ROYAL
CREDIT
UNION
DISCLOSURES
INDEX
ATM/DEBIT CARD DISCLOSURE
1 2
CHECKING ACCOUNT DISCLOSURE
2 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 BUSINESS
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
Foreign Transactions:
Electronic Funds Transfer Act (EFT). The following terms and conditions also apply.
If your card is used to initiate a cross border transaction, the transaction amount may be
You may use your ATM Card and PIN to:
converted to US dollars using the exchange rate selected by Visa or Mastercard/Cirrus
1. Obtain balance information on your savings account at an automatic teller
from the range of rates available in wholesale currency markets for the applicable central
machine (ATM).
processing date, which rate may vary from the rate Visa or Mastercard/Cirrus itself receives,
2. Withdraw cash from your savings account at an ATM.
or the government-mandated rate in effect for the applicable central processing date. The
3. Make deposits to your savings account at a PULSE or CO-OP Network ATM.
date of the conversion may differ from the transaction date and the posting date identified
in the monthly statement for your account. All international transactions are charged up to
You may use your ATM/Debit Card and PIN to:
two percent (2%) for the Visa International Service Assessment Fee or Mastercard Cross
1. Obtain balance information on your checking and savings account at an automatic
Border fee.
teller machine (ATM).
2. Withdraw cash from your checking or savings account at an ATM.
Limitation on Use of Card:
3. Make deposits to your checking or savings account at a PULSE or CO-OP Network
1. You must maintain a Checking Account at Royal to be eligible for a Debit Card.
ATM.
2. You may not:
4. Transfer funds between your linked checking and savings account at an ATM.
A) Request any transaction at a terminal if you know or are informed at the
5. Obtain cash advances if you have a Kwik Cash line of credit available when your
terminal or by a clerk that a terminal is malfunctioning or not operating.
checking account is overdrawn. Cash advances will be deposited in increments of
B) Attempt any transaction at an ATM or POS terminal without the use of your
$100 into the checking account that is affected.
Card and correct PIN.
6. Pay for purchases from your one designated checking account at merchants that
C) Attempt to initiate any transaction in connection with an account that has been
have agreed to accept the card and may request the PIN (POS transactions).
closed by you or Royal that is subject to legal process or other encumbrance.
D) Request a withdrawal or transfer of funds from an account:
You may use your Debit Card without your PIN to:
1. Pay for purchases from your checking account at places that display the Visa logo
1) If the withdrawal or transfer would overdraw the account or if the
or have agreed to accept the Debit Card.
withdrawal would exceed any line of credit or other funds available to your
2. Obtain a cash advance from your checking account at a financial institution that
account;
displays the Visa logo.
2) In an amount in excess of any dollar limitations imposed by the terminal
3. Fund recurring preauthorized payments. Your Visa debit card also allows you
owner.
to conduct transactions on the PULSE debit network, which will generally require
E) Deposit funds to an account at a PULSE or CO-OP Network ATM:
you to enter your PIN. Some merchants are authorized to accept non-Visa debit
1) By means of anything other than transfer from another account, U.S.
transactions without requiring you to enter your PIN. If you choose to sign to authorize
currency, or a completed negotiable instrument payable in U.S. dollars dated
a debit transaction, the transaction will be routed as a Visa transaction. Provisions
within six months prior to the date attempted deposit, drawn by, or properly
of your cardholder agreement that specifically relate to Visa transactions are
endorsed by you and does not violate any restrictions on the instrument;
inapplicable to non-Visa debit transactions.
2) In a combined deposit amount greater than $10,000 or in an amount in
Some of these services may not be available at all terminals. The time required to charge or
excess of any dollar limitations imposed by the terminal owner, whichever is
less.
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 subject to authorization
F) Use your card for illegal transactions. Royal will terminate or withdraw any
by Royal Credit Union (Royal) or by a Visa authorization center.
product or service if we become aware that you used it in an illegal manner or
for an illegal transaction. You agree to hold harmless and indemnify Royal and
Each time your card is properly used, you authorize Royal to debit or credit (whichever is
reimburse Royal for losses incurred as a result of using the card for any illegal
appropriate) your account for the total amount shown on any sales draft, receipt, or credit
transactions.
voucher originated by use of the card whether or not it is signed by you. Royal is permitted
to handle such sales drafts, orders, and vouchers in the same way it handles authorized
3. Cash refunds will not be made to you on purchases made with your Debit Card.
checks drawn on your account.
If a merchant who honors your Debit Card gives you credit for merchandise returns or
If you give your card number to a merchant to have on file, or for a recurring payment,
adjustments, the merchant will do so by applying a credit to your account and giving
we may send account updates to that merchant. This includes, but is not limited to: new
you a credit slip. Any claim or defense with respect to property or services purchased
expiration dates and new account/card numbers. If you wish to not have us send updates,
with your Debit Card must be handled by you directly with the merchant or other
you may request us to not do SO. Telephoning is the best way of doing this. Call us at 715-
business establishment that accepts the Debit Card, and any such claim or defense
833-8111 or 1-800-341-9911. If you cannot notify us by phone, you may notify Royal in
that you assert will not relieve you of your obligation to pay the total amount of the
person, or by writing us at:
sales draft plus any appropriate fees we may be authorized to make.
4. If any of your Royal accounts become overdrawn or past due, Royal may restrict
Debit Card Department
your use of the card. If this action becomes permanent, you will be notified within 30
Royal Credit Union
days. Neither Royal nor the terminal owner is liable to you if the transaction is not
PO Box 970
completed and you have violated any of these rules.
Eau Claire, WI 54702-0970
5. Right to Stop Payment: You may stop payment of a preauthorized recurring
electronic fund transfer authorized with your Debit Card. To place a stop payment, call
Deposits Made Through an ATM:
Royal's Member Service Department at 715-833-8111 or 1-800-341-9911; or write
Royal's policy is to make available immediately up to $200 of your total funds deposited
us at PO Box 970, Eau Claire, Wisconsin, 54702-0970 in time for us to receive your
daily through a terminal. The remaining funds will become available in compliance with
request three business days or more before the payment is scheduled to be made. If
regulatory requirements. The balance of your deposited funds generally will be available the
you call, we may also require you to put your request in writing within 14 days after
beginning of the third business day following the day of deposit.
your call. One-time only electronic fund transfers are not eligible for stop payment.
After we have made funds available to you and you have withdrawn the funds, you are still
Limitations on Royal's Responsibilities:
responsible for checks you deposit that are returned to us unpaid for any reason.
The terminals, the PULSE or CO-OP Network, and any other system containing terminals
For determining the availability of your deposits made through a terminal, every day is
at which the card may be used are available for your convenience and except to the
a business day except Saturdays, Sundays, and federal holidays. If you make a deposit
extent provided in Section 910 of the Electronic Funds Transfer Act, Royal is not liable for
through a terminal before 2:30 pm on a business day that we are open, we will consider that
the unavailability for failure to operate of all or any part of any system. Except for its own
day to be the day of your deposit. If you make a deposit through a terminal after 2:30 pm or
negligence, Royal is not liable for any personal injury or tangible property damage suffered
on a day we are not open, we consider that the deposit was made on the next business day
or incurred by you through use or attempted use of the card at any terminal. Royal is not
we are open.
responsible for the refusal of any merchant or terminal to honor the card.
Longer Delays May Apply:
The card and PIN are provided solely for your use and convenience. If you furnish your
Funds you deposit by check may be delayed for a longer period under the following
card or PIN to another person, you shall be deemed to have authorized all transactions that
circumstances:
may be accomplished using the card or PIN until you have given actual notice to Royal that
1. We believe a check you deposit will not be paid;
further transactions are unauthorized. You shall be obligated to pay Royal the amount of any
2. You redeposit a check that has been returned unpaid;
money, property, or services obtained by the authorized use of the card or PIN to the extent
3. You have overdrawn on your account repeatedly in the last six months;
that Royal is unable to charge such amounts to the account, and you hereby authorize
4. There is an emergency, such as failure of communications or computer equipment.
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
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we
who are not joint on your account. If you allow another person to use your card and/or PIN
will tell you when the funds will be available. The funds will generally be available no later
but do not tell us, Royal will treat all transactions made by that person as if the transactions
than nine (9) business days after the day of your deposit.
were made by an authorized user. It is your responsibility to control or terminate the use
All checks that Royal has authorized through a terminal for deposit or payment are credited
of your Card and/or PIN by such persons, and you will remain liable for any and all use
subject to collection, and the credit will be reversed if the check is not paid. All cash
by such persons. The card remains the property of Royal and shall be surrendered upon
deposits are received subject to verification by Royal. If the reversal to a deposit overdraws
request. Royal may terminate your privilege of using of the Card and may withhold approval
the account, Royal may charge all or part of the deficiency to any other account at Royal of
of any transaction at any time. Termination of privileges shall not affect your rights and
any Member authorized to use the card, and the Member shall pay to Royal any deficiency
obligations for transactions made with the card before your privileges were terminated.
that cannot be paid out of such accounts.
Fees: (See "Service Fees" Disclosure)
1
ATM/DEBIT CARD DISCLOSURE (CONT.)
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
Available funds are funds in the account that have not been authorized for another
SMART CHECKING
transaction previously. Your available balance can decrease due to debit card transactions,
1. No monthly service fee.
ACH items, checks, or any other transaction authorized, but not yet cleared. NSF and
2. No per item fee.
Courtesy Pay fees are based on the available balance, not the actual balance.
