These Agreements & Disclosures contain important membership information, necessary account disclosures, Electronic Services Agreement & Disclosures, Funds Availability Policy, and Wire Transfer Agreement. Please read these agreements and disclosures carefully and notify us if any parts are unclear.
Throughout these Agreements & Disclosures, the references to “we,” “us,” “our” and “Credit Union” mean SCE Federal Credit Union. The words “you” and “your” mean each person applying for and/or using any of the services described herein. “account” means any account or accounts established for you as set forth in these Agreements & Disclosures. The word “card” means any Visa Debit Card issued to you by us and any duplicates or renewals we may issue. Our Personal Computer/Internet-Enabled Mobile Device Account Access System is hereinafter referred to as “Digital Banking.” “E-Check” means any check which you authorize the payee to process electronically. For joint accounts, read singular pronouns in the plural.
To apply for membership with SCE Federal Credit Union you must complete, sign and return an application for membership.
Your signature on your application for membership informs the Credit Union that you would like to join the Credit Union and that you agree to conform to the Credit Union’s Bylaws and Amendments.
Credit Union membership is granted to applicants within SCE Federal Credit Union’s common bond as outlined in the Credit Union’s Charter.
By signing your application for membership, you acknowledge receipt of these Agreements & Disclosures, including the Terms & Conditions which apply to your accounts.
You agree and acknowledge this agreement controls your account(s) with SCE Federal Credit Union, together with any other related document such as our Funds Availability Policy and Electronic Services Agreement and/or Agreements & Disclosures, all of which, to the extent applicable, are incorporated into this agreement by reference.
Account ownership
Commercial Accounts will only be opened by the Credit Union if any documentation we may request and is subsequently presented by you to the Credit Union is in a manner acceptable to our policies. The ownership status and titling of your account is determined by the legal structure of the business establishing such account and will fall into one of the following categories. It is your responsibility to determine and understand any legal effects related to this type of account.
Sole Proprietorship accounts
If your account is established as a sole proprietorship account, you warrant you are the sole owner of tour business and understand that such accounts will only be opened by the Credit Union if the documentation presented by you is in a manner acceptable to our underwriting policies. You shall take all action necessary in the event of your death, your estate shall release and indemnify the Credit Union for any payment made at the direction of an authorized signer of your account provided the Credit Union has not received actual notice of your death prior to such payment being made. If you are doing business under an assumed name, you represent you have properly filed all required paperwork as set out in the laws for the state in which you are organized to do business. It is your responsibility to determine and understand any legal effects related to this type of account.
Organizational, Partnership or Corporation accounts
If your account is established as an organizational, partnership or corporate account, you will supply the Credit Union with a separate authorization informing us of the authorized signers for the account and provide any other related documents if we request you to do so and you understand such accounts will only be opened by the Credit Union if the documentation presented by you to the Credit Union is in a manner acceptable to our underwriting policies. It is your responsibility to determine and understand any legal effects related to this type of account.
Payment of accounts
Except payees named on any check or other item drawn on your account, such account may only be paid to you and not any director, shareholder, partner or authorized signer as may be applicable.
Authorized signers
If you establish your account with authorized signers, or you subsequently appoint any authorized signers, you understand and agree the Credit Union will not at any time be liable for the actions of such authorized signers and/or be obligated to ensure their actions are in accordance with any instructions you have provided to them. Any appointment of an authorized signer, together with any subsequent revocation or change must be in writing and in a form acceptable to us. It is your responsibility to determine any legal effects related to your appointing any authorized signers on your account.
Arbitration
Any controversy or claim arising out of or relating to these Agreements & Disclosures, or the breach thereof, shall be settled by arbitration administered by the American Arbitration Association in accordance with its Arbitration Rules and judgment on the award rendered by the arbitrator(s) may be entered in any court having jurisdiction thereof. All parties hereby waive and give up all rights to a jury trial or class action relief.
Indemnity
You agree to indemnify and hold harmless the Credit Union and their successors and assigns, from any claim, action, liability, loss, damage or suit, arising out of any action or inaction on our part in connection with these Agreements & Disclosures and/or your failure to abide by its terms. In the event of any claim, we shall provide you with reasonable and timely notice of such claim, and thereafter you shall at your own expense defend, protect, and hold harmless the Credit Union against said claim or any loss or liability thereunder. In the event you fail to defend and/or indemnify and hold us harmless, then in such instance we shall have full rights to defend, pay, or settle said claim on your behalf without notice to you and with full right of recourse against you for all fees, costs, expenses, and payments made or agreed to be paid to discharge said claim. You further agree to pay all reasonable attorneys’ fees necessary to enforce such provision. Such indemnity shall be unlimited in amount and duration and be binding upon and inure to the benefit of all parties, their successors, assigns, and personal representatives.
