ELECTRONIC FUNDS TRANSFER: A number of services for Watermark Credit Union members can be initiated electronically. Transactions initiated electronically are known as part of the Electronic Funds Transfer (EFT) system. Current EFT services available to members include: Direct Deposit, ACH Preauthorized Payments, Bill Payment, CU-T2, Quicard, Home Branch, Pay by Phone (Tel Tran), Electronic Check Conversion (when you authorize a merchant to electronically debit your checking account using the routing, account and serial number of your check to initiate the transfer, whether the check is blank, partially or fully completed and signed) and any collection fee that you authorize a merchant to electronically debit from your account. You authorize us to honor any electronic check conversion from your checking account just the same as a regular written check. Acceptance, retention or use of these services by you constitutes agreement between Watermark Credit Union and you as follows: 1. Electronic Check Conversion/ Electronic Returned Check Fees: If you pay for purchases or bills with a check or share draft, you may authorize your check or share draft to be converted to an electronic funds transfer. You may also authorize merchants or other payees to electronically debit your account for returned check fees. 2. Disclosure Statement: You may use your Quicard in automated teller machines (ATMs) of Watermark Credit Union, the Co-op Network, the PLUS System and other such machines or facilities as we may designate. You can also use Quicard to pay for purchases at point of sale (POS) locations displaying the Interlink logo. In addition, if you have a checking account with us, you may use your Quicard to purchase goods and services from merchants who accept Visa. You may also obtain cash advances from your checking account with your Quicard at financial institutions participating in the Visa program. You may not use the card for any illegal or unlawful transaction, and we may decline to authorize any transaction that we believe poses an undue risk of illegality or unlawfulness. 3. Quicard Services: • Withdraw cash from your savings or checking account seven days a week. • Deposit funds to your savings or checking account. • Receive line of credit or Visa cash advances. • Transfer funds between your savings and checking accounts. • Obtain the daily limit in travelers checks at any American Express machine (1% fee). • Obtain balances on savings, checking, line of credit, and Visa accounts. • Make purchases from your checking account at POS locations up to $1,000 per day, or Visa locations up to $5,000 per day. (These limits doubled for High Yield Checking accounts.) • We may honor overdrafts of electronic transactions types such as but not limited to debit card, ACH, POS, or online transactions. 4. You Agree: (a) To abide by the Rules and Regulations, as amended, of your Credit Union and the networks relating to the use of the card. These Rules and Regulations are binding upon you. (b) That Watermark Credit Union and the networks may follow all instructions given to machines.
(c) (d) (e)
(f)
That the card is the property of Watermark and will be delivered to your Credit Union immediately upon request. That the use of the card may be terminated or restricted by Watermark at any time without notice. That you may withdraw only up to $500 using the ATM/Debit Quicard or $300 using the ATM Quicard from ATMs each day. This includes all combinations of savings account withdrawals, checking account withdrawals, cash advances and fees. (These limits doubled for High Yield Checking accounts.) That the PIN (Personal Identification Number) issued to you is for your security purposes. The code is confidential and should not be disclosed to third parties. You are responsible for the safekeeping of your PIN. To keep your account secure, please do not write your PIN on your card or keep it in the same place as your card. You understand that any joint owner you authorize to use an access code may withdraw or transfer funds from any of your accounts. If you fail to maintain the security of these access codes and the credit union suffers a loss, we may terminate your EFT services immediately.
5. Deposits: The servicing schedule and processing time required in cash machine operations create a delay between the time a deposit (check or cash) is made and when it becomes available for withdrawal. (a) All deposits will be subject to a 36 hour hold. The first $250 of total deposits made to your account each day will be immediately available. (b) Large deposits (over $5,000) may not be available for withdrawal or transfer until the 5th business day after the banking day of deposit. (c) The maximum amount that can be deposited at an ATM is $25,000 per day. 6. Foreign Transactions: Purchases and cash advances made in foreign countries will be billed to you in U.S. dollars. The currency conversion rate for international transactions as established by VISA International, Inc. is a rate selected by VISA from the range of rates available in wholesale currency markets for the applicable central processing date, which may vary from the rate VISA itself receives, or the government-mandated rate in effect for the applicable central processing date. In addition, you will be charged a Foreign Transaction Fee of 1% of the transaction amount for any card transaction made in a foreign country. 7. Termination: We agree that you may terminate this Agreement at any time by giving written notice thereof and returning to us all cards issued in connection with this Agreement. 8. In Case of Errors or Questions about Electronic Transfers: Telephone us at (206) 382-7000 or 1-800-732-9300 or write us at PO Box 24927, Seattle WA 98124-0927 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 you the first statement on which the problem or error appeared. In your letter, provide us with the following information: (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
