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ELECTRONIC FUND TRANSFERS (EFT)
Section of the Account Agreement
A. Generally. Financial Plus Federal Credit Union makes available to members various “electronic fund transfer” services. We have provided, and will be providing from time to time, plastic Automated Teller Machine Cards and/or Visa MoneyKey ATM/Check Cards to certain members. “Electronic fund transfers” may also be made by use of a touch-tone telephone through our audio response service (Touch Tone Teller) or by use of a personal computer through our online banking (called Home Financial Services – HFS) and BillPay Plus programs or by preauthorized debits (including electronic check conversions) and credits from third parties. Two or more persons may be furnished such cards and services relating to the same account or accounts in the Credit Union.
When a secret personal identification number (called a “PIN”) is also provided, the Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card, can be used, together with the PIN, in any of a number of automated teller machines or point of sale terminals to make “electronic fund transfers” to, from, or between one or more accounts in the Credit Union, simply by following the instructions at the machine or terminal. The Visa MoneyKey ATM/Check Card can also be used along with your signature or with other electronic means at Visa merchant locations.
We will, upon request, issue personal identification numbers (“PINs”) which can be used with a touch-tone telephone or personal computer to make “electronic fund transfers” to, from, or between one or more accounts in the Credit Union by following the rules and procedures of our Touch Tone Teller and/or Home Financial Services program(s) or to third parties through our BillPay Plus program.
This Agreement is being furnished to you as a member of Financial Plus Federal Credit Union to meet the requirements of the federal and Michigan statutes relating to “electronic fund transfers,” as well as the requirements of the regulation (Regulation E) issued by the Federal Reserve Board pursuant to the federal statute, whether such “electronic fund transfers” are made by use of an automated teller machine, a point of sale terminal, at a Visa merchant location, our Touch Tone Teller service, Home Financial Services program, BillPay Plus service, or in some other manner.
In this Agreement, “you” and “your” includes the plural in cases where two or more persons have an interest in a single account affected by an “electronic fund transfer” service. “We,” or “us,” and “Credit Union” refers to Financial Plus Federal Credit Union.
This Agreement is a contract. The terms and conditions set out here are binding on you and on us as to the making of such “electronic fund transfers,” as outlined in Section E, in the following cases:
• If you use the account(s) covered by this Agreement after receipt of this Agreement;
• If you already have an Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card and PIN provided by us and you use them to make such transactions after receipt of this Agreement;
• If you ask us to provide you with a PIN and you thereafter use it, together with your Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card, to make such transactions;
• If you receive an Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card from us without asking for it, but then ask us to provide you with a PIN to make such transactions or activate it according to the instructions on the card(s);
• If you already have, or if we issue a PIN at your request and you use it to make transactions through our Touch Tone Teller, Home Financial Services, or BillPay Plus program(s).
• If you have authorized other “electronic fund transfers,” such as preauthorized debits (including electronic check conversion) or preauthorized credits through a third party service provider or you authorize other “electronic fund transfers” after receipt of this Agreement.
In any case, your use of the account(s) or your making of such transactions after receipt of this Agreement constitutes your acceptance of the terms and conditions set out in this Agreement.
Although your account(s) may be subject to “electronic fund transfers” and in that regard are subject to the terms and conditions of this Agreement, you may continue to use those account(s) to the same extent and in the same manner that you have in the past insofar as “over-the-counter” and other non-electronic transactions are concerned.
B. Accounts Affected. Each of the following types of accounts in the Credit Union can be subject to some kind of “electronic fund transfer” service:
Regular Shares
Christmas Club Accounts
Share Draft Checking Accounts
Miscellaneous Accounts
Hi-Yield Shares or Hi-Yield Plus Shares
These types of accounts are sometimes referred to in this Agreement as “asset account(s)” or simply as your “account(s).”
You have previously told us which of your account(s) you want to be subject to a particular type of “electronic fund transfer” service. You may change those instructions in the future, and we will follow your new wishes to the extent regulations allow, and our “electronic fund transfer” services permit at that time.
C. Account Agreements. The other terms and conditions of the Membership/Account Agreement relating to your accounts with us remain in effect except to the extent modified by this Section XII.
D. Minimum Balance. You must always maintain a minimum of $5.00 in your Regular Share account to be entitled to make “electronic fund transfers” affecting your account(s). We reserve the right to increase minimum balance requirements or to impose other restrictions in the future, but if we do so, we will give you at least twenty one (21) days advance written notice.
E. “Electronic Fund Transfer” Services. You have previously told us which “electronic fund transfer” services you want to use. You can discontinue use of any such service whenever you wish. If you begin using a different “electronic fund transfer” service after receipt of this Agreement, we must be notified of the account(s) to be affected.
