Fedchoice Federal Credit Union - Altogether Better



Electronic Funds Transfer Act (Reg. E)

Disclosures And Rules Governing

Electronic Fund Transfers And ATM Cards

This Agreement governs the application and use of our Electronic Fund Transfer (EFT) Services. This includes the use of your Credit Union ATM card or VISA® Debit Card and your personal identification number (PIN) to make transfers at any ATM or merchant point-of-sale (POS) that is accessible by your ATM Card or VISA® Debit Card (collectively the “Card”); your Audio Response Secret Access Code (Code) to make transfers through a touch-tone telephone; your PIN to make transfers through eBanking personal computer home banking; mobile banking and automatic electronic deposits and pre-authorized debits to your account. You agree that these agreements, rules and regulations applicable to your share accounts, checking accounts and any other accounts you may have with us remain in effect and continue to be applicable, except as specifically modified by this portion of the Membership and Account Agreement Including Disclosures.

1. Types of EFTs. An EFT means any electronic transfer of funds into or out of your account that is not initiated by paper check. An EFT includes the following types of transfers:

a. Pre-authorized EFTs. A pre-authorized transfer means an EFT you have authorized in advance to recur at substantially regular intervals. Pre-authorized EFTs include the following types of transactions:

• Direct deposit to your account of Federal recurring payments, including Social Security and payroll deposits from both Federal and private employers.

• Direct debits to your account from third parties by electronic means, e.g., recurring bill payments such as insurance, utilities, etc.

b. Other Electronic Access to Your Account. You may use your Code, your ATM Card and/or your VISA® Debit Card to:

• Make deposits to your share and checking accounts.*

• Withdraw funds from your share and checking accounts.

• Transfer funds from your share and checking accounts. • Obtain balance information for your share and checking accounts.

• Make loan payments from your share and checking accounts.

• Access your overdraft loan account (line of credit).

• Make POS transactions with your VISA® Debit Card and PIN (Personal Identification Number) to purchase goods or services at merchants that accept VISA® Debit Card. (Cash back on purchases may also be available with merchants or other financial institutions that allow this option).

• Order goods or services by mail or telephone from places that accept VISA® Debit Card.

*Service is not available at all ATMs.

c. Telephone Service (Audio response). You may access your account(s) by touch-tone telephone – 24-hours per day. Telephone Service is an audio response system for accessing your accounts. Select your own Secret Access Code. You must use your Code along with your account number to access your accounts. Following are a few examples of the account information and transactions available to you when you use Audio Response:

• There is no limit to the number of inquiries or transactions you may make within a 24-hour day.

• There is no transaction fee for using Audio Response. (Although service fees may apply to specific transactions). See the separate Rates and Fees Schedules.

• Transfer funds between share accounts (Holiday Club and Individual Retirement Arrangement Accounts (IRAs) may only receive deposits—no withdrawals).

• Transfer funds to make payments on your FedChoice loans.

• Obtain balance information for your share accounts.

• Determine if a particular check or debit has cleared and been paid against your account.

• Obtain tax information on amounts earned on share and checking accounts or interest paid on loan accounts.

• Verify the last date and amount of your payroll deposit or other deposits.

• Place stop payments on outstanding checks. (See the separate Rates and Fees Schedules for applicable fees.)

• Request copies of paid items. (See the separate Rates and Fees Schedules for applicable fees.)

d. eBanking Personal Computer and Mobile Banking Electronic Fund Transfers (PC access). Your accounts can be accessed under our PC access service. If we approve PC access for your accounts, EFT service will be available for your convenience 24-hours per day. You must select and use your access code along with your username and any other security feature we require to access your accounts. We reserve the right to refuse any transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below a required balance, or otherwise require us to increase our required reserve on the account. All check requests initiated through PC access are payable to the first named member on the account and will be mailed to the address of record. We reserve the right to set other limits or set dollar amount limits on any transaction. The service will discontinue if no transaction is completed after numerous unsuccessful attempts to enter a transaction. There may be limits on the duration of each access.

e. Bill Payment (via eBanking or Mobile Banking). We will process bill payment transfer/requests for creditors you authorized and for whom the Credit Union has the proper vendor code number. We will withdraw the designated funds, if the funds are available from your checking account. You must allow sufficient time for vendors to process your payment after they receive a transfer from us. Please leave as much time as though you were sending your payment by mail. We do not guarantee the time that any payment will be credited to your account by the vendor. (See the separate Rates and Fees Schedules for applicable fees). We agree to use ordinary care when making your bill payments. We do not guarantee a payment initiated by you will be received, processed and posted by a vendor in time to avoid late fees.

