Dormant AccountsPolicy Concerning Liens On SharesStop Payment PolicyInsured FundsFunds Availability DisclosureEndorsement LiabilityEFT
Electronic Fund Transfers
Accounts with no member generated activity for two years or more will be assessed a monthly fee of five dollars.
If you owe us money as a borrower, guarantor, endorser or otherwise, we have a lien on the account funds in any account in which you have an ownership interest, regardless of their source, unless prohibited by law. We may apply these funds in any order to payoff your indebtedness. By not enforcing a lien, we do not waive our right to enforce it later. In addition, you grant the Credit Union a consensual security interest in your accounts and we may use the funds from your accounts to pay any debt or amount now or hereafter owed the Credit Union, except for obligations secured by your residence, unless prohibited by applicable law. All accounts are nonassignable and nontransferable to third parties.
- Stop payment requests can be received in writing or orally if verification in writing is received within 14 days of notification.
- Credit Union is not liable for any stop payment for the first 24 hours after stop payment has been placed.
- A $10.00 fee will be assessed to your share draft account for all stop payments.
- By using your check guarantee card, the cardholder agrees to waive all rights to stop payment of drafts guaranteed by the guarantee card.
- No stop payment shall be placed on a draft made payable to cash.
- All stop payments will cease to be effective six months from the date the stop payment is placed.
Shares in the Elko Federal Credit Union are insured by the National Credit Union Share Insurance Fund (NCUSIF), an arm of the National Credit Union Administration (NCUA).
Share accounts are insured up to $250,000. Generally, if a Credit Union member has more than one account, those accounts are added together and are insured up to $250,000. There are exceptions, however. If a member has a share savings account and an Individual Retirement Account (IRA) each account is insured up to $250,000. Here are some important facts to remember about your share insurance:
Not one penny of insured savings has ever been lost by a member of a federally insured Credit Union.
The fund (NCUSIF) is currently at the strongest and best reserve level in history.
As a member of this Credit Union, you do not pay directly for your share insurance protection.
For a detailed explanation of insurance coverage, pick up a copy of “Your Insured Funds” published by NCUA, in our Member Services Department.
This policy statement applies to “transaction” accounts and share savings accounts. Transaction accounts, in general, are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and Preauthorized transfers to other accounts of yours with us. Share draft accounts are the most common transaction accounts. Feel free to ask us whether any of your other accounts might also be under this policy.
Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit. Electric direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays.
Longer Delays May Apply
In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $200 of your deposits will be available on the first business day after we receive your deposit.
If we are not going to make all of the funds from your deposit available on the first business day after we receive your deposit, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
• We believe a check you deposit will not be paid.
• You deposit checks totaling more than $5,000 on any one day.
• You redeposit a check that has been returned unpaid.
• You have overdrawn your account repeatedly in the last six months.
• There is an emergency, such as failure of communications or computer equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.
If the Credit Union incurs a loss resulting from a delay in the return of a check, which is caused by any writing or marks you placed on the back of the check in the area reserved for bank use, we reserve the right to charge your account for any liability the C.U. must pay up to the amount of the check.
Bank Of First Deposit
Subsequent Endorsement Area
Your Rights and Responsibilities
The Electronic Fund Transfers we are capable of handling are indicated below, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for these transactions. You should keep this notice for future reference.
You may make arrangements for certain direct deposits to be accepted into your Share Draft or Share Savings account(s).
You may make arrangements to pay certain recurring bills from your Share Draft or Share Savings account(s).
ATM Transfers - Star and Plus Networks - types of transfers, dollar limitations, and charges
You may access your account(s) by ATM using your ATM card and personal identification number, to:
- Get cash withdrawals from share draft account(s) and share savings with an ATM card
- You may withdraw no more than $500.00 per 24 hours
- There is a charge of $1.00 per foreign ATM withdrawal
Some of these services may not be available at all terminals.
Types of ATM/Debit Card Transactions
You may access your Share Draft accounts to purchase goods (in person), pay for services (in person), and get cash from a merchant, if the merchant permits, or from a participating financial institution.
Point Of Sale Transactions -
dollar limitations and charges
Using your debit card
Debit cards may be used wherever Visa is accepted. Point of Sale transactions are limited to available funds in checking. You may withdraw no more than $500.00 per 24 hours from any ATM
Charges for Electronic Fund Transfers
- We do not charge for direct deposits to any type of account
- We do not charge for Pre-authorized withdrawals from any type of account.
- Except as indicated elsewhere, we do not charge for electronic fund transfers.
Right to Documentation
- Terminal Transfers - You can get a receipt at the time you make any transfer to or from your account using one of our automated teller machines or point-of-sale terminals.
- Direct Deposits - If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, the person or company making the deposit will tell you every time they send us the money. If the only possible transfers to or from your account are pre-authorized deposits, you will get a quarterly statement from us.
- Periodic Statements - You will get a monthly account statement from us for your Share Draft accounts.
You will get a monthly account statement from us for your Share Savings accounts, unless there are no transfers in a particular month. In any case you will get a statement at least quarterly.
Stop Payment Procedures and 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 stop any of these payments. Here is how.
Call or write us at the telephone number or address listed in this brochure 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 will require you to put your request in writing and get it to us within 14 days after you call or we will release the stop payment on the 15th day.
We will charge you $10.00 for each stop payment you give.
- Notice of Varying Amounts - If these regular payments may vary in amount, the person you are going to pay 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 certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
- Liability for Failure to Stop Payment of Pre-authorized Transfer - If you order us to stop one of these payments three business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
- Our 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 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 transfer.
- If the transfer would go over the credit limit on your overdraft line.
- If the automated teller machine where you are making the transfer does not have enough cash.
- If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
- If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions we have taken.
- There may be other exceptions stated in our agreement with you.
Bill Pay Stop Payments
Stop Payments will be effective immediately and cannot be reversed once complete. The Stop Payment request WILL NOT be completed until the Stop Payment Request From has been signed and received back to a Credit Union representative. Once the form in received by a representative a stop payment fee for each request as set forth will be charged.
Disclosure of Account Information to Third Parties
We will disclose information to third parties about your account or the transfers you make:
- where it is necessary for completing transfers;
- 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
- if you give us written permission.
Please... tell us AT ONCE if you believe your card and/ or code has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all of the money in your account (plus your maximum overdraft line of credit). If you tell us within two business days, you can lose no more than $50 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 your card and/ or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you can 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 hospital stay) kept you from telling us, we will extend the time period.
If you believe your card and/or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone number or address listed in this brochure.
In case of errors or questions about your electronic transfers, call or write us at the telephone number or address listed in this brochure, or e-mail us at www.elkofcu.org 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.
- 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 result of our investigation within 10 business days (20 business days if the transfer involved a point-of-sale transaction or a foreign initiated transfer) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a point-of-sale transaction or a foreign initiated transfer) to investigate your complaint or question. If we decide to do this we will recredit your account within 10 business days (20 business days if the transfer involved a point-of-sale transaction or a foreign initiated transfer) 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 questions in writing and we do not receive it within 10 business days, we may not recredit 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.
All funds in a “noninterest-bearing transaction account” are insured in full by the National Credit Union Administration through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to members under the NCUA’s general share insurance rules.
The term “noninterest-bearing transaction account” includes a traditional share draft account (or demand deposit account) on which the insured credit union pays no interest or dividend, a negotiable order of withdrawal (“NOW”) account, money-market deposit account, and interest on Lawyers Trust Account (“IOLTA”), even if share drafts may be drawn on the account.