Electronic Funds Transfers Agreement And Disclosures

Effective May 15, 2014

  1. Purpose of this Section: All agreements set forth in this Agreement, remain in effect except as specifically modified in this Section.
  2. Transactions we Facilitate: As a user of electronic funds transfer service, you may have access to specifically identified automated teller machines (ATM) Audio Response Teller (ART), ONLINE BANKING, MasterCard Debit card, and Automated Clearing House (ACH) services.

    The following are types of Electronic Funds Transfers we may offer now or in the future, not all of which may apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed: Point-of-sale (POS) transfers, automated teller machines (ATM) transfers, direct deposits or withdrawals of funds, transfers sent via ACH, transfers initiated by telephone, transfers resulting from debit card transactions (whether or not initiated through an electronic terminal) and payments made by a bill payer under a bill payment service (unless made solely by check, draft or similar paper instrument), and online banking.

    Preauthorized credits: You may arrange for certain direct deposits to be accepted into your Credit Union share savings, Money Market, checking account(s).

    Preauthorized payments: You may make recurring payments from your checking account.

    Electronic Check conversion (ECK) transaction: An ECK transaction occurs when a member authorizes a one-time EFT from his or her account using information from a check to initiate the transfer. An electronic check conversion transaction can only be processed when it has been authorized by the member. A member authorizes the transaction when he receives the appropriate notice and then goes forward with the transaction.

    ACH & Wire Transfers: You may initiate or receive credits or debits to your account through wire or ACH transfer. You agree that if you receive funds by a wire or ACH transfer, we are not required to notify you at the time the funds are received. Instead, the transfer will be shown on your periodic statement. We may provisionally credit your account for an ACH transfer before we receive final settlement. We may reverse the provisional credit or you will refund us the amount if we do not receive final settlement. When you initiate a wire transfer, you may identify either the recipient or any financial institution by name and by account or identifying number. The Credit Union (and other institutions) may rely on the account or other identifying number as the proper identification even if it identifies a different party or institution. We may accept on your behalf, payments to your account that have been submitted by Fed Wire and that are not subject to the Electronic Funds Transfer Act (“Regulation E”). Your rights and obligations with respect to such transfers shall be governed and construed in accordance with Regulation J, Funds Transfers through Fed wire. Whenever an ACH is used as part of a transaction that does not involve Fed wire, the operating rules of the National Automated Clearing House Association (“NACHA”) will be applicable to ACH transactions involving your account.

    Audio Response Teller (ART) AND ONLINE BANKING. You may access you account through ART, our audio response system. You use your account number and your ART authorization code (PIN), and a Touch-tone phone. You connect to Online Banking from our website: umethodist2019.fieldsresearch.com, by entering your Credit Union account number and your password. You must then accept any additional agreements and/or disclosures and select a new password and respond to any challenge questions as required by our systems. Monetary transfers from share savings and Money Market accounts via ART and Online Banking are included, under Regulation D, as part of the six allowed transfers per month.

    Transactions include:

    View deposit and loan account balances and history

    Transfer funds from share savings to any sub account or to another member account**

    Order funds by check to be sent to statement address

    Make loan payments from related share or saving accounts (Credit Union loans only)

    Access E-Statements*

    Verify Cleared Transactions / Checks

    Look up status / information on your loan and share/share draft accounts

    View cleared checks*

    * Online Banking only.

    ** Member to member account transfer

    ONLINE BANKING BILL PAYMENT SERVICES. You may pay recurring bills through Online Banking Bill Payment Services. Payments may be made from checking. Some vendors will not accept payments made through online bill payer systems. If you select a vendor that will not accept payment, you will receive an e-mail notice that the vendor will not accept your payment.