2. Electronic Fund Transfer Limitations.

a. Limitation on Frequency of Transfers. For share savings and money market accounts you may make up to six (6) pre-authorized, automatic, telephonic, eBanking, mobile banking 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 or debit card. You may make unlimited in-person transfers from your share savings and money market account to any of your other Credit Union accounts or to any Credit Union loan account and you may make withdrawals in person, or by mail, or at an ATM. We may refuse or reverse a transfer that exceeds these limitations and may assess fees against, suspend or close your account when you exceed these limits.

b. Limitation on Dollar Amount of Transfers. The following limitations on the amount of ATM transactions may apply:

• You may transfer up to the available balance in your accounts at the time of the transfer.

• There is a maximum withdrawal limit of $500 per account, in cash withdrawals at ATMs per 24-hour day - using any combination of ATM and VISA® Debit Card.

• There is a maximum of $1,000 withdrawal limit, per account, per 24-hour day at POS.

3. Conditions of Service.

a. Ownership of Cards. Any Card or other device that we supply to you is the Credit Union’s property and must be returned to us, or to any person whom we authorize to act as our agent upon request. The Card may be canceled at any time at our sole discretion without demand or notice. You cannot transfer your Card or account to another person.

b. 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.

c. Security of Access Code. The access codes issued to you are for your security purposes. Any codes issued to you are confidential and must not be disclosed to anyone or recorded on or with the Card. Credit Union employees do not have access to your Code or PIN. You are responsible for safekeeping your access codes. You agree not to disclose or otherwise make your access codes available to anyone not authorized to sign on your accounts. If you authorize anyone to use your access codes that authority shall continue until you specifically revoke such authority by notifying the Credit Union. If you fail to maintain the security of these access codes and the Credit Union suffers a loss, we may terminate your EFT services immediately.

4. Fees and Charges. There are no charges for any ATM or VISA® Debit Card transactions performed at FedChoice owned ATM machines (proprietary machines). Please refer to the separate Rates and Fees Schedules for all applicable account related fees and service costs.

5. Member Liability.

a. All Electronic Transfers. Tell us AT ONCE if you believe your Card, Code or PIN has been lost or stolen. 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. For your ATM Card, if you tell us within two (2) business days from the date discovered, you can lose no more than $50 if someone uses your Card, Code or PIN without your permission. 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 first statement was mailed or electronically delivered to you, you may not get back any money you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or hospital stay) prevented you from notifying us, we will extend the time period.

b. Additional Terms for VISA® Debit Card. Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen VISA® Debit Card. VISA® Debit Cards may be used only for legal purposes.

c. Change to Foreign Currency Conversion Rate. When you use a VISA branded credit/debit card at a merchant that settles in currency other than US dollars, the charge will be converted into the US dollar amount. The currency conversion rate used to determine the transaction amount in US dollars is either:

• A rate selected by VISA from the range of rates available in wholesale currency markets for the application central processing date, which rate may vary from the rate VISA itself received; or

• The government mandated rate in effect for the applicable central processing date;

• In each instance, plus 1%.

• The conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or posting date.

d. Contact in Event of Unauthorized Transfer. If you believe your ATM Card or VISA® Debit Card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, please call us immediately at:

301.699.6151 • 800.969.6151
Business weekdays 8:30 am – 4:00 pm Eastern Standard Time
except Wednesdays, 9:30 am – 4:00 pm.

The 24-hour number to report your VISA® Debit Card lost or stolen is 800.325.3678 or write to:

FedChoice Federal Credit Union
ATTN: e-Commerce Dept.
10001 Willowdale Road, Lanham, MD 20706

e. Non-VISA Network Transactions. Transactions may be processed through a non-VISA network without any notice or option to you. These networks may include STAR, Accel/Exchange, CU24 or CO-OP. Transactions processed through these networks are not covered by VISA’s Zero Liability Policy and you may be responsible for no more than $50 in transactions.

6. Billing Errors. In case of errors, questions or if you believe your statement is wrong or if you need more information about an electronic transfer listed on a statement or receipt, please telephone us at 301.699.6151 • 800.969.6151 or send a written notice to the address shown below as soon as possible. We must hear from you no later than sixty (60) days after we have sent the FIRST statement on which the problem or error appeared. (If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days of the initial telephone contact). Please call immediately (Weekdays 8:30 am – 4:00 pm Eastern Standard Time, Wednesdays 9:30 am – 4:00 pm, except holidays) or write:

FedChoice Federal Credit Union
ATTN: e-Commerce Dept.
10001 Willowdale Road, Lanham, MD 20706

(1) Please provide us with your name and account number.

