Electronic Fund Transfers Electronic Fund Transfers

YOUR RIGHTS AND RESPONSIBILITIES

Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account.  Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed.  You should keep this notice for future references. 

Preauthorized credits.  You may make arrangements for certain direct deposits (such as Social Security and payroll) to be accepted into your checking or savings account(s).

Preauthorized payments.  You may make arrangements to pay certain recurring bills from your checking or savings account(s).

Telephone Banking – types of transfers – You may access your account by telephone 24 hours a day at (508) 559-5418 or 1-888-442-4944 using your personal identification number, a touch tone phone, and your account numbers, to:

  • transfer funds from checking to checking

  • transfer funds from checking to savings

  • transfer funds from savings to checking

  • transfer funds from savings to savings

  • transfer funds from line of credit to checking

  • transfer funds from line of credit to savings

  • make payments from checking to loan accounts with us

  • make payments from savings to loan accounts with us

  • get information about:

  • the account balance of checking accounts

  • the last ten deposits to checking accounts

  • the last ten withdrawals from checking accounts

  • the account balance of savings accounts

  • the last ten deposits to savings accounts

  • the last ten withdrawals from savings accounts

Online Banking – types of transfers – You may access your accounts 24 hours a day by visiting our website www.crescentcredit.org using your personal identification number, a computer, and your account numbers, to:

  • transfer funds from checking to checking

  • transfer funds from checking to savings

  • transfer funds from savings to checking

  • transfer funds from savings to savings

  • transfer funds from line of credit to checking

  • transfer funds from line of credit to savings

  • make payments from checking to loan accounts with us

  • make payments from savings to loan accounts with us

  • make payments to third parties you designate from your checking account

  • get information about:

  • the account balance of checking accounts

  • the last statement for your checking accounts

  • the current statement for your checking accounts

  • the account balance of savings accounts

  • the last statement for your savings accounts

  • the current statement for your savings accounts

Electronic Check Conversion- types of transfers- Your check can result in an electronic fund transfer.  This can happen in several ways.  For example:

  • You can purchase goods or pay for services and authorize the merchant or service provider to convert your check into an electronic funds transfer.

  • At the time you offer a check to the merchant or provider of service, you may be asked to authorize the merchant or service provider to electronically collect a charge in the event the check is returned insufficient funds.  This fee is an electronic funds transfer if it is paid electronically.

You may authorize these types of transfers in writing or expressed through the posting of a sign.

ATM Transfers – types of transfers, dollar limitations, and charges – You may access your account(s) by ATM using your ATM card and personal identification number to:

  1. Make deposits to checking or savings account(s) with an ATM card at Crescent ATMs that accept deposits

  2. Get cash withdrawals from checking or savings account(s) with an ATM card

  • you may withdraw no more than $500.00 per day in combination with point-of-sale transactions

  • (We define a day to be 3:00 P.M. to 3:00 P.M. the following day.)

  • there is a charge of $1.95 per withdrawal at machines we do not own or operate.

  1. Get information about:

  • the account balance of your checking accounts with an ATM card

  • the account balance of your savings accounts with an ATM card

Some of these services may not be available at all terminals.

Types of ATM Point-of-Sale Transactions – You may access your checking account(s) to purchase goods (in person), pay for services (in person), and get cash from a merchant, if the merchant permits, or from a participating financial institution.

Point-of-Sale Transactions – dollar limitations and charges – Using your card:

  • you may not exceed $1000.00 in transactions per day in combination with ATM withdrawals

Types of VISA® Debit Card Point-of-Sale Transactions – You may access your checking account(s) to purchase goods (in person or by phone), pay for services (in person or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that can be done with a credit card (that a participating merchant will accept with a credit card).

Point-of-Sale Transactions – dollar limitations and charges – Using your card:

  • you may not exceed $1,500.00 in transactions per day, in combination with ATM transactions

Termination

  • You may terminate the electronic fund transfer agreement by written notice to us.

  • We may terminate the electronic fund transfer agreement by written notice to you.

Minimum account balance

  • We do not require you to maintain a minimum balance in any account as a condition of using an access device (card or code) to accomplish a transfer.

