Untitled Document

Electronic Funds Transfer Agreement and Disclosure

This Electronic Funds Transfer Agreement (EFT Agreement) is the contract which cov¬ers your and our rights and responsibilities concerning the electronic funds transfer (EFT) services offered to you by RREFCU.
The words “you”, “your”, “yours”, and “owner” mean anyone who signs the Membership Application (Application) or Account Authorization Card (Account Card) as applicant, joint owner, or any authorized user. The words “RREFCU”, “we”, “us”, “our”, and “credit union” mean Red River Employees Federal Credit Union. The word “account” means one or more share/savings and share draft/checking accounts you have with RREFCU. The words “share” and “savings” are interchangeable and mean the same thing as are the words “share draft” and “check”.
EFTs are electronically initiated transfers of money from your account through the EFT services described below. By signing an application or Account Card for EFT services, signing your RediCheck Debit Card or Pulse ATM Card (Card), or using any EFT service, each of you, jointly and severally, agree to the terms and conditions of this EFT Agreement and any amendments for the EFT services offered.
EFT SERVICES. If approved, you may conduct any one or more of the EFT services offered by RREFCU:
1. Pulse ATM Card. If approved, you may use your Pulse ATM Card in RREFCU’s ATMs, other ATMs and POS (Point-of-Sale) terminals connected to the Pulse network, and any other machines or facilities as RREFCU may designate. You agree that you will not use your Pulse ATM Card for any transaction that is illegal under applicable federal, state, or local law.
Your Pulse ATM Card is associated with a designated checking, savings, money market checking, and line of credit (LOC) loan under one membership account number. You authorize us to perform the following transactions on the designated accounts under that membership account number:
• ATM & POS: Withdraw funds from your designated account(s),
• ATM: Make a cash advance from your designated LOC loan account; Transfer funds between your designated accounts; Find out current balances of your designated accounts; Transfer funds to make payment(s) on your designated loan(s); Deposit funds into any of your designated accounts *, and Make your loan payment(s) by depositing funds directly to your designated loan(s) *.
• POS: Purchase goods and services at POS terminals at various merchants,
* ATM deposits & loan payments are accepted at RREFCU-owned ATMs only & are subject to verification. See Funds Availability Disclosure for more information.
The following limitations on the frequency and amount of ATM transactions may apply:
A. You may purchase and/or withdraw up to a maximum of $500.00 in any one 24-hour period (midnight to midnight), if there are sufficient funds in your designated account.
B. Money Market Checking Accounts ONLY: There is a maximum of three checks, telephone, internet, ATM, or other electronic transactions per month. A fee as set forth in the Rate and Fee Schedule may be imposed if this maximum is exceeded.
Because of the servicing schedule and processing time required in ATM operations, there may be a delay between the time a deposit (either cash or check) is made and when it will be available for withdrawal. See the Funds Availability Disclosure for more information.
2. RediCheck Debit Card. If approved, you may use your RediCheck Debit Card in RREFCU’s ATMs, other ATMs and POS (Point-of-Sale) terminals connected to the Pulse and/or VISA credit card network (VISA), and any other machines or facilities as RREFCU may designate. You agree that you will not use your RediCheck Debit Card for any transaction that is illegal under applicable federal, state, or local law.
Your RediCheck Debit Card is associated with a designated checking, savings, money market checking, and line of credit (LOC) loan under one membership account number. You authorize us to perform the following transactions on those designated accounts under that membership account number:
• ATM & POS: Withdraw funds from your designated account(s),
• ATM: Transfer funds between your designated accounts; Find out current balances of your designated accounts; Transfer funds to make payment(s) on your designated loan(s); Deposit funds into any of your designated accounts *, and Make your loan payment(s) by depositing funds directly to your designated loan(s) *.
• POS & VISA: Purchase goods and services at POS terminals at various merchants,
• ATM & VISA: Make a cash advance from your designated LOC loan account,
• VISA: Purchase goods and services by mail, telephone, and internet from merchants that accept VISA debit cards,
* ATM deposits & loan payments are accepted at RREFCU-owned ATMs only & are subject to verification. See Funds Availability Disclosure for more information.
The following limitations on the frequency and amount of ATM transactions may apply:
A. You may purchase and/or withdraw up to a maximum of $500.00 in any one 24-hour period (midnight to midnight), if there are sufficient funds in your designated account.
