ELECTRONIC FUNDS TRANSFER
DISCLOSURE AND AGREEMENT
4/05
Please read this disclosure carefully because it tells you of your rights and obligations concerning Electronic Funds Transfers. Keep this disclosure for future reference.
In this disclosure "you" and "your" means the person(s) who has an interest in a single account affected by an "electronic fund transfer". "We" or "us" refers to the Birmingham Bloomfield Credit Union.
This disclosure is a contract. The terms and conditions set out in this disclosure are binding to you and to us when making "electronic fund transfers". Your use of the account(s) or your making of such transactions constitutes your acceptance of the terms and conditions of this disclosure.
The terms and conditions of this disclosure only apply to those services described below.
TYPES OF ELECTRONIC FUNDS TRANSFERS:
Birmingham Bloomfield Credit Union offers the following types of EFT services:
Automated Teller Machine (ATM) If you have been issued an ATM Card or a Debit MasterCard and a Personal Identification Number (PIN), you may do transactions at ATMs, which are part of the network we participate in, as indicated by the logos on the back of your card. You may use your card to:
- Withdraw cash from your savings or checking account.
- Make deposits to your savings or checking account.
- Transfer funds between your savings, checking, or loan.
- Make payments to your loan.
- Access your line of credit.
- Obtain savings or checking account balances.
SECRECY OF PIN:
You agree to keep your PIN confidential. You also agree that you will not write the PIN on your card nor on any item you keep with your card
PER DAY LIMITATIONS
There are no limitations on deposit transactions. However, to protect against losses, your ATM card will allow you to make no more than 5 withdrawals or $500 per day.
CREDITING OF DEPOSITS AND PAYMENTS
All ATM deposits will not be available for withdrawal or to pay checks you have written until 2 business days after the day of the deposit .
Deposits or payments made at an ATM, whether in cash, check, or money order, are subject to verification and posting may be delayed until they can be collected from the machine and verified. Further delay may occur due to a holiday or day on which we are closed for business.
RESPONSIBILITY OF OVERDRAFT
If you obtain cash from an ATM that causes any of your accounts to be overdrawn, the overdrawn amount is due and payable the moment you receive it and you agree to pay the full amount to us immediately, including the fee. In the event of your checking account being overdrawn, depending upon which overdraft option you have selected, one of the following options will transfer the amount of the overdraft:
1) transfer from savings accounts or
2) an advance on your line of credit, in accordance with the terms and conditions of your line of credit contract. If there are not sufficient funds to make the transfer or you have no overdraft protection for your checking account, or in the event of an overdrawn savings account, you authorize us to apply from any other savings account you may have with us, the amount necessary to cover the overdrawn amount plus any fee.
LIABILITY OF UNAUTHORIZED USE OF YOUR LINE OF CREDIT
You may be liable for the unauthorized use of your Line of Credit, in the event of Direct Access at an ATM. You will not be liable for unauthorized use that occurs after you notify us orally or in writing, of the loss, theft or possible unauthorized use. In any case, your liability will not exceed $50.
Point of Sale (POS) You may use your ATM or Debit MasterCard to purchase retail goods or services. Your checking account will be debited for the amount of the purchase.
Per Day Limitations
To protect against losses, your Debit MasterCard will allow you to make up to a maximum of 5 PIN based withdrawals/purchases of $500 per day, or signature based purchases of $1500 per day.
Audio Response (Tell'r Phone) Our Audio Response program allows you to make transfers between your savings, checking and loan account through the use of a touch tone telephone and a PIN (Personal Identification Number)
Preauthorized EFT When you authorize payments or deposits to or from your account on a recurring basis, such as:
- Direct Deposit to your savings or checking account
- Direct Withdrawal from your savings or checking account
VERIFICATION:
You can verify your EFT has been posted to your account by calling 248-647-5958 during Credit Union business hours, or by using Tell'r Phone or Virtual Branch Online Banking.
NOTICE OF VARYING AMOUNTS
If these regular payments 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.
