PISB-USA Collateral Savings Account
Welcome to "STEP 3" of Critical Information.
Shareholder/Volunteer/Member-Owner/Organization Application Form.
Project Impact South Bend (PISB) - CommonUnity Community (CUC)
Impact Economic Enterprises, Corporation (IEEC)
Impact Economic Enterprises Wealth Creation Cooperative (IEEWCC)
Your Blakeonomics User Name Associated with your Account.
Email Address Associated with your Blakeonomics Account.
Would you like a Blakeonomics email address?
The Password will be the same as the Member Login.
PISB Account Number
If you donot have a PISB Account # it will be assigned to you.
1. USA Collateral Savings Account at Minimum $100.00 Per Year with optional monthly deposits of $10.00 per mo. for 12 – 24 or 36 months. Collateral Savings for 1-3 years. Equity Capital Gift Shares Common Voting Shares.
Select this option if you plan to open up a USA Collateral Savings Account with CommunityWide Federal Credit Union.
Yes, For 12 Months
Yes, For 24 Months
Yes, For 36 Months
2. Add USA Collateral Savings Sub-account to existing Savings Account at Minimum $100.00 Per Year with optional monthly deposit of $10.00 per mo. for 12 -24 – 36 months. Collateral Savings for 1-3 yrs. Gift Shares Common Voting.
Select this option also if you are currently a member of CommunityWide Federal Credit Union.
If you are a Community Wide member a USA Sub Account will be added to your current Community Wide Account.
3. Optional PISB-USA Collateral Savings Sub Account under Project Impact Group USA Savings Account?
Select this option if you do not wish to become a member of CommunityWide Federal Credit Union, but you would like to open a PISB-USA Collateral Savings Sub-Account under Project Impact’s Group PISB-USA Collateral Savings Account. You will then be eligible to receive Gift Shares of Stock for each dollar you deposit in your PISB-USA Collateral Savings Sub-Account. You will be assigned an individual PISB-USA Collateral Savings Sub-Account Number and all your deposits will be posted to your PISB-USA Collateral Savings Account. You will receive one escrow Gift Share for each dollar deposited and left in your account for a minimum of one year.
4. CUCWEE Individuals Gift Shares For – Attendance CUCWEE Classes – Common Non-Voting Shares
Check Here if your are also interested in or plan to attend economic education classes and you would like to recieve 5 Gift Shares for attending each class for a total of 100 Gift Shares.
USA Collateral Savings and Gift Shares - Limited time restrictions on dividend and interest. The limitations on dividends and interest are for the purpose of preserving working capital in the early years of investment.
No dividends will be paid by IEEC for a minimum of 5 years beginning January 1, 2014. No interest will be paid by CWFCU, PISB or IEEC on collateral savings or collateral savings escrow accounts during this same 5 years. Gift shares are not given as compensation for dividends and interest that might have been earned on those accounts. Gifts shares are issued on the basis of, and in accordance with, the bylaws of IEEC/IEEWCC.
5. I/we will receive no dividends on this Ultra Savings Account regardless of the account balance. (This restriction applies only to my PISB-USA Collateral Savings or USA Sub-Account savings only and this does not prevent me from receiving dividends or interest on my regular CWFCU Savings account.)
As a volunteer for Project Impact South Bend (PISB), I am participating in CommonUnity Community (CUC), Impact Economic Enterprises, Corporation (IEEC), and Impact Economic Enterprises Wealth Creation Cooperative (IEEWCC). As part of my participation in these endeavors, I have agreed to open an individual or joint Ultra Saving Account (USA) with CommunityWide Federal Credit Union (CW) under the special conditions as designated below. If you do not wish to become a member of CommunityWide Federal Credit Union, but you would like to open a PISB-USA Collateral Savings Sub-Account under Project Impact’s Group PISB-USA Collateral Savings Account. You will then be eligible to receive Gift Shares of Stock for each dollar you deposit in your PISB-USA Collateral Savings Sub-Account. You will be assigned an individual PISB-USA Collateral Savings Sub-Account Number and all your deposits will be posted to your PISB-USA Collateral Savings Account. You will receive one escrow Gift Share for each dollar deposited and left in your account for a minimum of one year.
I/we pledge all funds placed in this Ultra Savings Account to be available for collateral us to Project Impact South Bend. Those funds may be used by PISB in association with Impact Economic Enterprises Corp. (IEEC) as collateral security on any loan issued to PISB from CommunityWide Federal Credit Union, for the purpose of investing in for-profit-ventures that benefit shareholders interest in IEEC. I understand that if such loans are not repaid by PISB in compliance with the terms of the loan, PISB may, on my/our behalf, give written permission to CWFCU to withdrawal any or all of the funds in this account for use in repayment of the PISB loan.
Project Impact South Bend (PISB) hereby releases any rights to the funds in the Ultra Savings Account listed above to the account holder(s). If it is determined by CommunityWide Federal Credit Union that those funds are encumbered as collateral security on an outstanding loan given to PISB from CW, in accordance with the provisions agreed to in the account holder’s pledge to PISB, the account owner may not withdrawal the funds until the collateral obligation has been satisfied. If the funds are unencumbered, full control reverts to the account holder(s).
A copy of the by-laws of IEEC/IEEWCC is available at www.impacteconomicenterprises.com It is the shareholder/member-owner’s responsibility to provide IEEC/IEEWEE with a current mailing address should the above information change. As with any investment, your ownership share is subject to risk. If the Co-op is unsuccessful, the member-elected Board of Directors will determine distribution of remaining assets. Every effort will be made to refund the paid portion of your shareholder/member-owner equity share. Although collateral and escrow savings accounts, and all funds deposited in such accounts, will always remain the property of the shareholder/member, those funds may not be withdrawn by the shareholder/member once a collateral hold has been placed on them, without proper gift share adjustment and written approval and release by PISB/IEEC. Typically, release will be given except in the case where to do so would jeopardize or cause default on money borrowed from a financial institution where a legal liability to repay the funds is being collateralized by the specific requested funds.
9. I hereby authorize CommunityWide Federal Credit Union to release any information pertaining to my designated Project Impact account to Project Impact.
10. Date of Application
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