Electronic Funds Transfer (EFT) Agreement/Disclosure

To serve you better, we make available various electronic funds transfer services, as noted below. This Electronic Funds Transfer Customer Agreement ("Agreement") informs You of your rights in case of errors or questions regarding your electronic funds transfers. Please review this Agreement carefully since it tells You of your rights and liabilities if You currently utilize any of the electronic funds transfer services available through LMHEFCU, or if You should elect to utilize any of these services in the future. There are three basic types of electronic funds transfer services: Card Services; Pre-authorized Electronic Funds Transfer; and Telephone Transfers. There are General Provisions which correspond to all three basic types of electronic funds transfers.

  1. Card Services are those services which allow You to access your accounts using a card at an Electronic Funds Transfer Terminal (ATM and Point-of-Sale machines).
  2. Pre-authorized Electronic Funds Transfer is any transfer of money performed by means of a computer or other electronic means that You authorize a third party in advance to make through the Credit Union.
  3. Telephone Transfer Services are those services which allow You to transfer between your accounts by use of a telephone.
  4. Electronic Check Conversion
  5. Internet Banking Electronic/PC EFTs are those services which allow You to transfer between your accounts using a computer.
  6. General Provisions are provisions that apply to all three basic types of electronic funds transfers.

TERMS AND CONDITIONS

THIS AGREEMENT is made by and between the Customer ("YOU") (whether one or more) and LMHEFCU. "Credit Union", "We" or "Us" means LMHEFCU. IN CONSIDERATION of the mutual promises and obligations in this Agreement, YOU and WE AGREE, as follows:

Part I -- Card Services

  1. Transactions. Your LMHEFCU ATM card may be used to access your Checking Account, or Savings Account. Your Savings Account may be linked to the same card as your Checking account.
  2. Your LMHEFCU Visa® CheckCard ("Debit Card") may be used to access your Checking account as designated by You on your application or subsequent written request. A Savings Account may be tied with your Checking account on the same card.
  3. ATM card
    Provided funds are available in your account, You may use your LMHEFCU ATM card to perform the following:
    1. At an ATM displaying any one or more of the NYCE®, VISA®, CIRRUS®, or SUM® logo, You may:
      • make withdrawals
      • make transfers, and
      • obtain balance information on accounts that the card is authorized to access.
    2. You make deposits at full-service ATM locations that display one or more of the VISA®, CIRRUS®, SUM® or NYCE® logos and participate in deposit sharing. Deposit sharing means allowing customers from other banks to make deposits at their ATM. The actual availability of this function is determined by the institution which owns/operates the ATM.
    3. At any merchant displaying the VISA®, CIRRUS®, SUM® or NYCE® logos, You may use funds in your Checking Account, to purchase goods and services.
    4. Savings accounts may only be accessed through ATMs.

    CHECKCARD
    Provided funds are available in your account, You may use your LMHEFCU CheckCard to perform the following:

    1. At any merchant displaying the VISA®, CIRRUS®, SUM® or NYCE® logos, You may use funds in your Checking Account to purchase goods and services.
    2. At an ATM displaying any one or more of the VISA®, CIRRUS®, SUM® or NYCE® logos, You may:
      • make withdrawals
      • make transfers, and
      • obtain balance information on accounts that the card is authorized to access
    3. You make deposits at full-service ATM locations that display one or more of the VISA®, CIRRUS®, SUM® or NYCE® logos and participate in deposit sharing. Deposit sharing means allowing customers from other banks to make deposits at their ATM. The actual availability of this function is determined by the institution which owns/operates the ATM.
  4. Fees. Charges for withdrawals, deposits, transfers, and balance inquiries are set by the Credit Union and are currently:
    • Free at LMHEFCU -owned ATMs (if available).
    • Free for the first four (4) transactions each statement period at ATMs or point-of sale (POS) not owned by LMHEFCU, A $0.75 fee will apply for each transaction thereafter for each statement period.
    • A fee may be imposed by an ATM operator not holding your account, or by any national, regional, or local network used to complete your transaction.
    • No annual fee for an ATM card
    • No CheckCard or ATM card reissue fee for a lost card.

    These fees may be changed from time to time at the discretion of the Credit Union, with disclosure being given in advance of any change.

  5. Daily Withdrawal/Purchasing Limit. Your ability to withdraw funds via ATM or CheckCard is subject to the available balance of your account and the following limits:
    • $500 withdrawal limit per ATM card per business day at any ATM (note: some ATMs may further limit the amount of money per withdrawal).
    • $500 withdrawal limit per CheckCard per business day at any ATM (note: some ATMs may further limit the amount of money per withdrawal).
    • $500 purchase limit per ATM card per business day.
    • $700 purchase limit per CheckCard per business day.

