Moog Federal Credit Union

Disclosures

Online Banking

The following information describes the types of electronic funds transfers that are available to members through Online Banking/Internet Access and your rights and responsibilities concerning those transactions, including your right under the Electronic Funds Transfer Act. You may want to print or save this document for future reference.  Please read this document carefully.  Some of the information may not pertain to you.

Electronic Funds Transfer:

 

An Electronic Funds Transfer (EFT) is any transaction involving funds initiated through an electronic terminal, telephone line, computer or magnetic tape authorizing the credit union to debit or credit your account.

 

Types of Electronic Fund Transfers Available:

With your Password and access to the World Wide Web you may make the following transactions at any time 24 hours per day: balance inquiries, account and loan history inquiries, check clearing inquiries, transfer from one of your accounts to another one of your accounts (under the same or another member number), payments to your Mastercard account.

 

Other services available through Online Banking include:

The ability to download history files to be used to import files in Quicken or MS Money.

You may request to be enrolled in Online Bill Payment Service.

 

Limits on Withdrawals or Transfers:

Limitations on the frequency and dollar amounts of transactions made to and from your account (s) are:

 

Withdrawals and transfers from an account are limited to the available funds in the account.

 

Regulation D requires that no more than six (6) preauthorized automatic, audio response, telephone, or internet transfers may be made from your club accounts during any one month.  No more than three of these may be made by check, checkcard, computer, or similar order to a third party.

 

Online Banking does not permit withdrawals or transfers to or from Individual Retirement Accounts, Certificate Accounts.

 

Consumer Liability For Unauthorized Transfers:

CONTACT US AT ONCE if you believe your access device (password) has been lost or stolen.  Telephoning is the best way to control your loss.  Notice of unauthorized use must be confirmed in writing.  You could lose all the money in your account.  If you tell us within two (2) business days, you can lose no more than $50 if someone used your access device without your permission.  If you do NOT tell us within two (2) business days after you learn of the loss or theft of your access device, and we can prove we could have stopped someone from using your access device without your permission if you had told us, you could 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 kept you from telling us, we may extend the time periods.

 

TELEPHONE NUMBER AND ADDRESS TO BE NOTIFIED IN THE EVENT OF A LOSS OR AN UNAUTHORIZED TRANSFER, ERRORS OR QUESTIONS ABOUT YOUR EFTs:

 

Telephone:     716-655-2360

Or write to:    MOOG Employees Federal Credit Union

                       Seneca Street

                       East Aurora, NY   14052

 

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

 

 

a)       Your name and account number:

b)       Description of the error you are unsure about, and why you believe it is an error or why you need more information;

c)       The dollar amount of the suspected error.

 

If you tell us verbally, we will require that you send us your complaint in writing within ten (10) business days or we may not credit your account.  We will tell you the results of our investigation within ten (10) 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-five (45) days to investigate your complaint or question.  If we decide to do this, we will credit your account within ten (10-) 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 the investigation.  If the alleged error pertains to a point of sale or a transaction initiated outside of the United States or Puerto Rico, the forty-five (45) calendar days become 90 calendar days.  If the alleged error occurs within the first 30 days of the opening and depositing to a new account the 10 business days become 20 and the 45 calendar days become 90.

 

If we decide there was no error, we will send you a written explanation within 3 business days after we finish our investigation.  You may ask for copies of the documents that we used in the investigation.

 

Business Days:

Our business days are Monday-Friday. Holidays are not included. If the end of a calendar month falls on a Saturday or Sunday, the Credit Union will “close its books” for that quarter after the last business day but before the actual last day of the quarter. Deposits, withdrawals or transfers made using your ATM card,  Online Banking,  Audio Response,etc, after the books are closed will be treated for dividend calculation purposes as if they occurred the first day of the next month and will be reported on the statement applicable to the next month: but they will be shown on that statement as having occurred on the actual calendar day you made the transaction.

