All transactions relating to your checking accounts are accepted subject to later verification, and correcting entries may be made if any errors are discovered. Family First shall not be responsible for payment of items which are presented the same day deposits are made, unless there is already a sufficient balance in the account in addition to such deposits.

Unless a different limitation is disclosed in writing, we limit the number of transfers or withdrawals you make from your business savings accounts to six per calendar month per account from your account to another account of yours to a third party by means of a pre-authorized, automatic or Internet transfer, by telephone order or instruction. A pre-authorized transfer includes any arrangement with us to pay a third party from your account upon oral or written orders including orders received through the Automated Clearing House (“ACH”). When a transfer exceeds these limitations, we may refuse or reverse it, we may assess fees against your account and we may suspend or close your account and transfer the balance to an account without such transfer limitations. There is no limit on the number of transfers you may make to a credit union loan account. There is no limit on the number of withdrawals you may make if the withdrawal is made in person, by mail, messenger or at an ATM. There is no limit on the number of withdrawals/transfers from your checking account.

Family First is not required to honor any restrictive legends on checks you write unless we have agreed in writing to the restriction. Examples of restrictive legends are “void after 90 days”, “not valid for more than $1,000”, or “two signatures required”.

You authorize us at any time, to charge you for all checks, drafts, or other orders for the payment of money, that are drawn on us regardless of by who or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen filed with us, and contain the required number of signatures for this purpose.

Like any standard check or draft, a remotely created check (sometimes called e-check, pre-authorized draft or demand draft) is a check or draft that can be used to withdraw money from an account. Unlike a typical check or draft, however, a remotely created check is not issued by the paying bank and does not contain the signature of the account owner (or a signature purported to be the signature of the account owner). In place of a signature, the check usually has a statement that the owner authorized the check or has the owner’s name typed or printed on the signature line.

You warrant and agree to the following for every remotely created check we receive from you for deposit or collection; (i) you have received express and verifiable authorization to create the check in the amount and to the payee that appears on the check; (ii) you will maintain proof of authorization for at least two years from the date of authorization, and supply us with the proof if we ask; and (iii) if a check is returned, you owe us the amount of the check, regardless of when the check is returned. We may take funds from your account to pay the amount you owe us, and if there are insufficient funds in your account, you will owe us the remaining balance. You agree to indemnify and hold the credit union harmless from all costs, including attorney’s fees, damages or claims related to our refusing payment of an item, including claims of any account owner, payee, or endorsee in failing to stop payment of an item as a result of incorrect information provided by you.

Family First will make every effort to honor your stop payment orders on your non-electronically initiated checks (share drafts). Family First requires a written stop payment order. Any Authorized Person may request a stop payment order on any draft drawn on your account. The stop payment will be effective if the credit union receives the order within a reasonable time for the credit union to act upon the order.

Unless such stop payment order is cancelled or renewed, a stop payment order is effective for six months. To be effective, your stop payment order must identify the following:

• Check number, and
• Account number on which the check was written.

Family First reserves the right in processing a stop payment order to require you to also identify the following:

• Name of the person who signed the check,
• Name of the payee on the check,
• Date of the check, and
• Exact amount of the check.

We cannot stop checks that do not match the instructions you have provided us. To stop the payment, we must have enough advanced notice to ensure that our systems will be alerted to your stop payment order before the check clears. You may request a stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. A release of the stop payment request may be made only by the person who initiated the stop payment order. A fee for processing the stop payment order will be charged in accordance with our Business Banking Rate Sheets and Business Banking Fee Schedule. You must request a renewal in writing before the expiration of the prior stop payment order. If the stop payment order is not received in time for us to act upon the order, we will not be liable to you or to any other party for payment of the draft. If you give us incorrect or incomplete information, we will not be responsible for failing to stop payment on the draft. If we re-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 to us all of your rights against the payee or other holders of the draft and to assist us in any legal action.