B. Money Market Checking Accounts ONLY: There is a maximum of three checks, telephone, internet, ATM, or other electronic transactions per month. A fee as set forth in the Rate and Fee Schedule may be imposed if this maximum is exceeded.
Because of the servicing schedule and processing time required in ATM operations, there may be a delay between the time a deposit (either cash or check) is made and when it will be available for withdrawal. See the Funds Availability Disclosure for more information.
When using the VISA network, funds to cover your RediCheck Debit Card purchases will be deducted from your designated checking account. If the balance in that account is not sufficient to pay the transaction amount, RREFCU will pay the amount and treat the transaction as a request to transfer funds from your other designated accounts (savings, money market checking, and LOC accounts). If you initiate a transaction that overdraws your designated account, you agree to make immediate payment of any overdrafts together with any service charges to RREFCU. In the event of repeated overdrafts, RREFCU may terminate all services under this EFT Agreement.
3. Preauthorized EFTs: Direct Deposit. Upon instruction of your employer, the U.S. Treasury Department, or other financial institution, RREFCU will accept direct deposits of your paycheck or of federal recurring payments such as Social Security, to your regular checking or savings account.
4. Preauthorized EFTs: Preauthorized Debits. Upon instruction, we will pay certain recurring transactions from your regular checking or savings account.
Stop Payment Rights. If you have arranged in advance to make regular electronic funds transfers out of your account for money you owe others, you may stop payment of preauthorized transfers from your account. You must notify us orally or in writing at any time up to three business days before the scheduled date of the transfer. We may require written confirmation of the stop payment order to be made within fourteen calendar days of any oral notification. If we do not receive the written confirmation, the oral stop payment order shall cease to be binding fourteen calendar days after it has been made. We will charge you a fee for each stop payment order as described in the Rate and Fee Schedule.
Liability for Failure to Stop Payment of Preauthorized Transfers. If you order us to stop payment on a preauthorized transfer 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.
Notice of Varying Amounts. If these regular payments may vary in amount, the person you are going to pay is required to tell you ten business 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.
Transfer Limitations. Money Market Checking Accounts ONLY. There is a maximum of three checks, telephone, internet, ATM, or other electronic transactions per month. A fee as set forth in the Rate and Fee Schedule may be imposed if this maximum is exceeded.
5. Electronic Check Conversion/Electronic Returned Check Fees. If you pay for something with a check, you may authorize your check to be converted to an electronic fund transfer. You may also authorize merchants to electronically debit your account for returned check fees. You are considered to have authorized these electronic funds transfers if you complete the transaction after being told (orally or by notice posted or sent to you) that the transfer may be processed electronically or if you sign a written authorization.
6. Ro$ey Audio Response System. You may access your Account through Ro$ey, our Audio Response System, by calling a separate telephone line dedicated to its use. Using a touchtone phone and your Ro$ey PIN (Personal Identification Number), you authorize us to perform the following transactions on the accounts under your membership account number:
• Transfer funds between account types within the same membership account number,
• Make a cash advance on your LOC loan and transfer into your account,
• Withdraw funds and have a check mailed to you at your current address,
• Find out your current account balance(s), deposit(s), and withdrawal(s),
• Find out the status of a specific check or checks,
• Find out your loan balance(s), payment amount(s), due date(s), and payoff amount(s),
• Find out year-to-date and last year’s dividends paid on your account(s),
• Find out year-to-date and last year’s interest paid on your loan(s), and
• Report a lost or stolen Card (ATM and/or Debit).
7. Ro$ey On-Line Electronic/PC (Internet) Access. You may access your Account through the internet at our website. Using a computer with internet access and your Ro$ey On-Line PIN, you authorize us to perform the following transactions on accounts under your membership account number:
• Transfer funds between account types within the same membership account number,
• Make a cash advance on your LOC loan and transfer into your account,
• Withdraw funds and have a check mailed to you at your current address,
• Find out your current account balance(s), deposit(s), and withdrawal(s),
• Find out the status of a specific check or checks,
• Find out your loan balance(s), payment amount(s), due date(s), and payoff amount(s),
• Find out year-to-date and last year’s dividends paid on your account(s),
• Find out year-to-date and last year’s interest paid on your loan(s), and
• Report a lost or stolen Card (ATM and/or Debit).
Additional information and disclosures are available on our website: www.RRFCU.com.
