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©2004 Northwest United Federal Credit Union
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Exposure International, LLC



 

Disclosures

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Truth In Savings Policy

I Introduction

The Truth-in-Savings Act (TISA) was enacted in December 1991 as part of the Federal Deposit Insurance Corporation Improvement Act. The National Credit Union Administration (NCUA) adopted the Truth-in-Savings Regulations (Part 707) for credit unions, which implement TISA. The following policy and procedures specify how Northwest United Federal Credit Union will comply with the Truth-in-Savings (TIS) regulations. The Credit Union will cooperate with NCUA to enforce the regulation and monitor ongoing compliance.

Part 707 establishes rules for disclosing to members before opening an account or upon a member’s request, the following: dividend rate, annual percentage yield, all fees imposed in connection with an account, and other terms for an account. There are disclosure requirements for members' periodic statements, for the maturity and renewal of time accounts, and for the advertisement of any deposit account. Part 707 also requires members be notified that account disclosures are available. The effective date for mandatory compliance with Truth-in-Savings is January 1, 1995.

II Account Earnings

The regulation requires that dividend earnings on each dividend bearing account be computed on the full amount of principal in the account each day for the dividend calculation period.

A Balance Computation Method

  1. The credit union will use the average daily balance method to compute dividends on all accounts, including regular shares, share draft checking, IRA shares, money market accounts, regular certificates and IRA certificates.
  2. The Account Disclosures will specify the method used for each particular account.

B Account Earnings on Closed Accounts
Accrued but uncredited dividends will not be paid if a member closes a regular share account prior to the time dividends are paid.

C. Dividend Accrual
The Credit Union's policy for dividend accrual is as follows:

  1. Dividends will begin accruing when cash items are received.
  2. Dividends will accrue for noncash items (i.e. share drafts or checks) deposited to all share accounts on the business day the checks are credited to the account. Dividends will not be paid on items which are subsequently returned NSF.

D. Daily Dividend Rate
The Credit Union shall calculate dividends by use of a daily rate of at least 1/365 of the dividend rate. In a leap year, a daily rate of 1/366 will be used.

E. Rate Information

  1. Annual Percentage Yield (APY)
    The annual percentage yield is an annualized rate that reflects the relationship between the amount of dividends earned on an account and the frequency of compounding for a 365-day period.
  2. APY Formula
    The formula used to calculate the APY for purposes of responding to rate inquiries and providing maturity notices, renewal notices and advertising disclosures is set forth in Appendix A, Part I, to the NCUA Truth-in-Savings Regulation. The formula used to calculate the APY for periodic statements is set forth in Appendix A, Part II, to the NCUA Truth-in-Savings Regulation.
  3. APY Calculation
    For purposes of the credit union's TIS Account Disclosures (except periodic statements), the APY calculation will be based on: (1) an assumed term of 365 days for accounts without a stated maturity; and (2) the actual days during the term for time accounts.
  4. Dividend Rate
    The Dividend Rate means the declared or prospective dividend rate to be paid on an account which does not reflect compounding. The credit union sets dividend rates as necessary and they may be changed at any time.
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Yield Plus Money Market Account

Rate Information: The dividend rates and annual percentage yields (APYs) for both levels of this account are stated website’s rate page. Accounts with an average daily balance between $2,500 and $4,999.99 will earn the lower dividend rate and accounts with an average daily balance of $5,000.00 or more will earn the High Yield dividend. This is a variable rate account. The dividend rates and APYs may change at any time. The actual dividend is determined during the last week of the dividend period. Withdrawal of the dividends will reduce actual earnings.

Compounding and Crediting: Dividends will be compounded and credited to this account monthly. The dividend period for this account is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is January 31st. All dividend periods follow this pattern of dates. The dividend declaration date for the YIELD PLUS Account follows the ending date of a dividend period, and for this example is February 1st. If you close your YIELD PLUS Account before dividends are credited, you will not receive accrued dividends.
Minimum Balance Requirement: An average daily balance of $2,500 is necessary to earn dividends. An average daily balance of $5,000 is required to earn the High Yield dividend.

Balance Computation Method: We use the "average daily balance" method to calculate dividends on this account. This method applies the appropriate periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in your account for each day of the period (one month) and dividing the total by the number of days in the period. Accrual of Dividends are calculated on the beginning balance of each day.