RIGHT TO STOP PAYMENT
You may stop payment of a pre-authorized electronic fund transfer by notifying us orally or in writing at least three business days before the scheduled date of the transfer. We require a signed affidavit of the stop payment order within 14 days of the oral notification. An oral stop-payment order ceases to be binding after 14 days if you fail to provide the required signed request.
Online Banking (Virtual Branch) You must use the Logon ID and Security Code assigned to you to access your accounts. You may use Online Banking to:
- Transfer funds between your savings, checking, and loan accounts.
- Obtain balance information on your accounts.
- Make loan payments from your accounts.
- Access account history.
- Email the credit union messages.
Your accounts can be accessed through Virtual Branch via personal computer. Online Banking is 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, or lower an account below a required balance.
MINIMUM BALANCE
You must always maintain a minimum of $5 in your regular savings account to be entitled to make "electronic fund transfers" affecting your account(s).
LIMITATIONS ON FREQUENCY OF TRANSFERS
At the present time, there are no limits on the numbers of allowable transfers.
BUSINESS DAY
For purposes of this Agreement, a Business Day is defined as Monday through Friday, excluding holidays.
DOCUMENTATION OF TRANSFERS
A receipt will be made available at the time a transaction is made using an Automated Teller Machine (ATM) or a Point of Sale (POS) Terminal.
PERIODIC STATEMENT
A periodic statement will be sent for each month a EFT occurs and at least quarterly if no transfer has occurred.
FEES:
The amount of any BBCU fees applicable will automatically be deducted from your account. (See fees.)
An additional fee (other than BBCU fees) may be charged for transactions or a balance inquiry at an ATM by: an ATM operator not holding your account: or any national, regional, or local network used to complete the transaction.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS
Telephone us at 248-647-5958 or write us at Birmingham Bloomfield Credit Union, 576 East Lincoln, Birmingham, MI 48009 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 appears.
- Tell us your name and account number
- 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 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* 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 10 business days* 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 credit your account.
If we decide that there was no error, we will send you a written explanation within three business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.
* If you give notice of an error that occurred within 30 days after you made the first deposit to your account, we will have 20 business days instead of 10 business days.
** If you give notice of an error that occurred within 30 days after you made the first deposit to your account, notice of an error involving a point of sale transaction, or notice of an error involving a transaction initiated outside the US its possessions and territories, we will have 90 days instead of 45 to investigate.
LIABILITY FOR FAILURE TO MAKE AN ELECTRONIC FUND TRANSFER
If we do not complete an EFT as described in this disclosure on time or in the correct amount according to our agreements with you, we will be liable for your losses of damages. However, there are some exceptions. We will not be liable, for instance:
- if your card is damaged:
- if you do not have enough money, or available funds in your account to make the transfer
- if there is not enough money in your account, in excess of amounts you have specifically pledged to us as collateral, to make the transfer
- if the funds in your account are subject to garnishment or other legal process that prevents the making of the transfer
- if the transfer would go over the credit limit on your overdraft line
- if the ATM where you are making the transfer does not have enough cash
- if you use or try to use your ATM card after your right to use it has been canceled
- if circumstances beyond our control prevent the transfer, despite reasonable precautions that we have taken
- if you fail to observe the terms and conditions of this agreement or our account agreements with you, as they relate to "electronic fund transfer"
LIABILITY FOR UNAUTHORIZED USE ATM CARD:
Tell us at once, if you believe your ATM card (PIN) has been lost or stolen. 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 believe your ATM card (PIN) has been lost or stolen, and you tell us within 2 business days, you can lose no more than $50, if someone used your ATM card (PIN) without your permission.
If you do NOT tell us within 2 business days after you learn of the loss or theft of your ATM card (PIN), and we can prove we could have stopped someone from using your ATM card (PIN) 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, 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.
Debit Card - POINT OF SALE TRANSACTIONS:
You will have zero liability for unauthorized use of your Debit MasterCard when used for Point of Sale transactions provided:
- You used reasonable care in safeguarding the card: from risk of loss or theft;
- you have not reported two or more incidents of unauthorized use to us in the immediately preceding 12 months period; and
- you have maintained your account in good standing.
In all other situations, your maximum liability for unauthorized Debit MasterCard transactions will be $50. If the unauthorized use of your Debit MasterCard occurred at an ATM, the above ATM card liability will apply.