verbally, we may require that you send us your complaint or question in writing within 10 business days. We will tell you the results of our investigation within 10 business days (20 business days if the EFT occured within 30 days after the first deposit to a new account was made) and we will correct any error promptly. If we need more time, however, we may take up to 45 calendar days (90 calendar days for foreign-initiated transfers resulting from point-of-sale debit card transactions or if the EFT occured within 30 days after the first deposit to a new account was made) 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 EFT occured within 30 days after the first deposit to a new account was made) 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 recredit your account. If we decide there is 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 used in our investigation. 9. Disputes With Merchants Concerning Goods and Services: You agree to settle all disputes about purchases of goods and services you make using the Quicard with the merchant who honored the card. If you are unable to settle the dispute with the merchant, we will attempt to help resolve the dispute if you send us a letter that includes the following: (a) Tell us your name and account number. (b) If the merchant refused to make a price adjustment, replace the goods or things of value, refused the return of the merchandise, or issue a credit to your account, tell us the date, amount, and why you are disputing the transaction, including the merchant name and location. Also provide written confirmation of your attempt(s) to contact the merchant and resolve the dispute. This does not affect your rights with respect to unauthorized transfers or errors regarding your account. 10. Stop Payment: (a) In order to stop payment on an ACH Preauthorized Payment, call us at (206) 382-7000 or 1-800-732-9300 or write us at PO Box 24927, Seattle, WA 98124-0927 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 that a written confirmation of your request be received within 14 days. (b) 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. (c) A fee of $22 will be assessed for each stop payment request of debits to your share account. 11. Liability Disclosure: You are responsible for all transfers you authorize using your EFT services under this Agreement. If you permit other persons to use an EFT service, card or access code, you are responsible for any transactions they authorize or conduct on any of your accounts. However, tell us at once if you believe anyone has used your account, EFT transfer, card or access code and accessed your accounts without your authority.Telephoning is the best way of keeping your possible losses down. For Visa and Interlink network transactions, if you notify us of your lost or stolen card, you will not be liable for any losses provided you were not grossly negligent or fraudulent in handling your card and you provide us with written statement regarding your unauthorized Card claim, otherwise the following liability limits will apply. For all other EFT transactions, if you tell us within two (2) busi-
ness days, you can lose no more than $50 if someone accessed your account without your permission. If you do not tell us within two (2) business days after you learn of the unauthorized use of your account or EFT service, and we can prove that we could have stopped someone from accessing your account without your permission if you had told us, you could lose as much as $500. Also, if your statement shows EFT transfers that you did not make, including those done by card, code or other means, tell us at once. If you do not notify us within sixty (60) days after the statement was mailed to you, you may be liable for the full amount of the loss, if we can prove that we could have stopped someone from making the transfers if you had told us in time. If a good reason (such as a hospital stay) kept you from telling us, we will extend the time periods. 12. Address and Telephone Number to Be Notified in the Event of Unauthorized Transfer: If you believe your card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call us at (206) 382-7000 or 1-800-732-9300. After hours call (206) 344-6768 or 1-800-428-9348. You can write to us at P.O. Box 24927, Seattle, WA 98124-0927. 13. Non-Transferability: You may not transfer or negotiate a Quicard or any other instrument issued in connection with your use of any machines or facilities which are accessible through use of a Quicard. Watermark will not accept withdrawal instructions by any person other than you. 14. Business Day: Our business days are Monday through Friday. Holidays are not included. 15. Fees: (a) Monthly, the first four withdrawals from savings accounts (in person, by telephone and/or cash machines) are free. Fifth and subsequent withdrawals are $1 each. (b) The 1% American Express fee will be included in the transaction amount when utilizing an American Express Travelers Check dispensing machine. (c) Paid NSF and NSF charges for checks drawn on your share accounts and all electronic transactions will be assessed a $25 fee per transaction. (d) (e) (f) (g) When utilizing a POS machine, there could be a fee charged by the merchant. A fee of $5 may be assessed against your account for each replacement Card you request after the first replacement. A pick-up fee of $65 will be assessed for any form of unauthorized use.
If you use an ATM that is not operated by us, you may be charged an ATM surcharge by the ATM operator or an ATM network utilized for such transaction. The ATM surcharge will be debited from your account if you elect to complete the transaction. (h) The deposited item return fee is $20, including all invalid deposits made at an ATM. (i) (j) A 1% Foreign Transaction Fee will be charged for any transaction made in a foreign country. A fee of $10 will be assessed for all Pay by Phone (Tel Tran) transactions.