    To sign up: When you click on the Bill Payment button, you are given an opportunity to complete the enrollment form. To apply for this service, click on the Bill Pay tab on home banking. Bill Payment functions include the following:

    View pending payments View payment history

    Payee maintenance (e.g., change vendor name and address)

    Add one vendor payment or add multiple vendor payments at one time

    Timing of payments: Credit Union processes payments though a third party vendor and is not responsible for the timing of payments. Allow about 5 working days for your payment to reach the vendor. Mail payments take longer than those sent electronically. The vendor determines which type of payment it will receive. Credit Union is not responsible for late payments. We are only responsible in the event we fail to complete a payment in accordance with your correct instructions.

    Sufficient funds: You must have sufficient funds in your account to cover the payment. We will not take your balance negative to make a scheduled payment.

    Liability: Credit Union’s liability is stated in a separate section of this document - below, Liability For Failure to Make a Transaction. In no case will Credit Union be liable for consequential, indirect, or punitive costs or damages. Credit Union and the bill payer service provider will carry out your instructions in a reasonable manner. This is in addition to any other provisions in this agreement that address the Credit Union’s liability.

    ATM TRANSACTIONS. You may access your account(s) by ATM using your MasterCard Debit Card and personal identification number (PIN)

    MasterCard® Debit Card POS transactions: You may access you Credit Union share savings and checking account at the ATM to get cash and make deposits. You may access you Credit Union checking account to purchase goods (in person), pay for services (in person), get cash from a merchant (if merchant policy permits) or from participating financial institutions, and use it to pay for goods and services by telephone and the Internet

    Additional Charges for Transactions in a Foreign Currency and “Cross-Border” Transactions. Currency Conversion Fee: If you effect or authorize a transaction with your access device in a currency other than US Dollars, MasterCard will convert the charge into a US Dollar amount. The MasterCard currency conversion procedure includes use of either a government mandated exchange rate, or a wholesale exchange rate selected by MasterCard, as applicable. The exchange rate MasterCard uses will be a rate in effect on the day the transaction is processed. This rate may differ from the rate in effect on the date of the purchase or the date the transaction was posted to your account. A Currency Conversion Fee of up to 1% will be applied to transactions that are converted from foreign currencies to U.S. dollars. Cross-Border Transaction Fee: In addition, MasterCard charges us a Cross-Border Assessment up to 1% on each transaction on all cross border transactions regardless of whether there is a currency conversion. For purposes of this Section, “cross-border transaction” shall include both (a) transactions initiated in a foreign country which are subsequently settled in the United States, and (b) transactions initiated in the United States but which are ultimately settled in a country outside of the United States. The Credit Union will assess these fees to you to reimburse it for the fee it is required to pay for each of your transactions subject to these terms. The Cross-Border transaction fee will be shown separately on your periodic billing statement. The Currency Conversion Fee, if it applies to the transaction, will be included in the transaction amount posted on your statement

    Preauthorized credit: If you arrange to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at the number stated in the Schedule to find out whether or not the deposit has been made.

  3. Fees. Please refer to the Schedule for applicable fees.

    ATM operator/network Fees: You may be charged a surcharge fee by the owner of a ATM or by the network used and you may be charged for a balance inquiry even if you do not complete a funds transaction. Credit Union may charge you a fee for using a ATM machine as set forth in the Schedule.

  4. Right to Documentation.
    1. Terminal Transactions. You can get a receipt at the time you make any transfer to or from your account using any automatic teller machine or a point-of-sale terminal.
    2. Direct Deposits. If you have arranged to have direct deposits made to your accounts at least once every sixty (60) days from the same person or company, the person or company making the deposit will tell you every time they send us the money. You can call or write us at the telephone number or address listed in the Schedule to find out whether a deposit has been made. If the only possible transfers to or from your accounts are direct deposits, you will get a statement from us at least quarterly.
    3. Periodic Statements. Transfers and withdrawals transacted through an ATM or POS terminal, Audio Response, Online Banking or check card purchase will be recorded on your periodic statement. You will receive a statement or notice of the availability of your statement monthly unless there is no transaction in a particular month. In any case, you will receive a statement or notice at least quarterly.

