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It is the purpose of this policy to outline acceptable Share Draft Checking Account (SDC) policies as approved by the Board of Directors.

Individual and/or joint SDC accounts will be offered to qualified credit union members.  At least one of the parties opening an SDC account must be 18 years of age.  

Original cancelled share drafts will not be returned to the member, however, microfilmed copies may be ordered through the credit union.  For auditing purposes, the carbon copy attached to a share draft statement showing that check number cleared is sufficient proof of a payment.

Share draft checks will be provided by Liberty Check Printers located in Roseville, MN, or by a provider of similar services.

If the credit union chooses to utilize a "check reporting service" such as Telecheck or Checkfax, adverse prior history may be a cause for not qualifying for an SDC account.

Periodic deposits may be accepted by payroll deduction, direct deposit, by mail or in person.

WNC Community Credit Union reserves the right to reject any SDC account applicant not in good standing, or that has a negative report from Telecheck, Checkfax, or any similar check reporting service.  Further, if a member wishes to have loan overdraft protection from a line of credit, a Loanliner application must be submitted and approved by a loan officer.

The initial deposit may be made by a deposit of cash or check, or from a direct transfer from a share account.

1. Transfers from the member's regular share account in increments of $50.00 or in an amount equal to the draft (s) presented.  There will be a service charge for this method.  Click here for fee schedule
   
   
2. Loan advances from approved overdraft protection in increments of $50.00 sufficient to cover the draft (s)  presented up to a maximum of $300.00

If option number 1 is chosen, there is a maximum of three (3)  automatic transfers allowed per calendar month per Regulation D.  After three automatic transfers have been made, the share draft (s)  will be returned for Non-Sufficient Funds (NSF).  There will be a service charge for each transfer.  Click here for fee schedule

If the overdraft loan option is chosen, a transfer will be made to cover the draft (s).  Transfers will be made in $50.00 increments until the draft amount is covered or the loan is advanced to the limit.  Once a loan is drawn to the limit and the draft (s)  cannot be fully covered, the credit union will attempt to transfer from the regular share account to cover the draft (s).  A maximum of three (3) overdrafts from savings per month will be processed.  There will be a service charge for each transfer.  Click here for fee schedule  After that, drafts will be returned Non-Sufficient Funds (NSF) due to number of transfers allowed from savings accounts per Regulation D.

Members are notified of overdraft transfers and the action being taken by the credit union to cover the draft (s) by an overdraft notice.

Any share draft presented for payment which cannot be paid using one or all of the methods listed above will be returned  as unpaid. WNC Community Credit Union reserves the right to close any SDC account not maintained in proper order and may refuse to honor any share drafts presented on that account.

Loan overdraft protection will be an open-end unsecured loan approved under the credit union's Loanliner program at a rate which will be specified by the Board of Directors.  Members will apply for overdraft protection at the time of opening an SDC account.  The loan will be approved or rejected according to the credit union's unsecured loan policy.  Minimum payments will be calculated in order to pay off the loan.  Members will repay at a rate of $40.00 per month.

1. The credit union is required to return more than three share drafts on any account within any three month period because of non-sufficient funds in the member's SDC account.
   
   
2. Evidence of kiting between the member's SDC account and other accounts within or outside the credit union.
   
   
3. The member becomes 30 days or more delinquent on any credit union loan.
   
   
4. Fraud or forgery involving any credit union account.
   
   
5. Violation of any credit union policy or procedure.
   
   
6. If the member causes the credit union a loss.
   
   
7. If the member files bankruptcy or becomes insolvent.

Members will be notified in writing when their SDC accounts are being closed by the credit union and the reason for such closure.  The credit union accepts no further responsibility for the non-payment of drafts once notification of the closure of the account has been given.  On the effective date of an account being closed, the credit union will prevent cash withdrawals.  This hold will be in effect for a maximum of seven (7) days in order to give share drafts already written an opportunity to clear.  At the end of the seven (7) day period of time, all share drafts on the account will be returned unpaid.

**IT SHOULD BE NOTED THAT ABUSE OF A SHARE DRAFT CHECKING ACCOUNT MAY BE CAUSE FOR DENIAL OF CREDIT AT THE CREDIT UNION!**

1. If the credit union believes the check deposited will not be paid.
   
   
2. If the checks deposited in one day total greater than $5,000.00
   
   
3. If a check is deposited that has been returned unpaid.
   
   
4. If the member's SDC account has been repeatedly overdrawn during the prior six (6) months.
   
   
5. If there is an emergency, such as failure of communications or computer equipment.

We will notify the member, if the deposit will be delayed for any of these reasons and we will tell them when the funds will be made available.  In no case will funds be unavailable any longer than 10 business days (non-business days are weekends and Federal holidays) after the deposit is made.

1. Frequent overdraft situations.
   
   
2. Negative balances.
   
   
3. Signs of check kiting.
   
   
4. Non-assessment of applicable fees.
   
   
5. Excess transfers in violation of the SDC account policy.

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