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16. Account Information Disclosure: We will disclose information to third parties about your account or the transfers made in any of the following instances: (a) To verify the existence and condition of your account for a third party, such as a consumer reporting agency or merchant, or (b) To comply with government agency or court orders, or (c) If you give written permission, or (d) When it is necessary for completing transfers. 17. Right to Receive Documentation: (a) Terminal Transfers. You will get or have the option to get a receipt at the time you make a transaction over $15.00 on your account when using an ATM, or when utilizing POS. (b) Periodic Statements. You will receive a monthly account statement if you have Pay by Phone (Tel Tran), ATM, POS, CU-T2, Direct Deposit, Bill Payment, Home Branch or Preauthorized Payment activity within the month. Checking and Visa statements are mailed monthly. 18. Liability for Failure to Make Transfers: If we do not properly complete a transfer to or from your account according to agreement, 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, your account does not contain enough money to make the transfer. (b) If the terminal was not working properly and you knew about the breakdown when you started the transfer. (c) If circumstances beyond our control (such as fire or flood) prevent the transfer. (d) If the error was caused by a system of the Co-op Network, PLUS, Interlink, Visa, or such other machines or facilities as we may designate. (e) If the transfer exceeds the credit line on your line of credit (The Reserve). If the ATM where you are making the transfer does not have enough cash. (g) If any other financial institution or any other merchant or business refuses to honor Quicard. (h) There may be other exceptions. (f)
accounts, and for such other transactions as may become available. You are responsible for the safekeeping of your access code provided by the Credit Union and for all transactions by use of CU-T2 and Home Branch. You will notify the Credit Union immediately and send written confirmation if your access code is disclosed to anyone other than a joint owner of your account. If you disclose your access code to anyone, however, you understand that you have given them access to your accounts via CU-T2 and Home Branch and that you are responsible for any such transactions. You further understand that your access code is not transferable and you will not disclose the access code or permit any unauthorized use thereof. If you default in any amounts you owe under this Agreement, you agree to pay any and all attorney fees and collection costs incurred by the Credit Union. You waive all present or future claims against the Credit Union and release the Credit Union from all responsibility for loss or damage not caused by the Credit Union's negligence which you might incur through unauthorized transactions of any kind from your account(s) through the custody and use of the access code. You understand that the Credit Union reserves the right to discontinue access to CU-T2 and Home Branch without notice and will not be liable for failure to honor any CU-T2 and Home Branch transactions. Amendments to this Agreement may be provided to you, in accordance with applicable laws, without restatement of the terms. The use of CU-T2 and Home Branch are subject to such other terms, conditions and requirements as the Credit Union may establish from time to time. Transactions made through CU-T2 and Home Branch are binding on the Credit Union only after verification by the Credit Union. Transactions after the normal business hours each day may be posted to the appropriate accounts on the next business day after the date of such transactions. The total dollar amount of transactions via CU-T2 and Home Branch are subject to limits set by the Credit Union, and sufficient verified funds must be available to satisfy your transaction instructions. FUNDS AVAILABILITY: We are providing this disclosure to help you determine when funds from the cash, checks and other items you put into your checking account are available for withdrawal. Our policy is to make funds from your deposits available to you the same day we receive your deposit. At that time you can withdraw the funds and/or we will use the funds to pay checks that you have written. However, funds you deposited by check may be delayed for a longer period under the following circumstances: (a) We believe a check you deposited will not be paid. (b) You deposit checks totaling more than $5,000 on any one day. (c) You redeposited a check that has been returned unpaid. (d) You have overdrawn your account repeatedly in the last six months. (e) There is an emergency, such as a failure of computer or communications equipment. (f) Any other reasons permitted by law. 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.
We may delay funds for a maximum of seven days on local checks and 11 days on non-local checks. For information about funds deposited via ATM, see section 5. Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which it is drawn. SPECIAL RULES FOR NEW ACCOUNTS: If you are a new member, the following special rules may apply during the first 30 days your account is open. Funds from electronic direct deposits to your account are available on the effective date of the deposit. Funds from deposits of cash, wire transfers and the first $5,000 of a day's total deposits of cashier's, certified, teller's, traveler's and federal, state and local government checks also are available on the day we receive your deposit if the deposit meets certain conditions (for example, the checks must be payable to you and the deposit is made in person to one of our employees). The excess over $5,000 of these checks may not be available until the ninth business day after the day of your deposit. If your deposit of these checks (other than U.S. Treasury checks) is not made in person to one of our employees (such as at an ATM), the first $5,000 may not be available until 36 hours after the day of your deposit. Funds from all other check deposits may not be available until the 11th business day (9th business day if made at an ATM). After the day of your deposit however, the first $100 of your total deposits is available to you.
Agreement & Disclosures
Electronic Funds Transfer and Funds Availability
19. Notices: Any notice required may be given to you at your last known address. 20. Online Banking (Home Branch) and Telephone Banking (CU-T2) There is no charge to you for these services. They are available for your convenience 24 hours a day, 7 days a week. As a member of Watermark Credit Union, you understand that you have access to CU-T2 via any touch-tone telephone and that you cannot use CU-T2 without an access code, which is automatically provided to you. If you choose not to have this feature on your account, you agree to notify the Credit Union. It is your understanding that your access codes may be used for check withdrawals, transfers between accounts, information regarding your accounts, advances both on line of credit and Visa
Lost or Stolen Card: (206) 344-6768 • 1-800-428-9348 ATM Locations: 1-800-843-7587 (1-800-THE-PLUS)
www.watermarkcu.org
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