We may make additional types of “electronic fund transfer” services available in the future. We may also discontinue one or more, or all, of our “electronic fund transfer” services in the future, but if we do that we will give you at least twenty one (21) days advance notice in writing.
At the present time, you can authorize the following types of “electronic fund transfers” to, from, or between your “asset account(s)” in the Credit Union:
Preauthorized Transfers to Your Accounts (Credits):
• Direct deposit of Social Security payments, and pension payments;
• Direct deposit of Veterans Administration benefits and Railroad retirement benefits;
• Deposits of net paycheck, or payroll deduction from the various branches of General Motors and from certain other employers who have agreed to send such deposits to us;
• Direct deposit of military active duty and retirement benefits;
• Automatic transfer from another person’s account in the Credit Union;
• Deposit(s) from any third party through the facilities of an automated clearing house (ACH) or other electronic network.
If, in connection with a direct deposit plan, we deposit any amount in an account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from the account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.
Preauthorized Transfers from Your Accounts (Debits):
• Payments of your house mortgage, insurance premiums and utility bills, as well as other types of payments to third parties, through facilities of an automated clearing house (ACH) or other electronic network;
• Automatic transfers to another person’s account in the Credit Union;
• Automatic transfers from your account to make payments on another person’s loan to the Credit Union.
Electronic Checking Conversion:
You may authorize a transfer through an automated clearing house (ACH) when you provide a check to certain merchants or other payees that enables the merchant or other payee to capture the routing, account, and serial numbers to initiate the transfer, whether the check is blank, partially completed, or fully completed and signed; whether the check is presented at the point of sale or is mailed to a merchant or other payee or lockbox and later converted to an “electronic fund transfer,” or whether the check is retained by the consumer, the merchant or other payee, or the payee’s financial institution. This may include the electronic payment of charges for checks returned for non-payment. Your authorization to make such types of “electronic fund transfers” may be expressed in writing or implied, for example, by the merchant or other payee posting a sign.
Touch Tone Teller Transactions:
If you have authorized access to our Touch Tone Teller automated response system, you may use your touch tone telephone and PIN to make the following “electronic fund transfers:”
• Withdrawals from your “asset accounts” or line of credit loan accounts in the Credit Union, except IRA, escrow, and certificate accounts (A check will be mailed to your address on file.);
• Transfers between your “asset accounts” in the Credit Union, excluding IRA, escrow, and certificate accounts;
• Transfers between your “asset accounts” and your line-of-credit loan accounts in the Credit Union, except IRA, escrow, and certificate accounts;
• Transfers from your “asset accounts” to your closed-end loan accounts in the Credit Union, except IRA, escrow, certificate accounts, and mortgages.
• Transfers from your “asset accounts” in the Credit Union (excluding IRA, escrow, and certificate accounts) or line-of-credit loan to another member account at the Credit Union, which you have previously authorized.
• Balance inquiries and other account information on your asset and loan accounts*.
*(These are not “electronic fund transfers.”)
Automated Teller Machine Transactions:
If you have an Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card for which we have issued a PIN, you can use your card and PIN to make the following transactions in an automated teller machine. However, your card(s) may need to be reprogrammed by our Member Service Department in order to access all of these accounts:
• Deposits to your regular share, checking, Hi-Yield or Hi-Yield Plus** account;
• Cash withdrawals from your regular share, checking, Hi-Yield or Hi-Yield Plus ** account;
• Cash withdrawals from your Visa and Personal Pocketbook or Home Equity line-of-credit loan accounts with us*;
• Transfers (non-cash) between regular share, checking, Hi-Yield and Hi-Yield Plus ** accounts;
• Transfers (non-cash) from your regular share, checking, Hi-Yield or Hi-Yield Plus ** accounts to your loan account(s)*** with us;
• Transfers (non-cash) from your Visa and Personal Pocketbook or Home Equity line-of-credit loan accounts with us to your regular share, checking or hi-yield** account;
• Payments on loans by cash, check, draft, etc.*/***;
• Balance Inquiries on your regular share, check, Hi-Yield, Hi-Yield Plus accounts**, and your Visa and Personal Pocketbook or Home Equity line of credit loan accounts*.
* These are not “electronic fund transfers.”
** Hi-Yield and Hi-Yield Plus account access restricted to automated teller machines owned and operated by the Credit Union and ATMs in the Co-op Network.
*** Loan payment transfers will be processed manually within two (2) “business days” of the transaction date and are restricted to ATMs owned and operated by the Credit Union. See Section V for our “business days.”
Point-Of-Sale Transactions:
If you have an Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card for which we have issued a PIN, you may use your card and PIN to pay for goods and services at places that have agreed to accept cards with NYCE access. These places will display the NYCE logo in their business locations. Payment may only be made from funds in your checking account. Access to other accounts is not permitted.
