St. Francis X. Federal Credit Union

This Electronic Funds Transfer Agreement is the contract which covers your and our rights and responsibilities concerning the electronic funds transfer (“EFT”) services offered to you by St. Francis X. Federal Credit Union (“credit union”.  In this agreement, the words “you” 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.  Electronic funds transfers are electronically initiated transfers of money from your accounts through the electronic funds transfer 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.

1. EFT SERVICES– If approved, you may conduct any one or more of the EFT services offered by the credit union.

1. NYCE MasterMoney Debit Card.  You may use your 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.  Fund to cover your card purchases will be deducted from your share draft account.  If the balance in your account is not sufficient to pay the transaction amount, the credit union will 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 automated teller machines of the credit union, NYCE, Cirrus, PLUS networks, and such other machines or facilities as the credit union may designate.  At the present time, you may also use your card to:

·         Make deposits to your share and share draft accounts.

·         Withdraw funds from your share and share draft accounts.

·         Transfer funds from your share and share draft accounts.

·         Obtain balance information from your share and share draft accounts.

·         Make point-of-sale (POS) transactions with your card and personal identification number (PIN) to purchase goods or services at merchants that accept MasterCard.

·         Order goods or services by mail or telephone from places that accept MasterCard.

The following limitations on the frequency and amount of NYCE MasterMoney Debit Card transactions may apply:

·         There is no limit on the number of NYCE MasterMoney Debit Card purchases you make per day.

·         Purchase amounts are limited to the amount in your account.

·         There is no limit to the number of cash withdrawals you may make in any one day from an ATM machine.

·         There is no limit on the number of POS transactions you may make in any one day.

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

·         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.

2. Audio Response Teller – If we approve the Audio Response Teller for your accounts, a separate personal identification number (PIN) will be assigned to you.  You must use your personal identification number (PIN) along with your account number to access your accounts.  At the present time you may use the Audio Response Teller to:

·         Transfer funds from your share and share draft accounts.

·         Obtain balance information for your share and share draft accounts.

·         Make loan payments from your share and share draft accounts.

·         Determine if a particular item has cleared.

·         Obtain tax information on amounts earned on share and share draft accounts or interest paid on loan accounts.

·         Verify the last date and amount of your payroll deposit.

·         Change PIN.

Your accounts can be accessed under the Audio Response Teller via a touch tone telephone only.  Audio Response Teller 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.

·         There is no limit to the number of inquiries, transfers, or withdrawal requests you may make it any one day.

·         See Section 2 for transfer limitations that may apply to these transactions.

The credit union reserves the right tot refuse any transaction which would draft 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 on record.  The credit union may set other limits on the amount of any transaction, and you will be notified of those limits.  The credit union 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 telephone call.

3. Preauthorized EFTs.

·         Direct Deposit.  Upon instruction of (i) your employer or (ii) the Treasury Department or (iii) other financial institutions, the credit union will accept direct deposits of your paycheck or of federal recurring payments, such as Social Security, to any of your deposit accounts.

·         Preauthorized Debits.  Upon instruction, we will pay certain recurring transactions from your share, and share draft account.

·         See Section 2 for transfer limitations that may apply to these transactions.

·         Stop Payment Rights.  If you have arranged in advance to make regular electronic fund transfers out of your accounts(s) for money you owe others, you may stop payment of 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 fourteen (14) days of any oral notification.  If we do not receive the written confirmation, the oral stop payment order shall cease to be binding fourteen (14) days after it has been made.

·         Notice of Varying Amounts.  If these regular payments may vary in amount, the personal 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.

4. Electronic Check Conversion/Electronic Returned Check Fees.  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 may also authorize merchants to electronically debit your account for returned check fees.  You are considered to have authorized these electronic funds 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.

2. TRANSFER LIMITATIONS– For all share, Club, and Money Market accounts, no more than six (6) preauthorized, automatic, telephone, or internet transfers and withdrawals may be made from each account to another account of yours or to a third party in any month, and no more than three (3) of these six (6) may be made by check, draft, or access card to a third party.  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 returns 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 accord 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.

c.        Foreign Transactions.

MasterCard  Purchases, cash advances and cash withdrawals made in foreign currencies will be debited from your account in U.S. dollars.  The exchange rate used to convert foreign currency transactions to U.S. dollars is either a government-mandated exchange rate or a wholesale exchange rate, and is selected by MasterCard.  The rate MasterCard uses for a particular transaction is the rate MasterCard selects for the applicable currency on the day the transaction is processed.  This rate may differ from the rate applicable on the date the transaction occurred or was posted to your account.