Power of Attorney
If you name a person to act as your attorney-in-fact or agent in any way with your account, we are only obligated to deal with such person if we, in our sole judgment, approve of the form of appointment and the supporting documentation.
Deposit of items
You may make deposits to your account using any method available from us, including deposits in person, by mail, or electronic means. We have the right to refuse to accept any check or instrument for deposit at our sole discretion. If you deposit an item and it is returned unpaid, we will debit your account for the amount of the item and charge you a fee as stated within our Fees & Charges. You will be liable to us for the amount of any item you deposit which is returned unpaid, and in addition, will be responsible for any of our costs and expenses incurred in the collection of such returned item from you, including reasonable attorneys’ fees. Subject to our Funds Availability Policy, you may not be able to withdraw funds from your account until we have received final settlement for any items deposited. If you make a deposit on a Saturday, Sunday, or a holiday, or after our predetermined cutoff hour on business days, the deposit will be credited to your account as of the next business day.
Collection and processing of items
In processing items you have deposited for collection, we are only your agent and assume no responsibility beyond the exercise of ordinary care. Any item deposited is subject to final settlement in cash or credit. We may use any method we feel is appropriate to collect items, which may include use of a Federal Reserve Bank. We are not responsible for the acts of any third party we use for the collection of items, including responsibility for lost items. If we use a local clearing house in the collection of items, you authorize us to do so and to act in accordance with any applicable rules and regulations. We may permit you to withdraw funds from your account before final settlement has been made. However, if final settlement is not made, we have the right to charge your account or otherwise require you to repay such funds. In processing items presented for payment on your account, we will pay such items each business day in the order in which they are received, all of which means the transactions may not be processed in the order in which they occurred and you could incur multiple fees in a single day should there be insufficient funds to pay all items presented that day.
Overdraft Protection
To the extent permitted by law, you authorize us to transfer funds from other accounts you may have with us in necessary multiples (or in such increments as we may from time to time determine) to your account to cover any overdraft. If you have a line of credit with us, transfers will be made first from your primary savings account, provided you have enough available funds in the account, then from your line of credit up to your available credit limit, and then we may elect to pay such overdraft, subject to any preference you have indicated to us for clearing any overdraft(s). Overdraft transfers are subject to a transfer fee as stated within our Fees & Charges. You hold us harmless from any and all liability which might otherwise exist if a transfer does not occur.
Overdrafts
You understand and agree we may from time to time, and at our sole discretion, pay certain items in order to cover an overdraft, and charge you a fee as stated within our Fees & Charges for doing so. You further understand payment of any overdrafts will be made in an order of our choosing. You hold us harmless from any and all liability which might otherwise exist if we do not pay an overdraft. If you would like to opt-out, that is, if you would prefer we not pay any check that would overdraw your checking Account.
Notice of receipt of ACH items
Under the operating rules of the National Automated Clearing House Association (NACHA) which are applicable to ACH transactions involving Your Account and as permitted by law, we are not required to give you next day notice of receipt of an ACH item, and we will not do so. We will continue to notify you of the receipt of payments in the periodic statements we provide to you.
Provisional payment (ACH origination)
Credits given by any receiving depository financial institution to the receiver with respect to any automated clearing house credit entries subject to Article 4A of the Uniform Commercial Code (UCC-4A) are provisional until the receiving depository financial institution has received final settlement through a Federal Reserve Bank, or has otherwise received payment as provided in §4A-403(a) of UCC-4A. If the receiving depository financial institution does not receive such final settlement or payment, then they shall be entitled to a refund from the receiver of the amount so credited, and we shall not be deemed to have paid the receiver the amount of such entry.
Provisional payment (ACH receipt)
Credit given by us to you with respect to any automated clearing house credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive final settlement, you are hereby notified and agree we are entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e., the originator of the entry) shall not be deemed to have paid you the amount of such entry.
