Privacy Statement | Savings Protection
Googolplex Youth Magazine
TruGrocer Federal
Credit Union
YOUR SHARE DEPOSIT
ACCOUNT TERMS AND CONDITIONS, ELECTRONIC
FUND TRANSFERS,
FUNDS AVAILABILITY,
TRUTH-IN-SAVINGS, PRIVACY AND ACCOUNT AGREEMENT
YOU SHOULD KEEP THIS
DISCLOSURE STATEMENT FOR FUTURE REFERENCE
Dear Credit Union Member:
This disclosure statement contains the rules which govern, where
appropriate, your share account at the Credit Union. Unless it would be
inconsistent to do so, words and phrases used in this disclosure statement
should be construed so that the singular includes the plural and the plural
includes the singular. Elsewhere in this disclosure statement, you will find a
schedule of the applicable dividend rates, methods of calculation, minimum
balance requirements and fees. Please read this information carefully;
continued use of your share account with us after receipt of this disclosure
statement means you agree to these rules, you agree to pay the fees listed, and
you give us the right to collect the fees, as earned, directly from your
account balance. If you have any questions about the information contained in
this disclosure statement, please call your branch office at the phone number
listed in this disclosure statement.
Much of our relationship with our credit union members is
regulated by state and federal law. The body of law is too large and complex to
be reproduced here. The purpose of this disclosure statement is to summarize
the rules applicable to the more common transactions and establish rules for
certain events or transactions. We may permit some variations from this
standard agreement, but any such variation must be agreed to in writing in a
written form acceptable to credit union management.
In this disclosure statement, the words "WE", "
In this disclosure statement, "Share Draft Account"
means your checking account and "Share Draft" means check.
LIABILITY
- You agree to the terms of your credit union share account and the schedule of
fees that may be imposed. You authorize us to deduct fees directly from your
account balance. You also agree to pay additional reasonable charges we may
impose for services you request which may not be outlined in this disclosure
statement. You and any joint owner you have signed on your account also agree
to be liable for any account deficit resulting from charges or overdrafts,
whether caused by you or another authorized to withdraw or write share drafts
on your account, and the costs we incur to collect the deficit, including, to
the extent permitted by law, our reasonable attorneys’ fees.
DEPOSITS
- We will make funds from your deposits available to you on the same business
day we receive your deposit provided that deposit is made prior to 3:00 p.m. on
a business day that we are open. Any deposits made in foreign currency will be
at the exchange rate in effect upon final collection in U.S. dollars. We
reserve the right to place a hold on your deposit if we have reason to believe
that the item you have deposited will not be paid. If we delay your ability to
withdraw funds, we will notify you in accordance with our Funds Availability
Schedule as presented later in this disclosure statement. The Credit Union will
not accept stale dated or improperly endorsed checks for deposit.
WITHDRAWALS
- You may withdraw available funds in your account by calling your credit union
branch office and requesting that a check be mailed to your address of record,
by visiting your branch office in person, by writing a share draft or
initiating a bill payment transaction against funds available in your Share
Draft Account and/or Overdraft Protection Line-of-Credit, by telephoning the
Electronic Teller (E.T.) using a touch tone phone and your personal
identification number (PIN) to request a transfer or check, by accessing CU
OnLine with a personal computer via the Internet using your password and PIN to
request a transfer or check, by accessing a Quick Cash Dispenser (QCD) at
limited locations using your PIN to request a transfer or cash withdrawal, or
by accessing a CO-OP, MASTERCARD, PLUS, or STAR network Automated Teller
Machine (ATM) or Point Of Sale (POS) register using your ATM/POS/Debit card and
PIN or signature to withdrawal cash or make a purchase against funds available
in your Share Draft Account and/or Overdraft Protection Line-of-Credit. Any
joint owner or signer on your account also has the right to withdraw funds. The
fact that we may overdraw your account to pay an item presented for payment
does not obligate us to do so.
We reserve the right to refuse a withdrawal request or transfer
request which is attempted by any method not specifically permitted or that
exceeds any frequency limitation. In accordance with the Federal Credit Union
Act, we may require up to 60 days notice for withdrawal of funds. We may refuse
a withdrawal request if satisfactory identification has not been produced.
Limitations for each account type are presented in the Truth-in-Savings section
of this disclosure statement.
OWNERSHIP OF ACCOUNT
& DESIGNATION OF BENEFICIARY - When you join
TruGrocer Federal Credit Union you will be designated as the primary
shareholder. You have the option of naming a joint owner on your primary share
account. A joint owner named on the
primary share account will be considered a joint owner on all other share
accounts at the Credit Union except the Share Draft Account and Individual
Retirement Accounts. A separate joint owner/account signer agreement will be
maintained for Share Draft Accounts. Joint owners are not allowed on Individual
Retirement Accounts. A joint owner named
on the primary share account who qualifies for membership, as listed in the
Membership Requirements section, will be considered a Joint Member having the
rights that the Primary Member has, including the right to deposit, withdraw,
make and repay loans, obtain any information and close the account. A joint owner named on the primary share
account who does not qualify for membership, will be considered a Joint
Shareholder having only the right to deposit, withdraw and obtain information
on the account. A Joint Shareholder does
not have the right to vote, make or repay loans or to close the account. In the event of death of the Primary Member,
the account will have to be closed if the Joint Shareholder is not in the
Credit Union’s field of membership. Once
a joint owner is added to an account, that name cannot be removed without the
joint owners signature. The beneficiary named on your membership application
will receive any benefits paid under the Life Savings Insurance Contract. You
must notify us in writing if a beneficiary change is required on your account.
