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Other Disclosures

 

In these disclosures the reference to "We", "Us", "Our" and "Credit Union" mean LOS ANGELES FEDERAL CREDIT UNION. The words "You", "Your" and "Owner" refer to the person, joint or individual as applicable, or entity who is applying for and/or using any of the services described in this brochure. "Account" means any Account or Accounts established for You as set forth in this brochure. The word "Check" means any negotiable paper presented to Us in relation to Your Account, including any share draft or similar check like device. The word "Card" means any Los Angeles Federal Credit Union or Check Card issued to You by Us and any duplicates and renewals We may issue. Our Audio Response System is hereinafter referred to as "TouchTel -24". "e-Branch" means Our Internet Account Access System and "E-Check" means any check which You authorize the payee to process electronically, For joint accounts, read singular pronouns in the plural.

 

ACCOUNT AGREEMENT

YOU AGREE AND ACKNOWLEDGE THAT THIS AGREEMENT CONTROLS YOUR ACCOUNT WITH LOS ANGELES FEDERAL CREDIT UNION, TOGETHER WITH ANY OTHER RELATED DOCUMENTS SUCH AS OUR FUNDS AVAILABILITY POLICY, AND ELECTRONIC FUND TRANSFER AGREEMENT AND/OR AGREEMENTS AND DISCLOSURES, ALL OF WHICH, TO THE EXTENT APPLICABLE, ARE INCORPORATED INTO THIS AGREEMENT BY REFERENCE.

AGREEMENTS AND DISCLOSURE: The Agreements and Disclosures provided to You at the time You opened Your Account and referred to throughout this Agreement, contain: (a) a list of fees and charges applicable to Your Account; (b) the dividends and applicable Annual Percentage Yield (APY); (c) how dividends are credited or compounded; and (d) other pertinent information related to Your Account. Your Agreements and Disclosures may be amended by Us from time to time in a manner as prescribed by law.

AMENDMENTS: This Agreement may be amended by Us at any time, in which case We will provide You with a notice of amendment as required by law or regulation.

ASSIGNABILITY: You may not assign or transfer any interest in Your Account.

CHECKS AND OTHER ACCOUNT ACCESS DEVICES: Any Check or other Account access device which does not meet Our standards for acceptance may be rejected by Us, whether such standards are established by law, regulation or Our own policy.

CHECK SAFEKEEPING: Check Safekeeping is automatic on Your Account and, unless You specifically request otherwise and agree to pay any associated fees, Your cancelled Checks will not be returned to You. You understand that cancelled Checks retained by Us are later destroyed after a reasonable period of time. If You subsequently request a copy of a Check and We are unable to supply it, then We shall not be liable for any damage You may sustain in excess of the face amount of the involved Check.

COLLECTION OF ITEMS: In processing items You have deposited for collection, We are only Your agent and assume no responsibility beyond the exercise of ordinary care. Any item deposited is subject to final settlement in cash or credit. We may use any method We feel is appropriate to collect items, which may include use of a Federal Reserve Bank. We are not responsible for the acts of any third party We use for the collection of items including responsibility for lost items. If We use a local clearinghouse in the collection of items, You authorize Us to do so and to act in accordance with any applicable rules and regulations. We may permit You to withdraw funds from Your Account before final settlement has been made, however, if final settlement is not made, We have the right to charge Your Account or otherwise require You to repay such funds.

CUSTODIAL ACCOUNTS. Any custodial account is subject to the Uniform Transfers to Minors Act. It is Your responsibility to determine and understand any legal effects related to this type of Account.

DEPOSIT OF ITEMS: You may make deposits to Your Account using any method available from Us, including deposits in person, by mail or electronic means. We have the right to refuse to accept any Check or instrument for deposit at Our sole discretion. If You deposit an item and it is returned unpaid, We will debit Your Account for the amount of the item and charge You a Returned Check Fee. You will be liable to Us for the amount of any item You deposit which is returned unpaid, and in addition, will be responsible for any of Our costs and expenses incurred in the collection of such returned item from You, including reasonable attorney fees. Subject to Our Funds Availability Policy, You may not be able to withdraw funds from Your Account until We have received final settlement for any items deposited. If You make a deposit on a Saturday, Sunday, or a holiday, or after Our predetermined cut-off hour on business days, the deposit will he credited to Your Account as of the next business day.