Transaction Limitations: During any statement period (a calendar month), you may make no more than three withdrawals or transfers from your YIELD PLUS Account. If you exceed the withdrawal or transfer limit in any statement period, your account will be subject to a fee of $15.00 per excess withdrawal or transfer.

Nature of Dividends: Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

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Share Certificates and IRA Certificates

Rate Information: The dividend rates and annual percentage yields (APYs) for Share Certificates and IRA Certificates are stated website’s rate page. The annual percentage yield assumes that dividends remain on deposit until maturity. A withdrawal of dividends prior to maturity will reduce earnings.

Compounding and Crediting: Dividends are compounded and credited monthly.

Balance Computation Method: We use the "average daily balance" method to calculate dividends on this account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in your certificate for each day of the period (one month) and dividing the total by the number of days in the period.

Minimum Balance Requirements: Share Certificates and IRA Certificates may be purchased in any dollar increment with a $500.00 minimum purchase. To purchase Share Certificates, you must maintain a minimum balance of $100.00 in your Regular Share Account. For IRA Certificates, a minimum balance of $100.00 must be maintained in your IRA Share Account.

Transaction Limitations: After a Share or IRA Certificate is purchased, you may not add to the certificate balance. An early withdrawal penalty will be assessed for withdrawals before the maturity date.

Renewal Policy: All Share and IRA Certificates will renew automatically at maturity. You have a grace period of ten (10) calendar days after maturity in which to withdraw the funds without a penalty. Dividends will not be earned during the grace period if the certificate is not automatically renewed. For the renewal period, the rate and annual percentage yield APY) have not yet been determined. The new rate and APY information will not be available on the maturity date of your current certificate as noted thereon. Please call the credit union at 303-424-5037 during regular business hours for your new certificate.

Nature of Dividends: Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.

Nontransferable/Nonnegotiable: Your Certificate is nontransferable and nonnegotiable. The funds in your certificate may not be pledged to secure any obligation of an owner, except obligations with the Credit Union.

Accrual of Dividends: Dividends are calculated on the beginning balance of each day.

Early Withdrawal Penalties: We may impose a penalty if you withdraw any of the principle before the maturity date. For the purposes of this disclosure, dividends that are compounded within the certificate are considered part of the principle. Withdrawal of paid dividends will be subject to early withdrawal penalties. For certificates of one year or less original maturity, the penalty is equal to all dividends earned to a maximum of 90 days dividends. For certificates over one year original maturity, the penalty is equal to all dividends earned to a maximum of 180 days dividends.

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Share Draft Checking Account

Statement Cycle: The statement cycle for this account is monthly. For example the beginning date of the first statement cycle is January 1st and the ending date is January 31st. All subsequent cycles follow this pattern of dates.

Minimum Balance Requirements: There is no minimum balance required to open this account. However, you must maintain a balance of at least $500.00 for the full month to avoid the monthly service fee. Minimum balance requirements are waived for members who utilize Direct Deposit of their net paychecks, are over the age of 62 years, or who are members of our JumpStart program.

Excessive Overdrafts: Any Share Draft Checking Account with five or more uncovered overdrafts or EFTIs (Electronic Funds Transfer Items) in any sixty day period will be subject to closure.

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IRA Share Account

Rate Information: The current dividend rate and APY for this account is stated on the website’s rate page. This is a variable rate account. The dividend rate and APY may change at any time. Withdrawal of the dividends will reduce actual earnings.

Compounding and Crediting: Dividends will be compounded and credited to this account monthly. The dividend period for this account is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is January 31st. All dividend periods follow this pattern of dates. The dividend declaration date for IRA Accounts is the last day of the dividend period, and for this example is January 31st. If you close your IRA Account before dividends are credited; you will not receive accrued dividends.
Minimum Balance Requirements: There is no minimum balance requirement for this account.

Balance Computation Method: We use the "average daily balance" method to calculate dividends on this account. This method applies a periodic rate to the average daily balance in the account for this period. The average daily balance is calculated by adding the balance in your account for each day of the period (one month) and dividing the total by the number of days in the period.

Accrual of Dividends: Dividends are calculated on the beginning balance of each day.

Transaction Limitations: Withdrawals and transfers of IRA funds are unlimited if they comply with IRS rules.

Nature of Dividends: Dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividends period.