Fees 

  • We do not charge for direct deposits to any type of account.

  • Please refer to separate fee schedule for additional information about fees.

Except as indicated elsewhere, we do not charge for these electronic fund transfers.

ATM Surcharges.  When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used to complete the transfer (and you may be charged a fee for a balance inquiry).

 Documentation

  • Terminal Transfers.  You can get a receipt at the time you make a transfer to or from your account using an automated teller machine or point-of-sale terminal. However, you may not get a receipt if the amount of the transfer is $15 or less.

  • Preauthorized credits.  If you have arranged to have direct deposits made

to your account at least once every 60 days from the same person or company, you can call us at (508) 559-5400 or 1-800-894-4445 to find out whether or not the deposit has been made.

  • Periodic statements.  

    You will get a monthly account statement from us for your checking and statement savings accounts.

You will get a monthly account statement from us for your passbook accounts, unless there are no transfers in a particular month.  In any case, you will get a statement at least quarterly.

You will get a quarterly account statement from us for your passbook accounts, if the only possible electronic transfers to or from the account are preauthorized credits.

PREAUTHORIZED PAYMENTS

  • Right to stop payment and procedure for doing so.  If you have told us in advance to make regular payments out of your account, you can stop any payments.  Here is how:

Call or write us at the telephone number or address listed in this brochure in time for us to receive your request three business days or more before the payment is scheduled to be made.  If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.

Please refer to our separate fee schedule for the amount we will charge you for each stop-payment order you give.

  • Notice of varying amounts.  If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be.  (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.
     
  • Liability for failure to stop payment of preauthorized transfer.  If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

 ADDITIONAL INFORMATION REQUIRED BY MASSACHUSETTS LAW

  1. Any documentation provided to you which indicates that an electronic fund transfer was made to another person shall be admissible as evidence of the transfer and shall constitute prima facie-proof that the transfer was made.

  2. The initiation by you of certain electronic fund transfers from your account will effectively eliminate your ability to stop payment of the transfer.

Unless otherwise provided in this agreement, you (the member) may not stop payment of electronic fund transfers, therefore you should not employ electronic access for purchases or services unless you are satisfied that you will not need to stop payment. 

FINANCIAL INSTITUTION’S LIABILITY

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

  1. If, through not fault of ours, you do not have enough money in your account to make the transfer.

  2. If you have an overdraft line and the transfer would go over the credit limit.

  3. If the automated teller machine where you are making the transfer does not have enough cash.

  4. If the 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 are subject to legal process or other encumbrance restricting such transfer.

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

 

CONFIDENTIALITY

In order that your privacy may be protected, we will not disclose any information about you or your account to any person, organization, or agency except:

  1. for certain routine disclosures necessary for the completion of a transfer; or
  2. for verification of the existence and condition of your account for a credit bureau or merchant; or
  3. to persons authorized by law in the course of their official duties; or
  4. to our employees, auditors, service providers, attorneys or collection agents in the course of their duties; or
  5. pursuant to a court order or lawful subpoena; or
  6. to a consumer reporting agency as defined in Chapter 93 of Massachusetts General Laws; or
  7. by your written authorization which shall automatically expire 45 days after our receipt of your authorization.

If an unauthorized disclosure has been made, we must inform you of the particulars of the disclosure within 3 days after we have discovered that an unauthorized disclosure has occurred.

UNAUTHORIZED TRANSFERS 

(a)    Consumer Liability.

  • Generally. Tell us AT ONCE if you think your card and/or code has been lost, stolen or used without your permission.  Telephoning is the best way, if any, of minimizing your possible losses.  You can lose no more than $50 if you fail to give us notice of your lost or stolen card and/or code and your card and/or code is used without your permission.

  • Additional Limit on Liability for VISA® Debit Card.  Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen VISA® Debit Card.  This additional limit on liability does not apply to ATM transactions, to transactions using your Personal Identification Number which are not processed by VISA®, or to commercial cards.

(b)    Contact in event of unauthorized transfer.  If you think your card and/or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone number or address listed in this brochure.

