ELECTRONIC FUND TRANSFER DISCLOSURE AND AGREEMENT
This EFT Disclosure and Agreement as amended from time to time (“Agreement”) sets forth the terms and conditions governing the use of the Bourns Employees Federal Credit Union electronic transfer services. Disclosure information that applies to all electronic services offered by Bourns Employees Federal Credit Union is given below, followed by specific disclosure information for each service. This Agreement takes the place of all prior agreements and disclosures governing the use of all electronic services. By retaining, using, or allowing others to use the electronic services offered by Bourns Employees Federal Credit Union, you are agreeing to be bound by the terms and conditions of this Agreement. In this Agreement, the term “you” and “your(s)” refer to the member, and the terms “we,” “us” and “our(s)” refer to Bourns Employees Federal Credit Union.
You will self-select an Access Code will be issued to you accessing Home Banking and Bill Payer services. After memorizing Access code, you should destroy the notice disclosing your Access Code. If you forget your Access Code, contact the Credit Union and we will provide you instructions to generate a new one.
RIGHT TO RECEIVE DOCUMENTATION OF TRANSACTIONS
You will get a monthly account statement reflecting all of your transactions unless there is no activity in a particular month. In any case you will get the statement at least quarterly. Depending on the terminal or if the transaction is $15 or less, you will receive, or you may choose to receive, a receipt at the time you make a transaction at a terminal. If you do receive a receipt, retain the receipt to compare with your monthly statement from the Credit Union.
YOUR LIABILITY FOR LOST, STOLEN OR UNAUTHORIZED TRANSACTIONS INVOLVING AUTOMATED TELLER MACHINE (ATM) CARDS AND ACCESS CODESTell us AT ONCE if you believe your Access Code has been lost or stolen, or if you believe that an electronic transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit if you have one with us). If you tell us within two (2) business days, you can lose no more than $50 if someone used your 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 Access Code, and we can prove that we could have stopped someone from using your Access Code without your permission if you had told us, 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 60 days after the statement was mailed to you, you may not get back any money you lost after the 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 a long trip or a hospital stay) kept you from telling us, we will extend the time periods. If you have authorized someone else to use the Access Code, you are responsible for all transactions that person or persons initiates at any time, even if the amount or transactions exceed what you may have authorized.
HOW TO NOTIFY THE CREDIT UNION IN THE EVENT OF AN UNAUTHORIZED TRANSACTION
If you believe your Access Code has been lost or stolen, or that someone has transferred or may transfer money from your account without your permission, call us at 951.781.5600 or write to us at 1200 Columbia Avenue, Riverside, CA 92507.
You should also call the number or write to the address listed above if you believe a transfer has been made using information from your check without your permission.
Our business days are Monday through Friday, excluding holidays.
OUR LIABILITY FOR FAILURE TO MAKE TRANSFERS
If we do not complete a transaction to or from your share or share draft/checking account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will NOT be liable, for instance, if:
- Through no fault of ours, you do not have enough money in your account to make the transaction;
- The transaction would go over the credit limit on your credit line;
- The terminal where you were making the transaction did not have enough cash;
- The system was not working properly and you were aware of the malfunction when you started the transaction;
- Circumstances beyond our control (such as fire, flood, power failure, or computer down time) prevented the transaction, despite reasonable precautions that we have taken;
- The money in your account is subject to an uncollected funds hold, legal process or any other encumbrance or agreement restricting a transaction;
- Your Access Code has been entered incorrectly;
- Your Access Code has been reported lost or stolen and we have blocked the account; or
- The failure to complete the transaction is done to protect the integrity of the system or to protect the security of your account.
There may be other exceptions not specifically mentioned above.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS
Telephone us at 951.781.5600 or write to us at 1200 Columbia Avenue, Riverside, CA 92507 as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. You should also call the number or write to the address listed above if you believe a transfer has been made using information from your check without your permission. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
- Tell us your name and account number (if any).
- 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.
- 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 10 business days.
