MEMBERSHIP AGREEMENT
AND DISCLOSURES
Privacy Disclosure
Membership and Account Agreement
Funds Availability Policy Disclosure
Electronic Fund Transfers Agreement & Disclosure
UMASSFIVE
200 Westgate Center Drive
P.O. Box 1060
COLLEGE FEDERAL CREDIT UNION
Hadley, MA 01035
LOANLINER.
© CUNA Mutual Group All Rights Reserved
29267-e
Rev. 7/17
FACTS
WHAT DOES UMASSFIVE COLLEGE FEDERAL CREDIT UNION DO
WITH YOUR PERSONAL INFORMATION?
Why?
Financial companies choose how they share your personal information. Federal 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.
What?
The types of personal information we collect and share depend on the product or service you have
with us. This information can include:
Social Security number and account balances
checking account information and credit scores
payment history and transaction history
When you are no longer our member, we continue to share your information as described in this
notice.
How?
All financial companies need to share members' personal information to run their everyday
business. In the section below, we list the reasons financial companies can share their members'
personal information; the reasons UMassFive College Federal Credit Union chooses to share; and
whether you can limit this sharing.
Reasons we can share your personal information
Does UMassFive College
Can you limit this sharing?
Federal Credit Union
share?
For our everyday business purposes -
Yes
No
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or to 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 our affiliates to market to you
No
We don't share
For nonaffiliates to market to you
No
We don't share
Questions?
Call toll-free (800) 852-5886 or go to www.UMassFive.coop
02005663-DXPS0-1-C-071317 (DXPS01-E)
LOANLINER
Page 2
What we do
How does UMassFive College
To protect your personal information from unauthorized access and use, we use
Federal Credit Union protect my
security measures that comply with federal law. These measures include computer
personal information?
safeguards and secured files and buildings.
How does UMassFive College
We collect your personal information, for example, when you
Federal Credit Union collect my
open an account or use your credit or debit card
personal information?
show your government-issued ID or apply for financing
make deposits or withdrawals from your account
We also collect your personal information from others, such as credit bureaus,
affiliates, or other companies.
Why can't I limit all sharing?
Federal law gives you the right to limit only
sharing for affiliates' everyday business purposes - information about your
creditworthiness
affiliates from using your information to market to you
sharing for nonaffiliates to market to you
State law and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates
Companies related by common ownership or control. They can be financial and
nonfinancial companies.
Our affiliates include financial companies, such as Member Advantage Mortgage.
Nonaffiliates
Companies not related by common ownership or control. They can be financial and
nonfinancial companies.
UMassFive College Federal Credit Union does not share with our nonaffiliates so
they can market to you.
Joint Marketing
A formal agreement between nonaffiliated financial companies that together market
financial products or services to you.
Our joint marketing partners include investment companies and insurance
companies.
Other important information
MEMBERSHIP AND
ACCOUNT AGREEMENT
This Agreement covers your rights and responsibilities concerning your accounts and the rights and responsibilities of the Credit Union providing this
Agreement (Credit Union). In this Agreement, the words "you," "your," and "yours" mean anyone who signs an Account Card, Account Change Card, or
any other account opening document (Account Card), or for whom membership and/or service requests are approved through the Credit Union's online
application and authentication process. The words "we," "us," and "our" mean the Credit Union. The word "account" means any one or more share or
deposit accounts you have with the Credit Union.
Your account type(s) and ownership features are designated by you on your Account Card or through the Credit Union's online application and
authentication process. By signing an Account Card or authenticating your request, each of you, jointly and severally, agree to the terms and conditions
in this Agreement, and any Account Card, Funds Availability Policy Disclosure, Truth-in-Savings Disclosure, Electronic Fund Transfers Agreement and
Disclosure, Privacy Disclosure, or Account Receipt accompanying this Agreement, the Credit Union Bylaws or Code of Regulations (Bylaws), Credit
Union policies, and any amendments made to these documents from time to time that collectively govern your membership, accounts and services.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT - To help the government fight the funding of terrorism and
money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens
an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, if applicable, and other information that will allow
us to identify you. We may also ask to see your driver's license or other identifying documents.
1.
MEMBERSHIP ELIGIBILITY - To join the Credit Union, you must meet the membership requirements, including purchase and maintenance of the
minimum required share(s) (hereinafter membership share) and/or paying a membership fee as set forth in the Credit Union's bylaws. You authorize us
to
check your account, credit and employment history, and obtain reports from third parties, including credit reporting agencies, to verify your eligibility
for the accounts, products and services you request and for other accounts, products, or services we may offer you or for which you may qualify.
2.
INDIVIDUAL ACCOUNTS - An individual account is an account owned by one member who has qualified for credit union membership. If the
account owner dies, the interest passes, subject to applicable law, to the account owner's estate or Payable on Death (POD) beneficiary/payee or trust
beneficiary, subject to other provisions of this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner's
agent prior to notice of an owner's death, any security interest or pledge granted by the account owner, and our statutory lien rights.
3.
JOINT ACCOUNTS - A joint account is an account owned by two or more persons.
a.
Rights of Survivorship. Unless otherwise stated on the Account Card or documented through the Credit Union's online application and
authentication process, a joint account includes rights of survivorship. This means that when one owner dies, all sums in the account will pass to
the surviving owner(s). For a joint account without rights of survivorship, the deceased owner's interest passes to his or her estate. A surviving
owner's interest is subject to the Credit Union's statutory lien for the deceased owner's obligations and to any security interest or pledge granted by
a deceased owner, even if a surviving owner did not consent to it.
b.
Control of Joint Accounts. Any owner is authorized and deemed to act for any other owner(s) and may instruct us regarding transactions
and other account matters. Each owner guarantees the signature or authenticated request of any other owner(s). Any owner may withdraw
or
transfer funds, pledge to us all or any part of the shares, or stop payment on items without the consent of the other owner(s). We have no duty to
notify any owner(s) about any transaction. We reserve the right to require written consent of all owners for any change to or termination of an
account. If we receive written notice of a dispute between owners or inconsistent instructions from them, we may suspend or terminate the account
and require a court order or written consent from all owners in order to act.
C.
Joint Account Owner Liability. If an item deposited in a joint account is returned unpaid, a joint account is overdrawn, or if we do not receive
final payment on a transaction, the owners, jointly and severally, are liable to us for any returned item, overdraft, or unpaid amount and for any
related fees and charges, regardless of who initiated or benefited from the transaction. If any account owner is indebted to us, we may enforce our
rights against any account of the indebted owner, including all funds in the joint account, regardless of who contributed the funds.
4.
POD/TRUST ACCOUNT DESIGNATIONS - A Payable on Death (POD) account or trust account designation is an instruction to the Credit Union
that an individual or joint account so designated is payable to the owner(s) during his, her, or their lifetimes and, when the last account owner dies, is
payable to all surviving POD or trust beneficiaries/payees Unless state law provides for different ownership or as permitted and documented by us, the
beneficiaries/payees will own the funds jointly without rights of survivorship when there is more than one surviving beneficiary/payee. Any POD or trust
beneficiary/payee designation shall not apply to Individual Retirement Accounts (IRAs). We are not obligated to notify any beneficiary/payee of the
existence of any account nor the vesting of the beneficiary/payee's interest in any account, except as otherwise provided by law. This paragraph does
not apply to an account held on behalf of or in the name of a trust.
5.
ACCOUNTS FOR MINORS - We may require any account established by a minor to be a joint account with an owner who has reached the age of
majority under state law and who shall be jointly and severally liable to us for any returned item, overdraft, or unpaid amount on such account and for
any related fees and charges. We may pay funds directly to the minor without regard to his or her minority. Unless a guardian or parent is an account
owner, the guardian or parent shall not have any account access rights. We have no duty to inquire about the use or purpose of any transaction except
as required by applicable law. We will not change the account status when the minor reaches the age of majority unless the change is authorized in
writing by all account owners.
6.
UNIFORM TRANSFERS TO MINORS ACCOUNT - A Uniform Transfers to Minors Account (UTMA) is an individual account created by a custodian
who deposits funds as an irrevocable gift to a minor. The minor to whom the gift is made is the beneficiary of the custodial property in the account. The
custodian has possession and control of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party
authorized to make deposits, withdrawals, or close the account. We have no duty to inquire about the use or purpose of any transaction except as
LOANLINER
© CUNA Mutual Group 1993, 95, 96, 99, 2000, 03-07, 09, 10, 13, 19
All Rights Reserved
02005663-D1000-C-1-030921 (D1000C-E)
required by applicable law. If the custodian dies, we may suspend the account until we receive instructions from any person authorized by law to
withdraw funds or a court order authorizing withdrawals.
7. AGENCY DESIGNATION ON AN ACCOUNT - An agency designation on an account is an instruction to us that the owner authorizes another
person to make transactions as agent for the account owner regarding the accounts designated. An agent has no ownership interest in the account(s) or
credit union voting rights. We have no duty to inquire about the use or purpose of any transaction made by the agent except as required by applicable
law.