A separate beneficiary listing is required for IRA’s.
STOP PAYMENTS
- We will allow you to place a stop payment order over the phone provided the
item in question has not been paid. You must return the signed stop payment
voucher within ten days of placing the stop payment or the stop payment order
will be removed. A release of the stop payment request may be made only by the
person who initiated the stop payment. If you request a cancellation of a
cashiers check that has been issued from your account due to the check being
lost in the mail, and that cashiers check is later presented for payment, you
assume full responsibility and we have the right to charge back the cashiers
check against your account. If the funds are not available in your account, you
agree to reimburse us immediately upon our written or verbal notification.
TELEPHONE TRANSFERS
- You may transfer funds between your share accounts by telephone, CU OnLine or
via the Electronic Teller provided you do not exceed any frequency limitations,
minimum balance requirements or conditions specific to a particular share
account. Limitations are presented in the Truth-in-Savings and Electronic Fund
Transfers sections of this disclosure statement.
ONLINE ELECTRONIC MAIL
CAPABILITIES AND LIMITATIONS - The Credit Union
will not immediately receive and review OnLine electronic mail messages that
you send and WILL NOT process requests for funds transfers received in this
manner. If a request requires immediate attention, contact your Credit Union
branch directly by telephone or in person.
AMENDMENTS &
TERMINATION - From time to time we may amend the
terms and conditions on your account. If we make changes in our terms and
conditions we will give you reasonable notice either in writing or, if
appropriate, by posting notices. You may close your credit union account or
discontinue a service by sending a written request to your branch office or in
person. We may close your account or discontinue a service without notice if
you abuse an account or service in any way or if your account balance drops
below the minimum amount required for membership.
STATEMENTS
- You will receive statements on your account at least quarterly and in some
cases monthly. You must examine your statements and notify us promptly of any
discrepancy on your account. To protect your rights, you must contact us in
writing within 60 days from the date of your statement. You may phone us to
report a discrepancy, but doing so will not preserve your rights. When you
write, you must provide your name and account number, the dollar amount of the
suspected error and the reason you believe there is an error. If you do not
follow the proper procedures of notification, you may not assert a claim
against us for any loss that you incur.
CHANGE OF ADDRESS
- You must notify us in writing of your change of address. Change of address
requests will not be accepted over the telephone.
DIRECT DEPOSIT
- You may sign up to have your Employers payroll, Social Security benefit or
Tax refund directly deposited to your account. If for any reason we deposit
funds to your account that have been deposited in error, you authorize us to
deduct this amount from your account without prior notice.
STATUTORY LIEN - If
you are in default on a financial obligation to us, federal law gives us the
right to apply the balance of shares and dividends in your account(s) at the
time of default toward your outstanding obligation. Once you are in
default, we may exercise this right without further notice to you.
SET-OFF
- You agree that we may, without prior notice and when permitted by law, use
the funds in this account against any due and payable debt owed to us now or in
the future. The right of set-off does not apply to Individual Retirement
Accounts. We will not be liable for the dishonor of any share draft when the
dishonor occurs because we set-off a debt against your account. You agree to
hold us harmless from any claim arising as a result of our exercise of our
right of set-off.
DIVIDENDS
- Dividends are paid on all share accounts except the Share Draft Account and
are compounded daily and paid to the account monthly using the daily balance
method, which applies a daily periodic rate to the balance in the account each
day. Dividends are paid from current income and available earnings after
required reserve transfers and therefore cannot be guaranteed or declared prior
to the end of the dividend period. Dividends begin to accrue on the business
day deposits are made to your accounts. Accounts will not accrue a dividend for
any day that the account balance drops below the minimum balance requirement.
For specific rate information, refer to the Truth-in-Savings section of this
disclosure statement.
MEMBERSHIP
REQUIREMENTS - You must complete and sign an
Application for Membership and work regularly in the grocery and supermarket
industry in the
SUSPENDED SERVICES
- We may suspend services to any member who has caused a loss to the Credit Union,
i.e.: loan charge off, bad check, etc… If service is suspended, it will be
re-instated upon remedy of the loss.
COLLECTION COSTS ON
OVERDRAWN ACCOUNTS – If any of your accounts become
overdrawn for any reason, and it is necessary for us to initiate collection
action to recover the amount overdrawn, you agree to pay the costs of recovery,
including non-exclusively, outside collection fees, collection agencies, costs
and reasonable attorneys’ fees.
CREDIT UNION BUSINESS
DAY - Our business days are Monday through Friday,
excluding holidays.
