Regulation E Disclosure - TruNorth Federal Credit Union

TruNorth Federal Credit Union

1419 North 2^nd Street

Ishpeming, MI 49849

(906)485-5563 1-877-694-2328

Regulation E Disclosure

Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.

Electronic Fund Transfers Initiated By Third Parties: You may authorize a third party to initiate electronic fund transfers between your account and the third party‘s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, you authorization to convert a check or draft to an electronic fund transfer or to electronically pay a returned check or draft charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt) In all cases, these third party transfers will require you to provide the third party with your account number and credit union information. This information can be found on your check or draft as well as on a deposit or withdrawal slip. Thus, you should only provide your credit union and account information (whether over the phone, the internet or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include, but are not limited to:

Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your share draft or share savings account(s).
Preauthorized payments. You may make arrangements to pay certain recurring bills from your share draft or share savings account(s).
Electronic check or draft conversion. You may authorize a merchant or other payee to make a one-time electronic payment from your checking or share draft account using information from you check or draft to pay for purchases or pay bills.
Electronic returned check or draft charge: You may authorize a merchant or other payee to initiate an electronic funds transfer to collect a charge in the event a check or draft is returned for insufficient funds.

Provisional Payment Disclosure
Credit given by us to you with respect to an automated clearing house credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you via such enter (i.e. the originator of the entry) shall not be deemed to have paid you in the amount of such entry.

Notice Disclosure
Under the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statements we provide to you.

Choice of Law Disclosure
We may accept on your behalf payment to your account which have been transmitted through one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of New York as provided by the operating rules of the National Automated Clearing House Association, which are applicable to ACH transaction involving your account.

Unauthorized Transfers

Consumer Liability: Tell us AT ONCE if you believe your card and/or code has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check or draft. 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 you tell us within 2 business days after you learn of the loss or theft of your card and/or code, you can lose no more than $50 if someone used your card and/or code without your permission.

If you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could lose as much as $500.

Also, if your statement shows transfers that you did not make, including those made by card, 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 you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

Additional Limit on Liability for VISA® Debit Card. Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen VISA® Debit Card. This additional limit on liability does not apply to ATM transactions outside of U.S., to ATM transactions not sent over Visa or Plus Networks or to transactions using your Personal Identification Number which are not processed by VISA®. Visa is a registered trademark of Visa International Service Association.

Contact in event of unauthorized transfer: If you believe your card and/or code has been lost or stolen, call: (906) 485-5563 or 1-877-694-2328 or write: TruNorth Federal Credit Union at 1419 North 2nd Street, Ishpeming, MI 49849.

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 or draft without your permission.

Business days: For purposes of these disclosures, our business days are Monday through Friday excluding any Federal Holidays.

ATM Transfers – type of transfers and dollar limitations – you may access your account(s) by ATM using your ATM Card and personal identification number or VISA® Debit Card and personal identification number to:

Withdraw cash from your share savings account(s) and share draft account(s)

Dollar limitations will be disclosed in writing at card issuance.
Make deposits to your share or share draft account(s)
Transfer funds between your share accounts and share draft accounts whenever you request.
Pay for purchases at places that have agreed to accept the card and/or code.
Pay bills directly by telephone from your share or share draft account in the amounts and on the days you request.
Get information about the account balance of your share or share draft account(s).

Some of these services may not be available at all terminals.

ATM Operator/Network Fee. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer.)

Types of VISA® Debit Card Point-of-Sale Transactions – You may access your share draft or money market account(s) to purchase goods (in person, online, or by phone), pay for services (in person, online, or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.

Point-of-Sale Transactions – dollar limitations – Using your card:

Dollar limitations will be disclosed in writing at card issuance.

Currency Conversion:

When you use your VISA® Debit Card at a merchant that settles in currency other than US dollars, the charge will be converted into the US dollar amount. The currency conversion rate used to determine the transaction amount in US dollars is either a rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa itself receives, or the government-mandated rate in effect for the applicable central processing date. The conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or posting date.

Advisory Against Illegal Use: You agree not to use your card(s) for illegal gambling or other illegal purpose. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located.

Non-Visa Debit Transaction Processing: We have enabled non-Visa debit transaction processing. This means you may use your VISA® Debit Card on a PIN-Debit Network* (a non-Visa network) without using a PIN.

The non-Visa debit network(s) for which such transactions are enabled are: STAR Network.

Examples of the types of actions that you may be required to make to initiate a Visa transaction on your VISA® Debit Card include signing a receipt, providing a card number over the phone or via the Internet, or swiping the card through a point-of-sale terminal. Examples of the types of actions you may be required to make to initiate a transaction on the STAR Network include initiating a payment directly with the biller, possibly via telephone, internet, or kiosk locations. STAR Network billers are required to display the STAR logo. STAR Network billers must also allow you to choose how your payment is directed. Thus, you could see the STAR logo and choose to direct your payment through the STAR Network. In addition, STAR Bill Payments are not authenticated with a PIN; instead the biller authenticates your identity using known information derived from an existing relationship with you.