8.
DEPOSIT OF FUNDS REQUIREMENTS - Funds may be deposited to any account, in any manner approved by the Credit Union in accordance
with the requirements set forth in the Truth-in-Savings Disclosure. Deposits made by mail, at night depositories, or at unstaffed facilities are not our
responsibility until we receive them. We reserve the right to refuse or to return any deposit.
a. Endorsements. We may accept transfers, checks, drafts, and other items for deposit into any of your accounts if they are made payable to, or
to the order of, one or more account owners even if they are not endorsed by all payees. You authorize us to supply missing endorsements of any
owners if we choose. If a check, draft, or item that is payable to two or more persons is ambiguous as to whether it is payable to either or both, we
may process the check, draft, or item as though it is payable to either person. If an insurance, government, or other check or draft requires an
endorsement, we may require endorsement as set forth on the item. Endorsements must be made on the back of the check or draft within 1 1/2
inches of the top edge, although we may accept endorsements outside this space. However, any loss we incur from a delay or processing error
resulting from an irregular endorsement or other markings by you or any prior endorser will be your responsibility. If we offer a remote deposit
capture service and you have been approved to use the service to make deposits to your account, you agree that, prior to transmitting check or
draft images, you will restrictively endorse each original check or draft in accordance with any other agreement with us that governs this service.
b.
Collection of Items. We act only as your agent and we are not responsible for handling items for deposit or collection beyond the exercise of
ordinary care. We are not liable for the loss of an item in transit or the negligence of any correspondent. Each correspondent will only be liable for
its own negligence. We may send any item for collection. Items drawn on an institution located outside the United States are handled on a
collection basis only. You waive any notice of nonpayment, dishonor, or protest regarding items we purchase or receive for credit or collection to
your account. We reserve the right to pursue collection of previously dishonored items at any time, including giving a payor financial institution extra
time beyond any midnight deadline limits.
C.
Restrictive Legends. Some checks and drafts contain restrictive legends or similar limitations on the front of the item. Examples of restrictive
legends include "two signatures required," "void after 60 days," and "not valid over $500.00." We are not liable for payment of any check or draft
contrary to a restrictive legend or other limitation contained in or on the item unless we have specifically agreed in writing to the restriction or
limitation.
d. Final Payment. All checks, drafts, automated clearinghouse (ACH) transfers or other items credited to your account are provisional until we
receive final payment. If final payment is not received, we may charge your account for the amount of such items and impose a returned item fee
on your account. Any collection fees we incur may be charged to your account. We reserve the right to refuse or return any item or fund transfer.
e.
Direct Deposits. We may offer direct deposit services, including preauthorized deposits (e.g., payroll checks, Social Security or retirement
checks, or other government checks) or preauthorized transfers from other accounts. You must authorize direct deposits or preauthorized transfers
by completing a separate authorization document. You must notify us if you wish to cancel or change a direct deposit or preauthorized transfer. Any
cancellation or change will become effective once we receive notice from you and have a reasonable period of time to act on your request. If your
account is overdrawn, you authorize us to deduct the amount your account is overdrawn from any deposit, including deposits of government
payments or benefits. If we are required to reimburse the U.S. Government for any benefit payment directly deposited into your account, we may
deduct the amount returned from any of your accounts, unless prohibited by law.
f.
Crediting of Deposits. Deposits will be credited to your account on the day we consider them received as stated in our Funds Availability
Policy Disclosure.
9.
ACCOUNT ACCESS
a. Authorized Signature. Your signature on the Account Card, or authentication and approval of your account, authorizes your account access.
We will not be liable for refusing to honor any item or instruction if we believe the signature is not genuine. If you have authorized the use of
a
facsimile signature, we may honor any check or draft that appears to bear your facsimile signature, even if it was made by an unauthorized person.
You authorize us to honor transactions initiated by a third person to whom you have given your account information, even if you do not authorize a
particular transaction.
b. Access Options. You may access your account(s) in any manner we permit including, for example, in person at one of our branch offices, at
an ATM or point-of-sale device, or by mail, telephone, automatic transfer, internet access or mobile application. We may return as unpaid any
check or draft drawn on a form we do not provide, and you are responsible for any losses, expenses or fees we incur as a result of handling such a
check or draft. We have the right to review and approve any form of power of attorney and may restrict account withdrawals or transfers. We may
refuse to honor a power of attorney if our refusal is conducted in accordance with applicable state law.
C.
Credit Union Examination. We may disregard any information on any check or draft other than the signature of the drawer, the amount of the
item, and any magnetic encoding. You agree that we do not fail to exercise ordinary care in paying an item solely because our procedures do not
provide for sight examination of items.
10. FUND TRANSFERS - Fund transfers we permit that are subject to Article 4A of the Uniform Commercial Code, such as wire transfers, will be
subject to such provisions of the Uniform Commercial Code as enacted by the state where the main office of the Credit Union is located, except
as
otherwise provided in this Agreement. ACH transfers are subject to rules of the National Automated Clearinghouse Association (NACHA). We may
execute certain requests for fund transfers by Fedwire which are subject to the Federal Reserve Board's Regulation J.
a.
Authorization for Transfers/Debiting of Accounts. You may make or order fund transfers to or from your account. We will debit your
account for the amount of a fund transfer from your account and will charge your account for any fees related to the transfer.
b. Right to Refuse to Make Transfers/Limitation of Liability. Unless we agree otherwise in writing, we reserve the right to refuse to execute
any payment order to transfer funds to or from your account. We are not obligated to execute any payment order to transfer funds out of your
account if the amount of the requested transfer plus applicable fees exceeds the available balance in your account. We are not liable for errors,
delays, interruptions or transmission failures caused by third parties or circumstances beyond our control including mechanical, electronic or
equipment failure. In addition, we will not be liable for consequential, special, punitive or indirect loss or damage you may incur in connection with
fund transfers to or from your account.
02005663-D1000-C-1-030921 (D1000C-E)
c. No Notice Required. We will not provide you with notice when fund transfers are credited to your account. You will receive notice of such
credits on your account statements. You may contact us to determine whether a payment has been received.
d. Interest Payments. If we fail to properly execute a payment order and such action results in a delay in payment to you, we will pay you
dividends or interest, whichever applies to your account, for the period of delay as required by applicable law. You agree that the dividend or
interest rate paid to you will be based on the lowest nominal dividend or interest rate we were paying on any account during that period.
e.
Provisional Credit for ACH Transactions. We may provisionally credit your account for an ACH transfer before we receive final settlement.
If
we do not receive final settlement, we may reverse the provisional credit or require you to refund us the amount provisionally credited to your
account, and the party originating the transfer will not be considered to have paid you.
f.
Payment Order Processing and Cut-off Times. Payment orders we accept will be executed within a reasonable time of receipt. Unless we
have agreed otherwise in writing, a payment order may not necessarily be executed on the date it is received or on a particular date you specify.
Cut-off times may apply to the receipt, execution and processing of fund transfers, payment orders, cancellations, and amendments. Fund
transfers, payment orders, cancellations, and amendments received after a cut-off time may be treated as having been received on the next fund
transfer business day. Information about any cut-off times is available upon request. From time to time, we may need to temporarily suspend
processing of a transaction for greater scrutiny or verification in accordance with applicable law. This action may affect settlement or availability of
the transaction.
g. Identifying Information. If your payment order identifies the recipient and any financial institution by name and account or other identifying
number, the Credit Union and any other financial institutions facilitating the transfer may rely strictly on the account or other identifying number,
even if the number identifies a different person or financial institution.
h. Amendments and Cancellations of Payment Orders. Any account owner may amend or cancel a payment order regardless of whether that
person initiated the order. We may refuse requests to amend or cancel a payment order that we believe will expose the Credit Union to liability or
loss. Any request to amend or cancel a payment order that we accept will be processed within a reasonable time after it is received. You agree to
hold us harmless from and indemnify us for all losses and expenses resulting from any actual or attempted amendment or cancellation of a
payment order.
i.
Security Procedures. We may require you to follow a security procedure to execute, amend or cancel a payment order so that we may verify
the authenticity of the order, amendment or cancellation. You agree that the security procedure established by separate agreement between you
and the Credit Union is commercially reasonable. If you refuse to follow a commercially reasonable security procedure that we offer, you agree
to
be bound by any payment order, whether authorized or not, that is issued in your name and accepted by us in good faith in accordance with the
security procedure you choose.
j.
Duty to Report Unauthorized or Erroneous Fund Transfers. You must exercise ordinary care to identify and report unauthorized or
erroneous fund transfers on your account. You agree that you will review your account(s) and periodic statement(s). You further agree you will
notify us of any unauthorized or erroneous transfers within the time frames described in the "Statements" section of this Agreement.
k.