EXPENSES: If We incur any costs or expenses as a result of any attachment, garnishment or levy against Your Account, You will reimburse Us for such costs or expenses or We may charge them to Your Account.

GOVERNING LAW. This Agreement shall be governed by the laws of the State of California, except to the extent that federal law controls.

INACTIVE OR DORMANT ACCOUNTS: Inactive Accounts may be subject to an Inactive Account Fee. We have no liability if Your Account becomes dormant and is therefore subject to escheatment in accordance to California law.

JOINT ACCOUNTS: If Your Account is owned jointly, then all funds on deposit are owned by any of the joint Owners. We can release or pay any amount on deposit in Your Account to any Owner. We can honor Checks, withdrawals, orders or requests from any Owner. All Owners are liable to Us for any overdrafts that may occur on Your Account, regardless of whether or not a benefit occurred. Any Owner may provide Us written notice to freeze funds on deposit and We may, at Our option, honor such written request. If We do, then the Account will remain frozen until We receive subsequent written notice signed by all Owners of the Account as to a disposition of funds on deposit. Any funds on deposit may be utilized to satisfy any debt or garnishment of any Owner of the Account. You understand that all joint Accounts with the Credit Union will be established with Full Right of Survivorship, and, upon the death of any Owner, all sums then on deposit in the Account vest and belong to the surviving Owner(s). If the Owners of the Account hold the Account as Joint Accountholders, and We receive notice that one of the Owners has died, We may freeze the Account until We receive evidence satisfactory to Us as to an appropriate disposition of funds on deposit in the Account. It is the responsibility of joint account Owners to determine any legal effects of opening and maintaining a joint account.

LIEN IMPRESSMENT AND SET-OFF: We impress a statutory lien upon Your Account to the extent You owe Us any money. We have the right to set-off any of Your money or property in Our possession against any amount You owe Us. The right of set-off and Our impressed lieu does not extend to any Keogh, IRA or similar tax deferred deposit You may have with Us. If Your Account is owned jointly, Our right of set-off and Our impressed lien extends to any amount owed to Us by any of the joint Owners.

MINIMUM BALANCE REQUIREMENTS, FEES AND SERVICE CHARGES: You agree to pay Us any applicable fees or charges, and are responsible for any minimum balance requirements and deposit requirements called for in Our Agreements and Disclosures provided to You when You opened Your Account. In any case and with proper notice to You, fees, charges, balance requirements and deposit requirements may be changed by Us from time to time.

NOTIFICATION OF ADDRESS CHANGE: You will notify Us promptly in writing with Your signature if You move or otherwise have a change of address. In the event We are unable to locate You, You agree to pay all fees associated with maintaining an invalid address in Our records and any costs and locator fees incurred in Our locating efforts.

ORGANIZATIONAL, PARTNERSHIP OR CORPORATION ACCOUNTS: If Your Account is an organizational, partnership or corporate account, You will supply Us with a separate authorization informing Us of the authorized signers for the Account and provide any other related documents if We request You to do so. We require that all partners, Owners or organizational members be individually eligible for membership.

OVERDRAFT PROTECTION: To the extent permitted by law and only if You have signed up for overdraft protection services, You authorize Us to transfer funds from other accounts or lines of credit that You may have with Us in necessary multiples (or in such increments as We may from time to time determine) to Your Account to cover any overdraft. Any overdraft transfers may be subject to a transfer fee. You hold Us harmless from any and all liability which might otherwise exist if a transfer does not occur.

PERIODIC STATEMENTS: You will be provided with a periodic statement showing activity on Your Account. If You believe any statement reflects discrepancies, You must notify Us of such discrepancies within 60 days from the date We mailed the statement to You. If the discrepancy noted is the result of an electronic fund transfer, then the provisions of Our Electronic Fund Transfer Agreement with You will control resolution of the matter.

POSTDATED, STALE OR OVERDRAFT CHECKS: You understand that postdating a Check will have no effect on whether or not it is honored prior to or after the date of any such Check. A stale Check is any Check received by Us that is dated six months or more prior to the date of receipt. We may pay or refuse to pay any postdated, stale or overdraft Check, or other item presented for payment on Your Account without any liability.

