Electronic Fund Transfers Agreement and Disclosure – ATM Card, Speedy Line, Home Banking, Mobile Banking, Electronic Services

This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic fund transfer (EFT) services offered to you by Northern Kentucky Educators Federal Credit Union (“Credit Union”). In this Agreement, the words “you,” “your,” and “yours” mean those who sign the application or account card as applicants, joint owners, or any authorized users. The words “we,” “us,” and “our” mean the Credit Union. The word “account” means any one (1) or more share and share draft accounts you have with the Credit Union.

Electronic fund transfers 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 card, or using any service, each of you, jointly and severally, agree to the terms and conditions in this Agreement and any amendments for the EFT services offered.

Furthermore, electronic fund transfers that meet the definition of remittance transfers are governed by 12 C.F.R. part 1005, subpart B—Requirements for remittance transfers, and consequently, terms of agreement may vary for those types of transactions. A “remittance transfer” is an electronic transfer of funds of more than $15.00 which is requested by a sender and sent to a designated recipient in a foreign country by a remittance transfer provider. Terms applicable to such transactions may vary from those disclosed herein and will be disclosed to you at the time such services are requested and rendered in accordance with applicable law.

1. EFT SERVICES

If approved, you may conduct any one (1) or more of the EFT services offered by the Credit Union.

a. ATM Card

If approved, you may use your card and personal identification number (PIN) in automated teller machines (ATMs) of the Credit Union, PLUS®, PULSE®, Jeanie, and Mastercard® networks, and such other machines or facilities as the Credit Union may designate.

For ATM transactions, you must consent to the Credit Union’s overdraft protection plan in order for the transaction amount to be covered under the plan. Without your consent, the Credit Union may not authorize and pay an overdraft resulting from these types of transactions. Services and fees for ATM overdrafts are shown in the document the Credit Union uses to capture the member’s opt-in choice for overdraft protection and the Schedule of Fees and Charges.

At the present time, you may use your card to:

Make deposits to your share and share draft accounts

Withdraw funds from your share and share draft accounts

Transfer funds from your share and share draft accounts

Obtain balance information for your share and share draft accounts

The following limitations on ATM card transactions may apply:

There is no limit on the number of cash withdrawals you may make in any one (1) day

You may withdraw up to a maximum of $500.00 in any one (1) day, if there are sufficient funds in your account

For security purposes, there are other limits on the frequency and amount of transfers available at ATMs

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

See Section 2 for transfer limitations that may apply to these transactions

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.

b. MasterMoney Card

If approved, you may use your Mastercard® card to purchase goods and services from participating merchants.

However, you may not use your card to initiate any type of gambling transaction.

If you wish to pay for goods or services over the Internet, you may be required to provide card number security information before you will be permitted to complete the transaction.

You agree that you will not use your card for any transaction that is illegal under applicable federal, state, or local law.

Funds to cover your card purchases will be deducted from your share draft account.

For ATM and one-time debit card transactions, you must consent to the Credit Union’s overdraft protection plan in order for the transaction amount to be covered under the plan.

Without your consent, the Credit Union may not authorize and pay an overdraft resulting from these types of transactions.

Services and fees for overdrafts are shown in the document the Credit Union uses to capture the member’s opt-in choice for overdraft protection and the Schedule of Fees and Charges.

For other types of transactions, if the balance in your account is not sufficient to pay the transaction amount, the Credit Union may pay the amount and treat the transaction as a request to transfer funds from other deposit accounts, approved overdraft protection accounts, or loan accounts that you have established with the Credit Union.

If you initiate a transaction that overdraws your account, you agree to make immediate payment of any overdrafts together with any service charges.

In the event of repeated overdrafts, the Credit Union may terminate all services under this Agreement.

You may use your card and personal identification number (PIN) in ATMs of the Credit Union, PLUS®, PULSE®, Jeanie, and Mastercard® networks, and such other machines or facilities as the Credit Union may designate.