Investment Types: You may leave your IRA funds in the IRA Share Account or you may purchase an IRA Certificate. IRA Certificates are subject to the terms of the "Share and IRA Certificate Rate and Fee Schedule"

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Regular Share Account

Rate Information: The current dividend rate and APY for this account is stated website’s rate page. This is a variable rate account. The dividend rate and APY may change at any time. Withdrawal of the dividends will reduce actual earnings.

Compounding and Crediting: Dividends will be compounded and credited to this account monthly. For example, the beginning date of the first dividend period of the calendar year is January 1st and the ending date is January 31st. All dividend periods follow this pattern of dates. The dividend declaration date for Regular Share Accounts follows the ending date of the dividend period, and for this example is February 1st. If you close your Regular Share Account before dividends are credited, you will not receive accrued dividends.

Minimum Balance Requirements: The minimum balance to open this account is $25.00. You must maintain an average daily balance of $100.00 for the dividend period to earn dividends on this account. The $100.00 minimum balance applies to each regular share suffix and is not an aggregate of the suffixes' totals. (Members 16 years or younger may open an account for $5.00 and will earn dividends on the full dollar amount regardless of the balance.)

Balance Computation Method: We use the "average daily balance" method to calculate dividends on this account. This method applies a periodic rate to the average daily balance in the account for period. The average daily balance is calculated by adding the balance in your account for each day of the period (one month) and dividing the total by the number of days in the period.

Accrual of Dividends: Dividends are calculated on the beginning balance of each day.

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Funds Availability Disclosure

Your Ability to Withdraw Funds:

Our general policy is to make funds from your deposits available to you on the business day we receive your deposit. At that time, you may withdraw the funds in cash and we will use the funds to pay checks that you have written.

Funds from any deposits (cash or checks) made at Automated Teller Machines (ATMs) which we do not own or operate will not be available until the second business day after the day of your deposit. Currently, we do not own or operate any ATMs. Longer holds may apply depending on the type of check deposited, but will usually not exceed five business days.

For determining the availability of your deposits, every day is a business day except Saturdays, Sundays and Federal holidays. If you make a deposit at one of our staffed teller stations before 5:00 p.m. (6:00 p.m. on Wednesdays and Fridays) on a business day that we are open, we will consider that to be the day of your deposit. However, if you make a deposit after 5:00 p.m. (6:00 p.m. on Wednesdays and Fridays) or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

Longer Delays May Apply:

In some cases, we will not make all of the funds that you deposit by check available to you on the business day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100 of your deposit will be made available on the day of the deposit. If we are not going to make all of the funds from your deposit available on the day of the deposit, we will notify you at the time. We will also tell you when the funds will be available. If your deposit is not made directly to one of our tellers, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a period longer than five days under the following circumstances:

  1. We believe a check you deposit will not be paid.
  2. You deposit checks totaling more than $5000 on any day.
  3. You redeposit a check that has been returned unpaid.
  4. You have overdrawn your account repeatedly in the last six months.
  5. There is an emergency, such as failure of computer or communications equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eleventh business day after the day of your deposit.

Dividend Payment Policy:

If you deposit funds into a dividend bearing account, you will begin to earn dividends on your deposit, whether cash or checks, on the next day after the deposit is made, subject to the normal minimum balance requirements for earning dividends. Dividends will not be paid on deposits which are subsequently returned to us unpaid.
Special Rules for New Accounts:

If you are a new member, the following special rules will apply during the first 30 days after your account is open.
The first $5,000 from a deposit of U.S. Treasure checks will be available on the business day of your deposit. The excess over $5,000 will be available on the seventh business day after the day of your deposit. Funds from wire transfers into your account will be available on the business day we receive the transfer.

Funds from deposits of cash and the first $5,000 of a day's total deposits of cashier's, certified, teller's, traveler's and state and local government checks will be made available on the business day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the seventh business day after the day of your deposit. If you do not make the deposit in person to one of our employees, the first $5,000 will not be available until the first business day after the day of your deposit.

Funds from all other check deposits will be available on the seventh day after the day of your deposit.

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Funds Transfer Disclosure

Notice to Members Regarding Wire Transfers, Internal Transfers and Certain ACH Items:

In the following disclosure, "We", "Us", "Our", and "Credit Union" mean Northwest United Federal Credit Union and "You" and "Your" mean a member of the Credit Union. A payment order or funds transfer order means a transfer in or out of the Credit Union that you ask us to make on your behalf. We are giving you this notice to inform you of your and the Credit Union's rights under Article 4A of the Uniform Commercial Code.

