ROYAL
CREDIT
UNION
DISCLOSURES
INDEX
ATM/DEBIT CARD DISCLOSURE
1 - 2
CHECKING ACCOUNT DISCLOSURE
3
ELECTRONIC FUNDS TRANSFER ACT DISCLOSURE
4 - 5
ELECTRONIC "WHOLESALE CREDIT" TRANSACTIONS
6
PRIVACY POLICY
7 - 8
ROYAL CREDIT UNION TRUTH IN
SAVINGS DISCLOSURE
9 10
ROYAL FUNDS TRANSFER NOTICE
11
VISA VARIABLE RATE CONSUMER
CREDIT CARD DISCLOSURE
12 13
VISA VARIABLE RATE COMMERCIAL
CREDIT CARD DISCLOSURE
14 15
YOUR ABILITY TO WITHDRAW FUNDS
AT ROYAL CREDIT UNION
16
ATM/DEBIT CARD DISCLOSURE
Use of your Card and/or Personal Identification Number (PIN) are governed by the
subject to collection, and the credit will be reversed if the check is not paid. All cash
Electronic Funds Transfer Act (EFT). The following terms and conditions also apply.
deposits are received subject to verification by Royal. If the reversal to a deposit overdraws
You may use your ATM Card and PIN to:
the account, Royal may charge all or part of the deficiency to any other account at Royal of
1. Obtain balance information on your savings account at an automatic teller
any Member authorized to use the card, and the Member shall pay to Royal any deficiency
machine (ATM).
that cannot be paid out of such accounts.
2. Withdraw cash from your savings account at an ATM.
Fees: (See "Service Fees" Disclosure)
3. Make deposits to your savings account at a PULSE or CO-OP Network ATM.
Foreign Transactions:
You may use your ATM/Debit Card and PIN to:
If your card is used to initiate a cross border transaction, the transaction amount may be
1. Obtain balance information on your checking and savings account at an automatic
converted to US dollars using the exchange rate selected by Visa or Mastercard/Cirrus
teller machine (ATM).
from the range of rates available in wholesale currency markets for the applicable central
2. Withdraw cash from your checking or savings account at an ATM.
processing date, which rate may vary from the rate Visa or Mastercard/Cirrus itself receives,
3. Make deposits to your checking or savings account at a PULSE or CO-OP Network
or the government-mandated rate in effect for the applicable central processing date. The
ATM.
date of the conversion may differ from the transaction date and the posting date identified
4. Transfer funds between your linked checking and savings account at an ATM.
in the monthly statement for your account. All international transactions are charged up to
5. Obtain cash advances if you have a Kwik Cash line of credit available when your
two percent (2%) for the Visa International Service Assessment Fee or Mastercard Cross
checking account is overdrawn. Cash advances will be deposited in increments of
Border fee.
$100 into the checking account that is affected.
Limitation on Use of Card:
6. Pay for purchases from your one designated checking account at merchants that
1. You must maintain a Checking Account at Royal to be eligible for a Debit Card.
have agreed to accept the card and may request the PIN (POS transactions).
2. You may not:
You may use your Debit Card without your PIN to:
A) Request any transaction at a terminal if you know or are informed at the
1. Pay for purchases from your checking account at places that display the Visa logo
terminal or by a clerk that a terminal is malfunctioning or not operating.
or have agreed to accept the Debit Card.
B) Attempt any transaction at an ATM or POS terminal without the use of your
2. Obtain a cash advance from your checking account at a financial institution that
Card and correct PIN, which will be furnished by Royal.
displays the Visa logo.
C) Attempt to initiate any transaction in connection with an account that has been
3. Fund recurring preauthorized payments. Your Visa debit card also allows you
closed by you or Royal that is subject to legal process or other encumbrance.
to conduct transactions on the PULSE debit network, which will generally require
D) Request a withdrawal or transfer of funds from an account:
you to enter your PIN. Some merchants are authorized to accept non-Visa debit
1) If the withdrawal or transfer would overdraw the account or if the
transactions without requiring you to enter your PIN. If you choose to sign to authorize
withdrawal would exceed any line of credit or other funds available to your
a debit transaction, the transaction will be routed as a Visa transaction. Provisions
account;
of your cardholder agreement that specifically relate to Visa transactions are
2) In an amount in excess of any dollar limitations imposed by the terminal
inapplicable to non-Visa debit transactions.
owner.
Some of these services may not be available at all terminals. The time required to charge or
E) Deposit funds to an account at a PULSE or CO-OP Network ATM:
credit your account after you use your card will depend on the location of the terminal and
1) By means of anything other than transfer from another account, U.S.
the type of transaction. Any transaction or cash advances may be subject to authorization
currency, or a completed negotiable instrument payable in U.S. dollars dated
by Royal Credit Union (Royal) or by a Visa authorization center.
within six months prior to the date attempted deposit, drawn by, or properly
Each time your card is properly used, you authorize Royal to debit or credit (whichever is
endorsed by you and does not violate any restrictions on the instrument;
appropriate) your account for the total amount shown on any sales draft, receipt, or credit
2) In a combined deposit amount greater than $10,000 or in an amount in
voucher originated by use of the card whether or not it is signed by you. Royal is permitted
excess of any dollar limitations imposed by the terminal owner, whichever is
to handle such sales drafts, orders, and vouchers in the same way it handles authorized
less.
checks drawn on your account.
F) Use your card for illegal transactions. Royal will terminate or withdraw any
If you give your card number to a merchant to have on file, or for a recurring payment, we
product or service if we become aware that you used it in an illegal manner or
may send account updates to that merchant. This includes, but is not limited to: new expi-
for an illegal transaction. You agree to hold harmless and indemnify Royal and
ration dates and new account/card numbers. If you wish to not have us send updates, you
reimburse Royal for losses incurred as a result of using the card for any illegal
may request us to not do SO. Telephoning is the best way of doing this. Call us at 715-833-
transactions.
8111 or 1-800-341-9911. If you cannot notify us by phone, you may notify Royal in person,
3. Cash refunds will not be made to you on purchases made with your Debit Card.
or by writing us at:
If a merchant who honors your Debit Card gives you credit for merchandise returns or
adjustments, the merchant will do so by applying a credit to your account and giving
Debit Card Department
you a credit slip. Any claim or defense with respect to property or services purchased
Royal Credit Union
with your Debit Card must be handled by you directly with the merchant or other
PO Box 970
business establishment that accepts the Debit Card, and any such claim or defense
Eau Claire, WI 54702-0970
that you assert will not relieve you of your obligation to pay the total amount of the
sales draft plus any appropriate fees we may be authorized to make.
Deposits Made Through an ATM:
4. If any of your Royal accounts become overdrawn or past due, Royal may restrict
Royal's policy is to make available immediately up to $200 of your total funds deposited
your use of the card. If this action becomes permanent, you will be notified within 30
daily through a terminal. The remaining funds will become available in compliance with
days. Neither Royal nor the terminal owner is liable to you if the transaction is not
regulatory requirements. The balance of your deposited funds generally will be available the
completed and you have violated any of these rules.
beginning of the third business day following the day of deposit.
5. Right to Stop Payment: You may stop payment of a preauthorized recurring
After we have made funds available to you and you have withdrawn the funds, you are still
electronic fund transfer authorized with your Debit Card. To place a stop payment, call
responsible for checks you deposit that are returned to us unpaid for any reason.
Royal's Member Service Department at 715-833-8111 or 1-800-341-9911; or write
us at PO Box 970, Eau Claire, Wisconsin, 54702-0970 in time for us to receive your
For determining the availability of your deposits made through a terminal, every day is
request three business days or more before the payment is scheduled to be made. If
a business day except Saturdays, Sundays, and federal holidays. If you make a deposit
you call, we may also require you to put your request in writing within 14 days after
through a terminal before 2:30 pm on a business day that we are open, we will consider that
your call. One-time only electronic fund transfers are not eligible for stop payment.
day to be the day of your deposit. If you make a deposit through a terminal after 2:30 pm or
on a day we are not open, we consider that the deposit was made on the next business day
we are open.
Longer Delays May Apply:
Funds you deposit by check may be delayed for a longer period under the following
circumstances:
1. We believe a check you deposit will not be paid;
2. You redeposit a check that has been returned unpaid;
3. You have overdrawn on your account repeatedly in the last six months;
4. 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. The funds will generally be available no later
than nine (9) business days after the day of your deposit.
All checks that Royal has authorized through a terminal for deposit or payment are credited
ATM/DEBIT CARD DISCLOSURE (CONT.)
Limitations on Royal's Responsibilities:
The terminals, the PULSE or CO-OP Network, and any other system containing terminals
at which the card may be used are available for your convenience and except to the
extent provided in Section 910 of the Electronic Funds Transfer Act, Royal is not liable for
the unavailability for failure to operate of all or any part of any system. Except for its own
negligence, Royal is not liable for any personal injury or tangible property damage suffered
or incurred by you through use or attempted use of the card at any terminal. Royal is not
responsible for the refusal of any merchant or terminal to honor the card.
The card and PIN are provided solely for your use and convenience. If you furnish your
card or PIN to another person, you shall be deemed to have authorized all transactions that
may be accomplished using the card or PIN until you have given actual notice to Royal that
further transactions are unauthorized. You shall be obligated to pay Royal the amount of any
money, property, or services obtained by the authorized use of the card or PIN to the extent
that Royal is unable to charge such amounts to the account, and you hereby authorize
Royal to charge the amount of any such obligation to any other of your accounts at Royal.
You understand that Royal does not encourage the use of your card and/or PIN by people
who are not joint on your account. If you allow another person to use your card and/or PIN
but do not tell us, Royal will treat all transactions made by that person as if the transactions
were made by an authorized user. It is your responsibility to control or terminate the use
of your Card and/or PIN by such persons, and you will remain liable for any and all use
by
such persons. The card remains the property of Royal and shall be surrendered upon
request. Royal may terminate your privilege of using of the Card and may withhold approval
of any transaction at any time. Termination of privileges shall not affect your rights and
obligations for transactions made with the card before your privileges were terminated.
You shall at all times:
1. Safely keep Card and PIN and not permit anyone else to use them;
2. Not record the PIN on or near the card or otherwise disclose or make it available
to anyone else;
3. Use the card, PIN, and terminals only as instructed and only for purposes
authorized by Royal;
4. Immediately report to Royal any loss, theft, disappearance, or known or
suspected unauthorized use of the card or any disclosure of the PIN. Immediate
notification will limit your liability for unauthorized use as provided for in Royal's
Electronic Funds Transfer Act Disclosure. Telephoning us is the best way of doing this.
Call us at 715-833-8111 or 1-800-341-9911. If you cannot notify us by phone, you may
notify Royal in person, email member_services@rcu.org, or by writing us at:
Debit Card Department
Royal Credit Union
PO Box 970
Eau Claire, WI 54702-0970
Liability for Unauthorized Use:
If you keep your Personal Identification Number (PIN) on, with, or near your card, or in a
location accessible to others, you will be liable for any unauthorized use of the card and/or
PIN up to the maximum amount allowed by law.
Agreement with Rules
Your retention of, signature on, or use of the card constitutes your agreement to
comply with these rules as amended from time to time. This agreement and your use
of the card will be governed by the laws of the State of Wisconsin.
