5.1.1. You agree to ensure that the information you provide us regarding you, and your Credit Union activities, is accurate and complete.

5.1.2. It is also very important that you keep your details up to date. You agree to inform us immediately of changes to the information you have provided to us. This may include, but is not limited to, changes in:

• 5.1.2.1. Your contact information: physical address, mailing address, day and evening telephone numbers and e-mail addresses.
• 5.1.2.2. Emergency (back up) contact name and numbers for us to contact in case we are not able to reach you.
• 5.1.2.3. Personal information relating to you and the general operation of your account.
• 5.1.2.4. Any change in your status that could affect the operation of your accounts with us.
• 5.1.2.5. Your employment status.
• 5.1.2.6. The primary purpose, use and general operation of your account.
• 5.1.2.7. Change in beneficiaries.

5.1.3. In the absence of such notice of change, mail addressed to you at the mailing address specified on the application form shall be deemed to be properly addressed and effective. Refer also to the section covering “Returned Mail” on page 6.

5.1.4. You further agree to provide us with up-to-date documents or such additional information we may request of you from time to time.

5.1.5. If you do not keep all your details up to date, this may affect your eligibility for your account and/or the product and services we can offer you.

5.2.1. There are a number of ways you can contact us. We have set out below some of the ways you can do this.

• 5.2.1.1. Through online banking (CUOnline) (see below)
• 5.2.1.2. Attending at the Credit Union in person
• 5.2.1.3. By telephone on 1-345-949-8415
• 5.2.1.4. By email [email protected]
• 5.2.1.5. By mail PO Box 1450 KY1-1110

5.2.2. The above contact methods are for day-to-day communication. Please note that if you are sending a formal notice to the Credit Union you should deliver such notices in accordance with the provisions of the “Notices” section below.

5.2.3. You must tell us straight away if you think someone has access to your account. The telephone number to use for this is 1-345-949-8415.

5.3.1. Unless you specifically provide us with notice to the contrary in writing that is acknowledged and confirmed by us, you authorise us to:

• 5.3.1.1. Pay and honour any orders or instructions authorising payments given in accordance with your account mandate, whether such account is in credit or overdrawn but without prejudice to our right to refuse to allow any overdraft or increase of overdraft; and
• 5.3.1.2. Deliver anything held by us by way of security or for safe custody, collection or any other purpose whatsoever on the account against the written receipt or instructions given in accordance with the account mandate.

5.3.2. Different payment types have different cut-off times. The cut-off time is the latest time on any day that we can start processing a payment that you have requested us to make. If you ask us to make a payment after the cut-off time, the timings will start from the next business day.

5.4.1. Member Accounts: Your account is for your own personal use. You represent and warrant that you are the beneficial and legal owner of the account and that you have full legal capacity to open and operate the account and you accept these T&C.

5.4.2. You agree to provide all compliance and documents that we may request from you and/or the beneficial owner from time to time including materials which we may require to comply with anti-money laundering rules and regulations.

5.4.3. We may allow you to authorize someone else to operate the account for you (for example under a power of attorney). If we allow this, we will deal with that person as if he or she were you for the purposes of these T&C’s.

5.4.4. Non-Member Accounts: You warrant that you are the beneficial and legal owner(s) of the account and that you have full legal capacity to open and operate the account and accept these T&C.

5.4.5. You further undertake that will advise us if you are not the beneficial owner of any of your accounts or if any third party has any rights to any funds paid into your accounts.

5.4.6. You agree to provide all compliance and other documents that the Credit Union may request from yourselves and/or the beneficial owner(s) from time to time including materials which we may require to comply with anti-money laundering rules and regulations.

5.4.7. We may allow you to authorize someone else to operate the account for you (for example under a power of attorney). If we allow this, we will deal with that person as if he or she were you for the purposes of these T&C’s.

5.5.1. An Authorized Signatory may give instructions to us with respect to the account. These would include:

• 5.5.1.1. Withdrawing any portion or all of the funds in the account;
• 5.5.1.2. Accepting statements, notices, confirmations, on the account;
• 5.5.1.3. Providing notices, any instructions, or giving notice to us of errors or objections on the account;
• 5.5.1.4. Making deposits into the account; and,
• 5.5.1.5. Instructing us to make payments.

5.5.2. You agree that any liability an Authorized Signatory incurs with us shall be your liability.

5.5.3. Notwithstanding the above, we may, in our sole discretion decline such instructions where it may have an impact on an outstanding debt or liability.