Choice of law
We may accept payments on your behalf for your account which have been transmitted through one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Fund Transfer Act. Your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of New York as provided by the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account.
Expenses
If we incur any costs or expenses as a result of any attachment, garnishment, or levy against your account, you will reimburse us for such costs or expenses or we may charge them to your account.
Inactive or dormant accounts
Inactive accounts (accounts with no withdrawals or deposits within a one-year period) may be subject to an Inactive Account fee as stated within our Fees & Charges. If no activity occurs in your account within the time period specified by applicable state law, the property in your account may be subject to transfer to the appropriate state authority (escheatment). We have no liability if your account becomes dormant and is therefore subject to escheatment in accordance with applicable state law.
Lien impressment and setoff
You agree we may impress and enforce a statutory lien upon your accounts with us to the extent you owe us any money and we may enforce our right to do so without further notice to you. We have the right to setoff any of your money or property in our possession against any amount you owe us. The right of setoff and our impressed lien does not extend to any Keogh, IRA or similar tax-deferred deposit you may have with us. If your account is owned jointly, our right of setoff and our impressed lien extends to any amount owed to us by any of the joint owners.
Credit reporting notice
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
Minimum balance requirements, fees and services charges
You agree to pay us any applicable fees or charges and are responsible for any minimum balance requirements and deposit requirements called for in our Agreements & Disclosures provided to you when you opened your account. In any case and with proper notice to you, fees, charges, balance requirements, and deposit requirements may be changed by us from time to time.
Restrictive legends
We are not liable for any consequences resulting from the payment of a check that contains a restrictive legend or other such limitation (e.g. “Void after 90 days,” “Not valid over $500,” or “Two signatures required”) unless we have previously agreed, in writing, to the restrictions and/or limitations.
Suspension of services
We have the right to suspend the benefit of any Credit Union service at any time for reasonable cause. At our discretion, we also have the right to pay any share draft presented for payment from your account after your account is closed or suspended and to recover such amount paid from you.
Account services are available to those members in good standing with the Credit Union. We reserve the right to cancel or suspend services to a member who is not in good standing, which includes members that have: (a) a delinquent loan; (b) a primary share account balance below the $5 minimum; (c) an unresolved deposited returned check; (d) any unpaid and uncollected fees; (e) a negative balance on an account; or (f) caused a financial loss to the Credit Union.
Assignability
You may not assign or transfer any interest in your account.
Agreements & Disclosures
The Agreements & Disclosures provided to you at the time you opened your account and referred to throughout this agreement contain: (a) a list of fees and charges applicable to your account; (b) the dividends and applicable Annual Percentage Yield (APY); (c) how dividends are credited or compounded; and (d) other pertinent information related to your account. Your Agreements & Disclosures may be amended by us from time to time in a manner as prescribed by law.
Stop payments
You may ask us orally to stop payment on a check. For any such request to remain valid, however, you must also supply us with a written request within 14 days after you make any such oral request. Stop payment requests are also subject to the terms and conditions of the Stop Payment Request form related to any such request. Your request must be given to us in a timely manner so we have a reasonable opportunity to act on your request. A written stop payment request is effective for six months. If at the end of six months you request us to continue the stop payment order, that request will be treated as a new request. We are not liable if we pay a check which you have requested us to stop payment on as long as we act in good faith and exercise ordinary care.
In any event, any damages we might otherwise be liable for shall not exceed the amount of the involved share draft. If we do pay a share draft for which you have requested stop payment and as a result any other item is returned unpaid by us due to nonsufficient funds, we are not liable for any consequences resulting from such action. If your account is a joint account, any owner of the account may request a stop payment. Any release of a stop payment order must be made by the person who made the request. If you ask us to stop payment on a preauthorized transfer, your request will be processed under the provisions of our Electronic Services Agreement with you.
You may also ask us to replace a lost, destroyed, or stolen cashier’s, teller, or certified check and if you do, you agree to execute a declaration of loss and claim for reimbursement form together with any other documentation we may require, such as an affidavit. Regardless of the type of documentation presented to us, the request must be in a form acceptable to the Credit Union and given to us in a timely manner so we have a reasonable opportunity to act on such request. Such declaration of loss and claim for reimbursement will not become effective until the later of: (a) the 90th day after the date of the check (or 90th day following the date of acceptance, in the case of a certified check); or (b) the date we receive the Declaration of Loss and Claim for Reimbursement together with any other required documentation.
