Online Banking Terms and Conditions

Agreement – This agreement governs electronic access to your accounts at Mayo Employees Federal Credit Union (MEFCU) through Online Banking.  Online banking enables you to conduct certain transactions with respect to your accounts at MEFCU via the internet.  By using online banking or authorizing others, you accept and agree to be bound by all the terms and conditions of this agreement and any future amendments.

 

Protecting Your Password – You agree to; 1) keep your user ID and password secure and strictly confidential, 2) immediately notify us if you believe your user ID and password may have become known to an unauthorized person.  MEFCU will have no liability to you for any unauthorized payment or transfer made using your password that occurs before you have notified us of possible unauthorized use and we have had a reasonable opportunity to act on that notice.  We may suspend or cancel your user ID and password without notice from you if we suspect your user ID and password is being used in an unauthorized or fraudulent manner.

 

Access – To use online banking, you must have an account at MEFCU, access to internet service, and an e-mail address.  Online banking can be used to access only the accounts which you have designated.  We are entitled to presume that any access utilizing a valid password has been duly authorized and that you have followed your internal procedures for controlling and managing your password.  We are under no obligation to monitor transactions through online banking to determine if they were made on your behalf.  You can use online banking to:

• Obtain balances and other account details on your share and loan account
• Make transfers between your share accounts and from your personal line of credit or home equity line of credit loans.
• Withdraw funds from your share account. A check will be mailed to you at your home address.
• Download transactions to personal financial management software
• Perform other services as provided.

MEFCU may make additional services available utilizing online banking.  In order to obtain any such services, MEFCU may require the execution of additional agreements.

 

Hours of Access – You may use online banking seven days a week, twenty-four hours a day, however the system may not be available during scheduled or emergency system maintenance.  The fact that you initiate a transaction at a specified time does not mean that it will be processed then.  Certain transactions are processed only on business days and at certain times.

 

Security – Your password and Login ID are intended to provide security against unauthorized entry and access to your accounts.  Upon three unsuccessful attempts entering your password, your access will be revoked.  To re-establish access you must contact MEFCU to reset your password.  Data transferred via online banking is encrypted in an effort to provide transmission security and identification technology is utilized to verify that the sender and receiver can be appropriately identified by each other.  Notwithstanding our efforts to ensure that online banking is secure, you acknowledge that the Internet is inherently insecure and all data transfers, including electronic mail, occur openly on the Internet and potentially can be monitored and read by others.  We cannot and do not warrant all data transfers utilizing online banking or secure email transmitted to and from us will not be monitored or read by others.

 

Your Liability for Unauthorized Transfers – CONTACT US AT ONCE if you believe your password has been lost, stolen, used without your authorization or compromised in any manner or if someone has transferred or may transfer money from your accounts without your permission.  If your statement shows transfers that you did not make, contact us immediately.

 

Consent to Electronic Delivery of Notices - You agree that any notice or other type of communications provided to you pursuant to the terms of this agreement and any future disclosures required by law, may be made electronically by posting the notice on the MEFCU website or by secure e-mail.

 

In case of Errors or Questions about your Electronic Transfers – Contact us as soon as you can if you think your statement is wrong or if you need more information about a transfer.  We must hear from you no later than 60 days after we sent you the first statement on which the problem or error appeared.  When contacting us you must:

• Tell us your name and member number
• Describe the error or the transaction you are unsure about and explain as clearly as you can why you believe the Credit Union has made an error or why you need more information. 
• Tell us the dollar amount of the suspected error.
• If you tell us verbally, we may require that you send us your compliant 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 3 business days after we finish our investigation.  You may ask for copies of the documents that we used in our investigation.

 

Your Right to Terminate – You may cancel your online banking at any time by providing us with notice. Your access will be suspended within 1 business day or our receipt of your instructions to cancel the service.  All transactions which have already been initiated will be concluded in accordance with this agreement.

 

Our Right to Terminate – You agree that we can terminate or limit your access to online banking for any of the following reasons without prior notice:

• If you have insufficient funds in any one of your accounts
• If your account has a bad address
• Upon reasonable notice, for any other reason at our sole discretion

 

Contact Information - Unless this agreement provides otherwise, you can contact us in any of the following ways:

• Secure e-mail when you are signed in to Online Banking
• E-mail – You may contact us by email at mefcu@mayo.edu
• Telephone – You can contact by telephone toll free at (800) 535-2129 or (507) 535-1460.
• Mail – You can write us at:

   

  Mayo Employees Federal Credit Union

  130 23^rd AVE SW      

  Rochester MN  55902

 

Disclaimer of Warranty and Limitation of Liability - We make no warranty of any kind, expressed or implied, including any implied warranty of merchantability or fitness for a particular purpose, in connection with the services provided to you under this agreement.  We do not and cannot warrant that the system will operate without errors or that any or all system services will be available and operational at all times.  Except as specifically provided in this agreement, or otherwise required by law, you agree that our officers, directors, employees, agents or contractors are not liable for any indirect, incidental, special or consequential damages under or by reason of any services or products provided under this agreement or by reason of your use of or access to the system, including loss of profits, revenue, data or use by you or any third party, whether in an action in contract or tort or based on warranty.  Further, in no event shall the liability of MEFCU and its affiliates exceed the amounts paid by you for the services provided to you through the system.