TELEPHONE NUMBERS
& ADDRESSES - If you need to contact us, call or
write:
LEGAL NOTICE ADDRESS : TRUGROCER FEDERAL CREDIT UNION, ATTN: LOAN
SERVICING OFFICER,
DALLAS/FT. WORTH:
1327 BROWN TRAIL,
LOS ANGELES:
ELECTRONIC TELLER: (208)
343-1035
WEBSITE: www.trugrocer.com
We
are committed to providing you with competitive products and services to meet
your financial needs, which necessitates that we share information about you to
complete your transactions and to provide you with certain financial
opportunities. In order to do so, we have entered into agreements with other
companies that provide either services to us or additional financial products
for you to consider. Under these agreements, we may disclose information we
collect, as described below, to companies that perform marketing or other
services on our behalf or to other financial institutions with whom we may have
joint marketing agreements.
To
protect our members' privacy, we only work with companies that agree to
maintain strong confidentiality protections and limit the use of the
information we provide. We do not permit these companies to sell
information to other third parties.
Information
We Collect
We
collect nonpublic information about you from some or all of the following
sources:
Information we receive from you on
membership and loan applications and other forms, such as your name, address,
social security number, assets and income;
Information about your
transactions with us, our affiliates, or others such as your account balance,
payment history, parties to transactions and credit card usage;
Information we receive from a
consumer reporting agency, such as your creditworthiness and credit history;
and
Information obtained when
verifying the information you provide on an application or other forms, such as
from your current or past employers or from other institutions where you
conduct financial transactions.
Information
We Disclose
We
may disclose some of the information we collect as described above to companies
that perform marketing services on our behalf or to other financial
institutions with whom we have joint marketing agreements. We may also disclose
information about you under other circumstances as permitted or required by
law.
If
you terminate your membership with TruGrocer Federal Credit Union, we will not
share information we have collected about you, except as permitted or required
by law.
Our
Security Measures
We
restrict access to nonpublic information about you to those employees who need
to know that information to provide products or services to you. Our employees
are trained in the importance of maintaining confidentiality and member
privacy. We maintain physical, electronic and procedural safeguards that comply
with Federal regulations and leading industry practices to safeguard your
nonpublic personal information.
ELECTRONIC FUND TRANSFERS-
YOUR RIGHTS AND RESPONSIBILITIES
The Electronic Fund Transfers we are capable of handling are
indicated below, some of which may not apply to your credit union account.
Please read this list over very carefully to determine the services available
to you and your rights and obligations for these transactions.
You may order an
electronic fund transfer to or from your account. We will debit your account for the amount of
the electronic fund transfer and will charge your account for any fees related
to the transfer.
Electronic fund
transfers we permit that are subject to Article 4A of the Uniform Commercial
Code will be subject to such provisions of the Uniform Commercial Code as
enacted by the state where the main office of the Credit Union is located.
Each member who transfers funds through
an electronic device agrees to be bound by Regulation E, The Electronic Funds
Transfer Act, and all other rules and regulations which may govern such
transfer or withdrawal.
Any wire transfer sent or received may involve Fedwire and,
therefore, will be subject to the provisions of the Federal Reserve Regulation
J.
In this disclosure statement "E.T." refers to the
Electronic Teller system, "PIN" means Personal Identification Number,
"CARD" refers to any access card issued to you, "TRANSFER"
refers to any transaction completed through the Electronic Teller, CU OnLine,
Bill Payer, QCD or deposits, transfers and withdrawals initiated by a third
party, "ATM" refers to any Automated Teller Machine, "POS"
refers to a Point-of-Sale transaction, “Debit” refers to a MASTERCARD debit
transaction and "QCD" refers to a Quick Cash Dispenser (available at
limited locations). "CU Online" refers to personal computer Credit
Union access through the Internet, "Bill Payer" refers to bill
payment services.
Separate Personal Identification Number’s (PIN’s) are issued to
access different electronic delivery services. When a membership account is
opened a PIN is issued to access E.T. and the QCD. A separate PIN is issued to
access ATM and POS devices with an ATM/POS/Debit Card. The E.T./QCD PIN, along
with an additional Password, is required to access CU OnLine.
E.T. may be accessed 24 hours a day by calling (208)343-1035 or
(800)392-3328. Toll free usage is limited to 20 minutes per month. Usage in
excess of 20 minutes per month will result in a penalty fee of $1.00 per each
minute in excess of 20 minutes. This fee will be assessed on the last day of
the month and will be charged to your regular share account. If funds are not
available in your regular share account, we may charge another share account.
The amount of the charge will appear on your statement of account.
CU OnLine may be accessed 24 hours a day by your personal computer
through the Internet at www.trugrocer.com. The posting of transactions may be
delayed on CU OnLine in the evening hours during Host Maintenance. Once the
Host Maintenance period has ended the transactions will automatically post.
TYPES AND LIMITATIONS OF TRANSFERS
- You may use E.T. from a touch tone phone or CU OnLine on the Internet to do
the following transactions: 1) account balance inquiries, 2) transfer funds
between share accounts, 3) request a withdrawal check to be mailed from a share
account, 4) transfer funds from a share account to make a loan payment, 5) find
out your last direct payroll deposit and the date of the deposit, 6) check to
see if a share draft has cleared your account, 7) modify bill payment transfers
to participating merchants you have authorized once you have signed up for the
Bill Payer service.
