Program Terms and Conditions

When your credit union participates in the ModernFi Network, it is important to have your own terms and conditions (T&Cs) so that your members clearly understand how extended deposit insurance is provided to them. We have provided sample language here that your credit union is welcome to copy and use directly, but it is important to understand that the credit union is ultimately responsible for the content of the T&Cs.

Download the sample language here.

Using the Sample Language

The sample T&Cs provided include key program details such as deposit management, member consent, fees, and risks. Your credit union can simply copy this language and use it as your official terms and conditions. However, we recommend that you review and modify it where necessary to better reflect your specific operations, fees, and policies. Customization ensures that the terms are fully aligned with how your credit union functions.

Legal and Compliance Review

Even if you choose to use the sample language as-is, we advise that your legal or compliance team review the T&Cs. The review ensures that your credit union is aligned with and confirms the roles and responsibilities defined in the T&Cs.

Clarifying Responsibilities

The sample language outlines the credit union’s responsibility for managing members’ funds within the program, even if third parties like ModernFi are involved. By using this language, you’ll ensure members understand the credit union’s role as their agent, responsible for the management of deposits. Your credit union can easily adopt the provided sample language as your official T&Cs, but remember that the credit union is responsible for implementing and maintaining the T&Cs.

Member Communication and Consent

If you copy the sample language, it is essential that it’s clearly communicated to your members. Ensure members are aware of how their funds are managed. Additionally, they should sign off on their understanding and agreement to the T&Cs through a formal consent form, as outlined in the sample language.