  1. Cut-off Time for Funds Transfers:
    Unless otherwise provided by the Credit Union in a separate schedule concerning specific types of funds transfers, the cut-off time for receipt and processing of payment and transfer orders shall be 12:00 p.m. on each funds transfer business day. This same cut-off time will apply to communications canceling or amending a payment order. Funds transfer orders received after the cut-off time will be processed as wither that day's business or the next day's business at the Credit Union's option.
  2. Inconsistent Name and Account Number of Beneficiary:
    In connection with any funds transfer, the beneficiary's financial Institution may rely on the identifying and/or account number that identifies the beneficiary and make payment on the payment order, even if it identifies a person different from the person identified by name in the payment order, if the financial institution does not know of the inconsistency. (That is, it is your responsibility to provide the correct financial institution identifying numbers and beneficiary account number. If you give us incorrect numbers, we will not be liable for the error or any loss of funds.
  3. Inconsistent Name and Identification Number of Intermediary Financial Institution:
    In connection with any funds transfer, we may rely on the number in a payment order that identifies an intermediary financial institution or the beneficiary's financial institution, even if it identifies a different financial institution than the one identified by name in the payment order. (That is, we can rely only on the routing number you give us in a payment order or funds transfer request for an immediate or final financial institution, even if it turns out to be wrong.)
  4. Notice of Receipt of ACH Items, Wire Transfers and Other Transfers:
    Under the operating rules of the National Automated Clearing House Association which are applicable to ACH transactions involving your account, the Credit Union is not required to give you next day notice of the transaction, and we will not normally do so. This also applies to wire transfers and internal transfers within the Credit Union. We will, however, continue to notify you of the receipt of these transactions in the periodic statement we provide you.
  5. Provisional Payment:
    Credit given by the Credit Union to you with respect to an Automated Clearing House credit entry is provisional until the Credit Union receives final settlement for such entry through a Federal Reserve Bank. If the Credit Union does not receive such final settlement, you are hereby notified and you agree that the Credit Union is entitled to a refund of the amount credited to you in connection with such entry. In the event that the Credit Union does not receive final settlement, you agree that the Credit Union may reverse the entry on its records and adjust your account accordingly. The party making payment to you via such an entry (that is, the originator of the entry) shall then be deemed to have not paid you the amount of such entry.
  6. Choice of Law:
    The Credit Union may accept on your behalf payments to your account which have been transmitted through wire transfers or one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Funds Transfer Act. Your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the State of Colorado and as provided by the operating rules of the National Clearing Associations, which are applicable to ACH transactions and wire transfers involving your account. Any wire transfers sent or received may also involve Fedwire and therefore will be subject to the provisions of Federal Reserve Board Regulation J.
  7. Dividend Rate to be Paid on Corrections:
    When we make a correction to your account for transactions covered under Article 4A, we will pay you dividends on the subject amount at the same dividend rate and on the same terms as the type of account that the transfer came from or to which it should have gone.
  8. Some Transactions May be Non-Cancelable:
    Under Article 4A there may be situations in which we are unable to cancel or correct a payment order. It is your responsibility to make sure you give us the correct identifying numbers and names for the beneficiaries of your fund transfers, and that you really do intend to go through with the transfer before you give us a payment order.
  9. Frequent or Large Wire Transfers:
    If you expect to send either frequent wire transfers or wire transfers for large amounts, please contact us before you begin so we can set up a security procedure for our mutual protection. We reserve the right to refuse a payment order if we suspect a problem with the payment order itself or its means of transmission to us, and we will consider a payment order authentic and executable if it is transmitted to us using the proper security procedure.
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Electronic Funds Transfer (EFT) Disclosure

I. EFT Transactions are:

A. Transactions through an Automated Teller Machine (hereafter referred to as an ATM)
B. Preauthorized debit and/or credit transactions through an Automated Clearing House Association (hereafter referred to as ACH)
C. Transactions involving the transfer of funds from one account to another account which are

  1. initiated by telephone request from a member to the Credit Union, and
  2. in which at least one of the accounts involved is not owned (either individually or jointly) by the member requesting the transfer.