SMART CHECKING PLUS
CHECKING WITH KWIK CASH PROTECTION
1. $700 minimum balance.
Advances from Kwik Cash to cover overdrafts may not be made if any loan made by Royal
2. No per item fee.
to the account holder is past due.
3. Monthly fee* if balance falls below $700 at any time during the month.
Kwik Cash line of credit limit for overdraft protection is zero (0) dollars until written
SMART START CHECKING
notice has been received from Royal advising that the limit has been changed.
1. No monthly service fee.
If a Checking Account does not contain sufficient available funds to pay a check when
2. No per item fee.
presented to Royal or to cover a withdrawal from an ATM, a Debit Card transaction, or any
HEALTH SAVINGS ACCOUNT (HSA) CHECKING
other preauthorized debit to the account, an attempt will be made to obtain the funds in the
1. Dividends are calculated daily, compounded and paid monthly. The dividend rate
following order:
is effective at the beginning of each month.
1. A Kwik Cash (line of credit) Loan will be advanced in $100 increments up to
Balancing your Checking Account:
the approved line of credit limit, and the loan proceeds deposited in the Checking
1. If you are not familiar with balancing Checking Accounts, a Royal Financial Service
Account;
Representative will show you how to balance your accounts at no charge to you; or
2. If the line of credit limit has been reached, available funds will be transferred from your
2. If you should have problems balancing your Checking Account, Royal will
other accounts to the Checking Account in $100 increments or $250 increments
balance it for you. You must furnish Royal with a balanced statement from within the
from your Money Market Account. The required $5 minimum balance in the Primary
last three statement periods. Use the form provided by Royal for balancing and use
Savings Account cannot be used to pay checks, Debit Card transactions, withdrawals
the completed form to show us you actually did have the account in balance.
from an ATM, or any other preauthorized debit.
Post-dated checks:
In compliance with Regulation D of the Federal Reserve Board, you are limited to
Under no circumstances will Royal be liable for the payment or nonpayment of a
six transactions per month from each of your savings or Money Market accounts
post-dated check.
without your physical presence at a branch or ATM. This includes but is not limited
Statements:
to transactions by means of online banking/business online banking, CompuTeller,
While you have a Checking Account with Royal, statements will be mailed to you on a
check, preauthorized payments to a third party, telephoning Member Service, or by
monthly basis unless you choose electronic statements.
automatic transfer due to insufficient funds. If you exceed these limitations, your
Cost of printing checks:
account may be subject to a fee or closed.
If you have automatic Direct Deposit of your entire paycheck or government check to your
Any attempted Regulation D transaction after the sixth will be rejected.
account at Royal, there will be a discount for check printing. The cost for printing your
If sufficient available funds are still not available, Royal may clear the check, Debit Card,
checks will be deducted from your Checking Account. Check the "Service Fees" Disclosure
or preauthorized debit as a Courtesy Paid item. An account would become eligible once it
for current prices.
has been active for up to six months, has a positive ending balance for 30 consecutive days,
Reject Fee: See "Service Fees" Disclosure
and has a total of $750 in deposits in 31 days. The account cannot have a
Inactive accounts:
negative balance for more than 15 consecutive days, and you cannot have a 30-day
Though a Member must maintain a minimum of $5 in their savings account to be a Member
or greater past due loan. Courtesy Pay is only applicable to check, Debit Card, and
in good standing, we will assess a monthly fee to Members age 18+ with a checking
ACH checking debits on the account. The account may be removed from the
account of $25 or less, inactive for six months or more, and with no other active services on
Courtesy Pay program at any time without notice to you. A fee will be deducted
that account. See "Service Fees" Disclosure for current fees.
each time each check, preauthorized debit, or Debit Card transaction is cleared.*
Members are notified that they may opt out of the Courtesy Pay Program.
Please note that if your Checking Account has a ZERO balance and no activity for SIX
months, Royal will automatically close the account.
FOR Check or ACH item ONLY: If sufficient available funds are still not available, the
check or ACH item will be assessed a non-sufficient funds (NSF) fee.* An NSF fee will be
CHECKING WITHOUT KWIK CASH PROTECTION
deducted from your account every time an item that did not have available funds on deposit
If a Checking Account does not contain sufficient available funds to pay a check when
is presented. For your benefit, Royal will take a second look and attempt to clear the item
presented to Royal or to cover a withdrawal from an ATM, a Debit Card transaction, or any
once more before it is returned. If available funds have been deposited, after presentment
other preauthorized debit to the account, an attempt will be made to obtain the funds. This
and before the return process, Royal will clear the item. However, if a sufficient deposit
will be done by transferring the available funds from your other deposit accounts to the
has not been made the item will be returned. Royal may close a Checking Account if that
Checking Account in $100 increments or $250 increments from the Money Market Account.
Checking Account is charged with an excess number of NSFs. Royal cannot honor any
check or ACH item on an account that has been closed.
Remember a balance of $5 is required in the Primary Savings Account in order to keep
your account open. The required $5 minimum balance in the Primary Savings Account
If sufficient available funds are still not available, the check, Debit Card, or
cannot be used to pay checks, Debit Card transactions, withdrawals from an ATM, or any
preauthorized debit will be returned non-sufficient funds (NSF). An NSF fee will be deducted
other preauthorized debit.
from your account for each occurrence where a check, Debit Card, or preauthorized debit
is returned NSF.* ACH debits are cleared or returned the same day they attempt to post
to
In compliance with Regulation D of the Federal Reserve Board, you are limited to
the account. Royal may close a Checking Account if that Checking Account is charged with
an excessive number of NSF's. Royal cannot honor any check, Debit Card, or preauthorized
six transactions per month from each of your savings or Money Market accounts
debit on an account that has been closed.
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,
Available funds are funds in the account that have not been authorized for another
check, preauthorized payments to a third party, telephoning Member Service, or by
transaction previously. Your available balance can decrease due to debit card transactions,
automatic transfer due to insufficient funds. If you exceed these limitations, your
ACH items, checks, or any other transaction authorized, but not yet cleared. NSF and
account may be subject to a fee or closed.
Courtesy Pay fees are based on the available balance, not the actual balance.
Any attempted Regulation D transaction after the sixth will be rejected.
KWIK CASH PAYMENT METHOD OPTIONS
If sufficient available funds are still not available, Royal may clear the check, Debit Card,
If and when you use the overdraft protection with your Kwik Cash Loan, you may
or preauthorized debit as a Courtesy Paid item. An account would become eligible once it
choose to make the payments by one of the following methods:
has been active for up to six months, has a positive ending balance for 30 consecutive days,
1. Transfer From Checking or Savings: The monthly payment will be made by
and has a total of $750 in deposits in 31 days. The account cannot have a negative balance
transferring money from your Checking or Savings Account to your Kwik Cash Loan.
for more than 15 consecutive days, and you cannot have a 30-day or greater past due loan.
2. Payroll Payment: The monthly payment will be made on your Kwik Cash Loan by
Courtesy Pay is only applicable to check, Debit Card, and ACH checking debits on the
Payroll Deduction. A Payroll Deduction card must be completed and signed.
account. The account may be removed from the Courtesy Pay program at any time without
3. Over the Counter Payment: The monthly payment will be made on your Kwik Cash
notice to you. A fee will be deducted for each check, preauthorized debit, or Debit Card
Loan over-the-counter by you and by the due date set up for the loan at the time you
transaction that is cleared.* Members are notified that they may opt out of the Courtesy Pay
use the service.
Program.
*See "Service Fees" Disclosure.
FOR Check or ACH item ONLY: If sufficient available funds are still not available,
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
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
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
any check or ACH item on an account that has been closed.
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
your account for every check, Debit Card, or preauthorized debit that is returned NSF.* ACH
debits are cleared or returned the same day they attempt to post to the account. Royal may
close a Checking Account if that Checking Account is charged with an excessive number
of NSF's. Royal cannot honor any check, Debit Card, or preauthorized debit on an account
that has been closed.
3
ELECTRONIC FUNDS TRANSFER ACT DISCLOSURE
To our non-business Members who have or may authorize Electronic Fund Transfers
We will tell you the results of our investigation within 10 business days after we hear
(EFTs):
from you and will correct any error promptly. If we need more time, however, we may
The Electronic Fund Transfer Act and Regulations require that we disclose pertinent
take up to 45 days to investigate your concern or question. If we decide to do this, we
information to you about EFT's to or from your account. By EFT's we mean preauthorized
will provisionally recredit your account within 10 business days for the amount you
transactions to and from your account with us or by means of your Debit Card, ATM Card,
think is in error, so that you will have the use of the money during the time it takes
Bill Pay/Business Bill Pay, ACH, Electronic Check Conversion, CompuTeller, or online
us to complete our investigation. When we ask you to put your concern or question
banking/business online banking.
in writing and we do not receive it within 10 business days, we may not recredit your
account.
