Electronic Funds Transfer Disclosure

Pursuant to Use of METRO FEDERAL CREDIT UNION Online Banking

This Online Banking Service is a FREE

 Please read this disclosure carefully. It tells you about your rights, obligations, and use of METRO's Online Banking. The following discloses the Electronic Funds Transfer issues pursuant to your use of METRO's Online Banking, the Internet access service to your METRO Federal membership. A complete EFT Disclosure, covering all the terms and conditions of all your account relationships, access devices, other Electronic Funds Transfers, ability to withdraw funds, and Truth in Savings Disclosure is available by calling or visiting the METRO Federal Credit Union office. An entire copy was provided to you when you opened your account and/or received your Call-24 Personal Identification Number (PIN)(the same PIN you will use to access METRO's Online Banking).

Logging into METRO's Online Banking signifies your acceptance of the terms and conditions of the entire Electronic Funds Transfer Disclosure. The following applies to METRO's Online Banking and is designed to:

1. Summarize some laws that apply to common transactions;
2. Establish rules to cover transactions or events which the law does not regulate;
3. Establish rules for certain transactions or events which the law regulates but permits variation by agreement; and
4. Give you disclosures of some of our policies to which you may be entitled or in which you may be interested.
5. Provide you with the Policy Disclosures you are entitled to receive and may wish to retain.

Transfer Types

You may access your account(s) via the Internet nearly 24 hours a day at www.mcu.org by using your personal identification number (PIN) and your member number to:

• Transfer funds from checking to checking
• Transfer funds from checking to savings
• Transfer funds from savings to checking
• Transfer funds from savings to savings
• Make payments from checking to loan accounts with us
• Make payments from checking to third parties
• Make payments from savings to loan accounts with us
• Make payments from savings to third parties

 You can also use METRO's Online Banking to access information about:

• the account balance of checking accounts
• the last 90 days deposits to checking accounts
• the last 90 days withdrawals from checking accounts
• the account balance of savings accounts
• the last 90 days deposits to savings account
• the last 90 days withdrawals from savings accounts
• access year to date information such as dividends earned or interest paid on savings and loan accounts respectively
• The payment and balance information on loan accounts

We will, from time to time, add functions within METRO's Online Banking and will notify you of these, as well as any changes we make to this disclosure, if you make electronic funds transfers. There is no charge for METRO's Online Banking use at this time. There is a monthly fee for Bill Payer enrollment which allows processing of an unlimited number of payments each month. This fee structure is subject to change with 30 days notice.

 

Financial Institution's Liability

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

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

 

Confidentiality

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

1. where it is necessary for completing transfers; or
2. in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
3. in order to comply with government agency or court orders; or
4. if you give us written permission

 

Unauthorized Transfers

There are specific actions you must take to minimize your potential loss if you believe your account code has been lost or stolen.

1. Consumer liability. Generally, notify us AT ONCE if you believe your card and/or code has been lost or stolen. Telephoning is the best way of reduciong your possible losses. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within 2 business days that your card or code has been lost or stolen, you can lose no more than $50 if someone used your card and/or code without your permission. (If you believe your card and/or code has been lost or stolen, and you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50 if someone used your card and/or code without your permission.) If you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had notified 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 notify 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 notified 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.
2. Contact in event of unauthorized transfer. If you believe your card and/or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone number or address listed in this disclosure.

 

Error Resolution Notice

In case of errors or questions about your electronic transfers, call or write us at the telephone number or address listed in this disclosure, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

1. Tell us your name and account number (if any).
2. 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.
3. Tell us the dollar amount of the suspected error.

 

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

We will complete an investigation of your inquiry within 10 business days (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened. We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.

You may ask for copies of the documents that we used in our investigation.

 

METRO FEDERAL CREDIT UNION
2440 E. RAND ROAD
ARLINGTON HEIGHTS, IL 60004
Business Days:
Monday through Friday (Excluding Federal Holidays)
Phone: (847)670-0456
Fax: (847) 670-0401