University of Michigan Credit Union

ELECTRONIC FUNDS TRANSFERS

YOUR RIGHTS AND RESPONSIBILITIES

The Electronic Funds Transfers we are capable of handling are indicated below, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for these transactions. You should keep this notice for future reference.

Direct deposits - You may make arrangements to pay certain direct deposits (for example, from U.S. Treasury, University of Michigan, ERIM, Washtenaw Community College, and many local employers) to be accepted into your checking accounts or share savings accounts.

Preauthorized withdrawals - You may make arrangements to pay certain recurring bills from your checking accounts or share savings accounts.

MemberNet agreement transactions - types of transactions - You may access your account by computer via the Internet using your account number and access code to:

transfer funds from Checking accounts, Share Savings accounts, or Visa to Checking Accounts and Share Savings Accounts;
make payments from Checking accounts, Share Savings accounts, or Visa to Checking accounts, Share Savings accounts, Visa, and installment or revolving credit loans;
get balance information about Checking accounts, Share Savings accounts, Term Savings accounts, Savings Plus accounts, IRAs, Visa, and installment or revolving credit loans;
get withdrawal history for Checking accounts, Share Savings accounts, Term Savings accounts, Savings Plus accounts, IRAs, Visa, and installment or revolving credit loans;
get deposit history for Checking accounts, Share Savings accounts, Term Savings accounts, Savings Plus accounts, IRAs;
get transaction history for Checking accounts, Share Savings accounts, Term Savings accounts, Savings Plus accounts, IRAs, Visa, and installment or revolving credit loans.

You may access your account by computer using a computer, modem and Internet Service Provider. You may access your account for MemberNet transactions 24 hours a day. Please also see your account disclosure(s) regarding other limitations that may apply to MemberNet transactions.

TellerPhone agreement transactions - types of transactions - You may access your account by telephone using your personal identification number (PIN), a touch tone phone, and your account number(s) to:

transfer funds from Checking accounts, Share Savings accounts, or Visa to Checking Accounts and Share Savings Accounts;
make payments from Checking accounts, Share Savings accounts, or Visa to Checking accounts, Share Savings accounts, Visa, and installment or revolving credit loans;
get balance information about Checking accounts, Share Savings accounts, Term Savings accounts, Savings Plus accounts, IRAs, Visa, and installment or revolving credit loans;
get withdrawal history for Checking accounts, Share Savings accounts, Term Savings accounts, Savings Plus accounts, IRAs, Visa, and installment or revolving credit loans;
get deposit history for Checking accounts, Share Savings accounts, Term Savings accounts, Savings Plus accounts, IRAs;
get transaction history for Checking accounts, Share Savings accounts, Term Savings accounts, Savings Plus accounts, IRAs, Visa, and installment or revolving credit loans.

You may access your account for telephone transactions at the following number(s): (734)-662-2533 and (800)-968-6824. You may call these numbers 24 hours a day. Please also see your account disclosure(s) regarding other limitations that may apply to telephone transactions.

CU24 Card transactions - types of transactions - You may access your account(s) with SC24, Magic Line, MAC, Cirrus, and Member Access by ATM using your CU24 Card and your personal identification number (PIN) to:

deposit funds to Checking accounts or Share Savings accounts;
withdraw cash from Checking accounts or Share Savings accounts;
get balance information about Checking accounts or Share Savings accounts;
transfer funds from Checking or Share Savings accounts to Checking or Share Savings accounts.

Some of these services may not be available at all terminals. Please also see your account disclosure(s) regarding other limitations that may apply to ATM transactions.

Visa Check Card Transactions- types of transactions - You may use your Visa Check Card to purchase goods and services from participating merchants who display a Visa logo. Funds to cover your Visa Check Card purchases will be deducted from your checking account. If the balance in your checking account is not sufficient to pay the transaction amount, the necessary funds will be transferred from the overdraft protection plan, if you have selected one. If you do not have an overdraft protection plan or if you have exceeded the overdraft protection plan limit and/or your Share Savings account balance is insufficient to cover the transaction amount, your account will be overdrawn and you will be charged an NSF fee. You may not stop payment on Visa Check Card transactions.

