Checking Debit Card Disclosure Notice

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APCO Employees Credit Union

CHECKING ACCOUNT AND VISA DEBIT CARD AGREEMENT AND DISCLOSURES

This Agreement and Disclosure Statement governs the use of Debit Cards and Checking Account Agreement you have (hereafter “You” or “Your”) with APCO Employees Credit Union (hereafter “Credit Union,” “We” or “Us”). “Card” means the Visa Debit Card with the Credit Union and any duplicates and renewals we issue.  You agree that all matters between the Credit Union and you with reference to  your Debit Cards and Checking Account shall be governed by the terms herein.

Checking Account (“Account”) Terms

Checking Account:  The Credit Union is authorized to pay any draft signed by any of you and to charge all such payments against the balance in this Account.  The Credit Union has the right to supply any missing endorsement, but is not required to do so.  Only draft blanks and other methods approved by the Credit Union may be used to withdraw funds from this Account.  The Credit Union is authorized to refuse to pay any draft without stating the reason for such refusal.

Interest:  Interest, if declared on this type of account, shall be payable on the balance of this Account at the rate and in the same manner prescribed by the Board of Directors of the Credit Union.  Any specified interest rate may result in a lower effective yield based upon either account activity or the actual account on which interest will be paid.

Payment:  The Credit Union shall incur no liability (except for its lack of good faith or failure to exercise ordinary care) for any action regarding the payment or nonpayment of a draft regardless of whether you have a balance in this Account sufficient to pay any draft.  In the event the Credit Union pays a draft drawn on this Account, the Credit Union may charge this Account the amount of such draft, even if the draft is presented more than six months after its date.  If a draft is presented for payment and the amount of such draft exceeds the fully paid and collected balance in this Account, the Credit Union may assess an overdraft fee against you.

Pre-authorized Demand Draft:  Certain telemarketers, other sellers of goods and services or lenders may seek to obtain funds from your Account without a check signed by you.  If you give the telemarketer, seller or lender your Account information which is used to debit your Account, then the Credit Union is authorized to pay such item.

Deposits:  All non-cash items credited to this Account shall be credited conditionally subject to final payment and such items may be charged back, at any time, until the proceeds thereof in money (U.S. Dollars) are received by the Credit Union.  The Credit Union has the right to decline payment or to delay payment of any draft drawn against such credits.  The Credit Union shall not be obligated to notify you that a non-cash item has been dishonored or not otherwise collected.

Drafts:  You understand that your original drafts will not be returned to you.  The Credit Union will provide a copy of any paid draft charged to this Account upon receiving a written request from you.  You agree that the Credit Union’s retention of drafts does not alter or waive your responsibility to examine your statement or alter the time limits for notifying the Credit Union of any forgery, alteration, errors or other objections.

Endorsement:  You agree to indemnify the Credit Union from any loss due to an endorsement or other writing being placed on the draft in an incorrect manner or place (under the Federal Reserve’s Regulation CC or otherwise) before it is accepted for deposit by the Credit Union.  Each of you appoint the other his attorney with power to deposit in this Account funds of the other and for that purpose to endorse any instrument payable to the other or to both of you jointly.  The Credit Union will only be responsible for recognizing the identification of the drawer, payee, drawee Credit Union, bank, or other financial institution on a draft deposited to the Account, the amount of the draft, and the information contained in the magnetic coding of the draft.  The Credit Union will not be responsible for recognizing any other information on the draft, such as “Deposit after (a specified length of time)” or other conditions of payment.

Returned Items:  If any item deposited in the Account is returned unpaid, each of you is jointly and severally liable to the Credit Union for the amount of the returned item and any charges, regardless of who deposited or cashed the item or benefited from the transaction.  If any joint account owner is indebted to the Credit Union, the Credit Union may enforce its rights against any or all funds in the Account regardless of who contributed the funds to the Account.