If an EFT overdraws your account, you will be notified and will agree to make immediate
payment to Royal of the amount of any such overdrafts together with any service fees Royal
The 10-day periods in the preceding paragraph may be extended to 20 business
may impose. Also, whenever your account is overdrawn, we have the right to return, unpaid,
days if the error involves a transfer to or from the account within 30 days after the first
any checks or other orders on your account that are presented to Royal and to assess
deposit to the account was made.
a service fee for making such returns. If your account has a Kwik Cash Loan associated
If the error involves an electronic transfer from your account to buy goods or services
with it, the terms and conditions contained in your Kwik Cash Loan Agreement (or other
direct from a merchant, a transfer initiated outside of the United States, or a transfer
applicable agreement) will control, with respect to overdrafts of your account regardless of
that occurred within 30 days after the first deposit to the account was made, the time
whether they result from purchases, cash withdrawals, use of checks, or any EFT.
period to investigate your complaint or question will be extended from 45 days to 90
These rules constitute an addition to all other agreements and regulations of Royal
days.
governing accounts, which are accessible by EFT's or indebtedness on which payments
If we decide there was no error, we will send you a written explanation within three
may be made by use of EFT's. Any account directly or indirectly accessible with a PIN
business days after we finish our investigation and reverse any provisional credit
(Personal Identification Number) or card will remain subject to the fees provided for in
we may have issued. You may ask for copies of the documents we used in our
the separate agreement or regulations covering that account. Royal reserves the right to
investigation.
change the terms and conditions at a future date after giving you 21 days notice of such
II. PREAUTHORIZED EFT'S:
change.
A. Documentation of Transfers: If you have arranged to have direct
These rules may be amended by Royal at any time, and, subject to compliance with any
deposits made to your account at least once every 60 days from the same person or
applicable requirement of law concerning notice, such amendment shall be effective upon
company, you can call CompuTeller at 715-833-8168 or 1-800-762-6280, or log on
mailing or emailing by Royal of a copy of such amendment to Member at the address to
to online banking or business online banking at rcu.org to find out if the deposit has
which Member's statements are sent.
been made. You may also call Royal's Member Service Department at 715-833-
I. DISCLOSURES APPLICABLE TO ALL TYPES OF EFT SERVICES
8111 or 1-800-341-9911. If you pay for something with a check, you may authorize
A. Business Day Disclosure: Royal's business days are Monday through Friday.
your check to be converted to an electronic fund transfer. You may also authorize
Holidays are not included.
merchants to electronically debit your account for returned check fees.
B. Periodic Statements: You will get a monthly statement unless there are no
B. Internal Transfers: If you have authorized Royal to transfer funds from a share to
transactions in a particular month. In any case you will get a statement at least
a loan that is for the exact payment amount and is scheduled to pay on the exact due
quarterly.
date and funds are not available, Royal will retry the transfer for up to 10 days after
C. Account Information Disclosure: We will disclose information to third parties
the due date. If the payment is not satisfied at that time, it will be your responsibility to
about your account or the transfers you make:
complete the missed transfer. Subsequent transfers will not occur until the loan has
been brought current. (Payment Sequence Balance Transfer)
1. Where it is necessary for completing transfers or:
2. In order to verify the existence and condition of your account for a third party,
If you have authorized Royal to transfer a specified amount of funds from a share
such as, a credit bureau or;
account to a loan or share account on a specific day and funds are not available, it
3. In order to comply with government agency or court orders or whenever
will be your responsibility to complete the missed transfer. Subsequent transfers will
required by law or;
continue as scheduled. (Scheduled Transfers)
4. If you give us your written permission.
C. External Transfers: For outgoing transfers, funds must be in your Royal account
D. Liability for Failure to Make Transfers: If we do not complete a transfer to or
by 6:00 a.m. one business day prior to the Direct Payment date. If the Direct Payment
from your account on time or in the correct amount according to our agreement
date falls on a weekend or holiday, the transfer will be posted 1-2 business days later.
with you, we will be liable for your losses or damages. However, there are some
D. Right to Stop Payment: If you have told us in advance to make regular
exceptions. We will not be liable, for instance:
payments out of your account, you can stop any of these payments. To place a stop
1. If, through no fault of ours, you do not have enough money in your account to
payment, call Royal's Member Service Department at 715-833-8111 or 1-800-
make the transfer;
341-9911; or write us at PO Box 970, Eau Claire, Wisconsin, 54702-0970 in time
2. If your funds are subject to legal process or other encumbrance restricting
for us to receive your request three business days or more before the payment is
such transfers;
scheduled to be made. If you call, we may also require you to put your request in
3. If the transfer would go over the credit limit on your Visa or Kwik Cash line of
writing. If you order us to stop one of these payments three business days or more
credit;
before the transfer is scheduled and we do not do so, we will be liable for your losses
4. If the system was not working properly and you knew about the breakdown
or damages. You are not permitted to stop payment on any purchase, withdrawal,
when you started the transfer;
payment or transfer originated by use of the Debit Card, ATM Card, Bill Pay/Business
5. If the transfer would be restricted as otherwise provided in regulations of the
Bill Pay, CompuTeller, or online banking/business online banking, and Royal has no
Federal Reserve Board;
obligation to honor any such stop payment request by you. You may, however, stop
6. If circumstances beyond our control (such as fire or flood) prevent the
payment of a preauthorized recurring electronic fund transfer made with your credit
transfer, despite reasonable precautions that we have taken. There may be other
card or Debit Card.
exceptions stated in our agreement with you.
E. Notice of Varying Amounts: If these payments may vary in amount, the person
E. Multiple Party Accounts: Each Member, who is a party to an account that is a
you are going to pay should tell you 10 days before each payment when it will be
joint account, hereby appoints each other Member, who is a party to such account,
made and how much it will be. You may choose instead to get this notice only when
as Member's attorney with power to appoint one or more agents with power to use
your payment would differ by more than a certain amount from the previous payment
the PIN or card or make transfers to or from such account. Each Member shall
or when the amount would fall outside certain limits you set.
indemnify Royal for any tax it may be required to pay under state statutes by reason
F. Limitations on Frequency of Transfers: In compliance with Regulation D of the
of withdrawals or payments from the account, after the death of a Member, to any
Federal Reserve Board, you are limited to six transactions per month from each
person, or to the survivor in the case of a joint account.
of your savings or Money Market accounts without your physical presence at
F. If You Furnish Your Card, Password, or PIN to Another Person: You shall be
a branch or ATM. This includes but is not limited to transactions by means of online,
deemed to have authorized all transactions, which may be accomplished using the
CompuTeller, check, preauthorized payments to a third party, telephoning Member
card, password or PIN until you have given actual written notice to Royal that further
Service, or by automatic transfer due to insufficient funds.
transactions are unauthorized. You shall be obligated to pay Royal the amount of any
G. Fees that apply to Preauthorized EFT's are detailed in the "Service Fees"
money, property, or services obtained by the authorized use of the card, password,
Disclosure.
or PIN to the extent that Royal is unable to fee such amounts to the account; and you
H. Liability Disclosure: If your monthly statement shows transfers that you
hereby authorize Royal to fee the amount of any such obligation to any other of your
did not make and you do not contact us within 60 days after the statement was
accounts at Royal.
provided to you, you may not get back any money lost after that time if your contacting
G. Error Resolution Procedures: In case of errors or questions about your EFT:
us would have prevented those losses. If extenuating circumstances (such as
Telephone Royal at 715-833-8111 or 1-800-341-9911; or write us at, PO Box 970,
extended travel or hospitalization) prevent your contacting us, the time period may be
Eau Claire, Wisconsin, 54702-0970; or email member_services@rcu.org as soon
extended.
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
I. Telephone Number and Address: If you believe that an unauthorized transfer
no later than 60 calendar days after you receive the FIRST statement on which the
from your account has occurred or may occur, call Royal at 715-833-8111 or
problem or error appeared.
1-800-341-9911, write Royal at PO Box 970, Eau Claire, Wisconsin
1. Tell us your name, account number, and confirmation number (if any).
54702-0970, or email member_services@rcu.org.
2. Describe the error or the transfer you are unsure about, and explain as clearly
as you can why you believe it is an error or why you need more information.
3. Tell us the dollar amount of the suspected error.
If you tell us orally, we require that you send us your concern or question in writing
within 10 business days.
4
ELECTRONIC FUNDS TRANSFER ACT DISCLOSURE (CONT)
III. CARD
B. Limitations on Frequency of Transfers: You may use Bill Pay/Business Bill Pay
A. Account Access:
to make any number of payments from your Checking Account to any vendor on
You may use your ATM/Debit Card and PIN to:
your list. There are no limitations on the number of CompuTeller or online transfers.
1. Obtain balance information on your savings account at an automatic teller
However, in compliance with Regulation D of the Federal Reserve Board, you are
machine (ATM).
limited to six transfers per month from each of your Savings Accounts whether by
2. Withdraw cash from your savings account at an ATM.
means of CompuTeller or online banking/business online banking, preauthorized
3. Make deposits to your savings account at a PULSE or CO-OP Network ATM.
transfer, ACH withdrawal, telephoning Member Service, Member Service voice
4. Obtain balance information on your checking and savings accounts at an
mail, or by automatic transfer due to insufficient funds. If you exceed this limit those
Automated Teller Machine (ATM).
transactions will be denied.
5. Withdraw cash from your checking or savings account at an ATM.
C. Limitations on Dollar Amount of Transfers: You may make transfers or check
6. Make deposits to your checking or savings account at a PULSE or CO-OP
withdrawals up to the dollar amount of the available balance in your account. You may
Network ATM.
make a check withdrawal from your checking, savings, or Kwik Cash accounts with no
7. Transfer funds between your linked checking and savings account at an ATM.
limitation using CompuTeller or online banking/business online banking. While there is
8. Obtain cash advances if you have a Kwik Cash line of credit available when
no limit to the number of payments that may be authorized with Bill Pay/Business Bill
your checking account is overdrawn. Cash advances will be deposited in
Pay, you may make payments up to the maximum amount of $40,000.
increments of $100 into the checking account that is affected.