D. Debit card transactions occurring at merchant locations.

II. Transfer Types and Limitations

A. ATM Program
When the Credit Union issues an ATM card, we will also provide you with your own Personal Identification Number (PIN). Each time you use an ATM you must enter your PIN after inserting your card. To ensure that no unauthorized charges are made to your account(s) you should take all reasonable precautions to prevent any other person from learning your PIN or using your card. NEVER KEEP ANY MATERIAL CONTAINING YOUR PIN ATTACHED TO OR NEAR YOUR CARD.

  1. Account Access: You may use your card to:
  2. Withdraw cash from your share draft or savings account(s)
  3. Make deposits to your share draft or savings accounts.
  4. Transfer funds between your share draft and savings accounts whenever you request.
  5. Pay for purchases as places that have agreed to accept the card.
  6. Receive a cash advance on your VISA line of credit.

Some of these services may not be available at all terminals or be offered by the Credit Union at this time.
Limitations on Frequency of Transfers:

For security reasons, there are limits on the number of transactions you can make using an ATM
B. ACH Program and Telephone Transfers

You may authorize debits (withdrawals) from or credits (deposits) to your share draft or share account(s) at Northwest United Federal Credit Union. You may also transfer funds from your account(s) by telephoning us. However, you are limited to no more than three(3) preauthorized debits or telephone transfers from your share account per calendar month.

III. Fees

  • There is an Annual fee for each VISA Check Card and some VISA Credit Card accounts issued in the Credit Union EFT Program.
  • There may be a fee for each ACH transaction the Credit Union originates on your behalf.
  • There is a service charge for each ATM withdrawal that exceeds five (5) per statement cycle.
  • There is a service charge for ACH stop payments and return items.

IV. Documentation of Transfers

A. Terminal Transfers
You can receive a receipt at the time you make any transfer to or from your account using an ATM or Point-of-Sale terminal.

B. Preauthorized Credits
If you have arranged to have Direct Deposits made to your account at least once every 60 days from the same person or company, you can call our voice line at 303-424-5037 or our audio response system (Touch Tone Teller) at 303-433-8115 or 1-800-760-7111 to find out whether or not the deposit has been made.

C. Periodic Statements
You will get a monthly account statement unless there are no transfers in a particular month. In any case, you will get a statement at least quarterly.

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V. Your Liability for Unauthorized Transactions

Tell us AT ONCE if you believe your card has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account plus your maximum overdraft line of credit. If you tell us within 2 business days, you can loss no more than $50 if someone uses your card without your permission.

If you do NOT tell us within 2 business days after you learn of the loss or theft of your card, and we can prove we could have stopped someone from using your card without your permission if you had told us, you could 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 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 kept you from telling us, we will extend the time periods.

VI. Right to Stop Payment and Procedure for Doing So

A. Stop payments apply only to preauthorized debits/credits through the ACH program.
If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here's how:

Call us at: 303-424-5037
Or write us at : Northwest United Federal Credit Union P.O. Box 547 Arvada, CO 80001
in time for us to receive your request 3 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. We will charge you a fee for each stop payment order you give.

B. Notice of varying amounts
If these regular payments may 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 instead to 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.

C. Liability for failure to stop payment of preauthorized transfer
If you order us to stop one of these payments 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. 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
a. If, through no fault of ours, you do not have enough money in your account to make the transfer.
b. If the transfer would go over the credit limit on your overdraft line.
c. If the Automated Teller Machine where you are making the transfer does not have enough cash.
d. If the system was not working properly and you knew about the breakdown when you started the transfer.
e. If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
f. There may be other exceptions stated in our agreement with you.

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VII. Business Days

For purposes of these disclosures, our business days are Monday through Friday. Holidays are not included.

VIII. Confidentiality

We will not disclose information to third parties about your account or the transfers you make:

  1. Where it is necessary for completing transfers, or
  2. In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or
  3. In order to comply with government agency or court orders, or
  4. If you give us your written permission

IX. Contact in Event of Unauthorized Transfer

If you believe you card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call us at: 303-424-5037, or write us at:

Northwest United Federal Credit Union
P.O. Box 547
Arvada, CO 80001

IF YOU DISCOVER YOUR CARD HAS BEEN LOST OR STOLEN AFTER BUSINESS HOURS, PLEASE CALL:

  • For the Visa Classic Credit Cards (blue card): 1-800-237-6211
  • For the Visa Gold Credit Cards (gold card): 1-800-237-8211
  • For the Visa Check Cards (burgundy card): 1-800-854-6219
  • For the ATM Access Cards (ivory card): 1-800-854-6219

X. In Case of Errors or Questions About Your Electronic Transfers

Telephone us at: 303-424-5037 or write us at:

Northwest United Federal Credit Union
P.O. Box 547
Arvada, CO 80001

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 FIRST statement on which the problem or error appeared.