Stop Payment Orders:  You may issue a stop payment order on drafts from the Account which the Credit Union shall honor to the extent there is reasonable time (which shall not be less than 2 business days) to honor the order.  The stop payment order must be in writing, and shall remain in force for 6 months unless terminated by the person who gave the stop payment order.  You agree that unless you give the correct account number, draft amount, and draft number, the Credit Union assumes no responsibility for stopping payment. If the Credit Union credits your Account after paying an item over a valid and timely stop payment order, you agree to assist the Credit Union if it takes legal action upon the item.  You agree to hold harmless and indemnify the Credit Union against all claims, costs, attorney’s fees, damages and other expenses or losses which may be incurred by the Credit Union, its employees or agents on account of a stop payment order.  You do not have the right to stop payment on a cashier’s check, certified funds, or any draft issued on your behalf by the Credit Union. 

Overdrafts:  Although the Credit Union is under no obligation to pay any draft which exceeds the fully paid and collected balance in this Account, the Credit Union may pay such draft and transfer shares to this Account in the amount of the resulting overdraft, plus a service charge, from any other account in which any of you has an ownership interest or the right to make withdrawals.

Security:  You hereby give the Credit Union a lien in the Account to secure any amounts owing to the Credit Union not secured by your principal place of dwelling.  The funds in this Account may not be pledged as security for a debt except for a debt with the Credit Union.

Joint Accounts:  When more that one person is a Checking Account owner, the Account created will be a joint ownership account with the right of survivorship.  If there are two or more remaining Account owners when one owner dies, the remaining owners will hold the Account as joint owners with the right of survivorship.  Payment to any of you shall discharge the Credit Union from any liability for payment.  Any owner of the Account may pledge all or any part of the shares, deposits or earnings thereon which you now or hereafter have in the Account as security for a loan, or loans, without the consent of the other joint owner(s).

Account Statements:  You will be provided a periodic statement, online or by mail, of all transactions and activity on the Account during the statement period.  You are responsible for examining each statement and reporting any irregularities to the Credit Union.  You agree that this statement is sufficient if it provides the item number, amount, and date of payment.  The Credit Union will not be liable for any forged or altered items drawn on or deposited to the Account unless you give written notice to the Credit Union of the forgery or alteration within 30 days of the statement being provided to you, whichever is earlier.  You agree that any other objection regarding errors or other objections to the Account statement shall be waived unless made in writing to the Credit Union before the 30th day following the day the statement is provided to you, whichever is earlier.  The Credit Union will not be liable for items forged or altered in a manner not detectable by the Credit Union through reasonable means.

Death or Incapacity:  You agree the Credit Union may pay a draft after the death or incapacity of any owner of this Account unless the Credit Union has actual knowledge of the owner’s death or incapacity and has had a reasonable opportunity, which shall be at least two business days, to act upon the knowledge.

Visa Debit Card Terms

Card Issuance:  The Visa Debit Card can be used to request withdrawals from the Checking Account.  The Card, when issued to you, will remain the property of APCO Employees Credit Union.  You agree to surrender the Card to us at any time we request.

Card Withdrawals:  You may use the Card or the Account Number shown on the Card to make payments, purchases or to obtain cash advances from merchants, financial institutions or other parties who honor the Card.  Such use of the Card is your authorization for us to withdraw funds from your Account in an amount equal to the payment, purchase or cash advance transaction.  Each Card withdrawal by you (or by anyone else to whom you have given the Card) will be charged to the Account and will be treated as though it were a “check” for purposes of the Checking Account Agreement, except that: (1) we may charge withdrawals to the Account in any order we determine, and if funds are not sufficient to cover all withdrawals, we may pay Card withdrawals and dishonor regular Debit checks, and (2) we cannot honor stop payment requests on Card withdrawals.

Overdrafts:  You promise not to use the Card in a manner that would overdraw the balance available in your Account.  If an overdraft occurs, you promise to pay us for the amount of any Card withdrawals or Checks which we honor in excess of the funds available in your Account.  We will handle any overdrafts in the same manner as checks.

Lost Card Notification:  If you believe the Card has been lost or stolen, you will immediately call us at (205) 226-6800 or (800) 249-2726.  If you need to report a lost or stolen Card after regular business hours, please call 888-241-2510.