    You may apply to have your daily withdrawal and/or purchase limit increased by providing written request to us at LM Credit Union, 365 Montauk Avenue, New London, CT 06320. Such modification, if approved, shall be effective not later than 10 days following receipt by us. In no event will your daily withdrawal limit be less than $100 per day, subject to the availability of funds in your account.

  6. Personal Identification Number. Your LMHEFCU ATM Card may only be used with your PERSONAL IDENTIFICATION NUMBER ("PIN"), which is used to identify You as an authorized user of the Card. You agree to notify us immediately if the Card is lost or stolen or if the secrecy of the PIN is compromised. You also agree not to reveal your PIN to any person not authorized by You to use the Card. Further, You agree to reveal your PIN only to Credit Union Personnel authorized to receive PIN changes. You agree not to write the PIN on the Card or on any item kept with the Card. The security of your account depends upon You maintaining possession of your Card and the secrecy of your PIN.
  7. Deposit Verification. Deposits made at a participating ATM, whether in cash, check, draft or money order, are subject to our Funds Availability Policy, which has either been provided to You at the time of opening the account or has been mailed to You.
  8. Documentation of EFT Services. You shall receive the following documentation with respect to Transactions:
    • Transfers -- You can get a receipt or acknowledgment at the time You make any transfer to or from your Account at the Terminal or point-of-sale.
    • Periodic Statement -- You will get a monthly account statement documenting the date, amount, and description of each transfer. For purchases and cash advances, the following will appear on your account statement: 1) date and amount of Transaction; 2) merchant or bank name; and 3) where the Transaction took place.
  9. Notice of Lost or Stolen Card/PIN. If You believe your Card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, You should telephone us AT ONCE. Telephoning us is the best way to minimize your potential losses. You should telephone us at 1-860-444-5104 or write to us at 365 Montauk Avenue, New London, CT 06320.
  10. Notice of Unauthorized Transactions. Notify us AT ONCE if you believe your statement reflects a Transaction made using your card without your authorization. Telephone us at 1-860-444-5104 or write to us at 365 Montauk Avenue, New London, CT 06320.
  11. Your Liability for Unauthorized Transactions. You will be liable for the amount of unauthorized Transactions made with your card as follows:
    1. ATM Liability. If you believe your Card or PIN has been lost or stolen, and you tell us within two business days after you learn of the loss or theft, you can lose no more than $50 if someone used your Card or PIN without your permission. If you do NOT tell us within two business days after you learn of the loss or theft of your Card or PIN, and we can prove we could have stopped someone from using your Card or Pin without your permission if you had told us, you could lose as much as $500.
    2. CheckCard Liability. When a lost or stolen Visa® CheckCard is used at a Visa merchant, customers have no liability for unauthorized transactions. However, you should notify Us immediately upon discovery of any unauthorized transaction. When a lost or stolen LMHEFCU Visa® CheckCard is used at a non-Visa merchant, customer liability for unauthorized transactions is capped at $50 if the customer notifies LMHEFCU within two days of discovering their card is missing. The maximum liability a customer may incur is $500.
    3. If special circumstances, such as extended travel or hospitalization, prevent your notifying us within the time periods specified above, the time periods will be extended to a reasonable time.
  12. Card Ownership and Cancellation. You acknowledge that the Card has been issued by, and remains the property of LMHEFCU, and may be revoked or canceled at any time without prior notice to You. You agree to surrender immediately the card to Us upon demand. You may elect to cancel at any time by surrendering and returning the Card. Cancellation by You shall not become effective until the Card is actually received by Us.

    SAFETY PRECAUTIONS FOR ATM TERMINAL USAGE

    • Have your Card ready to use when You reach the ATM. Have all of your forms ready before You get to the ATM. Keep some extra forms in your car or at home for this purpose.
    • If You are new to ATM usage, use machines close to or inside a financial institution or business until You become comfortable and can conduct your usage quickly.
    • If using an ATM in an isolated area, take someone else with You if possible. Have them watch from the car as You conduct your transaction.
    • Do not use ATMs at night unless the area and machine are well lighted. If the lights are out, go to a different location.
    • If someone else is using the machine You want to use, stand back or stay in your car until the machine is free. Watch out for suspicious people lurking around ATMs, especially during the times that few people are around.
    • When using the machine, stand so You block anyone else's view from behind.
    • If anything suspicious occurs when You are using a machine, cancel what you are doing and leave immediately. If going to your car, lock your doors.
    • Do not stand at the ATM counting cash. Check that You received the right amount later in a secure place, and then reconcile it to your receipt.
    • Keep your receipts and verify transactions on your account statement. Report errors immediately. Do not leave receipts at an ATM location.
    • Report all crimes immediately to the operator of the ATM and/or to local law enforcement officials.