D. Fees for Transfers: Fees, if any, which apply to the Bill Pay/Business Bill Pay service
9. Pay for purchases from your one designated checking account at merchants
are disclosed in the "Service Fees" Disclosure. Until Member is notified by Royal to
that have agreed to accept the card and PIN. (POS Transactions)
the contrary, Member will not be charged any transaction fees by Royal for use of
You may use your Debit Card without your PIN to:
CompuTeller or online banking/business online banking.
1. Pay for purchases from your checking account at places that display the Visa
E. Liability Disclosure: Contact us AT ONCE if you believe your PIN or password
logo or have agreed to accept the Debit Card.
has been lost or stolen or money is missing from your account. You will not be liable
2. Obtain a cash advance from your checking account at a financial institution
to Royal for more than $50 for unauthorized transfers if you immediately notify Royal
that displays the Visa logo.
of any loss, theft, disappearance or known suspected unauthorized use of the PIN.
3. Fund recurring preauthorized payments. Your Visa debit card also allows
F. Telephone Number and Address: If you believe your PIN or password has been
you to conduct transactions on the PULSE debit network, which will generally
lost or stolen or that an unauthorized transfer from your account has occurred or may
require you to enter your PIN. Some merchants are authorized to accept non-Visa
occur, call Royal at 715-833-8111 or 1-800-341-9911, write Royal at PO Box 970,
debit transactions without requiring you to enter your PIN. If you choose to sign to
Eau Claire, Wisconsin 54702-0970 or email member_services@rcu.org.
authorize a debit transaction, the transaction will be routed as a Visa transaction.
G. Inactive Accounts: Please note if you have not accessed your account using
Provisions of your cardholder agreement that specifically relate to Visa transactions
CompuTeller or online banking/business online banking within a six month time
are inapplicable to non-Visa debit transactions.
period, Royal may automatically unenroll you from these services. You may re-enroll
Some of these services may not be available at all terminals. The time required to
at any time.
charge or credit your account after you use your card will depend on the location of
V. ELECTRONIC CHECK CONVERSION
the terminal and the type of transaction. Any transaction or cash advances may be
A. Account Access: You may authorize a merchant or other payee to make a
subject to authorization by Royal or by a Visa authorization center.
one-time electronic payment from your checking account using information from your
Each time your card is properly used, you authorize Royal to debit or credit
check to:
(whichever is appropriate) your account for the total amount shown on any sales
1. Pay for purchases.
draft, receipt, or credit voucher originated by use of the card whether or not it is
2. Pay bills.
signed by you. Royal is permitted to handle such sales drafts, orders, and vouchers in
the same way it handles authorized checks drawn on your account.
B. Liability Disclosure: Contact us at once if you believe an electronic funds
transfer has been made without your permission using information from your check.
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
C. Telephone Number and Address: If you believe a transfer has been made using
(POS) terminal or make purchases using your Debit Card in excess of $15.
the information from your check without your permission:
C. Limitations of the Frequency and Dollar Amounts of Transfers:
Call Royal Member Service at 715-833-8111 or 1-800-341-9911
For security reasons, there are limitations on the number and dollar amount of cash
Write to Royal at PO Box 970, Eau Claire, Wisconsin 54702-0970
withdrawals you may make per day at an ATM or POS terminal. There are also
Email member_services@rcu.org
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.
Royal reserves the right to make periodic risk assessments and to change your
maximum daily limits without notice. We will not reduce your daily limits below $100
without giving you prior notice.
Individual terminals or terminal operators may also have limits on the frequency of
cash withdrawals or deposits performed at their terminals.
D. Your Ability to Withdraw Funds: Royal's policy is to make available immediately
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.
F. Liability Disclosure: Contact us AT ONCE if you believe your card and/or PIN
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
of any loss, theft, disappearance or known suspected unauthorized use of the card
or PIN.
G. Telephone Number and Address: If you believe your card or PIN has been 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,
Eau Claire, Wisconsin 54702-0970, or email member_services@rcu.org.
IV. COMPUTELLER/ONLINE BANKING/BUSINESS ONLINE BANKING/BILL PAY/
BUSINESS BILL PAY
A. Account Access: For any authorized account, you may use your online
password to pay bills directly from your Checking Account to any vendor on your
authorized vendor list. For any authorized account, you may use your CompuTeller/
online banking/business online banking to:
1. Transfer funds between your Checking and Savings Account.
2. Obtain cash advances, if you have Kwik Cash line of credit available, to be
transferred into Savings, Checking, or issued to you in a check.
3. Transfer from Savings or Checking to make loan payments.
4. Inquire on your accounts at Royal.
5
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 Wisconsin, 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.)
PRIMARY SAVINGS AND OTHER SECONDARY SAVINGS:
Specific rates are enclosed on inserted rate sheets that may change from time to time.
Description of Account: This is the primary credit union "Savings" Account. You must fill out
Current rates on all savings instruments are always available by calling 715-833-8168.
a membership card and maintain a $5 balance in a primary share account for membership
in the credit union, allowing you to vote at the annual meeting, if all voting requirements
1. Services Information
are met, and to obtain other credit union benefits and services. Secondary Savings can be
In order to receive any services from Royal, the Member must open a Savings Account
established to meet the Member's needs for separate Savings Accounts. This includes Real
and maintain a $5 minimum balance. Though a Member must maintain a minimum of $5
Estate Escrow accounts. The Escrow accounts have restrictions for withdrawals for other
in their Savings Account to be a Member in good standing, we will assess a monthly fee
than tax or insurance purposes.
to Members age 18+ with Savings or Checking Accounts of $25 or less, inactive for six
months or more, and with no other active services on that account.
Dividends Compounded:
Monthly
Dividends Credited:
Monthly
2. Balance Information
Minimum Opening Balance:
$5 for Primary Savings and $0 for any
The minimum balance required to open each account is set forth in this packet. The
other Secondary Savings
minimum monthly balance required to avoid a service fee is set forth in this packet.
Minimum Monthly Balance:
$5 for Primary Savings and $0 for any
Dividends are calculated by the daily balance method that applies a daily periodic rate to
other Secondary Savings
the principal in the account each day.
Balance Computation Method:
Daily
3. Nature of the Dividend
Account Limitations:
Account Transaction Limitations Apply
Dividends are paid from current income and available earnings after required transfers
Fees:
See "Service Fees" Disclosure
to reserves at the end of the dividend period. The dividend rate and annual percentage
yield are the prospective rates and yields that Royal anticipates paying for the applicable
MONEY MARKET ACCOUNT:
dividend period. The annual percentage yield assumes all dividends remain and are not
Description of Account: Our Money Market Account, with a minimum balance, offers you
withdrawn from the account.
premium rates and convenient withdrawal privileges. The account is limited to a maximum of
4. Rate Information
six withdrawals per month without your physical presence at a branch. This includes but is
See Royal's rate card, visit rcu.org, or call 715-833-8168 to find the dividend rate
not limited to transactions by means of online banking/business online banking, CompuTeller,
and annual percentage yield on your accounts. All accounts are considered variable
check, preauthorized payments to a third party, telephoning Member Service, or by automatic
transfer due to insufficient funds. Over-the-counter transactions are unlimited.
rate accounts except the certificate accounts and the fixed IRA accounts that are
contractually fixed rates. The dividend rate and annual percentage yield may change
Dividends Compounded:
Monthly
monthly on the variable rate accounts as determined by the Board of Directors. The
Dividends Credited:
Monthly
annual percentage yield assumes all dividends remain and is not withdrawn from the
Minimum Opening Balance:
$10,000
account.
Minimum Monthly Balance:
$10,000
5. Compounding and Crediting
Balance Computation Method:
Daily
Dividends will be compounded and credited as set forth in the account description
Account Limitations:
Limitations do apply as detailed in the
portion of this packet. The dividend period for all accounts is monthly beginning on the
disclosure. There is a minimum deposit of
first calendar day of the month and ending on the last calendar day of the month. The
$100 and a minimum check amount of $250.
exceptions to this are the certificates and the fixed IRAs, which are detailed below.
Tiered dividend rates are paid on the entire
daily collected balance of your account. The
6. Account Limitations
balance tiers are:
In compliance with Regulation D of the Federal Reserve Board, you are limited to
$.01-$9,999.99; $10,000-$24,999.99;
six transactions per month from each of your savings or Money Market accounts
$25,000-$99,999.99; $100,000 and over.
without your physical presence at a branch or ATM. This includes but is not limited to
Account Transaction Limitations Apply
transactions by means of online banking/business online banking, CompuTeller, check,
Fees:
See "Service Fees" Disclosure
preauthorized payments to a third party, telephoning Member Service, or by automatic
transfer due to insufficient funds.