  1. Tell us your name and account number
  2. 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.
  3. Tell us the dollar amount of the suspected error

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred 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 days to investigate your complaint or question. If we decide to do this, we will credit your account within 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 10 business days, we may not credit your account. The above-stated time periods are extended in the following situations:

A. If an error or question about your electronic transfer occurs within 30 days after the first deposit to the account is made, we will determine whether an error occurred within 20 business days after we hear from you and will correct any error promptly.

B. If an error or question about your electronic transfer involves an electronic funds transfer that:

  1. was not initiated within a state;
  2. resulted from a Point of Sale debit card transaction; or
  3. occurred within 30 days after the first deposit to the account was made.
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XI. Termination

We may add, remove, extend, or limit the covered services provided without notifying you beforehand. In addition, we may discontinue any covered program, or your right to participate in any covered program at any time, but if we do so, we will give you written notice of such revocation within 30 days after it occurs. You may terminate your participation in any covered program, but you must do so by writing to us at the address we have given you in this disclosure.

Your participation in any covered program shall be terminated no later than one (1) business day after we receive your written notification. Your right to participate in the ATM or Point-of-Sale program may be canceled if your card account is terminated for any reason. Your right to participate in the ACH program will immediately be canceled if you cancel the authorization you have given to Northwest United Federal Credit Union to directly debit or credit your account or if the account you authorize us to debit or credit is closed.

XII. Card Ownership

The card is and remains our property and we can revoke your right to use it at any time. We can do this with or without cause and without giving you notice. If we have revoked the card, we will list revoked card account numbers in our data processing system and otherwise inform firms honoring this card that the card issued to you has been revoked or canceled. If we revoke the card, you must return it to us, if we request. Also, if a firm that accepts the card asks you to surrender an expired or revoked card, you must do so. You must not use the card after it has expired or after it has been revoked.

XIII. Change in Terms

We may change this Agreement, but we will notify you of such changes. Unless you terminate your participation in any covered program by writing us at the address given in this disclosure within 21 days after the date of our notice to you, you agree to abide by this Agreement as changed.

 

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Virtual Branch Service Terms and Conditions

The following terms and conditions govern the manner in which Northwest United Federal Credit Union (Us, We, Our) will provide Virtual Branch Home Banking Services (Services) to you:

Our Member Service Information:

Our Member Service is available by telephone at 303-424-5037 during the following hours: Monday, Tuesday, Thursday from 9:00 a.m. to 5:00 p.m. Wednesday, Friday from 10:00 a.m. to 6:00 p.m.

Mail may be addressed to:

Northwest United Federal Credit Union
P.O. Box 547
Arvada, CO 80001
Or e-mail: nufcu@nufcu.com

Services:

You authorize us to utilize Electronic Data Systems (EDS) to provide Virtual Branch Home Banking services to you on our behalf. Funds will arrive at your targeted account as close as reasonably possible to the date designated by you in your transfer instruction. For each properly instructed transfer to a targeted account, you will receive a transaction confirmation number (Confirmation Number). UNLESS YOU RECEIVE A CONFIRMATION NUMBER, WE SHALL NOT BE LIABLE FOR ANY FAILURE TO MAKE A TRANSFER. We reserve the right to make any transfer.

Limitation:

Under no circumstances will we be liable if we are unable to complete any loan payments or transfers initiated in a timely manner via the services because of the existence of any one or more of the following circumstances.

  1. You do not obtain confirmation at the time you initiate a loan payment or transfer.
  2. The designated account does not contain sufficient funds to complete the loan payment or transfer.
  3. You have closed the designated account.
  4. We have identified you as a credit risk and have chosen to terminate your subscription to the service
  5. The service, your equipment, the software, or any communications link is not working properly and you know or have been advised by us about the malfunction before you execute the transaction.
  6. You have not provided us with the correct information for those account to which you wish to make a transfer.
  7. Circumstances beyond our control (such as, but not limited to, fire, flood or interference from an outside source) prevent the proper execution of the transaction and we have taken reasonable precautions to avoid these circumstances.