NOTICE OF UNAUTHORIZED USE
If you believe your ATM card (PIN) has been lost or stolen, or that someone has transferred or may transfer money from your account without your permission, call the Credit Union at:
(248) 647-5958 or write to
Birmingham Bloomfield Credit Union
576 East Lincoln
Birmingham, MI 48009
DISCLOSURE OF INFORMATION TO THIRD PARTIES
We will disclose information to third parties about your account or the transfer you make:
- Where it is necessary for completing the transfer 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 a government agency or court order or
- To verify information regarding improper or unauthorized use of your account or
- If you give us your written permission or
- Where otherwise provided by law
AMENDMENTS/TERMINATION
We reserve the right to amend this disclosure (agreement) at any time, with at least 21 days advance notice. We also reserve the right to terminate this disclosure (agreement) by sending notice to your last-known address on our records, effective on the date mailed.
REGULATORY AUTHORITY
This disclosure is furnished to you to meet the requirements of Federal and Michigan statutes, as well as Regulation E, issued by the Federal Reserve Board, as they relate to Electronic Funds Transfers.
If you have a question about your rights under these laws or you believe that your legal rights have been violated, you may contact the following agency:
Office of Financial and Insurance Services
Michigan Department of Consumer and Industry Services
P.O. Box 30224
Lansing, Michigan 48909
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TRUTH-IN-SAVINGS ACCOUNT
4/05
REGULAR SHARE ACCOUNT
Minimum Opening Deposit
In order to become a member you must purchase a $5.00 share in the Credit Union.
Rate Information
The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account determined by the Credit Union board of directors.
Compounding and Crediting
Dividends will be compounded and credited o your account every quarter.
Dividend Period
For this account type, the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31. If you close your account before dividends are paid, you will not receive the accrued dividends.
Minimum Balance Requirements
In order to maintain your membership in Birmingham Bloomfield Credit Union you must maintain a minimum balance of $5.00 in your Regular Share Account at all times.
Daily Balance Computation Method
Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of Dividends on Noncash Deposits
Dividends will begin to accrue on the business day you deposit noncash items (for example, checks) to your account.
Transaction Limitations
There are no minimum deposit or withdrawal restrictions for this account.
Fees and Charges
Refer to the accompanying Fee Schedule for any related fees associated with this account.
CHECKING ACCOUNT
Minimum Opening Deposit
There is no minimum balance required to open this account. In order to maintain your membership in Birmingham Bloomfield Credit Union you must maintain a minimum balance of $5.00 in your Regular Share Account at all times.
Rate Information
No dividends are paid on this account.
Minimum Balance Requirements
There are no minimum daily balance requirements.
Transactions Limitations
There are no minimum deposit or withdrawal restrictions for this account.
Fees and Charges
Refer to the accompanying Fee Schedule for any other related charges associated with this account.
CHRISTMAS/VACATION CLUB ACCOUNT
Minimum Opening Deposit
There is no minimum opening deposit on this account. In order to maintain your membership in Birmingham Bloomfield Credit Union you must maintain a minimum balance of $5.00 in your Regular Share Account at all times.
Rate Information
The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the Credit Union board of directors.
Compounding and Crediting
Dividends will compounded and credited to your account every quarter.
Dividend Period
For this account type, the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31. If you close your account before dividends are paid, your will not receive the accrued dividends.
Minimum Balance Requirements
There is no minimum balance required for this account.
Daily Balance Computation Method
Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of Dividends on Noncash Deposits
Dividends will begin to accrue on the business day you deposit noncash items (for example, checks) to your account.
Transactions Limitations
There are no transaction limitations on this account. However on July 1 the funds from your Vacation Club Account will be transferred to your Checking Account and on November 1 the funds from your Christmas Club Account will be transferred to your Checking Account. If your do not have a Checking Account, funds will be transferred to your Regular Share Account.
Fees and Charges
Refer to the accompanying Fee Schedule for any related fees associated with this account.
IRA SAVINGS
Minimum Opening Deposit
There is no minimum opening deposit on this account. In order to maintain your membership in Birmingham Bloomfield Credit Union you must maintain a minimum balance of $5.00 in your Regular Share Account at all times.
