Electronic Funds Transfer

An electronic funds transfer is a transfer of funds other than a transaction initiated by check, draft or other similar paper instrument that is initiated through an electronic terminal, telephone or computer or magnetic tape for the purpose of ordering, instructing, or authorizing Northeast Credit Union to debit (withdraw from) or credit (deposit) to an account.

The following disclosures are made as required by the Electronic Funds Transfer Act and Regulation E issued thereunder, unless otherwise stated, the disclosures apply to both electronic funds transfer credits and debits as those terms are more particularly defined in the Act and Regulation E.

1. Documentation of Transfer:

Receipts at ATM Locations -

A descriptive acknowledgment will be issued to you upon completion of deposit, withdrawal, payment, and intra-institutional transfer at any of our Northeast Credit Union offices.

Electronic Deposits -

If you have arranged to have electronic deposits made to your account at least once every sixty (60) days from the same third party, you can call us at 603-436-1847 to find out whether or not the deposit has been made. For your protection we will ask you to provide us with identifying information about your account.

Periodic Statements -

You will receive a monthly account statement showing electronic fund transfers during the month unless there are no transfers in a particular month in which case you will receive an account statement at least quarterly.

2. Your Responsibility:

If you believe an unauthorized electronic funds transfer has been made or you have any questions concerning your EFT, including whether or not the transfer has been processed, you should promptly call 603-436-1847.

3. Business Days:

Business days are Monday through Friday, excluding holidays.

4. Limitations on Frequency of Transfers:

You may arrange for electronic funds transfer credits and debits to or from your account. There is no limitation on the frequency or on the dollar amount of electronic funds transfers through ATM's. Through QuikTel and CyberTel, you are limited to six (6) telephone or automatic transfers per month from any share type (except checking) to another share type. We may limit the number and the types of accounts to or from which we will allow EFT, QuikTel or CyberTel services.

5. Service Fee Schedule:

See Fee Schedule.

6. To Stop Payment of Pre-authorized Transfers:

This section does not apply to loan payments or purchases made using a Check Card.

a. The Right to Stop Payment and Procedure for Doing So - if you have told us in advance to make regular payments from your account, you can stop these payments. Contact the Credit Union by calling 603-436-1847 or write to Northeast Credit Union at PO Box 1240, Portsmouth, NH 03802-1240 in time for us to receive your request three (3) business days or more before your payment is scheduled to be made. If you call, we will also require you to put your request in writing within fourteen (14) days after you call.

b. Notification of Varying Amounts: The person you are going to pay will tell you ten (10) days before each payment when it will be made and how much it will be.

c. If you order us to stop one of these payments three (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.

7. Consumer's Liability for Unauthorized Transfer:

Tell us AT ONCE if you believe your ATM ACCESS CARD or PIN (Personal Identification Number) for ATM or QuikTel or CyberTel has been lost or stolen. Telephoning is the best way of keeping your possible losses down. Delayed notification could result in the loss of all the money in your account plus your maximum line of credit. If you tell us within two (2) business days, you can lose no more than $50.00 if someone uses your ATM ACCESS CARD and/or PIN without your permission. If you do not notify us within two (2) business days after you hear of the loss or theft of your ATM ACCESS CARD or PIN, and we can prove that we could have prevented someone from using your ATM ACCESS CARD or PIN if you had told us, you could lose as much as $500.00. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, and we can prove that we could have stopped someone from taking the money if you had told us in time, you may not be able to recover any of the money that you lost after the sixty (60) days. However, if a good reason (such as a long trip or a hospital stay) kept you from notifying us, we may extend the time periods.

8. Financial Institution's 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(s) with you, we will be liable for your losses or damages. However, we are not liable if:

a. through no fault of ours, your account does not contain enough money to make the transfer.

b. the transfer would go over the credit limit on your approved line of credit.

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

d. the terminal was not working properly and you know about the breakdown.

e. circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.

f. your card has deteriorated or has been damaged so that it does not function properly.

g. a third party obligated to make a pre-authorized transfer to or from your account fails to initiate it in enough time for it to be processed as scheduled.

h. your card or PIN has been reported lost or stolen.

i. we have reason to believe that you or someone else is using your card or PIN for fraudulent or illegal purposes.

j. you try to make a withdrawal or transfer from a type of account that you do not have.

k. either you or we have terminated this agreement.

9. Disclosure of Account Information:

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

a. where it is necessary for completing transfers; or

b. in order to verify the existence and condition of your account for a third party such as a merchant; or

c. in order to comply with government agency or court orders; or

d. if you give us written permission.

10. In Case of Errors or Questions about your Electronic Funds Transfer:

Telephone us at 603-436-1847 or write us at PO Box 1240, Portsmouth, NH 03802-1240 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 in writing no later than sixty (60) days after we send you the first statement on which the problem or error appeared.

a. Tell us your name and account number.

b. 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.

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

If you tell us orally, we will and do require that you send us your complaint or question in writing within ten (10) business days.

We will tell you the results of our investigation within ten (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 forty-five (45) days, or ninety (90) days in the case of point-of-sale or international transactions, to investigate your complaint or question. If we decide to do this, we will recredit your account within ten (10) business days, 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 ten (10) business days of this request, we will not recredit your account. If we determine that there was no error, we will send you a written explanation within three (3) business days after we finish our investigation and debit the amount of the error that we previously credited. You may request copies of the documents that we used in our investigation.

11. Rule for New Accounts:

We will tell you the results of our investigation within 20 business days to resolve the error, if the error involves an electronic fund transfer to or from an account within 30 days after the first deposit to the account was made (business days). If we can't resolve the error in 20 business days, we may take up to 90 calendar days from the date we received notice of the error. If we decide to do this, we will re-credit your account within twenty (20) days 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.

12. Security of PIN:
The PIN issued to you is for security purposes.  The PIN is confidential and should not be disclosed to third parties or anyone not authorized to access your credit union accounts.  You are responsible for safekeeping your PIN.  If you authorized anyone else to use your PIN, that authority continues until you specificially revoke such authority by notifying the credit union.  You understand that any joint owner you authorize to use PIN may withdraw or transfer funds from any of your accounts and are bound by this agreement.  If you fail to maintain the security of this PIN and the credit union suffers a loss, we may terminate your electronic funds transfer services immediately.

13. Types of Services:
CyberTel Internet Branch and CyberPay Access:  You may use your username and your Personal Identification Number to:

a. Transfer funds between selected share, checking and loan accounts.
b. Find out the balance in selected share, checking, certificate, and loan accounts.
c. Find out whether drafts have been cleared.
d. Find out the amount of the last dividend or interest payment made to selected accounts.
e. Find out the amount of the last payroll or other direct deposit made to selected accounts.
f. Advance funds from your VISA credit line (check is mailed to you).
g. Withdraw from selected accounts (check is mailed to you).
h. Pay bills electronically from your personal Checking Account.

14. Applicable Law: This Agreement will be construed in accordance with the laws of the State of New Hampshire.  In the event of any conflict between the provisions of this Agreement and any applicable law or regulations, the provisions of this Agreement shall be deemed modified to the extent required to comply with such law or regulation.

15. We have the right to modify or amend our Electronic Funds Transfer procedures or to terminate Electronic Funds Transfer privileges at any time.