You may use the QCD at limited locations to do the following
transactions: 1) account balance inquiries, 2) transfer funds between share
accounts, 3) request a cash withdrawal from a share account or an overdraft
line-of-credit, 4) transfer funds from a share account to make a loan payment.
Access and
Limitations. You may access your account via E.T.,
the QCD or CU OnLine as often as you like. Withdrawals from Individual
Retirement Accounts and Club Accounts are not allowed through E.T. the QCD or
CU OnLine and withdrawals from Money Market Share Accounts are limited to six
per month. Line-of-credit add-ons are not allowed through E.T. and
pre-authorized withdrawals initiated by a third party are allowed only on your
Share Draft Account.
You may use your Credit Union ATM/POS/Debit Card at CO-OP,
MASTERCARD, PLUS and STAR networks’ ATM machines and POS cash registers for
cash withdrawals or purchases from your Share Draft Account or an Overdraft
Line-of-Credit. ATM machines can also
be used by all cardholders to obtain
balances, transfer funds or make withdrawals from your Primary Share (S1) and
your Share Draft (S4) account. Funds can
be deposited to your Share Draft (S4) account ONLY through CO-OP network ATM’s that accept deposits.
You may access funds in your Share Draft Account and
Overdraft Protection Loan with your ATM/POS/Debit card using your PIN or signature
where MASTERCARD Debit is accepted. Some
merchants may transmit an authorization for purchases made with the MASTERCARD
Debit that require a signature rather
than a PIN and may be initiated as a “credit” transaction. Once approved, the credit union will hold the
amount of that authorization against funds in your Share Draft account or
Overdraft Line-of Credit until the completed transaction is submitted by the
merchant or three (3) days, which ever occurs first. Some merchants, such as Hotels/Motels &
Rental Car Agencies, may transmit an authorization for an
“estimated/anticipated” amount that may exceed the final submitted
transaction. While the funds are on hold
for an authorization, they are not available for withdrawal by any means. There may be an overdraft fee, as listed in
the Fees and Service Charges section of this disclosure, if
your Share Draft account is overdrawn due to a Debit transaction. Withdrawal limitations may
vary between networks and individual machines.
Your maximum per day withdrawal limit is $1,500 or your available
balance, whichever is less, up to 12 transactions per day. We reserve the right to adjust your maximum
per day withdrawal limits from time to time.
Transactions in a currency other than U.S. Dollars will be converted
into U.S. Dollars. The currency
conversion rate used on the processing date may differ from the rate that would
have been used on the purchase date or the cardholder statement posting date. You agree not to use your card for illegal
gambling or any other illegal purpose.
Display of a payment card logo, such as an online merchant, does not
guarantee that the transaction is lawful in your jurisdiction.
Some of the above transactions will not be allowed on some share
accounts.
Wire Transfers.
The cut off time for receipt and processing of outgoing domestic wire transfer
requests is 3:00 p.m. Mountain Standard Time and 1:00 p.m. Mountain Standard
Time for international wire transfer requests.
If a beneficiary of a wire transfer is identified by name and
account number, final payment may be made on the basis of the account number
even if the number identifies a person different than the named beneficiary.
This means that you will be responsible to the credit union if the funds
transfer is completed on the basis of the identification number you provided.
If a financial institution is identified by name and routing
number, final payment may be made on the basis of the routing number even if
the number identifies a different financial institution. This means that you
will be responsible for any loss or expenses incurred by a receiving bank which
executes or attempts to execute the payment order in reliance on the
identifying number you provided.
We may establish, from time to time, security procedures to verify
the authenticity of a payment order. You will be notified of the security
procedure, if any, to be used to verify payment orders issued by you or for
which your account will be liable.
We may suspend processing of a wire transfer for greater scrutiny
or verification in accordance with applicable law and this action may effect
settlement or availability of the transfer.
You agree to hold us harmless from and indemnify us for all losses
and expenses resulting from any actual or attempted amendment or cancellation
of a payment order.
Pre-authorized
Transfers. You may arrange for certain direct
deposits to your Share Draft Account. You may also arrange to make certain
payments by authorizing certain merchants to withdraw from your Share Draft
Account. For example, you may arrange with an insurance company or mortgage
company to automatically withdraw monthly payments due to them. Bill payment
transfers scheduled and initiated under the Bill Payer product are not
considered pre-authorized transfers.
Electronic Check
Conversions. You may authorize certain merchants to
convert a share draft into an electronic funds transfer and electronically
collect a charge in the event the draft is returned insufficient funds.
CHARGES
- We do not charge for direct deposits to your accounts or pre-authorized
withdrawals from your accounts. There are no charges assessed for E.T. usage
other than the penalty fee assessed for excessive toll free usage. There are no
charges assessed by us for ATM or POS transactions. If you use an ATM/POS
terminal that is not operated by us, you may be charged a fee by the operator
of the machine and/or by an automated transfer network. There are no
charges assessed for CU OnLine access. There is a $5.00 monthly charge for the
Bill Payer service which includes up to 10 payments per month with additional
payments costing $0.40 each. The Bill Payer charge will be assessed on the last
day of the month and will be charged to your Share Draft Account. There is a
$15.00 charge for domestic wire transfers and a $30.00 charge for international
wire transfers that originate from TruGrocer Federal Credit Union. You will be
notified in writing of any changes to these charges prior to the changes taking
effect.