Rate Information
The dividend rate and annual percentage yield may change every quarter. We may change the dividend rate for your account as determined by the Credit Union board of directors.
Compounding and Crediting
Dividends will compounded and credited to your account every quarter.
Dividend Period
For this account type, the dividend period is quarterly. For example the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31. If you close your account before dividends are paid, your will not receive the accrued dividends.
Minimum Balance Requirements
There is no minimum balance required for this account.
Daily Balance Computation Method
Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of Dividends on Noncash Deposits
Dividends will begin to accrue on the business day you deposit noncash items (for example, checks) to your account.
Transactions Limitations
There are no minimum deposit or withdrawal restrictions for this account.
Fees and Charges
Refer to the accompanying Fee Schedule for any related fees associated with this account.
SUPER SAVER ACCOUNT
Minimum Opening Deposit
The minimum balance required to open this account is $2,500.00. In order to maintain your membership in Birmingham Bloomfield Credit Union you must maintain a minimum balance of $5.00 in your Regular Share Account at all times.
Rate Information
The interest rate and annual percentage yield may change daily. We may change the dividend rate for your account as determined by the Credit Union board of directors.
Compounding and Crediting
Dividends will compounded every month. Dividends will be credited to your account every month. If you close your account before interest is paid, you will receive the accrued interest up to the day of the draw.
Minimum Balance Requirements
There is no minimum balance required for this account but you must maintain a minimum of $2,500 to earn the highest tiered rate.
Daily Balance Computation Method
Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of Interest on Noncash Deposits
Dividends will begin to accrue on the business day you deposit noncash items (for example, checks) to your account.
Transactions Limitations
There are no minimum deposit or withdrawal restrictions for this account.
Fees and Charges
Refer to the accompanying Fee Schedule for any related fees associated with this account.
2-MONTH/6-MONTH TERM SHARE ACCOUNT
(CERTIFICATE OF DEPOSIT)
Minimum Balance Requirements
You must deposit a minimum of $500.00 to open either Term Share Account type. In order to maintain your membership in Birmingham Bloomfield Credit Union you must maintain a minimum balance of $5.00 in your Regular Share Account at all times.
Account Restrictions
After the account is opened, you may not make additional deposits. The Credit Union reserves the right to require a 30-day written notice of early withdrawal.
Maturity Date
2 months or 6 months as stated on the certificate.
Rate Information
Refer to the accompanying Rate Schedule for the interest rate and annual percentage yield applicable to either Term Share Account. The stated interest rate and annual percentage yield are fixed for the term of the account.
Balance Computation Method
We use a daily balance method to calculate the interest on these Term share Accounts. This method applies a daily periodic rate to the principal in your account each day.
Accrual of Interest
On both cash and noncash deposits, interest begins to accrue on the day of deposit (business day).
Compounding and Crediting of Interest
Interest is compounded and credited to your Term Share Account at maturity on 2-Month Term Share Account and every 90 days for 6-month Term Share Accounts. You may elect to have your interest transferred to your Regular Share Account instead of crediting to your Term Share Account. The annual percentage yield assumes that both principal and interest will remain on deposit for one (1) full year.
Early Withdrawal Penalty
If you redeem your Term Share Account before its scheduled maturity, you will be assessed an early withdrawal penalty of 60 days of interest on 2-month CDs or 90 days on 6-month CDs. If the penalty is greater than the interest due, the difference will be deducted from the principal. Partial withdrawals are not permitted (the full amount must be withdrawn). In addition, an early withdrawal will result in the closing of the Term Share Account. The early withdrawal penalty will be waived upon the death of any account holder.
Renewal Policy and Grace Period
Your Term Share Account will automatically renew at maturity. You will have a grace period of 7 calendar days after maturity date to withdraw funds without an early withdrawal penalty. If funds are withdrawn during this 7-day grace period, interest will be paid from maturity date to the date of withdrawal at the current rate of interest in effect on date of redemption.
Fees and Charges
Refer to the accompanying Fee Schedule for any related fees associated with this account.