WE ARE NOT RESPONSIBLE FOR ANY OTHER LOSS, DAMAGE OR INJURY, WHETHER CAUSED BY YOUR EQUIPMENT OR SOFTWARE, THE SERVICES, OR ANY TECHNICAL OR EDITORIAL ERRORS CONTAINED IN OR OMISSIONS FROM ANY USER GUIDE OR BROCHURE RELATED TO THE SERVICE. WE SHALL NOT BE RESPONSIBLE FOR ANY DIRECT, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGE ARISING IN ANY WAY OUT OF THE INSTALLATION, USE OR MAINTENANCE OF YOUR EQUIPMENT, SOFTWARE OR THE SERVICES, EXCEPT WHERE THE LAW REQUIRES A DIFFERENT STANDARD.

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Transfer Cancellation/Modification:

Except for those transfers which are completed immediately, you may cancel or modify any loan payment or transfer up until 12:00 p.m. (noon) Mountain Time of the business day for which you scheduled a loan payment or transfer.

Statements:

All loan payments or transfers made via the service will be listed on the monthly account statements you receive from us.

New Services:

We may, from time to time, introduce new services or enhance existing services. We shall notify you of the existence of these new services when they become available. You agree to be bound by the obligations concerning these services which will be sent to you.

Care of Your Security Code:

You agree that you will not give your Virtual Branch Security Code to or make it available to any other person. If you believe that your Security Code has been lost or stolen, or that someone has made transfers using your Security Code without your permission, notify us IMMEDIATELY by phone any time during Member Service hours or send an electronic message through the service.

Your Liability for Unauthorized Transfers:

If you believe that your Security Code has been lost or stolen, notify us IMMEDIATELY as provided above in order to limit your possible losses. If you notify us within two (2) business days after you learn of the loss or theft, your maximum liability is $50 If you do NOT notify us within two (2) business days after you learn of the loss or theft of your Security Code, and we can prove that we could have prevented someone from using your Security Code if you had told us in time, you could loose as much as $500. If your monthly statement contains loan payments or transfers that you did not make, notify us IMMEDIATELY. If you do not notify us within sixty (60) days after the statement was mailed to you, you may not get back any of the money you lost 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 hospital stay or a long trip) prevented you from telling us, we may at our discretion, extend the time.

Errors and Questions:

Contact us as soon as possible at either the address or telephone number described above if you think that a transfer listed on your statement is in error or if you need more information about a transfer listed on the statement. We must hear from you no later than sixty (60) days after you received the statement on which the problem or error appeared. When you call or write us you must:

  1. Tell us your name account number and User ID.
  2. Describe the transfer you are unsure about and explain as clearly as you can why you believe it is an error or need more information. If possible please provide us with the confirmation number for each transaction in question.
  3. Tell us the dollar amount of the suspected error.

If you tell us orally or by using the service's electronic mail, we may require that you send us your complaint in writing within ten (10) business days. We will tell you the result of our investigation within ten (10) business days after we receive your complaint and will correct any service error promptly. If we need more time, we may take up to forty-five (45) days to investigate the complaint or question. If we decide to do this, we will recredit your account within ten (10) business days after we hear from you, for the amount you think is in error in order that you may have use of the funds during the time it takes to complete our investigation. If we ask you to put your question or complaint in writing and we do not receive it within ten (10) business days, we may not recredit your account.

We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will mail or transmit to you a written explanation. Within ten (10) business days of the date of the explanation, we will debit your account the amount previously recredited to you for use during the time we took to complete our investigation. You may ask for copies of documents used during our investigation.

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Disclosure of Account Information to Third Parties:

We will only disclose information to third parties about your accounts:

  1. When it is necessary for completing transfers
  2. In order to comply with a government agency or court order; or
  3. If you give us your permission

Charges:

In the event that we are unable to process a services transaction, (if, for example, there are insufficient funds in your designated accounts) the transaction will result in a "Failed Transfer". In the event of repetitive "Failed Transfers", we reserve the right to suspend your subscription to the service. This suspension may be without prior notice to you. If your subscription is suspended, transactions which were previously initiated may still continue to be processed unless canceled and confirmation of the cancellation is provided as specified below. Suspension will be handled by Member Service and all inquiries and correspondence relating thereto including requests for reinstatement should be directed to Member Service. In the event your subscription is suspended, we will notify you by mail to your listed address.