At the present time, you may also use your card to:

Make deposits to your share and share draft accounts

Withdraw funds from your share and share draft accounts

Transfer funds from your share and share draft accounts

Obtain balance information for your share and share draft accounts

Make point-of-sale (POS) transactions with your card and personal identification number (PIN) to purchase goods or services at merchants that accept Mastercard

Order goods or services online or by mail or telephone from places that accept Mastercard

The following limitations on MasterMoney Card transactions may apply:

Purchase amounts are limited to the amount in your account

You may purchase up to a maximum of $2,500.00 per day

There is no limit to the number of cash withdrawals you may make in any one (1) day from an ATM machine

You may withdraw up to a maximum of $500.00 in any one (1) day from an ATM machine, if there are sufficient funds in your account

There is no limit on the number of POS transactions you may make in any one (1) day

You may purchase up to a maximum of $2,500.00 from POS terminals per day, if there are sufficient funds in your account

For security purposes, there are other limits on the frequency and amount of transfers available at ATMs

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

See Section 2 for transfer limitations that may apply to these transactions

You may make a maximum of ten (10) combined POS and ATM transactions per day

Card Information Updates and Authorizations

If you have authorized a merchant to bill charges to your card on a recurring basis, it is your responsibility to notify the merchant in the event your card is replaced, your card information (such as card number and expiration date) changes, or the account associated with your card is closed.

However, if your card is replaced or card information changes, you authorize us, without obligation on our part, to provide the updated card information to the merchant in order to permit the merchant to bill recurring charges to the card.

You authorize us to apply such recurring charges to the card until you notify us that you have revoked authorization for the charges to your card.

Your card is automatically enrolled in an information updating service. Through this service, your updated card information (such as card number and expiration date) may be shared with participating merchants to facilitate continued recurring charges.

Updates are not guaranteed before payment to a merchant is due.

You are responsible for making direct payment until recurring charges resume.

To revoke your authorization allowing us to provide updated card information to a merchant, please contact us.

c. Speedy Line

If we approve Speedy Line for your account(s), a separate personal identification number (PIN) will be assigned to you.

You must use your personal identification number (PIN) along with your account number to access your accounts.

At the present time, you may use Speedy Line to:

Withdraw funds from your share and share draft accounts

Transfer funds from your share and share draft accounts

Obtain balance information for your share and share draft accounts

Make loan payments from your share and share draft accounts

Determine if a particular item has cleared

Your accounts can be accessed under Speedy Line via a touch-tone telephone only.

Speedy Line service will be available for your convenience 24 hours per day.

This service may be interrupted for a short time each day for data processing.

The following limitations on Speedy Line transactions may apply:

There is no limit to the number of inquiries, transfers, or withdrawal requests you may make in any one (1) day

See Section 2 for transfer limitations that may apply to these transactions

The Credit Union reserves 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 checks are payable to you as a primary member and will be mailed to your address of record.

We may set other limits on the amount of any transaction and you will be notified of those limits.

The Credit Union may refuse to honor any transaction for which you do not have sufficient available verified funds.

The service will discontinue if no transaction is entered after numerous unsuccessful attempts to enter a transaction and there may be limits on the duration of each telephone call.

d. Preauthorized EFTs

Direct Deposit

Upon instruction of:

your employer

the Treasury Department

other financial institutions

The Credit Union will accept direct deposits of your paycheck or federal recurring payments, such as Social Security, to your share and/or share draft account.

Preauthorized Debits

Upon instruction, we will pay certain recurring transactions from your share and/or share draft account.

See Section 2 for transfer limitations that may apply to these transactions

Stop Payment Rights

If you have arranged in advance to make regular electronic fund transfers out of your account(s) for money you owe others, you may stop payment on preauthorized transfers from your account.

You must notify us orally or in writing at any time up to three (3) business days before the scheduled date of the transfer.

We may require written confirmation of the stop payment order to be made within 14 days of any oral notification.

If we do not receive the written confirmation, the oral stop payment order shall cease to be binding 14 days after it has been made.

A stop payment request may apply to a single transfer, multiple transfers, or all future transfers as directed by you, and will remain in effect unless you withdraw your request or all transfers subject to the request have been returned.

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 (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 Preauthorized Transfers

If you order us to stop payment of a preauthorized transfer three (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.

e. Electronic Check Conversion / Electronic Returned Check Fees

If you pay for purchases or bills with a check or draft, you may authorize your check or draft to be converted to an electronic fund transfer.

You may also authorize merchants or service providers to electronically debit your account for returned check fees.

You are considered to have authorized these electronic fund transfers if you complete the transaction after being told (orally or by a notice posted or sent to you) that the transaction may be processed electronically or if you sign a written authorization.

f. Home Banking

If Home Banking is activated for your account(s), you will be required to use secure login information to access the account(s).

At the present time, you may use Home Banking to:

Withdraw funds from your share and share draft accounts

Transfer funds from your share and share draft accounts

Obtain balance information for your share and share draft accounts

Make loan payments from your share and share draft accounts

Your accounts can be accessed under Home Banking via personal computer.