We will tell you the results of our investigation within 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 45** days to investigate your complaint or question. If we decide to do this, we will credit your account within 10* 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 the error you assert is an unauthorized Visa transaction, other than a cash disbursement at an ATM, we will credit your account within 5 business days unless we determine that the circumstances or your account history warrant a delay, in which case you will receive credit within 10 business days.) If we ask you to put your complaint or question in writing and we do not receive it within 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 business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.
* If you give notice of an error within 30 days after you make the first deposit to your account, we will have 20 business days instead of 10 business days.
** If you give notice of an error within 30 days after you make the first deposit to your account, notice of an error involving a point of sale transaction, or notice of an error involving a transaction initiated outside the U.S. its possessions and territories, we will have 90 days instead of 45 days to investigate.
In order to obtain the electronic services listed, you must open and maintain a share or share draft account. All charges associated with our electronic fund transactions are disclosed in our Rate and Fee Schedule which accompanies this Disclosure and Agreement.
DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES
We will disclose information to third parties about your account or the transfers you make:
- When it is necessary to complete the transaction;
- In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant;
- In order to comply with government agency or court orders or other legal process; or
- If you give us your prior oral or written permission.
Keep the Credit Union informed of your current address to insure correct mailing of monthly statements.
The Credit Union may change the terms and conditions of this Agreement from time to time by mailing written notice to your address as it appears on our records. If any change results in greater cost or liability to you or decreases access to your Accounts, you will be given at least twenty-one (21) days prior notice of the change. Prior notice may not be given where an immediate change in terms or conditions is necessary to maintain the integrity of the system and/or the security of designated accounts.
You may terminate this Agreement with us at any time. The Credit Union reserves the right to terminate this Agreement and/or your use of your Access Code with or without cause. We may do so immediately if:
- You or any authorized user of your Access Code or account breaches this or any other agreement with the Credit Union;
- We have reason to believe that there has been, or might be, an unauthorized use of your Access Code or account; or
- You or any authorized user of your Access Code or account request that we do so.
ADDITIONAL BENEFITS/CARD ENHANCEMENTS
The Credit Union may from time to time offer additional services to your Account. Some may be at no additional cost to you and others may involve a specified fee. You understand that the Credit Union is not obligated to offer such services and may withdraw or change them at any time.
WAIVER OF RIGHTS
The Credit Union can delay enforcing any of the provisions under this Agreement or the law any number of times without losing its right to enforce them at a later date.
Except as stated otherwise in the Agreement, this Agreement does not alter or amend any of the terms or conditions of any other agreement you may have with the Credit Union.
If any part of this Agreement should be held to be unenforceable, the remaining provisions of this Agreement shall remain in full force and effect.
WHO IS BOUND BY THIS AGREEMENT
Each person who signs the Application agrees to be bound by the terms and conditions of this Agreement. If more than one person signs the application, all signers are jointly and severally liable. The Credit Union can waive or delay enforcement of its rights as to one signer without affecting its ability to enforce its rights as to the other signers. The Agreement is also binding upon your heirs, personal representatives and successors.
By using your access to the system, or authorizing anyone else to use your access to the system, and/or by signing the application, you agree to be bound by the terms and conditions of this Agreement and Disclosure.
The Credit Union makes credit available to its members on a regular basis. The Applicant(s)/Account Holder(s) of the account authorizes the Credit Union to obtain consumer reports in connection with credit and business transactions involving the Applicant(s)/Account Holder(s), including but not limited to applying for membership, the opening of a share or share/draft account or other service provided by the Credit Union, and the Applicant(s)/Account Holder(s) of the account authorize any person, association, or corporation to furnish on request of this Credit Union, information concerning the affairs of the Applicant(s)/Account Holder(s). The Applicant(s)/Account Holder(s) also authorizes the Credit Union to furnish information concerning the account to consumer reporting agencies.
Additional Disclosures Applicable to Home Banking “Home Financial Services”
On-Line Banking allows convenient access to your account information 24 hours a day. To use Home Financial Services you must have a computer, modem, Internet Service, browser, your account number and an Access Code.