CONDITIONS OF EFT SERVICES:
1. Security of PINs. You may use one or more PINs (Personal Identification Numbers) with your EFTs. These PINs are issued to you for security purposes. The codes are confidential and should not be disclosed to third parties or recorded anywhere that a third party could have easy access to it. You are responsible for safekeeping these PINs and you agree not to disclose or otherwise make them available to anyone not authorized to sign on the account (non-Joint Owner). If you authorize anyone to use your PIN(s) that authority shall continue until you specifically revoke such authority by notifying RREFCU. You understand that any Joint Owner you authorize to use a PIN may withdraw or transfer funds from any of your accounts. If you fail to maintain security of these PINs and RREFCU suffers a loss, we may terminate your EFT services immediately.
2. Ownership of Card. Any Card or other device which we supply to you is our property and must be returned to us, or to any person whom we authorize to act as our agent, or to any person who is authorized to honor the card, immediately according to instructions. The Card may be repossessed at any time at our sole discretion without demand or notice. You cannot transfer the Card or your Membership Account to another person.
3. Honoring the Card. Neither we nor merchants authorized to honor the Card will be responsible for the failure or refusal to honor the Card or any other device we supply to you. If a merchant agrees to give you a refund or adjustment, you agree to accept a credit to your account in lieu of a cash refund.
4. Foreign Transactions. Purchases and cash withdrawals made in foreign countries and foreign currencies will be debited from your account in U.S. dollars. The conversion rate to dollars will be determined in accordance with the operating regulations established by VISA International. Currently the currency conversion rate used to determine the transaction amount in U.S. dollars is generally either a government mandated rate or the wholesale rate in effect the day before the transaction processing date, increased by one percentage point (1%). The currency conversion rate used on the processing date may differ from the rate that would have been used on the purchase date or cardholder statement date.
5. Security of Card. RREFCU has issued the Card for your use only to conduct the transactions listed above. Do not allow anyone else to use or have access to the Card and/or PIN(s). Keep all PINs confidential and do not keep any of them with the Card or write any PIN on the Card sleeve or Card. Keep the Card and PIN(s) in separate safe places and do not make them available or accessible to any third party. You are responsible and liable for all authorized transactions made with the Card. Use of the Card by you or anyone for your benefit or with actual, implied, or apparent authority is considered authorized use.
6. Joint Accounts. If any of your accounts accessed under this EFT Agreement are joint accounts, all joint owners, including authorized users, shall be bound by this EFT Agreement and, alone and together, shall be responsible for all EFT transactions to or from any account as provided in this EFT Agreement. Each Joint Owner, without the consent of any other account owner, may, and is hereby authorized by every other Joint Owner to, make any transaction permitted under this EFT Agreement. Each Joint Owner is authorized to act for the other account owners, and RREFCU may accept orders and instructions regarding any EFT transaction on any account from any Joint Owner.
7. PIN Changes. When you are first issued a Card, you may be assigned a computer-generated PIN. If you wish to select your own PIN or change the PIN at anytime, please come by any of our full-service offices (not Texas Blvd. or student branches). Being able to change your PIN is an additional security feature that insures you are the only person who knows the PIN. If you suspect that someone other than yourself has learned the PIN, be sure to come by and change it.
8. Address Changes. You must immediately notify RREFCU of any change in your mailing address. You may do this in writing or in person. All mail sent to your last known address will be considered received.
ACCESSIBLE ACCOUNTS. The Card will access your primary accounts under one membership account number with RREFCU. This includes your 01-savings, 02-checking, money market checking, and 142-LOC loan. If you want to block Card access to any of these accounts, you must notify us in writing.
TO REPORT LOST OR STOLEN CARD OR PIN. To report a lost or stolen Card or PIN, please phone us at (903) 793-7681 or (800) 822-3317. After business hours or on weekends, please call Ro$ey, our audio response system, at (903) 793-3400 or (800) 833-1528. If you are reporting a RediCheck Debit Card, you can also call PEMCO at (800) 682-6075. When you call, please have the following information available: your name, your membership account number affected, and your daytime telephone number.
ILLEGAL TRANSACTIONS. You may not use the Card, Card number, and/or any PIN for any illegal purpose or transaction. RREFCU may refuse to authorize any transaction that we believe to be illegal or that poses an undue risk of illegality. You agree that any illegal use of the Card, Card number, and/or PIN(s) will be deemed an act of default under this EFT Agreement. You further agree to waive any right to take legal action against RREFCU for your illegal use of the Card, Card number, and/or PIN(s) and to indemnify and hold RREFCU harmless from and against any lawsuits, or other legal action or liability that results directly or indirectly from such illegal use.