Part II -- Pre-Authorized Electronic Funds Transfer

  1. Types of Transfers. With proper written authorization, LMHEFCU can accept certain direct deposits or automatic or on-demand transfers to your Savings or Checking Account and make certain automatic or on-demand payments or transfers from your Savings or Checking Account. If a requested transfer occurs on a day we aren't open, such as a weekend or holiday, the transfer will be processed on the next business day. Liability for Data Accuracy. We shall not be responsible to You for any claims, damages, losses or expenses arising out of the preparation or delivery of data input for the Electronic Funds Transfers and credit or debit entries prepared by your Employer or other person or company authorized by You to do so. In all cases, the Credit Union shall be entitled to rely upon the accuracy and correctness of the data input prepared by your Employer or other authorized person or company. The Credit Union shall have no obligation to investigate or determine the accuracy or authorization of said data input or the Electronic Funds Transfers directed by your Employer or other person or company authorized by You to do so.
  2. Documentation of Transfers. You shall be able to verify transfers by the following means.
    • Telephone confirmation -- You may verify posting of your direct deposit, automatic or on-demand transfer, on the next business day after the deposit or transfer is scheduled to be made, by calling us at 1-860-444-5104.
    • Periodic Statements -- You will get a monthly account statement documenting the date, amount, and description of each transfer.
  3. Stop-Payment Procedure. If You have told us, in advance, to make automatic recurring payments out of your account, You can stop any of these payments by calling 1-860-444-5104 or writing to us at 365 Montauk Avenue, New London, CT 06320. You must call or write in time for us to receive your request at least three business days before the payment is scheduled to be made. If You call, we require that You put your request in writing and deliver it within 14 days after You call.
  4. Liability for Failure to Stop Payment of Pre-authorized Transfer. If You properly order us to stop a payment at least three business days before the transfer is scheduled and we do not do so, we will be liable for your actual direct losses or damages.

Part III -- Telephone Transfer Services (AudioLine)

  1. Security. You will establish a Personal Identification Number (PIN) to access your account(s). You are strongly encouraged NOT to use your social security number
  2. Types of Available Transactions. You may use AudioLine to make transfers of funds between your Savings, loan and Checking Accounts. You may also request funds to be sent to you by check.
  3. Limitation on Amount and Frequency of Transactions. At the present time, there are no limitations as to how often You can make internal telephone transfers or on the dollar amount of any one telephone transfer.
  4. Documentation of Transfers. Periodic Statements –If You have a Checking Account, You will get a monthly account statement documenting the date, amount, and description of each transfer. If You do not have a Checking Account, you will receive a quarterly account statement documenting the date, amount, and description of each transfer.

Part IV – Electronic Check Conversion

If you pay for something with a check or share draft you may authorize your check or share draft to be converted to an electronic fund transfer. You are considered to have authorized this electronic fund transfer 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. Or, when you authorize a merchant to use one of your checks to electronically debit your account, the transaction is covered by this Agreement.

Part V – Internet Home Banking Electronic/PC Access

If we approve the Internet Home Banking electronic/PC access service for your accounts, a separate PIN (Personal Identification Number) will be assigned to you. You must use your PIN (Personal Identification Number) along with your account number to access your accounts. At the present time, you may use the Internet Banking access service to:

  • Transfer funds from your share, share draft and sub accounts.
  • Obtain balance information for your share, share draft, sub accounts and loans.
  • Make loan payments from your share and share draft accounts.
  • Order check withdrawals.

Your accounts can be accessed under the Internet Banking electronic/PC access service via personal computer. Internet Banking service will be available for your convenience twenty-four (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. All checks are payable to you as a primary member and will be mailed to your address of record. 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. There is no limit to the number of inquiries, transfers, or withdrawal requests you may make in any one day.

Part VI -- General Provisions

  1. Definition of Business Day. For the purpose of transaction posting, our business days are Monday through Friday, except for Holidays.
  2. Disclosure of Account Information. Information concerning your accounts and transactions will not be disclosed to third parties except:
    • when necessary to complete Transactions or to resolve errors involving transactions, or
    • verify the existence and status of your accounts upon request of a third party such as a credit bureau or merchant, or
    • to comply with a government agency or court order or with other legal processes, or
    • in accordance with your written permission, or
    • in accordance with the terms of the Depository Agreement
  3. IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC FUNDS TRANSFER SERVICES If You think your statement or receipt is wrong or if You need more information about a transaction listed on the statement or receipt, telephone us at 1-860-444-5104 or write to us at 365 Montauk Avenue, New London, CT 06320. We must hear from You no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared.
    • Tell Us your name and account number.
    • Describe the error or the transaction You are not sure 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, it must be to the telephone number disclosed in this Agreement, and We may require that You send Us your complaint or question in writing within 10 business days.