RIGHT TO RECEIVE DOCUMENTATION OF TRANSFERS
-
E.T.
Transactions. All E.T. transactions will be identified
as such on your monthly statement.
CU OnLine
Transactions. All CU OnLine transactions will be
identified as such on your monthly statement.
Bill Payer
Transactions. All Bill Payer transactions will be
identified as such on your monthly statement.
ATM
Transactions. You will get a receipt at the time you
make a withdrawal from an automated teller machine.
POS/Debit
Transactions. You will get a receipt at the time you
make a purchase. You may not get a
receipt if the amount of the transaction is $15.00 or less.
QCD
Transactions. You will get a receipt at the time you
make a withdrawal from a Quick Cash Dispenser.
Wire Transfers.
Wire transfers will be identified as Fed Wire Withdrawal on your monthly
statement.
Pre-authorized
Deposits and Withdrawals. If you have arranged
to have pre-authorized transfers on your account you can call at the telephone
numbers listed above to find out whether or not the transfer has occurred.
Periodic
Statements. You will get a monthly account statement
if you have a Share Draft Account, E.T. transactions, CU OnLine transactions,
wire transfers, pre-authorized transfers or ATM/POS withdrawals in a particular
month. In any case, you will get a statement of account at least quarterly.
OUR 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 and damages. However, there are some exceptions. We will NOT be liable
for instance: 1) if, through no fault of ours, you do not have enough money in
your account to make the transfer, 2) if the transfer would go over the credit
limit on your overdraft protection line-of-credit, 3) if the telephone you are
using to access E.T. is not a touch tone phone, 4) if the computer system was
not available when you attempted to make the transfer, 5) if you fail to
properly follow service instructions on how to make the transfer, 6) if the ATM
machine where you are making the withdrawal does not have enough cash, 7) if
circumstances beyond our control (such as fire, flood or computer crash)
prevent the transfer, despite reasonable precautions that we have taken, 8) if
the transfer would violate any agreement between you and the Credit Union, 9)
if the information supplied by you or a third party is incorrect, incomplete,
ambiguous or untimely, 10) if a third party processes a payment untimely or
refuses to accept payment, 11) if your personal computer and/or software
malfunctioned for any reason.
We may but are not obligated to make transfers to or from your
account up to 10 days after we are aware of your death. If you give access to your ATM/POS/Debit card
and your PIN to a third party, it will be understood that the use of the
ATM/POS/Debit card and PIN is authorized by you, even after your death. Your estate will be responsible for all such
authorized transfers to and from your account, until 10 days after the Credit
Union is aware of your death.
There may be other exceptions stated in our account agreements
with you.
UNAUTHORIZED TRANSFERS AND WITHDRAWALS
- Tell us at once if you believe that your ATM/POS/Debit Card, CU OnLine
Password or one of your PIN’s has been lost or stolen.
Telephoning is the best way of keeping your possible losses down.
If you tell us within two business days, you can lose no more than $50 if
someone accesses your account without your permission.
If you do not tell us within two days after you learn of the loss
or theft of your card or PIN, and we can prove that we could have stopped
someone from accessing your account without your permission if you had told us,
you could lose up to $500.00 in your account.
Also, if your statement shows transfers or withdrawals that you
did not authorize, tell us at once. If you do not notify us within 60
days after the statement was mailed to you, you may not get back any money you
lost if we can prove that we could have stopped someone from taking the money
if you had told us in time. When you notify us, we may ask that you
complete and have notarized an Affidavit of Unauthorized ACH Debit or Credit
Activity form. We must receive the form back within 10 business days after it
has been mailed to you or you will lose your right to assert a claim against
us.
ERROR RESOLUTION - In case of errors
or questions about your electronic transfers or withdrawals, call or write us
at the addresses listed above as soon as you can. If you think your statement
is wrong, or if you need more information about a transaction listed on your
statement, we must hear from you no later than 60 days after we sent you the
FIRST statement on which the error or problem appeared.
Tell us your name and account number. Describe the error, transfer
or withdrawal 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 telephone us or tell us in person, we may require that you
put your question or complaint in writing within 10 business days. We will tell
you the results of our investigation within 10 business days (or 20 business
days for foreign-initiated transactions and all transfers resulting from POS
debit card transactions) 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
for foreign-initiated transactions and all transfers resulting from POS transactions) to investigate your
complaint or questions. If we decide to do this, we will re-credit your account
within 10 business days (or 20 business days for foreign-initiated transactions
and all transfers resulting from POS debit card transactions) for the amount
that 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 (or 20 business days for foreign-initiated transactions and all transfers
resulting from POS debit card transactions), we may not re-credit your account.
If we decide that there is no error, we will send 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.
PROCEDURES TO REVOKE PRE-AUTHORIZED TRANSFERS AND NOTICE OF
VARYING AMOUNTS -
Right to revoke
authorization and procedures for doing so.