Visa MoneyKey ATM/Check Card Transactions:
If you have a Visa MoneyKey ATM/Check Card, you may use your signed card along with your signature to purchase goods and services from merchants that have agreed to accept Visa cards. These merchants will display the Visa logo in their business locations. You may also use your Visa MoneyKey ATM/Check Card to order goods or services by mail, telephone, or the Internet from merchants that have agreed to accept Visa cards. Your Visa MoneyKey ATM/Check Card, along with your PIN, will also perform the transactions itemized in the “Automated Teller Machine Transactions” and “Point-of-Sale Transactions” sections above. Purchase transactions at merchant locations may only be made from funds in your checking account. Access to other accounts is not permitted.
Home Financial Services (Online Banking) Transactions:
Our Home Financial Services (HFS) allows members to process “electronic fund transfers” between their account(s) and make other transfer requests by use of a personal computer connected to the Internet. If you have authorized HFS access, for which we have issued a PIN, you may log onto our HFS system to process the following transactions:
• Transfers between your “asset accounts” in the Credit Union (excluding IRA, escrow, and certificate accounts);
• Transfers from your “asset accounts” (except IRA, escrow, and certificate accounts), to your loan accounts in the Credit Union (except mortgages).
• Transfers from your line-of-credit loan accounts (i.e. Visa, Personal Pocketbook or Home Equity) to your “asset accounts” (except IRA, escrow, and certificate accounts);
• Transfers from your “asset accounts” (except IRA, escrow, and certificate accounts), or line-of-credit loan accounts (i.e. Visa, Personal Pocketbook or Home Equity) to another member account at the Credit Union, which you have previously authorized.
• Balance inquiries and other account information on your asset and loan accounts*.
• Download account information into certain personal financial management software packages*.
• Send an e-mail message to us to place an order for an additional supply of checks, place a stop payment on a check or range of checks, request a copy of a check previously written which has cleared your account, and perform certain other transactions*. There may be a fee for these services, refer to our current schedule of fees.
• Make application for credit card and other loan accounts*.
* These are not “electronic fund transfers.”
BillPay Plus Services:
BillPay Plus is a bill payment service, which allows members to transfer funds from their checking account to make third-party payments. You must be a user of Home Financial Services to access the BillPay Plus program. If you have authorized access to our BillPay Plus service, and agreed to pay the monthly fee (refer to our current fee schedule), you may use a personal computer, internet connection, and PIN to make the following “electronic fund transfers:”
• Withdrawals from your checking account in the Credit Union to make payments to third parties, through the facilities of an automated clearing house (ACH), other electronic network, or by check.
• Balance inquiry on your checking account.*
*These are not “electronic fund transfers.”
BillPay Plus transfers can be scheduled as “Today”, “Future”, or “Recurring” payments.
A “Today” payment will be withdrawn from your checking account immediately upon terminating the BillPay Plus session, and the payment to the third-party payee will begin processing on the following “business day.” The payment may not be stopped or cancelled once you have terminated the BillPay Plus session.
A “Future” payment will be withdrawn from your checking account and the third-party payment will begin processing on the day scheduled, or if not a “business day” on the next “business day.” “Future” payments may be scheduled up to three-hundred-sixty-four (364) days in advance and may be changed or cancelled until midnight (Eastern Time) of the day prior to the scheduled payment date.
A “Recurring” payment can be scheduled to occur automatically based upon a specified regular basis, beginning on the start date indicated and ending on the end date indicated. “Recurring” payment(s) will be withdrawn from your checking account, and the third-party payment will begin processing on the day scheduled, or if not a “business day” on the next “business day.” “Recurring” payments may be changed or cancelled until midnight (Eastern Time) of the day prior to the scheduled payment date.
The BillPay Plus program is available twenty-four (24) hours per day, seven (7) days per week, and is limited to $5,000.00 per payment, and up to forty-five (45) third-party payees. Payment is expected to be made to the third-party payee on the “deliver by” date indicated online when the payment is scheduled. All payments must be payable in United States Dollars and the payee address must be within the United States. Payments may not be made to a federal, state or local governmental or taxing unit, or other category of payees, as indicated online. Payments must be scheduled to allow a sufficient number of “business days” for the payment to be delivered, as indicated online when the payment is scheduled, to process the payment and deliver funds to the third-party payee by the payment due date, excluding any grace period. Refer to the “Payment Guarantee” online for more details. See Section V for our “business days.”
The monthly fee for BillPay Plus will be withdrawn from your checking account on the last day of each month, and will cover all BillPay Plus transactions made during the current month. See our current fee schedule for BillPay Plus fees. We reserve the right to change this fee, upon notice, in the future.