1,2,3 AND 4-YEAR TERM SHARE ACCOUNT
(CERTIFICATE OF DEPOSIT)
Minimum Balance Requirements
You must deposit a minimum of $500.00 to open any of these Term Share Account types. In order to maintain your membership in Birmingham Bloomfield Credit Union you must maintain a minimum balance of $5.00 in your Regular Share Account at all times.
Account Restrictions
After the account is opened, you may not make additional deposits. The Credit Union reserves the right to require a 30-day written notice of early withdrawal.
Maturity Date
1,2,3 or 4 years, as stated on the certificate.
Rate Information
Refer to the accompanying Rate Schedule for the interest rate and annual percentage yield applicable to any of these Term Share Accounts. The stated interest rate and annual percentage yield are fixed for the term of the account.
Balance Computation Method
We use a daily balance method to calculate the interest on these Term share Accounts. This method applies a daily periodic rate to the principal in your account each day.
Accrual of Interest
On both cash and noncash deposits, interest begins to accrue on the day of deposit (business day).
Compounding and Crediting of Interest
Interest is compounded and credited to your Term Share Account every 90 days. You may elect to have your interest transferred to your Regular Share Account instead of crediting to your Term Share Account. The annual percentage yield assumes that both principal and interest will remain on deposit for one (1) full year.
Early Withdrawal Penalty
If you redeem your Term Share Account before its scheduled maturity, you will be assessed an early withdrawal penalty of 90 days of interest on the principal amount. If the interest penalty is greater than the interest due, the difference will be deducted from the principal. Partial withdrawals are not permitted (the full amount must be withdrawn). In addition, an early withdrawal will result in the closing of the Term Share Account. The early withdrawal penalty will be waived upon the death of any account holder.
Renewal Policy and Grace Period
Your Term Share Account will automatically renew at maturity. You will have a grace period of 7 calendar days after maturity date to withdraw funds without an early withdrawal penalty. If funds are withdrawn during this 7-day grace period, interest will be paid from maturity date to the date of withdrawal at the current rate of interest in effect on redemption date.
Fees and Charges
Refer to the accompanying Fee Schedule for any related fees associated with this account.
IRA TERM SHARE ACCOUNT
Minimum Balance Requirements
You must deposit a minimum of $500.00 to open any of these Term Share Account types. In order to maintain your membership in Birmingham Bloomfield Credit Union you must maintain a minimum balance of $5.00 in your Regular Share Account at all times.
Account Restrictions
After the account is opened, you may not make additional deposits. The Credit Union reserves the right to require a 30-day written notice of early withdrawal.
Maturity Date
1, 2, 3, 4 Years, as stated on the certificate.
Rate Information
Refer to the accompanying Rate Schedule for the interest rate and annual percentage yield applicable to any of these Term Share Accounts. The stated interest rate and annual percentage yield are fixed for the term of the account.
Balance Computation Method
We use a daily balance method to calculate the interest on these Term share Accounts. This method applies a daily periodic rate to the principal in your account each day.
Accrual of Interest
On both cash and noncash deposits, interest begins to accrue on the day of deposit (business day).
Compounding and Crediting of Interest
Interest is compounded and credited to your Term Share Account every 90 days. The annual percentage yield assumes that both principal and interest will remain on deposit for one (1) full year.
Early Withdrawal Penalty
If you redeem your Term Share Account before its scheduled maturity, you will be assessed an early withdrawal penalty of 90 days of interest on the principal amount. If the interest penalty is greater than the interest due, the difference will be deducted from the principal. Partial withdrawals are not permitted (the full amount must be withdrawn). In addition, an early withdrawal will result in the closing of the Term Share Account. The early withdrawal penalty will be waived upon the death of any account holder.
Renewal Policy and Grace Period
Your Term Share Account will automatically renew at maturity. You will have a grace period of 7 calendar days after maturity date to withdraw funds without an early withdrawal penalty. If funds are withdrawn during this 7-day grace period, interest will be paid from maturity date to the date of withdrawal at the current rate of interest in effect on redemption date.
Fees and Charges
Refer to the accompanying Fee Schedule for any related fees associated with this account.
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