FEES AND CHARGES. There are certain fees and charges for EFT services. For a current listing of all applicable fees, see our current Rate and Fee Schedule that was provided to you at the time you applied for or requested these electronic services. From time to time, the charges may be changed. We will notify you of any changes as required by applicable law.
If you use an ATM not operated by RREFCU, you may be charged a fee by the ATM operator and by any national, regional, or local network used in processing the transaction (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer). The ATM surcharge will be debited from your account if you elect to complete the transaction or continue with the balance inquiry.
MEMBER LIABILITY. You are responsible and liable for all EFT transactions you authorize. If you permit someone else to use an EFT service, your Card, or your PIN(s), you are responsible for any transactions they authorize or conduct on any of your accounts. Use of the Card by you or anyone for your benefit or with actual, implied, or apparent authority is considered authorized use. Tell us AT ONCE if you believe the Card has been lost or stolen or if you believe someone has used the Card or PIN(s) or otherwise accessed your account(s) without your authority. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft LOC). If a transaction was made with the Card or Card number without your permission, and was 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. For all other EFT transactions, including ATM transactions, or if you were grossly negligent in the handling of your account, Card, or PIN(s), your liability for an unauthorized transaction is determined as follows:
If you tell us within two business days after you learn of the loss or theft of the Card, you can lose no more than $50.00 if someone used your Card without your permission. If you do NOT tell us within two business days after you learn of the loss or theft of the Card, and we can prove we could have stopped someone from using the card without your permission if you had told us, you could lose as much as $500.00.
Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within sixty calendar days after the statement was mailed to you, you may not get back any money lost after the sixty calendar 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 the Card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission,
call us at: (903) 793-7681 or (800) 822-3317
or write to us at: Red River Employees Federal Credit Union
PO Box 5909, Texarkana, TX 75505-5909
RIGHT TO RECEIVE DOCUMENTATION.
1. Periodic Statements. Transfers and withdrawals made through any ATM or POS terminal, Debit Card transactions, audio response transactions, preauthorized EFTs or electronic/PC transactions will be recorded on your periodic statement. You will be sent a statement monthly unless there is no transaction in a particular month. In any case, you will receive a statement at least quarterly.
2. Terminal Receipt. You will get a receipt at the time you make any transaction (except inquiries) involving your account using an ATM, POS terminal, or Debit Card transaction with a participating merchant.
3. Direct Deposit. If you have arranged to have a direct deposit made to your account at least once every sixty calendar days from the same source and you do not receive a receipt (such as a pay stub), you can find out whether or not the deposit has been made by calling us at (903) 793-7681 or (800) 822-3317. This does not apply to transactions occurring outside the U.S.
ACCOUNT INFORMATION DISCLOSURE. We will disclose information to third parties about your Account or the transfers you make:
1. As necessary to complete transfers;
2. To verify the existence of sufficient funds to cover specific transactions upon request of a third party, such as a credit bureau or merchant;
3. To comply with government agency or court orders, or
4. If you give us your written permission.
BUSINESS DAYS. Our business days are Monday through Friday, excluding federal holidays.
RREFCU LIABILITY FOR FAILURE TO MAKE TRANSFERS. If we do not complete a transfer to or from your account on time or in the correct amount according to our EFT Agreement with you, we may be liable for your losses or damages. However, we will not be liable for direct or consequential damages in the following events:
1. If, through no fault of RREFCU, there is not enough money in your accounts to complete the transaction, if funds in your accounts necessary to complete the transaction are held as uncollected funds pursuant to our Funds Availability Policy, or if the transaction involves a loan request exceeding your credit limit;
2. If you have used the Card or PIN in an incorrect manner;
3. If the ATM where you are making the transfer does not have enough cash;
4. If the ATM was not working properly and you knew about the problem when you started the transaction;
5. If circumstances beyond our control (such as fire, flood, or power failure) prevent the transaction;
6. If the money in your Account is subject to legal process or other claim;
7. If funds in your Account are pledged as collateral or frozen because of a delinquent loan;
8. If the error was caused by a system of any participating ATM network;
9. If the electronic transfer is not completed as a result of your willful or negligent use of the Card, PIN, or any EFT facility for making such transfers;
10.If the telephone or computer equipment you use to conduct audio response or electronic/PC transactions is not working properly and you know or should have known about the breakdown when you started the transaction; and
Any other exceptions as established by RREFCU.