Liability for Unauthorized Use:  If you tell the Credit Union after learning of the loss or theft of the Card, your liability for unauthorized transactions using the VISA system is zero.  For ATM transactions, Card transactions through a non-VISA network, Visa Commercial cards, Visa or Plus* ATM or any ATM transactions, or to cards issued outside the United States if you tell the Credit Union within two (2) business days after learning of the loss or theft of the Card, your liability for unauthorized transactions is $50 and $500 if you do not tell the Credit Union within two (2) business days.  If we determine that you have been grossly negligent or fraudulent in the handling of your account or Card, your liability may increase.  Also, if your statement shows transactions that you did not make, tell the Credit Union at once.  You must notify us within sixty (60) days after the statement was mailed or provided to you.  If you do not tell us within sixty (60) days after the statement was mailed or provided, you may not get back any money you lost if we can prove that we could have stopped someone from taking the money had you told us in time.  Exceptions to this rule may occur if the Credit Union determines that circumstances or account history warranted a delay.

Using the Card:  You will be charged a fee of $.75 per ATM transaction in excess of six during a calendar month.   These fees may be automatically deducted from your Checking Account and reflected on your monthly statement.  You may use the Card issued to you to make purchases in person, by mail, online or by telephone from merchants and others who accept Visa Debit Cards.  In addition, you may obtain cash advances from the Credit Union, from other financial institutions participating in the Visa program and from automated teller machines (ATMs), such as PLUS, PULSE, CO-OP, CIRRUS and other affiliated ATM Networks, which provide access to the Visa system.  Not all ATMs provide such access.  You will need to use your Personal Identification Number (PIN) to obtain a cash advance from an ATM.  The monthly statement will identify the merchant, electronic terminal or financial institution at which transactions were made, but sales, cash advance, credit or other slips cannot be returned with the statement.  You will retain the copy of such slips furnished at the time of the transaction in order to verify the monthly statement.  We may make a reasonable charge for photocopies of slips you request.

Returns and Adjustments:  Merchants and others who honor the Card may give credit for returns or adjustments, and they will do so by initiating a credit to us, and we will credit that amount to your Account.

Account: You understand that you must keep your Share Account and Checking Account open in order for your Card to remain valid and you agree to return all cards if you should close your account(s).

ATMs: The Credit Union believes that the various ATM terminals will prove to be reliable.  However, the terminals may not operate properly at all times.  The Credit Union, therefore, may not promise that the terminals will always be available for your use.  You promise not to attempt to make a transfer when a terminal tells you or other circumstances give you a reason to believe that the terminal is closed or is not operating properly due to a technical malfunction or is otherwise unable to make the transfer you desire.

Activity: You agree that if the Credit Union notices that your Card is being used more frequently than usual, or to withdraw larger amounts than usually withdrawn, it may try to contact you to verify that the Card has not fallen into the hands of an unauthorized user.  If the Credit Union does not reach you, it may, in order to attempt avoidance against possible losses, choose to invalidate the Card the next time it is used.  If the Credit Union does, in fact, invalidate the Card, it may be revalidated by bringing the Card to one of the Credit Union’s branch offices.  However, you understand that the Credit Union has no obligation to keep up with how the Card is usually used or to notify you if it notices unusual activity.

Security: You agree that the Credit Union is not responsible for providing security guards or other security measures at various ATM terminals.

Transactions: If you make a transfer, deposit or payment at a terminal, you agree that the correct amount, in the event of a discrepancy, between a written receipt and deposit slip will be the amount that the Credit Union finds in the envelope used to make the transaction.  You agree that each ATM transaction completed during normal Credit Union business hours will be posted the next regular Credit Union business day.  You further agree that credit to account(s) for non-cash items will be conditional until the Credit Union can collect the item.  If the Credit Union cannot collect the amount of a non-cash item, that amount will be deducted from your account.

Activity: You agree that the Card shall be used only for the type of transfers and to have access only to the account(s) that the Credit Union in advance has approved.  If through some error the Card permits you to withdraw funds from an account that you should not be allowed to use, the Credit Union may charge the amount involved to an account that you can use.

