Why XCEL OnLine Branch Products & Services Loan Center Information Desk
One BIG advantage of your XCEL Membership is how much you save in fees and surcharges. XCEL is a non-profit organization that exists by and for its members, so you are not charged the typical fees you’d get at a bank. Nearly all the fees you see here apply to out-of-the-ordinary transactions or services. Since most members seldom use these services, the cost is passed on to those who do. Nominal fees partly offset the costs of some services, such as transactions at non-XCEL ATMs, and pay the actual costs of others, such as check printing. Most members pay few – if any – fees, and we will continue to strive to keep it that way.

Effective October 1, 2003

Please read respective disclosure before completing or requesting application for service.

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens as account.

When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. A driver’s license or other identifying documents are required.

Money Market Account With Checks
  • Rate information: The dividend rate and annual percentage yield will fluctuate with current market trends and will be adjusted weekly.
     
  • Compounding and crediting dividends: Dividends will be calculated weekly and compounded monthly.
     
  • Dividend period: The rate in effect on the 7th, 14th, 21st and 28th determines the rate that will be calculated for the preceding seven (7) day period. All dividends will be paid to the account on the last day of each month.
     
  • Minimum balance requirements: The opening deposit must be a minimum of:
    $2,500 Regular
    $10,000 Deluxe
    $25,000 Premium
    A $25 penalty will be assessed for the month if the balance drops below the respective minimum at any time during the month. If there are insufficient funds to cover the fee, the credit union may assess the fee from any deposit account on the primary member's number. The minimum balance for the account to remain open is $25.
     
  • Account transfer and withdrawal limitations: A total of six (6) debit transactions free per statement cycle, with no more than three (3) debits by check or draft, will clear the account during any month. A $15 fee will be assessed for any check/draft withdrawal (clearing) over three (3) during a calendar month. Withdrawals by check, draft or transfer must be for a minimum of $500 each.
     
  • Daily balance computation method: Dividends are calculated by the daily balance method, which applies a daily periodic rate to the balance in the account each day.
     
  • Accrual of dividends on non-cash deposits: Dividends will begin to accrue on the business day you place non-cash items (for example, checks) to your account.
Membership Agreement
XCEL Federal Credit Union is hereby authorized to recognize any of the signatures subscribed herein in the payment of funds or the transaction of any business for this account. Joint owners of this account hereby agree with each other and with said Credit Union that all sums now paid in on shares or heretofore or hereafter paid in on shares by any or all of said joint owners to their credit as such joint owners with all accumulations thereon, are and shall be owned by them jointly, with right of survivorship and be subject to the withdrawal or receipt of any of them, and payment to any of them or the survivor or survivors shall be valid and discharge said Credit Union from any liability for such payment. The joint owners also agree to the terms and conditions of the account as established by the Credit Union from time to time.

Any or all of said joint owners may pledge all or part of the shares in this account as collateral security to a loan or loans from the Credit Union.

The right or authority of the Credit Union under this agreement shall not be changed or terminated by said owners, or any of them except by written notice to said Credit Union that shall not affect transactions theretofore made.

If you are in default on a financial obligation to us, federal law gives us the right to apply the balance of shares and dividends in your account(s) at the time of default to satisfy that obligation. Once in default, we may exercise this right without further notice to you.

By signing this Share account agreement I (we) hereby agree to conform to the bylaws and any amendments thereof in the XCEL Federal Credit Union. I (We) also agree to the terms and conditions of any account that I (we) have in the Credit Union now or in the future and agree that the Credit Union may change those terms and conditions from time to time.

Taxpayer Identification
Under the penalties of perjury, I certify (1) that the Social Security Number shown on my Membership Application is my correct taxpayer identification number and (2) that I am not subject to back-up withholding as a result of a failure to report all interest or dividends, or the Internal Revenue Service has notified me that I am no longer subject to back-up withholding.

Under penalties of perjury, I certify (1) that a taxpayer identification number has not been issued to me and that I mailed or delivered an application to receive a taxpayer identification number to the appropriate Internal Revenue Service Center or Social Security Administration Office (or I intend to mail or deliver an application in the near future). I understand that if I do not provide a taxpayer identification number to the Credit Union within 60 days, the Credit Union is required to withhold 20 percent of all reportable payments made to me until I provide a number. (2) That I am not subject to back-up withholding either because I have not been notified that I am subject to back-up withholding as a result of a failure to report all interest or dividends, or the Internal Revenue Service has notified me that I am no longer subject to back-up withholding.

