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BECU Business Account Agreements

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BECU Business Account Agreements BUSINESS ACCOUNT AGREEMENTS This Booklet Contains: • Business Membership and Account Information • Funds Availability Policy • Electronic Funds Transfer Services • Rules Regarding Certain Funds Transfers Effective July 2020 PO BOX 97050, SEATTLE WA 98124-9750 OR TOLL-FREE 800-223-2328 KEEP THIS BOOKLET FOR YOUR RECORDS CONTENTS I. MEMBERSHIP AND ACCOUNT INFORMATION...........................................................................................Page 1. General..............................................................................................................................................................1 2. Important Information about Procedures for Opening a new Account ..............................................................1 3. Definitions..........................................................................................................................................................2 4. Membership Eligibility .......................................................................................................................................2 5. Accounts for Different Types of Businesses......................................................................................................3 6. Exclusive Rights of Business Owner and or Control Person.............................................................................3 7. Exclusive Rights of the Authorized Signer.........................................................................................................3 8. Rights of Agent...................................................................................................................................................4 8. Fees and Charges.............................................................................................................................................4 9. Rights of Non-Authorized Agents........................................................................................................................4 10. Business Member and Business Owner Liability................................................................................................4 11. Account Types...................................................................................................................................................4 12. Requirements for Delivery of Funds for Shares and Deposits...........................................................................5 13. BECU Business Account Disclosure...................................................................................................................6 14. Fees and Charges.............................................................................................................................................6 15. Account Access..................................................................................................................................................7 16. Overdrafts..........................................................................................................................................................8 17. Stop-Payment Orders.......................................................................................................................................10 18. Postdated Checks............................................................................................................................................11 19. Lost Items; Collection Agent Only....................................................................................................................11 20. Limitation on BECU’s Liability for Errors...........................................................................................................11 21. BECU Lien and Ability to Offset.........................................................................................................................11 22. Obtaining and Providing Information about Avvounts, Business Owners, and Authorized Signers.................11 23. Notices.............................................................................................................................................................11 24. TINs and Backup Withholding...........................................................................................................................12 25. Statements.......................................................................................................................................................12 26. Termination or Suspension of Account..............................................................................................................13 27. Termination of Membership...............................................................................................................................13 28. Inactive and Abandoned Accounts....................................................................................................................13 29. Death of a Business Owner or Disolution of a Business Member.....................................................................16 30. Indemnity..........................................................................................................................................................14 31. Waiver...............................................................................................................................................................14 32. Severability.......................................................................................................................................................14 33. Governing Law; Bylaws.....................................................................................................................................14 34. Enforcement.....................................................................................................................................................14 35. Credit Report Direct Disputes............................................................................................................................15 II. FUNDS AVAILABILITY POLICY..........................................................................................................................15 1. Your Ability to Withdraw Funds.........................................................................................................................15 2. Delays May Apply.............................................................................................................................................15 3. Special Rules for New Business Accounts.......................................................................................................16 4. Electronic Deposits and Deposits at ATMs, at Drop Boxes, and via Mail........................................................16 III. EFT SERVICES..................................................................................................................................................17 1. Services Offered or Accepted by BECU..........................................................................................................17 2. Limits on Services............................................................................................................................................18 3. Fees.................................................................................................................................................................19 4. Receipts and Notices........................................................................................................................................20 5. Stopping Pre-authorized ACH Transfers or Reporting Errors for ACH Transactions.......................................20 6. Errors and Questions about Account Statements or Receipts.........................................................................21 7. Disputes with Merchants Concerning Goods and Services..............................................................................21 8. Loss or Theft of Your Card or Unauthorized Use of Your Account Through Electronic Means........................21 9. Business Member and Business Owner Liability for Lost Cards and Unauthorized Use................................22 10. Unauthorized MastercardDebit Card Purchase Transactions..........................................................................22 11. BECU’s Liability if Transfers or Transactions are Not Made as Agreed............................................................22 12. Disclosure of Account Information....................................................................................................................23 13. BECU’s Business Days....................................................................................................................................23 14. Termination of the Business Account Agreements............................................................................................23 15. General Safety Precautions When Using ATMs..............................................................................................23 IV. RULES REGARDING CERTAIN FUNDS TRANFERS.......................................................................................23 1. Law Governing ACH Transactions....................................................................................................................24 2. Law Governing Wire Transfer Transactions......................................................................................................24
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