Although payment of an item may be stopped, you may remain liable to any item holder, including us. You have the burden of establishing the fact and amount of loss resulting from the payment of an item contrary to a binding stop payment order. You agree to indemnify and hold the credit union harmless from all costs, including attorney’s fees, damages or claims related to our refusing payment of an item, including claims of any account owner, payee, or endorsee in failing to stop payment of an item as a result of incorrect information provided by you.

Bonus Checking For Business

Rate Information: These accounts are variable rate accounts. The dividend rate and annual percentage yield may change weekly.

No minimum balance requirement to open the account.

Minimum balance to obtain the disclosed annual percentage yield is $1,500.00:

Compounding and Crediting Frequency: Dividends are compounded daily and credited monthly on the ledger balance.

• Tier 1: $ 1,500 – $50,000
• Tier 2: $50,001 – $100,000
• Tier 3: $100,001+

Fees: Refer to the Fee Schedule. For those accounts where checks are allowed, an insufficient funds fee will be charged for each item returned for insufficient funds.

Your first 500 transactions (“threshold”) are free. Once you exceed the threshold, a per item fee will be charged for each transaction. Refer to the Business Banking Fee Schedule for a list of transactions, fees and charges.

Business Enhanced Checking

The minimum balance requirement to open the account is $1.00.

There is a monthly service charge for this account (refer to the Business Banking Fee Schedule for the exact fee charged).

No dividends are paid on this checking account. This account features an earnings credit which is applied to reduce or eliminate some fees on the account. If the earned credit exceeds the fees for any period, you will be assessed none of those fees but you will not be paid, carry forward or otherwise receive credit for any excess earned credits. The earnings credit is applied against all standard monthly transaction fees.

The earnings credit is based on a variable index and is calculated using the following formula: (earnings credit X average collected balance) / 365 X number of days in monthly cycle. Refer to the Business Banking Fee Schedule for the earnings credit rate index.

No transaction limitations apply to this account.

Refer to the Business Banking Fee Schedule for a list of transactions, fees and charges.

Family First’s Courtesy Pay programs provide overdraft protection for qualifying members whenever funds in their share draft accounts are insufficient to cover checks, debit card purchases and other payments that are attempting to clear. For each account Family First’s Courtesy Pay programs cover qualifying transactions up to a negative checking account balance of $500 including Courtesy Pay fees on the Business Value Checking share and $1,500 on a Business Enhanced Checking share. Family First will exhaust other means of overdraft coverage, including draws from a MoneyLine or transfers from savings accounts, prior to the utilization of the Courtesy Pay programs. It is the policy of Family First to process members’ account transactions chronologically as they are received.

The credit union’s Courtesy Pay Programs are not intended to encourage members to overdraw their accounts. Courtesy Pay is a privilege for members in good standing who have a checking account with the credit union. Family First reserves the right to discontinue the Courtesy Pay programs on any or all accounts at any time without prior notice. In addition, Family First may refuse to pay any transaction that overdrafts an account at any time, even if overdrafts were previously paid. Loan delinquency and account misuse may result in loss of courtesy pay privileges. The credit union may immediately suspend a member’s Courtesy Pay privileges if abuse of the programs has been determined.  The credit union may also suspend debit card privileges when the use of the Courtesy Pay programs is deemed to be detrimental to either the member or the credit union.

For qualifying members, Family First offers two types of Courtesy Pay programs: Standard and Enhanced.

Standard Program – Qualifying members are automatically enrolled in the Standard Courtesy Pay program. The Standard Courtesy Pay program pays share drafts (i.e., checks), ACHs, recurring debit card and on-line bill pay transactions when a member overdraws his/her account or when funds are not currently available in the account. A Standard Courtesy Pay fee (see current Fee and Business Banking Fee Schedule(s)) is charged to the account each time the standard courtesy pay feature is used. Courtesy Pay is triggered only when all other available overdraft options are depleted. The Standard Courtesy Pay program does not apply to ATM cash withdrawals or payment of Family First loans.