Home Banking will be available for your convenience 24 hours per day.

This service may be interrupted for a short time each day for data processing.

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 checks are payable to you as a primary member and will be mailed to your address of record.

We may set other limits on the amount of any transaction and you will be notified of those limits.

The following limitations on Home Banking transactions may apply:

There is no limit on the number of inquiries, transfers, or withdrawal requests you may make in any one (1) day

See Section 2 for transfer limitations that may apply to these transactions

4. FEES AND CHARGES

There are certain fees and charges for electronic fund transfer services.

From time to time, the charges may be changed.

We will notify you as required by applicable law.

Please refer to our Schedule of Fees and Charges for current fees and charges.

5. MEMBER LIABILITY

You are responsible for all transfers you authorize using your EFT services under this Agreement.

If you permit someone else to use an EFT service, your card, or your access code, you are responsible for any transactions they authorize or conduct on any of your accounts.

Tell us AT ONCE if you believe your card 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).

If a transaction was made with your card or card number without your permission, and was either a Mastercard transaction or was not processed by Mastercard, 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 involving your card or access code, including transactions at automated teller machines (ATMs), your liability for an unauthorized transaction is determined as follows:

If you tell us within two (2) business days, you can lose no more than $50.00 if someone used your card or access code without your permission.

If you do NOT tell us within two (2) business days after you learn of the loss or theft of your card or access code, and we can prove we could have stopped someone from using your card or access code without your permission if you had told us, you could lose as much as $500.00.

Also, if your statement shows transfers you did not make, tell us at once.

If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money lost after the sixty (60) days if we can prove we could have stopped someone had you told us in time.

If a good reason (such as hospitalization) kept you from telling us, we may extend the time periods.

If you believe your card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call:

859-441-3405
or write to:

Northern Kentucky Educators Federal Credit Union
2805 Alexandria Pike
Highland Heights, KY 41076

You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission.

6. RIGHT TO RECEIVE DOCUMENTATION

a. Periodic Statements

Transfers and withdrawals made through any ATM or POS terminal, debit card transactions, audio response transactions, preauthorized EFTs, telephone transfers, or online banking transactions will be recorded on your periodic statement.

You will receive a statement monthly unless there are no transactions in a particular month.

In any case, you will receive a statement at least quarterly.

b. Terminal Receipt

You can get a receipt at the time you make any transaction (except inquiries) involving an ATM or point-of-sale terminal.

c. Direct Deposit

If you have arranged to have direct deposits made to your account at least once every sixty (60) days from the same person or company, you can call us at 859-441-3405 to find out whether or not the deposit has been made.

7. ACCOUNT INFORMATION DISCLOSURE

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

As necessary to complete transfers

To verify the existence of sufficient funds to cover specific transactions upon request of a third party such as a credit bureau or merchant

To comply with government agency or court orders

If you give us written permission

8. BUSINESS DAYS

Our business days are Monday through Friday, excluding holidays.

9. CREDIT UNION 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 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 ATM 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 before you started the transfer

If circumstances beyond our control prevent the transfer despite reasonable precautions taken by us

If your account is subject to legal process or other claim restricting the transaction

If there are other exceptions as established by applicable law

10. NOTICES

The Credit Union reserves the right to change the terms and conditions upon which this service is offered.

We will mail notice to you at least twenty-one (21) days before the effective date of any change, as required by law.

Use of the service after receiving notice constitutes acceptance of the change.

11. TERMINATION OF EFT SERVICES

You may terminate this Agreement or any EFT service by notifying us in writing and stopping use of your card and access code.

You may terminate EFT services at any time by notifying the Credit Union.

We may also terminate this Agreement at any time by notifying you orally or in writing.

Termination of service will not affect your obligations under this Agreement for transactions made before termination.

12. BILLING ERRORS / ERROR RESOLUTION

In case of errors or questions about your electronic transfers, telephone us at:

859-441-3405

or write to:

Northern Kentucky Educators Federal Credit Union
2805 Alexandria Pike
Highland Heights, KY 41076

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 your statement or receipt.

We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared.

You must tell us:

Your name and account number

Describe the error or transfer you are unsure about and explain why you believe it is an error or why you need more information

Tell us the dollar amount of the suspected error

We will investigate your complaint and will correct any error promptly.

If more time is needed, we may take up to forty-five (45) days to investigate your complaint.

We will tell you the results within three (3) business days after completing our investigation.

If we decide no error occurred, we will send you a written explanation.

You may ask for copies of documents used in our investigation.