F. Location of ATMs. At the present time, you can use automated teller machines (ATMs) owned and operated by Financial Plus Federal Credit Union, and machines in the NYCE, Co-op, and Cirrus networks. Other regional networks may also be available through network sharing agreements.
The number and location of automated teller machines is, of course, subject to change at any time. If you have an Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card and PIN, we will keep you informed from time to time of the location of our machines and the networks available.
G. Excluded Transactions. Our data processing system makes it possible to offer you many electronic services, however, some of these services do not constitute “electronic fund transfers” for the purpose of this disclosure, such as, for example, deposits of payroll deduction from certain employers, payment of premiums for individual or family group life insurance by deduction from your account(s) in the Credit Union, automatic transfers from your account(s) to pay your loan(s) owing to us, automatic transfers between your own “asset account(s)” in the Credit Union, and transfers received via Fedwire or through a similar wire transfer system, such as “A2A” Money Transfer System, that is used primarily for transfers between financial institutions or between businesses. The terms and conditions of this Agreement apply only to those services and transfers, which are “electronic fund transfers” as described in Section E; they do not apply to other transactions which, although electronic in nature, do not constitute “electronic fund transfers” described in Section E.
H. Illegal Use of Card or Other “Electronic Fund Transfer” Service. You understand and agree that “electronic fund transfer” services, including but not limited to use of a Card, may not be used for any illegal transaction. You further understand and agree that illegal use of an “electronic fund transfer” service will be deemed an action of default and/or breach of contract, and as a result your account and other related services may be terminated at the discretion of the Credit Union. You further agree, should illegal use occur, to waive any right to sue the Credit Union for such illegal use or any activity directly or indirectly related to it, and, additionally, to indemnify and hold the Credit Union harmless from any suits or other legal action or liability directly or indirectly resulting from such illegal use.
Internet gambling may be illegal in the jurisdiction in which a member is located, including the United States and elsewhere. Display of a payment card logo by an online merchant does not mean that Internet gambling transactions are legal in the jurisdiction in which the member is located. The Credit Union may decline to authorize any transaction the Credit Union believes poses an undue risk of illegality or unlawfulness. The Credit Union will immediately report and comply fully with law enforcement agencies seeking to investigate illegal use of a Credit Union Card or other “electronic fund transfer” service.
I. Card Ownership. All Automated Teller Machine and/or Visa MoneyKey ATM/Check cards, and its personal identification numbers (PIN’s), Home Financial Services PIN’s, and Touch Tone Teller PIN’s remain the property of the Credit Union and may be revoked or cancelled at any time without giving you prior notice. Your use of such services is a revocable privilege. Because we retain ownership of all Automated Teller Machine and/or MoneyKey ATM/Check cards, and its PIN, Home Financial Services PIN’s, and Touch Tone Teller PIN’s, we may, in our sole discretion, revoke your access to such privileges for repeated overdrafts, account misuse, loan delinquencies, and other activities deemed adverse to the Credit Union’s interests.
If this Agreement is terminated, you agree to surrender any Automated Teller Machine and/or MoneyKey ATM/Check cards to us.
We will not be required to complete any “electronic fund transfer”, that would cause your account to go below zero, or after the service has been terminated, but if we do, you agree to pay us the amount of the improper withdrawal, or transfer, upon request.
J. Personal Identification Number (PIN) Secrecy and Member Responsibility. If we have issued PINs for use in conjunction with your Automated Teller Machine Card, Visa MoneyKey ATM/Check Card, Home Financial Services, and/or our Touch Tone Teller program, you agree to keep the PIN(s) secret and you also agree that you will not write the PIN(s) on your card(s) nor on any item you keep with your card(s) or other account information, or store your PIN on your personal computer. Unless you provide evidence to the contrary, the Credit Union will attribute all PIN-based transactions made on your accounts to your own activities.
K. Fees for “Electronic Fund Transfers.” At the present time, we make no charge to you or to your asset account(s) for the making of “electronic fund transfers” as described in Section E, or for the right to make such transfers, except when limitations are exceeded on the number of transactions made at an automated teller machine and for BillPay Plus services. There may be a charge for additional or replacement Automated Teller Machine and/or Visa MoneyKey ATM/Check cards. There may also be transfer, overdraft, and/or non-sufficient fund fees for overdrafts created in your account(s). Refer to our schedule of fees for current fee amounts. We reserve the right to impose, or change such charges, if we deem it necessary. We will give you at least twenty-one (21) days advance written notice before imposing or increasing any such charge.
If you use an automated teller machine that is not operated by us, you may be charged a fee by the operator of the machine and/or by an automated transfer network.