For Federal Reserve bank reporting purposes, this account consists of a transaction
CERTIFICATES (BOTH REGULAR AND MINI JUMBO):
category and a savings category. Royal may periodically transfer funds not routinely
Description of Account: Certificate accounts offer a preferred rate in exchange for your
needed to pay debits between these two categories. If your account is one on which
commitment to leave funds on deposit for a set period of time. Early withdrawals are subject
dividends are paid, your dividend calculation will remain the same. Otherwise, the
to dividend penalty. Generally, we offer certificates with maturates of three, four, six, eight,
savings category will be non-interest or non-dividend bearing and will be governed
twelve, eighteen, thirty, forty eight, and seventy two months. We may offer a premium rate
by the rules governing our other savings accounts indicated within the "Your Ability to
if the deposit is $50,000 (Mini Jumbo Certificate) or more. All rates disclosed are assuming
Withdraw Funds at Royal Credit Union" section of this disclosure. This process will be
that the dividends earned are left in the investment and compounded. Withdrawal of the
invisible to you and will not affect your available balance, the dividends you may earn,
earned dividends will reduce future earnings.
NCUA insurance protection, your monthly or quarterly statement, or any other features
of this account. This process does not count toward the maximum of six Regulation D
Dividends Compounded:
Monthly on all new certificates. Some older
transactions per month.
automatically renewable certificates have
been allowed to continue, upon renewal, to
Royal may close your savings and/or checking account if that account is charged
have dividends compounded quarterly or
with an excessive number of NSFs. If, at the time of closure, your account contains a
upon maturity if the Member chooses.
negative balance, the closure and the negative balance will be reported to a national
Dividends Credited:
Monthly on all new certificates. Some older
credit reporting agency. If any of your accounts have a negative balance for an extended
automatically renewable certificates have
period, the account will be closed and the negative balance will be reported to a national
been allowed to continue, upon renewal, to
credit reporting agency.
have dividends credited quarterly or upon
Provisional credit is given for items cashed or deposited at Royal. If the item is returned
maturity if the Member chooses.
unpaid for any reason, we have the right to reserve the provisional credit and you agree
Minimum Opening Balance:
$0
to reimburse us for the item. We reserve the right to automatically send the item to the
Minimum Monthly Balance:
$0
paying bank a second time. If we do so, we will not charge your account for the amount
Balance Computation Method:
Daily
of the item or the fee. You agree to waive the notice of right of chargeback and authorize
Account Limitations:
Early withdrawal penalty will be applied.
re-presentment of the item without being given to you. A fee may be charged for such
Penalties for certificates one year or less
returned item, see "Service Fees" Disclosure.
equivalent of 90 days dividends; greater than
one year up to and including three years
7. Accrual of Dividends
equivalent of 180 days dividends; greater than
Dividends will begin to accrue on the cash and non-cash deposits (e.g., checks) on the
three years equivalent of one year's dividends.
business day you make the deposit to your account. If you close your account before
Automatically renewable certificates will be
accrued dividends are credited, accrued dividends will be paid.
automatically extended for successive, like
8. National Credit Union Share Insurance Fund
maturity periods unless:
All Member accounts in Royal are federally insured by the National Credit Union Share
Insurance Fund to at least $250,000.
a) Upon or within ten days after such original
or extended maturity date, this certificate is
ACCOUNT DESCRIPTIONS
surrendered and presented for payment;
(More detailed information is available upon request)
b) The credit union elects not to extend such
maturity, in which case the certificate amount
and any dividend will be paid to the depositor.
Expiring certificate; upon maturity the certificate
amount and any dividend will be paid to the
depositor by transferring the amount into the
Member's Primary Savings Account.
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
Dividends Credited:
Minimum Monthly Balance:
$700
Monthly
Balance Computation Method:
Daily
Minimum Opening Balance:
$5
Account Limitations:
Minimum Monthly Balance:
$5
Limitations do apply to this account. A
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.
Fees:
the last day of the month.
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:
$0
Account Limitations:
None
Minimum Monthly Balance:
$0
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:
$0
Balance Computation:
Daily
Minimum Monthly Balance:
$0
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
6 (c) If you did not pay the previous monthly statement balance in full by the due
As used in the Regulations, "you" and "your" means natural persons, which means each and
date shown on that statement, the interest rate as stated in Section 6 will be imposed
all of those who applied for or received or who signed or used a card. "Card" means each of
on the unpaid balance of credit purchases from the previous statement closing date
your Visa credit cards issued by Royal or its predecessor. "We," "us," and "our" mean Royal and
and on credit purchases made during the current billing cycle from the transaction
"account" means your credit card account with us. These regulations apply to cards issued to all
date and will continue to accrue until the closing date of the billing cycle preceding the
natural persons unless otherwise stated.
date on which the entire new balance is paid in full.
1. Responsibility
The balance of credit purchases subject to finance fee is the average daily outstanding
If you applied for and received a Card from us, you and all other persons obligated for
unpaid balance, which is determined by dividing the sum of the daily balances during
the card agree to these Regulations. If more than one person is obligated on a card, their
the billing cycle by the number of days in the cycle. Each daily balance of credit
obligation shall be joint and several. Except for unauthorized use of a card, you agree to
purchases is determined by adding to the previous balance, new credit purchases
repay all debts and any finance fees, fees, and payment protection costs arising from use
posted on that date, and subtracting each payment and credit on the date of receipt,
of the Card on your account. For example, if you are a natural person, you agree to pay all
but excluding any unpaid finance fees, late, and any other fees.
amounts owed as a result of use of the card or your account by you, your spouse, and your
7. Other Fees (See "Service Fees" Disclosure or visit rcu.org)
minor children. You agree to pay all accounts owed as a result of use of the card or your
account by anyone else to whom you give the card or you authorize to use your account.
8. Security Interest
If the Wisconsin Consumer Act ("WCA") does not apply to the card or to your account, you
Each purchase and cash advance through your account is a loan by us to you in Wisconsin.
agree to pay to us all attorneys' fees incurred in collecting or attempting to collect amounts
You agree that the Wisconsin Consumer Act applies to all of these loans (the rate of finance
owed to us as a result of use of the card or your account. Your card may not be used for
fee and the penalties for violation of rate limitations will be governed by state law). If you
illegal transactions. The Credit Union will terminate or withdraw any product or service
give or have given us or the financial institution named on your card a security interest in
if used in an illegal manner or for an illegal transaction. You agree to hold harmless and
personal or business property to secure all of your debts, these loans will also be secured
indemnify Royal and reimburse Royal for losses incurred as a result of using the card for any
by that property (except clothing, household furnishings, and deposit accounts). These loans
illegal transactions.
will not be secured by any other property.
2. Credit Line
9. Default: Termination
We will establish a credit line for you and advise you of its amount. You agree not to let the
You will be in default if you fail to make a payment, including a payment under paragraph
account balance exceed the credit line, but you remain responsible for payment even if it
2, on time, twice during any 12-month period. You will also be in default if your ability to
does. Any account balance in excess of the credit line is payable immediately. We reserve
repay us is materially reduced by bankruptcy or insolvency proceedings involving you, your
the right to increase or reduce your credit line from time to time without affecting your
death, or your failure to abide by these regulations. We have the right to demand immediate
obligation to pay the account balance. All Cards remain our property; and if we request, you
payment of your full account balance if you do not cure your default within 15 calendar days
must recover and surrender to us all cards we have issued on your account.
after we send you a written notice of default. We have this right, without notice, if the default
is your third within 12 months, and we notified you of the prior two and you cured those
3. Limitations of the Frequency and Dollar Amounts of Transfers
defaults.
For security reasons, there are limitations on the number and dollar amount of cash
withdrawals you may make per day at an ATM or POS terminal. There also may be
Your privilege of using the card and the account shall expire on the date shown on the card
limitations on the total number and dollar amount of Visa merchant purchases or Visa cash
provided, however, if the card is used after the termination date, you shall remain responsible
advances or Visa ATM withdrawals you may make each day.
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 remain liable to us for full
Royal reserves the right to make periodic risk assessments and to change your maximum
payment of any balance of your account. We may revoke your card at any time without prior
daily limits without notice. We will not reduce your daily limits below $100 without giving you
notification and without affecting your obligation to pay the account balance.
prior notice.
In the event of past due payments, a past due penalty rate not to exceed 18% annual
Individual terminals or terminal operators may also have limits on the frequency of cash
percentage rate for the underlying and penalty rate shall be applied until the account is
withdrawals or deposits performed at their terminals.
brought current for six months.
4. Payment Protection Fees (for consumer use only)
10. Monthly Payment
If you are eligible and have elected to participate in one of our group payment protection
Unless we are prevented by law or unless we believe that your account is uncollectible,
programs, a premium fee based on the balance shown on your monthly statement will be
we will mail you a statement each month in which your account has a balance of $1 or
posted to your account as a miscellaneous fee during your statement period. If you wish
more provided, however, that if more than one person is obligated for a card, we need
to cancel your payment protection coverage, you must notify us in writing. If your payment
only to mail a statement to one of said persons. The fact that we do not send a monthly
protection is stopped for one of the reasons listed in your Borrower Security Contract, you
statement to each person obligated on a card shall not relieve any person to whom a
must re-enroll if you wish to have payment protection reinstated.
monthly statement is not sent from liability on the account. This statement will show your
5. Promotional Visa Transfer Checks
previous balance, current transactions on your account, amount available under your credit
As part of a promotion, Royal cardholders may receive cash advance and/or balance
line, fees and finance fees, new balance and minimum payments due. Each month you
transfer checks which may be used to access their Visa credit line. Under no circumstances
must pay at least the minimum payment by the due date on the statement. You may pay
will Royal be liable for the payment or nonpayment of a post-dated check. If the account
more than the minimum payment; and if you pay the new balance in full, you may reduce
is delinquent or over the credit line when a check is presented for payment, the check will
or avoid additional finance fees unless you have a cash advance. Each minimum payment
be returned non-sufficient funds (NSF). Royal cannot honor any check on an account that
will be the greater of $25 or 2% of your new balance. A minimum payment is required for
has been closed. Checks will only be honored when they are drawn by the Primary or Joint
each statement period in which there is a debit balance in your account; and any additional
Owner(s) of the account.
amount paid, while reducing your balance, will not prepay any future minimum payments.
