ONLINE BANKING DISCLOSURE

ELECTRONIC FUNDS TRANSFER DISCLOSURE AND AGREEMENT FOR ONLINE BANKING AND INTERNET BILL PAYMENT SERVICES

 

1. INTRODUCTION

This agreement governs the following products/services offered by Consumers Cooperative Credit Union Online Banking:

Online Banking Service: Consumers Online Banking Service allows you to access your Consumers accounts via the Internet 24 hours a day, seven days a week. You can complete transfers between accounts in your name as well as obtain statement information for downloading to financial management software.

Other: Access to other account services; including Bill Payment, e-Statements, e-Alerts, Stop Payments, and check ordering are made available through the Online Banking system. Certain conditions, restrictions and prohibitions apply to these services. Disclosures covering the details of these services are available and provided when you access the services.

All Services: This agreement is a supplement to certain other share account agreements which you have already entered into with Consumers Credit Union. It supplements those agreements, and sets forth additional terms and conditions for the above services. This agreement supersedes all other share account agreements to the extent there is a conflict.

"We","our","us", and "Consumers" refer to Consumers Credit Union Online Banking and "you" and "your" refer to anyone authorized to sign checks or make withdrawals on your account(s) and to anyone else you authorize to use the Online Banking Service issued to you on your behalf. You authorize another to access to your account when you provide them with your login account and access (PIN/password/pass-phrase) information. In the case of joint accounts, all persons on the account accept the terms and conditions of this Agreement, both jointly and severally.

The provisions of this agreement apply to all transactions covered by this agreement except where otherwise noted.

To the extent permitted by law, you agree to receive all disclosures and notices under this agreement electronically.

2. PERSONAL IDENTIFICATION NUMBERS AND SECURITY

Online Banking Service: You will be required to select a username and password for online banking access. Consumers Credit Union recommends that you change your PIN to a password/pass-phrase after your initial login and on a recurring basis thereafter. After the initial sign on, you will be required to enter a password/pass-phrase for any subsequent session. Additional authorizations may be required to access your account to create additional security for your access. These additional authentications may be referred to as Multi-Factor Authentications (MFA’s).

3. TYPES OF AVAILABLE ELECTRONIC TRANSFERS AND LIMITS

Online Banking Service: You or any persons who you have authorized to use your Online Banking Service and password/pass-phrase may use your Online Banking Service and password/pass-phrase to perform the following transactions to accounts in your name:

  1. 1. Perform inquiries on Consumers checking, savings, certificates, IRA and loan accounts.
  2. 2. Transfer funds between Consumers checking and savings accounts.
  3. 3. Transfer funds from a Consumers checking or savings account to make a CONSUMERS Loan payment.
  4. 4. Access your Home Equity Line of Credit account.

All EFT Services Limitations:

  1. 1. Transfers which will overdraft or close your checking or savings account are not permitted.
  2. 2. Transfers cannot be made from any account in an unavailable status, such as a dormant or inactive account or an account with a savings account loan for the full balance amount, or from any account subject to legal process or other encumbrance restricting the transfer.
  3. 3. The maximum number of monthly transfers from a Savings and Money Maker account is limited by regulation to six, which includes paid checks, pre-authorized transfers, telephone transfers, and POS transactions. ATM transactions are not included.
  4. 4. Applicable transfer, overdraft, NSF, or ODP (OverDraft Privilege) fees and charges may be applied to your account as applicable.

4. POSTING AND TIMING OF TRANSACTIONS AND DOCUMENTATION OF TRANSACTIONS

Online Banking Service: Online Banking account transactions are immediately posted to your account, unless designated for future transaction dates. Transaction inquiries will contain the posting date. A record of these transactions will be fully disclosed on your periodic statement. In addition, you will receive a confirmation number at the time of each transaction.

5. LIABILITY FOR FAILURE TO MAKE TRANSFERS

If we do not complete a transfer from or to your account(s) on time or in the correct amount, we will be liable for your direct losses or damages, except:

  1. 1. If there is a terminal, equipment, software, or system failure of which you are made aware at the time you request a transfer.
  2. 2. If your telephone, PC, Internet Service Provider (ISP) was not working properly when you attempted to authorize a transaction.
  3. 3. If you have not given us complete, accurate, or current account numbers or other identifying information so we or a merchant institution can properly credit your account.
  4. 4. If you have not properly followed the Online Banking instructions or have provided us with wrong or inaccurate information.
  5. 5. If, through no fault of ours, your account(s) does not contain enough money to make the transfer.
  6. 6. If the funds are subject to legal process or other encumbrances restricting such transfer.
  7. 7. If your account is not in good standing with Consumers caused by a delinquent loan, negative balance, or charged-off account or other similar status.
  8. 8. If the transfer would go over the credit limit on an overdraft line of credit you may have.
  9. 9. If circumstances beyond our control (such as fire, flood, or natural disaster) prevent the transfer.

6. FEES

There are no fees for online banking services use. Please refer to our Fee Schedule for other account transaction fees.

7. ERRORS

If your statement shows transfers that you did not make, tell us at once. If you do not tell us within sixty days after the statement was mailed to you, you may not get back any money lost after the sixty days. If you believe someone has transferred or may transfer money without your permission, call us immediately at:

Toll Free: (877) ASK CCCU
Local: (847) 623-3636

Or write to:

Consumers Cooperative Credit Union
PO Box 9119
Waukegan, IL 60079-9119
Fax: (847) 623-9542

8. AMENDMENTS AND TERMINATION

We reserve the right to amend or terminate online banking services, or this disclosure at any time. You may also discontinue Online Banking Services at any time. Upon notification, we will block the account from further online banking access.