    We will tell You the results of our investigation within 10 business days (20 business days for notices of error occurring within 30 days after the first deposit to account), after We hear from You and will correct any error promptly. If We need more time, however, We may take up to 45 calendar days (90 days for point-of-sale transactions, foreign initiated transfers, or for notices of error occurring within 30 days after the first deposit to account) to investigate your complaint or question. If We decide to do this, We will recredit your account within 10 business days (20 business days for notices of error occurring within 30 days after the first deposit to account), for the amount You think is in error, so that You will have 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 10 business days, We may not recredit your account.

    If we determine that there was no error, we will send You a written explanation within three (3) business days after we complete our investigation. You may ask for copies of the documents we used in our investigation.

  4. Liability for Failure to Complete Electronic Funds Transfer Transactions. If We do not properly complete an EFT transaction to or from your account on time or in the correct amount in accordance with the terms of this Agreement, We will be liable for your losses or damages in accordance with applicable law, except We will NOT be liable for damages if:
    1. through no fault of Ours You do not have enough money available for use in your Account to make the transfer. In accordance with our Funds Availability Policy , money may not be immediately available for use from a check You may have deposited.
    2. the ATM where You are making the transfer does not have enough cash to complete the Transaction;
    3. the ATM or POS terminal or any part of the system supporting the operation of the ATM or POS terminal was not working properly and You knew of the breakdown when You began the transaction, or if malfunction occurred during the process of the transaction, or if your card is damaged;
    4. card has been reported lost or stolen or (if applicable) by reason of excessive activity in your account or otherwise, we have a reasonable basis for acting to protect the security of your account;
    5. the funds are frozen because of a court order or another encumbrance restricts the transfer;
    6. circumstances beyond our control (such as a fire or flood) prevent the transfer despite reasonable precautions We have taken;
    7. We do not receive the necessary transfer data from a third party;
    8. information necessary for Us to complete the Transaction is inaccurate or incomplete;
    9. necessary authorizations are terminated by operation of law in certain circumstances such as death or legal disability;
    10. equipment necessary to process and post your EFT transaction malfunctions or breaks down;
    11. there are unusual or extraordinary circumstances which would indicate improper or unlawful use of your account;
    12. this Agreement has been terminated; or there are other exceptions as provided by applicable law.
  5. Return of Direct Deposits. If the Credit Union is required to reimburse the Federal Government for all or any portion of any benefit payments deposited into your Account through a direct deposit plan for any reason, You agree that Credit Union may, without prior notice to You, deduct the amount returned to the Federal Government from your account or from any other account You have with Credit Union, unless the deduction is prohibited by law. This right is in addition to any other rights Credit Union has under this Agreement, including its right of setoff and its security interest in your account.
  6. Overdrafts. If an overdraft is inadvertently created in any Account due to a transaction initiated through the use of the EFT System, You agree to repay immediately the overdraft, plus the usual overdraft fee. If improper overdrafts become a frequent occurrence, we may cancel this Agreement.
  7. Transactions Subject to Account Rules. Each transaction through the EFT System shall be governed by this Agreement and subject to the rules, regulations and agreements existing from time to time between You and Us with respect to each Account to which the transaction relates (which rules, regulations and agreements are incorporated herein by reference).
  8. Single Statement. You agree that one Periodic Statement sent to the address indicated in our Credit Union Records is sufficient notice to all Account holders of Account activity and notices.
  9. Joint and Several Obligations. You agree that the obligations assumed by You in this Agreement, shall be the joint and several obligations of all Account holders of any designated Account.
  10. Governing Law. This Agreement and all Transactions hereunder are subject to the laws of the State of Connecticut and the laws of the United States, including the rules and regulations of the Board of Governors of the Federal Reserve Board.
  11. Modification or Termination of EFT Customer Agreement. You agree that We may amend or modify the terms and conditions of this EFT Customer Agreement at any time, including partial or complete termination, by mailing notice of the amendment to your last address as shown on the records of Credit Union. You will be given at least 21 days notice prior to the effective date of any amendment which results in an increased fee or charge, an increase in your liability, a reduction in services offered by Credit Union, or stricter limitations on Transaction or withdrawal rights. However, We may make an immediate change without notice if necessary to maintain or restore the security of this System or any Account.