6. Finance Fee
Any past due minimum payment continues to be due immediately.
The interest will be set on a variable rate. We may increase or decrease the annual
11. Preauthorized Payments
percentage rate beginning with the first billing cycle of the next calendar quarter and each
Upon your authorization, the preauthorized payments are to remain in full force and
calendar quarter thereafter. Each date on which the rate may be changed by us is called
effect until you cancel an online originated preauthorized payment using online banking/
"change date." The rate applicable to this card is based on an index. The annual percentage
business online banking, or provide Royal with a written request to terminate preauthorized
rate shall equal the highest prime rate published in the Wall Street Journal "Money Rate"
payments that were set up in writing. If you request to change your preauthorized payment,
tables on the last date of publication in the calendar month preceding each change date plus
the current preauthorization must first be cancelled and a new preauthorized payment
a margin of 4.5 percentage points not to exceed the allowable usury ceiling. The minimum
request must be initiated.
finance fee that will be imposed is $0.50. If we, on any change date, fail to increase the rate
If a preauthorized payment is returned unpaid, the payment to the credit card account
in accordance with changes in the index, we will not carry over and add any portion of that
will be reversed. Refer to "Service Fees" Disclosure.
increase to any adjustment made on subsequent change dates.
You further understand and agree that Royal shall not be responsible for any act or
In addition, there is a past due penalty rate such that the sum of the underlying interest and
failure to act on their part, except in the case of gross negligence or willful misconduct.
this fee shall equal 18% per annum. It is applied in this fashion: should there be a failure
Furthermore, you agree to hold Royal harmless from any claims, liabilities, attorneys' fees,
to have the account current for two months, then the interest rate, not to exceed 18% shall
and other costs and expenses of any and every kind and nature which may be incurred by
be imposed two months from that date and shall continue for a period of six months during
reason of their performance under the Credit Card Preauthorized Payment request.
which there is no past due or payment less than called for in the note or agreement, in which
event the penalty rate shall be removed and the underlying rate applied as long as you are
12. Foreign Transactions
current.
If your card is used to initiate a cross border transaction, the transaction amount may
be converted to US dollars using the exchange rate selected by Visa or Mastercard/
6 (a) Cash advance and balance transfer finance fees accrue on the outstanding daily
Cirrus from the range of rates available in wholesale currency markets for the applicable
balance from the date of advance or transfer, through the date paid. The balance of
central processing date, which rate may vary from the rate Visa or Mastercard/Cirrus itself
cash advances subject to finance fee is the average daily outstanding unpaid balance,
receives, or the government-mandated rate in effect for the applicable central processing
which is determined by dividing the sum of the daily balances during the billing cycle
date. The date of the conversion may differ from the transaction date and the posting
by the number of days in the cycle. Each daily balance of cash advances is determined
date identified in the monthly statement for your account. All international transactions
by adding any new cash advances as of the transaction date or the first day of the
are charged up to two percent (2%) for the Visa International Service Assessment Fee or
billing cycle in which posted, whichever is later, to the previous balance excluding any
Mastercard Cross Border fee.
unpaid finance fee, and subtracting each payment and credit on the date of receipt.
13. Disputes
6 (b) If you paid the previous monthly balance in full by the due date shown on
We are not responsible for the refusal or failure of any merchant, bank, or automated
that statement, the interest rate as stated in Section 6 will be imposed on credit
equipment to honor or accept your card. Except as indicated in the Billing Rights Summary
purchases you obtain through the use of your card that have not been paid by the due
below, we are not responsible for any goods or services you purchase with card credit and
date shown on the current statement on which the transaction is detailed.
you must resolve all disputes directly with the merchant. It is your responsibility to contact
The balance of credit purchases subject to finance fee is the average daily outstanding
the merchant to cancel all preauthorized, recurring, and unauthorized charges. Canceling
unpaid balance, which is determined by dividing the sum of the daily balances during
the card will not stop charges posting to the account.
the billing cycle by the number of days in the cycle. Each daily balance of credit
purchases is determined by adding to the previous balance, new credit purchases
posted on that date, and subtracting each payment as of the first day of the billing
cycle, each credit on the date of receipt, but excluding any unpaid finance, late, and
any other fees.
12
VISA VARIABLE RATE CONSUMER CREDIT CARD DISCLOSURE (CONT.)
14. Use
YOUR BILLING RIGHTS
You authorize us to pay from your account all items reflecting purchases or cash advances
Keep This Notice for Future Use
made with the Card in spite of the absence of your signature on a draft or the lack of
This notice contains important information about your rights and our responsibilities under the
presentation of the card.
Fair Credit Billing Act.
Notify us at once at 1-800-853-0872 in the U.S. and 301-945-5785 (collect) out of the U.S.
In Case of Errors or Inquiries about Your Bill
of any loss, theft, disappearance or possible unauthorized use of your card. Notification
If you think your bill is wrong, or if you need more information about a transaction on your bill,
to us is given when steps have been taken as may be reasonably required in the ordinary
write us on a separate sheet of paper at:
course of business to provide us with the pertinent information about the loss, theft, or
possible unauthorized use of a credit card. Notification may be given, at your option, in
Royal Cardholder Services
person, by telephone at the numbers above, or in writing.
Attn: Disputes & Inquiries
If you furnish your card or Personal Identification Number (PIN) to another person; you shall
PO Box 970
be deemed to have authorized all transactions that may be accomplished using the card or
Eau Claire, WI 54702-4702
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
In your letter, give us the following information:
obtained by the authorized use of the Card or PIN to the extent that Royal is unable to
Your name and account number;
charge such amounts to the account; and you hereby authorize Royal to charge the amount
The dollar amount of the suspected error;
of any such obligation to any other of your accounts at Royal. You shall at all times:
Describe the error and explain, if you can, why you believe there is an error. If you
need more information, describe the item you are unsure about;
1.) Safely keep the 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
Send a copy of the statement the disputed charge shows on.
anyone else;
We must hear from you no later than 60 days after we sent you the first bill on which the error
3.) Use the card, PIN, and terminals only as instructed and only for purposes authorized
or problem appeared. You can telephone us at 1-800-853-0872 or write.
by Royal;
If you have authorized us to pay your credit card bill automatically from your savings or
Some terminal owners and or networks may impose additional transaction fees, which will
checking account, you can stop the payment on any amount you think is wrong. To stop the
be indicated at that terminal.
payment your letter must reach us seven business days before the automatic payment is
scheduled to occur.
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
Your Rights and Responsibilities After We Receive Your Written Notice
expiration dates and new account/card numbers. If you wish to not have us send updates,
We must acknowledge your letter within 30 days unless we have corrected the error by then.
you may request us not to do SO. Telephoning is the best way of doing this. Call us at 715-
Within 90 days, we must either correct the error or explain why we believe the bill is correct.
833-8111 or 1-800-341-9911. If you cannot notify us by phone, you may notify Royal in
After we receive your letter, we cannot try to collect any amount you question or report you as
person, or by writing us at:
delinquent. We can continue to bill you for the amount you question, including finance fees,
and we can apply any unpaid amount against your credit limit. You do not have to pay any
Credit Card Department
questioned amount while we are investigating, but you are still obligated to pay the parts of your
Royal Credit Union
bill that are not in question.
PO Box 970
Eau Claire, WI 54702-0970
If we find that we made a mistake on your bill, you will not have to pay any finance fees related
to any questioned amount. If we didn't make a mistake, you may have to pay finance fees, and
15. Effect of and Changes in Regulations
you will have to make up any missed payments on the questioned amount. In either case, we
These regulations are the contract that applies to all transactions on your account even
will send a statement of the amount you owe and the date that it is due. If you fail to pay the
though the sales, cash advances, or credit slips you sign contain different terms. We may
amount that we think you owe, we will report you as delinquent. However, if our explanation
change these regulations from time to time by sending you advance written notice and your
does not satisfy you and you write to us within ten days telling us that you still refuse to pay, we
use of the card or the account thereafter will indicate your agreement to those changes. To
must tell anyone we report you to that you have a question about your bill. We must also tell you
the extent the law permits, and we indicate in our notice, amendments will apply to existing
the name of anyone we reported you to. We must tell anyone we report you to that the matter
account balances as well as future transactions. Our delay in exercising or our failure to
has been settled between us when it finally is.
exercise any of our rights is not a waiver of those rights, and no waiver is valid unless it is
Special Rule for Credit Card Purchases
in writing and signed by us. You authorize us to investigate your credit standing at any time
If you have a problem with the quality of property or services that you purchased with a credit
and to disclose to others information relating to your credit standing.
card, and you have tried in good faith to correct the problem with the merchant, you may have
the right not to pay the remaining amount due on the property or services. There are two
limitations on this right.
(a) You must have made the purchase in your home state or if not within your state, within 100
miles of your current mailing address and;
(b) The purchase price must have been more than $50.These limitations do not apply if we own
or operate the merchant or if we mailed you the advertisement for the property or service.