-2-
CHECKING ACCOUNT DISCLOSURE
TERMS AND CONDITIONS REGARDING YOUR CHECKING ACCOUNT
deposit has not been made the item will be returned. Royal may close a Checking Account
if that Checking Account is charged with an excess number of NSFs. Royal cannot honor
SMART CHECKING
any check or ACH item on an account that has been closed.
1. No monthly service fee.
2. No per item fee.
If sufficient available funds are still not available, the check, Debit Card, or
preauthorized debit will be returned non-sufficient funds (NSF). A fee will be deducted from
SMART CHECKING PLUS
your account for every check, Debit Card, or preauthorized debit that is returned NSF.* ACH
1. $700 minimum balance.
debits are cleared or returned the same day they attempt to post to the account. Royal may
2. No per item fee.
close a Checking Account if that Checking Account is charged with an excessive number
3. Monthly fee* if balance falls below $700 at any time during the month.
of NSF's. Royal cannot honor any check, Debit Card, or preauthorized debit on an account
SMART START CHECKING
that has been closed.
1. No monthly service fee.
2. No per item fee.
CHECKING WITH KWIK CASH PROTECTION
HEALTH SAVINGS ACCOUNT (HSA) CHECKING
Advances from Kwik Cash to cover overdrafts may not be made if any loan made by Royal
1. Dividends are calculated daily, compounded and paid monthly. The dividend rate
to the account holder is past due.
is effective at the beginning of each month.
Kwik Cash line of credit limit for overdraft protection is zero (0) dollars until written
Balancing your Checking Account:
notice has been received from Royal advising that the limit has been changed.
1. If you are not familiar with balancing Checking Accounts, a Royal Financial Service
If a Checking Account does not contain sufficient available funds to pay a check when
Representative will show you how to balance your accounts at no charge to you; or
presented to Royal or to cover a withdrawal from an ATM, a Debit Card transaction, or any
2. If you should have problems balancing your Checking Account, Royal will
other preauthorized debit to the account, an attempt will be made to obtain the funds in the
balance it for you; but there will be an hourly fee.* You must furnish Royal with a
following order:
balanced statement from within the last three statement periods. Use the form
1. A Kwik Cash (line of credit) Loan will be advanced in $100 increments up to
provided by Royal for balancing and use the completed form to show us you actually
the approved line of credit limit, and the loan proceeds deposited in the Checking
did have the account in balance.
Account;
Post-dated checks:
2. If the line of credit limit has been reached, available funds will be transferred from your
Under no circumstances will Royal be liable for the payment or nonpayment of a
other accounts to the Checking Account in $100 increments or $250 increments from
post-dated check.
your Money Market Account, and there will be a fee to the Checking Account for each
transfer.* The required $5 minimum balance in the Primary Savings Account cannot
Statements:
be used to pay checks, Debit Card transactions, withdrawals from an ATM, or any
While you have a Checking Account with Royal, statements will be mailed to you on a
other preauthorized debit.
monthly basis unless you choose electronic statements.
In compliance with Regulation D of the Federal Reserve Board, you are limited to
Cost of printing checks:
six transactions per month from each of your savings or Money Market accounts
If you have automatic Direct Deposit of your entire paycheck or government check to your
without your physical presence at a branch or ATM. This includes but is not limited
account at Royal, there will be a discount for check printing. The cost for printing your
to transactions by means of online banking/business online banking, CompuTeller,
checks will be deducted from your Checking Account. Check the "Service Fees" Disclosure
check, preauthorized payments to a third party, telephoning Member Service, or by
for current prices.
automatic transfer due to insufficient funds. If you exceed these limitations, your
Reject Fee: See "Service Fees" Disclosure
account may be subject to a fee or closed.
Inactive accounts:
Any attempted Regulation D transaction after the sixth will be rejected.
Though a Member must maintain a minimum of $5 in their savings account to be a Member
If sufficient available funds are still not available, Royal may clear the check, Debit Card,
in good standing, we will assess a monthly fee to Members age 18+ with a checking
or preauthorized debit as a Courtesy Paid item. An account would become eligible once it
account of $25 or less, inactive for six months or more, and with no other active services on
has been active for up to six months, has a positive ending balance for 30 consecutive days,
that account. See "Service Fees" Disclosure for current fees.
and has a total of $750 in deposits in 31 days. The account cannot have a
Please note that if your Checking Account has a ZERO balance and no activity for SIX
negative balance for more than 15 consecutive days, and you cannot have a 30-day
months, Royal will automatically close the account.
or greater past due loan. Courtesy Pay is only applicable to check, Debit Card, and
CHECKING WITHOUT KWIK CASH PROTECTION
ACH checking debits on the account. The account may be removed from the
Courtesy Pay program at any time without notice to you. A fee will be deducted
If a Checking Account does not contain sufficient available funds to pay a check when
for each check, preauthorized debit, or Debit Card transaction that is cleared.*
presented to Royal or to cover a withdrawal from an ATM, a Debit Card transaction, or any
Members are notified that they may opt out of the Courtesy Pay Program.
other preauthorized debit to the account, an attempt will be made to obtain the funds. This
will be done by transferring the available funds from your other deposit accounts to the
FOR Check or ACH item ONLY: If sufficient available funds are still not available,
Checking Account in $100 increments or $250 increments from the Money Market Account.
the check or ACH item will be assessed a non-sufficient funds (NSF) fee.* A NSF fee will
be deducted from your account for every item that did not have available funds on deposit
Remember. a balance of $5 is required in the Primary Savings Account in order to keep
at the time of presentment. For your benefit, Royal will take a second look and attempt to
your account open. The required $5 minimum balance in the Primary Savings Account
clear the item once more before it is returned. If available funds have been deposited, after
cannot be used to pay checks, Debit Card transactions, withdrawals from an ATM, or any
presentment and before the return process, Royal will clear the item. However, if a sufficient
other preauthorized debit.
deposit has not been made the item will be returned. Royal may close a Checking Account
In compliance with Regulation D of the Federal Reserve Board, you are limited to
if that Checking Account is charged with an excess number of NSFs. Royal cannot honor
six transactions per month from each of your savings or Money Market accounts
any check or ACH item on an account that has been closed.
without your physical presence at a branch or ATM. This includes but is not limited
If sufficient available funds are still not available, the check, Debit Card, or
to transactions by means of online banking/business online banking, CompuTeller,
preauthorized debit will be returned non-sufficient funds (NSF). A fee will be deducted from
check, preauthorized payments to a third party, telephoning Member Service, or by
your account for every check, Debit Card, or preauthorized debit that is returned NSF.* ACH
automatic transfer due to insufficient funds. If you exceed these limitations, your
debits are cleared or returned the same day they attempt to post to the account. Royal may
account may be subject to a fee or closed.
close a Checking Account if that Checking Account is charged with an excessive number
Any attempted Regulation D transaction after the sixth will be rejected.
of NSF's. Royal cannot honor any check, Debit Card, or preauthorized debit on an account
If sufficient available funds are still not available, Royal may clear the check, Debit Card,
that has been closed.
or preauthorized debit as a Courtesy Paid item. An account would become eligible once it
KWIK CASH PAYMENT METHOD OPTIONS
has been active for up to six months, has a positive ending balance for 30 consecutive days,
and has a total of $750 in deposits in 31 days. The account cannot have a negative balance
If and when you use the overdraft protection with your Kwik Cash Loan, you may
for more than 15 consecutive days, and you cannot have a 30-day or greater past due loan.
choose to make the payments by one of the following methods:
Courtesy Pay is only applicable to check, Debit Card, and ACH checking debits on the
1. Transfer From Checking or Savings: The monthly payment will be made by
account. The account may be removed from the Courtesy Pay program at any time without
transferring money from your Checking or Savings Account to your Kwik Cash Loan.
notice to you. A fee will be deducted for each check, preauthorized debit, or Debit Card
2. Payroll Payment: The monthly payment will be made on your Kwik Cash Loan by
transaction that is cleared.* Members are notified that they may opt out of the Courtesy Pay
Payroll Deduction. A Payroll Deduction card must be completed and signed.
Program.
3. Over the Counter Payment: The monthly payment will be made on your Kwik Cash
Loan over-the-counter by you and by the due date set up for the loan at the time you
FOR Check or ACH item ONLY: If sufficient available funds are still not available,
use the service.
the check or ACH item will be assessed a non-sufficient funds (NSF) fee.* A NSF fee will
be deducted from your account for every item that did not have available funds on deposit
*See "Service Fees" Disclosure.
at the time of presentment. For your benefit, Royal will take a second look and attempt to
clear the item once more before it is returned. If available funds have been deposited, after
presentment and before the return process, Royal will clear the item. However, if a sufficient
3
ELECTRONIC FUNDS TRANSFER ACT DISCLOSURE
To our non-business Members who have or may authorize Electronic Fund Transfers
no later than 60 calendar days after you receive the FIRST statement on which the
(EFTs):
problem or error appeared.
The Electronic Fund Transfer Act and Regulations require that we disclose pertinent
1. Tell us your name, account number, and confirmation number (if any).
information to you about EFT's to or from your account. By EFT's we mean preauthorized
2. Describe the error or the transfer you are unsure about, and explain as clearly
transactions to and from your account with us or by means of your Debit Card, ATM Card,
as you can why you believe it is an error or why you need more information.
Bill Pay/Business Bill Pay, ACH, Electronic Check Conversion, CompuTeller, or online
3. Tell us the dollar amount of the suspected error.
banking/business online banking.
If you tell us orally, we require that you send us your concern or question in writing
If an EFT overdraws your account, you will be notified and will agree to make immediate
within 10 business days.
payment to Royal of the amount of any such overdrafts together with any service fees Royal
We will tell you the results of our investigation within 10 business days after we hear
may impose. Also, whenever your account is overdrawn, we have the right to return, unpaid,
from you and will correct any error promptly. If we need more time, however, we may
any checks or other orders on your account that are presented to Royal and to assess
take up to 45 days to investigate your concern or question. If we decide to do this, we
a service fee for making such returns. If your account has a Kwik Cash Loan associated
will provisionally recredit your account within 10 business days for the amount you
with it, the terms and conditions contained in your Kwik Cash Loan Agreement (or other
think is in error, so that you will have the use of the money during the time it takes
applicable agreement) will control, with respect to overdrafts of your account regardless of
us to complete our investigation. When we ask you to put your concern or question
whether they result from purchases, cash withdrawals, use of checks, or any EFT.
in writing and we do not receive it within 10 business days, we may not recredit your
These rules constitute an addition to all other agreements and regulations of Royal
account.
governing accounts, which are accessible by EFT's or indebtedness on which payments
The 10-day periods in the preceding paragraph may be extended to 20 business
may be made by use of EFT's. Any account directly or indirectly accessible with a PIN
days if the error involves a transfer to or from the account within 30 days after the first
(Personal Identification Number) or card will remain subject to the fees provided for in
deposit to the account was made.
the separate agreement or regulations covering that account. Royal reserves the right to
If the error involves an electronic transfer from your account to buy goods or services
change the terms and conditions at a future date after giving you 21 days notice of such
direct from a merchant, a transfer initiated outside of the United States, or a transfer
change.
that occurred within 30 days after the first deposit to the account was made, the time
These rules may be amended by Royal at any time, and, subject to compliance with any
period to investigate your complaint or question will be extended from 45 days to 90
applicable requirement of law concerning notice, such amendment shall be effective upon
days.
mailing or emailing by Royal of a copy of such amendment to Member at the address to
If we decide there was no error, we will send you a written explanation within three
which Member's statements are sent.
business days after we finish our investigation and reverse any provisional credit
I. DISCLOSURES APPLICABLE TO ALL TYPES OF EFT SERVICES
we may have issued. You may ask for copies of the documents we used in our
investigation.
