Important Changes to Your Seaboard Federal Credit Union Membership Agreement

Seaboard Federal Credit Union has made the following changes to the Membership Agreement addressing the process for expulsion from membership in the Credit Union.

Effective December 1, 2023 we may terminate your membership in the Credit Union in one of three ways. The first way is through a special meeting. Under this option, we may call a special meeting of the members, provide you an opportunity to be heard, and obtain a two-thirds vote of the members present at the special meeting in favor of your expulsion. The second way to terminate your membership is under a nonparticipation policy given to each member that follows certain requirements. The third way to terminate your membership is by a two-thirds vote of a quorum of the directors of the credit union for cause. Cause is defined as follows: (A) a substantial or repeated violation of the terms of your Membership Agreement with us; (B) a substantial or repeated disruption, including dangerous or abusive behavior, to the credit union’s operations; or (C) fraud, attempted fraud, or a conviction of other illegal conduct that a member has been convicted of in relation to us, including in connection with our employees conducting business on behalf of us.

Before the Board votes on an expulsion, we will provide written notice to your mail address (or email, if applicable) on record or personally provide the written notice. The Credit Union will provide the specific reasons for the expulsion and allow you an opportunity to rebut those reasons through a hearing if you choose. It is your responsibility to keep your contact information with us up to date, and to open and read notices from us. There is no right to an in-person hearing with the Board, unless the Board determines to invite you to appear before them. If you fail to request a hearing within 60 calendar days of receipt of the notice, you will be expelled.

You have the right to submit any complaints about your pending expulsion, or expulsion, to NCUA’s Consumer Assistance Center if the complaint cannot be resolved with the Credit Union. We will confirm any expulsion with a letter with information on the effect of the expulsion and how you can request reinstatement. Expulsion or withdrawal from membership does not relieve a member of liability to the credit union; and we may demand immediate repayment of the money you owe to us after expulsion, subject to your agreements with us and applicable laws. You may request information on expulsion and a copy of our expulsion policy at any time, including the Credit Union’s Bylaws on Expulsion.

If you have any questions concerning these changes or would like a copy of the most recent Membership Agreement, please click here for the full agreement, or contact the Credit Union to request a copy.