Electronic Funds Transfer Disclosure Statement
The words “you” and “your” mean the depositor and any co-depositor. The words “we,” “our” and “us” refer to the Municipal Credit Union.
You may authorize the electronic transfer of funds to or from your account(s) with us. Examples of these types of electronic transfers are:
The periodic direct deposit of government, payroll or other third-party payments into your account(s);
The one-time or periodic transfer of funds from your account(s) to pay your obligations to third parties;
The one-time transfer of funds from your checking account when you authorize a merchant or other payee to:
(a) use information from your share draft (check) to initiate an electronic payment to purchase goods or services or to pay bills;
make these types of electronic transfers may be expressed in writing or implied through the posting of a sign.)
Since you have already authorized one or more of these types of transfers, or may do so in the future, we are providing you with this
written disclosure. Please be advised that there are other types of electronic transfers (for example, ATM, debit card or online banking
transactions) which are covered under separate agreements you may have with us and therefore are not governed by this disclosure.
LIMITATIONS ON TRANSFERS
Although you may make an unlimited number of transfers from your FasTrack Checking Account, federal regulations require the Credit
Union to limit the number of transfers which you may make from your Regular Share Account. During any calendar month, you may not
make more than six withdrawals or transfers from your Regular Share Account to another Credit Union account of yours or to a thirdparty by means of pre-authorized or automatic transfer or telephonic order or instruction (including pre-authorized third-party electronic
payments, TouchTone Teller and home banking transfers and checks).
NOTIFICATION OF UNAUTHORIZED TRANSFERS
If you believe that someone has transferred or may transfer money from your account without your permission, call us at:
(212) 693-4900,
or write to us at:
Municipal Credit Union,
ACH Department,
P.O. Box 3205,
Church Street Station, New York, NY 10007.
If your statement shows transfers that you did not make, tell us at once. Unless you tell us within 60 days after the statement was
mailed to you, you may not get back any money you lost if we can prove that your prompt notice could have prevented someone from
taking the money.
If a reasonable excuse (such as a long trip or a hospital stay) kept you from telling us, we will extend the time period.
BUSINESS DAYS
Our business days are Monday through Friday. Holidays are not included.
RIGHT TO STOP PAYMENT
You may stop payments of transfers to persons or companies other than us. Payments to us are governed by the terms of the automatic
payment authorization form and not this agreement. If you have authorized us in advance to make regular payments out of your account to other persons or companies, you can stop any of these payments. However, we will then suspend all subsequent payments to
such person or companies until such time as you notify us that payments are to be resumed. Call us at the telephone number listed in
receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put
your request in writing and get it to us within 14 days after you call. We will charge $20.00 for each stop payment order you give. If you
order us to stop one of these payments 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.
PREAUTHORIZED DEPOSIT VERIFICATION
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person, agency or company,
you may or may not receive proof of the payments from the person, agency or company making the payment. If such person, agency
or company normally does give you notice of payment, you will not receive any other notice from us. If the person, agency or company
Transfers, or the number appearing on the periodic statement under “In Case of Errors or Questions About your Electronic Transfers” in
PERIODIC STATEMENT
You will receive the normal monthly statement on your FastTrack Checking Account. You shall also continue to receive quarterly
statements on your MCU Regular Share Account. However, you will also receive a monthly statement on your Regular Share Account if
a) a transfer has been made from this account during the month; or b) a transfer has been made to this account during the month and this
account may be accessed by other types of electronic funds transfers.
NOTICE OF VARYING AMOUNTS
If preauthorized payments to persons, agencies or companies other than us vary in amount, the person, agency or company you are
going to pay will tell you 10 days before each payment when it will be scheduled 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 a previous payment, or when the amount would fall
outside certain limits that you set. However, should a pre-authorized payment request be returned for any reason, we will charge you
$30.00 for each returned payment request.
DISCLOSURE OF 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 to this which include the following:
If, through no fault of ours, you do not have enough money in your account to make the transfer.
precautions that we have taken.
The funds in your account are subject to legal process or other similar encumbrance.
The transfer would exceed one of the established limits contained in this disclosure.
DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES
We will disclose information to third parties about your account for 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.
If you give us your written permission.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS
Telephone us at (212) 693-4900
or write us at:
Municipal Credit Union,
ACH Department,
P.O. Box 3205,
Church Street Station,
New York, NY 10007,
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. To
report an error or get more information:
Tell us your name and account number.
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 verbally, we require that you send us your inquiry in writing within 10 business days.
We will tell you the results of our investigation within 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 45 days to investigate your inquiry. If we decide to do this, we will credit your account within
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 our
investigation. If we ask you to put your inquiry in writing and do not receive it within 10 business days, we may not re-credit your account.
or was initiated from outside of the United States or Commonwealth of Puerto Rico, then we may take up to 10 business days (20
business days for new account transactions) to investigate your claim. If we need more time, we may take up to 90 days. If we decide
to do this, we will provisionally credit the account involved within 10 business days (20 business days for new account transactions) of
receiving your inquiry with the amount you claim is in error.
may ask for copies of the documents that we used in our investigation.
REV. 12/13