If you have made arrangements for pre-authorized regular payments out of your
account, you can revoke any of these payments by: 1) notifying the originator
of the ACH transfer that you are revoking your authorization, 2) completing an
"Affidavit of Unauthorized ACH Debit Activity" form available by
calling or writing your branch office, and 3) returning the properly completed
affidavit to the Credit Union within 10 business days. Upon receipt of the
properly signed form, we will initiate the return. We may also ask for a copy
of your notification to the originator. Bill Payment transfers you scheduled
and initialed under the Bill Payer service are not considered pre-authorized
electronic funds transfers under the Electronic Funds Transfer Act. You may
stop any Bill Payment transfer you scheduled by canceling the order on CU
OnLine or E.T. before the transfer has been made. After a transfer has been
made you will need to contact the merchant/creditor directly to handle any
problems, disputes or questions.
Notice of
varying amounts. If these
pre-authorized regular payments are going to 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.
Liability for
failure to revoke a pre-authorized transfer.
If we receive the properly signed form within the parameters outlined above and
do not process the return item, we will be liable for your losses or damages.
DISCLOSURE OF ACCOUNT
INFORMATION TO THIRD PARTIES - We will only
disclose information to third parties about your account or the transfers and
withdrawals you make: where it is necessary for completing a transaction; in
order to verify the existence or condition of your account for a third party,
such as a credit bureau or merchant; in order to comply with government agency
or court orders; or if you give us written permission.
FUNDS AVAILABILITY SCHEDULE - YOUR ABILITY TO WITHDRAW FUNDS
AT TRUGROCER FEDERAL CREDIT UNION
This funds availability schedule applies to your Share Draft
Account at the Credit Union but may also apply to deposits made to other share
accounts under certain circumstances.
Our policy is to make funds from your deposits available to you on
the same business day we receive your deposit. At that time, you may withdraw
the funds in cash and we will use the funds to pay checks that you have
written. Please remember that even after we have made funds available to you,
and you have withdrawn the funds, you are still responsible for any checks that
you have deposited that are returned to us unpaid and for any other problems
involving your deposit.
For determining the availability of your deposits, every day is a
business day, except Saturday, Sunday and holidays. If you make a deposit
before 3 p.m. on a business day that we are open, we will consider that day to
be the first business day of deposit. However, if you make a deposit after 3
p.m. or on a day we are not open, we will consider that the deposit was made on
the next business day we are open.
LONGER DELAYS MAY
APPLY - In some cases, we will not make all of the
funds that you deposit by check available to you on the first business day.
Depending on the type of check that you deposit, funds may not be available
until the second business day after the day of your deposit. However, the first
$100 of your deposit will be available on the first business day.
If we are not going to make all of the funds from your deposit
available on the first business day, we will notify you at the time you make
your deposit. We will also tell you when the funds will be available. If your
deposit is not made directly to one of our employees or if we decide to take
this action after you have left the premises, we will mail you a notice by the
day after we receive your deposit.
Funds
Deposited at a Co-op Automated Teller Machine (ATM) will not be made available until the fifth business day
after the day of your deposit.
Funds
Deposited at a SHARED BRANCH will not be made available until the second business day
after the day of your deposit.
FUNDS YOU DEPOSIT BY CHECK, AT AN ATM OR AT A SHARED BRANCH MAY BE DELAYED FOR A LONGER PERIOD UNDER THE FOLLOWING CIRCUMSTANCES - 1) We have reason to believe that a check you have deposited will not be paid; 2) You deposit checks totaling more than $5,000 on any one day; 3) You deposit a check that has already been returned before as unpaid; 4) You have overdrafted your account repeatedly in the last six months; 5) There is an emergency, such as failure of communications or computer equipment.
We will notify you if we delay your ability to withdraw funds for
any of these reasons, and we will tell you when the funds will be available.
They will generally be available not later than the second business day after
the day of your deposit, yet we reserve the right to invoke an exception and
delay the deposit longer if needed. If you have a question regarding the availability
of a deposit, you should check with your credit union branch office.
SPECIAL RULES FOR NEW
ACCOUNTS - If you are a new member, the following
rules will apply during the first 30 days your account is open:
The first $5,000 from a deposit of US Treasury checks will be
available on the day of deposit if received by 3 p.m. Any excess over $5,000
will not be available until the ninth business day after the day of your
deposit.
Funds from deposits of cash, wire transfers, and the first $5,000
of check deposits will be available on the business day received provided they
are received by 3 p.m. and are made payable to you. The excess over $5,000 will
be available on the ninth business day after deposit.
TRUTH-IN-SAVINGS ACCOUNT DISCLOSURES
Listed below are descriptions of the types of share accounts we
offer. Dividend rates, fees and transaction limitations are also listed. Except
as specifically described, the following disclosures apply to ALL credit union
share accounts. Share Certificate Account terms are not listed in this
disclosure but are available from your branch office.
Rates.