Foreign Transactions:  Payments, purchases and cash advances made in foreign countries and foreign currencies will be charged to your Account in U.S. dollars.  The conversion rate to dollars will be made in accordance with the operating regulations for international transactions established by Visa, through whose facilities card withdrawals are handled.

Dishonoring the Card:  We are not responsible for the refusal of any terminal, plan merchant, financial institution or other party to honor your Card.  You understand and agree that said parties may not be able to determine your actual Account balance and may refuse to honor the Card for that reason.  You agree that we are not liable for such refusal or inability to complete the transaction or for their retention of the Card.

General Terms

Primary Account Owner:  The Credit Union may, at its sole option, honor the request of the Primary Account Owner to invalidate the Visa Debit Card of any Joint Owner. The Credit Union may, at its sole option, refuse to issue a Visa Debit Card to a Joint Owner without the consent of the Primary Account Owner.  You agree the Credit Union may refuse, at its sole option, a Joint Owner’s request to remove a Primary Owner from the Account or invalidate a Primary Account Owner’s Visa Debit Card.

Transactions:  Transactions may not be processed in the order in which they occur.  The order in which transactions are received by the Credit Union and processed can affect the total amount of overdraft fees incurred by you.

Fees:  You agree that fees on this Account shall be charged in accordance with the fee schedule provided to you, and as it may later be amended, and said fee schedule is hereby incorporated as part of this Agreement.  You agree to pay all such fees if you use the Account after the effective date of the amendment or if the Account is not closed prior to the effective date of the amendment.

Attorney Fees:  You agree to pay all costs of collecting the overdraft amount or any other amount owed under this Agreement, including if the amount owed is greater than $300 at the time of the collection, reasonable attorney’s fees if the debt is referred for collection to an attorney who is not our employee, and if suit is filed, court costs.

Arbitration: Any claim related to your Checking Account or Debit Card or other relationship with the Credit Union shall be resolved by binding arbitration administered by the American Arbitration Association under its Commercial Arbitration Rules.  Any arbitration decision may be entered in any court having jurisdiction.  The Credit Union retains all rights before, during, or after any arbitration including all court remedies, self-help remedies, set-off, cross-collateralization, consensual lien, statutory lien, any rights under this Agreement and all other legal methods.  You waive your right to litigate a claim in a court or before a jury.  You waive the right to participate in a class action lawsuit, class action arbitration or other representative action.  In no event will the Credit Union be liable for special, consequential, punitive, indirect, lost profits or consequential damages or attorney’s fees incurred by you.

Notice and Waiver:  You agree that notice to any one of you shall constitute notice to all of you.  All required written notices to the Credit Union shall become effective when actually received by the Credit Union.  The Credit Union may waive or delay enforcing any of its rights under this Agreement without losing the right to enforce such rights in the future.  Provisions of this Agreement will survive the termination of the Account.  If any term of this Agreement is invalidated, then the remaining terms shall remain valid.  The paragraph headings are for convenience only and do not form part of this Agreement.

Amendments and Other Terms:  The Credit Union may amend this Agreement from time to time by sending you any advance written notice required by law.  Your use of the Checking Account or Debit Card or any service hereunder will indicate your agreement to the amendments. This Agreement is the contract which applies to all transactions on your Account even though the sales, cash advance, credit or other slips you sign or receive may contain different terms.  Any modification of this Agreement by you shall be binding only if agreed to in writing by the Credit Union.  This Account is subject to such other items, conditions, rules and requirements as the Board of Directors of the Credit Union may establish.  Except as changed by this Agreement, electronic fund transfers made by use of the Card and PIN are subject to the rules and agreements contained in your Checking Account and Visa Debit Card Agreement and other account rules and regulations for your Account(s) and this Agreement is made part of those rules and regulations.

Governing Law:  The interpretation and construction of this Agreement shall be governed by the laws of the State of Alabama and any applicable federal law.  The illegality of any particular provision of this Agreement shall not affect the validity of any other provision.