Enhanced Program – In addition to the Standard Courtesy Pay program, members who opt-in for the Enhanced Program may also obtain coverage for approved debit card transactions even when the member has insufficient funds available in his/her account to cover these transactions and other overdraft options are not available. Both new and existing members must opt-in to enroll in the Enhanced Courtesy Pay program. Opt-in forms are available at www.familyfirstny.com or at any branch location. An Enhanced Courtesy Pay fee (see Fee and Business Banking Fee Schedule(s)) is charged to the account each time the enhanced courtesy pay feature is used.

Program Guidelines

The following criteria could make a member ineligible for any of the Courtesy Pay programs:

• The business or authorized signers have; previously caused Family First a loss;
• Membership is not in good standing;
• The business has a Family First loan that is 30 days or more past due;
• The member’s Business Value Banking account has been open for 60 days or less;
• The member or business had a previous courtesy pay transaction that was not repaid within 20 days.

Family First encourages its members to keep track of the balances in their accounts and to reconcile their checkbooks regularly. Family First is not obligated to provide notification prior to payment or return of any item.

Members have the right to ‘opt-out’ of either or both of the Courtesy Pay programs at any time. Members with negative account balances are encouraged to bring their accounts positive as soon as possible. The account must be brought positive within 20 days or a Negative Balance Fee will be assessed and both types of Courtesy Pay program privileges will be suspended. If an overdraft occurs on an account that has more than one owner on the signature card, each owner shall be jointly and severally liable for all overdrafts, including any fees assessed.

Business Membership Regular Share Savings

Par Value of a Share: The par value of a regular share in this credit union is $5.00.

Rate Information: This account is a variable rate account. The dividend rate and annual percentage yield on this account may change quarterly.

Compounding & Crediting Frequency: Dividends are compounded daily and credited quarterly on the ledger balance.

Minimum Balance to Open the Account: $5.00 within the share account. Minimum Balance to Obtain the Annual Percentage Yield Disclosed: $25.00

During any statement period you may not make more than six transfers to another Credit Union account of yours or to a third party by means of preauthorized or automatic transfer or telephone order or instruction. No more than six transfers may be made by check, draft, debit card, if applicable, or similar order to third party. If you exceed the transfer limitations during your monthly cycle, your account may be subject to closure by the Credit Union, and you may be charged a fee for each excess item.

Business Moneybuilder

Rate Information: These accounts are variable rate accounts. The dividend rate and annual percentage yield may change weekly.

Compounding and Crediting Frequency: Dividends are compounded daily and credited monthly on the ledger balance.

Minimum Balance to Open the Account and Obtain the Annual Percentage Yield Disclosed:

• Tier 1: $ 1,500
• Tier 2: $10,000
• Tier 3: $50,000

Fees: Refer to the Fee Schedule. For those accounts where checks are allowed, an insufficient funds fee will be charged for each item returned for insufficient funds. The CU supplies MoneyBuilder checks at no cost to the member.

During any statement period you may not make more than six transfers to another Credit Union account of yours or to a third party by means of preauthorized or automatic transfer or telephone order or instruction. No more than six transfers may be made by check, draft, debit card, if applicable, or similar order to a third party. If you exceed the transfer limitations during your monthly cycle, your account will be subject to closure by the Credit Union, and you may be charged a fee for each additional item. If your account balance falls below Tier 1, you will not earn a dividend for that period.

Money Market Gold

Rate Information: This account is a variable rate account. The dividend rate and annual percentage yield may change weekly.

Compounding and Crediting Frequency: Dividends are compounded daily and credited monthly on the ledger balance.

Minimum Balance to open the account: At least $25,000 is required to open this account.

Minimum balance to obtain disclosed annual percentage rate:

• Tier 1: $ 25,000
• Tier 2: $100,000
• Tier 3: $500,000

To receive the disclosed Annual Percentage Yield, the end-of-day ledger balance for each day in the monthly cycle must always be $25,000.00 or greater. If on any day the ledger balance drops below $25,000.00, the account will accrue no dividends for that month.