If you use your Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card to make a transaction in foreign currency, the transaction will be converted to U.S. Dollars. The currency conversion rate will be either a rate selected by Visa or Cirrus from the range of rates available in wholesale currency markets for the applicable central processing date, which may vary from the rate Visa or Cirrus itself receives, or the government mandated rate in effect for the applicable central processing date. In each instance, plus or minus any adjustment determined by the Issuer.
L. Limitations on “Electronic Fund Transfers.” Transfers and withdrawals made by telephone*, by Touch Tone Teller, through Home Financial Services, by transfer to an authorized third party, or to cover overdrafts* will be limited to a total of six such transfers and withdrawals per account, per month. Transfers and withdrawals made by automated teller machine, in person or by mail, and through our BillPay Plus program are not subject to this limitation nor are transfers and withdrawals made from your Share Draft Checking Account.
Your accounts may be accessed 24 hours per day, 7 days per week, except for short periods of time each day to allow for certain processing and back-up requirements. Other unanticipated outages may be experienced, although they will be kept to a minimum. We reserve the right to deny “electronic fund transfer” services if your account(s) are in derogatory status, such as if you are past due on your loan obligations with us or overdrawn on any of your account(s). These limitations may be changed in the future, however, we will give you written notice of any such change at least twenty-one (21) days in advance.
There are no limitations on the number of deposit, transfer and payment transactions you may make at an automated teller machine within the State of Michigan during a daily 24-hour operating cycle. However, deposits and transfers are limited to $25,000.00 per transaction, and are not allowed at automated teller machines outside the State of Michigan, except within the Co-op Network. Not all transactions types may be available at all automated teller machines. Payment transactions are allowed only at automated teller machines owned and operated by Financial Plus Federal Credit Union. Hi-Yield account transactions are allowed only at automated teller machines owned and operated by Financial Plus Federal Credit Union and machines within the Co-op Network. To protect against possible losses, your Automated Teller Machine Card(s) will not allow you to obtain more than $305.00 cash, including surcharges, from an automated teller machine, per card, and $500.00 in goods or services, per card, through a point of sale terminal during a daily twenty-four (24) hour cycle. Additionally, certain card(s), at the option of the Credit Union, may have reduced cash withdrawal and point-of-sale authorization limits, however, if this is the case, you will be notified. Your Visa MoneyKey ATM/Check card will not allow you to obtain more than $305.00 cash, including surcharges, from an automated teller machine, per card, and $1,500.00 in goods or services, per card, through any combination of transactions at point-of-sale terminal(s) or purchase(s) at Visa merchant(s) during a daily twenty-four (24) hour cycle. Purchase transactions made by use of your Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card may only be made from funds in your checking account. Access to other accounts is not permitted. You have the right to require us to program our system so that no more than $50.00 can be withdrawn from your account(s) by use of your Automated Teller Machine Card or Visa MoneyKey ATM/Check Card during a single day. Please contact us if you want this option. Your Automated Teller Machine card and/or Visa MoneyKey ATM/Check Card may not be used for any illegal transaction, including Internet gambling transactions.
You must be a user of Home Financial Services to access BillPay Plus. BillPay Plus transfers are limited to $5,000.00 per payment, up to forty-five (45) third-party payees, and must be made from funds in your Share Draft Checking Account. Third-party payments must be made to United States payees and payable in United States Dollars. Payments may not be made to a federal, state or local governmental or taxing unit, or other category of restricted payees, as indicated online.
* These are not “electronic fund transfers.”
M. Documentation of Transfers.
A. You can get a transaction receipt at the time you make any transfer to, from or between your account(s) using an automated teller machine or point-of-sale terminal.
B. If you have arranged to have direct deposits (which are “electronic fund transfers” as described in Section E) made to your “asset account(s)” at least once every sixty (60) days from the same person or company;
(1) In most cases, the person or company making the deposit will give you notice every time they send us the money, but
(2) If that person or company does not give you such notice, you may use our Touch Tone Teller, Home Financial Services, or contact us at (810) 244-2200 or (800) 748-0451 to find out whether or not the deposit was made.
C. You will receive a statement every month in which you have “electronic fund transfer” activity, and at least once per quarter for each “asset account(s)” for which you have authorized any “electronic fund transfer” service described in Section E that has not had activity in a given month. Periodic statements we send you on accounts that are subject to “electronic fund transfers” described above and transaction receipts are admissible evidence in resolving a dispute.
D. If preauthorized payments from your account(s) may vary in amount, the person you are going to pay will notify you in writing ten (10) days before each payment when it will be made and how much it will be.
