CHANGE IN TERMS NOTICE
Effective August 1, 2021, Seaboard Federal Credit Union has revised our Membership Agreement Disclosures
and our Business Membership Agreement Disclosures. Your Membership, Account(s), and Service(s) will be
subject to the terms and conditions of Seaboard Federal Credit Union’s new revised Disclosures. Your
acceptance and agreement to the revised terms will be shown by your continued use of any existing or new
account(s) or services after the effective date.
As a member-owned financial co-operative, we are always mindful that it is our duty to protect Credit Union
resources. As good stewards it is imperative that we stay up to date with all regulatory and legal requirements
placed upon the Credit Union. The new Membership Agreement Disclosures and the new Business Membership
Agreement Disclosures provide numerous clarifications of the obligations of both the Credit Union and its
membership. Further, because of our ongoing duty to protect the Credit Union for the benefit of the entire
membership, we have added an Arbitration and Waiver of Class Action provision. This new provision provides
rules as to how legal disputes between the Credit Union and its members shall be resolved. Industry
associations have noted the harm that costly, protracted litigation can cause to credit unions and their
members. Thus, we are making this change due to our belief that the best way to protect our member owners and
the Credit Union is through the parties working together to resolve disputes quickly and amicably in the
limited instances where they arise.
This new Arbitration Provision will become effective on August 1, 2021. You will have until September 30, 2021,
to exercise your right to opt-out of this provision. If you request to opt-out of the Arbitration Provision, we
will provide a confirmation back to you within 10 business days of receipt of your written notice.
If you do not opt-out of this Arbitration Provision the continued use of your Credit Union account will act
as your consent. The full text of the Arbitration Provision and all other terms and conditions can be found
in the Membership Agreement Disclosures and the Business Membership Agreement Disclosures. You can obtain a
copy of either of these documents at any branch office; by calling us at 1-800-639-2206 or (207) 469-6341 during
normal business hours; write to us at Seaboard Federal Credit Union at: PO Box G, Bucksport ME 04416; and/or
view online at https://www.seaboardfcu.com.
Seaboard Federal Credit Union would like to thank you for being a member. The Booklets and Rate and Fee Schedules
listed below explain the rules which govern your account(s) and account services with us. Please read these Booklets
and Schedules carefully and keep them in a safe and convenient place. If you have any questions about these documents
please contact Seaboard Federal Credit Union by phone at (207) 469-6341 or (800) 639-2206, through the
Contact Us Page, or mail to P.O. Box G, Bucksport, ME 04416.