 

Charges:

There are no monthly charges to maintain your Online Banking Access.  There may be a monthly service fee for using our optional Bill Payment service.  If you elect to enroll in Bill Payment, these fees will appear on your monthly statement; see separate fee schedule.*

 

Preauthorized Payments:

The Credit Union will charge your account if it must dishonor a preauthorized transfer from your account due to insufficient funds or if a stop payment order is received.  See fee schedule.*

 

Disclosure of Account Information to Third Parties:

Information about your account is confidential.  We will not disclose such information to third parties except where necessary to complete a transfer, to report or confirm the condition of your account for a credit bureau, or in order to comply with a government agency, or court order or if you give us your written permission.

 

Deposit and Payment Information:

Deposits and payments made at the terminal are posted to your account(s) according to the rules and regulations of those account(s).


 

Receipts And Statements:

  1. You will receive a confirmation screen with a reference number at the time you complete a transfer.  You may save or print this confirmation for your records.
  2. You will receive a statement quarterly for share only accounts.
  3.  You will receive a statement monthly for share draft accounts.

 

Our Liability For Failure To Complete An Electronic Fund Transfer Transaction:

If we fail to complete a transaction to or from your account on time or in the correct amount according to our agreement with you, we will be liable for damages caused by our failure unless:

1. there are insufficient funds in your account to complete the transaction through no fault  of ours;

2. the funds in your account are uncollected;

3. the funds in your account are subject to legal process;

4. we have reason to believe that the transaction requested is unauthorized;

5. the failure is due to an equipment breakdown which you knew about when you started the transaction at the terminal;

6. the transaction would exceed security limitations;

7. circumstances beyond our control that occur despite reasonable precautions.

 

In any case, we shall only be liable for actual proven damages if the failure to make the transaction resulted from an actual error despite our procedures to avoid such errors.

 

*The fee schedule can be viewed in the rate/fees folder at our website: www.moogemployeesfcu.com

 

Additional Terms and Conditions:

Each joint owner appearing on your Share Savings Account, regardless of whether his or her name appears on your Share Draft account, Certificates, IRA account, and Loan Accounts will have access to information associated with those accounts.  This includes joint owners presently on your Share Savings Account and joint owners added in the future.

 

Overdrawing your account – You agree that you will not use Online Banking to overdraw your account.  If an overdraft in your account does occur, you will pay the full amount of the overdraft to the credit union immediately upon request and the current fee for overdrafts. Overdraft privileges are not offered at this time.

 

The Credit Union shall have as security for the payment of all indebtedness now and in the future owing any of the account owners to the Credit Union (whether direct or indirect), a security interest in all amounts credited to the savings account, on all checks, drafts and other items delivered for collection by, for, or through any of the account owners.  The Credit Union, without prior notice or demand, may charge such indebtedness against the savings account whenever the Credit Union believes that prospect of payment is impaired.

 

You agree that you will not use your Online Banking access for any transaction that is illegal under applicable federal, state or local law.  Such use would constitute default and/or breach of contract and may result in termination of service.

 

The Credit union has the right to amend, change or cancel the services or access offered.  We will notify you at least twenty-one (21) days before a change will take effect if it will cause you greater costs or liability or if it will limit your ability to engage in electronic payments or deposits. We do not have to notify you in advance, however, if the change is necessary for security reasons.

 

AGREEMENT:

In exchange for being granted access to Online Banking though the World Wide Web, I (we) agree to legally be bound by the following terms and conditions:

 

LIABILITY FOR UNAUTHORIZED TRANSACTION:

I agree to contact you at once if I believe my Online Banking password has been lost or stolen or money is missing from my account(s).  I also agree that if my monthly statement shows transactions that I did not make, and I do not contact you within sixty (60) days after the statement was mailed.  I may not get any money lost after that time.  I AGREE IF I GIVE MY account number AND  password TO SOMEONE ELSE TO USE, I AM RESPONSIBLE FOR ANY USE BY THEM.

 

DEPOSITS:

I agree that when I deposit a check, share draft or other non-cash item, you have the right to collect those funds before you make the money available to me.  If I deliver cash, checks or other items to an ATM operated by another financial institution for transmission to you for deposit in my account, I agree that my account does not have to be credited with that deposit until such time as the deposit is actually received and the funds are collected.

 

DISCLOSURES:

I hereby acknowledge receipt of the disclosure statement informing me of my rights under the Electronic Fund Transfer Act and a copy of this Agreement.

 


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