Recording Telephone Requests. You agree that we may record payment order, amendment and cancellation requests as permitted by
applicable law.
I.
Remittance Transfers. A "remittance transfer" is an electronic transfer of funds of more than $15.00 which is requested by a sender and sent
to a designated recipient in a foreign country by a remittance transfer provider. If we act as a remittance transfer provider and conduct a remittance
transfer(s) on your behalf, the transaction(s) will be governed by 12 C.F.R. part 1005, subpart B - Requirements for remittance transfers. Terms
applicable to such transactions may vary from those disclosed herein and will be disclosed to you at the time such services are requested and
rendered in accordance with applicable law.
11. ACCOUNT RATES AND FEES - We pay account earnings and assess fees against your account as set forth in the Truth-in-Savings Disclosure
and Schedule of Fees and Charges. We may change the Truth-in-Savings Disclosure or Schedule of Fees and Charges at any time and will notify you
as required by law.
12. TRANSACTION LIMITATIONS
a. Withdrawal Restrictions. We will pay checks or drafts, permit withdrawals, and make transfers from the available balance in your account.
The availability of funds in your account may be delayed as described in our Funds Availability Policy Disclosure. We may also pay checks or
drafts, permit withdrawals, and make transfers when you have an insufficient available balance in your account if you have established an overdraft
protection plan or, if you do not have such a plan with us, in accordance with our overdraft payment policy.
We
may refuse to allow a withdrawal in some situations and will advise you accordingly if, for example: (1) there is a dispute between account
owners (unless a court has ordered the Credit Union to allow the withdrawal); (2) a legal garnishment or attachment is served; (3) the account
secures any obligation to us; (4) required documentation has not been presented; or (5) you fail to repay a credit union loan on time.
We
may
require you to give written notice of 7 to 60 days before any intended withdrawals.
b. Transfer Limitations. We may limit the dollar amount or the number of transfers from your account. Please consult your Truth-in-Savings
Disclosure or your Electronic Fund Transfers Agreement and Disclosure.
13. CERTIFICATE ACCOUNTS - Any term share, share certificate, time deposit or certificate of deposit account (certificate account), whichever we
offer as allowed by applicable federal or state law, is subject to the terms of this Agreement, the Truth-in-Savings Disclosure, the Account Receipt for
each account, and any other documents we provide for the account, the terms of which are incorporated herein by reference.
14. OVERDRAFTS
a.
Payment of Overdrafts. If, on any day, the available balance in your share or deposit account is not sufficient to pay the full amount of a
check, draft, transaction, or other item, plus any applicable fee, that is posted to your account, we may return the item or pay it, as described below.
The Credit Union's determination of an insufficient available account balance may be made at any time between presentation and the Credit
Union's midnight deadline with only one review of the account required. We do not have to notify you if your account does not have a sufficient
available balance in order to pay an item. Your account may be subject to a fee for each item regardless of whether we pay or return the item. We
may charge a fee each time an item is submitted or resubmitted for payment; therefore, you may be assessed more than one fee as a result of a
returned item and resubmission(s) of the returned item.
If
we offer standard overdraft services, this service allows us to authorize payment for the following types of transactions regardless of whether your
share or deposit account has sufficient funds: (1) share drafts/checks and other transactions made using your checking account, except as
otherwise described below; (2) automatic bill payments; (3) and ACH transactions. For ATM and one-time debit card transactions, you must
02005663-D1000-C-1-0309210 (D1000C-E)
affirmatively consent to such coverage. Without your consent, the Credit Union may not authorize and pay an ATM or one-time debit card
transaction that will result in insufficient funds in your account. If you have established a service linking your share or deposit account with other
individual or joint accounts, you authorize us to transfer funds from another account of yours to cover an insufficient item, including transfers from a
share or deposit account, an overdraft line-of-credit account, or other account you so designate. Services and fees for these transactions are
shown in the document the Credit Union uses to capture your affirmative consent and the Schedule of Fees and Charges.
Except as otherwise agreed in writing, if we exercise our right to use our discretion to pay such items that result in an insufficiency of funds in your
account, we do not agree to pay them in the future and may discontinue coverage at any time without notice. If we pay these items or impose a fee
that results in insufficient funds in your account, you agree to pay the insufficient amount, including the fee assessed by us, in accordance with our
standard overdraft services or any other service you may have authorized with us or, if you do not have such protections with us, in accordance
with any overdraft payment policy we have, as applicable.
b. How Transactions are Posted to Your Account. Basically, there are two types of transactions that affect your account: credits (deposits of
money into your account) and debits (payments out of your account). It is important to understand how each is applied to your account so that you
know how much money you have and how much is available to you at any given time. This section explains generally how and when we post
transactions to your account.
Credits. Deposits are generally added to your account when we receive them. However, in some cases when you deposit a check, the full
amount of the deposit may not be available to you at the time of deposit. Please refer to the Funds Availability Policy Disclosure for details
regarding the timing and availability of funds from deposits.
Debits. There are several types of debit transactions. Common debit transactions are generally described below. Keep in mind that there are
many ways transactions are presented for payment by merchants, and we are not necessarily in control of when transactions are received.
Checks. When you write a check, it is processed through the Federal Reserve system. We receive data files of cashed checks from
the Federal Reserve each day. The checks drawn on your account are compiled from these data files and paid each day. We
process the payments from low to high dollar value.
ACH Payments. We receive data files every day from the Federal Reserve with Automated Clearing House (ACH) transactions.
These include, for example, automatic bill payments you have authorized. ACH transactions for your account are posted throughout
the day in order of receipt.
PIN-Based Debit Card Purchase Transactions. These are purchase transactions using your debit card for which a merchant may
require you to enter your personal identification number (PIN) at the time of sale. They are processed through a PIN debit network.
These transactions are similar to ATM withdrawal transactions because the money is usually deducted from your account
immediately at the time of the transaction. However, depending on the merchant, a PIN-based transaction may not be immediately
presented for payment.
Signature-Based Debit Card Purchase Transactions. These are purchase transactions using your debit card that are processed
through a signature-based network. Rather than entering a PIN, you typically sign for the purchase; however, merchants may not
require your signature for certain transactions. Merchants may seek authorization for these types of transactions. The authorization
request places a hold on funds in your account when the authorization is completed. The "authorization hold" will reduce your
available balance by the amount authorized but will not affect your actual balance. The transaction is subsequently processed by the
merchant and submitted to us for payment. This can happen hours or sometimes days after the transaction, depending on the
merchant and its payment processor. These payment requests are received in real time throughout the day and are posted to your
account when they are received.
The amount of an authorization hold may differ from the actual payment because the final transaction amount may not yet be known
to the merchant when you present your card for payment. For example, if you use your debit card at a restaurant, a hold will be
placed in an amount equal to the bill presented to you; but when the transaction posts, it will include any tip that you may have added
to the bill. This may also be the case where you present your debit card for payment at gas stations, hotels and certain other retail
establishments. We cannot control how much a merchant asks us to authorize, or when a merchant submits a transaction for
payment.
This is a general description of certain types of transactions. These practices may change, and we reserve the right to pay items in any order we
choose as permitted by law.
c.
Understanding Your Account Balance. Your share draft account has two kinds of balances: the actual balance and the available balance.
Your actual balance reflects the full amount of all deposits to your account as well as payment transactions that have been posted to your account.
It does not reflect checks you have written and are still outstanding or transactions that have been authorized but are still pending. Your available
balance is the amount of money in your account that is available for you to use. Your available balance is your actual balance less: (1) holds placed
on deposits; (2) holds on debit card or other transactions that have been authorized but are not yet posted; and (3) any other holds, such as holds
related to pledges of account funds and minimum balance requirements or to comply with court orders. We use your available balance to determine
whether there are sufficient funds in your account to pay items, including checks and drafts, as well as ACH, debit card and other electronic
transactions. Pending transactions and holds placed on your account may reduce your available balance and may cause your account to become
overdrawn regardless of your actual balance. In such cases, subsequent posting of the pending transactions may further overdraw your account
and be subject to additional fees. You should assume that any item which would overdraw your account based on your available balance may
create an overdraft. You may check your available balance online at www.umassfive.coop, at an ATM, by visiting a credit union branch or by calling
us at our call center.
15. POSTDATED AND STALEDATED CHECKS OR DRAFTS - You agree not to issue any check or draft that is payable on a future date (postdated).
If you do draw or issue a check or draft that is postdated and we pay it before that date, you agree that we shall have no liability to you for such payment.
You agree not to deposit checks, drafts, or other items before they are properly payable. We are not obligated to pay any check or draft drawn on your
account that is presented more than six months past its date; however, if the check or draft is paid against your account, we will have no liability for such
payment.
16. STOP PAYMENT ORDERS
a.