A. Business Day Disclosure: Royal's business days are Monday through Friday.
Holidays are not included.
II. PREAUTHORIZED EFT'S:
B. Periodic Statements: You will get a monthly statement unless there are no
A. Documentation of Transfers: If you have arranged to have direct
transactions in a particular month. In any case you will get a statement at least
deposits made to your account at least once every 60 days from the same person or
quarterly.
company, you can call CompuTeller at 715-833-8168 or 1-800-762-6280, or log on
C. Account Information Disclosure: We will disclose information to third parties
to online banking or business online banking at rcu.org to find out if the deposit has
about your account or the transfers you make:
been made. You may also call Royal's Member Service Department at 715-833-
8111 or 1-800-341-9911. If you pay for something with a check, you may authorize
1. Where it is necessary for completing transfers or:
your check to be converted to an electronic fund transfer. You may also authorize
2. In order to verify the existence and condition of your account for a third party,
merchants to electronically debit your account for returned check fees.
such as, a credit bureau or;
3. In order to comply with government agency or court orders or whenever
B. Internal Transfers: If you have authorized Royal to transfer funds from a share to
required by law or;
a loan that is for the exact payment amount and is scheduled to pay on the exact due
4. If you give us your written permission.
date and funds are not available, Royal will retry the transfer for up to 10 days after
the due date. If the payment is not satisfied at that time, it will be your responsibility to
D. Liability for Failure to Make Transfers: If we do not complete a transfer to or
complete the missed transfer. Subsequent transfers will not occur until the loan has
from your account on time or in the correct amount according to our agreement
been brought current. (Payment Sequence Balance Transfer)
with you, we will be liable for your losses or damages. However, there are some
exceptions. We will not be liable, for instance:
If you have authorized Royal to transfer a specified amount of funds from a share
account to a loan or share account on a specific day and funds are not available, it
1. If, through no fault of ours, you do not have enough money in your account to
will be your responsibility to complete the missed transfer. Subsequent transfers will
make the transfer;
continue as scheduled. (Scheduled Transfers)
2. If your funds are subject to legal process or other encumbrance restricting
such transfers;
C. External Transfers: For outgoing transfers, funds must be in your Royal account
3. If the transfer would go over the credit limit on your Visa or Kwik Cash line of
by 6:00 a.m. one business day prior to the Direct Payment date. If the Direct Payment
credit;
date falls on a weekend or holiday, the transfer will be posted 1-2 business days later.
4. If the system was not working properly and you knew about the breakdown
D. Right to Stop Payment: If you have told us in advance to make regular
when you started the transfer;
payments out of your account, you can stop any of these payments. To place a stop
5. If the transfer would be restricted as otherwise provided in regulations of the
payment, call Royal's Member Service Department at 715-833-8111 or 1-800-
Federal Reserve Board;
341-9911; or write us at PO Box 970, Eau Claire, Wisconsin, 54702-0970 in time
6. If circumstances beyond our control (such as fire or flood) prevent the
for us to receive your request three business days or more before the payment is
transfer, despite reasonable precautions that we have taken. There may be other
scheduled to be made. If you call, we may also require you to put your request in
exceptions stated in our agreement with you.
writing. If you order us to stop one of these payments three business days or more
E. Multiple Party Accounts: Each Member, who is a party to an account that is a
before the transfer is scheduled and we do not do so, we will be liable for your losses
joint account, hereby appoints each other Member, who is a party to such account,
or damages. You are not permitted to stop payment on any purchase, withdrawal,
as Member's attorney with power to appoint one or more agents with power to use
payment or transfer originated by use of the Debit Card, ATM Card, Bill Pay/Business
the PIN or card or make transfers to or from such account. Each Member shall
Bill Pay, CompuTeller, or online banking/business online banking, and Royal has no
indemnify Royal for any tax it may be required to pay under state statutes by reason
obligation to honor any such stop payment request by you. You may, however, stop
of withdrawals or payments from the account, after the death of a Member, to any
payment of a preauthorized recurring electronic fund transfer made with your credit
person, or to the survivor in the case of a joint account.
card or Debit Card.
F. If You Furnish Your Card, Password, or PIN to Another Person: You shall be
E. Notice of Varying Amounts: If these payments may vary in amount, the person
deemed to have authorized all transactions, which may be accomplished using the
you are going to pay should tell you 10 days before each payment when it will be
card, password or PIN until you have given actual written notice to Royal that further
made and how much it will be. You may choose instead to get this notice only when
transactions are unauthorized. You shall be obligated to pay Royal the amount of any
your payment would differ by more than a certain amount from the previous payment
money, property, or services obtained by the authorized use of the card, password,
or when the amount would fall outside certain limits you set.
or PIN to the extent that Royal is unable to fee such amounts to the account; and you
F. Limitations on Frequency of Transfers: In compliance with Regulation D of the
hereby authorize Royal to fee the amount of any such obligation to any other of your
Federal Reserve Board, you are limited to six transactions per month from each
accounts at Royal.
of your savings or Money Market accounts without your physical presence at
G. Error Resolution Procedures: In case of errors or questions about your EFT:
a branch or ATM. This includes but is not limited to transactions by means of online,
Telephone Royal at 715-833-8111 or 1-800-341-9911; or write us at, PO Box 970,
CompuTeller, check, preauthorized payments to a third party, telephoning Member
Eau Claire, Wisconsin, 54702-0970; or email member_services@rcu.org as soon
Service, or by automatic transfer due to insufficient funds.
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
4
ELECTRONIC FUNDS TRANSFER ACT DISCLOSURE (CONT)
G. Fees that apply to Preauthorized EFT's are detailed in the "Service Fees"
F. Liability Disclosure: Contact us AT ONCE if you believe your card and/or PIN
Disclosure.
has been lost or stolen or money is missing from your account. You will not be liable
H. Liability Disclosure: If your monthly statement shows transfers that you
to Royal for more than $50 for unauthorized transfers if you immediately notify Royal
did not make and you do not contact us within 60 days after the statement was
of any loss, theft, disappearance or known suspected unauthorized use of the card
provided to you, you may not get back any money lost after that time if your contacting
or PIN.
us would have prevented those losses. If extenuating circumstances (such as
G. Telephone Number and Address: If you believe your card or PIN has been lost
extended travel or hospitalization) prevent your contacting us, the time period may be
or stolen or that an unauthorized transfer from your account has occurred or may
extended.
occur, call Royal at 715-833-8111 or 1-800-341-9911, write Royal at PO Box 970,
I. Telephone Number and Address: If you believe that an unauthorized transfer
Eau Claire, Wisconsin 54702-0970, or email member_services@rcu.org.
from your account has occurred or may occur, call Royal at 715-833-8111 or
1-800-341-9911, write Royal at PO Box 970, Eau Claire, Wisconsin
IV. COMPUTELLER/ONLINE BANKING/BUSINESS ONLINE BANKING/BILL PAY/
54702-0970, or email member_services@rcu.org.
BUSINESS BILL PAY
A. Account Access: For any authorized account, you may use your online
III. ATM / DEBIT CARD
password to pay bills directly from your Checking Account to any vendor on your
A. Account Access:
authorized vendor list. For any authorized account, you may use your CompuTeller/
You may use your ATM/Debit Card and PIN to:
online banking/business online banking PIN to:
1. Obtain balance information on your savings account at an automatic teller
1. Transfer funds between your Checking and Savings Account.
machine (ATM).
2. Obtain cash advances, if you have Kwik Cash line of credit available, to be
2. Withdraw cash from your savings account at an ATM.
transferred into Savings, Checking, or issued to you in a check.
3. Make deposits to your savings account at a PULSE or CO-OP Network ATM.
3. Transfer from Savings or Checking to make loan payments.
4. Obtain balance information on your checking and savings accounts at an
4. Inquire on your accounts at Royal.
Automated Teller Machine (ATM).
5. Withdraw cash from your checking or savings account at an ATM.
B. Limitations on Frequency of Transfers: You may use Bill Pay/Business Bill Pay
6. Make deposits to your checking or savings account at a PULSE or CO-OP
to make any number of payments from your Checking Account to any vendor on
Network ATM.
your list. There are no limitations on the number of CompuTeller or online transfers.
7. Transfer funds between your linked checking and savings account at an ATM.
However, in compliance with Regulation D of the Federal Reserve Board, you are
8. Obtain cash advances if you have a Kwik Cash line of credit available when
limited to six transfers per month from each of your Savings Accounts whether by
your checking account is overdrawn. Cash advances will be deposited in
means of CompuTeller or online banking/business online banking, preauthorized
increments of $100 into the checking account that is affected.
transfer, ACH withdrawal, telephoning Member Service, Member Service voice
9. Pay for purchases from your one designated checking account at merchants
mail, or by automatic transfer due to insufficient funds. If you exceed this limit those
transactions will be denied.
that have agreed to accept the card and PIN. (POS Transactions)
C. Limitations on Dollar Amount of Transfers: You may make transfers or check
You may use your Debit Card without your PIN to:
withdrawals up to the dollar amount of the available balance in your account. You may
1. Pay for purchases from your checking account at places that display the Visa
make a check withdrawal from your checking, savings, or Kwik Cash accounts with no
logo or have agreed to accept the Debit Card.
limitation using CompuTeller or online banking/business online banking. While there is
2. Obtain a cash advance from your checking account at a financial institution
no limit to the number of payments that may be authorized with Bill Pay/Business Bill
that displays the Visa logo.
Pay, you may make payments up to the maximum amount of $40,000.
3. Fund recurring preauthorized payments. Your Visa debit card also allows
you to conduct transactions on the PULSE debit network, which will generally
D. Fees for Transfers: Fees, if any, which apply to the Bill Pay/Business Bill Pay service
require you to enter your PIN. Some merchants are authorized to accept non-Visa
are disclosed in the "Service Fees" Disclosure. Until Member is notified by Royal to
debit transactions without requiring you to enter your PIN. If you choose to sign to
the contrary, Member will not be charged any transaction fees by Royal for use of
authorize a debit transaction, the transaction will be routed as a Visa transaction.
CompuTeller or online banking/business online banking.
Provisions of your cardholder agreement that specifically relate to Visa transactions
E. Liability Disclosure: Contact us AT ONCE if you believe your PIN or password
are inapplicable to non-Visa debit transactions.
has been lost or stolen or money is missing from your account. You will not be liable
to Royal for more than $50 for unauthorized transfers if you immediately notify Royal
Some of these services may not be available at all terminals. The time required to
of any loss, theft, disappearance or known suspected unauthorized use of the PIN.
charge or credit your account after you use your card will depend on the location of
the terminal and the type of transaction. Any transaction or cash advances may be
F. Telephone Number and Address: If you believe your PIN or password has been
subject to authorization by Royal or by a Visa authorization center.
lost or stolen or that an unauthorized transfer from your account has occurred or may
occur, call Royal at 715-833-8111 or 1-800-341-9911, write Royal at PO Box 970,
Each time your card is properly used, you authorize Royal to debit or credit
Eau Claire, Wisconsin 54702-0970 or email member_services@rcu.org.