N. Right and Procedures to Stop Payment on Preauthorized, Electronic Check Conversions, and BillPay Plus Transfers. The following rules apply only to “Preauthorized Transfers From Your Account (Debits),” “Electronic Check Conversions” and “BillPay Plus Services” as described in Section E of this Agreement.
If you have told us in advance to make regular payments out of your account(s), or authorized an electronic check conversion, you can stop these payments. However, only BillPay Plus transfers designated as “Recurring” payments can be stopped. BillPay Plus transactions designated as “Future” and “Recurring” payments can be cancelled through the BillPay Plus program until midnight (Eastern Time) of the day before the scheduled processing day. “Today” transactions cannot be stopped or cancelled once the BillPay Plus session is terminated. To place a stop payment on a preauthorized transfer, electronic check conversion, or “Recurring” BillPay Plus transfer from your account, you must:
Call us at:
(810) 244-2200 or toll-free (800) 748-0451
Or, write us at:
Attn.: Member Service Department
Financial Plus Federal Credit Union
P.O. Box 7006
Flint, Michigan 48507-0006
This notice must be sent in time for us to receive your request three (3) or more “business days” before the payment is scheduled to be made. Give us your name and account number, the name of the party receiving the payment, the amount of the payment, and date on which it is scheduled to be made. If you call, you may be required to put your request in writing and to get it to us within fourteen (14) days after you call. A stop payment is valid for six (6) months.
We charge a fee for handling such stop-payment orders and reserve the right, upon notice, to change such fees in the future. Refer to ACH and BillPay Plus Stop Payment Fees in our current schedule of fees.
If these regular payments may vary in amount, the party you are going to pay will tell you, ten (10) days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set; if so, you must make the necessary arrangements with the party you are going to pay.
If you order us to stop one of these preauthorized, or “Future” or “Recurring” BillPay Plus payments three (3) or more “business days” before the transfer is scheduled, and we do not do so, we will be liable for your actual losses or proven damages. In Section V of this Agreement, we tell you what our “business days” are.
O. Reversing “Electronic Fund Transfers.” If an “electronic fund transfer” described in Section E was a payment of $50.00 or more for goods or services to a third party, you have the right to require us to reverse such transfer and to credit your account with the full amount of the transfer if (1) you tell us, within four (4) calendar days after the date of the transfer, to make such a reversal, (2) you notify us that you have made a good faith attempt to resolve your dispute with the third party involved, and (3) you assure us that any returnable goods involved in the dispute will be returned.
If you do these things in writing, you MUST send the letter to:
Attn.: Member Service Department
Financial Plus Federal Credit Union
P.O. Box 7006
Flint, Michigan 48507-0006
Or call us at:
(810) 244-2200 or toll-free (800) 748-0451
If you tell us orally that you want such a transfer reversed, we will send you a form you can use to confirm your reversal request, your notice of attempted resolution of the dispute, and your assurance to return any returnable goods involved. You are required to get this confirmation form back to us properly filled out within fourteen (14) calendar days after the date of your oral request for reversal. We make a charge for handling such reversal requests and reserve the right, upon notice, to change such charges in the future. Refer to the ACH Reversal fee in our current schedule of fees.
P. Confidentiality. In the ordinary course of business we will only disclose information to non-affiliated third parties concerning your account(s) or “electronic fund transfers” described in Section E under the following circumstances:
• As necessary to complete “electronic fund transfers” or other transactions you have authorized; or
• With your oral or written consent; or
• To verify the existence of your account(s), or sufficient funds necessary to complete “electronic fund transfers” you have authorized through a third party; or
• To furnish information under the federal “Fair Credit Reporting Act;” or
• As provided by law, by court order, or governmental agency inquiry or order; or
• To investigate possible unauthorized “electronic fund transfers,” or to combat fraud; or
• If the information relates to improper use of your account(s) or access devices.
Q. In Case of Errors or Questions About Your “Electronic Fund Transfers” as Described in Section E.
Telephone us at:
(810) 244-2200 or toll-free (800) 748-0451
Or write to us at:
Attn.: Member Service Department
Financial Plus Federal Credit Union
P.O. Box 7006
Flint, Michigan 48507-0006
as soon as you can, if you think your statement or a transaction receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than sixty (60) days after we send the FIRST statement on which the problem or error appeared.
(1) Tell us your name and account number; and
(2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information; and
(3) Tell us the dollar amount of the suspected error.
If you tell us orally, we will require that you send us your complaint in writing within ten (10) “business days.” In Section V of this Agreement, we list our “business days.”