5.6.1. You agree that on the death of Member, the authority of an Authorized Signatory may become invalid, and any money standing to the credit of the said account and anything held by us by way of security for the safe custody, collection or any other purpose whatsoever on the account will be held to the order of the beneficiary (subject to the Credit Union’s right of set-off), so that if a member dies, the account will automatically become the property of the beneficiary(s). The beneficiary(s) rights and duties under these T&C continue.

5.7.1. Notwithstanding these T&C, account mandates, or other agreement in the course of dealing between ourselves, we are requested and authorized, but not obliged, to rely upon and act in accordance with any notice, demand or other communication which may from time to time be given by any verbal, telephone, or electronic message without incurring liability should it be false or there be any error or ambiguity therein if believed by us to be genuine and to be presented or delivered by or on your behalf.

5.7.2. You further acknowledge that we shall be under no duty to verify or authenticate any of these instructions, and we may decline to accept instructions delivered to us in our sole and absolute discretion.

5.8.1. You agree that overdrafts or negative balances may not be allowed unless prior arrangements have been made. Notwithstanding, you understand that in the event that a transaction, inclusive of an ATM withdrawal, causes the account to be placed in a negative or overdrawn position not previously authorized by us, we may charge unsanctioned item fees for each unauthorized transaction and an interest charge at the Credit Union’s unauthorized lending rate from time to time in effect, or at such other rate as may be established by us will be applied to the overdrawn balance of the account.

5.8.2. We may, without prejudice to our general right to close the account relationship in accordance with the Section “Closing Your Account” on page 9 suspend your Credit Union privileges or related services for non-payment of charges or overdrawn balances due to us by you.

5.8.3. For the avoidance of doubt, all approved overdrafts are considered repayable on demand.

5.9.1. We can charge to any of your accounts or set-off against any of your indebtedness or liabilities with us, even if this creates an overdraft, or increases an overdraft. You will be liable for any amount charged, plus interest and fees as may be applicable, including any legal or collection agency fees incurred by us in attempting to collect on your debt for any such outstanding amounts. We can break any fixed account with ourselves and apply the proceeds to the overdraft plus any fees, charges, or other expenses incurred and owing to us.

5.9.2. All collateral held as security now or subsequently held by us will also be used as security for any and all unauthorized indebtedness, without any obligation to provide notice to you, and apply such security to such indebtedness. Collateral can include cash and any other asset including real property and shares. Collateral held as security for indebtedness will include the funds of co-maker.

5.10.1. You may not transfer, charge or give as security any part of your account or any of your rights under any of these T&C, or any additional T&C that may be specific to any of our products and services, to anyone else, unless we specifically agree in writing.

5.11.1. Interest, at a rate we will determine, will be computed on the daily principal balance on qualifying deposits. In the case of savings accounts, interest will be credited quarterly on the last business day of each quarter and unless otherwise stated in specific agreements or in the terms and conditions relating to individual products, interest will normally be credited on credited on maturity for all other interest-bearing products.

5.11.2. Interest rates and foreign exchange rates are subject to market conditions and may change at any time. Applicable interest rates, lending rates and foreign exchange rates are available on our website or by contacting any of our Member Services staff.

5.12.1. If you are an Online user, you will be able to download account activity. Account activity will remain available online for a minimum of six months. Loan balance information is also available to our Online users. Unless specifically noted under any individual product T&C, or unless specifically arranged otherwise, we will provide hard-copy (paper form) periodic statements/notices, for savings, share accounts and any other account upon a request being made by you and subject to the prevailing Fee Schedule. Otherwise, electronic statements will be made available to member online at least bi-annually. Statements will show, among things, debits, credits, interest, and balances in the account.

• 5.12.1.1. You will review within 30 days of the statement date, or within 30 days of the delivery of such statement to you, notifying us in writing of any errors or omissions.
• 5.12.1.2. You will notify us promptly and in writing if you have not received a statement requested by you or if you are not able to access your statement(s) online.
• 5.12.1.3. Refer also to Sections covering “Returned Mail” and “Inactive & Dormant Accounts” below.
• 5.12.1.4. Statements and notices may be delivered electronically and/or in paper form, in our absolute discretion.

5.13.1. Unless we receive written notice from you stating otherwise, and within 30 days of receipt of statements (or within 30 days within which we have deemed you to have received statements), up to a maximum of 90 days from the statement date, you agree that details recorded in the statements are conclusive evidence of your dealings with us, are correct, complete, fully authorized and binding. You further release us from all responsibility for all account activity preceding said statements including all transactions in the account pertaining to any errors, omissions, irregularities, fraud, or unauthorized activities including negligence, but excluding any gross negligence or wilful misconduct by any one of our employees.

