from an abandoned account in accordance with Michigan law. Dormant accounts receive only an annual account statement.
 

Notice of Change in Truth in Savings and
Funds Availability at MSUFCU


AVAILABILITY OF FUNDS AT MICHIGAN STATE UNIVERSITY FEDERAL CREDIT UNION
This Disclosure is provided in compliance with the Federal Expedited Funds Availability Act and Regulation CC. This policy applies to all deposits into personal checking accounts at the MSUFCU at 3777 West Road, East Lansing, Michigan, and at all of its branches. MSUFCU reserves the right to delay the availability of funds deposited to accounts that are not checking accounts for periods longer than those disclosed in this agreement.

 

For determining the availability of your deposits, every day is a business day, except Saturday, Sunday, federal holidays, and MSUFCU posted holidays. If you make a deposit on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit on a day we are not open, we will consider that the deposit was made on the next business day.

 

HOLDS ON OTHER FUNDS (CHECK CASHING)
If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your checking account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

 

HOLDS ON OTHER FUNDS (OTHER ACCOUNTS)
If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available until the time period, described elsewhere in this disclosure for the type you deposited, lapsed.

 

DELAYED AVAILABILITY
In some cases, we will not make all of the funds that you deposit by check available to you immediately. Depending on the type of check that you deposit, funds may not be available until the business day after the day of your deposit. However, the first $200.00 of your deposits will be available on the first business day after the day we receive your deposit. If we are not going to make all of the funds from your deposit available immediately, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.

 

LONGER DELAYS MAY APPLY
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

  • We believe a check you deposit will not be paid.
  • You deposit checks totaling more than $5,000.00 on any one day.
  • You redeposit a check that has been returned unpaid.
  • You have overdrawn your account repeatedly in the last six months.
  • There is an emergency, such as failure of communications or computer equipment.

 

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eleventh business day after the day of your deposit.

 

SPECIAL RULES FOR NEW ACCOUNTS
The following special rules may apply during the first 30 days your checking account is open.

 

Funds from the deposits of cash and the first $5,000.00 of a day’s total deposits of cashier’s, certified, teller’s, travelers’, and state and local government checks will be available immediately if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000.00 will be available no later than the ninth business day after the day of your deposit.

 

Funds from all other check deposits will be available no later than the ninth business day after the day of your deposit.

 

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. If you have any questions, please contact MSUFCU.

 

SHARED BRANCHES
Shared branches are defined as those offices where members of many different credit unions are able to perform transactions on their own credit union account. Transactions performed at shared branch locations are subject to their fees, rules, policies, and procedures.

 

LONGER DELAYS MAY APPLY
In some cases, all of the funds that you deposit by check will not be available to you on the same business day you make the deposit. Depending upon the type of check you deposit, funds may not be immediately available. However, the first $200.00 of your deposits will be available on the first business day after the day we receive your deposit. If all of your funds from your deposit are not available on the same business day, you will be notified at the time you make your deposit as to when your funds will be available. If your deposit is not made directly to a shared branch employee, or if this action is taken after you have left the premises, a notice will be mailed to you by the business day after your deposit is received. If you will need the funds from a deposit right away, you should ask us when the funds will be available. In addition, funds you deposit by check may be delayed for a longer period if there is an emergency such as failure of communications or computer equipment. Should such an emergency occur, we will notify you and tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.


 

Business Account Fee Schedule
Membership Fee $1.00
Minimum Balance Fee
Small Business Checking None
Standard Business Checking $15.00/month
Money Market Business Checking $25.00/month
Activity Business Checking $20.00/month
*RSO Checking None
Excess Transaction Fees
Business Spartan Saver $0.25/item
Business IMMA $0.25/item
Small Business Checking $0.25/item
Standard Business Checking $0.25/item
Money Market Business Checking $0.25/item
Activity Business Checking $0.15/item
*RSO Checking None
Business Sweep $0.25/item
Sweep Feature Fee
(if aggregate account balance is less than $25,000)
$10.00
eDeposit (Remote Deposit Capture)
Standard Scanning Option FREE
High-Speed Scanning Option $35.00/month
Online Banking via ComputerLine FREE
Bill Payment Fee
Electronic/ACH FREE
Paper 20 Free / $0.75 after
Currency Fees
Provide Currency Up to $2,500 free per day/ then $0.10 per $100
Provide Coin Up to $1,000 free per day / then 1.0%
Deposited Coin Up to $1,000 free per day / then 1.0%
Wire Transfer Fees
Domestic Wire Transfer $20.00 for sending
International Wire Transfer $40.00 for sending
Incoming Wire Transfer  $5.00 for receiving
International Item Fees
International Currency - Ordering $14.00
Processing International Checks
Canadian Checks
International Checks

   (eligible for short collection)
International Checks
   (requiring long collection)
$5.00
$25.00

$75.00

 
Check Fees
Cashier's Check $2.00 (first check free)
Money Order $2.00
Temporary Checks $1.00/page
Card Fees
Credit / Debit / ATM Card Replacement $10.00
Non-CO-OP Network ATM  $1.00/transaction
International Service Assessment (ISA)
ATM & PIN-based POS Transactions* 1.0% of the International Transaction Amount
Signature-based Transactions1 3.0% of the International Transaction Amount
Calculated after the transaction has been converted to U.S. dollars. 
Miscellaneous Fees
Bond Coupon Processing $10.00
Canceled Check Copy $5.00
Statement Copy $5.00
Stop Payment $25.00
Research/Checkbook Balancing
(1 hour minimum)
$50.00/hour
Legal Processing $50.00
Overdraft Notice (Paper) $5.00
Non-Sufficient Funds (NSF) $30.00
Share Collection $30.00
Garnishment $50.00
Returned Deposited Item
   Domestic $15.00
   International $40.00
Re-Deposit Returned Item $5.00
Early Account Closure $20.00
Dormant Account Closure $5.00/month

 


For inquiries, contact us at:
Michigan State University Federal Credit Union
PO Box 1208
East Lansing, MI 48826-1208

Online: www.msufcu.org/business
Phone: 517-333-2365 or 800-678-4968


Rev. 01/15

*The Registered Student Organization (RSO) Checking is available to student organizations registered with MSU and who appear on the list of Student Groups on MSU’s website. Should the RSO’s registration with MSU lapse and we become aware of the status change, the RSO checking account will be converted to a Small Business Checking. The RSO will also be required to provide an Employer Identification Number (EIN) for tax reporting purposes. At least one student registered with the organization through MSU must be on the account as a Responsible Individual.  An Advisor is required and must be the person registered as such with the student organization on the MSU Student Group website. All individuals on the account must sign and all personal accounts must be in good standing. MSUFCU will notify the Department of Student Life of any RSO account not held in good standing.



 

MSUFCU Routing Number: 272479663
MSUFCU SWIFT Code: MSUCUS44

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