We will tell you the results of our investigation within ten* (10) “business days” after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days**, or ninety (90) days in the case of point-of-sale and foreign transactions, to investigate your complaint or question. If we decide to do this, we will credit your account within ten* (10) “business days” for the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation. If the error you assert is an unauthorized Visa transaction, other than a cash disbursement at an automated teller machine, we will credit your account within five (5) “business days” unless we determine that the circumstances or your account history warrant a delay, in which case you will receive credit within ten (10) “business days.” If we ask you to put your complaint or question in writing and we do not receive it within ten (10) “business days,” we may not credit your account.
If we decide that there was no error, we will send you a written explanation within three (3) “business days” after we finish our investigation. Any provisional credit that you were given while we completed our investigation is subject to reversal until our investigation is complete, but not later than sixty (60) days. You may ask us for copies of the documents that we used in our investigation.
*If you give notice of an error that occurred within thirty (30) days after you made the first deposit to your account, we will have twenty (20) “business days” instead of ten (10) “business days.”
**If you give notice of an error that occurred within thirty (30) days after you made the first deposit to your account, we will have ninety (90) days instead of forty-five (45) days to investigate.
R. Liability for Unauthorized Use. Except as provided in this section, the Credit Union is liable to you for funds wrongly taken from your account by an unauthorized “electronic fund transfer.”
However, you will be responsible for money taken from your account through an unauthorized “electronic fund transfer” if you voluntarily give your Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card, Touch Tone Teller, Home Financial Services, or BillPay Plus account information or PIN(s) to someone who takes money out of your account(s) without your permission. You will continue to be liable until you notify us that transfers by that person are no longer authorized.
You should notify us immediately if you discover that your Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card, Touch Tone Teller, Home Financial Services, or BillPay Plus account information has been lost or stolen, or that someone has learned your PIN(s) without your permission. You should also notify us immediately if you believe someone has gotten money out of your account(s) without your permission. Telephoning is the best way of keeping your possible losses to a minimum. You could lose all the money in your account(s) plus the maximum limits of your lines-of-credit (i.e. Visa credit card, Personal Pocketbook, Home Equity, or Overdraft Protection).
If you notify us within two (2) business days, you can lose no more than $50.00 if someone used your Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card or accessed your account(s) through Touch Tone Teller, Home Financial Services, or BillPay Plus without your permission.
If you do NOT tell us within two (2) “business days” after you learn of the loss or theft of your Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card, or your Touch Tone Teller, Home Financial Services, or BillPay Plus PIN(s), and we can prove we could have stopped someone from accessing your account(s) without your permission if you had told us, you could lose as much as $500.00.
Also, if your statement shows transactions that you did not authorize, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, or within sixty (60) days of the date that the e-mail message was sent notifying you that your statement was available electronically if you have chosen e-statements, you may not get back any money you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had told us in time.
If a good reason such as an extended trip or hospital stay kept you from telling us, we may extend the time periods.
S. Special Liability Protection Rules for Visa MoneyKey ATM/Check Card Transactions. You will not be liable for any unauthorized transactions made with your lost or stolen Visa MoneyKey ATM/Check Card, when used to make purchases at a Visa merchant (excluding transactions performed at an automated teller machine or NYCE point-of-sale merchant).
T. Notice of Unauthorized Use. If you believe your Automated Teller Machine Card and/or Visa MoneyKey ATM/Check Card, Touch Tone Teller, or Home Financial Services PIN(s) has been lost or stolen or that someone has transferred or may transfer money from your account(s) without your permission, contact us IMMEDIATELY at:
Call us at:
(810) 244-2200 or toll-free (800) 748-0451
Or, write us at:
Attn.: Member Service Department
Financial Plus Federal Credit Union
P.O. Box 7006
Flint, Michigan 48507-0006
U. Our Liability For Failure to Make “Electronic Fund Transfers.” If we do not complete an “electronic fund transfer,” as described above, to or from your account(s) on time and in the correct amount according to our agreements with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for the failure to complete a transfer under any of the following circumstances:
• For a loss of a card that is retained or destroyed by an automated teller machine;
• If, through no fault of ours, you do not have enough money in your account to make the transfer;
• If there is not enough money in your account, in excess of amounts you have pledged to us as collateral for a loan, to make the transfer;
• If there is not enough collected funds in your account to make the transfer;
• If the funds in your account are subject to garnishment or other legal process;
• If we have, because of your default on a loan, exercised our rights against the funds on deposit in an account;
• If the transfer would take the balance on your overdraft loan (if applicable) over the credit limit;
• If the transfer would go over the established limit on your account(s);
• If you used your card(s) or other access device in an incorrect, illegal or unauthorized manner;
• If the automated teller machine where you are making the withdrawal does not have enough cash;
• If the automated teller machine or system where you ar making the transfer was not working properly and you knew about the breakdown when you started the transfer;
• If the failure was caused by a merchant, system or network not within our control;
• If you use or attempt to use “electronic funds transfers” as described in Section E after your right has been canceled;
• If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions we have taken;
• If you operate the automated teller machine or system improperly;
• If you fail to observe the terms and conditions of this Agreement or our account agreements with you;
• If, due to suspicious activity on your account, we have temporarily suspended your privileges until the activity can be verified;
• If, using BillPay Plus, you attempt to make a payment to a payee outside the U.S., or to a governmental or taxing unit, or other restricted payee;
• If your line of credit or any other obligation owing to us is delinquent, or any account with us is in derogatory status; or
• Other reasonable exceptions as established by us.