Fees: Certain fees may apply. Refer to our Fee Schedule.

Transaction Limitations: No checks may be processed against this account. If attempted, they will reject and a fee may be charged. During any statement period, no more than three withdrawals may be made to another Credit Union account or a third party by means of preauthorized or automatic transfer, telephone order, or written instruction. Any transaction that exceeds the transfer limitations or reduces the balance below $25,000.00, subjects the account to closure and fees.

Term Share Accounts (Certificate Accounts)

Rate Information: This account is a fixed rate account. The Annual Percentage Yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the Dividend Rate and frequency of compounding for an annual period. The dividend rate and annual percentage yield is based on the assumption that dividends remain on deposit until maturity. A withdrawal of dividends will reduce earnings.

Selected terms of 12 to 17 months will renew to the rate of a 12-month certificate.

Selected terms of 18 to 23 months will renew to the rate of a 18-month certificate.

Selected terms of 24 to 35 months will renew to the rate of a 24-month certificate.

Selected terms of 36 to 47 months will renew to the rate of a 36-month certificate.

Selected terms of 48 to 59 months will renew to the rate of a 48-month certificate.

Selected terms of 60 months will renew to the rate and term of a 60 month certificate.

Compounding and Crediting Frequency: Term Accounts: Dividends are compounded daily and credited quarterly and at maturity on the ledger balance on all certificates with a term of 1 year or more. Dividends are compounded daily and credited at maturity on the ledger balance on all certificates with a term less than 1 year.

Minimum Balance To Open the Account and Obtain the Annual Percentage Yield Disclosed:

Regular Certificates:   $500

Mini Jumbo Certificate: $50,000

Jumbo Certificate: $100,000

IRA Certificate: $500

Transaction Limitation: You may not make any deposits into your account before maturity. You may make withdrawal of dividends from your account before maturity if the certificate term is one year or more and this option is made at the time of the certificate purchase. You may not make any withdrawals of principal from your account before maturity unless withdrawal is because of the death of any owner; withdrawal is after the close of the dividend period in which the owner(s) membership was terminated under Article II, Section 5 of the bylaws or withdrawal is a result of the voluntary or involuntary liquidation of the Credit Union. We may impose a penalty if we grant your withdrawal request.

Maturity Date: You can choose the term of maturity from any period of three (3) to sixty (60) months. You will receive a certificate of maturity notice at least ten days in advance of the maturity date of your certificate. If your instructions for renewal are not received by the Credit Union prior to the maturity date, the certificate will automatically be renewed for the same term at the prevailing annual percentage rate. You may withdraw the deposited shares without penalty for 10 calendar days after the maturity date.

Early Withdrawal Penalties: Penalties may be imposed for withdrawals before maturity. If the certificate term is less than one year, a penalty of 90 days dividends will be imposed based on the current rate of the account. If the certificate term is one year or greater, a penalty of 180 days dividends will be imposed. This may invade the principal. There are certain circumstances, such as the death or incompetence of an owner, where we may waive or reduce this penalty.

Exceptions to Early Withdrawal Penalties: At our option, we may pay the account before maturity without imposing an early withdrawal penalty under the following circumstances: When an account owner dies or is determined legally incompetent by a court or other body of competent jurisdiction.

Renewal Policy: As an automatically renewable account, your account will automatically renew for another term upon maturity at the prevailing rate. You have a grace period of ten (10) days after maturity in which to withdraw funds in the new account without being charged an early withdrawal penalty.

Business Certificate of Deposit Secured Loan

Family First offers the ability to use a certificate of deposit as collateral for a loan.  The balance of the loan must be less than or equal to the balance of the certificate of deposit. The term of the certificate can range from 12 months to 60 months. The certificate of deposit funds will remain on hold for the term of the loan or until the loan balance is zero and has been closed.