Neighbors Federal Credit Union
Electronic Funds Transfer Agreement and Disclosure
for Online Banking and Bill Paying Transactions
This Electronic Funds Transfer Agreement is the contract which governs your and our rights and responsibilities concerning the Online Banking and Bill Paying services offered to you by Neighbors Federal Credit Union. In this agreement, the words "you” and "yours” mean those who sign the application or account cards as applicants, joint owners, or any authorized users. The words "we”, "us”, and "our” mean Neighbors Federal Credit Union. The word "account” means any one or more share and share draft accounts you have with us.
Electronic funds transfers are electronically initiated transfers of money from your account through the electronic method(s) described below. By submitting an Online Banking and Bill Paying application, online authorization, or by using the service, each of you, jointly and severally, agree to the terms and conditions in this agreement and any amendments hereto. We may terminate Online Banking and Bill Paying access at any time. You giving a written notice to us may terminate access to electronic fund transfers. Termination of the access shall not affect the liability you incurred prior to termination. You agree to pay the current charges shown on the Fee Schedule and any future charges that may be approved by our Board of Directors for the use of electronic fund transfers. You authorize us to take any such fees from any Account in which you have an ownership interest or the right to withdraw.
Computer hardware and software are required to access Online Banking and Bill Paying.
You will need a web browser (such as Netscape Navigator or Microsoft Internet Explorer) with 128-bit encryption. We do not assume any responsibility for providing , maintaining or supporting the hardware and software required for member access to Online Banking and Bill Paying.
In the event we are unable to process a services transaction, (if, for example, there are insufficient funds in your designated accounts) the transaction will result in a "Failed Payment and/or Transfer.” In such event, we will charge the total cost of the transaction, including any service charges, to you. In the event of repetitive Failed Payment and/or Transfer, we reserve the right to suspend your subscription to the services. This suspension may be without prior notice to you. If your subscription is suspended, transactions that were previously initiated may still continue to be processed unless cancelled and confirmation of such a cancellation is provided as specified below. Suspension will be handled by customer service and all inquiries and correspondence relating thereto including requests for reinstatement should be directed to customer service. In the event your subscription is suspended, we will notify you by mail to your listed address. With respect to any Failed Payment and/or Transfer, you agree to reimburse us within fourteen (14) days after notice is sent to you, for any funds we have already paid to one or more of your designated merchants which we were unable to recover by debit to the merchant or charge to you. If you do not pay any amount owed to us when due, you agree to pay interest on the unpaid balance at the rate of 28% per annum, or 1.5% per month (or the maximum rate allowed by applicable law, if less). In the event that your claim or debt has to be referred to a third party for collection you agree, to the extent permitted by law, to pay all costs and fees incurred in collecting the outstanding balances, including reasonable attorneys’ fees and court costs.
You will choose a User ID and Password for your access to Online Banking and Bill Paying. You must change your Password the first time you access Online Banking and Bill Paying. You are responsible for any transactions done on any account of yours if done by you or by anyone else that you have given your User ID and/or Password. We may revoke your Online Banking and Bill Paying access if unauthorized account access and/or transactions occur as the apparent result of your negligence in safeguarding your ID and/or Password. It is your responsibility to safeguard your account information, User ID, and Password and by not doing so you may be held responsible for transactions done by others. If this account remains inactive for a period of 60 days, the Credit Union will terminate your access to the Online Banking and Bill Paying.
Except as changed by this Agreement, electronic fund transfers made by use of the Online Banking and Bill Paying system are subject to the rules and agreements contained in your Account agreement, signature card and other Account rules and regulations for your Accounts and this Agreement is made part of those rules and regulations. In addition to the terms and conditions listed above, you agree that the accompanying Electronic Fund Transfers Disclosure Statement shall cover electronic fund transfers made by you. This Agreement and all transactions under this Agreement will be governed by Louisiana law and applicable Federal law.
ELECTRONIC FUND TRANSFERS: YOUR RIGHTS AND RESPONSIBILITIES
1. Online Banking and Bill Paying: The online address for Online Banking and Bill Paying is http://www.neighborsfcu.org/. Currently, you may use the Online Banking and Bill Paying access service to:
- Transfer funds between your savings, checking, loan and club accounts;
- Obtain balance information for your savings, checking, loan, club, Certificate of Deposit, and IRA accounts;
- Make loan payments to us from your savings, checking and club accounts;
- Communicate with the credit union using the electronic mail (E-mail) feature;
- Make payments to third parties.
Your account can be accessed under the Online Banking and Bill Paying access service via a personal computer. Online Banking and Bill Paying service will generally be available for your convenience twenty-four (24) hours per day. This service may be interrupted for a short time each day for data processing. We reserve the right to refuse any transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below a required balance, or otherwise require us to increase our required reserve on the account We may set other limits on the amount of any transaction, and you will be notified of those limits. The service will discontinue if no transaction is entered after numerous unsuccessful attempts to enter a transaction, and there may be limits on the duration of each access.
