Products & Services Agreements

Share Certificate Accounts and IRA Share Certificate Accounts

• A Share Certificate Account earns dividends at a higher rate than regular share savings accounts for the same period if the funds remain on deposit for a pre-established period of time.
• Dividends accrue from the day the certificate is opened and is calculated on the daily balance. Dividends are compounded quarterly and will be posted to your share certificate on the last day of the quarter.
• You may elect to have your dividends transferred to your Share Savings, Share Draft or Money Market Account.
• A substantial penalty is imposed if the certificate funds other than dividends are withdrawn prior to the original or renewal maturity thereof.
• Your certificate account will automatically renew at maturity. You will have a grace period of 10 days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.

VISA Check Card/Point of Sale

A Democracy FCU VISA Check Card provides you with the ultimate in convenience by giving you 24-hour access to the available funds in your checking account to make POS card purchases wherever VISA is accepted or withdraw cash from ATMs on the networks that Democracy FCU participates in. Your Democracy FCU Check Card accesses the available funds in your checking account and allows you to make purchases wherever VISA is accepted. Your Check Card is a multiple purpose card. The available uses are:

• Purchases from Merchants: you may use your card to make purchases from merchants just as you would a credit card. However, the amount of the purchase will be deducted from your checking account instead of appearing on a credit card monthly statement as a charge purchase with a grace period for repayment.
• Cash Advances: you may use your card to obtain cash advances from participating institutions just like you would use a credit card. However, the amount of your cash advance will be charged directly to your checking account instead of appearing on a monthly credit card statement.
• Automated Teller Machine (ATM): you may use your card by using your PIN at an ATM in the networks in which Democracy FCU participates.
• Purchases from Merchants through Point of Sale (POS) Terminals: at those merchants where purchases may be made through POS terminals, you may use your card along with your PIN up to twenty-five (25) times in one day, up to your available checking account balance. The amount of your purchases will be charged directly to your checking account.

The Credit Union shall be liable to a cardholder for losses or damages caused by the Credit Union's failure to complete a transfer from your account on time or in the correct amount according to our agreement with you, except in the following instances:

• If through no fault of the Credit Union, you do not have sufficient funds in your account to make the transfer.
• If the ATM had insufficient funds to complete the transaction.
• If the funds in your account are subject to legal process or other encumbrance.
• If an act of God or other circumstances beyond our control prevent the transfer despite reasonable precautions that have been taken.
• If there is a technical malfunction known to the cardholder at the time the cardholder attempted to use the ATM system.

Phone Banking and Online Banking Agreement

The following information applies to our audio response Phone Banking and our Internet Online Banking. You understand that the use of the Personal Identification Number (PIN) or Personal Access Code (PAC) to access Credit Union accounts acknowledges acceptance of the following terms and conditions:

1. The Credit Union registers the PIN or PAC for your use only. You assume responsibility for all transactions made through Phone Banking, Online Banking, ATM service or the VISA Check Card;
2. The PIN or PAC is the property of Democracy FCU and is subject to cancellation at any time. You may cancel Phone Banking or Online Banking service at any time by notifying the Credit Union in writing;
3. You acknowledge that your PIN/PAC is personal and confidential. Therefore, you agree to take all reasonable precautions that no one else learns your access. At no time will you reveal or make available, directly or indirectly, the PIN/PAC to any other person. If you do, your account with us will be revoked immediately;
4. You will report any loss or theft of the PIN/PAC promptly. If you have notified us that your PIN has been lost or stolen and you find it, you must notify us to issue a new PIN/PAC;
5. The use of Phone Banking and Online Banking is subject to all agreements and regulations on Share Draft and Share accounts. You agree not to withdraw your funds in excess of the balance in your account. Electronic Transfers may be restricted by Federal Regulation;
6. If a PIN/PAC is registered for a joint account, you agree to be jointly and severally liable under the terms of this Agreement;
7. In the event the Credit Union institutes service charges for the Phone Banking or Online Banking, you authorize the Credit Union to collect service charges from your accounts as deemed necessary.

Website Cookie Disclosure

We do not collect personal identifying information about visitors to our site. The servers that host our website collect standard non-identifying information about visits to the site. This information is used to compile standard statistics on site usage. We allow third-party companies to collect anonymous information (IP address) on our behalf when you visit our site. Democracy Federal Credit Union is committed to protecting your privacy.