Credit Reports:  You authorize the Credit Union to obtain a consumer credit report and to confirm any information you have provided us. You authorize us to investigate your credit standing when opening, renewing or reviewing your Account and/or this Card, and you authorize us to disclose information regarding your Account to credit bureaus and other creditors who inquire of us about your credit standing.

Illegal Transactions: You agree not to use the Checking Account or Debit Card for any illegal transaction.  We reserve the right to decline any transaction that may be illegal.  You agree not to use the Account in connection with any internet or online gambling transaction even if the activity is legal in that particular jurisdiction.

Relationship: You agree that opening this Account does not create a fiduciary relationship between you and the Credit Union.  You will be obligated to pay any amounts you owe us after your Visa Debit Card is canceled or you are removed from the Account or the Account is closed.

Checking Account Disclosure

Your Ability to Withdraw Funds

Our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit.  Electronic direct deposits will be made available on the day we receive the deposit.  Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.

For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays.  If you make a deposit before 4:15 p.m. on a business day that we are open, we will consider that day to be the day of your deposit.  However, if you make a deposit after the above mentioned time or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.  If you have any questions, be sure and ask us.

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 after the day of your deposit.  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 $200 of your deposits 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 the notice by the day after we receive your deposit.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.    In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

•     We believe a check you deposit will not be paid.

•     You deposit checks totaling more than $5,000 on any one day.

•     You redeposit a check that has been returned unpaid.

•     You have overdrawn your account repeatedly in the last six months.

•     There is an emergency, such as a 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 no later than the 7th business day after the day of your deposit.

Special Rules for Credit Union Service Center Deposits

Our policy is to delay the availability of funds from your check deposits over $1000 to CU Service Centers.  During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks (or items, such as check card purchases) that you have written.  Funds from those deposits are available on the second day after the day of your deposit.  The Credit Union is subject to all rules and regulations for deposits as set by CU Service Centers.

Special rules for new accounts

If you are a new member, the following special rules will apply during the first 30 days your account is open. Funds from electronic deposits will be available on the day we receive the deposit.  Funds from deposits of cash and the first $5,000 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions.  For example, the checks must be payable to you.  The excess over $5,000 will be available on the 9th business day after the day of your deposit.  If you do not make the deposit in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.  Funds from all other check deposits will be available on the 9th business day after the day of your deposit.

VISA Debit Card Disclosure

The following disclosure does not apply to an Account or Debit Card owned or used by a business.

YOUR ACCESS DEVICE AND ELECTRONIC FUND TRANSFERS STATEMENT

ACCOUNT ACCESS:  Your APCO Employees Credit Union Visa Debit Card(s) may be used at any VISA PLUS, PULSE, CO-OP, CIRRUS or other affiliated ATM network location and at merchants and other businesses honoring Visa.  When used with your personal identification number, it will allow you to initiate any of the following transactions provided the accounts have been authorized for use.  You may make:

1.   Transfers from:

a. Savings to Checking

b. Checking to Savings

2.   Cash withdrawals from Savings

3.   Cash withdrawals from Checking

4.   Balance Inquiries

 

LIMITATION ON FREQUENCY OF TRANSFERS: For security reasons, there are limits on the number of transfers you can make.

LIMITATION ON DOLLAR AMOUNTS OF TRANSFERS: For security reasons, there are limits on the dollar amounts of withdrawals or transfers you can make.

BUSINESS DAYS:  Our business days are Monday through Friday.  Holidays are not included.  Of course, our terminals, merchants and other businesses are open at times other than the business days of our Credit Union.