A fee of up to 1% will be charged on all transactions completed in a foreign currency.  All fees are calculated based on the transaction amount after it is converted to U.S. dollars.  These fees are charged except where excluded.

d.        Security of Access Code.  You may use one or more access codes with your electronic funds transfers.  The access codes issued to you are for your security purposes.  Any 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 share and share draft or loan accounts as provided in this agreement.  Each join accounts owner, without the consent of any other account owner, may, and hereby is authorized by every other join account owner to, 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 join account owners.

4. FEES AND CHARGES – There are certain fees and charges for electronic funds transfer services.  For a current listing of all applicable fees, see our current Fee Schedule that was provided to you at the time you applied for or requested these electronic services.  From time to time, the charges may be changed.  We will notify you of any changes as required by applicable law.

If you use an ATM not operated by us, you may be charged a fee by the ATM operator and by any 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 surcharge will be debited from your account if you elect to complete the transaction or continue with the balance inquiry.

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 y our 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 or if you believe someone has used your card or access code or otherwise accessed your accounts without your permission.  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).

You are not liable for an unauthorized MasterCard debit card transaction that was not conducted at an ATM if you can demonstrate that you exercised reasonable care in protecting your card from loss or theft, you have not reported two or more incidents of unauthorized use in the past twelve (12) months, and your account is in good standing.  Otherwise your liability for an unauthorized MasterCard debit card transaction that was not conducted at an ATM will be no more than $50.

For all other EFT transactions involving access devices, including transactions conducted at ATMs, your liability for unauthorized transactions is determined as follows.  If you tell us within two (2) business days, you can lose no more than $50 if someone used your card or code without your permission.  If you do NOT tell u s within two (2) business days after you learn of the loss or theft or your card or code, and we can prove that we could have stopped someone from using your card or code without your permission if you had told us, you could lose as much as $500.00.

Also, if your statement shows transfers that you did not make, tell us at once.  If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money lost after the sixty (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.  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, call:

(231)-348-7690

Fax: (231)-347-4126

Or write to:

St. Francis X. Federal Credit Union

2140 M-119

Petoskey, MI 49770

6. RIGHT TO RECEIVE DOCUMENTATION –

a.        Periodic Statements.  Transfers and withdrawals made through any debit card transactions, audio response transactions or preauthorized EFTs will be recorded on your periodic statement.  You will receive a statement monthly unless there is not transaction in a particular month.  In any case, you will receive a statement at least quarterly.

b.        Terminal Receipt.  You will get a receipt at the time you make any transaction (except inquiries) involving your account using an ATM, POS terminal, or debit card transaction with a participating merchant.

c.        Direct Deposit.  If you have arranged to have a direct deposit made to your account at least once every sixty (60) days from the same source and y you do not receive a receipt (such as a pay stub), your can find out whether or not the deposit has been made by calling (231)-348-7690.  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 verify or complete a transaction;

·         To verify the existence of your account upon the request of a third party;

·         To provide information to credit reporting agencies;

·         If your account is eligible for emergency cash and/or emergency card replacement services, and your 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 government agency or court orders; or

·         If you give us your written permission.

8. BUSINESS DAYS – Our business days are Money through Friday, excluding holidays.

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 your losses or damages.  However, we will not be liable for direct or consequential damages in the following events:

·         If, through no fault of ours, there is not enough money in your accounts to complete the transaction, if any funds in y our accounts necessary to complete the transaction are 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 circumstances beyond our control (such as fire, flood, or power failure) prevent the transaction.

·         If the money in your account is subject to legal process or other claim.

·         If funds in your account are pledged as collateral or frozen because of a delinquent loan.

·         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 or electronic/PC transactions is not working properly and you know or should have known about the breakdown when you started the transaction.

·         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 your last known address in the credit union’s records.  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 this service is offered.  We will mail notice to you at least twenty-one (21) days before the effective date of any change.  Use of this service is subject to existing regulations governing the 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, 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 or 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 the case of errors or questions about electronic funds transfers from your share and share draft accounts, 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 n o later than sixty (60) days after we sent the first statement on which the problem appears.  Call us at:

(231-348-7690)

Fax: (231)-347-4126

Or write to:

St. Francis X. Federal Credit Union

2140 M-119

Petoskey, MI 49770

·         Tell us your name and account number.

·         Describe the electronic transfer you are unsure about, and explain as clearly as your can why you believe the credit union has made an error 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 fourteen (14) calendar days.  If we ask you to put your complaint or question in writing and we do not receive it within fourteen (14) calendar days, we may not recredit your account.

We will tell you the results of our investigation in writing within ten (10) business days after we hear from you and we will provisionally correct the error promptly or if the correction is in an amount different than the alleged error we will explain the reason for the difference.  We may take up to sixty (60) days to investigate your inquiry.  Our provisional credit to your account within ten (10) business days for the amount you think is in error, allows you the use of the money during the time it takes us to complete our investigation.