Share accounts at the Credit Union are variable rate accounts and the dividend
rates and annual percentage yields listed may change monthly as determined by
the Credit Union’s Board of Directors. Dividends are paid from current income
and available earnings after required reserve transfers. The dividend rates and
annual percentage yields are prospective rates and yields that we anticipate
paying for the dividend period. The Board
of Directors will not declare a dividend on the share accounts of any member
having caused a loss to the Credit Union through bankruptcy or otherwise.
Compounding and
Crediting. Dividends are compounded daily and paid
to the account monthly using the daily balance method, which applies a daily
periodic rate to the balance in the account each day. The dividend period for
all accounts is monthly beginning on the first calendar day of the month and
ending on the last calendar day of the month. Dividends will be posted to
accounts on the first day of the month for the previous month.
Dividend
Accrual. Dividends will begin to accrue on
deposits on the business day that the deposit is made to the account. If you
close your account before dividends have been credited, accrued dividends will
not be paid. Accounts will not accrue a dividend for any day that the account
balance drops below the minimum balance requirement.
Account
Transfers. Funds in any share account will not be
automatically transferred to a Share Draft Account to cover incoming checks or
scheduled Bill Payer payments. You must call your branch office, the Electronic
Teller or CU OnLine to initiate such a transfer prior to your checks being presented for payment or prior to your Bill Payer payment date.
Right Of
Set-Off. We reserve the right to set-off negative
balance or delinquent loan conditions from any share account except an
Individual Retirement Account.
Minimum
Balance Closure.
We reserve the right to close accounts that have less than the minimum
balance for a period greater than 30 days.
PRIMARY SHARE ACCOUNT - (S1) Required
Account
Current Dividend Rate: Available on website, Current Annual
Percentage Yield: Available on website, Minimum Balance Requirement: $5.00,
Fees: $5.00 exit fee charged upon account closure, $5.00 early closure fee upon
account closure within 180 days of opening, $25.00 inactivity fee charged prior
to closing account pursuant to state abandoned property laws, generally after 3
years of inactivity and no response to communication sent to account holder, $1.50
per month low balance service fee if the account balance is below $25.00 on the
last day of each calendar month and no other account relationship has been
established, such as a Share Draft Account, Loan or VISA account. (Members
under 18 years of age will not be charged a low balance service fee.), See Fees
and Service Charges listed under SHARE DRAFT ACCOUNT (SDA) - (S4), Limitations:
No transaction limitations apply to this account.
SECONDARY SHARE
ACCOUNTS - (S2, S3, and/or S7)
Current Dividend Rate: Available on website, Current Annual
Percentage Yield: Available on website, Minimum Balance Requirement: $5.00,
Fees: See Fees and Service Charges listed under SHARE DRAFT ACCOUNT (SDA) -
(S4), Limitations: No transaction limitations apply to these three share
accounts.
CLUB ACCOUNTS
- (S5 Vacation Club and S6 Christmas Club)
Current Dividend Rate: Available on website, Current Annual
Percentage Yield: Available on website, Minimum Balance Requirement: $5.00,
Fees: There are no fees that apply to club accounts, Limitations: We will
automatically withdraw the funds in the Vacation Club account on the last
business day in April and will automatically withdraw the funds in the
Christmas Club account on the last business day in October. If you have a Share
Draft Account with us, these funds will be transferred to your Share Draft
Account. If you do not have a Share Draft Account with us, you will be mailed a
check.
You must contact us in advance of the designated transaction date
if you have special instructions for the dispersal of these funds. You may call throughout the year for
withdrawals from your Club Accounts up to a limit of three per year. If these
limits are exceeded, the Credit Union may close your Club Account.
INDIVIDUAL RETIREMENT
ACCOUNT (IRA)
Traditional IRA - (S8)
Current Dividend Rate: Available on website. Current Annual Percentage Yield: Available on
website, Minimum Balance: $5.00
Roth/Roth Conversion
IRA - (S10/S11)
Current Dividend Rate: Available on website. Current Annual Percentage Yield: Available on
website, Minimum Balance: $5.00
To open the account: You must complete an IRA application. An IRA
disclosure will be provided with your application, Fees: There are no fees that
apply to the IRA.
HEALTH SAVINGS ACCOUNT
(HSA) - (S12)
Current Dividend Rate: Available on website. Current Annual Percentage Yield: Available on
website, Minimum Balance: $5.00
To open the account: You must complete an HSA application. An HSA
disclosure will be provided with your application, Fees: There are no fees that
apply to the HSA.
MONEY MARKET SHARE
ACCOUNT (MMSA) - (S9)
Current Dividend Rates: Available on website for total daily
balance between $2,500 and $49,999.99 and total daily balance of $50,000 and
up, Current Annual Percentage Yields: Available on website for total daily
balance between $2,500 and $49,999.99 and total daily balance of $50,000 and
up. Minimum Balance: $2,500, We reserve the right to close MMSA’s that have
less than the minimum balance for a period greater than 30 days, Fees: See Fees
and Service Charges listed under SHARE DRAFT ACCOUNT (SDA) - (S4), Limitations:
Up to six (6), but no more than six (6), telephone or electronic transfers will
be allowed on the MMSA per calendar month. There are no restrictions on the
number of transfers that can be made by mail, in person or made to repay loans.
