Online Banking Terms and Conditions

The following information defines and describes the types of Electronic Funds Transfers which are available to members subscribed to access MEFCU's Online Banking. It also contains your rights and responsibilities concerning these transactions, including your rights under the Electronic Transfer Funds Transfer Act. Please read this document carefully. You may want to print it or save it for future reference.

1. Internet Account Access. You can use Online Banking to conduct the following business:
   1. Obtain balances and other account details on your share and loan accounts.
   2. Make transfers between your share accounts (regular share, sub-accounts, share draft and Shares Plus accounts) and from your Personal Line of Credit or Home Equity Line of Credit loans.
   3. Withdraw funds from your share account(s). A check will be mailed to you at your home address on record.
   4. Obtain loan advances from your Personal and/or Home Equity lines of credit. A check will be mailed to you at your address on record on the next available business day.
   5. Review previous transaction activity on your accounts, excluding Visa.
   6. Download selected transactions from regular share and share checking accounts to personal financial management software, including Quicken® and Money® and Microsoft Excel®.
2. Limitations on Transfers
   1. For savings accounts, no more than six (6) preauthorized, automatic or telephone transfers may be made from these accounts to another account of yours or to a third party in any month, and no more than three (3) of these six (6) transfers may be made by check, draft or debit card to a third party. For Shares Plus Money Market Accounts, the minimum transfer and withdrawal amount is $500; four (4) transfers are permissible per month. For IRAs and Checking accounts, no account limitations apply.
   2. The functions and limitations of Online Banking account access service may be updated, without notice, at the option of Mayo Employees Federal Credit Union in order to provide improved service to the membership.
3. Liability
   1. The following information defines and describes the types of Electronic Funds Transfers which are available to members subscribed to access MEFCU's Online Banking. It also contains your rights and responsibilities concerning these transactions, including your rights under the Electronic Funds Transfer Act. Please read this document carefully. You may want to print it or save it for future reference.
   2. Inform MEFCU at once, if you believe your account number, PIN, or any record thereof, has been lost or stolen, or if your account has been accessed without your authority. Telephoning is the best way of keeping your possible losses down, but you may also notify us via the Internet or by writing to the address below. You could lose all of the money in your accounts, but if you notify us within two (2) business days of the loss, theft or unauthorized access, you can lose no more than $50 if someone accesses your account without your permission. If you do NOT tell us within two (2) business days after you learn of the unauthorized access, and we can prove we could have stopped someone from accessing your account without your permission if you had told us, you could lose as much as $500.
   3. If your statement shows any electronic fund transfer you did not make, or authorize to be made, inform us immediately. If you do not tell us within 60 days after the statement was mailed to you, you may not retrieve 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 hospital stay) kept you from notifying us, we may extend the time periods.
4. Address and Telephone Numbers. If you believe unauthorized access occurred on your account or your PIN has been stolen, or that someone has transferred or may transfer money from your account by accessing your account without your permission, immediately contact us.
5. Business Days. For purposes of these disclosures, MEFCU's business days are Monday through Friday, excluding holidays.
6. Documentation of Transfers. Your periodic statement will specifically identify each electronic transaction. You will receive a monthly statement for each month in which you initiate electronic transactions. In any case, you will get a statement at least quarterly. Additionally, through Online Banking account access service, you can view all of your transaction activity at any time.
7. Charges. There is no charge for Online Banking account access service.
8. Liability for Failure to Make Transfers. If MEFCU fails to complete a transfer to or from your account on time, in the correct amount, according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will NOT be liable, for instance:
   1. If, through no fault of ours, you do not have enough money in your account to make the transfer.
   2. If your transfer will go over the credit limit of your line-of-credit loan(s).
   3. If the funds in your account are subject to legal process, such as garnishment or attachment, or if the account is subject to a pledge or a security agreement.
   4. If circumstances beyond our control prevent the transfer, despite reasonable precautions we have taken.
   5. If you have reported an unauthorized use of your PIN, reported it as stolen, or requested that we issue a new PIN, and we have as a result refused to honor the original PIN.
9. Information to Third Parties. We will disclose information to third parties about your account or the transactions you make:
   1. If we return checks drawn on your account for insufficient funds or if we are unable to complete an electronic transfer because of insufficient funds.
   2. Where it is necessary for completing transfers.
   3. In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant.
   4. In order to comply with government agency or court order.
   5. If you give us your written permission.
10. In Case of Errors or Questions about your Electronic Transfers. If you think your statement is wrong or if you need more information about a transaction listed on the statement, immediately contact us. We must hear from you no later than 60 days after we sent you the FIRST statement on which the problem or error appeared.
    1. Tell us your name and member account number.
    2. Describe the error or the transaction you are unsure about, including the transaction confirmation number if possible, 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.
    4. If you tell us verbally, 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 calendar days to investigate your complaint or questions. If we decide to do this, we will re-credit your account within 10 business days for the amount you think is in error, so that you will have 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 re-credit your account. If we decide there was no error, we will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents we used in our investigation.