You may also use your Visa Check Card and PIN at participating merchants who display the ML Pay logo. Your Visa Check Card and PIN will also work in ATM's of the University of Michigan Credit Union, Visa Network, Magic Line, SC24, MAC, Cirrus and Member Access to:

deposit funds to Checking accounts and Share Savings accounts;
withdraw cash from Checking accounts or Share Savings accounts;
get balance information about Checking accounts or Share Savings accounts;
transfer funds from checking or Share Savings accounts to Checking or Share Savings accounts.

Any checking account deposits or transfers after 3:00 p.m. may not be available on your Visa Check Card until after 6:00 p.m. the next business day (Monday through Friday)

Charges for electronic funds transfers - Please refer to COMMON FEATURES for information about charges.

Security limitations - For security reasons, there are other limits on the number of transfers you can make using our terminals.

Minimum account balance - You must maintain a minimum account balance of $5.00 in your Share Savings account as a condition of using an access device (card and/or identification code) to accomplish a transfer.

Right to Documentation

Terminal transfers - You can get a receipt at the time you make any transfer to or from your account using one of our automated teller machines.

Direct Deposits - If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, the person or company making the deposit will tell you every time they send us the money.

Periodic statements - You will get a quarterly statement from us for your Share Savings account(s), if the only possible electronic transfers to or from the account are preauthorized deposits. If you have a Share Savings account with us, you will get a monthly statement if you have an active CU24 Card or an active Checking account.

Stop Payment Procedures and Notice of Varying Amounts for Preauthorized Transfers

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 of these payments. Here is how:

Call or write us at the telephone number or address listed in this disclosure 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.

Notice of varying amounts - If these regular payments 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 to instead 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 three business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

Our Liability

Liability for failure to make transfers - 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:

If, through no fault of ours, you do not have enough money in your account to make the transfer.
If the transfer would go over the credit limit on your overdraft line.
If the automated teller machine where you are making the transfer does not have enough cash.
If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions we have taken.
There may be other exceptions stated on our agreement with you.

Disclosure of Account Information to Third Parties

We will disclose information to third parties about your account or the transfers you make:

where it is necessary for completing transfers;
in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant;
in order to comply with government agency or court orders; or
if you give us written permission.

Regulatory Authority

If you believe that any provision of the Michigan Electronic Funds Transfer Act has been violated you should notify the Office of Financial and Insurance Services at P.O. Box 30224, Lansing, MI 48909.

Unauthorized Transfers

Tell us at AT ONCE if you believe your card and/or code has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all of the money in your account (plus your maximum overdraft line of credit). If you tell us within two business days, you can lose no more than $50 if someone used your card without your permission. If you do not tell us within two business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you can lose as much as $500. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any of the 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 a hospital stay) kept you from telling us, we will extend the time period. If you believe 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 disclosure.

Error Resolution

In case of errors or questions about your electronic transfers, call or write us at the telephone number or address listed in this disclosure, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the statement FIRST on which the problem or error appeared. Be sure to:

Tell us your name and account number (if any).
Describe the error or 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.
Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your question or complaint in writing within 10 business days. We will tell you the results of our investigation within 10 business days (20 business days if the transfer involved a point-of-sale transaction or a foreign initiated transfer) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a point-of-sale transaction or a foreign initiated transfer) to investigate your complaint or question. If we decide to do this we will recredit your account within 10 business days (20 business days if the transfer involved a point-of-sale transaction or a foreign initiated transfer) 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 questions in writing and we do not receive it within 10 business days, we may not recredit your account. If we decide that there was no error, we will send you a written explanation within three business days after we finish our investigation. You may ask for copies of the documents we used in our investigation. If you have inquiries regarding your account, please contact us at:

University of Michigan Credit Union
333 E. William Street
Ann Arbor, MI 48104
BUSINESS DAYS: Monday, Tuesday, Wednesday, Thursday, Friday, and Saturday
Excluding Federal Holiday Closings as announced. Error reports accepted Monday through Friday only.
PHONE: (734)-662-8200 or (800)-968-8628.

MORE DETAILED INFORMATION IS AVAILABLE UPON

Money Transfers