Share drafts and other account access devices
Any share draft or other account access device which does not meet our standards for acceptance may be rejected by us, whether such standards are established by law, regulation or our own policy.
Postdated, stale or overdraft share drafts
You understand postdating a share draft will have no effect on whether or not it is honored prior to or after the date of any such share draft. A stale share draft is any share draft received by us dated six months or more prior to the date of receipt. We may pay or refuse to pay any postdated, stale, or overdraft share draft, or other item presented for payment on your account without any liability.
Share draft safekeeping
Share draft safekeeping is automatic on your account and your cancelled share drafts will not be returned to you. You understand cancelled share drafts retained by us are later destroyed after a reasonable period of time. If you subsequently request a copy of a share draft and we are unable to supply it, then we shall not be liable for any damage You may sustain in excess of the face amount of the involved share draft.
Periodic statements
You will be provided with a periodic statement showing activity on your account. If you believe any statement reflects discrepancies, you must notify us of such discrepancies within 60 days from the date we mailed the statement to you. If the discrepancy noted is the result of an electronic fund transfer, then the provisions of our Electronic Fund Transfer Agreement with you will control resolution of the matter.
Amendments
This Agreement may be amended by us at any time, in which case we will provide you with a notice of amendment as required by law or regulation.
Notification of address change
You will notify us promptly in writing with your signature if you move or otherwise have a change of address. In the event we are unable to locate you, you agree to pay all fees associated with maintaining an invalid address in our records and any costs and locator fees incurred in our locating efforts.
Waivers
You agree and understand our failure or delay to exercise any right, remedy, power, or privilege available to us pursuant to this Agreement shall not affect or disallow our future exercise of that right, remedy, power or privilege.
Electronic communications
By applying for membership in the Credit Union, you authorize us to send you, from time to time, and to the extent permitted by applicable law, electronic communications regarding the status of any share, share draft, and/or term account(s) you maintain with us. You also authorize us to send you electronic communications regarding any other accounts You may maintain with us from time to time including, but not limited to, loan accounts, credit line accounts, and credit card accounts. These electronic communications are sometimes referred to as “transactional or relationship messages.”
You authorize us to contact you using any wireless, cellular, mobile or other phone number you have provided to us on your membership application, and at any wireless, cellular, mobile or other phone number you may furnish to us or we may obtain for you in the future. We may contact you using any electronic means we choose, which may include but is not limited to, voice messages, text messages and other similar electronic methods of communication. If you have furnished us with any email address(es), you understand and agree we may send you email messages regarding your account(s) with us from time to time. If you have or subsequently enter into any separate consent to receive electronic documentation form, any communications covered by such disclosure and consent shall be subject to the terms and conditions set forth in that disclosure and consent. You understand the nature of electronic communications is such that anyone with access to your wireless, cellular, mobile or other telephonic device or email may be able to read or listen to such transactional or relationship messages from us, and you agree any person or party sending or leaving such messages shall have no liability for any consequences resulting from the interception of such messages by any other party. Without limitation, you also agree you are responsible to pay all costs you may incur as a result of any contact method we choose including, but not limited to, charges for telecommunications, wireless and/or internet charges.
Prohibited internet gambling transactions
All transactions in connection with the participation of another person in unlawful internet gambling are prohibited from being processed through your account. Such transactions include those involving the use of: (a) credit, or the proceeds of credit, extended to or on behalf of another person (including credit extended through the use of a credit card); or (b) electronic fund transfers, or funds transmitted by or through a money transmitting business, or the proceeds of an electronic fund transfer or money transmitting service, from or on behalf of another person; or (c) any check, draft, or similar instrument that is drawn by or on behalf of another person and is drawn on or payable at or through any financial institution.
Governing law
This Agreement shall be governed by the laws of the State of California, except to the extent federal law controls.
The following disclosures contain important information and the Terms & Conditions of any account or accounts you may have with us. Whenever used “APY” means Annual Percentage Yield.
