Electronic Funds Transfer Disclosure, Notice of Terms & Conditions
The purpose of this notice is to advise credit union members of the terms & conditions in regard to the electronic transfer of funds by means of wire transfers & Automated Clearing House (ACH). In particular, you need to understand your liability. The credit union will rely on instructions & information provided by you to make such transfers. If incorrect information is provided, you are liable for any loss of funds or costs associated with correcting errors.
This notice applies to funds transfers as defined in Article 4a of the Uniform Commercial Code, and subpart B of Regulation J of the Board of Governors of the Federal Reserve System. 2. The credit union may establish or change cut-off times for the receipt & processing of funds transfer requests, amendments, or cancellations. Unless other times are announced for the various types of funds transfers, the cut-off time will be at 4:00 p.m. Central Time Zone on each weekday that the credit union is open which is not a holiday. Payment orders cancellations, or amendments received after the cut-off time may be treated as having been received on the next following funds transfer business day & processed accordingly. 3. The credit union may charge your account for the amount of any funds transfer initiated by you or any person authorized by you as a joint tenant or other authorized party with the right of access to the account from which the funds transfer is to be made.
I. Wire Transfers
4.If you send or receive a wire transfer, Fedwire may be used. Regulation J is the law covering all Fedwire transactions. This means that your rights & liabilities in a wire transfer involving Fedwire will be governed by Federal Reserve Regulation J. 5. If you give the credit union a payment order which identifies the beneficiary (recipient of funds) by both name & identifying account number, payment may be made by the beneficiary’s bank on the basis of the identifying account number, even if that number identifies a person different than the named beneficiary. This means that you will be responsible to the credit union if the funds transfer is completed on the basis of an incorrect identifying account number you provided. 6. If you give the credit union a beneficiary’s bank by both name & identifying number, identification, even if it identifies a different institution other than the named bank. This means that you will be responsible for any loss or expenses incurred by a receiving bank which executes or attempts to execute the payment order in reliance on the identifying number you provided. Note to Items 5 & 6: In providing wire transfer instructions to the credit union, you will provide the name of a bank & its routing number. You will also provide the name of person to receive the funds & that person’s account number. The transfer will be made on the basis of the routing & account numbers. If these numbers are incorrect, they may result in funds being transferred another bank or another person. If this should happened because of incorrect information you provided, you will be liable for the misdirected funds.
II. Automated Clearing House (ACH)
7. The credit union may give you credit for Automated Clearing House (ACH) payments before it receives final settlement of the funds transfer. Any such credit is provisional until the credit union receives final settlement of the payment. You are hereby notified that if the credit union does not receive such final settlement, that it is entitled to a refund from you of the amount credited to you in connection with that ACH entry. This means that the credit union may provide you with access to ACH funds before the credit union actually receives the money. However, if the credit union does not receive the money, then it may reverse the entry on your account & you would be liable to repay the credit union. 8. ACH transaction are governed by operating rules of the National Automated Clearing House Association. In accordance with these rules, the credit union will not provide you with next day notice of receipt of ACH credit transfers to your account. You will continue to receive notice of receipt of ACH items in the periodic account statements which we provide. 9. If the credit union becomes obligated under Article 4a of the Uniform commercial Code to pay interest to you in regard to any misdirected funds, the rate of interest to be paid shall be equal to the dividend rate, on a daily basis, applicable to the account at the credit union to which the funds transfer should have been made or from which the funds transfer was made.
