To open a Share Draft Account you must first become a member of the Saguache County Credit Union by opening a Share Account and maintaining a minimum balance of $25.00 in the account.

For the protection of all members, the credit union will use a check verification to review your checking history to make sure you can properly handle and maintain an account of this matter. If the inquiry results in a denial, then you can check with the check verification company to ascertain the reason.

Joint ownership in either Share Draft Accounts or Share Accounts is not required for both accounts, permitting joint owners to have separate Share Draft or Share Accounts.

For credit union members under 18 years of age, a joint checking account with a responsible adult is required.

You are expected to exercise due care in using your Share Draft Account including maintaining an accurate record of your transactions and reconciling your statements in a timely, promptly reporting and discrepancies.

If any share drafts are lost or stolen, you must notify the credit union immediately to begin the process of stop payment on the missing share drafts. For your protection, the credit union will report the missing share drafts to the Tele Check network.

The credit union is under no obligation to pay any share drafts exceeding the amount available in your Share Draft Account due to your error, oversight or a deposit delay. Any share drafts in excess of the Share Draft Account, and primary Share account if you have chosen overdraft protection, will be returned and you will be charged a Returned Check fee.

As part of the share Draft Agreement you may choose to have overdraft protection with funds automatically transferred from your primary Share Account to cover drafts in excess of the balance in your Share Draft Account.

For automatic transfers from the primary Share Account to your Share Draft Account, you will be charged an Overdraft Protection Transfer fee per each transfer. There will be no fee, if you call or come into the credit union to make a transfer of funds between your Share Account and Share Draft Account.

Share Drafts are carbon copy drafts. Original copies of all drafts will not be returned to you. You will receive duplicate checks that produce a copy as each draft is written. The credit union’s share draft processor microfilms all originals and can provide copies if needed.

The following fees and charges may be charged to your Share Draft Account.

Overdraft Protection Transfer: $ 1.00 per transfer

Returned Check: $ 20.00 per draft

Stop Payment: $ 20.00 per draft

Copy of Share Draft: $ 2.00 per draft

Reopen Share Draft Account: $ 5.00

Account Inquiry: $ -0- per request

Copy of Share Draft Statement: $ 2.00 per page

Account Research: $ 20.00 per hour

Collection fees: cost + $10.00 per occurrence

Check Order Fee: Depends on checks Ordered

You may make arrangements for certain direct deposits to be accepted into your Share or Share Draft accounts. We do not charge for direct deposits to any type of account. If you arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at (719) 256-4899, to find out whether or not the deposit has been made. If the only possible transfers to your account are direct deposits, you will get a quarterly statement from us. If the direct deposit is into your Share Draft account, you will receive a monthly statement from us.

In the case of an error or question about your direct deposit, you must contact the credit union within 60 days. If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will respond within 10 business days (20 days if the deposit involved a foreign initiated transfer) and correct any error promptly. If we need more time, we can take up to 45 days (90 days of the deposit involved a foreign initiated transfer) to investigate your complaint. If we decide to do this we will recredit your account within 10 business days (20 days if the deposit involved a foreign initiated transfer) for the amount you think is in error, so that you will have the use of the money during the time it takes to complete the investigation. If we ask you to put your complaint or questions in writing, and we do not receive it within 10 business days, we may not recredit your account.

If we decide that there was no error, we will send you a written explanation within three business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation. 

This policy statement applies to all accounts.

Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit.

Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit and are returned to us unpaid and for any other problems involving your deposit.

For determining the availability of your deposit, every day is a business day, except Saturdays, Sundays and Federal Holidays. If you make a deposit before closing on a business day that we are open, we will consider that day to be on the day of your deposit. However, if you make a deposit after closing or on the day we are not open, we will consider that the deposit was made on the next business day we are open.

If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

In some cases, we will make all of the funds that you deposit by check available to you on the first business day of your deposit. Depending on the type of check you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100.00 of your deposits will be available on the first day after we receive your deposit.

If we are not going to make all of the funds from your deposit available on the first business day after we receive your deposit, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if you decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.

If we need the funds from a deposit right away, you should ask us when the funds will be available.

In addition, funds you deposit by check may be delayed for a longer period under the following circumstances.

*We believe a check you deposit will not be paid.

*You deposit checks totaling more than $5000.00 on any one day.

*You redeposit a check that has been returned unpaid.

*You have overdrawn your account repeatedly in in the last six months.

*There is an emergency, such as failure of communications or computer equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eleventh business day after the day of your deposit.

Special Rules For New Accounts

If you are a new member, the following special rules will apply during the first 30 days your account is open.

Funds from electronic direct deposits into your account will be available on the day we receive the deposit. Funds from deposits of cash, wire, transfers, and the first $5000.00 of a day’s total deposits of cashier’s, certified, teller’s, travelers, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess of $5000.00 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to on e of our employees, the first $5000.00 will not be available until the second business day after the day of your deposit.

Members may cash checks, including third party, if equal to or less than funds on deposit.

Checks over the amount on deposit can be cashed for the amount on deposit. Any amount over this will be dispersed after the check clears.

Cashiers, Travelers Checks and Government checks will be cashed for members and will not be subject to the funds on deposit requirements in 1. and 2. above.

Requests for check cashing that does not meet the above criteria may or may not be honored at the discretion and verification of the manager.

The credit union is not allowed to cash checks for non-members.