Specific terms applicable to your Business Prime Savings account
Specific terms applicable to your Business Money Market Savings account
Specific terms applicable to your Business Premier Money Market Savings account
Specific terms applicable to your Small Business Checking Account
Specific terms applicable to your Commercial Advantage Checking Account
Specific terms applicable to your Business Term Certificate Account
General terms applicable to all accounts
This is your Electronic Services Agreement & Disclosure. It includes necessary disclosure statements and any special instructions regarding the use of your Visa Debit Card, our Personal Computer/Internet-Enabled Mobile Device Account Access system (“Digital Banking”), each with their personal identification numbers (PINs) and/or access codes, and any checks your authorize to be processed electronically (“eCheck”)
Visa Debit Card, Digital Banking & eCheck Agreement
This agreement applies to any electronic fund transfer made to or from your account(s) by you or by any user who has access to your account with actual, apparent, or implied authority for use of your account. Electronic fund transfers to and from your account can be made through the use of, but may not be limited to the following: (a) your card in automated teller machines (ATMs) or at any place it is honored including those transactions made through the use of the appropriate PIN in conjunction with your card; (b) any check which you authorize the payee to process electronically; and (c) our Digital Banking system. An electronic fund transfer is any transfer of funds which is performed through the use of your Visa Debit Card, eCheck, our Digital Banking system, or other electronic device. You understand your card and any PINs and/or access codes are issued by us and are not transferable. Your PIN is confidential and should not be disclosed to anyone. The use of your card is subject to the following terms. You agree: (a) to abide by our rules and regulations as amended relating to the use of the card; (b) we may follow all instructions given to machines; and (c) not to use your card for illegal transactions including, but not limited to, advances made for the purpose of gambling and/or wagering where such practices are in violation of applicable state and/or federal law. Each withdrawal by you, or anyone else to whom you give your PIN or to whom you allow access to your account, will be charged to your share or share draft account and will be treated as though it were a withdrawal except: (1) we may charge withdrawals in any order we determine; and (2) we cannot honor stop payment requests on ATM and POS withdrawals.
We may, but are under no obligation to do so, process an electronic fund transfer that exceeds the balance in your share and/or share draft account. In the event any such transfer occurs, you agree to immediately pay us the overdrawn amount and to the extent permitted by law, any associated fees and charges. For security reasons there are limits on the number of transactions processed each day.
Issuance of personal identification numbers (PINs) and/or access codes
You may request separate personal identification numbers (PINs) and/or access codes to be used in conjunction with your Visa Debit Card, Telephone Banking and Digital Banking. Your use of your PIN or access code is your authorization to us to withdraw funds from your share account or your share draft account to cover such transactions.
Ownership of access devices
Your card and/or any other account access device will remain our property and any such card or other account access device we may issue may be cancelled or its use restricted by us at any time without notice, except as may be required by applicable law. You agree to surrender any such card and/or access device and to discontinue its use immediately upon our request. You will be required to return any account access device(s) to us immediately upon the closing of your account.
Other agreement
If electronic fund transfer transactions involve other agreements you have with us, the terms of those agreements will apply as well.
Business days
Every day is a business day except Saturdays, Sundays and holidays.
Delayed funds availability notice
Subject to our Delayed Funds Availability Policy, deposits made at SCE Federal Credit Union locations may not be posted to your account until they are received and verified by us. We are not responsible for delays in deposit posting due to improper identification on the deposit envelope. See our Funds Availability Policy Disclosure for our policy regarding the availability of your deposits.
Types and limitations of services
This disclosure describes your ability to withdraw funds from transaction accounts at SCE Federal Credit Union. You should also refer to the section of these Agreements & Disclosures that describe the details of your specific account type for additional information.
Your ability to withdraw funds
Our policy is to delay the availability of funds from your cash and check deposits. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks you have written.
Determining the availability of a deposit
The length of the delay is counted in business days from the day of your deposit. Every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit before closing on a business day we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after closing or on a day we are not open, we will consider the deposit was made on the next business day.
The length of the delay varies depending on the type of deposit and is explained below.
Same-day availability
Funds from the following types of deposits will be available on the day we receive the deposit:
Next-day availability
Funds from the following deposits are available on the first business day after the day we receive the deposit:
If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit:
Other check deposits
The first $225 from deposits of other checks will be available on the first business day after the day we receive the deposit. The remaining funds will be available on the second business day after the day of your deposit. For example, if you deposit a check of $700 on a Monday, $225 of the deposit is available on Tuesday. The remaining $475 is available on Wednesday.
Longer delays may apply
Funds you deposit by check may be delayed for a longer period under the following circumstances:
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 direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the first business day after we receive your deposit, if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 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 ninth business day after the day of your deposit.
