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Membership & Account Agreement FAQs

Frequently Asked Questions: Updated Membership and Account Agreement

As a member-owned financial cooperative, we regularly review our agreements to ensure we use best practices that protect your interests and enhance the value of your membership. As part of this process, we have made several changes to our Membership and Account Agreement. Below are answers to some of the most common questions about this update.

1. Why did I receive an updated Membership and Account Agreement? We regularly review and update our agreements to reflect changes in:

This update helps ensure you continue to have clear, accurate information about your rights and responsibilities as a member.

2. Does this mean something is wrong with my account? Not at all. This update does not mean anything is wrong. Your account remains the same and will continue to function as usual.

3. What has changed in this version of the agreement? While many of the updates involve minor clarifications or language improvements, we want to highlight three areas where significant changes were made:

  1. UNDERSTANDING AND AVOIDING OVERDRAFT AND NON-SUFFICIENT FUNDS (NSF) FEES—This section was updated to include recently enacted fee limitations. For example, we have introduced a daily cap on the number of overdrafts and non-sufficient funds fees that you can be charged in a single day. We waive ODP and NSF fees associated with a transaction that can be paid by taking the account negative up to $5.00. We also clarified the posting order of transactions to help you better manage your account and avoid unnecessary fees.

  2. DISPUTE RESOLUTION PROVISION—We revised our dispute resolution process to include mandatory mediation and binding arbitration, along with a Class Action Waiver and a Jury Trial Waiver. These updates are designed to allow for fair, efficient, and individualized resolution of disputes between you and ProFed.

  3. MEMBER EXPULSION—From time to time, circumstances may arise where we need to expel a member to protect the safety and well-being of our credit union, our employees, and our members. We clarified this process in the agreement to ensure transparency and preparedness in such situations. This action is never taken lightly, but for safety reasons, this option must be available.

4. Do I need to do anything right now? No immediate action is required. Continued use of your account after the effective date means you agree to the updated terms. If you have any questions about the new agreement, please do not hesitate to contact your local branch or call us at (260) 373-1633.

5. Can I opt out of the updated agreement? No. This agreement applies to all ProFed members, and individual opt-outs aren’t available. If you do not want to be bound by the agreement, the only option is to close your membership with ProFed.

6. Will this affect my current account, rates, or services? Your account number, rate, or product type will not be changed. The agreement update simply governs the terms of your relationship with ProFed and the services we provide.

7. Where can I review the new agreement in full? You can access the full Membership and Account Agreement:

8. Who can I contact if I have questions about the changes? We’re here to help you feel confident and informed.

9. How often do you update this agreement? We typically review and revise this agreement as needed—usually when regulations change, we introduce new services, or we identify areas where clarification would benefit our membership.

10. Why is it important for me to read the updated agreement? This agreement protects both you and ProFed. It outlines how your accounts work, how we communicate with you, and what to expect when using our services. Reviewing it helps you stay informed and empowered as a member.

Thank you for being part of the ProFed community. We’re committed to transparency, excellent service, and supporting your financial goals—now and in the future.