ELECTRONIC FUND TRANSFERS DISCLOSURE & AGREEMENT
If RTN Federal Credit Union has issued an Automated Teller Machine card (“ATM”), Point of Sale card (“POS”) or Visa Check card (“Debit”), also referred to herein as “card”, or a combination thereof, that you have requested to use with your share, share draft and other credit union accounts (if applied for), or you participate in the Remote Teller Network (including electronic bill paying), audio response, electronic check conversion, or Automatic Clearing House (“ACH”) to initiate an electronic funds transfer (EFT), you agree that the following applies:
You may use the card at any ATM operated by us in plant and office locations now operating or to be operated in the future, or POS retail terminals, or retail establishments where Visa is accepted, while you remain a member in good standing. Access to some ATMs, POS’s, and Debit locations may be subject to restrictions and available hours. You can also make deposits at any ATM in the NYCE Shared Deposit Program and withdraw cash at any ATM in the NYCE®, SUM®, EXCHANGE®, PULSE®, FASTBANK® and PLUS® Networks.
The following EFTs are allowed, subject to our approval:
1. For cardholders 18 years of age and older: ATM cash withdrawals and POS transactions up to $500 per day, and $1,000 per day for purchases with your Debit card for a combined total of $1,500 per day when our computer is on-line, or up to the available balance in your share draft or share account if less than $1,500 (a lesser amount during our non- operating hours up to your offline limit).
2. For cardholders under the age of 18 jointly with a parent or legal guardian: ATM cash withdrawals and POS transactions up to $400 per day, and $400 per day for purchases with your Debit card for a combined total of $800 per day when our computer is on-line, or up to the available balance in your share draft or share account if less than $800 (a lesser amount during our non-operating hours up to your offline limit).
3. Deposits, balance inquiries, ACHs and transfers to and from your accounts with certain limitations.
4. Electronic bill payment through the Remote Teller Network.
5. Electronic check conversions, so long as you maintain a share draft account with us.
6. You may use your card as a method of identification with us for other transactions. You may also choose to limit your access by electronic means to one or more of your accounts with us.
POS AND DEBIT TRANSACTIONS
You can use your card to purchase goods and services at retail establishments that have agreed to accept your card. For purchases with your Debit card the retail establishment must accept Visa. You are required to have a share draft account with us. The initiation by you of certain POS and Debit transactions from your share draft account will, except as otherwise provided in this agreement, effectively eliminate your ability to stop payment of the transfer. Unless otherwise provided in this agreement, you may not stop payment of POS or Debit transactions, therefore you should not employ electronic access for purchases or services unless you are satisfied that you will not need to stop payment. A retail establishment which contains an electronic branch may offer a discount to you to encourage purchases by electronic fund transfer rather than by cash or check.
RECEIPTS
You will receive, at the time of your EFT, a receipt, unless the ATM, POS terminal or Debit terminal is not working properly. This receipt will contain, in plain English, the date, transaction location, type of transaction and account affected. This receipt should be compared with your periodic statement. The receipt indicates an EFT was made, is admissible as evidence of the transaction, and shall constitute proof the EFT was completed. EFTs through the Remote Teller Network, audio response, or ACH will not provide a receipt. All EFTs will appear on your periodic statement.
PERIODIC STATEMENTS
You will receive a periodic statement of activity on a monthly basis if you have electronic banking activity. This statement will also contain activity on all of your other accounts with us. If you have no electronic banking activity, we may forward your periodic statement quarterly. You shall compare all electronic banking receipts with your periodic statement and immediately contact us if you have any questions.
DIVIDEND RATES
See our Truth In Savings Disclosures and Rate Schedules for rates on dividends paid on Shares, IRA’s, Clubs and Share Draft accounts.
BUSINESS DAYS
For purposes of these disclosures, the credit union’s business days are Monday through Friday. Saturdays, Sundays and holidays are not business days.
FEES
There is no charge to you for the use of an ATM owned by us. All of our ATMs are properly marked with our logo and name. If you are a "performance checking" member there is no charge for the first five transactions per month for use of ATMs not owned by us. There is a fee of $1.00 per transaction (includes withdrawals, inquiries and transfers) at ATMs in the NYCE®, SUM®, EXCHANGE®, PULSE®, FASTBANK® and PLUS® Networks. Deposits are allowed at ATMs in the NYCE Network participating in the Shared Deposit Program at no cost. We do not charge a fee for POS transactions and Debit transactions. Transaction fees are waived if you are enrolled in our student package plan or Infinity Club.