NOTICES. All notices from RREFCU will be effective when we have mailed them or delivered them to your last known address in RREFCU’s records. Notices from you will be effective when received by RREFCU at the address specified in this EFT Agreement. We reserve the right to change the terms and conditions upon which this service is offered. We will mail notice to you at least twenty-one calendar days before the effective date of any change. Use of this service is subject to existing regulations governing the RREFCU account and any future changes to those regulations.
YOUR SAFETY. The following information is a list of safety precautions regarding the use of ATMs and Night Deposit Facilities.
• Be aware of your surroundings, particularly at night.
• Consider having someone accompany you when the ATM or night deposit facility is used after dark.
• If another person is uncomfortably close to you at the time of your transaction, ask the person to step back before you complete your transaction.
• Refrain from displaying your cash at the ATM or night deposit facility. As soon as your transaction is completed, place your money in your purse or wallet. Count the cash later in the safety of your car or home.
• If you notice anything suspicious at the ATM or night deposit facility, consider using another ATM or night deposit facility or coming back later. If you are in the middle of a transaction and you notice something suspicious, cancel the transaction, take the Card and/or deposit envelope, and leave.
• If you are followed after making a transaction, go to the nearest public area where people are located.
• Do NOT write your PIN on the Card or Card sleeve.
• Report all crimes to law enforcement officials immediately.
BILLING ERRORS. In case of errors or questions about EFTs from your Account, telephone us at the following number or send us a written notice to the following address as soon as you can. We must hear from you no later than sixty calendar days after we sent the FIRST statement on which the problem appears.
Call us at: (903) 793-7681 or (800) 822-3317
or write to us at: Red River Employees Federal Credit Union
PO Box 5909, Texarkana, TX 75505-5909.
1. Tell us your name and Account number.
2. Describe the electronic transfer you are unsure about, and explain as clearly as you can why you believe RREFCU has made 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 business days.
We will tell you the results of our investigation within ten1 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-five2 business days to investigate your complaint or question. If we decide to do this, we will credit your account within ten 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 ten business days, we may not credit your Account.
1 If you give notice of an error within thirty business days after you make the first deposit to your account, we will have twenty business days instead of ten business days.
2 If you give notice of an error within thirty business 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 ninety business days instead of forty-five business days to investigate.
We will tell you the results within three business days of 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.
NOTE: If the error you assert is an unauthorized VISA transaction, other than a cash disbursement at an ATM, we will credit your Account within five business days unless we determine that the circumstances or your Account history warrant a delay, in which case you will receive credit within ten business days.
TERMINATION OF EFT SERVICES. You may terminate this EFT Agreement or any EFT service under this EFT Agreement at any time by notifying us in writing and stopping the use of the Card and/or any PIN(s). You must return all Cards to RREFCU. You also agree to notify any participating merchants that authority to make bill payment transfers has been revoked. We may also terminate this EFT Agreement at any time by notifying you orally or in writing. If we terminate this EFT Agreement, we may notify any participating merchants making preauthorized debits or credits to any of your accounts that this EFT Agreement has been terminated and that we will not accept any further preauthorized transaction instructions. We may also program our computer not to accept the Card or PIN(s) for any EFT service. Whether you or RREFCU terminates this EFT Agreement, the termination shall not affect your obligations under this EFT Agreement for any EFTs made prior to termination.
GOVERNING LAW. This EFT Agreement is governed by the Bylaws of RREFCU, federal laws and regulations, state laws and regulations, and local clearinghouse rules, as amended from time to time. Any disputes regarding this EFT Agreement shall be subject to the jurisdiction of the court of the county in which RREFCU is located.
ENFORCEMENT. You are liable to us for any loss, cost, or expenses we incur resulting from your failure to follow this EFT Agreement. You authorize us to deduct any such loss, costs, or expenses from your Account without prior notice to you. If we bring a legal action to collect any amount due under or to enforce this EFT Agreement, we shall be entitled, subject to applicable law, to payment of reasonable attorney’s fees and costs, including fees on any appeal, bankruptcy proceedings, and any post-judgment collection actions.