Electronic Funds Transfer Disclosures
If you believe that an unauthorized electronic fund transferred has occurred notify Electrical Workers #22 Federal Credit Union immediately at 402-331-3121 or at 8946 L Street, Omaha, NE 68127. Electrical Workers #22 FCU is open Monday through Friday except on Federal Holidays or unless otherwise notified, from the hours of 8:15 a.m. to 5:00 p.m. Central Time. There is a fee of $10.00 for all domestic wire transfers & $30.00 plus actual costs for all foreign wire transfers. You will receive a monthly statement which shall include all electronic transfers made during the period. If you have told the Credit Union in advance to make regular payments out of your account, you may stop any of these payments by calling us at 402-331-3121 or write us at 8946 L Street, Omaha, NE 68127 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 that you put your request in writing within 14 days of your call. If we do not complete a transfer to or from you account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. Provided however, we will not be liable: 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 circumstances beyond our control, such as fire or flood, prevent the transfer, despite reasonable precautions we have taken or other exceptions described in our agreement with you. We will disclose information to third parties about your account or the transfers you make where it is necessary for completing the transfers, in order to verify the existence & conditions of your account for a third party, in order to comply with a governmental agency or court order or if you give us your written permission.
In case of errors or questions about your Electronic Funds Transfers, telephone us at 402-331-3121 or write us at 8946 L Street, Omaha, NE 68127 immediately. In order to confirm your electronic funds transfer please call us at 402-331-3121. In addition to any other fees which may apply, ATM transactions at ATMs which are not owned by Electrical Workers #22 Federal Credit Union, the following fees apply: withdrawals-$1.50 per transaction.
Funds Availability Disclosure
This policy statement applies to all deposit accounts. Our policy is to make funds from your cash & check deposits available to you immediately. At that time, you can withdraw the funds in cash & we will use the funds to pay checks that you have written. Please remember that even after we have made funds available to you, & you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid & for any other problems involving your deposit. Determining The Availability Of A Deposit. The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, & Federal Holidays. If you make a deposit before 5:00 P.M. Monday through Friday or on a day we are not open, we will consider that the deposit was made on the next business day we are open. The length of the delay varies depending on the type of deposit & is explained below. In some cases, we will not make all of the funds that you deposit by check available to you immediately. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100 of your deposit will be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available immediately, 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 need the funds from a deposit right away, you should ask us when the funds will be available. Funds deposited in an ATM which is not owned by Electrical Workers #22 Federal Credit Union will not be available until the fifth business day after the day of the deposit. Safeguard Exceptions. 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; or You have overdrawn your account repeatedly in the last six months. There is an emergency, such as a failure of computer or communications equipment. We will notify you if we delay your ability to withdraw funds for any of these reasons, & we will tell you when the funds will be available. They will generally be available no later than the fifth business day after the day of your deposit.
Privacy Act Notice
Electrical Workers #22 Federal Credit Union recognizes the member’s expectation of privacy & will take reasonable measures to protect the privacy of the information shared with Electrical Workers #22 Federal Credit Union. Electrical Workers #22 Federal Credit Union collects, retains & uses information about individual members only where it reasonably believes it would be useful, & allowed by laws, in administering Electrical Workers #22 Federal Credit Union’s business & to provide products & services & other opportunities to the member. Electrical Workers #22 Federal Credit Union has established procedures so that a member’s financial information is accurate, current & complete. Electrical Workers #22 Federal Credit Union maintains appropriate security standards & procedures regarding unauthorized access to member information. Electrical Workers #22 Federal Credit Union does not reveal specific information about member accounts or such personal identified data to unaffiliated third parties for their independent use, except for the exchange of information with credit reporting agencies, to maximize the accuracy & security of such information or in the performance of bona fide due diligence, unless the information is provided to help complete a member initiated transaction, the member requests it, the disclosure is required or allowed by law or the member has been informed about the possibility of such disclosure for marketing or similar purposes through prior communication.
Personal information transmitted to Electrical Workers #22 Federal Credit Union may be used by credit union staff to respond to inquiries for service or information to improve the service the credit union provides. Since e-mail communication may not be secure against interception by unauthorized individuals, users may want to seek alternatives to e-mail when it is necessary to provide sensitive or personal information. Likewise, the credit union will not transmit sensitive or personal information that can compromise or violate a user’s privacy when communicating via e-mail.