The provisions of your agreement with us relating only to Visa transactions are not applicable to non-Visa transactions. For example, the additional limits on liability (sometimes referred to as Visa’s zero-liability program) and the streamlined error resolution procedures offered on Visa debit card transactions are not applicable to transactions processed on a PIN-Debit Network.

*Visa Rules generally define PIN-Debit Network as a non-Visa debit network that typically authenticates transactions by use of a personal identification number (PIN) but that is not generally known for having a card program.

Your Option to Limit Cash Withdrawals – In addition to dollar amount limitation for withdrawals using your ATM Card or VISA® Debit Card and/or code that we may establish, you have the option to limit the amount of cash that can be withdrawn by your ATM Card or VISA® Debit Card and/or code to $50.00 per day or some other amount acceptable to us.

HomeTeller Computer Transfers – types of transfers – You may access your account(s) by computer through the internet by logging onto our website at www.trunorthcu.org and using your personal identification number and member number to:

Transfer funds from share draft to share draft
Transfer funds from share draft to share savings
Transfer fund from share savings to share draft
Transfer funds from share savings to share savings
Make payments from share draft to loan account(s) with us
Make payments from share to loan account(s) with us
Get information about:
- the account balance of share draft accounts(s)
- deposits to share draft account(s)
- withdrawals from share draft account(s)
- the account balance of share savings account(s)
- withdrawals from share savings account(s)
- deposits to share account(s)
- dividend information and loan balances

ClassLine Telephone Transfers – types of transfers – You may access your account by telephone 24 hour a day at (906) 485-4444 using your personal identification number, a touch tone phone and member number to:

Transfer funds from share draft to share draft
Transfer funds from share draft to share savings
Transfer fund from share savings to share draft
Transfer funds from share savings to share savings
Make payments from share draft to loan account(s) with us
Get information about:
- the account balance of share draft accounts(s)
- deposits to share draft account(s)
- withdrawals from share draft account(s)
- the account balance of share savings account(s)
- withdrawals from share savings account(s)
- dividend information and loan balances

Limitations on frequency of transfers

For security reasons, there are limits on the frequency and amount of transfers available at ATMs.

Limitations on dollar amounts of transfers

You may withdraw or buy up to your daily limits, provided to you when you received your card and /or code.

Fees

We do not charge for direct deposits to any type of account.
We do not charge for preauthorized payments from any type of account. Except as indicated elsewhere, we do not charge for these electronic funds transfers.

Minimum account balance: We do not require you to maintain a minimum balance in any account as a condition of using an access device (card and/or code) to accomplish a transfer.

Confidentiality

We will disclose information to third parties about your account or the transfers you make:

Where it is necessary for completing transfers, or
In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or
In order to comply with government agency or court orders, or
If you give us your written permission, or
as explained in our privacy disclosure.

Documentation

Terminal transfers. You can get a receipt at the time you make any transfer to or from your account using one of our automated teller machines and/or point-of-sale terminals. However, you may not be provided a receipt if the amount of the transfer is $15 or less
Preauthorized credits: If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at (906)485-5563 to find out whether or not the deposit has been made.
Periodic statements: You will get a monthly statement from us for your share draft account.
You will get a monthly account statement for your share savings account, (unless there are no transfers in a particular month. In any case, you will get the statement at least quarterly).

Preauthorized payments

Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here’s how:

Call us at (906)485-5563, or write us at TruNorth FCU, 1419 North 2^nd Street, Ishpeming, MI, 49849 in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.

There is a stop payment fee, please refer to our separate fee schedule to determine the amount.

Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay will tell you, 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 transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

Financial institution’s liability

Liability for failure to make transfers. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

If, through no fault of ours, you do not have enough money in your account to make the transfer.
If the transfer would go over the credit limit on your overdraft line.
If the automated teller machine where you are making the transfer does not have enough cash.
If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
There may be other exceptions stated in our agreement with you.

Error Resolution Notice

In Case of Errors or Questions About Your Electronic Transfers Telephone us at (906)485-5563 or Write us at 1419 North 2^nd Street, Ishpeming, MI 49849, email us at trunorthcu@thecu.net as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

Tell us your name and account number (if any).
Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 business days (5 business days for VISA® Debit Card point-of-sale transactions processed by Visa and 20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, point-of-sale transaction or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (5 business days for VISA® Debit Card point-of-sale transactions processed by Visa and 20 business days if the transfer involved a new account) 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 10 business days, we may not credit your account.

For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.

We will tell you the results within three 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.

Regulatory Authority

If you believe that any provision of the Michigan Electronic Funds Transfer Act has been violated you should notify the Department of Insurance and Financial Services, Credit Union Division PO Box 30220 Lansing, MI 48909-7720 or the National Credit Union Administration, 1775 Duke Street, Alexandria, VA 22314-3428.