V. Business Days. Our “business days” are Monday through Friday, excluding New Year’s Day, Martin Luther King, Jr. Day, President’s Day, Good Friday, Memorial Day, Independence Day, Labor Day, Thanksgiving Day, the Friday after Thanksgiving Day, Christmas Day, and on the last weekday preceding Christmas and New Year’s Day, nor on any day designated for their observance.
If we change our “business days,” we will notify you of the change in advance.
W. Regulatory Agency. If you believe that we may have violated federal or state laws regulating “electronic fund transfers” (Michigan Public Act No. 322 of 1978), you may contact:
National Credit Union Administration
Region I – Albany
9 Washington Square
Washington Avenue Extension
Albany, NY 12205
OR
State of Michigan
Office of Financial and Insurance Services
Box 30224
Lansing, MI 48909
X. Amendments/Termination. We reserve the right to amend the Agreement at any time. If we do so, we will give you such advance notice thereof as we deem to be reasonable under the circumstances, however, in the specific cases mentioned earlier, we will give you at least twenty-one (21) days advance written notice. We also reserve the right to terminate this Agreement by sending a notice, using either first class mail or e-mail, if you have so chosen, of such termination, which shall be effective when sent.
Y. Responsibility for Overdraft. If an overdraft in your account(s) is created through your use of “electronic fund transfers” as described in Section E, or because of fees and charges relating to those “electronic fund transfers,” the overdraft amount and a non-sufficient funds or overdraft fee is due and payable the moment you get it, unless you are notified otherwise by the Credit Union. You also authorize us, in such a case, to apply from any other shares or deposits you may have in the Credit Union such amount as may be necessary to pay such overdraft amount and fee.
If a preauthorized debit or merchant purchase is presented for authorization or payment to your Share Draft Checking Account for which there are non-sufficient funds available, (1) a transfer will be made from your other share or deposit account(s) to cover the overdraft, in accordance with Section VI, and/or (2) an advance on your Overdraft Protection line-of-credit loan account with us will be made to cover the overdraft and you will repay that advance in accordance with the terms and conditions of your Overdraft Protection line-of-credit plan, depending upon which form of overdraft protection you have selected. But, if there are not sufficient funds to make a transfer according to (1) or (2) of this section, or if you have no overdraft protection for your Share Draft Checking Account, the preauthorized debit or merchant purchase may be denied and returned to the third-party presenter without payment, and your account will be charged a non-sufficient fund fee. In the sole discretion of the Credit Union, the preauthorized debit or merchant purchase may be honored, creating an overdraft in your Share Draft Checking Account and you will owe the Credit Union the amount of the overdraft, plus an overdraft fee.
If a preauthorized debit is presented for payment to your share account(s) for which there are non-sufficient funds available, it may be returned to the third-party presenter without payment, and your account will be charged a non-sufficient fund fee.
Refer to fees in our current schedule of fees. We reserve the right to change fees, upon notice, in the future.
Z. Crediting of Deposits, Payments and Transfers. Deposits or payments made in an automated teller machine, whether in cash, check, draft, or money order, are subject to verification, and the funds of such deposits and payments to share, share draft checking, or loan accounts may be held until they can be collected from the machine, verified, and entered into our accounting system. Further delay may occur if the transaction is made on or immediately prior to a Saturday, Sunday or holiday which we are closed. If you place a check, draft or money order in an automated teller machine as a deposit or payment, it is subject to collection in accordance with Section XIII, Funds Availability.
BillPay Plus transactions scheduled as “Today” payments will be deducted from your Share Draft Checking Account immediately, however payment to the payee will not begin processing until the following “business day.” BillPay Plus transactions scheduled as “Future” or “Recurring” payments will be deducted and processed on the scheduled payment date. The timeframe allocated for all payments to be received by the designated payee will be two (2) to five (5) “business days,” as indicated online when the payment is scheduled.
Refer to Section V for our “business days.”
AA. Warranty. Except where expressly contained herein, the Credit Union makes no warranties, expressed or implied, pertaining to the use of any “electronic fund transfer “services.
Rev. 8/1/06
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