ATM deposits
For deposits made at ATMs owned and operated by the Credit Union, deposits will become available for withdrawal based on the availability schedule described above. For deposits made at ATMs not owned and operated by the Credit Union, will become available for withdrawal on the fifth business day following the day of deposit. All ATMs we own or operate are identified as our machines.
Holds on other funds
If we cash a check for you that is drawn on another institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available to you at the time the funds from the check we cashed for you would have been available if you had deposited it. If we accept for deposit a check that is drawn on another institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds you have on deposit in another account with Us. The funds in the other account would then not be available for withdrawal until the time periods described elsewhere in this policy for the type of check you deposited.
Location of check endorsements
Federal law requires all check endorsements to be in the first 1-1/2 inches of the trailing edge of the back of the check. The trailing edge is opposite the left side of the face of the check. You will be responsible for any costs incurred by us due to delays in returning checks deposited into your account that do not comply with the endorsement standards.
Dividend payment policy
See the account disclosures section in these Agreements & Disclosures for our policy on the payment of dividends.
These are the Terms & Conditions whenever you request a wire transfer of funds from your account(s) with us based upon your written request. We will provide wire transfer services as a means to initiate domestic and international transfers for you, subject to the terms of this agreement, which you agreed to by signing your application for membership with us at the time your account was established.
This Wire Transfer Agreement applies to wire transfers that are not “Remittance Transfers” as defined in the Electronic Fund Transfer Act (15 U.S.C. 1693o-1) and Regulation E, Subpart B (12 CFR 1005.30 et seq.).
We are authorized to charge your account for the payment of wire transfer requests. If more than one account is designated, we may charge any of the designated accounts unless you give us specific written directions otherwise. Your transfer requests may involve the transfer of funds from any of your designated accounts with us to another account you have with us, to any other financial institution, or to a third party or account of a third party maintained with us or any other financial institution. Except as provided by applicable law, there are no restrictions or limitations on the amounts which may be ordered or requested, or on the location or address of the beneficiary of a transfer unless you give us written instructions to the contrary.
The party(ies) named in your application for membership are the authorized persons who may issue payment orders to us for the initiation of wire transfers or to receive phone calls from us, in accordance with this agreement, for the purpose of confirming payment orders for the initiation of wire transfers which have been transmitted to us under this agreement for any account designated in your application for membership. For confirmation purposes, we may call any party designated in your application for membership. If more than one authorized person is named, any one of them may issue payment orders on any designated Account.
Wire transfer requests must be given to us in compliance with our cutoff hours as established from time to time by us. We are not responsible for the accuracy of a routing number which you supply in your wire transfer request. Wire transfer requests received by us after our cutoff hours may be treated as if received on the following business day.
We have no obligation to accept or execute any wire transfer request. We will provide you telephonic notice of rejection. If we are unable to reach you by phone, we may at our option give you notice of rejection in writing. If we accept a wire transfer request consistent with this agreement, you agree any such transfer requests which we receive are effective as your transfer request, whether or not authorized.
You will have no right to cancel or amend a payment order to initiate a wire transfer after we receive it. We will make a reasonable effort to act on a cancellation or amendment of a payment order made by you prior to the time we execute such payment order, but we have no liability if your cancellation or amendment is ineffective.
You agree to reexecute this agreement or to execute a new agreement if changes are necessary. Your application for membership designates any account which may be charged in relation to wire transfer requests. All parties which you have authorized to issue wire transfer requests or to receive telephonic confirmations from us are identified in your application for membership. All modifications or additions to your application for membership must be in writing.
You agree to pay us the amount of any transfer request which we transmit pursuant to this agreement when we execute a payment order to carry out your wire transfer request. You will not make any wire transfer request which would cause you to exceed the available balance in the account designated to pay the transfer request. If a payment order is executed which creates an overdraft, with or without our prior consent, you agree to pay us the overdraft amount and any overdraft fees immediately upon our demand. We have the right to setoff the amount of any overdraft against the balance in any of your accounts with us and we may exercise any rights we have under any agreements which grant us security for the payment of your liabilities or obligations to us.