You may use your Home Financial service to perform the following transactions:
- Obtain account/loan balance information;
- Obtain loan payment amount and due date;
- Obtain last dividend, date and amount;
- Obtain clearance of specific checks;
- Transfer funds between your share draft/checking, share/savings account;
- Download transaction information to personal financial management software from share draft/checking and share/savings account; and
- Make loan payments.
LIMITATIONS ON TRANSACTIONS
The following are limitations to the use of the Credit Union’s Home Financial Service:
No more than six preauthorized, automatic, online or telephonic transfers made to another account at the Credit Union or to a third party or no more than six transfers or withdrawals made by check, draft, debit card or similar order payable to a third party may be made from each savings account or money market deposit account in any calendar month. If an Account Holder exceeds, or attempts to exceed, these transfer limits, the excess transfer requests may be refused or reversed, a fee may be imposed on the excess transfer requests, and the Credit Union may reclassify or close the account. Transfers initiated by telephone must be counted among the six monthly transfers, except that there are no limits on the number of withdrawals paid directly to an Account Holder when initiated by mail, telephone or messenger. There are no limits on the number of withdrawals if initiated in person.
Additional Disclosures Applicable to On-Line “Bill Pay”
To use On-Line Bill Pay you must have a computer, modem, Internet Service, browser, your account number and a PIN or Access Code.
RIGHT TO STOP PAYMENT OF PREAUTHORIZED TRANSFERS AND RIGHT TO RECEIVE NOTICE OF VARYING AMOUNTS
- Right to stop payment and procedure for doing so.
If you have told us in advance to make regular payments out of your account, you can also stop any of these payments. Here’s how: Call at 951.781.5600 for Bill Payer Services or write to us 1200 Columbia Avenue, Riverside, CA 92507, 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 also require you to put your request in writing and get it to us within fourteen (14) days after you call.
- Notice of varying amounts.
If these regular payments vary in amount, the person 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.
You may use your Bill Pay Service to perform the following transactions:
- Add/Edit Merchants: Merchant refers to the entity to which you pay bills. The merchant can be a company, organization, or individual. The Add/Edit Merchant feature allows you to add merchants to, delete merchants from or edit merchant information on your personal list of merchants.
- Make nonrecurring payments from share draft/checking: This feature allows you to schedule one-time payments to merchants. This feature enables you to specify the amount of the payment and the processing date.
- Make recurring payments from share draft/checking: This feature allows you to schedule recurring payments to merchants.
- View History: View History permits you to see payments made over a specified time period.
LIMITATIONS ON TRANSACTIONS
The following are limitations to the use of the Credit Union’s Bill Payer Service:
- The maximum you may withdraw by check is $25,000;
- Transactions may not exceed $25,000 each;
- Bill payments can only be made from your share draft/checking account;
- Payments cannot be made for tax payments, court-ordered payments or payments to payees outside of the United States;
- If you close the designated bill payment share draft/checking account, all scheduled payments will be stopped;
- You cannot stop a payment if the payment has already been processed; and
- You can schedule payments 24 hours a day, seven days a week, however, payments scheduled on a Saturday, Sunday, or holiday will be processed within one to two business days; and
- The bill being paid must be in the member’s name.
METHODS AND RESTRICTIONS
Payments are made to your payee either electronically via the Automated Clearing House (ACH) or by check or laser draft. The method of payment depends upon the processing method that can be accommodated by the payee or by our bill payment service provider.
It is important that you take into consideration what method of bill payment will be used when scheduling bill payments to ensure payment deadlines are met. If the payee accepts electronic bill payment, the payment may take up to four business days to process. If the payee does not accept electronic bill payment, the payment will be sent in a check form, and may take up to ten business days to process.
You are responsible for:
- Any late payment, late fees, interest payments, and service fees charged by merchant(s);
- Any overdraft, NSF or stop payment fees charged by the Credit Union as a result of these transactions;
- Data input of payee information (payment amount(s), name, address and any other pertinent information);
- Written notification to the Credit Union in the event you wish to cancel this service; and
- You must allow sufficient time for bill payments to be processed so that the funds can be delivered to the merchant on or before the due date.