PROTECTED CONSUMER USE

Chapter 167B of the Massachusetts General Laws was enacted to provide a means for financial institutions, businesses, and consumers to conduct their business relations more conveniently.  Transferring funds electronically will supplement the use of checks, credit, and cash and will not replace these present methods of doing business.  As a consumer, you should be aware of your rights if you choose to utilize this system.

            (1)  Prohibition of compulsory use.  No person may:

  • require you to use a preauthorized electronic fund transfer as a condition of the extension of credit unless the credit is being extended in connection with an overdraft checking plan, or is being extended to maintain a specified balance in your account, or

  • require you either accept a transfer service or to establish an account which is accessed electronically as conditions of employment or receipt of governmental benefit, or

  • require you to pay electronically for the purchase of goods or services.

If your account is to be credited by a preauthorized transfer you may choose the financial institution to which the transfer may be made, if the institution is technically capable of receiving such preauthorized transfer.

(2)  Waiver of rights.  No writing or agreement signed by you can waive the rights conferred to you by Chapter 167B of the Massachusetts General Laws unless you decide to waive these rights in settlement of a dispute or action.

(3)  Refunds.  If it is the policy of a store or retail business to give cash refunds in return for an item purchased by cash, then this policy must also cover refunds for items purchased by electronic fund transfer unless it is clearly disclosed at the time the transaction is consummated that no cash or credit refunds are given for payments made by electronic fund transfers.

(4)  Suspension of obligations.  If a person agrees to accept payment by means of an electronic fund transfer and the system malfunctions preventing such a transfer, then the consumer’s obligation is suspended until the transfer can be completed, unless that person, in writing, demands payment by other means.

(5)  Prohibited means of identification.  Your Social Security number cannot be used as the primary identification number although it can be used as secondary aid to identify you.

(6)  Criminal liability.  Procuring or using a card, code or other means of electronic access to an account with the intent to defraud is a basis for criminal liability.

ERROR RESOLUTION NOTICE
In Case of Errors or Questions About Your Electronic Transfers, Telephone or Write us at the telephone number or address listed in this brochure as soon as you can, if you think your statement, passbook or receipt is wrong or if you need more information about a transfer listed on the statement, passbook 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 or, if the only transfer possible is a direct deposit to your passbook account, no later than 60 days after the problem or error was FIRST reflected in your passbook or statement.

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

  2. Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.

  3. Tell us the dollar amount of the suspected error.

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

We will determine whether an error occurred within 10 business days (5 business days for VISA® Debit Card point-of-sale transactions) after we hear from you and will correct any error promptly.  If we need more time, however, we may take up to 45 calendar days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question.  If we decide to do this, we will credit your account within 10 calendar days (5 business days for VISA® Debit Card point-of-sale transactions) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation.  If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account.

We will tell you the results within three business days after completing our investigation.  If we decide that there was no error, we will send you a written explanation.

You may inspect or ask for copies of the documents that we used in our investigation.  If there is no error, we may impose on you a reasonable charge for making such reproductions.

CRESCENT CREDIT UNION
P.O. BOX 4290
BROCKTON, MASSACHUSETTS  02303-4290

Business Days:  Monday through Friday
Business Hours:  Monday through Friday, 9:00 A.M. to 5:00 P.M.
Excluding Federal and State Holidays
Phone (508) 559-5400 or 1-800-894-4445
MORE DETAILED INFORMATION IS AVAILABLE ON REQUEST

 What the actual definition of an “error” is for the purpose of error resolution.  M.G.L. c. 167B, section 2 defines an “error” as:

An error consists of:

  1.  an unauthorized electronic fund transfer;
  2.  an incorrect electronic fund transfer from or to the consumer’s account;
  3.  the omission from a periodic statement of an electronic fund transfer affecting the consumer’s account which should have been included;
  4. a computational error by the financial institution;
  5. the consumer’s receipt of an incorrect amount of money from an electronic branch;
  6. a consumer’s request for additional information or clarification concerning an electronic fund transfer or any documentation required by this chapter;
  7. any other error described in regulations of the Commissioner.