SUMMARY OF YOUR LIABILITY FOR UNAUTHORIZED TRANSFERS: Tell us at ONCE if you believe your card(s) or personal identification number (PIN) has (have) been lost or stolen.  Telephoning is the best way of keeping your possible losses down.  You could lose all the money in your account(s).  If you tell the Credit Union after learning of the loss or theft of the Card, your liability for unauthorized transactions using the VISA system is zero.  For ATM transactions, Card transactions through a non-VISA network, Visa Commercial cards, Visa or Plus® ATM or any ATM transactions, or to cards issued outside the United States, if you tell the Credit Union within two (2) days after learning of the loss or theft of the Card, your liability for unauthorized transactions is $50 and $500 if you do not tell the Credit Union within two (2) business days.  If we determine that your have been grossly negligent or fraudulent in the handling of your account or Card, your liability may increase.  Also, if your statement shows transactions that you did not make, tell the Credit Union at once.  You must notify us within sixty (60) days after the statement was mailed or provided to you. If you do not tell us within sixty (60) days after the statement was mailed or provided, you may not get back any money you lost if we can prove that we could have stopped someone from taking the money had you told us in time.  If a good reason (such as a long trip or a hospital stay) kept you from telling us, we may extend the time periods.  If you believe your card(s) or personal identification number has (have) been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call:  (205) 226-6800 or (800) 249-2726 or write: APCO Employees Credit Union, 750 17TH STREET NORTH, BIRMINGHAM, AL  35203.

SERVICE CHARGES: Currently there is a fee of 75 cents per ATM transaction in excess of three during a calendar month.  Each account affected by the transaction use of your Visa Debit Card will be subject to the regular service charge imposed for that specified account.

SUMMARY OF YOUR RIGHT TO RECEIVE DOCUMENTATION OF TRANSFERS: You can get a receipt at the time you make any transfer to or from your account using one of our ATM terminals.  You will also be provided a monthly account statement.

SUMMARY OF CREDIT UNION’S LIABILITY FOR FAILURE TO MAKE TRANSFERS: If we do not complete a transfer to or from your account on time or in correct amount according to our agreement with you, we will be liable for your losses for damages as required by Federal law.  However, there are some exceptions.  We will not be liable for, 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 a loan;

3.   If the ATM terminal where you are making the transfer does not have enough cash;

4.   If the ATM terminal or 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.   If the funds in your account are subject to a court order or other restriction preventing the transfer; and

7.   There may be other exceptions stated in our agreement with you.

 

CIRCUMSTANCES UNDER WHICH WE WILL DISCLOSE ACCOUNT INFORMATION TO THIRD PARTIES: The Credit Union will disclose information to third parties about your account or transfers you made:

1.   When it is necessary to complete the transfers; or

2.   In order to verify the existence and conditions of your account for a third party such as a credit bureau or merchant; or

3.   In order to comply with a government agency or court orders; or

4.   If you give us written permission.

 

SUMMARY OF ERROR RESOLUTION PROCEDURE IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS: In Case of Errors or Questions About Your Electronic Transfers, telephone us at (205) 226-6800 or (800) 249-2726 or write us at APCO Employees Credit Union, 750 17th Street North, Birmingham, Alabama 35203 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.

•      Tell us your name and account number (if any).

•      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 may 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 the use of the money during the time it takes us to complete our investigation.  If the error you assert is an unauthorized Visa transaction, other than a cash disbursement at an ATM, we will credit your account within 5 business days unless we determine that the circumstances or your account history warrant a delay, in which case you will receive credit within 10 business days.  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 within 30 days after you make the first deposit to your account, we will have 20 business days instead of 10 business days.

**If you give notice of an error within 30 days after you make (1) the first deposit to your account, or (2) a point of sale transaction, or (3) a transaction initiated outside the U.S., its possessions and territories, we will have 90 days instead of 45 days to investigate.

Discretionary Overdraft Privilege Disclosure

It is the policy of APCO Employees Credit Union to comply with all applicable laws and regulations and to conduct business in accordance with applicable safety and soundness standards.

The Checking Account and Visa Debit Card Agreement and Disclosures provided to you at the time you opened your Account with us controls the duties, obligations and rights with the Credit Union with regard to your Checking Account.  The agreement (and all amendments thereto) and its terms shall control any possible conflict, if any, between any provision of this Discretionary Overdraft Privilege Disclosure and the agreement and disclosure.

