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I understand that my Holiday Club Account (the "Account")
will be opened and maintained by the Saks Fifth Avenue Employees' Federal
Credit Union.
The Club year covers a period of 52 weeks or 24 semi-monthly pay periods
beginning November 1st of each year and ending October 31st of the following year.
The Account is only available to members employed and paid by Saks Fifth Avenue.
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| Payroll Deduction Authorization |
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All deposits to my Account shall be made automatically through
payroll deductions. I hereby authorize Saks Fifth Avenue to make said
deductions without further notice to me. All deductions will appear on my
paycheck stub separately from any other credit union deduction.
Weekly payroll members: Fifty-two (52) equal deposits, of the dollar amount
designated by me, will be made into the Account.
Semi-monthly members: Twenty-four (24) equal deposits, of the dollar amount
designated by me, will be made to the Account.
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If for any reason I do not receive a Saks Fifth Avenue paycheck for a particular pay period(s),
or receive a check for less than my regularly scheduled hours or salary, I understand that it may
not be possible to process a deduction for deposit to my Account.
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Deposit Insurance
Each Account is federally insured to $100,000 by the National
Credit Union Administration, a U.S. Government Agency.
Dividends
Dividends will be paid at the rate declared by the Board of
Directors. Dividends are calculated using the average daily balance method.
Withdrawal Of Account Funds
At the conclusion of the Holiday Club period, funds from my
Holiday Club Account plus dividends earned for the period will be
automatically transferred into my savings account. I will see this
money in my savings account by early November of each year.
Penalty For Early Withdrawals
Fund are to remain in the Account for the entire term. If a
member requests an early withdrawal, it must be for the entire
balance. NO PARTIAL WITHDRAWALS ARE PERMITTED. Accounts closed
after the first thirty days of the Club year will not receive any
accrued dividends. A member stopping the Holiday Club deduction
without withdrawing the funds will incur no penalty.
Automatic Enrollment
I understand the Credit Union will automatically enroll me for
each subsequent Holiday Club year under the then-applicable
conditions governing the Account, and that Saks Fifth Avenue will
continue to automatically deduct from my paycheck the amount I
have specified, unless I notify the Credit Union in writing to the
contrary. If the Credit Union makes changes in the "Conditions
Governing the Saks Fifth Avenue Employees' Federal Credit Union
Holiday Club" or no longer offers this service, I understand the
Credit Union will provide me with prior written notification.
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PLEASE PRINT ALL INFORMATION.
CHECK YOUR PAY STUB FOR YOUR NEW STORE NUMBER AND NEW EMPLOYEE NUMBER.
IF WE HAVE A WRONG NUMBER, THIS WILL DELAY THE PROCESSING AND DEDUCTION TO
YOUR HOLIDAY ACCOUNT.
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| I hereby agree to the conditions governing the Saks Fifth Avenue Employees'
Federal Credit Union Holiday Club Account. Certifications to Taxpayer
Identification Number and Backup Withholding: Under penalties of perjury,
I certify (1) that the number shown on this form is my correct taxpayer
identification number and (2) that I am not subject to backup withholding as
a result of a failure to report all interest or dividends, or the Internal
Revenue Service (IRS) has notified me that I am no longer subject to backup
withholding.
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| XX______________________________________ |
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| Member's Signature |
Date |
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| XX______________________________________ |
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| Membership Officer |
Date |
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| BENEFICIARY INFORMATION: |
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Return to:
Saks Fifth Avenue EFCU / Tower 49 / 3rd Floor / New York
Received at CU office Processed on CU system
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2007 Holiday Club Payroll Change Form
Please let us know how to handle your account for the 2006-2007 Club year.
This form is only to be used if you had an account closed between November 2006 and October
2007, or you would like to increase or decrease your
Holiday Club deduction.
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