(whichever is appropriate) your account for the total amount shown on any sales
draft, receipt, or credit voucher originated by use of the card whether or not it is
G. Inactive Accounts: Please note if you have not accessed your account using
signed by you. Royal is permitted to handle such sales drafts, orders, and vouchers in
CompuTeller or online banking/business online banking within a six month time
the same way it handles authorized checks drawn on your account.
period, Royal may automatically unenroll you from these services. You may re-enroll
at any time.
B. Documentation of Transfers: You will have the option of receiving a receipt at
the time you make any transfer to or from your account using an ATM or Point of Sale
V. ELECTRONIC CHECK CONVERSION
(POS) terminal or make purchases using your Debit Card in excess of $15.
A. Account Access: You may authorize a merchant or other payee to make a
C. Limitations of the Frequency and Dollar Amounts of Transfers:
one-time electronic payment from your checking account using information from your
For security reasons, there are limitations on the number and dollar amount of cash
check to:
withdrawals you may make per day at an ATM or POS terminal. There are also
1. Pay for purchases.
limitations on the total number and dollar amount of Visa merchant purchases or Visa
2. Pay bills.
cash advances or Visa ATM withdrawals you may make each day.
B. Liability Disclosure: Contact us at once if you believe an electronic funds
Royal reserves the right to make periodic risk assessments and to change your
transfer has been made without your permission using information from your check.
maximum daily limits without notice. We will not reduce your daily limits below $100
C. Telephone Number and Address: If you believe a transfer has been made using
without giving you prior notice.
the information from your check without your permission:
Individual terminals or terminal operators may also have limits on the frequency of
Call Royal Member Service at 715-833-8111 or 1-800-341-9911
cash withdrawals or deposits performed at their terminals.
Write to Royal at PO Box 970, Eau Claire, Wisconsin 54702-0970
D. Your Ability to Withdraw Funds: Royal's policy is to make available immediately
Email member_services@rcu.org
up to $200 of your total funds deposited daily through a terminal. The remaining funds
will become available in compliance with regulatory requirements. The balance of
your deposited funds generally will be available the beginning of the third business
day following the day of deposit. For determining the availability of your deposits
made though a terminal, every day is a business day except Saturdays, Sundays,
and federal holidays. If you make a deposit through a terminal before 2:30 pm, on
a business day that we are open, we will consider that day to be the day of your
deposit. If you make a deposit through a terminal after 2:30 pm or on a day we are
not open, we consider that the deposit was made on the next business day we are
open.
E. Fees for Transfers: Fees that apply to ATM/Debit Cards are detailed in
the "Service Fees" Disclosure.
ELECTRONIC "WHOLESALE CREDIT" TRANSACTIONS
(SUBJECT TO UNIFORM COMMERCIAL CODE ARTICLE 4A)
To our business Members who have or may authorize electronic credit transactions on your
account.
Royal's Responsibilities:
Provisional Payment: Credit given by us to you with respect to an automated clearing
house credit entry is provisional until we receive final settlement for such entry through a
Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified
and agree that we are entitled to a refund of the amount credited to you in connection with
such entry, and the party making payment to you via such entry (i.e., the originator of the
entry) shall not be deemed to have paid you in the amount of such entry.
Notice of Receipt of Entry: Under the operating rules of the National Automated Clearing
House Association, which are applicable to ACH transactions involving your account, we
are not required to give next day notice to you of receipt of an ACH item, and we will not
do SO. However, we will continue to notify you of the receipt of payments in the periodic
statements we provide to you.
Choice of Law: We may accept on your behalf payments to your account which have been
transmitted through one or more Automated Clearing Houses (ACH) and which are not
subject to the Electronic Funds Transfer Act and your rights and obligations with respect to
such payments shall be construed in accordance with and governed by the laws of the state
of New York, as provided in the operating rules of the National Automated Clearing House
Association, unless it has been otherwise specified in a separate agreement that the law of
some other state shall govern.
6
PRIVACY POLICY
FACTS
WHAT DOES ROYAL CREDIT UNION
DO WITH YOUR PERSONAL INFORMATION?
Financial companies choose how they share your personal information. Federal
Why?
law gives consumers the right to limit some but not all sharing. Federal law also
requires us to tell you how we collect, share, and protect your personal information.
Please read this notice carefully to understand what we do.
The types of personal information we collect and share depends on the product or
service you have with us. This information can include:
Social Security number, address, name, and income
What?
Account balance and transaction history
Credit history and credit scores
When you are no longer our Member, we continue to share your information as
described in this notice.
All financial companies need to share members' personal information to run their
How?
everyday business. In the section below, we list the reasons financial companies
can share their members' personal information; the reasons Royal Credit Union
chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information
Does Share?
Can you limit this sharing?
For our everyday business purposes-
Such as to process your transactions, maintain your
Yes
No
account(s), respond to court orders and legal investigations,
or report to credit bureaus
For our marketing purposes-
Yes
No
To offer our products and services to you
For joint marketing with other financial companies
Yes
No
For our affiliates' everyday business purposes-
Yes
No
Information about your transactions and experiences
For our affiliates' everyday business purposes-
No
We don't share
Information about your creditworthiness
For nonaffiliates to market to you
No
We don't share
Questions
Call 1-800-341-9911 or 715-833-8111; send us an email at member_services@rcu.org or
write to us at: Royal Credit Union, PO Box 970, Eau Claire, WI 54702-0970
- 7 -
PRIVACY POLICY (CONT.)
What we do
To protect your personal information from unauthorized access and use,
How does Royal Credit Union protect
we use security measures that comply with federal law. These measures
my personal information?
include computer safeguards and secured files and buildings.
We collect your personal information, for example, when you
Open an account or apply for loan
Apply for any credit union service
You visit our website, provide us information on any online
How does Royal Credit Union collect
application or transaction, or information you send to us by email.
my personal information?
Use your credit or debit card or pay your bills
Make deposits to or withdrawal from your accounts
We also collect your personal information from others, including credit
bureaus or other companies.
Federal law gives you the right to limit only
Sharing for affiliates' everyday business purposes-information
about your creditworthiness
Why can't I limit all sharing?
Affiliates from using your information to market to you
Sharing for nonaffiliates to market to you
State laws and individual companies may give you additional rights to
limit sharing.
Definitions
Companies related by common ownership or control. They can be
Affiliates
financial and nonfinancial companies.
None
Companies not related by common ownership or control. They can be
financial and nonfinancial companies.
Nonaffiliates
Royal Credit Union does not share with nonaffiliates so they can
market to you, except for our joint marketing arrangements.
A formal agreement between nonaffiliated financial companies that
Joint Marketing
together market financial products or services to you.
Our joint marketing partners include financial service providers.
-8-
ROYAL CREDIT UNION TRUTH IN SAVINGS DISCLOSURE
(Except as specifically described, the following disclosures apply to all accounts.)
requirements are met, and to obtain other credit union benefits and services. Secondary
Specific rates are enclosed on inserted rate sheets that may change from time to time.
Savings can be established to meet the Member's needs for separate Savings Accounts.
Current rates on all savings instruments are always available by calling 715-833-8168.
This includes Real Estate Escrow accounts. The Escrow accounts have restrictions for
withdrawals for other than tax or insurance purposes. (They all receive the same dividend
1. Services Information
rate and Annual Percentage Yield.)
In order to receive any services from Royal, the Member must open a Savings Account
and maintain a $5 minimum balance. Though a Member must maintain a minimum of $5
Dividends Compounded:
Monthly
in their Savings Account to be a Member in good standing, we will assess a monthly fee
Dividends Credited:
Monthly
to Members age 18+ with Savings or Checking Accounts of $25 or less, inactive for six
Minimum Opening Balance:
$5 for Primary Savings and $0 for any
months or more, and with no other active services on that account.
other Secondary Savings
Minimum Monthly Balance:
$5 for Primary Savings and $0 for any
2. Balance Information
other Secondary Savings
The minimum balance required to open each account is set forth in this packet. The
Balance Computation Method:
Daily
minimum monthly balance required to avoid a service fee is set forth in this packet.
Account Limitations:
Account Transaction Limitations Apply
Dividends are calculated by the daily balance method that applies a daily periodic rate to
Fees:
See "Service Fees" Disclosure
the principal in the account each day.
3. Nature of the Dividend
MONEY MARKET ACCOUNT:
Dividends are paid from current income and available earnings after required transfers
Description of Account: Our Money Market Account, with a minimum balance, offers you
to reserves at the end of the dividend period. The dividend rate and annual percentage
premium rates and convenient withdrawal privileges. The account is limited to a maximum of
yield are the prospective rates and yields that Royal anticipates paying for the applicable
six withdrawals per month without your physical presence at a branch. This includes but is
dividend period. The annual percentage yield assumes all dividends remain and are not
not limited to transactions by means of online banking/business online banking, CompuTeller,
withdrawn from the account.
check, preauthorized payments to a third party, telephoning Member Service, or by automatic
4. Rate Information
transfer due to insufficient funds. Over-the-counter transactions are unlimited.
See Royal's rate card, visit rcu.org, or call 715-833-8168 to find the dividend rate
Dividends Compounded:
Monthly
and annual percentage yield on your accounts. All accounts are considered variable
Dividends Credited:
Monthly
rate accounts except the certificate accounts and the fixed IRA accounts that are
Minimum Opening Balance:
$10,000
contractually fixed rates. The dividend rate and annual percentage yield may change
Minimum Monthly Balance:
$10,000
monthly on the variable rate accounts as determined by the Board of Directors. The
Balance Computation Method:
Daily
annual percentage yield assumes all dividends remain and is not withdrawn from the
Account Limitations:
Limitations do apply as detailed in the
account.
disclosure. There is a minimum deposit of
5. Compounding and Crediting
$100 and a minimum check amount of $250.
Dividends will be compounded and credited as set forth in the account description
Tiered dividend rates are paid on the entire
portion of this packet. The dividend period for all accounts is monthly beginning on the
daily collected balance of your account. The
first calendar day of the month and ending on the last calendar day of the month. The
balance tiers are:
exceptions to this are the certificates and the fixed IRAs, which are detailed below.
$.01-$9,999.99; $10,000-$24,999.99;
6. Account Limitations
$25,000-$99,999.99; $100,000 and over.
In compliance with Regulation D of the Federal Reserve Board, you are limited to
Account Transaction Limitations Apply
Fees:
See "Service Fees" Disclosure
six transactions per month from each of your savings or Money Market accounts
without your physical presence at a branch or ATM. This includes but is not limited to
transactions by means of online banking/business online banking, CompuTeller, check,
CERTIFICATES (BOTH REGULAR AND MINI JUMBO):
preauthorized payments to a third party, telephoning Member Service, or by automatic
Description of Account: Certificate accounts offer a preferred rate in exchange for your
transfer due to insufficient funds.
commitment to leave funds on deposit for a set period of time. Early withdrawals are subject
to dividend penalty. Generally, we offer certificates with maturates of three, four, six, eight,
For Federal Reserve bank reporting purposes, this account consists of a transaction
twelve, eighteen, thirty, forty eight, and seventy two months. We may offer a premium rate
category and a savings category. Royal may periodically transfer funds not routinely
if the deposit is $50,000 (Mini Jumbo Certificate) or more. All rates disclosed are assuming
needed to pay debits between these two categories. If your account is one on which
that the dividends earned are left in the investment and compounded. Withdrawal of the
dividends are paid, your dividend calculation will remain the same. Otherwise, the
earned dividends will reduce future earnings.
savings category will be non-interest or non-dividend bearing and will be governed
by the rules governing our other savings accounts indicated within the "Your Ability to
Dividends Compounded:
Monthly on all new certificates. Some older
Withdraw Funds at Royal Credit Union" section of this disclosure. This process will be
automatically renewable certificates have
invisible to you and will not affect your available balance, the dividends you may earn,
been allowed to continue, upon renewal, to
NCUA insurance protection, your monthly or quarterly statement, or any other features
have dividends compounded quarterly or
of this account. This process does not count toward the maximum of six Regulation D
upon maturity if the Member chooses.
transactions per month.
