How It Works | Forms | Disclosures | FAQs | Locations | ATMs | Rates | About Us | Contact Us

Lansing SAVE Disclosures

Disclosures from Michigan State University Federal Credit Union (MSUFCU)

Michigan State University Federal Credit Union Lansing SAVE Account Agreement


Michigan State University Federal Credit Union (MSUFCU) has partnered with the City of Lansing (Custodian) and the Lansing School District (LSD) to provide Children’s Savings Accounts (CSAs) through the Lansing SAVE program. These accounts help students save money to help pay for future college or training expenses.

In this Agreement and in additional Agreements and Disclosures as defined below, the terms “we,” “us,” and “our” refer to MSUFCU; the terms “you” and “your” refer to the Custodian; the term “Student” refers to the Lansing SAVE program participating child; and the term “Authorized Signer” refers to the Student’s parent or guardian as designated by the Custodian. By using the Lansing SAVE Account, you agree to be bound by the terms and conditions of this Agreement.

1. Terms and Conditions: The Lansing SAVE Account Agreement takes precedence over any terms or conditions specified in MSUFCU’s standard Agreements and Disclosures. The standard Agreements and Disclosures include but are not limited to: Membership and Account Agreement, Truth-in-Savings and Funds Availability Disclosure, Electronic Fund Transfer Agreement and Disclosure, IRA/HSA Certificate Disclosure, Electronic Correspondence Disclosure & Agreement, Service Fee Schedule, and Privacy Policy. These documents are included as part of this agreement and are available at www.msufcu.org or at any MSUFCU branch.

2. Contact Information: The information below may be used to contact us and to access information regarding your account.

a. Call us at 517-333-2424 or 800-678-4968

b. Write us at:
     Michigan State University Federal Credit Union
     Attention: Lansing SAVE
     PO Box 1208
     East Lansing, MI 48826-1208

c. Visit any MSUFCU branch

d. Access ComputerLine and additional Lansing SAVE information at www.msufcu.org

e. Access our mobile app in the Apple iTunes App StoreSM or Google Play StoreTM 1

f. Access MoneyLine at 517-332-6627 or 800-666-9546

 

3. Effective Date: The effective date of this Agreement is January 1, 2015.

Summary of Terms and Conditions

Lansing SAVE Account Opening and Usage
Maintenance
Cost to open an account $0
Monthly fee $0
Add Money (Contributions)
Electronic deposit (e.g., ACH), check, or cash $0
Withdraw Money
All withdrawals must be approved by the Custodian and are limited to college or training expenses. $0
Account Information—Balance Inquiries
Branches – All MSUFCU locations $0
Online – ComputerLine and MSUFCU Mobile app $0
Phone – Call Center and MoneyLine $0
Contributions and Withdrawals

Public/Philanthropic Contributions

Will be placed in a 1-Year Add-On Certificate. There are no fees or early withdrawal penalties assessed on this account. Any funds not used by the Student’s 26th  birthday, or upon the student’s death, will be payable to the Custodian.

Private Contributions

Will be placed in a 1-Year Add-On Certificate. There are no fees or early withdrawal penalties assessed on this account. The Student or Authorized Signer may request to change the length of the certificate to between three months and five years. Any funds not used by the Student’s 26th  birthday will be payable to the student. Upon the student’s death, any funds will be payable in accordance with the Beneficiary Designation form and Michigan law.

Withdrawals

May only be made once the Student graduates from high school and may only be used for college or training courses. All withdrawals must be approved by the Custodian and used by the Student’s 26th  birthday.

Lansing SAVE Account Information

City of Lansing’s Role as Custodian for Lansing SAVE Accounts

The City of Lansing will serve as Custodian of the account and must authorize any withdrawal or change in account terms. The City of Lansing’s Taxpayer Identification Number will be used for Internal Revenue Service tax reporting purposes.

Lansing School District’s Role in the Lansing SAVE Program

The Lansing School District (LSD) will educate designated students and their parents and/or guardians on the Lansing SAVE Program. LSD will provide the Student’s name, student number, date 

of birth, and address to the Custodian to establish a Lansing SAVE Account at MSUFCU. LSD will also provide the Student with the option to opt-out of the

Lansing SAVE Program.

Other Lansing SAVE Account Information

MSUFCU will fund $5 to establish each Lansing SAVE Account.

A Lansing SAVE Account Identification Card will be provided to the Student and their parent and/or guardian.

The Custodian, Student, or Authorized Signer may contact MSUFCU to obtain access codes for ComputerLine and MoneyLine for account inquiry purposes. They may also change the terms of privately funded Certificates, change beneficiaries, and change contact information.

The Account will be closed if contribution accounts have no balance for 18 months.

 

The information about the costs described in this disclosure are accurate as of January 1, 2015. This information may have changed after that date. To find out what may have changed, write to us at PO Box 1208, East Lansing, MI 48826-1208 or visit www.msufcu.org.

 

1 There is no charge to download the MSUFCU Mobile app; however, data and connectivity fees from your mobile service provider may apply. Please contact your mobile service provider for more information. Some features may be available for MSUFCU members only. App user must have access to MSUFCU’s ComputerLine to utilize login function. iTunes is a trademark of Apple Inc. and App Store is a service mark of Apple Inc. Google Play is a trademark of Google Inc.