Checking Agreement
I/We hereby authorize the XCEL Federal Credit Union to establish this checking account for me/us. The Credit Union is authorized to pay checks signed by me (or any of us) and to charge all such payments against the balance in this Account. It is further agreed that:
  1. Only check blanks and other methods approved by the Credit Union may be used to make withdrawals from this Account.
     
  2. The Credit Union is under no obligation to pay a check that exceeds the available and collected balance in this Account; the Credit Union may, however, pay such checks and transfer available funds to this Account in the amount of the resulting overdraft, plus a service charge, from any savings account from which any of the signers of the Account application is then eligible to withdraw funds. If you are approved for a Line of Credit Account, we will attempt to correct the overdraft condition by advancing funds into your Account in increments of $100 or the unused portion of your available credit if less than $100 is available.
     
  3. The Credit Union may pay a check on whatever day it is presented for payment, notwithstanding the date or any limitation on the time of payment appearing on the check.
     
  4. When paid, checks become the property of the Credit Union and will not be returned either with the periodic statement of this Account or otherwise.
     
  5. Except for negligence, the Credit Union is not liable for any action it takes regarding the payment or nonpayment of a check.
     
  6. Any objection respecting any item shown on a periodic statement of the Account is waived unless made in writing to the Credit Union before the end of sixty (60) days after the statement is mailed.
     
  7. This Account is subject to the Credit Union's right to require advance notice of withdrawal as provided in its bylaws.
     
  8. This Account is also subject to such other terms, conditions, and service charges as the Credit Union may establish from time to time.
     
  9. If this Account application is signed by more than one person, the persons signing shall be joint owners of the Account, which, in that event, shall be subject to the Additional Terms and Conditions of this Agreement.
Additional Terms and Conditions (Joint Checking Account)
The XCEL Federal Credit Union is hereby authorized to recognize any of the signatures subscribed on this Account application hereof in the payment of funds or the transaction of any business for this account. Joint owners of this account hereby agree with each other and with said Credit Union that all sums now paid in on shares, or heretofore or hereafter paid in on shares by any or all of said joint owners to their credit as such joint owners with all accumulations thereon, are and shall be owned by them jointly, with right of survivorship and be subject to the withdrawal or receipt of any of them, and payment to any of them or the survivor or survivors shall be valid and discharge said Credit Union from any liability for such payment.

Telephone Transaction Agreement
  1. My 4-digit Personal Authorization Code is my electronic signature and will serve as identification that the bonafide owner of the account is present.
     
  2. I agree not to tell anyone my Personal Authorization Code.
     
  3. I will immediately notify the Credit Union of loss or unauthorized use of my Personal Authorization Code.
     
  4. I agree to the Terms and Conditions of the Electronic Funds Transfer Disclosure, a copy of which I have received.
     
  5. I understand that anyone joint on my account will be authorized to access any and all telephone transactions offered by the Credit Union.
     
  6. The Credit Union may terminate this agreement at any time.
Debit Card (Visa CheckCard) and ATM Cash Card Agreement (must be 18 years of age or older)

I/We hereby make application for a Credit Union Cash Card(s) and agree to the following items:
  1. I/We understand that my Personal identification Number (PIN) will be mailed to me shortly after receipt of my Credit Union Cash Card.
     
  2. It is understood that the Personal Identification Number (PIN) is my electronic signature, the use of which, with a transaction at the designated Electronic Banking Locations, will serve as identification that the bonafide owner of the account is present.
     
  3. I/We agree not to tell anyone my PIN.
     
  4. I/We will immediately notify the Credit Union of the loss or unauthorized use of my card or PIN.
     
  5. I/We also agree to the Terms and Conditions of the Electronic Funds Transfer Disclosure Statement, which will be provided.
     
  6. I/We understand and agree that the person(s) whose signature(s) appear on the Account application are authorized to access any and all ATM transactions offered by the Credit Union.
     
  7. The Credit Union may terminate this agreement at any time.

The right of authority of the Credit Union under this Agreement shall not be changed or terminated by said owners, or any of them, except by written notice to said Credit Union that shall not affect transactions theretofore made.

In considering this application the Credit Union may request and use a report from outside credit reporting agencies. It may also ask a reporting agency or agencies for other such reports in connection with renewal or continuance of the service for which you are applying. If you request it, the Credit Union will tell you whether or not it asked for such a report and if it has, the name and address of the agency or agencies. I/We acknowledge notice of this disclosure under Article 25 of the New York State General Business Law.