5.14.1. If a statement or other mail is returned to us as undeliverable, we will make reasonable efforts to contact you using information you have provided to us and if appropriate from information that is publicly available. However, if we are unable to make contact with you, we may stop sending you correspondence and we may also place a block on your account.

5.14.2. You understand that any additional fees, expenses, or charges that may be incurred as a result of placing such a block on your account or for stopping the mailing of correspondence to you will automatically be charged to your account. You agree that we will not be liable for any loss or other claims arising from your non-receipt of such mail or statements.

5.15.1. Whilst we will make every effort not to accept future or stale dated cheques, you agree that, in instances where such cheques may be received and processed, you will be responsible for any out-of-pocket or additional fees or charges that may be incurred as a result of processing such cheques, including any costs and charges relating to your account being overdrawn.

5.15.2. Refer also to the Section covering “Overdrafts” on page 4.

5.16.1. Where we are party to a dispute, the electronic records, or scanned images of any Credit Union documents including your instructions to us and retained by us may serve as the sole and accurate record of the events and shall be admissible in a court of law as such with equal evidentiary value as a duly authorized paper document.

5.16.2. We may provide scanned images or electronic records of any Credit Union documents including any instructions as evidence in any proceeding and may be considered as a valid and enforceable document(s) in the absence of the original.

5.16.3. Further, if the account holder is involved in any legal proceedings, actual or threatened, in which we are not a party, or any garnishee proceedings, then you agree to pay us for our reasonable legal costs and time taken in dealing with the matter. Any amounts so due may be charged against the balance of the account.

5.17.1. You agree that all non-cash instruments deposited to your account may be credited subject to us placing a “hold” on the funds in any of your accounts, restricting your right to withdraw said amount.

5.17.2. In accordance with standard Credit Union practices, we may, at our discretion, apply different “hold periods” based, among other factors, on the country of origin, issuing institution, and clearing systems used to clear the items. The hold period may represent the usual or actual period to clear the funds.

5.17.3. Notwithstanding the expiry of the “hold period”, the item may subsequently be returned. Should a cheque that has been deposited be returned to us after the expiration of the hold period, we retain the right to charge the amount of that item to your account together with any out-of-pocket expenses incurred by us.

5.17.4. You remain responsible and financially liable for items deposited or cashed both before and after the hold period.

5.17.5. Dishonoured or returned cheques together with any additional expenses and charges will be debited to your account and you will be liable, including where relevant, for any overdrafts arising from payments made by us against those cheque deposits prior to final settlement by the drawee’s Credit Union. If we become aware of any suspicious or fraudulent or other activity deemed to be unauthorized by us, that may give rise to a claim against us or cause any loss to us, any dishonoured cheque or returned cheque will be debited. We will also report any suspicious or fraudulent activity to the appropriate authorities.

5.17.6. You understand that cheques in USD and KYD will be accepted for credit to an account. These will be converted to the currency of the account at our prevailing exchange rate on the day of the conversion.

5.17.7. You agree to indemnify us for any expenses or additional costs incurred by us arising from the transactions on your accounts. We further reserve the right to wait for final clearing prior to releasing our hold on your account.

5.18.1. We may stop or suspend payments, or the use of your account, if:

• 5.18.1.1. We reasonably think it necessary to protect the security of the payment or account.
• 5.18.1.2. We suspect or you tell us there may be unauthorized or fraudulent use of the account.
• 5.18.1.3. We believe there’s a significantly increased risk that you will be unable to repay money you owe us.

5.18.2. If we find we need to do this, we will explain why, unless we are not able to do so for legal reasons. We will try to contact you using the details you have given us as soon as we can. Where we can, we will contact you in advance to stop the payment or suspending the account.

5.18.3. If the reason for stopping or suspending the payment tool no longer applies, we’ll unblock it or replace it.

5.18.4. If you wish to stop payment on certain payment types drawn on your account, you may do so by sending us the details in writing or through our online Credit Union channel. Such details should include:

• 5.18.4.1. Full name and account number.
• 5.18.4.2. Details of the payment you wish to stop including name of recipient, the currency, and the amount. For a standing order you will need to provide details of the name of recipient, the currency, the amount, and the frequency of the payments.
• 5.18.4.3. Manager’s cheques or Credit Union drafts – in some instances it may not be possible to place a stop payment on these instruments; and in such cases, we may further require that you complete an indemnity form.

5.18.5. You acknowledge that if we are not able to stop any such payment, for any reason (which may include, but is not limited to, payments that have already been processed and paid, instruments that are considered in the industry as “certified” such as drafts and managers cheques). You agree that we will not be liable for complying with or failing to comply with a stop payment request.