Stop Payment Order Request. Any owner may request a stop payment order on any check or draft drawn on the owner's account. To be
binding, the order must accurately describe the check or draft, including the exact account number, check or draft number, and amount of the check
or draft. This exact information is necessary for the Credit Union to identify the check or draft. If we receive incorrect or incomplete information, we
will not be responsible for failing to stop payment on the check or draft. In addition, we must receive sufficient advance notice of the stop payment
in order to allow us a reasonable opportunity to act on it. If we recredit your account after paying a check or draft over a valid and timely stop
02005663-D1000-C-1-030921 (D1000C-E)
payment order, you agree to sign a statement describing the dispute with the payee, to assign to us all of your rights against the payee or other
holders of the check or draft, and to assist us in any legal action.
Stop payment orders for preauthorized debit transactions from your account are governed by Regulation E. Please refer to the Electronic Fund
Transfers Agreement and Disclosure for rules regarding stop payments on preauthorized debit transactions.
b. Duration of Order. You may make an oral stop payment order which will lapse within 14 calendar days unless you confirm it in writing, or in a
record if allowed by applicable law, within that time. A written stop payment order is effective for six months and may be renewed for additional six-
month periods by submitting a renewal request in writing, or in a record if allowed by applicable law, before the stop payment order then in effect
expires. We do not have to notify you when a stop payment order expires.
C. Liability. Fees for stop payment orders are set forth in the Truth-in-Savings Disclosure or Schedule of Fees and Charges. You may not stop
payment on any certified check, cashier's check, teller's check, or any other check, draft, or payment guaranteed by us. Although payment of an
item may be stopped, you may remain liable to any item holder, including us. You agree to indemnify and hold the Credit Union harmless from all
costs, including attorney's fees and all damages or claims related to our refusal to pay an item, as well as claims of any joint account owner or of
any payee or endorsee for failing to stop payment of an item as a result of incorrect information provided by you.
17. CREDIT UNION LIABILITY - If we do not properly complete a transaction according to this Agreement, we will be liable for your losses or damages
not to exceed the amount of the transaction, except as otherwise provided by law. We will not be liable if, for example: (1) your account contains an
insufficient available balance for the transaction; (2) circumstances beyond our control prevent the transaction; (3) your loss is caused by your or another
financial institution's negligence; or (4) your account funds are subject to legal process or other claim. We will not be liable for consequential damages,
except liability for wrongful dishonor. We are not responsible for a check or draft that is paid by us if we acted in a commercially reasonable manner and
exercised ordinary care. We exercise ordinary care if our actions or nonactions are consistent with applicable state law, Federal Reserve regulations and
operating letters, clearinghouse rules, and general financial institution practices followed in the area we serve. You grant us the right, in making
payments of deposited funds, to rely exclusively on the form of the account and the terms of this Agreement. Any conflict regarding what you and our
employees say or write will be resolved by reference to this Agreement.
18. CHECKS OR DRAFTS PRESENTED FOR PAYMENT IN PERSON - We may refuse to accept any check or draft drawn on your account that is
presented for payment in person. Such refusal shall not constitute a wrongful dishonor of the check or draft, and we shall have no liability for refusing
payment. If we agree to cash a check or draft that is presented for payment in person, we may require the presenter to pay a fee. Any applicable check
or draft cashing fees are stated in the Schedule of Fees and Charges.
19. REMOTELY CREATED CHECKS OR DRAFTS - For purposes of this paragraph, "account" means a transaction account, credit account, or any
other account on which checks or drafts may be drawn. A remotely created check or draft is a check or draft created by someone other than the person
on whose account the check or draft is drawn. A remotely created check or draft is generally created by a third party payee as authorized by the owner
of the account on which the check or draft is drawn. Authorization is usually made over the telephone or through online communication. The owner of the
account does not sign a remotely created check or draft. In place of the owner's signature, the remotely created check or draft usually bears a statement
that the owner authorized the check or draft or bears the owner's printed or typed name. If you authorize a third party to draw a remotely created check
or draft against your account, you may not later revoke or change your authorization. It is your responsibility to resolve any authorization issues directly
with the third party. We are not required to credit your account and may charge against your account any remotely created check or draft for which the
third party has proof of your authorization.
20. PLEDGE, RIGHT OF OFFSET AND STATUTORY LIEN - Unless prohibited by law, you pledge and grant as security for all obligations you may
have now or in the future, except obligations secured by your principal residence, all shares and dividends and all deposits and interest, if any, in all
accounts you have with us now and in the future. If you pledge a specific dollar amount in your account(s) for a loan, we will freeze the funds in your
account(s) to the extent of the outstanding balance of the loan or, if greater, the amount of the pledge if the loan is a revolving loan. Otherwise, funds in
your pledged account(s) may be withdrawn unless you are in default. You agree we have the right to offset funds in any of your accounts against the
obligation owed to us. Federal or state law (depending upon whether we have a federal or state charter) gives us a lien on all shares and dividends and
all deposits and interest, if any, in accounts you have with us now and in the future. Except as limited by federal or state law, the statutory lien gives us
the right to apply the balance of all your accounts to any obligation on which you are in default. After you are in default, we may exercise our statutory
lien rights without further notice to you.
Your pledge and our statutory lien rights will allow us to apply the funds in your account(s) to what you owe when you are in default, except
as limited by federal or state law. If we do not apply or offset the funds in your account(s) to satisfy your obligation, we may place an administrative
freeze on your account(s) in order to protect our statutory lien rights and may apply or offset the funds in your account(s) to the amount you owe us at a
later time. The statutory lien and your pledge do not apply to any Individual Retirement Account or any other account that would lose special tax
treatment under federal or state law if given as security. By not enforcing our right to apply or offset funds in your account(s) to your obligations that are
in default, we do not waive our right to enforce these rights at a later time.
21. LEGAL PROCESS - If any legal action is brought against your account, we may pay out funds according to the terms of the action or refuse any
payout until the dispute is resolved, as permitted by law. Any expenses or attorney fees we incur responding to legal process may be charged against
your account without notice, unless prohibited by law. Any legal process against your account is subject to our lien and security interest.
22. ACCOUNT INFORMATION - Upon request, we will give you the name and address of each agency from which we obtain a credit report regarding
your account. We agree not to disclose account information to third parties except when: (1) it is necessary to complete a transaction; (2) the third party
seeks to verify the existence or condition of your account in accordance with applicable law; (3) such disclosure complies with the law or a government
agency or court order; or (4) you give us written permission.
23. NOTICES
a. Name or Address Changes. You are responsible for notifying us of any name or address change. The Credit Union is only required to
attempt to communicate with you at the most recent address you have provided to us. We may require all name and address changes to be
provided in writing. If we attempt to locate you, we may impose a service fee as set forth in the Truth-in-Savings Disclosure or Schedule of Fees
and Charges.
b. Notice of Amendments. Except as prohibited by applicable law, we may change the terms of this Agreement at any time. We will notify you,
in a manner we deem appropriate under the circumstances, of any changes in terms, rates or fees as required by law. We reserve the right
to
waive any terms of this Agreement. Any such waiver shall not affect our right to future enforcement.
c.
Effect of Notice. Any written notice you give us is effective when we receive it. Any written notice we give to you is effective when it is
provided electronically or is deposited in the U.S. mail, postage prepaid and addressed to you at your statement mailing address, and will be
effective whether or not received by you. Notice to any account owner is considered notice to all account owners.
02005663-D1000-C-1-030921 (D1000C-E)
d. Electronic Notices. If you have agreed to receive notices electronically, we may send you notices electronically and discontinue mailing
paper notices to you until you notify us that you wish to reinstate receiving paper notices.
24. TAXPAYER IDENTIFICATION NUMBER AND BACKUP WITHHOLDING - You agree that we may withhold taxes from any dividends or interest
earned on your account as required by federal, state or local law or regulations. Your failure to furnish a correct Taxpayer Identification Number (TIN) or
meet other requirements may result in backup withholding. If your account is subject to backup withholding, we must withhold and pay to the Internal
Revenue Service a percentage of dividends, interest, and certain other payments. If you fail to provide your TIN within a reasonable time we may close
your account and return the balance to you, less any applicable service fees.
25. STATEMENTS
a.
Contents. If we provide a periodic statement for your account, you will receive a periodic statement that shows the transactions and activity on
your account during the statement period as required by applicable law. If a periodic statement is provided, you agree that only one statement is
necessary for joint accounts. For share draft or checking accounts, you understand and agree that your original check or draft, when paid, becomes
property of the Credit Union and may not be returned to you, but copies of the check or draft may be retained by us or by payable-through financial
institutions and may be made available upon your request. You understand and agree that statements are made available to you on the date they
are mailed to you or, if you have requested, on the date they are made available to you electronically. You also understand and agree that checks,
drafts, or copies thereof are made available to you on the date the statement is mailed to you or is provided to you electronically, even if the checks
or drafts do not accompany the statement.
b. Examination. You are responsible for promptly examining each statement upon receiving it and reporting any irregularities to us. If you fail to
report any irregularities such as forged, altered, unauthorized, unsigned, or otherwise fraudulent items drawn on your account, erroneous payments
or transactions, or other discrepancies that are reflected on your statement within 33 days of the date we sent or otherwise provided the statement
to you, we will not be responsible for your loss. We also will not be liable for any items that are forged or altered in a manner not detectable by a
reasonable person, including the unauthorized use of facsimile signature equipment.