13
VISA VARIABLE RATE BUSINESS CREDIT CARD DISCLOSURE
Keep This Notice for Future Use
unpaid balance, which is determined by dividing the sum of the daily balances during
As used in the Regulations, "you" and "your" means natural persons, which means each and
the billing cycle by the number of days in the cycle. Each daily balance of credit
all of those who applied for or received or who signed or used a card. "Card" means each of
purchases is determined by adding to the previous balance, new credit purchases
your Visa credit cards issued by Royal or its predecessor. "We," "us," and "our" mean Royal and
posted on that date, and subtracting each payment and credit on the date of receipt,
"account" means your credit card account with us. These regulations apply to cards issued to all
but excluding any unpaid finance fees, late, and any other fees.
natural persons unless otherwise stated.
6. Other Fees (See "Service Fees" Disclosure or visit rcu.org)
1. Responsibility
7. Security Interest
If you applied for and received a Card from us, you and all other persons obligated for
Each purchase and cash advance through your account is a loan by us to you in Wisconsin.
the card agree to these Regulations. If more than one person is obligated on a card, their
You agree that the Wisconsin Consumer Act applies to all of these loans (the rate of finance
obligation shall be joint and several. Except for unauthorized use of a card, you agree to
fee and the penalties for violation of rate limitations will be governed by state law). If you
repay all debts and any finance fees, and fees arising from use of the Card on your account.
give or have given us or the financial institution named on your card a security interest in
For example, if you are a natural person, you agree to pay all amounts owed as a result of
personal or business property to secure all of your debts, these loans will also be secured
use of the card or your account by you, your spouse, and your minor children. You agree to
by that property (except clothing, household furnishings, and deposit accounts). These loans
pay all accounts owed as a result of use of the card or your account by anyone else to whom
will not be secured by any other property.
you give the card or you authorize to use your account. If the Wisconsin Consumer Act
("WCA") does not apply to the card or to your account, you agree to pay to us all attorneys'
8. Default: Termination
fees incurred in collecting or attempting to collect amounts owed to us as a result of use of
You will be in default if you fail to make a payment, including a payment under paragraph
the card or your account. Your card may not be used for illegal transactions. The Credit Union
2, on time, twice during any 12-month period. You will also be in default if your ability to
will terminate or withdraw any product or service if used in an illegal manner or for an illegal
repay us is materially reduced by bankruptcy or insolvency proceedings involving you, your
transaction. You agree to hold harmless and indemnify Royal and reimburse Royal for losses
death, or your failure to abide by these regulations. We have the right to demand immediate
incurred as a result of using the card for any illegal transactions.
payment of your full account balance if you do not cure your default within 15 calendar days
after we send you a written notice of default. We have this right, without notice, if the default
2. Credit Line
is your third within 12 months, and we notified you of the prior two and you cured those
We will establish a credit line for you and advise you of its amount. You agree not to let the
defaults.
account balance exceed the credit line, but you remain responsible for payment even if it
does. Any account balance in excess of the credit line is payable immediately. We reserve
Your privilege of using the card and the account shall expire on the date shown on the card
the right to increase or reduce your credit line from time to time without affecting your
provided, however, if the card is used after the termination date, you shall remain responsible
obligation to pay the account balance. All Cards remain our property; and if we request, you
for any fees made after the expiration date. You may terminate your account relationship with
must recover and surrender to us all cards we have issued on your account.
us at any time by surrendering to us all of your cards, but you will remain liable to us for full
payment of any balance of your account. We may revoke your card at any time without prior
3. Limitations of the Frequency and Dollar Amounts of Transfers
notification and without affecting your obligation to pay the account balance.
For security reasons, there are limitations on the number and dollar amount of cash
withdrawals you may make per day at an ATM or POS terminal. There also may be
In the event of past due payments, a past due penalty rate not to exceed 18% annual
limitations on the total number and dollar amount of Visa merchant purchases or Visa cash
percentage rate for the underlying and penalty rate shall be applied until the account is
advances or Visa ATM withdrawals you may make each day.
brought current for six months.
Royal reserves the right to make periodic risk assessments and to change your maximum
9. Monthly Payment
daily limits without notice. We will not reduce your daily limits below $100 without giving you
Unless we are prevented by law or unless we believe that your account is uncollectible,
prior notice.
we will mail you a statement each month in which your account has a balance of $1 or
more provided, however, that if more than one person is obligated for a card, we need
Individual terminals or terminal operators may also have limits on the frequency of cash
only to mail a statement to one of said persons. The fact that we do not send a monthly
withdrawals or deposits performed at their terminals.
statement to each person obligated on a card shall not relieve any person to whom a
4. Promotional Visa Transfer Checks
monthly statement is not sent from liability on the account. This statement will show your
As part of a promotion, Royal cardholders may receive cash advance and/or balance
previous balance, current transactions on your account, amount available under your credit
transfer checks which may be used to access their Visa credit line. Under no circumstances
line, fees and finance fees, new balance and minimum payments due. Each month you
will Royal be liable for the payment or nonpayment of a post-dated check. If the account
must pay at least the minimum payment by the due date on the statement. You may pay
is delinquent or over the credit line when a check is presented for payment, the check will
more than the minimum payment; and if you pay the new balance in full, you may reduce
be returned non-sufficient funds (NSF). Royal cannot honor any check on an account that
or avoid additional finance fees unless you have a cash advance. Each minimum payment
has been closed. Checks will only be honored when they are drawn by the Primary or Joint
will be the greater of $10 or 3% of your new balance. A minimum payment is required for
Owner(s) of the account.
each statement period in which there is a debit balance in your account; and any additional
5. Finance Fee
amount paid, while reducing your balance, will not prepay any future minimum payments.
The interest will be set on a variable rate. We may increase or decrease the annual
Any past due minimum payment continues to be due immediately.
percentage rate beginning with the first billing cycle of the next calendar quarter and each
10. Preauthorized Payments
calendar quarter thereafter. Each date on which the rate may be changed by us is called
Upon your authorization, the preauthorized payments are to remain in full force and
"change date." The rate applicable to this card is based on an index. The annual percentage
effect until you cancel an online originated preauthorized payment using online banking/
rate shall equal the highest prime rate published in the Wall Street Journal "Money Rate"
business online banking, or provide Royal with a written request to terminate preauthorized
tables on the last date of publication in the calendar month preceding each change date plus
payments that were set up in writing. If you request to change your preauthorized payment,
a margin of 4.5 percentage points not to exceed the allowable usury ceiling. The minimum
the current preauthorization must first be cancelled and a new preauthorized payment
finance fee that will be imposed is $0.50. If we, on any change date, fail to increase the rate
request must be initiated.
in accordance with changes in the index, we will not carry over and add any portion of that
If a preauthorized payment is returned unpaid, the payment to the credit card account
increase to any adjustment made on subsequent change dates.
will be reversed. Refer to "Service Fees" Disclosure.
In addition, there is a past due penalty rate such that the sum of the underlying interest and
You further understand and agree that Royal shall not be responsible for any act or
this fee shall equal 18% per annum. It is applied in this fashion: should there be a failure
failure to act on their part, except in the case of gross negligence or willful misconduct.
to have the account current for two months, then the interest rate, not to exceed 18% shall
Furthermore, you agree to hold Royal harmless from any claims, liabilities, attorneys' fees,
be imposed two months from that date and shall continue for a period of six months during
and other costs and expenses of any and every kind and nature which may be incurred by
which there is no past due or payment less than called for in the note or agreement, in which
reason of their performance under the Credit Card Preauthorized Payment request.
event the penalty rate shall be removed and the underlying rate applied as long as you are
current.
11. Foreign Transactions
If your card is used to initiate a cross border transaction, the transaction amount may
5 (a) Cash advance and balance transfer finance fees accrue on the outstanding daily
be converted to US dollars using the exchange rate selected by Visa or Mastercard/
balance from the date of advance or transfer, through the date paid. The balance of
Cirrus from the range of rates available in wholesale currency markets for the applicable
cash advances subject to finance fee is the average daily outstanding unpaid balance,
central processing date, which rate may vary from the rate Visa or Mastercard/Cirrus itself
which is determined by dividing the sum of the daily balances during the billing cycle
receives, or the government-mandated rate in effect for the applicable central processing
by the number of days in the cycle. Each daily balance of cash advances is determined
date. The date of the conversion may differ from the transaction date and the posting
by adding any new cash advances as of the transaction date or the first day of the
date identified in the monthly statement for your account. All international transactions
billing cycle in which posted, whichever is later, to the previous balance excluding any
are charged up to two percent (2%) for the Visa International Service Assessment Fee or
unpaid finance fee, and subtracting each payment and credit on the date of receipt.
Mastercard Cross Border fee.
5 (b) If you paid the previous monthly balance in full by the due date shown on
12. Disputes
that statement, the interest rate as stated in Section 6 will be imposed on credit
We are not responsible for the refusal or failure of any merchant, bank, or automated
purchases you obtain through the use of your card that have not been paid by the due
equipment to honor or accept your card. Except as indicated in the Billing Rights Summary
date shown on the current statement on which the transaction is detailed.
below, we are not responsible for any goods or services you purchase with card credit and
The balance of credit purchases subject to finance fee is the average daily outstanding
you must resolve all disputes directly with the merchant. It is your responsibility to contact
unpaid balance, which is determined by dividing the sum of the daily balances during
the merchant to cancel all preauthorized, recurring, and unauthorized charges. Canceling
the billing cycle by the number of days in the cycle. Each daily balance of credit
the card will not stop charges posting to the account.
purchases is determined by adding to the previous balance, new credit purchases
posted on that date, and subtracting each payment as of the first day of the billing
13. Use
cycle, each credit on the date of receipt, but excluding any unpaid finance, late, and
You authorize us to pay from your account all items reflecting purchases or cash advances
any other fees.
made with the Card in spite of the absence of your signature on a draft or the lack of
presentation of the card.