You may be charged a fee by the ATM operator for the use of ATM or ATM network not owned by us. You may be charged a fee for a balance inquiry even if you do not complete an EFT.
ATM, POS & Debit transactions that cause your account to become overdrawn will be assessed a $10.00 fee.
You may be charged a fee in connection with any check representment processed by us.
There is a $15.00 fee for all stop payments of preauthorized EFTs.
Your first replacement ATM card is free. There is a $10.00 fee for each replacement ATM card thereafter.
INTERNATIONAL TRANSACTIONS
If you are planning to use your VISA Check Card in a foreign country the exchange rate is a rate selected by VISA from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate VISA 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. For each purchase made in a foreign currency, we will add an additional fee of 2.0% of the amount of the purchase after its conversion by Visa into U.S. dollars. This foreign currency transaction fee will appear as a separate line item on your periodic statement.
CARD OWNERSHIP
Any card issued by us is our property and you must return it to us immediately if asked to do so. You agree to be the sole user of any card issued by us and will not give it to anyone else.
RESTRICTIONS
We reserve the right to place a “deny cash” restriction on your card, Remote
Teller Network and ACH privileges without notice to you, when there is a valid security risk with your account(s) with us. A valid security risk includes but is not limited to overdrawn account(s), delinquent loan(s), credit card(s), or any other account(s) with us. We also reserve the right to block the use of your card, without notice to you, in certain Countries, Territories, States or other locations for security reasons.
CRIMINAL LIABILITY
Procuring or using a card, PIN or number, or other means of electronic access (including ACH and the Remote Teller Network) to an account with the intent to defraud is a basis for criminal liability.
Your card may not be used for any illegal transactions, including but not limited to on-line gambling.
DIRECT DEPOSIT
You may arrange for the direct deposit of your social security, pension and other government checks as well as your paycheck to one of your accounts with us. You may verify receipt of a direct deposit by calling our CU-Tel system at 1-800-338-0221 ext. 9745 or call us at (781) 736-9900. Deposits via payroll deduction of a specified amount to a share or share draft account can be arranged through us. You may verify that an EFT, via ACH, has occurred by calling our ATM/EFT department at 1-800-338-0221 ext. 9939 or if using electronic bill paying with Remote Teller Network by calling our Home Banking Department at 1-800-338-0221 ext. 9829 or by e-mail at: remtel@rtn.org.
PREAUTHORIZED EFTS
This is your Disclosure regarding pre-authorized EFTs. A preauthorized EFT is an EFT that has been authorized in advance to happen on a regular basis.
(a) Right to Stop Payment and Procedure For Doing So. If you have told us in advance to make regular payments out of your account to third parties, you can stop any of these payments. Here’s how: call us at (781) 736-9939 (for EFT transactions) or (781) 736-9829 (for electronic bill paying with Remote Teller Network or write us at our main office address, in time for us to receive your request 3 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 14 days after your call. There is a $15.00 fee for all stop payments.
(b) Notice of Varying Amounts. If these regular payments vary in amount, we will tell you, 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 stated amount from the previous payment or when the amount would fall outside certain limits you set.
(c) Liability For Failure to Stop Payment of Preauthorized EFT. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
(d) Prohibition of Compulsory Use. We can not condition an extension of credit to you on your ability to repay by pre-authorized EFTs, except for credit extended under an overdraft credit plan or to maintain a specified minimum balance in your account. At our discretion, we may provide an incentive to you to use such a payment method.
TRANSFER LIMITATIONS
For share savings accounts, you may make up to six (6) preauthorized, automatic, telephonic, or audio response transfers to another account of yours or to a third party during any calendar month. Of these six, you may make no more than three (3) transfers to a third party by check, draft, debit card, or similar order. A preauthorized transfer includes any arrangement with us to pay a third party from your account upon oral or written orders including orders received through ACH. There is no limit on the number of transactions you may make in the following manner: (i) transfers to any loan account with us; or (ii) transfers to another credit union account or withdrawals when such transfer or withdrawals is initiated in person, by mail, or at an ATM. If a transfer request would exceed the transfer limitations set forth above in any statement period, we may refuse or reverse the transfer, and your account will be subject to suspension or closure by us, and we may impose a fee.