Unauthorized electronic fund transfers governed by Regulation E are subject to different reporting periods. Please refer to the Electronic Fund
Transfers Agreement and Disclosure for reporting requirements pertaining to electronic fund transfers.
C.
Notice to Credit Union. You agree that the Credit Union's retention of checks or drafts does not alter or waive your responsibility to examine
your statements or the time limit for notifying us of any errors. The statement will be considered correct for all purposes, and we will not be liable for
any payment made or charge to your account unless you notify us in writing within the above time limit for notifying us of any errors. If you fail to
receive a periodic statement, you agree to notify us within 14 days of the time you regularly receive a statement.
d.
Address. If we mail you a statement, we will send it to the last known address shown in our records. If you have requested to receive your
statement electronically, we will send the statement or notice of statement availability to the last e-mail address shown in our records.
26. INACTIVE ACCOUNTS - As allowed by applicable law, we may classify your account as inactive or dormant and assess a fee if you have not
made any transactions in your account over a specified period of time. The period of inactivity, the fee for servicing an inactive or dormant account, and
the minimum balance required to avoid the service fee, if any, are set forth in our Schedule of Fees and Charges. You authorize us to transfer funds
from another account of yours to cover any service fees, if applicable. To the extent allowed by law, we reserve the right to transfer the account funds to
an account payable or reserve account and to suspend any further account statements. If a deposit or withdrawal has not been made on the account
and we have had no other sufficient contact with you within the period specified by state law, the account will then be presumed to be abandoned. Funds
in abandoned accounts will be reported and remitted in accordance with state law. Once funds have been turned over to the state, we have no further
liability to you for such funds. If you choose to reclaim such funds, you must apply to the appropriate state agency.
27. SPECIAL ACCOUNT INSTRUCTIONS - You may request that we facilitate certain trust, will, or court-ordered account arrangements. However,
because we do not give legal advice, we cannot counsel you as to which account arrangement most appropriately meets the specific requirements of
your trust, will, or court order. If you ask us to follow any instructions that we believe might expose us to claims, lawsuits, expenses, liabilities, or
damages, whether directly or indirectly, we may refuse to follow your instructions or may require you to indemnify us or post a bond or provide us with
other protection. We may require that account changes requested by you, or any account owner, such as adding or closing an account or service, be
evidenced by a signed Account Change Card or other document which evidences a change to an account and accepted by us.
28. TERMINATION OF ACCOUNT - We may terminate your account at any time without notice to you or may require you to close your account and
apply for a new account if, for example: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or
committed involving your account; (3) there is a dispute as to the ownership of the account or of the funds in the account; (4) any checks or drafts are
lost or stolen; (5) there are excessive returned unpaid items not covered by an overdraft protection plan; (6) there has been any misrepresentation or
any other abuse of any of your accounts; (7) we reasonably deem it necessary to prevent a loss to us; or (8) as otherwise permitted by law. You may
terminate an individual account by giving written notice. We reserve the right to require the consent of all owners to terminate a joint account. We are not
responsible for payment of any check, draft, withdrawal, transaction, or other item after your account is terminated; however, if we pay an item after
termination, you agree to reimburse us.
29.
TERMINATION OF MEMBERSHIP; LIMITATION OF SERVICES - You may terminate your membership by giving us written notice or by
withdrawing your minimum required membership share, if any, and closing all of your accounts. You may be expelled from membership for any reason
allowed by applicable law. We may restrict account access and services without notice to you when your account is being misused; you have
demonstrated conduct which is abusive in nature; as outlined in any policy we have adopted regarding restricting services; or as otherwise permitted by
law.
30. DEATH OF ACCOUNT OWNER - We may honor all transfer orders, withdrawals, deposits, and other transactions on an account until we know of a
member's death. Even with such knowledge, we may continue to pay checks or drafts or honor other payments or transfer orders authorized by the
deceased member for a period of ten days after the member's death unless we receive instructions from any person claiming an interest in the account
to stop payment on the checks, drafts, or other items. We may require anyone claiming a deceased owner's account funds to indemnify us for any
losses resulting from our honoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner.
31. UNLAWFUL INTERNET GAMBLING AND OTHER ILLEGAL ACTIVITIES - You agree that you are not engaged in unlawful internet gambling or
any other illegal activity. You agree that you will not use any of your accounts, access devices or services for unlawful internet gambling or other illegal
activities. We may terminate your account relationship if you engage in unlawful internet gambling or other illegal activities.
32. SEVERABILITY - If a court holds any portion of this Agreement to be invalid or unenforceable, the remainder of this Agreement shall not be invalid
or unenforceable and will continue in full force and effect. All headings are intended for reference only and are not to be construed as part of the
Agreement.
02005663-D1000-C-1-030921 (D1000C-E)
33. ENFORCEMENT - You are liable to us for any losses, costs, or expenses we incur resulting from your failure to follow this Agreement. You
authorize us to deduct any such losses, costs, or expenses from your account without prior notice to you. If we bring a legal action to collect any amount
due under or to enforce this Agreement, we shall be entitled, subject to applicable law, to payment of reasonable attorney's fees and costs, including
fees on any appeal, bankruptcy proceedings, and any post judgment collection actions.
34. GOVERNING LAW - This Agreement is governed by the following, as amended from time to time: the Credit Union's bylaws; local clearinghouse
and other payment system rules; federal laws and regulations, including applicable principles of contract law; and the laws and regulations of the state of
Massachusetts. As permitted by applicable law, you agree that any legal action regarding this Agreement shall be brought in the county in which the
Credit Union is located.
35. NEGATIVE INFORMATION NOTICE - We may report information about your loan, share, or deposit accounts to credit bureaus. Late
payments, missed payments, or other defaults on your accounts may be reflected in your credit report.
36. MONITORING AND RECORDING COMMUNICATIONS - We may monitor and record communications between you and us, including telephone
conversations, electronic messages, electronic records, or other data transmissions that affect your accounts or other products and services. Except as
otherwise prohibited by applicable law, you agree we may monitor and record such communications without your approval or further notice to you.
37. CONSENT TO CONTACT - By signing or otherwise authenticating an Account Card, you agree we and/or our third-party providers, including debt
collectors, may contact you by telephone or text message at any telephone number associated with your account, including wireless telephone numbers
(i.e. cell phone numbers) which could result in charges to you, in order to service your account or collect any amounts owed to us, excluding any
contacts for advertising and telemarketing purposes as prescribed by law. You further agree methods of contact may include use of pre-recorded or
artificial voice messages, and/or use of an automatic dialing device. You may withdraw the consent to be contacted on your wireless telephone
number(s) at any time by any reasonable means. If you have provided a wireless telephone number(s) on or in connection with any account, you
represent and agree you are the wireless subscriber or customary user with respect to the wireless telephone number(s) provided and have the authority
to give this consent. Furthermore, you agree to notify us of any change to the wireless telephone number(s) which you have provided to us.
In order to help mitigate harm to you and your account, we may contact you on any telephone number associated with your account, including a wireless
telephone number (i.e. cell phone number), to deliver to you any messages related to suspected or actual fraudulent activity on your account, data
security breaches or identity theft following a data breach, money transfers or any other exigent messages permitted by applicable law. These contacts
will not contain any telemarketing, cross-marketing, solicitation, advertising, or debt collection message of any kind. The contacts will be concise and
limited in frequency as required by law. You will have an opportunity to opt-out of such communications at the time of delivery.
02005663-D1000-C-1-030921 (D1000C-E)
FUNDS AVAILABILITY POLICY DISCLOSURE
This Disclosure describes your ability to withdraw funds from any account at UMassFive College Federal
Credit Union.
1.
GENERAL POLICY - Our policy is to make funds from your cash and check deposits available to you on the
same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive
the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks
that you have written. For determining the availability of your deposits, every day is a business day, except
Saturdays, Sundays, and federal holidays. If you make a deposit before 6:00 p.m. at a staffed facility or before 4:30
p.m. at an ATM that we own or operate 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 our cutoff hour or on a day we are not open, we will consider
that the deposit was made on the next business day we are open.
2. RESERVATION OF RIGHT TO HOLD - In some cases, we will not make all of the funds that you deposit by
check available to you on the same business day that we receive your deposit. Funds may not be available until the
second business day after the day of your deposit. However, the first $225.00 of your deposit will be available on
the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit
available on the same 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 employees or if we decide to take
this action after you have left the premises, we will mail you the notice by the next business day after we receive
your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will
be available.