There are no restrictions on the number of deposits, cashier’s checks or cash
withdrawals that may be made, provided such withdrawal is made directly to you.
You must maintain a minimum daily balance of $2,500 to obtain the disclosed
annual percentage yield.
SHARE DRAFT ACCOUNT
(SDA) - (S4)
Agreement: 1) we will pay share drafts signed by you or one
of your joint owners and the payments will be charged against your SDA or your
Overdraft Protection Line-of-Credit (L9);
2) only share draft blanks and
other methods approved by us may be used to withdraw funds from your SDA; 3) we
are not obligated to pay a share draft which exceeds the balance in your SDA;
we may, however, add the amount of the overdraft to your L9 up to the loan
limit approved and subject to the terms of your open-end loan agreement. We are not obligated to pay a share draft
more than six months old. You agree that
such additions to your L9 will be for provident consumer purposes; 4)
except for negligence, we are not liable for any action we take
regarding the payment or nonpayment of a share draft; 5) if
your SDA becomes overdrawn due to our payment of one or more of your share
drafts, we may transfer funds from another account to cover the overdraft. You understand that the credit union will not
automatically transfer funds from another share account to cover share drafts
you have written; 6) any objection to any items shown on a
statement of your SDA will be waived unless made in writing to us on or before
the sixtieth (60th) day following the day the statement is
mailed; 7) all non-cash payments received on shares in
your SDA will be credited subject to final payment; 8) the
use of your SDA is subject to service charges in accordance with rate schedules
adopted by TruGrocer Federal Credit Union from time to time; 9) we
are authorized to recognize any of the signature(s) on your SDA application in
the payment of funds or the transaction of any business for your account. The joint owners of your account agree with
each other and you that all sums now paid in on shares and hereafter paid in on
shares by any or all joint owners are and shall be owned by them jointly, as joint
tenants, and are subject to the withdrawal or receipt by any of them. Payment to any of them or the survivor or
survivors shall discharge us from any liability for such payment; 10)
our authority under this agreement may not be changed or terminated by
you, except by written notice to us, which will not affect any prior
transaction; 11) in the event we issue a plastic card to
facilitate the use of our programs, the signature(s) on your SDA application
indicate your request for the issuance of such a plastic card. This card would be used for identification
and to facilitate share and/or borrowing transactions; 12)
The joint owners on the SDA have the same rights as you, including but
not limited to, the right to close the account.
Fees and Service Charges:
Service Charge ($0.00 per account), Stop Payment Order or Stop Payment
Order Renewal ($12.50 per draft), Copy of Draft ( $1.00 per draft),
Copy of Statement ($2.00 per statement), Return Mail Special Handling
($2.00 per undeliverable mail), Returned
Draft or Automated Clearing House (ACH) Item ($25.00 per draft),
Overdrawn Draft or Automated Clearing House (ACH) Item if Paid by Credit Union
($25.00 per draft), ATM/POS/Draft Debit Card ($0.00 per year per
card), Account Reconciliation ($7.00 per hour (waived if CU
error)), Carbon Copy Drafts, per box (varies depending on style),
ATM Transaction ($0.00 per transaction), POS Transaction ($0.00 per
transaction), MASTERCARD Debit Transaction ($0.00 per transaction), CU
OnLine ($0.00 per account), Bill Payer ($5.00 per month up to 10 payments
with each additional payment costing $0.40), Bill Payment Inquiry to
Merchant ($18.00 per inquiry).
A
currency conversion assessment of 0.2% of the amount of the transaction will be
applied to MASTERCARD ATM/POS/Debit card transactions that are converted from
foreign currencies to U.S. dollars. A
cross-border assessment of 0.8% of the amount of the transaction will be
applied to MASTERCARD ATM/POS/Debit card cross-border transactions, excluding
transactions initiated in
The price of the carbon copy drafts will vary depending upon the
style ordered. The charges will be
posted to your account on the last day of the month in which you receive your
order. The actual amount will be
identified on your monthly statement.
Substitute Check: To make share draft processing faster, federal
law permits financial institutions to replace original share drafts with
“substitute checks.” These checks are
similar in size to original share draft with a slightly reduced image of the
front and back of the original share draft.
The front of a substitute check states: “This is a legal copy of your
check. You can use it the same way you
would use the original check.” You may
use a substitute check as proof of payment just like the original share draft.
Share Draft Blanks:
Only share draft blanks and other methods approved by us may be used to
withdraw funds from your Share Draft Account.
Limitations:
We are not obligated to pay a share draft more than six months old and we are
not obligated to pay a share draft which exceeds the balance in the Share Draft
Account, although we may do so from time to time. If we pay share drafts and
overdraw your Share Draft Account, the $25.00 service fee will still be
charged. You may protect your account against overdrafting by applying for an
overdraft protection line-of-credit. If approved, we will add overdrafts to
your overdraft protection line-of-credit up to your credit limit. If you exceed
your credit limit or the account is past due, the $25.00 service fee will
apply. We will not automatically transfer funds from another share
account to pay drafts you have written.
If your account becomes overdrawn, we may set-off the negative
balance by transferring funds from your other share accounts without prior
notice.
07/10
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