LOST, STOLEN CARDS, OR UNAUTHORIZED TRANSACTIONS
You must tell us AT ONCE if you believe your card, PIN or number, or either of them has been lost, or stolen or if EFTs are processed using your card, Remote Teller Network access, audio response or through ACH without your permission. Telephoning is the best way of minimizing your possible losses. You could lose all the money in your account plus your maximum overdraft line of credit. If a transaction is made with your card, PIN or number without your permission, and is either a Visa or Interlink transaction, you will have no liability for the transaction, unless you were grossly negligent in the handling of your account or card. Your liability for unauthorized use of your card, PIN, number or account will be determined under the following paragraphs for transactions that are not Visa or Interlink transactions.
If you tell us within 2 business days, you can lose no more than $50 if someone used your card, PIN or number without your permission. If you do NOT tell us within 2 business days after you learn of the loss, theft or unauthorized use of your card, PIN or number, and we can prove we could have stopped someone from using your card, PIN or number 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 may extend the time periods.
If you believe your card, PIN or number has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call us at:(781) 736-9939 for EFTs and (781) 736-9829 for electronic bill paying with the Remote Teller Network during our normal business hours, Monday through Friday, 8:00 a.m. to 4:00 p.m., Thursday 8:00 a.m. to 5:00 p.m. You can also write to us at:
RTN Federal Credit Union
600 Main Street
Waltham, Massachusetts 02452
Attn: ATM/EFT Dept. or Home Banking Dept.
ERROR RESOLUTION NOTICE
In Case of Errors or Questions About Your EFTs, you can telephone us at (781) 736-9939 or (781) 736-9829 for electronic bill paying with Remote Teller Network, Monday through Friday, 8:00 a.m. to 4:00 p.m.; Thursday 8:00 a.m. to 5:00 p.m. You can also write to us at RTN Federal Credit Union, 600 Main Street, Waltham, MA 02452, or e-mail us at www.info@rtn.org. You should contact us 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. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared. You must:
1) Tell us your full name and member number.
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.
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 10 business days.
We will determine whether an error occurred 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 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.
For errors involving new accounts, POS, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.
We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
If your alleged error concerns a transfer to or from a third party (for example, a social security payment), our investigation may be limited to a review of our own records. If we decide that there was no error, you may want to contact such third party to pursue the matter further. If you comply with the conditions set forth above, in cases in which you think that a transfer from your account was initiated by a third party that was not authorized to initiate any transfers from your account, we will request a copy of the third party’s authorization. If we do not request it within 30 calendar days, we will recredit your account for the transfer you think is unauthorized, so you will have the use of your money until we determine whether you had authorized the transfer.
OUR LIABILITY FOR FAILURE TO MAKE EFTs
If we do not complete an EFT to or from your 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 in the following situations:
1. If, through no fault of ours, you do not have enough money in your account to make the transaction, transfer or withdrawal, or
2. If the transaction would exceed the amount of funds available; or
3. If the ATM you are using to make the transaction does not have enough cash; or
4. If the retail terminal was not working properly and you knew of the problem when you started the transaction; or
5. If circumstances beyond our control (fire, strike, flood, etc.), prevent the transaction despite reasonable precautions that we have taken; or
6. If the funds are subject to legal process, collection, or legal encumbrances that restrict the transaction.
7. If you do not authorize a bill payment soon enough for payment to be made and properly credited by the payee by the time it is due.
8. If we make a timely bill payment but the payee nevertheless does not credit your payment promptly after receipt.
DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES
We will disclose information to third parties about your account or the transfers you make:
1) Where it is necessary for completing transfers.
2) In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant.
3) In order to comply with government agency or court orders.
4) To our employees, auditors, service providers, attorneys or collection agents in the course of their duties.
5) To a consumer reporting agency.
6) If you give us your written permission.
ELECTRONIC BANKING WITH THE REMOTE TELLER NETWORK
GENERAL
You can use RTN Federal Credit Union's "Remote Teller Network" to perform certain financial transactions with a computer. If you use, or allow someone else to use, the Remote Teller Network, you and they agree to the terms and conditions of this agreement and the ACH Origination Agreement. You also authorize us, and appropriate third parties to transfer, debit, credit and process instructions initiated by your computer.