(2) Describe the error or transfer you are unsure about, and explain as clearly as you can why you believe that the Credit Union has made an error or you need additional information.

(3) Tell us the dollar amount of the suspected error.

We will determine whether an error occurred within ten (10) business days after we hear from you or (5) business days for VISA® Debit Card POS transactions. We will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide that additional research is needed, we will credit your account within ten (10) business days or five (5) business days for VISA® Debit Card POS transactions for the amount you believe 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 (10) business days, or five (5) business days for VISA® Debit Card POS transactions we may not credit your account.

We will provide you with the results of our investigation within three (3) business days of completion. If we decide that no error occurred, we will send you a written explanation. You may ask for copies of documentation that we used in our investigation.

If you have online bill payment services, we can only confirm the amount, the participating merchant, and the date the bill payment transfer posted to your account. For any other error or question you have regarding the billing statement of a participating merchant or service provider, you must contact the merchant directly or the bill payment service provider at 866.275.6868. We are not responsible for investigating such errors.

7. Business Days and Hours. For purposes of these EFT disclosures, our business days and hours of operation are Monday through Friday, 8:30 am – 4:00 pm Eastern Standard Time; except Wednesdays 9:30 am – 4:00 pm, excluding holidays (hours may vary at Financial Service Center locations).

8. Documentation.

a. Periodic Statements. You will receive a statement monthly unless there is no transfer in a particular month. In any case, you will receive a statement at least quarterly unless the account has become inactive or dormant.

b. Terminal Transfers. You will either automatically receive a receipt or will be given the option to receive a receipt at the time you make a transfer to or from your account at an ATM or POS terminal.

c. Pre-authorized Credits. If you have arranged to have a direct deposit made to your account at least once every sixty (60) days from the same person or company, you can find out whether or not the deposit has been received by the Credit Union by calling audio response at 301.699.6111 • 800.969.8443 or the Financial Advisory Center at 301.699.6151 • 800.969.6151. This procedure does not apply to transactions outside the United States.

9. Credit Union’s 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 agreement with you, we may 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 transfer.

• If the transfer requires use of uncollected funds, as described in our Funds Availability Policy.

• If the transfer involves a loan request exceeding your credit limit.

• If you use your ATM Card, VISA® Debit Card or Code in an incorrect manner.

• If circumstances beyond our control (such as fire, flood, or power failure) prevent the transfer.

• If the money in your account is subject to legal process or other claim.

• If funds in your account are pledged as collateral or frozen because of a delinquent loan with us.

• If the error was caused by a system failure of any participating ATM or VISA network.

• If the electronic transfer is not completed as a result of your willful or negligent use of your ATM Card, VISA® Debit Card, Code, or any EFT facility you use for making such transfers.

• If the ATM, POS terminal, telephone or computer equipment you used to make the transfer was not working properly and you knew about the breakdown when you started the transfer.

• Any other exceptions as established by the Credit Union.

10. Pre-authorized Payments–Right to Stop Payment. Members have a right to stop payments. If you have told us in advance to make regular payments by pre-authorized Electronic Fund Transfer out of your account(s), you may stop these payments by calling us at 301.699.6151 • 800.969.6151 or writing to:

FedChoice Federal Credit Union
ATTN: Financial Advisory Center
10001 Willowdale Road, Lanham, MD 20706

You must notify us at least three (3) business days before the payment you want to stop is scheduled to be made. If you call, we will also require you to put your request in writing and to get it to us within fourteen (14) days after you call. If we do not receive your written confirmation; the oral stop payment order shall cease to be binding fourteen (14) days after it has been made.

Once placed, a stop payment does not have an expiration date and can only be reversed by an account owner with a written authorization, requesting the reversal of the original stop payment.

FedChoice is authorized to impose a service charge and the member agrees to pay a service charge for placing this request in conformance with the ACH Stop Payment Request fees as reflected in the Credit Union’s separate Rates and Fees Schedules. The member and FedChoice agree to abide by the ACH rules and regulations regarding Stop-Payment Orders.

11. Confidentiality. We will disclose information to third parties about your account or the transfers you make:

• Where it is necessary for completing transfers, or

• In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or

• If you give us your written permission.

In case of lost or stolen Cards, unauthorized transfers, stop payments, billing errors or questions, contact FedChoice: 301.699.6151 • 800.969.6151 Weekdays 8:30 am – 4:00 pm Eastern Standard Time, Wednesdays 9:30 am – 4:00 pm (excluding holidays).

The 24-hour number to report your VISA® Debit Card lost or stolen is 800.325.3678, or write to:
FedChoice Federal Credit Union
ATTN: Card Services
10001 Willowdale Road, Lanham, MD 20706.

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