Insufficient Member Account Information

Purpose

The purpose of this policy is to encourage members to maintain current account information as a pro-active measure to comply with the member information program requirements of Bank Secrecy Act regulations.

Fee Implementation

If during the course of membership, a member’s account information changes resulting in the return of statements, the account will be assessed $5 per month for the first quarter member statements become undeliverable and $50 per month in all subsequent quarters. If the account balance ever falls below zero, the account will be closed.

Bank Secrecy Act Compliance

If at any time the circumstances pertaining to a member’s account are determined by the credit union to involve occurrences that are suspicious in nature, credit union personnel will file a Suspicious Activity Report (SAR) Form 2352 in accordance with NCUA Regulations Part 748.