COMPUTER REQUIREMENTS
To use the Remote Teller Network, you will need a computer, related equipment and software as outlined in the Remote Teller Network Guide. You are responsible for the installation, maintenance and operation of your computer and related equipment. We are not responsible for any errors or failures caused by a malfunction of your computer and related equipment. Also, we are not responsible for any computer virus or related problems as a result of your use of the Remote Teller Network.
ACCESS TO THE REMOTE TELLER NETWORK
You can use the Remote Teller Network 24 hours a day, 7 days a week, except during any special or scheduled maintenance period.
AVAILABLE FUNCTIONS WITH THE REMOTE TELLER NETWORK
The Remote Teller Network will allow you to perform the following functions: (1) transfer funds between accounts, (2) obtain account balances and transaction history information, (3) pay bills automatically, and (4) send and receive e-mail messages to and from us. These functions are limited to the following:
1. Transfer of Funds. Your ability to transfer funds between your accounts may be limited. Transfers and bill payments using the Remote Teller Network are counted against the permissible number of transfers as outlined in our deposit account agreement. There may be at least a 1business day delay in transferring funds between your accounts. We reserve the right to limit the dollar amount and frequency of any transaction from your accounts for security reasons.
2. Account Balances and Transaction History. The account information that you access through the Remote Teller Network generally is current each business day. Information accumulated on your accounts will be maintained and made available for a period of 60 days.
3. Electronic Bill Payment. If you elect the Electronic Bill payment feature on the Remote Teller Network, you must designate the share draft account from which we are to make payments. To pay bills using the Remote Teller Network, you must use your computer to authorize payment from your share draft account. Your payment will be made either by transferring funds electronically or by mailing a check. If by check, you authorize us or our agent or representative to include your personal information, including name, address and phone number, if available, on printed checks issued to vendors. Electronic bill payment can only be made to individuals, corporations, organizations and related parties, who are located within the United States, accept electronic bill payments, and are included on our vendor list. We reserve the right to refuse to make any electronic bill payments.
You agree that your password is your signature authorizing us to make electronic bill payments. Each time you enter your payment instructions, you are authorizing us to process your request. When you have transmitted your payment instruction, you authorize us to debit your share draft account. If there are insufficient funds in your share draft account, we may refuse to pay the item or it may make the payment and overdraw your share draft account. You are responsible for any non-sufficient funds or overdraft charges imposed by us. We will notify you by mail, telephone or electronic transmission of our refusal to pay an item due to non-sufficient funds.
Electronic bill payment instructions should be transmitted to us at least 6 business days before a bill is due for payment, or any additional days as identified through the Remote Teller Network. You are responsible for authorizing your payments, so that your bills are paid on time. You are responsible for any late payment or finance charge imposed as a result of your failure to transmit payment instructions at least 6 business days in advance, or any additional days as identified through the Remote Teller Network. Electronic bill payments may be cancelled using the Remote Teller Network if your request to cancel is received by us at least 3 business days before the payment is scheduled to be made. If your request to cancel is not made prior by that time, you may be responsible for the payment.
4. Using E-Mail to Communicate with us: You may use e-mail to communicate with us to ascertain whether or not an EFT initiated by you has occurred. Our e-mail address is: remtel @ rtn.org or you may call us at 1(800) 338-0221 ext. 9829. We may not immediately receive e-mail that you send to us. You should not rely on e-mail if you need to communicate with us immediately. We will not take actions based on your e-mail request until we actually receive your message and we have a reasonable opportunity to act. E-mail messages sent to us may be recorded. By using the Remote Teller Network, you consent to the recording.
YOUR PASSWORD
You are required to select a password to gain access to the Remote Teller Network. You agree to keep this password confidential to prevent unauthorized access to your accounts and prevent the unauthorized use of the Remote Teller Network.
YOUR RESPONSIBILITY
You are responsible for all transfers and payments you authorize using the Remote Teller Network. If you permit other persons to use your password to perform financial transactions using the Remote Teller Network, you are responsible for any transactions they authorize from your accounts.
SOFTWARE LICENSE
We grant to members using our Remote Teller Network a non-exclusive license to use the software subject to the following: You may not make copies of the software. You may request additional copies of the software if necessary. We (or our licensor) own and will retain all title, copyright, and other proprietary rights in and to the software. The license is not a sale of the software. You obtain no rights other than those granted to you under this license. All rights not specifically granted to you in this license are reserved by us to our licensor.
