SAN JOAQUIN POWER EMPLOYEES CREDIT UNION ELECTRONIC FUNDS TRANSFER (EFT) AGREEMENT AND DISCLOSURE
The following information defines and explains the types of Electronic Funds Transfer (“EFT”) services that are currently available to members. It also explains your and our rights, duties and liabilities concerning these services, including your rights under the Electronic Funds Act. Please read this document carefully.
1. EFT Services
Direct Deposit – If you specifically authorize us to electronically accept deposits, we will provide such services. You can arrange to have certain recurring or nonrecurring payments automatically deposited to your account. Examples of recurring payments include: PG&E bi-weekly and monthly payroll deposit. However, all direct deposits to a member’s regular share account are subject to any monthly deposit limit in place at the time of the deposit.
Third Party EFT Deposits/Payments to SJPECU
You may authorize a third party to initiate electronic funds deposits from the third parties account to your credit union account. These transfers may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payment network. The transaction will require you to provide the third party with your account number and credit union information. Thus, you should only provide your credit union and account information (whether over the phone, the internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic funds transfers.
2. Provisional Status of Deposits/Payments
Credit given by the credit union to you with respect to an ACH credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that 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 shall not be deemed to have paid you in the amount of such entry.
3. Notice of Receipt of Entry
Under the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statements provided through online account access available at https://sjpecu.org.
4. Choice of Law
The credit union may accept on your behalf payments to 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 and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of California unless it has otherwise specified in a separate agreement that the law of some other state shall govern.
5. Transaction Limitations
We reserve the right to limit deposits.
We reserve the right to, at any time, require not less than seven days’ notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.
We further limit EFT transactions to share account deposits and loan payments only.
6. Business Days
Our business days are Monday through Friday, excluding federal holidays.
7. Telephone Numbers
If for any reason you should need to contact the credit union you should call 559-230-5080 or 1-800-637-5993.
8. Documentation of EFT Transaction
Online Account Access and Statements – Aside from calling the credit union during regular business hours, the fastest way to confirm receipt of a direct deposit, ACH deposit, or ACH loan payment is by accessing your account information on our website at https://sjpecu.org. From this web address you will need to enter “Online Account Access” in the upper right-hand corner. If you do not have a password or have forgotten it you will need to contact the credit union during regular business hours.
Request Account History Print Out – Should you not desire to access your account history through our online access you can call the credit union during regular business hours and request a copy of your recent account history.
9. How to Stop an EFT Direct Deposit
Direct Deposit – To stop a direct deposit (i.e. PG&E payroll direct deposit) you will need to contact the payroll department of the company sending the direct deposit.
Credit Union Originated ACH Deposit to share account OR Loan Payments – To stop an ACH deposit/payment(s) to your share/loan(s) respectively you will need to complete an ACH Authorization Form requesting to cancel your recurring ACH transactions.
10. Our Liability
If we do not complete a transfer to your credit union account on time or in the correct amount according to our agreement with you and according to your properly provided instructions, we will be liable for your losses or damages as required by federal law. However, there are some exceptions. We will not be liable, for instance:
a. If through no fault of ours, you do not have enough available funds in the account from which a payment or transfer is to be make or if we reverse a payment or transfer because of insufficient funds.
b. If the money in the account from which a transfer is to be made is subject to legal process, or other claim restricts the transaction.
If circumstances or persons beyond our control prevent, delay, intercept or alter the transaction, despite reasonable precautions we have taken. Such circumstances include but are not limited to:
a. Computer failure, telecommunications outages, fire, flood, and other natural disasters.
b. Except as required by law, we shall not be liable for indirect, incidental or consequential damages arising out of credit union originated EFT transactions.
c. Any other exceptions as established by the credit union.
11. Disclosure of Account Information
We will disclose information to third parties about your account or transfers you make:
a. Where it is necessary for completing transfers or services.
b. In order to verify the existence and condition of your account for a third party, such as a credit bureau or other financial institution.
c. In order to comply with legal process, a government agency or a court order.
d. If you give us written permission.
e. As allowed in compliance with NCUA regulation 716, Privacy of Consumer Financial Information.
12. In Case of Errors or Questions
If you believe there is an error with your loan or share deposit account, whether related to EFT transactions or not, call the credit union as soon as possible at 1-800-637-5993 during our regular business hours, Monday through Friday from 7:30AM – 4:00PM PST, excluding Federal Holidays, or write us at P.O. Box 16039, Fresno, CA 93755. We must hear from you no later than sixty (60) days after we sent you the FIRST statement on which the problem or error appeared.
If you tell us of the error orally, we may require that you send us your complaint or question(s) in writing within ten (10) business days. We will determine whether an error occurred within 10 days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days (90 days if the transfer involved a new account*) to investigate your complaint or question. If we decide to do this we will provisionally credit your account within ten (10) business days (20 business days if the transfer involved a new account*) 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 ten (10) business days, we may not credit your account. (*Your account is considered a new account for the first 30 days after the first deposit is made).
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 ask for copies of the documents that we used in our investigation.
13. Change in Terms
We may change the terms and conditions of our electronic fund services from time to time. We will notify you of changes by giving written notice of change at least 21 days prior to the effective date of the change, as required by law. However, if the change is made for security purposes we can make a change without giving prior notice.