3. HOLDS ON OTHER FUNDS - 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. Those funds will
be available at the time funds from the check we cashed would have been available if you had deposited it. If we
accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit
available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that
you have on deposit in another account with us. The funds in the other account would then not be available for
withdrawal until the time periods that are described elsewhere in this Disclosure for the type of check that
you deposited.
4.
LONGER DELAYS MAY APPLY - We may delay your ability to withdraw funds deposited by check into your
account an additional number of days for these reasons:
- We believe a check you deposit will not be paid.
-
You deposit checks totaling more than $5,525.00 on any one (1) day.
-
You redeposit a check that has been returned unpaid.
-
You have overdrawn your account repeatedly in the last six (6) months.
- There is an emergency, such as failure of communications or computer equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons and we will tell you when the
funds will be available. They will generally be available no later than the seventh business day after the day of
your deposit.
5. SPECIAL RULES FOR NEW ACCOUNTS - If you are a new member, the following special rules will apply
during the first 30 days your account is open.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
Funds from deposits of cash, wire transfers, and the first $5,525.00 of a day's total deposits of cashier's, certified,
teller's, traveler's, and federal, state, and local government checks will be available on the same business day that
we receive your deposit if the deposit meets certain conditions. For example, the checks must be payable to you.
The excess over $5,525.00 will be available on the ninth business day after the day of your deposit. If your deposit
of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first
$5,525.00 will not be available until the second business day after the day of your deposit. Funds from all other
check deposits will be available on the seventh business day after the day of your deposit.
LOANLINER
© CUNA Mutual Group 2008, 2010, 11, 2020 All Rights Reserved
02005663-11452-P-1-030921 (114522)-e
6. FOREIGN CHECKS - Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot
be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies
outlined in this Disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the
time it takes us to collect the funds from the financial institution upon which it is drawn.
02005663-11452-P-1-030921 (114522)-e
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE
This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning
the electronic fund transfers (EFT) services offered to you by UMassFive College Federal Credit Union ("Credit Union"). In this
Agreement, the words "you," "your," and "yours" mean those who sign the application or account card as applicants, joint owners, or any
authorized users. The words "we," "us," and "our" mean the Credit Union. The word "account" means any one (1) or more savings and
checking accounts you have with the Credit Union. Electronic fund transfers are electronically initiated transfers of money from your
account through the EFT services described below. By signing an application or account card for EFT services, signing your card, or using
any service, each of you, jointly and severally, agree to the terms and conditions in this Agreement and any amendments for the EFT
services offered. Furthermore, electronic fund transfers that meet the definition of remittance transfers are governed by 12 C.F.R. part
1005, subpart B-Requirements for remittance transfers, and consequently, terms of this agreement may vary for those types
of
transactions. A "remittance transfer" is an electronic transfer of funds of more than $15.00 which is requested by a sender and sent to a
designated recipient in a foreign country by a remittance transfer provider. Terms applicable to such transactions may vary from those
disclosed herein and will be disclosed to you at the time such services are requested and rendered in accordance with applicable law.
1. EFT SERVICES - If approved, you may conduct any one (1) or more of the EFT services offered by the Credit Union.
a. Debit Card. If approved, you may use your Visa card to purchase goods and services from participating merchants. However, you
may not use your card to initiate any type of gambling transaction. If you wish to pay for goods or services over the Internet, you may be
required to provide card number security information before you will be permitted to complete the transaction. You agree that you will not
use your card for any transaction that is illegal under applicable federal, state, or local law. Funds to cover your card purchases will be
deducted from your checking account. For ATM and one-time debit card transactions, you must consent to the Credit Union's overdraft
protection plan in order for the transaction amount to be covered under the plan. Without your consent, the Credit Union may not authorize
and pay an overdraft resulting from these types of transactions. Services and fees for overdrafts are shown in the document the Credit
Union uses to capture the member's opt-in choice for overdraft protection and the Schedule of Fees and Charges.
For other types of transactions, if the balance in your account is not sufficient to pay the transaction amount, the Credit Union may pay the
amount and treat the transaction as a request to transfer funds from other deposit accounts, approved overdraft protection accounts, or
loan accounts that you have established with the Credit Union. If you initiate a transaction that overdraws your account, you agree to
make immediate payment of any overdrafts together with any service charges to the Credit Union. In the event of repeated overdrafts,
the
Credit Union may terminate all services under this Agreement. You may use your card and personal identification number (PIN) in ATMs
of the Credit Union, NYCE and PLUS® networks, and such other machines or facilities as the Credit Union may designate. In addition,
you may use your Visa card without a PIN for certain transactions on the Visa, NYCE and PLUS® networks. However, provisions of this
Agreement relating only to Visa debit transactions, such as additional limits on your liability and streamlined error resolution procedures,
do not apply to transactions processed through non-Visa networks. To initiate a Visa debit transaction, you may sign a receipt, provide a
card number, or swipe or insert your card at a point-of-sale (POS) terminal and choose to route the transaction over a Visa network.
At the present time, you may also use your card to:
-
Make deposits to your savings and checking accounts.
-
Withdraw funds from your savings and checking accounts.
- Transfer funds from your savings and checking accounts.
- Obtain balance information for your savings and checking accounts.
-
Make point-of-sale (POS) transactions with your card and personal identification number (PIN) to purchase goods or services at
merchants that accept Visa.
- Order goods or services online or by mail or telephone from places that accept Visa.
The following limitations on Debit Card transactions may apply:
-
You may purchase up to a maximum of $2,000.00 per day.
- You may withdraw up to a maximum of $500.00 in any one (1) day from an ATM machine, if there are sufficient funds in your
account.
- You may transfer up to the available balance in your accounts at the time of the transfer.
-
See Section 2 for transfer limitations that may apply to these transactions.
Card Information Updates and Authorizations. If you have authorized a merchant to bill charges to your card on a recurring basis,
it
is
your responsibility to notify the merchant in the event your card is replaced, your card information (such as card number and expiration
date) changes, or the account associated with your card is closed. However, if your card is replaced or card information changes, you
authorize us, without obligation on our part, to provide the updated card information to the merchant in order to permit the merchant to bill
recurring charges to the card. You authorize us to apply such recurring charges to the card until you notify us that you have revoked
authorization for the charges to your card.
Your card is automatically enrolled in an information updating service. Through this service, your updated card information (such as card
number and expiration date) may be shared with participating merchants to facilitate continued recurring charges. Updates are not
LOANLINER
© CUNA Mutual Group 2008-10, 12-14, 17, 2020 All Rights Reserved
02005663-51002-C-1-061821 (51002D)-e
guaranteed before your next payment to a merchant is due. You are responsible for making direct payment until recurring charges
resume. To revoke your authorization allowing us to provide updated card information to a merchant, please contact us.
b. Preauthorized EFTs.
-
Direct Deposit. Upon instruction of (i) your employer, (ii) the Treasury Department or (iii) other financial institutions, the Credit Union
will accept direct deposits of your paycheck or federal recurring payments, such as Social Security, to your savings and/or checking
account.
-
Preauthorized Debits. Upon instruction, we will pay certain recurring transactions from your savings and/or checking account.
-
See Section 2 for transfer limitations that may apply to these transactions.
-
Stop Payment Rights. If you have arranged in advance to make electronic fund transfers out of your account(s) for money you owe
others, you may stop payment on preauthorized transfers from your account. You must notify us orally or in writing at any time up to
three (3) business days before the scheduled date of the transfer. We may require written confirmation of the stop payment order to
be made within 14 days of any oral notification. If we do not receive the written confirmation, the oral stop payment order shall cease
to be binding 14 days after it has been made. A stop payment request may apply to a single transfer, multiple transfers, or all future
transfers as directed by you, and will remain in effect unless you withdraw your request or all transfers subject to the request have
been returned.
-
Notice of Varying Amounts. If these regular payments may vary in amount, the person you are going to pay is required to tell you,
ten (10) days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only
when the payment would differ by more than a certain amount from the previous payment or when the amount would fall outside
certain limits that you set.
-
Liability for Failure to Stop Payment of Preauthorized Transfers. If you order us to stop payment of a preauthorized transfer three
(3) business days or more before the transfer is scheduled and we do not do so, we will be liable for your losses or damages.
C.
Electronic Check Conversion/Electronic Returned Check Fees. If you pay for purchases or bills with a check or draft, you may
authorize your check or draft to be converted to an electronic fund transfer. You may also authorize merchants or other payees to
electronically debit your account for returned check fees. You are considered to have authorized these electronic fund transfers if you
complete the transaction after being told (orally or by a notice posted or sent to you) that the transfer may be processed electronically or if
you sign a written authorization.
d. Online Banking. If Online Banking is activated for your account(s), you will be required to use secure login information to access the
account(s). At the present time, you may use Online Banking to:
- Transfer funds from your savings, checking, loan, and Money Manager accounts.
- Obtain balance information for your savings, checking, loan, club, certificate, and Money Manager accounts.