5 (c) If you did not pay the previous monthly statement balance in full by the due
date shown on that statement, the interest rate as stated in Section 6 will be imposed
Notify us at once at 1-800-853-0872 in the U.S. and 301-945-5785 (collect) out of the U.S.
on the unpaid balance of credit purchases from the previous statement closing date
of any loss, theft, disappearance or possible unauthorized use of your card. Notification
and on credit purchases made during the current billing cycle from the transaction
to us is given when steps have been taken as may be reasonably required in the ordinary
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.
The balance of credit purchases subject to finance fee is the average daily outstanding
14
VISA VARIABLE RATE BUSINESS CREDIT CARD DISCLOSURE (CONT.)
course of business to provide us with the pertinent information about the loss, theft, or
YOUR BILLING RIGHTS
possible unauthorized use of a credit card. Notification may be given, at your option, in
person, by telephone at the numbers above, or in writing.
Keep This Notice for Future Use
If you furnish your card or Personal Identification Number (PIN) to another person; you shall
This notice contains important information about your rights and our responsibilities under the
be deemed to have authorized all transactions that may be accomplished using the card or
Fair Credit Billing Act.
PIN until you have given actual notice to Royal that further transactions are unauthorized.
In Case of Errors or Inquiries about Your Bill
You shall be obligated to pay Royal the amount of any money, property, or services
If you think your bill is wrong, or if you need more information about a transaction on your bill,
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
write us on a separate sheet of paper at:
of any such obligation to any other of your accounts at Royal. You shall at all times:
Royal Cardholder Services
1.) Safely keep the card and PIN and not permit anyone else to use them;
Attn: Disputes & Inquiries
2.) Not record the PIN on or near the Card or otherwise disclose or make it
PO Box 970
available to anyone else;
Eau Claire, WI 54702
3.) Use the card, PIN, and terminals only as instructed and only for purposes
authorized by Royal;
In your letter, give us the following information:
Some terminal owners and or networks may impose additional transaction fees, which will
Your name and account number;
be indicated at that terminal.
The dollar amount of the suspected error;
If you give your card number to a merchant to have on file, or for a recurring payment,
Describe the error and explain, if you can, why you believe there is an error. If you
we may send account updates to that merchant. This includes, but is not limited to: new
need more information, describe the item you are unsure about;
expiration dates and new account/card numbers. If you wish to not have us send updates,
Send a copy of the statement the disputed charge shows on.
you may request us not to do SO. Telephoning is the best way of doing this. Call us at 715-
We must hear from you no later than 60 days after we sent you the first bill on which the error
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:
or problem appeared. You can telephone us at 1-800-835-0872 or write.
Credit Card Department
If you have authorized us to pay your credit card bill automatically from your savings or
Royal Credit Union
checking account, you can stop the payment on any amount you think is wrong. To stop the
PO Box 970
payment your letter must reach us seven business days before the automatic payment is
scheduled to occur.
Eau Claire, WI 54702
Your Rights and Responsibilities After We Receive Your Written Notice
14. Effect of and Changes in Regulations
We must acknowledge your letter within 30 days unless we have corrected the error by then.
These regulations are the contract that applies to all transactions on your account even
Within 90 days, we must either correct the error or explain why we believe the bill is correct.
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
After we receive your letter, we cannot try to collect any amount you question or report you as
use of the card or the account thereafter will indicate your agreement to those changes. To
delinquent. We can continue to bill you for the amount you question, including finance fees,
the extent the law permits, and we indicate in our notice, amendments will apply to existing
and we can apply any unpaid amount against your credit limit. You do not have to pay any
account balances as well as future transactions. Our delay in exercising or our failure to
questioned amount while we are investigating, but you are still obligated to pay the parts of your
exercise any of our rights is not a waiver of those rights, and no waiver is valid unless it is
bill that are not in question.
in writing and signed by us. You authorize us to investigate your credit standing at any time
If we find that we made a mistake on your bill, you will not have to pay any finance fees related
and to disclose to others information relating to your credit standing.
to any questioned amount. If we didn't make a mistake, you may have to pay finance 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 you fail to pay the
amount that we think you owe, we will report you as delinquent. However, 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 bill. We must also tell you
the name of anyone we reported you to. We must tell anyone we report you to that the matter
has been settled between us when it finally is.
15
YOUR ABILITY TO WITHDRAW FUNDS AT ROYAL CREDIT UNION
Applies to transaction accounts
SPECIAL RULES FOR NEW ACCOUNTS
If you are a new Member, the following special rules will apply during the first 30 days your
DEPOSITS MADE IN PERSON AT ROYAL OFFICES
account is open.
Our policy is to make funds from your cash and check deposits available to you on the first
Funds from electronic direct deposits to your account will be available on the day we receive
business day after the day we receive your deposit. Electronic direct deposits will generally
the deposit. Funds from deposits of cash, wire transfers, and the deposits of cashier's,
be available on the day we receive the deposit. Once they are available, you can withdraw
certified, teller's, traveler's, and federal, state and local government checks will be available
the funds in cash and we will use the funds to pay checks that you have written.
on the first business day after the day of your deposit if the deposit meets certain conditions.
After we have made funds available to you and you have withdrawn the funds, you are still
For example, the checks must be payable to you.
responsible for checks you deposited that are returned to us unpaid for any reason.
Funds from all other check deposits will be available on the ninth business day after the day
If you make a deposit before the posted closing time of the office you are using, we will
of your deposit.
consider that day to be the date of deposit. However, for determining the availability of your
*This funds availability policy applies only to transaction accounts. For checks that are
deposits, every day is a business day, except Saturdays, Sundays, and federal holidays.
deposited to non-transaction accounts and primary Savings Account, longer holds may
DEPOSITS MADE THROUGH AN ATM
apply.
Royal's policy is to make available immediately 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
second business day following the day of deposit.
After we have made funds available to you and you have withdrawn the funds, you are still
responsible for checks you deposit that are returned to us unpaid for any reason.
For determining the availability of your deposits made through a terminal, every day is
a business day except Saturdays, Sundays, and federal holidays. If you make a deposit
through a terminal before 6:00 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 6:00 pm or
on a day we are not open, we consider that the deposit was made on the next business day
we are open.
DEPOSITS MADE THROUGH A NIGHT DEPOSITORY LOCATED AT A ROYAL OFFICE
Funds from your deposits made through a night depository are posted to your account by
the close of the business day we receive your deposit. At that time, in most cases you can
withdraw the funds in cash, and we will use the funds to pay checks that you have written.
After we have made funds available to you and you have withdrawn the funds, you are still
responsible for checks you deposit that are returned to us unpaid for any reason.
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
8:00 am on a business day that we are open, we will consider that day to be the day of your
deposit. However, if you make a deposit after 8:00 am or on a day we are not open, we
consider that the deposit was made on the next business day we are open.
DEPOSITS MADE FOR ONLINE ACCOUNT ORIGINATION OR THROUGH BILL PAY/
BUSINESS BILL PAY
Funds from your deposits made through the ACH system or from your debit or credit card
for online account origination and inbound transfers through Bill Pay/Business Bill Pay
will be made available on the third business day after the deposit is received by Royal. At
that time, you can withdraw the funds for cash and we will use the funds to pay items that
have been submitted for payment from your account. Every day is a business day except
Saturday, Sunday, and federal holidays.
After we have made funds available to you and you have withdrawn the funds, you are still
responsible for deposits you have made that are returned to us as unpaid for any reason.
LONGER DELAYS MAY APPLY
In some cases, we will not make all of the funds that you deposit by check available to you
on the first business day after the day of your deposit. Depending on the type of check that
you deposit, funds may not be available until the second business day after the day of your
deposit. The first $200 of your deposits, however, may be available on the first business day.
If we are not going to make all of the funds from your deposit available on the first business
day, we will notify you at the time you make your deposit. We will also tell you when the
funds will be available. If your deposit is not made directly to one of our team members, or if
we decide to take this action after you have left the premises, we will mail you the notice by
the day after we receive your deposit.
If we cash a check for you that is drawn on another financial institution, we may withhold the
availability of a corresponding amount of funds that are already in your account. If withheld,
those funds would be available at the time funds from the check we cashed would have
been available if you had deposited it. For example, if we cash a $200 check for you, $200
of funds already in your account will not be available until the beginning of the third business
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
funds will be available.
If you will need the funds from a deposit right away, you should ask us when the funds will
be available.
In addition, funds you deposited by check may be delayed for a longer period under the
following circumstances:
We believe a check you deposit will not be paid.
You deposit checks totaling more than $5,000 on any one day.
You redeposit a check that has been returned unpaid.
You have overdrawn your account repeatedly in the last six months.
There is an emergency, such as failure of computer or communications
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. They will generally be available no later than
the fourth business day after the day of your deposit.
16
ROYAL
Your savings federally insured to $250,000
CREDIT
NCUA
National Credit Union
Administration, a U.S.
UNION
800-341-9911
rcu.org
Government Agency
842 10/01 (Rev. 5/19)