The Overdraft Privilege is not a line of credit.  However, if you inadvertently overdraw your Account, we will have the discretion to pay the overdraft, subject to the limit of your Overdraft Privilege and the amount of the overdraft fee.  APCO Employees Credit Union is not obligated to pay any item presented for payment if your Account does not contain sufficient available funds.  Any discretionary payment by the Credit Union of an overdraft check (or item, such as a check card purchase) does not obligate the Credit Union to pay any other overdraft check (or item), or to provide prior notice of its decision to refuse to pay such check (or item).

Pursuant to the Credit Union’s commitment to always provide you with the best level of service, now and in the future, if your consumer Account (primarily used for personal and household purposes) has been open for at least ninety (90) days, or if your commercial Account has been open for at least ninety (90) days, and thereafter you maintain your Account in good standing, which includes at least:

A)   Bringing your Account to a positive balance within every thirty (30) day period for a minimum period of 24 hours;

B)   Not being in default on any loan or other obligation to APCO Employees Credit Union and

C)   Not being subject to any legal or administrative order or levy,

 

The Credit Union will have the discretion to pay overdrafts within the Overdraft Privilege limit, but payment by the Credit Union is a discretionary courtesy and not a right of the member or an obligation of the Credit Union.  The Credit Union in its sole and absolute discretion can cease paying overdrafts at any time without prior notice of reason or cause.

This privilege for consumer checking or savings Accounts will generally be limited to a maximum of $750 overdraft (negative) balance.  This privilege for commercial Accounts will generally be limited to a maximum of $750 overdraft (negative) balance.  Of course, any and all fees and charges, including without limitation the non-sufficient funds fees (as set forth in our fee schedules and deposit Account agreement and disclosure), will be included as part of this maximum amount.  It may be possible that your Account will become overdrawn in excess of the Overdraft Privilege amount as a result of the assessment of a fee.  Transactions may not be processed in the order in which they occurred, and the order in which transactions are received and processed may impact the total amount of fees incurred.

The total of the discretionary Overdraft Privilege (negative) balance, which includes any and all fees and charges, including all non-sufficient funds/overdraft fees is due and payable upon demand, and each of you will continue to be liable, jointly and severally, for all such amounts, as described in the Checking Account and Visa Debit Card Agreement and Disclosure.  Our standard Overdraft fee of $20.00 will be imposed for overdrafts created by checks, ACH, everyday debit card transactions, bill pay, in-person withdrawals, or by other electronic means.

For our consumer members, the Credit Union will not pay overdrafts for everyday debit card transactions unless the Credit Union has provided you with the notice required by section 205.17(b) of Regulation E and you have opted in to the payment of these overdrafts.  In order to avoid overdrafts due to everyday debit card transactions, the Credit Union will place a hold on your Account for any everyday debit card transaction authorized until the transaction settles. Everyday debit card transactions usually settle within two business days after the transaction is authorized.  The amount of the hold will be for the amount authorized, or as permitted under applicable payment network rules.  Holds on authorized everyday debit card transactions will be removed prior to settlement where required by applicable payment network rules.

Both consumer and commercial members may opt out of the Overdraft Privilege services for check, ACH, bill payment and debit card transactions at any time by contacting one of our Account Services Representatives.

What You Need to Know About Overdrafts and Overdraft Fees

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.  We can cover your overdrafts in two different ways:

1. We have standard overdraft practices that come with your account.

2. We also offer overdraft protection plans, such as a link to a savings account, which may be less overdraft protection.  To learn more, ask us about these plans.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

•      Checks and other transactions made using your checking account number

•     Automatic bill payments

 

We will not authorize and pay overdrafts for the following types of transactions without your consent.

•    Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if APCO Employees Credit Union pays my overdraft?

Under our standard overdraft practices:

•    We will charge you a fee of $20.00 each time we pay an overdraft

•    There is no limit on the total fees we can charge you for overdrawing your account

You can revoke your authorization for APCO Employees Credit Union to pay these overdrafts at any time by any of the above methods.  Your revocation must include both your name and your account number so that we can properly identify your account.

 

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