- Make loan payments from your savings, checking, and Money Manager accounts.
- Access your Home Equity Line of Credit accounts.
- Determine if a particular item has cleared.
- Obtain tax information on amounts earned on savings and checking accounts or interest paid on loan accounts.
- Verify the last date and amount of your payroll deposit.
- Make bill payments to preauthorized creditors.
- Place stop payment on a personal check.
Your accounts can be accessed through Online Banking via personal computer. Online Banking will be available for your convenience 24
hours per day. This service may be interrupted for a short time each day for data processing. We reserve the right to refuse any
transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below a required balance, or otherwise
require us to increase our required reserve on the account. We may set other limits on the amount of any transaction, and you will be
notified of those limits. We may refuse to honor any transaction for which you do not have sufficient available verified funds. The service
will discontinue if no transaction is entered after numerous unsuccessful attempts to enter a transaction and there may be limits on the
duration of each access.
The following limitations on Online Banking transactions may apply:
-
The maximum withdrawal or transfer amount is $25,000.00 per day, and no transfer or withdrawal may exceed the available funds in
your account.
- See Section 2 for transfer limitations that may apply to these transactions.
e. Mobile Banking. If Mobile Banking is activated for your account(s), you will be required to use secure login information to access the
account(s). At the present time, you may use Mobile Banking to:
- Transfer funds from your savings, checking, loan, and Money Manager accounts.
-
Obtain balance information for your savings, checking, loan, club, certificate, and Money Manager accounts.
- Make loan payments from your savings, checking, and Money Manager accounts.
- Access your Home Equity Line of Credit accounts.
- Determine if a particular item has cleared.
- Verify the last date and amount of your payroll deposit.
- Make bill payments to preauthorized creditors.
- Make deposits using Remote Deposit Capture; see separate Terms and Conditions for more details.
Your accounts can be accessed under Mobile Banking via mobile device or other approved access device(s). Mobile Banking will be
available for your convenience 24 hours per day. This service may be interrupted for a short time each day for data processing. We
reserve the right to refuse any transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below
a
required balance, or otherwise require us to increase our required reserve on the account. We may set other limits on the amount of any
02005663-51002-C-1-061821 (51002D)-e
transaction, and you will be notified of those limits. We may refuse to honor any transaction for which you do not have sufficient available
verified funds. The service will discontinue if no transaction is entered after numerous unsuccessful attempts to enter a transaction and
there may be limits on the duration of each access.
The following limitations on Mobile Banking transactions may apply:
-
The maximum withdrawal or transfer amount is $25,000.00 per day, and no transfer or withdrawal may exceed the available funds in
your account.
-
You may make up to $2,000.00 in daily deposits to your checking account via Remote Deposit Capture, unless otherwise stated.
-
See Section 2 for transfer limitations that may apply to these transactions.
f.
Bill Pay. Please refer to the Bill Pay Terms & Conditions, provided at the time of enrollment and available to current users at any
time, unless otherwise informed, by logging into Online Banking.
2. TRANSFER LIMITATIONS - For all savings and Money Manager accounts, you may make no more than six (6) transfers and
withdrawals from your account to another account of yours or to a third party in any month by means of a preauthorized, automatic, or
Internet transfer, by telephonic order or instruction, or by check, draft, debit card or similar order. If you exceed these limitations, your
account may be subject to a fee or be closed.
3. CONDITIONS OF EFT SERVICES -
a. Ownership of Cards. Any card or other device which we supply to you is our property and must be returned to us, or to any person
whom we authorize to act as our agent, or to any person who is authorized to honor the card, immediately according to instructions. The
card may be repossessed at any time at our sole discretion without demand or notice. You cannot transfer your card or account to another
person.
b. Honoring the Card. Neither we nor merchants authorized to honor the card will be responsible for the failure or refusal to honor the
card or any other device we supply to you. If a merchant agrees to give you a refund or adjustment, you agree to accept a credit to your
account in lieu of a cash refund. Participating merchants may not offer a discount to encourage use of your card rather than paying by
cash or check.
C. Foreign Transactions.
Visa. Purchases and cash withdrawals made in foreign currencies will be debited from your account in U.S. dollars. The exchange rate
between the transaction currency and the billing currency used for processing international transactions is a rate selected by Visa from a
range of rates available in wholesale currency markets for the applicable transaction date, which rate may vary from the rate Visa itself
receives, or the rate mandated by the government or governing body in effect for the applicable transaction date. The exchange rate used
on the transaction date may differ from the rate that would have been used on the processing date or cardholder statement posting date
A fee of 1.00% of the amount of the transaction, calculated in U.S. dollars, will be imposed on all multiple currency foreign transactions,
including purchases, cash withdrawals and credits to your account. A fee of 0.80% of the amount of the transaction, calculated in U.S.
dollars, will be imposed on all single currency foreign transactions, including purchases, cash withdrawals and credits to your account. A
foreign transaction is any transaction that you complete or a merchant completes on your card outside of the United States, with the
exception of U.S. military bases, U.S. territories, U.S. embassies or U.S. consulates. Transactions completed by merchants outside of the
United States are considered foreign transactions, regardless of whether you are located inside or outside the United States at the time of
the transaction.
d. Security of Access Code. You may use one (1) or more access codes with your electronic fund transfers. The access codes issued
to you are for your security purposes. Any access codes issued to you are confidential and should not be disclosed to third parties or
recorded on or with the card. You are responsible for safekeeping your access codes. You agree not to disclose or otherwise make your
access codes available to anyone not authorized to sign on your accounts. If you authorize anyone to use your access codes, that
authority shall continue until you specifically revoke such authority by notifying the Credit Union. You understand that any joint owner you
authorize to use an access code may withdraw or transfer funds from any of your accounts. If you fail to maintain the security of these
access codes and the Credit Union suffers a loss, we may terminate your EFT services immediately.
e. Joint Accounts. If any of your accounts accessed under this Agreement are joint accounts, all joint owners, including any authorized
users, shall be bound by this Agreement and, alone and together, shall be responsible for all EFT transactions to or from any savings and
checking or loan accounts as provided in this Agreement. Each joint account owner, without the consent of any other account owner, may,
and is hereby authorized by every other joint account owner, make any transaction permitted under this Agreement. Each joint account
owner is authorized to act for the other account owners, and the Credit Union may accept orders and instructions regarding any EFT
transaction on any account from any joint account owner.
f.
Stop Payment of EFTs. The initiation by you of certain electronic fund transfers from your account will, except as otherwise provided
in this Agreement, effectively eliminate your ability to stop payment of the transfers.
Unless otherwise provided in this Agreement, you may not stop payment of electronic fund transfers; therefore, you should not
employ electronic access for purchases and services unless you are satisfied that you will not need to stop payment.
g. Account Rates. The dividend rates on accounts on which electronic fund transactions may be made are set forth in the Credit
Union's Truth-in-Savings Disclosure.
4. FEES AND CHARGES - We assess certain fees and charges for EFT services. For a current listing of all applicable fees and
charges, see our current Schedule of Fees and Charges that was provided to you at the time you applied for or requested these EFT
services. From time to time, the fees and charges may be changed, and we will notify you as required by applicable law.
02005663-51002-C-1-061821 (51002D)-e
Additionally, if you use an ATM not operated by us, you may be charged a fee(s) by the ATM operator and by any international, national,
regional, or local network used in processing the transaction (and you may be charged a fee for a balance inquiry even if you do not
complete a funds transfer). The ATM fee(s), or surcharge(s), will be debited from your account if you elect to complete the transaction
and/or continue with the balance inquiry.
You understand and agree that we and/or the ATM operator may charge you multiple fees for multiple transactions during the same ATM
session (for example, fees for both a balance inquiry and a cash withdrawal).
5. MEMBER LIABILITY - You are responsible for all transactions you authorize using your EFT services under this Agreement. If you
permit someone else to use an EFT service, your card or your access code, you are responsible for any transactions they authorize or
conduct on any of your accounts. However, TELL US AT ONCE if you believe your card and/or access code has been lost or stolen, if you
believe someone has used your card or access code or otherwise accessed your accounts without your permission, or if you believe that
an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of
keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line-of-credit).
If a transaction was made with your card or card number without your permission and was a Visa transaction, you will have no liability for
the transaction, unless you were fraudulent or negligent in handling your account or card. For all other unauthorized use involving the loss
or theft of your card or access code or if you were negligent in handling your account or card, your maximum liability for unauthorized use
may be up to $50.00.
Also, if your statement shows transfers that you did not make including those made by card, access code or other means, TELL US AT
ONCE. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money lost after the 60 days if
we can prove that we could have stopped someone from making the transfers if you had told us in time. If a good reason (such as a
hospital stay) kept you from telling us, we will extend the time periods. This paragraph does not apply to unauthorized use of a Visa debit
card or other access device.