Dividends Credited:
Monthly on all new certificates. Some older
Royal may close your savings and/or checking account if that account is charged
automatically renewable certificates have
with an excessive number of NSFs. If, at the time of closure, your account contains a
been allowed to continue, upon renewal, to
negative balance, the closure and the negative balance will be reported to a national
have dividends credited quarterly or upon
credit reporting agency. If any of your accounts have a negative balance for an extended
maturity if the Member chooses.
period, the account will be closed and the negative balance will be reported to a national
Minimum Opening Balance:
$100
credit reporting agency.
Minimum Monthly Balance:
$100
Balance Computation Method:
Daily
Provisional credit is given for items cashed or deposited at Royal. If the item is returned
Account Limitations:
Early withdrawal penalty will be applied.
unpaid for any reason, we have the right to reserve the provisional credit and you agree
Penalties for certificates one year or less
to reimburse us for the item. We reserve the right to automatically send the item to the
equivalent of 90 days dividends; greater than
paying bank a second time. If we do so, we will not charge your account for the amount
one year up to and including three years
of the item or the fee. You agree to waive the notice of right of chargeback and authorize
equivalent of 180 days dividends; greater than
re-presentment of the item without being given to you. A fee may be charged for such
three years equivalent of one year's dividends.
returned item, see "Service Fees" Disclosure.
Automatically renewable certificates will be
7. Accrual of Dividends
automatically extended for successive, like
Dividends will begin to accrue on the cash and non-cash deposits (e.g., checks) on the
maturity periods unless:
business day you make the deposit to your account. If you close your account before
a) Upon or within ten days after such original
accrued dividends are credited, accrued dividends will be paid.
or extended maturity date, this certificate is
8. National Credit Union Share Insurance Fund
surrendered and presented for payment;
All Member accounts in Royal are federally insured by the National Credit Union Share
b) The credit union elects not to extend such
Insurance Fund to at least $250,000.
maturity, in which case the certificate amount
ACCOUNT DESCRIPTIONS
and any dividend will be paid to the depositor.
(More detailed information is available upon request)
Expiring certificate; upon maturity the certificate
PRIMARY SAVINGS AND OTHER SECONDARY SAVINGS:
amount and any dividend will be paid to the
Description of Account: This is the primary credit union "Savings" Account. You must
depositor by transferring the amount into the
fill out a membership card and maintain a $5 balance in a primary share account for
Member's Primary Savings Account.
membership in the credit union, allowing you to vote at the annual meeting, if all voting
Fees:
See "Service Fees" Disclosure
9
ROYAL TRUTH IN SAVINGS DISCLOSURE (CONT.)
EASY SAVE INDIVIDUAL RETIREMENT ACCOUNT (IRA):
SMART CHECKING PLUS:
Description of Account: IRAs are savings investments setup for the purpose of
Description of Account: This account offers you the convenience of withdrawing funds
accumulating funds for retirement. All IRAs are regulated by the Internal Revenue
by checks or other remote means.
Service. This investment has no term and can be added to periodically for the purpose of
Dividends Compounded:
Monthly
accumulating funds to put into a fixed IRA. (Special rates and other terms apply.)
Dividends Credited:
Monthly
Minimum Opening Balance:
$700
Dividends Compounded:
Monthly
Minimum Monthly Balance:
$700
Dividends Credited:
Monthly
Balance Computation Method:
Daily
Minimum Opening Balance:
$5
Account Limitations:
$5
Limitations do apply to this account. A
Minimum Monthly Balance:
minimum balance of $700 must be
Balance Computation Method:
Daily
maintained in the account or there will be a
Account Limitations:
Minimum payroll deposit amount is $5.
fee for the month that your balance falls
Also IRS regulations apply. This investment
below the minimum. The fee will be on
option is not available for Sep IRA's.
the last day of the month.
Fees:
See "Service Fees" Disclosure
Fees:
See "Service Fees" Disclosure
FIXED RATE INDIVIDUAL RETIREMENT ACCOUNTS (IRA)
SMART START CHECKING:
INCLUDING ROTH AND SEP:
Description of Account: This account offers you the convenience of withdrawing funds
Description of Account: IRAs are savings investments set up for the purpose of
by checks or other remote means.
accumulating funds for retirement. All IRAs are regulated by the Internal Revenue Service.
Dividends Compounded:
None
The investments are in certificate instruments. (Special rates and other terms apply to these
Dividends Credited:
None
accounts.)
Minimum Opening Balance:
$0
Dividends Compounded:
Monthly
Minimum Monthly Balance:
$0
Dividends Credited:
Monthly
Balance Computation Method:
None
Minimum Opening Balance:
$1,000
Account Limitations:
None
Minimum Monthly Balance:
$1,000
Fees:
No Checking fees associated with this account.
Balance Computation Method:
Daily
Transaction and access to ATM may be
Account Limitations:
Early withdrawal penalties will be the same as
charged as detailed in the "Service Fees"
the penalties disclosed under the certificate
Disclosure
section plus any penalties imposed by the
IRS.
HEALTH SAVINGS ACCOUNT (HSA) CHECKING:
Fees:
See "Service Fees" Disclosure
Description of Account: HSAs are savings investments set up for the purpose of
accumulating funds for paying for qualified medical expenses of the account holder and
FIXED RATE HEALTH SAVINGS ACCOUNT (HSA) CERTIFICATE:
their dependents when they are covered by a High Deductible Health Plan (HDHP). This
Description of Account: HSAs are savings investments set up for the purpose of
account offers you the convenience of withdrawing funds by check or ATM/Debit Card.
accumulating funds for paying for qualified medical expenses of the account holder and
All HSAs are regulated by the Internal Revenue Service. (Special rates and terms apply to
their dependents when they are covered by a High Deductible Health Plan (HDHP).
these accounts.)
The investments are in a certificate instrument. (Special rates and terms apply to these
Dividends Compounded:
Monthly
accounts.)
Dividends Credited:
Monthly
Minimum Opening Balance:
$0
Dividends Compounded:
Monthly
Minimum Average
Dividends Credited:
Monthly
Monthly Balance:
$0
Minimum Opening Balance:
$1,000
Balance Computation:
Daily
Minimum Monthly Balance:
$1,000
Account Limitations:
Tiered dividend rates are paid on the entire
Balance Computation Method:
Daily
daily collected balance of your account. The
Account Limitations:
Early withdrawal penalties will be the same as
balance tiers are: $0 to $999.99; $1,000 to
the penalties disclosed under the certificate
$4,999.99; $5,000 to $9,999.99; and $10,000
section.
or more.
Fees:
See "Service Fees" Disclosure
Fees:
See "Service Fees" Disclosure
VARIABLE RATE INDIVIDUAL RETIREMENT ACCOUNTS (IRA)
INCLUDING ROTH AND SEP:
Description of Account: IRAs are savings investments set up for the purpose of
accumulating funds for retirement. All IRAs are regulated by the Internal Revenue Service.
The investments are two-year variable rate certificate instruments. (Special rates and other
terms apply to these accounts.)
Dividends Compounded:
Monthly
Dividends Credited:
Monthly
Minimum Opening Balance:
$5
Minimum Monthly Balance:
$5
Balance Computation Method:
Daily
Account Limitations:
Minimum payroll deposit amount is $5. An
early withdrawal penalty equal to 180 days
dividends will be accessed on the amount
of the withdrawal if the account holder is
under 591/2 years old, plus any penalties
imposed by the IRS.
Fees:
See "Service Fees" Disclosure
SMART CHECKING:
Description of Account: This account offers you the convenience of withdrawing funds
by checks or other remote means.
Dividends Compounded:
None
Dividends Credited:
None
Minimum Opening Balance:
$0
Minimum Monthly Balance:
$0
Balance Computation Method:
None
Account Limitations:
None
Fees:
No Checking fees associated with this
account. Transaction and access to ATM may
be charged as detailed in the "Service
Fees" Disclosure.
10
ROYAL FUNDS TRANSFER NOTICE
Royal Credit Union will transfer (a "funds transfer") as shown on the payment order. See
"Service Fees" Disclosure. Other financial institutions involved in the funds transfer may
impose additional fees.
We will not be liable to you if we do not act upon or delay acting upon any funds transfer
order if any of the following circumstances occur:
Legal order
Emergency situation
Interruption of communication
Equipment failure
War
Other circumstances beyond our control
Potential violation of any government regulation
Fedwire is the wire transfer system of U.S. Federal Reserve Banks. We or other financial
institutions involved may use Fedwire to make the funds transfer. If any part of the funds
transfer is carried by Fedwire, your rights and obligations regarding the funds transfer are
governed by Regulation J of the U.S. Federal Reserve Board. Your funds transfer may be
carried by means other than Fedwire.
If you provide us with both the name and account number of the person you wish to receive
the funds, be aware that we may process the funds transfer based on the account number
alone. This could occur even if that account number identifies a person other than the
one you named. Similarly, if you provide the name and number of the receiving financial
institution (including any intermediaries), we may process the funds transfer based on the
financial institution's number alone, even if it is an institution different from the one you
named. If the correct person does not receive payment, you are still obligated to pay us the
amount of your funds transfer order. Additional charges may apply regardless of whether
the wire is accepted or returned. Royal will not be held liable for these charges.
If we receive your funds transfer order after our cutoff time, we will process your order the
next business day. Our cutoff times are generally 11:00 AM for international wires and
2:00 PM for domestic wires. We reserve the right to reject funds transfer orders with no
liability to you and with no obligation to pay you interest for the period before you receive
notification. We may require funds be collected from the drawer's financial institution prior
to initiating the funds transfer. We also reserve the right to require additional information
about the funds transfer, including the purpose for sending it. If your funds transfer order is
rejected, we will notify you orally or in writing.
Once we have received your funds transfer order you no longer have the right to change or
cancel it. We may make a reasonable effort to accommodate your request, but we are not
liable to you for failures to make changes or cancel the order. You agree to pay any costs or
losses we incur in our attempt to change or cancel your funds transfer order.
Funds transfer orders will be listed on your normal periodic statement. To do so, you must
notify us immediately if you think there is an error. You need to send us a written statement
of facts no later than 14 days after the date you receive the first statement on which the
error appears.
If you are requesting a funds transfer to be sent outside the United States, you understand
you do so at your own risk. Royal Credit Union will not be liable for any reason if the funds
are not received or mis-applied during the funds transfer process.
Royal Credit Union will not be liable for consequential damages in the event that loss is
sustained because it has failed to carry out instructions in a reasonable manner.