You understand and agree the payment of a wire transfer request may be made by us or any other financial institution used to carry out the transfer request on the basis of an identifying or account number which you have provided for a beneficiary, even if the number identifies a person different from your intended beneficiary. You also understand and agree we or any other financial institution used to carry out a transfer request, may rely on the identifying number of the intermediary or beneficiary’s financial institution which you have provided as the proper identification of the intermediary or beneficiary’s financial institution, even if the number identifies a financial institution different from the one you intended to identify. We or any other financial institution are not responsible for determining whether any identifying or account numbers you have provided to initiate a wire transfer are accurate. You will be liable to us for the amount of any transfer request even if payment of the transfer request is made to a person different from the named beneficiary based upon the beneficiary’s identifying or account number provided by you or payment of the transfer request is made to a financial institution different from the one identified by name based on the identifying number which you provided to us.
You agree to examine any statement or confirmation which we send you and to notify us within 30 days after the mailing date on any statement or confirmation, of any discrepancy or error. If you fail to notify us of any discrepancy or error within the required time period, you agree we are not liable to pay interest or reimburse you for any discrepancy or error in relation to a transfer request described in such statement or confirmation.
You and the Credit Union agree the following specified security procedures represent a commercially reasonable method of providing security against unauthorized payment orders: (a) only individuals named in your application for membership shall issue wire transfer requests to us; and (b) we reserve the right to telephonically contact any individual named in your application for membership for the purpose of confirming a transfer request, regardless of amount, although we have no obligation to do so. If we cannot obtain a confirmation satisfactory to us, then we reserve the right to refuse to honor any wire transfer request.
We have no responsibility to verify the identity of any party identifying themselves as an individual authorized to receive a telephonic confirmation of any wire transfer request, other than to verify the name given by such party corresponds to a party named in your application for membership. If, for any reason, we are not satisfied a wire transfer request was issued by an authorized party or confirmed by an authorized party, we may refuse to execute the transfer request. If we do so, we shall not incur any liability of any nature. You agree to prevent disclosure, other than on a need-to-know basis, of any of the aspects of the security procedures which you have agreed to with us. You will notify us immediately if you believe the confidentiality of the security procedures has been compromised and you shall act to prevent the security procedures from being further compromised.
We have no liability of any nature for delays or mistakes, provided we act in good faith and with reasonable care. We are not responsible for delays or mistakes caused by other parties through whom we transmit funds whether such other parties were selected by you or us. We are not required to make a wire transfer on the day a wire transfer request is received, unless the wire transfer request is received within a reasonable time before any cutoff hour we have established. We will generally use the funds transfer system, but we may use any means and routes we, in our sole discretion, consider suitable for the transmission of funds.
You agree we have no liability and are not responsible for any delay or failure to transfer any amount specified in any wire transfer request because of rules, regulations, or policies of the Federal Reserve Board which limits, in the aggregate, the amount we can transfer from time to time during any business day, provided, however, we will promptly notify you of any such failure or delay and will effectuate the transfer as soon as is reasonably possible.
We shall have no liability whatsoever for any special, consequential, punitive, or indirect loss or damage suffered by you in connection with services offered by us which are subject to this agreement, regardless of whether we know or should have known such damages might be incurred. We have no responsibility for any attorneys’ fees you might incur.
We may terminate this agreement at any time by giving written or verbal notice to you. Unless we terminate this agreement, the agreement shall remain in effect until we receive written notice of termination from you and have been afforded a reasonable opportunity to act on your termination notice. You may not assign this agreement to any other party.
This agreement is governed by the provisions of Regulation J, 12 CFR Part 210, Subpart B, including the appendices, to the extent any wire transfer request is carried out. Terms which are not defined in this agreement shall have the same meaning as defined in the Uniform Commercial Code Article 4A. This agreement is also subject to all applicable Operating Circulars of the Federal Reserve Bank in the district in which we are located and any other applicable provisions of federal or state law. To the extent that Regulation J does not apply to this agreement, this agreement shall be governed by the laws of the state in which we are chartered.
We may amend this agreement, from time to time, by sending you a copy of any amendment at least 30 days prior to its effective date. This agreement may also be amended by a writing signed by you and us. No representation or statement not expressly contained in this agreement or in any amendment shall be binding upon you or us.
If any provision of this agreement is prohibited by applicable law, such prohibition shall apply only to that provision and all other provisions of the agreement shall remain in full force and effect.
Copyright Oaktree Business Systems, Inc., 2023. All Rights Reserved. (5/23)