If you believe your card or access code has been lost or stolen or that someone has transferred or may transfer money from your
accounts without your permission, call:
413.256.5500
800.852.5886
or write to:
UMassFive College Federal Credit Union
200 Westgate Center Drive
PO Box 1060
Hadley, MA 01035
You should also call the number or write to the address listed above if you believe a transfer has been made using the information from
your check without your permission.
6. RIGHT TO RECEIVE DOCUMENTATION - Any documentation we provide to you that indicates that an electronic fund transfer was
made to another person shall be admissible as evidence of such transfer and shall constitute proof of the transaction which it records.
a. Periodic Statements. Transfers and withdrawals made through any debit card transactions, preauthorized EFTs, online/PC
transactions, mobile access device transactions or bill payments you make will be recorded on your periodic statement. You will receive a
statement monthly unless there is no transaction in a particular month. In any case, you will receive a statement at least quarterly.
b. Terminal Receipt. You can get a receipt at the time you make any transaction (except inquiries) involving your account using an
ATM and/or point-of-sale (POS) terminal.
C. Direct Deposit. If you have arranged to have a direct deposit made to your account at least once every 60 days from the same
source and you do not receive a receipt (such as a pay stub), you can find out whether or not the deposit has been made by calling
413.256.5500 or 800.852.5886. This does not apply to transactions occurring outside the United States.
7. ACCOUNT INFORMATION DISCLOSURE - We will disclose information to third parties about your account or the transfers you
make:
-
As necessary to complete transfers;
- To verify the existence of sufficient funds to cover specific transactions upon the request of a third party, such as a credit bureau or
merchant;
- If your account is eligible for emergency cash and/or emergency card replacement services and you request such services, you agree
that we may provide personal information about you and your account that is necessary to provide you with the requested service(s);
- To comply with a proper government agency summons or request, lawful subpoena or court order;
- To any credit union employee, attorney, auditor, or collection agency for the Credit Union;
- To communicate the terms and history of your account to a consumer reporting agency; and
-
If you give us your written permission.
8. BUSINESS DAYS AND HOURS - Our business days are Monday through Friday, excluding holidays. For account inquiries or
notices of authorized transactions, contact us during business hours between 8:00 and 5:00 on any business day.
9. CREDIT UNION LIABILITY FOR FAILURE TO MAKE TRANSFERS - If we do not complete a transfer to or from your account on
time or in the correct amount according to our agreement with you, we may be liable for losses or damages proximately caused by our
error. However, we will not be liable for direct or consequential damages in the following events:
02005663-51002-C-1-061821 (51002D)-e
-
If, through no fault of ours, there is not enough money in your accounts to complete the transaction, if any funds in your accounts
necessary to complete the transaction are pledged or held as uncollected funds pursuant to our Funds Availability Policy Disclosure,
or if the transaction involves a loan request exceeding your credit limit.
-
If you used your card or access code in an incorrect manner.
- If the ATM where you are making the transfer does not have enough cash.
-
If the ATM was not working properly and you knew about the problem when you started the transaction.
-
If any act of God (such as fire, flood, or power failure) prevents the transaction.
-
If the money in your account is subject to legal process or other claim restricting such transfer.
-
If any circumstances beyond our control (such as your willful or negligent use of your card, access code, or any EFT facility for
making such transfers) prevent the transaction.
-
If the error was caused by a system of any participating ATM network.
- If the electronic transfer is not completed as a result of your willful or negligent use of your card, access code, or any EFT facility for
making such transfers.
-
If the telephone or computer equipment you use to conduct audio response, online/PC, or mobile banking transactions is not working
properly and you know or should have known about the breakdown when you started the transaction.
-
If you have bill payment services, we can only confirm the amount, the participating merchant, and date of the bill payment transfer
made by the Credit Union. For any other error or question you have involving the billing statement of the participating merchant, you
must contact the merchant directly. We are not responsible for investigating such errors.
-
Any other exceptions as established by the Credit Union.
10. NOTICES - All notices from us will be effective when we have mailed them or delivered them to the appropriate address in the
Credit Union's records. Written notice you provide in accordance with your responsibility to report unauthorized transactions to us will
be
considered given at the time you mail the notice or deliver it for transmission to us by any other usual means. All other notices from you
will be effective when received by the Credit Union at the address specified in this Agreement. We reserve the right to change the terms
and conditions upon which EFT services are offered and will provide notice to you in accordance with applicable law. Use of EFT services
is subject to existing regulations governing your Credit Union account and any future changes to those regulations.
The following information is a list of safety precautions regarding the use of ATMs and night deposit facilities:
- Be aware of your surroundings, particularly at night.
-
Consider having someone accompany you when the ATM or night deposit facility is used after dark.
-
Close the entry door of any ATM facility equipped with a door.
-
If another person is uncomfortably close to you at the time of your transaction, ask the person to step back before you complete your
transaction. If it is after the regular hours of the financial institution and you are using an ATM, do not permit entrance to any person
you do not know.
- Refrain from displaying your cash at the ATM or night deposit facility. As soon as your transaction is completed, place your money in
your purse or wallet. Count the cash later in the safety of your car or home.
-
If you notice anything suspicious at the ATM or night deposit facility, consider using another ATM or night deposit facility or coming
back later. If you are in the middle of a transaction and you notice something suspicious, cancel the transaction, take your card or
deposit envelope, and leave.
-
If you are followed after making a transaction, go to the nearest public area where people are located.
-
Do not write your personal identification number (PIN) or access code on your ATM card.
-
Report all crimes to law enforcement officials immediately. If emergency assistance is needed, call the police from the nearest
available public telephone.
11. BILLING ERRORS - In case of errors or questions about electronic fund transfers from your savings and checking accounts or if
you need more information about a transfer on the statement or receipt, telephone us at the following number or send us a written notice
to the following address as soon as you can. We must hear from you no later than 60 days after we sent the FIRST statement on which
the problem appears. Call us at:
413.256.5500
800.852.5886
or write to:
UMassFive College Federal Credit Union
200 Westgate Center Drive
PO Box 1060
Hadley, MA 01035
- Tell us your name and account number.
-
Describe the electronic transfer you are unsure about and explain, as clearly as you can, why you believe it is an error or why you
need more information.
- Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days.
We will determine whether an error has occurred within ten (10)* business days after we hear from you and will correct any error promptly.
If
we need more time, however, we may take up to 45** days to investigate your complaint or question. If we decide to do this, we will
credit your account within ten (10)** business days for the amount you think is in error so that you will have the use of the money during
the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within
ten (10) business days, we may not credit your account.
02005663-51002-C-1-061821 (51002D)-e
We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will
send you a written explanation. You may ask for copies of the documents that we used in our investigation.
*
If you give notice of an error occurring within 30 days after you make the first deposit to your account, we may take up to 20 business
days instead of ten (10) business days to investigate the error.
** If you give notice of an error occurring within 30 days after you make the first deposit to your account, notice of an error involving a
point-of-sale (POS) transaction, or notice of an error involving a transaction initiated outside the U.S., its possessions and territories, we
may take up to 90 days instead of 45 days to investigate the error. Additionally, for errors occurring within 30 days after you make the first
deposit to your account, we may take up to 20 business days instead of ten (10) business days to credit your account.
NOTE: If the error you assert is an unauthorized Visa transaction, other than a cash disbursement at an ATM, we will credit your account
within five (5) business days unless we determine that the circumstances or your account history warrant a delay, in which case you will
receive credit as described above.
12. TERMINATION OF EFT SERVICES - You may terminate this Agreement or any EFT service under this Agreement at any time by
notifying us in writing and stopping your use of your card and any access code. You must return all cards to the Credit Union. You also
agree to notify any participating merchants that authority to make bill payment transfers has been revoked. We may also terminate this
Agreement at any time by notifying you orally or in writing. If we terminate this Agreement, we may notify any participating merchants
making preauthorized debits or credits to any of your accounts that this Agreement has been terminated and that we will not accept any
further preauthorized transaction instructions. We may also program our computer not to accept your card or access code for any EFT
service. Whether you or the Credit Union terminates this Agreement, the termination shall not affect your obligations under this Agreement
for any electronic transactions made prior to termination.
13. GOVERNING LAW - This Agreement is governed by the bylaws of the Credit Union, federal laws and regulations, the laws and
regulations of the state of Massachusetts, and local clearinghouse rules, as amended from time to time. Any disputes regarding this
Agreement shall be subject to the jurisdiction of the court of the county in which the Credit Union is located.
14. ENFORCEMENT - You are liable to us for any losses, costs or expenses we incur resulting from your failure to follow this
Agreement. You authorize us to deduct any such losses, costs or expenses from your account without prior notice to you. If we bring a
legal action to collect any amount due under or to enforce this Agreement, we shall be entitled, subject to applicable law, to payment of
reasonable attorney's fees and costs, including fees on any appeal, bankruptcy proceedings, and any postjudgment collection actions.
02005663-51002-C-1-061821 (51002D)-e