By choosing to use the Remote Teller Network you understand and agree that (1) you may not reverse compile, reverse assemble, reverse engineer or modify the software, nor incorporate in whole or in part with any other product or create derivative works based on all or part of the software; (2) you may not remove any copyright, trademark, proprietary rights, disclaimer or warning notice included on or embedded in any part of the software; and (3) you may not sell, license, sublicense or rent the software.
WE AND OUR LICENSOR PROVIDE THE SOFTWARE "AS IS" WITHOUT WARRANTY OF ANY KIND, AND SPECIFICALLY DISCLAIM ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. NEITHER WE NOR OUR LICENSOR SHALL BE LIABLE FOR ANY INCIDENTAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES arising out of the use of the software. In addition, unless otherwise provided by statute, your sole remedy, financial or otherwise, for any damage or claim arising out of any defect in the software shall be limited to our reprocessing the affected data or transaction at no cost to you.
We may from time to time revise or update the software. Information about revisions and updates may be provided only if the software is properly registered. We are not obligated to make any product revisions or to supply any such revisions.
We may terminate the license if you fail to comply with the terms and conditions of this license or for any other reason.
LIMITED LIABILITY
UNLESS EXPRESSLY PROHIBITED OR OTHERWISE RESTRICTED BY APPLIC-ABLE LAW OR THIS AGREEMENT, OUR LIABILITY IS LIMITED AS FOLLOWS: WE WILL NOT BE LIABLE TO YOU FOR PERFORMING OR FAILING TO PER-FORM OUR SERVICES UNDER OR IN CONNECTION WITH THIS AGREEMENT UNLESS WE HAVE ACTED IN BAD FAITH. WITHOUT LIMITING THE ABOVE, WE WILL NOT BE LIABLE FOR DELAYS OR MISTAKES WHICH HAPPEN BECAUSE OF REASONS BEYOND OUR CONTROL, INCLUDING, BUT NOT LIMITED TO, ACTS OF CIVIL, MILITARY, OR BANKING AUTHORITIES, NATIONAL EMERGENCIES, INSURR-ECTION, WAR, RIOTS, FAILURE OF TRANSPORTATION, COMMUNICATION OR POWER SUPPLY, OR MAL-FUNCTION OF OR UNAVOIDABLE DIFFICULTIES WITH OUR EQUIPMENT. IF A COURT FINDS THAT WE ARE LIABLE TO YOU BECAUSE OF WHAT WE DID OR DID NOT DO UNDER OR IN CONNECTION WITH THIS AGREE- MENT, YOU MAY RECOVER FROM US ONLY YOUR ACTUAL DAMAGES, IN AN AMOUNT NOT TO EXCEED THE TOTAL FEES AND CHARGES PAID BY YOU TO US UNDER AND IN CONNECTION WITH THIS AGREEMENT DURING THE THREE MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO OUR LIABILITY. IN NO EVENT WILL YOU BE ABLE TO RECOVER FROM US CONSEQUENTIAL DAMAGES, EXEMP-LARY DAMAGES OR LOST PROFITS, EVEN IF YOU ADVISE US OF THE POSSIBILITY OF SUCH DAMAGES. YOU AGREE THAT THE DOLLAR LIMITATION DESCRIBED IN THE PRECEDING SENTENCE IS REA-SONABLE, EVEN IF YOU SUFFER GREATER ACTUAL DAMAGES BECAUSE OF WHAT WE DID OR DID NOT DO UNDER OR IN CONNECTION WITH THIS AGREEMENT.
AMENDMENTS
From time to time we may amend any of the terms and conditions contained in this agreement. If the change is adverse to you, such amendment will be provided to you in writing, 30 days prior to the effective date of any change in term or condition of this agreement. We reserve the right to implement a change in terms and conditions of this agreement without prior notice to you to maintain or restore the security of the EFT system or your account.
TERMINATION
Either party may terminate this agreement at any time by giving written notice to the other. Termination of this agreement will not affect previous transactions.
Terminating this agreement does not terminate your other accounts with us. However, closing your share draft account will terminate your POS and Debit privileges, and closing your share account will terminate this agreement simul-taneously.
HEADINGS
Headings are used for reference purposes only and shall not be deemed a part of this agreement.
GOVERNING LAW
This agreement shall be construed in accordance with and governed by the laws of the Commonwealth of Massachusetts.
©RTN Federal Credit Union (Revised 08/23/2006)