Fees:

You agree to pay us the fees to be published by us from time to time.

  1. In addition to foregoing, you agree to be bound by and comply with applicable state and federal laws and regulations. We agree to be bound by them too.
  2. We reserve the right to terminate your use of the services, in whole or in part, at any time without prior notice.
  3. You may cancel your subscription to the services, upon written notice to Member Service. You will be responsible for all transfers you have requested prior to termination. BE SURE TO CANCEL ALL OUTSTANDING LOAN PAYMENTS AND TRANSFER ORDERS. WE WILL NOT BE LIABLE FOR TRANSFERS NOT CANCELLED OR MADE DUE TO YOUR ACTIONS RELATED TO SERVICE TERMINATION.
  4. These Terms and Conditions and applicable service fees and charges may only be altered or amended by us. In such an event, we shall send notice to you at your listed address or transmit notice of the alteration or amendment over the service. Your use of the service following receipt of such notice constitutes acceptance of such alterations or amendments.
  5. In the event of a dispute regarding the service, you and we agree to resolve this dispute by looking to these Terms and Conditions. These Terms and Conditions shall supersede any and all other representations made by you or our employees.
  6. These Terms and Conditions shall be governed by and construed in accordance with the laws of the State of Colorado.
  7. Business days are Monday through Friday, excluding normal banking holidays.
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VISA Disclosure

The method for computing the balance for purchases is the average daily balance including new purchases. Rates and terms are subject to change, you may contact us for the most current information by writing us at PO Box 547, Arvada CO 80001 or by calling us at 303-424-5037.

Variable Rate Information. Your Annual Percentage Rate may vary. The rate is determined by adding a percentage to the highest Prime Rate as published in the Money Rates Section of the Wall Street Journal and rounded to the nearest hundredth.

A Finance charge will imposed on Credit Purchases only if elect not to pay the entire New Balance shown on your monthly statement for the previous billing cycle within 25 Days from the closing date on that statement.

A Finance Charge will be assessed on Cash Advances from the date of the Cash Advance, or the first day of the billing cycle in which the Cash Advance posted, which ever is later, and will continue to accrue interest until payment in full is made.

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Check 21 - Substitute Check Policy Disclosure

Effective October 28, 2004, the Check Clearing for the 21st Century Act-or "Check 21" will bring the nation's check payment system into the digital age and allow consumers to benefit from better and faster financial services.

Check 21 will improve today's existing system that forces over 40 billion checks a year to be exchanged physically and often transported around the country several times before the payment cycle is complete.

Check 21 allows a new approach-it makes legal a Substitute Check which is a digital picture of your original check which can be processed electronically.

How will Check 21 benefit you?

  • Detects Fraud Faster-Since check clearing is faster, fraud can be detected and investigated sooner which brings about a quicker resolution.
  • Faster Check Clearing-You get more accurate picture of your account balance.
  • Quicker Response-Check images can be accessed faster to resolve questions.
  • More Security Check Information-Check do not have to be physically transported via truck, train or plane.

What is a substitute check?

To make check processing faster, federal law permits banks to replace original checks with substitute checks. These checks are similar in size to the original check. The front of the substitute check states: "This is a legal copy of your check. You can use it the same way you would use the original check." You may use a substitute check as proof of payment just like the original check.

Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or electronic debits to your account. However, you have rights under other law with respect to those transactions.

What are my rights regarding substitute checks?

In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account ( for example, if you think that we withdrew the wrong amount form your account or that we withdrew money from your account more than once for the same check). The losses you may attempt
to recover under this procedure may include the amount that is withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).

The amount of the refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of the refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under the law.

If you use this procedure, you may receive up to $2,500 or your refund (plus interest if your account earns interest) within 10 business days after we receive your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after we receive your claim.

We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posed to your account.

How do I make a claim for a refund?

If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at:

Northwest United Federal Credit Union
6320 Olde Wadsworth Blvd., Arvada, CO 80003
303-424-5037

You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances.

Your claim must include:

  • A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect)
  • An estimate of the amount of your loss
  • An explanation of why the substitute check your receive is insufficient to confirm that your suffered a loss
  • A copy of the substitute check and/or the following information to help us identify the substitute check: (identifying information, for example the check number, the name of the person to whom you wrote the check, the amount of the check).

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