We will tell you the results within three (3) business days of completing our investigation.  If we decide that an error did not occur, we will send you a written explanation and we may charge back the corrected amount to your account within sixty (60) days of our notice to you.  If you request, we will provide you copies of documents (to the extent possible without violating other members’ rights to privacy) relied upon to conclude that the error did not occur.

12. REVERSAL OF TRANSACTION – We will reverse and recredit your account an electronic fund transfer initiated by your for the purchase of goods or services from a third party if you dispute the purchase of goods or services of $50.00 or more.  You must notify us within four (4) calendar days of the transaction that you have made a good faith attempt to resolve the dispute with the merchant, that you have returned or attempted to return the goods or services and that you request a reversal of the transaction.

If your request is oral, we may require that you verify the request in writing without fourteen (14) calendar days following oral notice.  If you do not provide us with written verification we may reinstate the original transaction amount.

13. 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 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.

14. 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 Michigan 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.  The name and address of the governmental agency regulating the credit union is:

National Credit Union Administration

300 Park Blvd., Suite 135

Itasca, IL 60143

15. 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.

E-mail Statement Disclosure and Electronic Consent Agreement:

As permitted by law, you hereby authorize St. Francis X. Federal Credit Union to electronically provide your Statement of Account and Account Notices. The electronic transmission of such statement may be conducted in a variety of means such as:

(a) your active retrieval via the Internet by any Internet access means from a specific Internet location (identified by the Credit Union in an e-mail message sent to you by the Credit Union); and/or

(b) any other means of electronically providing such documentation.

After electing to have your statement and notices sent to you electronically, you will no longer receive a paper statement via the U.S. postal service. You may still obtain a paper copy of your Statement by contacting the Credit Union through the following methods (a fee, as disclosed in the current Fee Schedule, may apply):

In writing:
St. Francis X. Federal Credit Union
2140 M-119
Petoskey, Michigan 49770

In person: at any of our branches

By phone: 231-348-7690

Discontinuation of E-mail Statement and Notices:(Return to paper statement and notices by mail)

You may withdraw your request to have your Statement of Account and Account Notices sent to you electronically by contacting the Credit Union either in writing or by e-mail at the above captioned addresses. You may also cancel this service yourself from within Online Banking by selecting the "Change e-Statement Preferences" option under the "History" menu. St. Francis X. Federal Credit Union does not assess any fees or charges to institute or cancel this service.

When Your Personal Information Changes:

You agree to immediately provide the Credit Union updated contact information in the event that your e-mail address (or any other means you have provided the Credit Union to contact you) becomes unusable or inaccurate for any reason. You may update this information by clicking the "Change e-Statement Preferences" option under the "History" menu and entering your new e-mail address. You may also inform us in person at any branch location.

Requirements to Receive an E-mail Statement and Account Notices:

A description of the current means used to provide electronic documentation along with current hardware and software requirements to receive such documentation is provided to you herein. You will be provided updated information in advance should the Credit Union change these methods and/or hardware/software requirements.

Minimum system requirements:

-A personal computer with a connection to the Internet, and Acrobat Reader 4.05 or greater version.

-Web Browser recommendations: Netscape Communicator 4.7x or above, or Microsoft Internet Explorer 4.01 or above, or America Online 32-bit encrypted version 4.0 or above.

-For security reasons, e-statements can only be accessed using a web browser that supports 128-bit encryption.

-E-statements are not compatible with WebTV.

-If you use Microsoft Internet Explorer for your browser, you will need the following setting enabled to view your statement:

-In the browser, go into your "Tools" from the menu bar;

-Choose "Internet Options",

-Choose "Advanced",

-Scroll down to "Security",

-Place a check mark in the box for "Do not save encrypted files to disk"

-Choose "Apply"

Additional Electronic Submissions:

By accepting e-statements, you also agree to receive periodic electronic messages from the credit union pertaining to SFXFCU announcements, disclosures, updates, etc. You will be provided with an opt-out option should you wish to discontinue receiving the periodic messages. You also agree that you may be notified electronically if you send SFXFCU an e-mail, fill out an application online or fill out our feedback questionnaire online.

Security Notice for Internet Transactions:

Many electronic communications sent and received over the Internet can and are intercepted by unauthorized recipients, beyond the control of the Credit Union. By authorizing the delivery of your Statement of Account electronically, you understand and agree that, to the extent permitted by law, the Credit Union cannot and will not be liable for any damages incident to the unauthorized receipt of electronic communications sent by or received from you where such unauthorized receipt is beyond the control of the Credit Union.

I have read, understand, and agree to the terms and conditions of the above Disclosure.