11
VISA VARIABLE RATE CONSUMER CREDIT CARD DISCLOSURE
Keep This Notice for Future Use
outstanding unpaid balance, which is determined by dividing the sum of the daily
As used in the Regulations, "you" and "your" means natural persons, which means each
balances during the billing cycle by the number of days in the cycle. Each daily
and all of those who applied for or received or who signed or used a card. "Card" means
balance of cash advances is determined by adding any new cash advances as of
each of your Visa credit cards issued by Royal or its predecessor. "We," "us," and "our"
the transaction date or the first day of the billing cycle in which posted, whichever
mean Royal and "account" means your credit card account with us. These regulations
is later, to the previous balance excluding any unpaid finance fee, and subtracting
apply to cards issued to all natural persons unless otherwise stated.
each payment and credit on the date of receipt.
1. Responsibility
6 (b) If you paid the previous monthly balance in full by the due date shown on
If you applied for and received a Card from us, you and all other persons obligated for
that statement, the interest rate as stated in Section 6 will be imposed on credit
the card agree to these Regulations. If more than one person is obligated on a card, their
purchases you obtain through the use of your card that have not been paid by the
due date shown on the current statement on which the transaction is detailed.
obligation shall be joint and several. Except for unauthorized use of a card, you agree to
repay all debts and any finance fees, fees, and insurance premiums arising from use of
The balance of credit purchases subject to finance fee is the average daily
the Card on your account. For example, if you are a natural person, you agree to pay all
outstanding unpaid balance, which is determined by dividing the sum of the daily
amounts owed as a result of use of the card or your account by you, your spouse, and
balances during the billing cycle by the number of days in the cycle. Each daily
your minor children. You agree to pay all accounts owed as a result of use of the card
balance of credit purchases is determined by adding to the previous balance, new
or your account by anyone else to whom you give the card or you authorize to use your
credit purchases posted on that date, and subtracting each payment as of the first
account. If the Wisconsin Consumer Act ("WCA") does not apply to the card or to your
day of the billing cycle, each credit on the date of receipt, but excluding any unpaid
account, you agree to pay to us all attorneys' fees incurred in collecting or attempting
finance, late, and any other fees.
to collect amounts owed to us as a result of use of the card or your account. Your card
6 (c) If you did not pay the previous monthly statement balance in full by the due date
may not be used for illegal transactions. The Credit Union will terminate or withdraw any
shown on that statement, the interest rate as stated in Section 6 will be imposed on
product or service if used in an illegal manner or for an illegal transaction. You agree to
the unpaid balance of credit purchases from the previous statement closing date
hold harmless and indemnify Royal and reimburse Royal for losses incurred as a result
and on credit purchases made during the current billing cycle from the transaction
of using the card for any illegal transactions.
date and will continue to accrue until the closing date of the billing cycle preceding
the date on which the entire new balance is paid in full.
2. Credit Line
We will establish a credit line for you and advise you of its amount. You agree not to let
The balance of credit purchases subject to finance fee is the average daily
the account balance exceed the credit line, but you remain responsible for payment even
outstanding unpaid balance, which is determined by dividing the sum of the daily
if it does. Any account balance in excess of the credit line is payable immediately. We
balances during the billing cycle by the number of days in the cycle. Each daily
reserve the right to increase or reduce your credit line from time to time without affecting
balance of credit purchases is determined by adding to the previous balance, new
your obligation to pay the account balance. All Cards remain our property; and if we
credit purchases posted on that date, and subtracting each payment and credit on
request, you must recover and surrender to us all cards we have issued on your account.
the date of receipt, but excluding any unpaid finance fees, late, and any other fees.
3. Limitations of the Frequency and Dollar Amounts of Transfers
7. Other Fees (See "Service Fees" Disclosure or visit rcu.org)
For security reasons, there are limitations on the number and dollar amount of cash
8. Security Interest
withdrawals you may make per day at an ATM or POS terminal. There also may be
Each purchase and cash advance through your account is a loan by us to you in
limitations on the total number and dollar amount of Visa merchant purchases or Visa
Wisconsin. You agree that the Wisconsin Consumer Act applies to all of these loans (the
cash advances or Visa ATM withdrawals you may make each day.
rate of finance fee and the penalties for violation of rate limitations will be governed by
Royal reserves the right to make periodic risk assessments and to change your
state law). If you give or have given us or the financial institution named on your card a
maximum daily limits without notice. We will not reduce your daily limits below $100
security interest in personal or business property to secure all of your debts, these loans
without giving you prior notice.
will also be secured by that property (except clothing, household furnishings, and deposit
accounts). These loans will not be secured by any other property.
Individual terminals or terminal operators may also have limits on the frequency of cash
withdrawals or deposits performed at their terminals.
9. Default: Termination
You will be in default if you fail to make a payment, including a payment under paragraph
4. Payment Protection Fees (for consumer use only)
2, on time, twice during any 12-month period. You will also be in default if your ability to
If you are eligible and have elected to participate in one of our group payment protection
repay us is materially reduced by bankruptcy or insolvency proceedings involving you,
programs, a premium fee based on the balance shown on your monthly statement will
your death, or your failure to abide by these regulations. We have the right to demand
be posted to your account as a miscellaneous fee during your statement period. If you
immediate payment of your full account balance if you do not cure your default within 15
wish to cancel your payment protection coverage, you must notify us in writing. If your
calendar days after we send you a written notice of default. We have this right, without
payment protection is stopped for one of the reasons listed in your Borrower Security
notice, if the default is your third within 12 months, and we notified you of the prior two
Contract, you must re-enroll if you wish to have payment protection reinstated.
and you cured those defaults.
5. Promotional Visa Transfer Checks
Your privilege of using the card and the account shall expire on the date shown on the
As part of a promotion, Royal cardholders may receive cash advance and/or balance
card provided, however, if the card is used after the termination date, you shall remain
transfer checks which may be used to access their Visa credit line. Under no
responsible for any fees made after the expiration date. You may terminate your account
circumstances will Royal be liable for the payment or nonpayment of a post-dated
relationship with us at any time by surrendering to us all of your cards, but you will
check. If the account is delinquent or over the credit line when a check is presented for
remain liable to us for full payment of any balance of your account. We may revoke your
payment, the check will be returned non-sufficient funds (NSF). Royal cannot honor any
card at any time without prior notification and without affecting your obligation to pay the
check on an account that has been closed. Checks will only be honored when they are
account balance.
drawn by the Primary or Joint Owner(s) of the account.
In the event of past due payments, a past due penalty rate not to exceed 18% annual
percentage rate for the underlying and penalty rate shall be applied until the account is
6. Finance Fee
brought current for six months.
The interest will be set on a variable rate. We may increase or decrease the annual
percentage rate beginning with the first billing cycle of the next calendar quarter and
10. Monthly Payment
each calendar quarter thereafter. Each date on which the rate may be changed by us is
Unless we are prevented by law or unless we believe that your account is uncollectible,
called "change date." The rate applicable to this card is based on an index. The annual
we will mail you a statement each month in which your account has a balance of $1 or
percentage rate shall equal the highest prime rate published in the Wall Street Journal
more provided, however, that if more than one person is obligated for a card, we need
"Money Rate" tables on the last date of publication in the calendar month preceding each
only to mail a statement to one of said persons. The fact that we do not send a monthly
change date plus a margin of 4.5 percentage points not to exceed the allowable usury
statement to each person obligated on a card shall not relieve any person to whom a
ceiling. The minimum finance fee that will be imposed is $0.50. If we, on any change
monthly statement is not sent from liability on the account. This statement will show your
date, fail to increase the rate in accordance with changes in the index, we will not carry
previous balance, current transactions on your account, amount available under your
over and add any portion of that increase to any adjustment made on subsequent
credit line, fees and finance fees, new balance and minimum payments due. Each month
change dates.
you must pay at least the minimum payment by the due date on the statement. You may,
In addition, there is a past due penalty rate such that the sum of the underlying interest
of course, pay more than the minimum payment; and if you pay the new balance in full,
and this fee shall equal 18% per annum. It is applied in this fashion: should there be a
you may reduce or avoid additional finance fees unless you have a cash advance. Each
failure to have the account current for two months, then the interest rate, not to exceed
minimum payment will be the greater of $25 or 2% of your new balance. A minimum
18% shall be imposed two months from that date and shall continue for a period of six
payment is required for each statement period in which there is a debit balance in your
months during which there is no past due or payment less than called for in the note or
account; and any additional amount paid, while reducing your balance, will not prepay
agreement, in which event the penalty rate shall be removed and the underlying rate
any future minimum payments. Any past due minimum payment continues to be due
applied as long as you are current.
immediately.
6 (a) Cash advance and balance transfer finance fees accrue on the outstanding daily
balance from the date of advance or transfer, through the date paid.
The balance of cash advances subject to finance fee is the average daily
12
VISA VARIABLE RATE CONSUMER CREDIT CARD DISCLOSURE (CONT.)
11. Preauthorized Payments
no waiver is valid unless it is in writing and signed by us. You authorize us to investigate
Upon your authorization, the preauthorized payments are to remain in full force
your credit standing at any time and to disclose to others information relating to your
and effect until you cancel an online originated preauthorized payment using online
credit standing.
banking/business online banking, or provide Royal with a written request to terminate
preauthorized payments that were set up in writing. If you request to change your
YOUR BILLING RIGHTS
preauthorized payment, the current preauthorization must first be cancelled and a new
Keep This Notice for Future Use
preauthorized payment request must be initiated.
This notice contains important information about your rights and our responsibilities under
If a preauthorized payment is returned unpaid, the payment to the credit card
the Fair Credit Billing Act.
account will be reversed. Refer to "Service Fees" Disclosure.
In Case of Errors or Inquiries about Your Bill
You further understand and agree that Royal shall not be responsible for any act or
If you think your bill is wrong, or if you need more information about a transaction on your
failure to act on their part, except in the case of gross negligence or willful misconduct.
bill, write us on a separate sheet of paper at:
Furthermore, you agree to hold Royal harmless from any claims, liabilities, attorneys'
Royal Cardholder Services
fees, and other costs and expenses of any and every kind and nature which may be
Attn: Disputes & Inquiries
incurred by reason of their performance under the Credit Card Preauthorized Payment
PO Box 30495
request.
Tampa, FL 33630-3495
12. Foreign Transactions
In your letter, give us the following information:
If your card is used to initiate a cross border transaction, the transaction amount
Your name and account number;
may be converted to US dollars using the exchange rate selected by Visa or
The dollar amount of the suspected error;
Mastercard/Cirrus from the range of rates available in wholesale currency markets
Describe the error and explain, if you can, why you believe there is an error. If you
for the applicable central processing date, which rate may vary from the rate Visa or
need more information, describe the item you are unsure about;
Mastercard/Cirrus itself receives, or the government-mandated rate in effect for the
Send a copy of the statement the disputed charge shows on.
applicable central processing date. The date of the conversion may differ from the
We must hear from you no later than 60 days after we sent you the first bill on which the
transaction date and the posting date identified in the monthly statement for your
error or problem appeared. You can telephone us at 1-866-839-3485 or write.
account. All international transactions are charged up to two percent (2%) for the Visa
International Service Assessment Fee or Mastercard Cross Border fee.
If you have authorized us to pay your credit card bill automatically from your savings or
checking account, you can stop the payment on any amount you think is wrong. To stop the
13. Disputes
payment your letter must reach us seven business days before the automatic payment is
We are not responsible for the refusal or failure of any merchant, bank, or automated
scheduled to occur.
equipment to honor or accept your card. Except as indicated in the Billing Rights
Summary below, we are not responsible for any goods or services you purchase
Your Rights and Responsibilities After We Receive Your Written Notice
with card credit and you must resolve all disputes directly with the merchant. It is
We must acknowledge your letter within 30 days unless we have corrected the error by then.
your responsibility to contact the merchant to cancel all preauthorized, recurring, and
Within 90 days, we must either correct the error or explain why we believe the bill is correct.
unauthorized charges. Canceling the card will not stop charges posting to the account.