5.19.1. You may close your account for any reason after six months’ written notice has been given by you to the Credit Union. The Credit Union may allow you to give less than six months’ notice in its sole and absolute discretion. Upon the closure of your account, we will forward any existing credit balance on your account in accordance with your written instructions.

5.19.2. Upon closing an account, we will, amongst other things, require you to:

• 5.19.2.1. Return all ATM cards issued on your account.
• 5.19.2.2. Repay any money you owe to us; or other payment instructions you may have made.
• 5.19.2.3. Inform all third parties with whom you have arranged direct debits and/or standing orders of the closure of your account.
• 5.19.2.4. Provide us with updated contact information in order to arrange any final settlements.

5.19.3. We may also require you to maintain balances in your account until we verify any of the above, and until all outstanding payments are processed and completed. If someone pays, or tries to pay, money into your account once it is closed, we will try to send it back to them if we have sufficient information to do so. You should, however, cancel all payments to and from the account.

5.19.4. The Credit Union may close your account for any reason. We may give you some notice of this, but we may need to take to close the account immediately. Whilst we can close your account for any reason, such reasons may include, but are not limited to, the following:

• 5.19.4.1. You are no longer resident in the Cayman Islands, subject to certain exceptions.
• 5.19.4.2. The account becomes dormant due to inactivity. The Credit Union may also impose a maintenance fee if an account becomes dormant.
• 5.19.4.3. You put us in a position where we might break a law, regulation, code or other duty if we maintain your account, or keeping your account open, exposes us to action or censure from any government, regulator or law enforcement agency.
• 5.19.4.4. You give us false information.
• 5.19.4.5. You commit (or attempt) fraud against us or anyone else.
• 5.19.4.6. You use or try to use your account illegally or for criminal activity, including receiving proceeds of crime into your account, or if you allow someone else do this.
• 5.19.4.7. You behave in a threatening or abusive manner to our staff.
• 5.19.4.8. You become bankrupt or enter into an arrangement or composition with your creditors.
• 5.19.4.9. You cease to be a member of the Credit Union or otherwise cease to be eligible for an account.
• 5.19.4.10. We are required to do so under any law or Act.

5.19.5. Any benefits or services linked to your account will cease upon closure. If you owe us any money under any loan or facility, you will need to pay it back. We may set-off money or shares standing to the credit of one account against another of your accounts. See “Credit Union’s Right of Set-Off” above. The right of set-off and it applies to joint debts.

5.20.1. We may refuse a deposit, limit the amount that may be deposited, return all or any part of deposit, or close any account by giving you as much notice as we can. You agree that we do not need to specify any reason for taking such action. Notwithstanding the foregoing, we may block or close your account immediately without notice where applicable laws, regulations or our policies require that we must do so, or where we consider the account activity is not in accordance with the expected activity based on information you have previously provided to us. Refer to the section covering “Keeping your information up to date, accurate and complete” on page two.

5.20.2. We further reserve the right to terminate our relationship with you immediately in circumstances where you have threatened members of our staff or have exhibited abusive behaviour or otherwise acted in a manner inconsistent with these T&C.

5.21.1. The methods by which you access your account (for example ATM cards, cheques, and online banking) are personal to you. You must look after all the ways of taking money from or accessing your account. If we think any of your payment methods, such as a payment card, may have been compromised, we may send you a replacement to help keep your account secure. You must not give your payment methods to anyone else. If you think someone has used or is able to use any of the ways of accessing your account, you must tell us immediately.

5.21.2. You agree to keep your information and Credit Union details secure at all times. We will not normally contact you asking you to provide us with your Credit Union details or specific information regarding you or your account. If you do receive requests for information, even if they are using our name and logo and the request appears to be genuine, you should contact us immediately via our general contact number, (345) 949 8415.

5.21.3. You understand that you have a responsibility to help us prevent fraud on your account through the safeguarding of your Credit Union information. This responsibility includes, but is not limited to:

• 5.21.3.1. Ensuring that any cheques issued on the account are correct.
• 5.21.3.2. That you inform us immediately by telephone, followed up in writing, should such cheques become lost, stolen, or suspected of being in the wrongful possession of another.
• 5.21.3.3. Not allowing any person other than yourself to have access to your ATM card, PINs, passwords or any other security information or access to your Online Credit Union account, etc.
• 5.21.3.4. Keeping your cards, cheques, and other security information secure at all times.
• 5.21.3.5. Not writing down your passwords, PINs, or other security information.
• 5.21.3.6. Using appropriate passwords, PINs, or other security information that are known only to you. Do not choose a pin or password that is easy for someone to guess (such as 1234 or your date of birth).
• 5.21.3.7. Ensuring that all ATM card receipts, account statements and any other information relating to your accounts are held in safekeeping and only accessible by you.
• 5.21.3.8. Being careful and vigilant when destroying account statements and other documents that may provide information about your accounts.
• 5.21.3.9. Maintaining and using up-to-date anti-virus software on the computers you use to access Online Credit Union.
• 5.21.3.10. Reviewing and reconciling your accounts within 30 days of receipt of your Credit Union statements.
• 5.21.3.11. Keeping us fully and immediately informed about changes in your status and mailing address.
• 5.21.3.12. Assist us by providing us with secure detailed information about you and/or your account that only you would know and have access to, which can then be used to assist the Credit Union if and when we are required to do so, or when we believe it is in either your or our best interests to further verify instructions received on your account.

5.21.4. When we speak to you on the telephone, we will need to identify you. We will do this by asking for certain information (such as answers to questions) that only you should know. We will not call you to ask for a full PIN, password, or passcode. If anyone ever does ask you for these details, please hang up and call us on our official number 1-345-949-8415.

5.22.1. You should make every effort to keep your accounts active at all times by:

• 5.22.1.1. In the case of savings and share accounts, making regular (at least every 6 months) deposits or withdrawals into and/or out of your account; and
• 5.22.1.2. In the case of fixed deposits, contacting us to update or confirm your instructions on a regular basis (at least every three years)

5.22.2. For your protection, during the existence of the account when there are periods of time within which you have not initiated deposits or withdrawals in accordance with what is deemed by us to be normal for the account or in accordance to what you have advised to us to be considered normal activity for the operation of your account (typically one year), the account’s status will be modified to “dormant” and will be subject to special dormant account fees, and/or reactivating dormant account service fees, in accordance with our Schedule of Charges.

5.22.3. Once the account is considered “dormant”, we will apply more rigorous controls on the account and any transactions applied to the account. We will also discontinue issuing statements for dormant accounts.

5.22.4. Transactions initiated on a dormant account will only be authorized after our further due diligence and internal compliance procedures have been completed. The Credit Union will not be liable for any additional costs or charges as a result of any delays caused validating transactions and/or “reactivating” dormant accounts.

5.23.1. In accordance with standard practice in the financial services industry, telephone calls may be recorded for security, training, and audit purposes.

5.24.1. We agree to keep your information and our dealings with you confidential at all times. However, notwithstanding, we may give details of you and your account with us:

• 5.24.1.1. Where permitted by law
• 5.24.1.2. Where required to do so by law
• 5.24.1.3. Where we have a public duty to do so
• 5.24.1.4. Where it is, in our opinion, necessary to protect our or your interests
• 5.24.1.5. Where you request us to do so on your behalf

5.24.2. We reserve the right to transfer or retain any information in relation to you, your account, and your use of any of our products or services whether within or outside the Cayman Islands and to share that information with third party agents in such manner as, we in our absolute discretion, consider appropriate. We further reserve the right to engage such agents, whether within or outside the Cayman Islands as, in our absolute discretion, we shall consider appropriate to fulfill our duties more efficiently or for the purpose of complying with our obligations pursuant to applicable laws and regulations.

5.24.3. Accordingly, where the Credit Union deems it necessary in its sole and absolute discretion, the Credit Union may transfer or disclose such information to counterparties, affiliates and third parties or where compelled by law or regulatory procedure, to regulators and enforcement agencies. You understand and agree that the Credit Union may disclose any information held by it in relation to you and our relationship, accounts, products or services whether or not confidential in nature;

• 5.24.3.1. To the Credit Union’s counterparties, professional advisers, or other service providers, where the Credit Union considers such disclosure necessary or appropriate for business purposes or to enable it to properly and efficiently fulfill its duties; or
• 5.24.3.2. Where such disclosure is required by any applicable law or order of any court of competent jurisdiction or pursuant to any direction, request, or requirement (whether or not having the force of law) of any central Credit Union, governmental or other regulatory or taxation agency authority with appropriate jurisdiction and pursuant to due legal process.

5.25.1. Such information may include but is not limited to: credit reports, income sources and such other credit, Credit Union or personal references to the credit bureau and other financial institutions; or to assist in the recovery of debt or such information as we may be required to so provide in order to meet our legal obligations.

5.26.1. We may further use and share relevant information in order to assist us in providing better member service to market research, credit research, insurance, debt collection, audit and or such other third parties engaged by us to provide services on your behalf, which may include the processing of information about you. All such information will be subject to strict confidentiality agreements at all times.