Funds will arrive at your targeted merchant and/or account as close as reasonably possible to the date designated by you in your payment and/or transfer instruction. Subject to the terms and conditions of this agreement, you authorize us, and any third party acting on our behalf, to choose the most effective method to process your payment and/or transfer, including, without limitation, electronic paper or some other draft means.
For each properly instructed payment to an eligible merchant and/or transfer to targeted account you will receive a transaction confirmation number.
2. Limitation on Dollar Amount of Transfers: For security reasons, there are limits on the dollar amount of transfers you can make using our systems.
3. Limitation on Frequency of Transfers: For security reasons, there are limits on the number of transfers you can make using our systems.
4. Business Days: Our business days are Monday through Friday. Holidays are not included. The Payment and/or Transfer date indicated by you must always be a business day. If it is not, the payment date will be deemed to be the first business day after the date indicated. Of course, the Online Banking and Bill Paying system is open at times other than the business days of our credit union.
5. Online Banking and Bill Paying Customer Service: E-mail, (225) 819-2178 or (866) 819-2178 during the following hours:
- from 9:00 AM to 4:30 PM (CST) Monday - Thursday
- from 9:00 AM to 5:30 PM (CST) Friday
- Mail may also be addressed to:
P.O. Box 2831
Baton Rouge, LA 70821
6. Summary of Your Liability for Unauthorized Transfers: Tell us AT ONCE if you believe your Password has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your Accounts. If a transaction was made using the Online Banking and Bill Paying service without your permission, your liability for an unauthorized transaction is determined as follows: If you tell us within two (2) business days, you can lose no more than $50 if someone made a transaction without your permission. If you do not tell us within two (2) business days after you learn of the loss or theft of your Password, and we can prove we could have stopped someone from using your Password without your permission if you had told us, you can lose as much as $500.00. Also, if your Statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the Statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods. If you believe your Password has been lost or stolen or that someone has transferred or may transfer money from your Account without your permission, call (225) 819-2178 or (866) 819-2178 or write to us at NEIGHBORS FEDERAL CREDIT UNION, P.O. Box 2831, Baton Rouge, LA 70821.
7. 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 the Online Banking and Bill Paying service. You will get a monthly Statement (unless there are no transfers in a particular month). In any case you will get a Statement at least quarterly.
8. Payment Cancellation/Modification: Except for those transfers which are completed immediately, you may cancel or modify a payment and/or transfer up to 1:00 pm central standard time (CST) the same business day you scheduled for payment and/or transfer.
9. New Services: The credit union reserves the right to change the terms and conditions upon which this service is offered. We may, from time to time, introduce new services or enhance the existing services. We shall notify you of the existence of these new or enhanced services. By using these services when they become available, you agree to be bound by the obligations concerning these services, which will be sent to you.
10. Summary of Our 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 any one of the following circumstances:
- If through no fault of ours, you do not have enough money in your Account to make the transfer;
- If you have closed the designated account;
- If the transfer would go over the credit limit on a loan;
- If your computer system was not working properly, and you knew about the breakdown when you started the transfer;
- If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken;
- If the funds in your Account are subject to a court order or other restriction preventing the transfer;
- If you do not obtain confirmation at the time you initiate a payment and/or transfer;
- If we have identified you as a credit risk and have chosen to (i) make all payments and/or transfers initiated by you via the services utilizing a paper, as opposed to electronic, method, or (ii) to terminate your subscription to the services.
- If you have not provided us with the correct information for those merchants to whom you wish to direct payment or accounts to which you wish to make a transfer;
- If the merchant mishandles or delays handling payments sent by us; and
- There may be other exceptions stated in our agreement with you.
12. Summary of Our 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 (225) 819-2178, (866) 819-2178 or write us at NEIGHBORS FEDERAL CREDIT UNION, P.O. Box 2831, Baton Rouge, LA 70821, 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 you the first Statement on which the problem or error appeared. Your inquiry must include:
- Your name and Account number;
- Describe the error or the transfer you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information (merchant name, account information, transaction date, and confirmation number);
- 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 ten business days. We will tell you the results of our investigation within ten 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 recredit your Account within ten 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 we ask you to put your complaint or question in writing and we do not receive it within ten days, we may not recredit your Account. If we decide 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.
13. Merchant Authorization to Debit Your Account(s): You may authorize a third party such as a merchant to electronically debit your account(s). You may do so at the point of purchase, using the Internet, or by telephone. With each of these types of transfers the third party will use the account number you give to them to electronically debit your account(s) through the ACH network. These transactions are electronic fund transfers that are subject to this Electronic Fund Transfers Agreement and Disclosure.