After we receive your letter, we cannot try to collect any amount you question or report you
14. Use
as delinquent. We can continue to bill you for the amount you question, including finance
You authorize us to pay from your account all items reflecting purchases or cash
fees, and we can apply any unpaid amount against your credit limit. You do not have to pay
advances made with the Card in spite of the absence of your signature on a draft or the
any questioned amount while we are investigating, but you are still obligated to pay the
lack of presentation of the card.
parts of your bill that are not in question.
Notify us at once at 1-866-839-3485 in the U.S. and 727-570-4893 (collect) out of
If we find that we made a mistake on your bill, you will not have to pay any finance fees
the U.S. of any loss, theft, disappearance or possible unauthorized use of your card.
related to any questioned amount. If we didn't make a mistake, you may have to pay finance
Notification to us is given when steps have been taken as may be reasonably required
fees, and you will have to make up any missed payments on the questioned amount. In
in the ordinary course of business to provide us with the pertinent information about the
either case, we will send a statement of the amount you owe and the date that it is due. If
loss, theft, or possible unauthorized use of a credit card. Notification may be given, at
you fail to pay the amount that we think you owe, we will report you as delinquent. However,
your option, in person, by telephone at the numbers above, or in writing.
if our explanation does not satisfy you and you write to us within ten days telling us that you
still refuse to pay, we must tell anyone we report you to that you have a question about your
If you furnish your card or Personal Identification Number (PIN) to another person; you
bill. We must also tell you the name of anyone we reported you to. We must tell anyone we
shall be deemed to have authorized all transactions that may be accomplished using
report you to that the matter has been settled between us when it finally is.
the card or PIN until you have given actual notice to Royal that further transactions are
unauthorized. You shall be obligated to pay Royal the amount of any money, property,
Special Rule for Credit Card Purchases
or services obtained by the authorized use of the Card or PIN to the extent that Royal
If you have a problem with the quality of property or services that you purchased with a
is unable to charge such amounts to the account; and you hereby authorize Royal to
credit card, and you have tried in good faith to correct the problem with the merchant, you
charge the amount of any such obligation to any other of your accounts at Royal. You
may have the right not to pay the remaining amount due on the property or services. There
shall at all times:
are two limitations on this right.
1.) Safely keep the card and PIN and not permit anyone else to use them;
(a) You must have made the purchase in your home state or if not within your state,
2.) Not record the PIN on or near the Card or otherwise disclose or make it
within 100 miles of your current mailing address and;
available to anyone else;
(b) The purchase price must have been more than $50. These limitations do not apply if
3.) Use the card, PIN, and terminals only as instructed and only for purposes
we own or operate the merchant or if we mailed you the advertisement for the property
authorized by Royal;
or service.
Some terminal owners and or networks may impose additional transaction fees, which
will be indicated at that terminal.
If you give your card number to a merchant to have on file, or for a recurring payment,
we may send account updates to that merchant. This includes, but is not limited to:
new expiration dates and new account/card numbers. If you wish to not have us send
updates, you may request us not to do SO. Telephoning is the best way of doing this.
Call us at 715-833-8111 or 1-800-341-9911. If you cannot notify us by phone, you may
notify Royal in person, or by writing us at:
Credit Card Department
Royal Credit Union
PO Box 970
Eau Claire, WI 54702-0970
15. Effect of and Changes in Regulations
These regulations are the contract that applies to all transactions on your account even
though the sales, cash advances, or credit slips you sign contain different terms. We
may change these regulations from time to time by sending you advance written notice
and your use of the card or the account thereafter will indicate your agreement to those
changes. To the extent the law permits, and we indicate in our notice, amendments
will apply to existing account balances as well as future transactions. Our delay in
exercising or our failure to exercise any of our rights is not a waiver of those rights, and
13
VISA VARIABLE RATE COMMERCIAL CREDIT CARD DISCLOSURE
Keep This Notice for Future Use
The balance of credit purchases subject to finance fee is the average daily
As used in the Regulations, "you" and "your" means businesses and organizations, which
outstanding unpaid balance, which is determined by dividing the sum of the daily
means each and all of those who applied for or received or who signed or used a card.
balances during the billing cycle by the number of days in the cycle. Each daily
"Card" means each of your Visa credit cards issued by Royal or its predecessor. "We,"
balance of credit purchases is determined by adding to the previous balance new
"us," and "our" mean Royal and "account" means your credit card account with us. These
credit purchases posted through that date if the previous balance was not paid in full
regulations apply to cards issued to all organizations and businesses unless otherwise
within 25 days of the statement closing date, and subtracting each payment and credit
stated.
on the date of receipt, but excluding any unpaid finance fees.
1. Responsibility
5. Other Fees (See "Service Fees" Disclosure or visit rcu.org)
If you applied for and received a Card from us, you and all other persons obligated for
6. Security Interest
the card agree to these Regulations. If more than one person is obligated on a card, their
Each purchase and cash advance through your account is a loan by us to you in
obligation shall be joint and several. Except for unauthorized use of a card, you agree
Wisconsin. If you give or have given us or the financial institution named on your card
to repay all debts and any finance fees, fees, and insurance premiums arising from use
a security interest in personal or business property to secure all of your debts, these
of the Card on your account. You agree to pay all accounts owed as a result of use of
loans will also be secured by that property (except clothing, household furnishings, and
the card or your account by anyone else to whom you give the card or you authorize
deposit accounts). These loans will not be secured by any other property.
to use your account. You agree to pay to us all attorneys' fees incurred in collecting or
attempting to collect amounts owed to us as a result of use of the card or your account.
7. Default: Termination
Your card may not be used for illegal transactions. The Credit Union will terminate or
You will be in default if you fail to make a payment, including a payment under paragraph
withdraw any product or service if used in an illegal manner or for an illegal transaction.
2, on time, twice during any 12-month period. You will also be in default if your ability to
You agree to hold harmless and indemnify Royal and reimburse Royal for losses incurred
repay us is materially reduced by bankruptcy or insolvency proceedings involving you,
as a result of using the card for any illegal transactions.
your death, or your failure to abide by these regulations. We have the right to demand
immediate payment of your full account balance if you do not cure your default within 15
2. Credit Line
calendar days after we send you a written notice of default. We have this right, without
We will establish a credit line for you and advise you of its amount. You agree not to let
notice, if the default is your third within 12 months, and we notified you of the prior two
the account balance exceed the credit line, but you remain responsible for payment even
and you cured those defaults.
if it does. Any account balance in excess of the credit line is payable immediately. We
reserve the right to increase or reduce your credit line from time to time without affecting
Your privilege of using the card and the account shall expire on the date shown on the
your obligation to pay the account balance. All Cards remain our property; and if we
card provided, however, if the card is used after the termination date, you shall remain
request, you must recover and surrender to us all cards we have issued on your account.
responsible for any fees made after the expiration date. You may terminate your account
relationship with us at any time by surrendering to us all of your cards, but you will
3. Limitations of the Frequency and Dollar Amounts of Transfers
remain liable to us for full payment of any balance of your account. We may revoke your
For security reasons, there are limitations on the number and dollar amount of cash
card at any time without prior notification and without affecting your obligation to pay the
withdrawals you may make per day at an ATM or POS terminal. There also may be
account balance.
limitations on the total number and dollar amount of Visa merchant purchases or Visa
cash advances or Visa ATM withdrawals you may make each day.
In the event of past due payments, a past due penalty rate not to exceed 18% annual
percentage rate for the underlying and penalty rate shall be applied until the account is
Royal reserves the right to make periodic risk assessments and to change your
brought current for six months.
maximum daily limits without notice. We will not reduce your daily limits below $100
without giving you prior notice.
8. Monthly Payment
Unless we are prevented by law or unless we believe that your account is uncollectible,
Individual terminals or terminal operators may also have limits on the frequency of cash
we will mail you a statement each month in which your account has a balance of $1 or
withdrawals or deposits performed at their terminals.
more provided, however, that if more than one person is obligated for a card, we need
4. Finance Fee
only to mail a statement to one of said persons. The fact that we do not send a monthly
The interest will be set on a variable rate. We may increase or decrease the annual
statement to each person obligated on a card shall not relieve any person to whom a
percentage rate beginning with the first billing cycle of the next calendar quarter and
monthly statement is not sent from liability on the account. This statement will show
each calendar quarter thereafter. Each date on which the rate may be changed by us is
your previous balance, current transactions on your account, amount available under
called "change date". The rate applicable to this card is based on an index. The annual
your credit line, fees and finance fees, new balance and minimum payments due. Each
percentage rate shall equal the highest prime rate published in the Wall Street Journal
month you must pay at least the minimum payment within 25 days after the statement
"Money Rate" tables on the last date of publication in the calendar month preceding each
closing date. You may, of course, pay more than the minimum payment; and if you pay
change date plus a margin of 4.5 percentage points. The minimum finance fee that will
the new balance in full, you may reduce or avoid additional finance fees unless you have
be imposed is $0.50. The calculation of annual percentage rate shall result in a minimum
a cash advance. Each minimum payment will be the greater of $10 or 3% of your new
rate of 8% and a maximum rate of the allowable usury ceiling. If we, on any change date
balance. A minimum payment is required for each statement period in which there is
fail to increase the rate in accordance with changes in the index, we will not carry over
a debit balance in your account; and any additional amount paid, while reducing your
and add any portion of that increase to any adjustment made on subsequent change
balance, will not prepay any future minimum payments. Any past due minimum payment
dates.
continues to be due immediately.
In addition, there is a past due penalty rate such that the sum of the underlying interest
9. Preauthorized Payments
and this fee shall equal 18% per annum. It is applied in this fashion: should there be a
Upon your authorization, the preauthorized payments are to remain in full force
failure to have the account current for two months, then the interest rate, not to exceed
and effect until you cancel an online originated preauthorized payment using online
18% shall be imposed and shall continue for a period of six months during which there is
banking/business online banking, or provide Royal with a written request to terminate
no past due or payment less than called for in the note or agreement, in which event the
preauthorized payments that were set up in writing. If you request to change your
penalty rate shall be removed and the underlying rate applied as long as you are current.
preauthorized payment, the current preauthorization must first be cancelled and a new
4 (a) Cash advance and balance transfer finance fees accrue on the
preauthorized payment request must be initiated.
outstanding daily balance from the date of advance or transfer through the date
If a preauthorized payment is returned unpaid, the payment to the credit card
paid.
account will be reversed. Refer to "Service Fees" Disclosure.
The balance of cash advances subject to finance fee is the average daily
You further understand and agree that Royal shall not be responsible for any act or
outstanding unpaid balance, which is determined by dividing the sum of the daily
failure to act on their part, except in the case of gross negligence or willful misconduct.
balances during the billing cycle by the number of days in the cycle. Each daily
Furthermore, you agree to hold Royal harmless from any claims, liabilities, attorneys'
balance of cash advances is determined by adding any new cash advances as of
fees, and other costs and expenses of any and every kind and nature which may be
the transaction date or the first day of the billing cycle in which posted, whichever
incurred by reason of their performance under the Credit Card Preauthorized Payment
is later, to the previous balance excluding any unpaid finance fee, and subtracting
request.
each payment and credit on the date of receipt.