  5. Electronic Statement. Credit Union has the capability of capturing your periodic statement electronically (e-statement) and posting it in a secure manner so that you may retrieve it at your convenience. YOU HAVE THE RIGHT TO HAVE YOUR STATEMENT PROVIDED ON PAPER or receive it electronically. If you elect to have your statement presented electronically, we may also send, from time to time, other notices and promotional material. Credit Union will provide you error-resolution information with each periodic statement. Equipment Required: You will need access to a personal computer and the Internet. The preferred browser is either Microsoft Explorer or Netscape Navigator (latest version). To view your e-statement, you will need Adobe Acrobat Reader® 4.0 or higher. If you choose to print your statement, you will need access to standard printing capabilities.

    Authorizing e-statements: You must sign up for e-statements through ONLINE BANKING you can reach via our web site www.umehtodist.com. We will consider your request for e-statements to be your agreement that Credit Union will post your statement in a secure location and notify you via e-mail that your statement is ready for pickup. Your statement will remain on the site for 90 days from the date we notify you. We will stop sending paper statements on this account unless you notify us that you no longer wish to receive e-statements; however you can always request a special copy of the statement be created for you. See Schedule for applicable fees.

    Canceling e-statement: If you are not happy with your e-statement after you have tried it for at least one full quarter (3 months), we will switch you back to paper statement at no charge. We must hear from you at least five business days before the end of a statement period, which is either the last business day of the month or last day of business for the quarter. (Charges may be applied for abusing the privilege of switching back and forth.) To switch from e-statement back to paper statements, call us at the number in the Schedule and ask us to re-set your account for paper statements. We may ask you to put your request in writing and deliver it to us within 14 business days.

    Supplemental paper statement: If you need to get a paper copy of your statement, you may do so by calling the number(s) at the bottom of this page. See the Schedule for applicable charges.

    Member Responsibilities: It is your responsibility to keep Credit Union apprised of your current e-mail address. Failure to notify Credit Union of e-mail address changes is treated just as failure to notify us of new physical address. See the Schedule for this charge. If e-mail is returned undeliverable, we will attempt to re-send it; however, it is your responsibility to contact us if you do not receive your statement or notice of statement. You are also responsible for picking up your statement. Statements will reside on the secure site for 90 days. If you do not pick up your statement within that time, you will have to call for a paper statement to be generated and pay the appropriate charge shown on the Schedule.

  6. Stopping a Preauthorized Payment. You can stop any of these payments. Here is how: Call us at the telephone number listed in the Schedule in time for us to receive your request, three business days or more before the payment is scheduled to be made. If you call, we may require you to put your request in writing and get it to us 14 days after you call. See the Schedule for applicable charges. We are not obligated to honor a stop payment request that does not contain accurate information provided in a timely manner. You understand that it is necessary to provide the correct information related to the transaction, and that failure to do so may result in the payment of the item. Liability for failure to stop payment: If you order us to stop one of these preauthorized payments three business days or more before the transfer is scheduled and we do not do so, we will be liable for your losses or damages.

  7. Liability For Failure to Make a Transaction. If the Credit Union does not complete a transaction to or from your account on time or in the correct amount according to our agreement with you, the Credit Union may be liable for your losses or damages. However, there are some exceptions to this, which include the following:

    1. You do not have enough money in your account to make the transaction through no fault of ours.
    2. The transaction goes over the credit limit on your overdraft line.
    3. The terminal where you were making the transaction does not have enough cash.
    4. The terminal or other system was not working properly and you knew about the breakdown when you started the transaction.
    5. Circumstances beyond our control (such as fire, flood or electrical failure) prevent the transaction, despite reasonable precautions that we have taken.
    6. You have not properly followed instructions for operation of the ATM or system.
    7. The funds in your account are subject to legal process or other similar encumbrance.
    8. The transaction would exceed one of the established limits contained in this Agreement or by other Credit Union agreements.
    9. Access to your account has been blocked after you have reported your Access Device lost or stolen or you use a damaged or expired Access Device.