10. Foreign Transactions
4 (b) The interest rate as stated in Section 4 (above) will be imposed on credit
If your card is used to initiate a cross border transaction, the transaction amount may
purchases of goods and services that you obtain through the use of your card only
be converted to US dollars using the exchange rate selected by Visa or Mastercard/
if you elect not to pay the entire new balance shown on your previous monthly
Cirrus from the range of rates available in wholesale currency markets for the applicable
statement within 25 days from the closing date of the statement. If you elect not to
central processing date, which rate may vary from the rate Visa or Mastercard/Cirrus
pay the entire new balance shown on your previous monthly statement within 25
itself receives, or the government-mandated rate in effect for the applicable central
days from the closing date of the statement, a finance fee will be imposed on the
processing date. The date of the conversion may differ from the transaction date and
unpaid balance of credit purchases from the statement closing date and on credit
the posting date identified in the monthly statement for your account. All international
purchases made during the current billing cycle from the transaction date of each
transactions are charged up to two percent (2%) for the Visa International Service
such credit purchase to the account and will continue to accrue until the closing
Assessment Fee or Mastercard Cross Border fee.
date of the billing cycle preceding the date on which the entire new balance is paid
in full.
14
VISA VARIABLE RATE COMMERCIAL CREDIT CARD DISCLOSURE (CONT.)
11. Disputes
YOUR BILLING RIGHTS
We are not responsible for the refusal or failure of any merchant, bank, or automated
Keep This Notice for Future Use
equipment to honor or accept your card. Except as indicated in the Billing Rights
This notice contains important information about your rights and our responsibilities under
Summary below, we are not responsible for any goods or services you purchase
the Fair Credit Billing Act.
with card credit and you must resolve all disputes directly with the merchant. It is
your responsibility to contact the merchant to cancel all preauthorized, recurring, and
In Case of Errors or Inquiries about Your Bill
unauthorized charges. Canceling the card will not stop charges posting to the account.
If you think your bill is wrong, or if you need more information about a transaction on your
bill, write us on a separate sheet of paper at:
12. Use
You authorize us to pay from your account all items reflecting purchases or cash
Royal Cardholder Services
advances made with the Card in spite of the absence of your signature on a draft or the
Attn: Disputes & Inquiries
lack of presentation of the card.
PO Box 30495
Tampa, FL 33630-3495
Notify us at once at 1-866-839-3485 in the U.S. and 727-570-4893 (collect) out of
the U.S. of any loss, theft, disappearance or possible unauthorized use of your card.
In your letter, give us the following information:
Notification to us is given when steps have been taken as may be reasonably required
Your name and account number;
in the ordinary course of business to provide us with the pertinent information about the
The dollar amount of the suspected error;
loss, theft, or possible unauthorized use of a credit card. Notification may be given, at
Describe the error and explain, if you can, why you believe there is an error. If
your option, in person, by telephone at the numbers above, or in writing.
you need more information, describe the item you are unsure about;
If you furnish your card or Personal Identification Number (PIN) to another person; you
Send a copy of the statement the disputed charge shows on.
shall be deemed to have authorized all transactions that may be accomplished using
We must hear from you no later than 60 days after we sent you the first bill on which the
the card or PIN until you have given actual notice to Royal that further transactions are
error or problem appeared. You can telephone us at 1-866-839-3485 or write.
unauthorized. You shall be obligated to pay Royal the amount of any money, property,
Your Rights and Responsibilities After We Receive Your Written Notice
or services obtained by the authorized use of the Card or PIN to the extent that Royal
We must acknowledge your letter within 30 days unless we have corrected the error by then.
is unable to charge such amounts to the account; and you hereby authorize Royal to
Within 90 days, we must either correct the error or explain why we believe the bill is correct.
charge the amount of any such obligation to any other of your accounts at Royal. You
shall at all times:
After we receive your letter, we cannot try to collect any amount you question or report you
1.) Safely keep the card and PIN and not permit anyone else to use them;
as delinquent. We can continue to bill you for the amount you question, including finance
2.) Not record the PIN on or near the Card or otherwise disclose or make it
fees, and we can apply any unpaid amount against your credit limit. You do not have to pay
any questioned amount while we are investigating, but you are still obligated to pay the
available to anyone else;
parts of your bill that are not in question.
3.) Use the card, PIN, and terminals only as instructed and only for purposes
authorized by Royal;
If we find that we made a mistake on your bill, you will not have to pay any finance fees
Some terminal owners and or networks may impose additional transaction fees, which
related to any questioned amount. If we didn't make a mistake, you may have to pay finance
will be indicated at that terminal.
fees, and you will have to make up any missed payments on the questioned amount. In
either case, we will send a statement of the amount you owe and the date that it is due. If
If you give your card number to a merchant to have on file, or for a recurring payment,
you fail to pay the amount that we think you owe, we will report you as delinquent. However,
we may send account updates to that merchant. This includes, but is not limited to:
if our explanation does not satisfy you and you write to us within ten days telling us that you
new expiration dates and new account/card numbers. If you wish to not have us send
still refuse to pay, we must tell anyone we report you to that you have a question about your
updates, you may request us not to do SO. Telephoning is the best way of doing this. Call
bill. We must also tell you the name of anyone we reported you to. We must tell anyone we
us at 715-833-8111 or 1-800-341-9911. If you cannot notify us by phone, you may notify
report you to that the matter has been settled between us when it finally is.
Royal in person, or by writing us at:
Credit Card Department
Royal Credit Union
PO Box 970
Eau Claire, WI 54702-0970
13. Effect of and Fees in Regulations
These regulations are the contract that applies to all transactions on your account even
though the sales, cash advances, or credit slips you sign contain different terms. We
may change these regulations from time to time by sending you advance written notice
and your use of the card or the account thereafter will indicate your agreement to those
changes. To the extent the law permits, and we indicate in our notice, amendments will
apply to existing account balances as well as future transactions. Our delay in exercising
or our failure to exercise any of our rights is not a waiver of those rights, and no waiver
is valid unless it is in writing and signed by us. You authorize us to investigate your
credit standing at any time and to disclose to others information relating to your credit
standing.
15
YOUR ABILITY TO WITHDRAW FUNDS AT ROYAL CREDIT UNION
Applies to transaction accounts.
LONGER DELAYS MAY APPLY
DEPOSITS MADE IN PERSON AT ROYAL OFFICES
In some cases, we will not make all of the funds that you deposit by check available to you
Our policy is to make funds from your cash and check deposits available to you on the first
on the first business day after the day of your deposit. Depending on the type of check that
business day after the day we receive your deposit. Electronic direct deposits will generally
you deposit, funds may not be available until the second business day after the day of your
be available on the day we receive the deposit. Once they are available, you can withdraw
deposit. The first $200 of your deposits, however, may be available on the first business day.
the funds in cash and we will use the funds to pay checks that you have written.
If we are not going to make all of the funds from your deposit available on the first business
After we have made funds available to you and you have withdrawn the funds, you are still
day, we will notify you at the time you make your deposit. We will also tell you when the
responsible for checks you deposited that are returned to us unpaid for any reason.
funds will be available. If your deposit is not made directly to one of our team members, or if
If you make a deposit before the posted closing time of the office you are using, we will
we decide to take this action after you have left the premises, we will mail you the notice by
consider that day to be the date of deposit. However, for determining the availability of your
the day after we receive your deposit.
deposits, every day is a business day, except Saturdays, Sundays, and federal holidays.
If we cash a check for you that is drawn on another financial institution, we may withhold the
DEPOSITS MADE THROUGH AN ATM
availability of a corresponding amount of funds that are already in your account. If withheld,
Royal's policy is to make available immediately up to $200 of your total funds deposited
those funds would be available at the time funds from the check we cashed would have
daily through a terminal. The remaining funds will become available in compliance with
been available if you had deposited it. For example, if we cash a $200 check for you, $200
regulatory requirements. The balance of your deposited funds generally will be available the
of funds already in your account will not be available until the beginning of the third business
second business day following the day of deposit.
day after the day we cashed the check. We will not notify you, if we delay your ability to
withdraw funds for the reason described in this paragraph, and we will tell you when the
After we have made funds available to you and you have withdrawn the funds, you are still
funds will be available.
responsible for checks you deposit that are returned to us unpaid for any reason.
If you will need the funds from a deposit right away, you should ask us when the funds will
For determining the availability of your deposits made through a terminal, every day is
be available.
a business day except Saturdays, Sundays, and federal holidays. If you make a deposit
through a terminal before 2:30 pm on a business day that we are open, we will consider that
In addition, funds you deposited by check may be delayed for a longer period under the
day to be the day of your deposit. If you make a deposit through a terminal after 2:30 pm or
following circumstances:
on a day we are not open, we consider that the deposit was made on the next business day
We believe a check you deposit will not be paid.
we are open.
You deposit checks totaling more than $5,000 on any one day.
DEPOSITS MADE THROUGH A NIGHT DEPOSITORY LOCATED AT A ROYAL OFFICE
You redeposit a check that has been returned unpaid.
Funds from your deposits made through a night depository are posted to your account by
You have overdrawn your account repeatedly in the last six months.
the close of the business day we receive your deposit. At that time, in most cases you can
There is an emergency, such as failure of computer or communications
withdraw the funds in cash, and we will use the funds to pay checks that you have written.
equipment.
After we have made funds available to you and you have withdrawn the funds, you are still
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we
responsible for checks you deposit that are returned to us unpaid for any reason.
will tell you when the funds will be available. They will generally be available no later than
the fourth business day after the day of your deposit.
For determining the availability of your deposits through a night depository, every day is a
business day except Saturdays, Sundays, and federal holidays. If you make a deposit before
SPECIAL RULES FOR NEW ACCOUNTS
8:00 am on a business day that we are open, we will consider that day to be the day of your
If you are a new Member, the following special rules will apply during the first 30 days your
deposit. However, if you make a deposit after 8:00 am or on a day we are not open, we
account is open.
consider that the deposit was made on the next business day we are open.
Funds from electronic direct deposits to your account will be available on the day we receive
DEPOSITS MADE FOR ONLINE ACCOUNT ORIGINATION OR THROUGH BILL PAY/
the deposit. Funds from deposits of cash, wire transfers, and the deposits of cashier's,
BUSINESS BILL PAY
certified, teller's, traveler's, and federal, state and local government checks will be available
Funds from your deposits made through the ACH system or from your debit or credit card
on the first business day after the day of your deposit if the deposit meets certain conditions.
for online account origination and inbound transfers through Bill Pay/Business Bill Pay
For example, the checks must be payable to you.
will be made available on the third business day after the deposit is received by Royal. At
Funds from all other check deposits will be available on the ninth business day after the day
that time, you can withdraw the funds for cash and we will use the funds to pay items that
of your deposit.
have been submitted for payment from your account. Every day is a business day except
*This funds availability policy applies only to transaction accounts. For checks that are
Saturday, Sunday, and federal holidays.
deposited to non-transaction accounts and primary Savings Account, longer holds may
After we have made funds available to you and you have withdrawn the funds, you are still
apply.
responsible for deposits you have made that are returned to us as unpaid for any reason.
16
ROYAL
Your savings federally insured to $250,000
CREDIT
UNION
1-800-341-9911
NCUA
National Credit Union
Administration, a U.S.
.
rcu.org
Government Agency
842 10/01 (Rev. 1/17)