  8. Information Disclosure. We will disclose information to third parties about your account or the transactions you make: (1) when it is necessary for completing transactions, or (2) in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or (3) in order to comply with government agency or court orders, or (4) if you give us your written permission.

  9. Business Day Disclosure. Our business days are set forth in the Schedule.

  10. In Case of Errors or Questions About Transactions. In case of errors or questions about your electronic transfers, telephone us at the telephone numbers or write us at the address listed in either section E, Membership Liability, or at the end of this disclosure, as soon as you can. (For any errors involving a line of credit account, you must review your Loan Agreement and Disclosure and/or VISA Credit Card Agreement for a description of your rights.) We must hear from you no later than sixty (60) days after we sent the first statement on which the problem appears. You should provide the following information:

    1. Tell us your name and account number.
    2. Describe the transfer you are unsure about, and include to the extent possible, the type, date and explain as clearly as you can why you believe it is an error or why you need more information.
    3. Tell us the dollar amount of the suspected error.

    If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days, at the address listed in this Agreement and Disclosure. We will tell you the results of our investigation within ten (10) business days after we hear from you and will correct the error within one (1) business day after determining that an error occurred. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will re-credit your account within ten (10) business days of receiving the error notice, and will inform you, within two (2) business days, after providing the provisional credit, with the amount you think is in error, and the date, so that you will have the use of the money during the time it takes us to complete our investigation. We will correct the error, if any, within one (1) business day after determining that an error occurred. A report of our results will be delivered or mailed to you within three (3) business days after the conclusion of the investigation (including, if applicable, notice that a provisional credit has been made final). For transactions initiated outside the United States, or resulting from a point-of-sale debit card transaction: We will have ninety (90) calendar days instead of forty-five (45) business days, unless otherwise required by law, to investigate your complaint or question. For transactions on accounts that have been opened less than thirty (30) calendar days, we will have twenty (20) business days instead of ten (10) business days to credit your account, and ninety (90) calendar days instead of forty-five (45) business days, unless otherwise required by law, to investigate your complaint or question.

    Special Rules for Provisional Credit for MasterCard® Check Card Transactions. If you believe a MasterCard® Debit Card Transaction was unauthorized, we will credit your account with provisional credit within five business days for the amount you think is in error so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint in writing, and we do not receive it within 14 days we may reverse any credit previously made to your account, until we have received it. We may withhold provisional credit, to the extent allowed under applicable law, if the delay is warranted by the circumstances or your account history.

  11. Your Liability for Unauthorized Transaction. Tell us AT ONCE if you believe your Access Device has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You are responsible for all transfers you authorize using an EFT service under this Agreement. If you permit other persons to use an EFT service or your Access Device, you are responsible for any transactions they authorize or conduct on any of your accounts.

    For all EFT transactions that require the use of a PIN or Access Code, if you tell us within two (2) business days, you can lose no more than $50 if someone uses your card and PIN or Access Code without your permission. If you do not tell us within two (2) business days after you learn of the loss or theft of your Card, PIN or Access Code, and we can prove that we could have prevented the unauthorized transaction if you had told us in time, you could lose as much as $500. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money lost after the sixty (60) days if we can prove that we could have stopped someone from making the transfers if you had told us in time. If a good reason (such as a hospital stay) kept you from telling us, we will extend the time periods. If you believe that your Card or Access Code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, you must call or write us at the telephone number, address, or e-mail address listed at the bottom of this disclosure.

    If a good reason (such as extended travel or hospitalization) kept you from telling us, we may extend these time periods.

  12. Reporting A Lost Card, Access Device, PIN, or Audio Response PIN. If you believe that any Access Devise has been lost or stolen or that someone has withdrawn or may withdraw money from your account without your permission, you agree to immediately notify us. You can call the Credit Union or write us at the telephone number or address listed on the last page of this disclosure. If you recover your Card/Access Device after you have notified us, DO NOT USE IT.