POWER OF ATTORNEY: If You name a person to act as Your attorney-in-fact or agent in any way with Your Account, We are only obligated to deal with such person if We, in Our sole judgment, approve of the form of appointment and the supporting documentation.

PROHIBITED INTERNET GAMBLING TRANSACTION (FOR COMMERCIAL ACCOUNTS: All transactions in connection with the participation of another person in unlawful internet gambling are prohibited from being processed through Your Account. Such transactions include those involving the use of: (a) credit, or the proceeds of credit, extended to or on behalf of another person (including credit extended through the use of a credit card); or (b) electronic fund transfers, or funds transmitted by or through a money transmitting business, or the proceeds of an electronic funds transfer or money transmitting service, from or on behalf of another person; or (c) any check, draft, or similar instrument that is drawn by or on behalf of another person and is drawn on or payable at or through any financial institution.

STOP PAYMENTS: You may ask Us orally to stop payment on a Check. Stop payment requests are also subject to the terms and conditions of the Order For Stop Payment form related to any such request. Your request must be given to Us in a timely manner so that We have a reasonable opportunity to act on Your request. A written stop payment request is effective for six months. If at the end of six months, You request Us to continue the stop payment order, that request will be treated as a new request. We are not liable if We pay a Check which You have requested Us to stop payment on as long as We act in good faith and exercise ordinary care.

In any event, any damages that We might otherwise be liable for shall not exceed the amount of the involved Check. If We do pay a Check for which You have requested stop payment and as a result any other item is returned unpaid by Us due to non-sufficient funds, We are not liable for any consequences resulting from such action. If Your Account is a joint Account, any Owner of the Account may request a stop payment Any release of a stop payment order must be made in writing by any owner of the account. If You ask Us to stop payment on a preauthorized transfer, Your request will be processed under the provisions of Our Electronic Fund Transfer Agreement with You. Stop payment requests are also subject to the terms and conditions of the Order For Stop Payment form related to any such request.

SUSPENSION OF SERVICES. We have the right to suspend the benefit of any Credit Union service at any time for reasonable cause. At Our discretion, We also have the right to pay any Check presented for payment from Your Account after Your Account is closed or suspended and to recover such amount paid from You.

Account services are available to those members in good standing with the Credit Union. We reserve the right to cancel or suspend services to a member who is not in good standing, which includes members that have: (a) a delinquent loan; (b) a Share Savings ("Savings") balance below the $5 minimum; (c) an unresolved deposited returned Check; (d) any unpaid and uncollected fees; (e) a negative balance on an Account; (1) caused a financial loss to the Credit Union; or (g) been abusive to Credit Union staff.

TRUST ACCOUNTS: We require all Trust Accounts to name a beneficiary. For Revocable Trust Accounts, the individual establishing the Trust (the "Trustor") must be a member of the Credit Union and, any withdrawal of Trust Account funds will be deemed a revocation of the Trust to the extent of any such withdrawal. If the Account Designation shows a payable on death status, any Beneficiary has rights to the Account only if alive and only if the Trustor is deceased. If the Beneficiary dies before the Trustor, the Trust is terminated. The Trustor may change the Beneficiary at any time by providing Us adequate proof of such change in a manner acceptable to the Credit Union. It is Your responsibility to determine and understand any legal effects related to this type of Account.

WAIVERS: You agree and understand that Our failure or delay to exercise any right. remedy, power, or privilege available to Us pursuant to this Agreement shall not affect or disallow Our future exercise of that right, remedy, power or privilege.

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TYPES AND LIMITATIONS OF SERVICES

CHECK CARD TRANSACTIONS: You may use Your Card in conjunction with Your PIN in ATMs or such other machines or facilities as We may designate. At the present time, You may make the following types of transactions at selected ATMs: (a) withdraw cash from Your deposit accounts; (b) deposit money to Your deposit accounts; (c) transfer funds to and from those accounts for which We have Your authorization to do so; and (d) check the balance(s) in Your deposit and Your Personaline and Home Equity Lines of Credit accounts. You may also use Your Card to purchase goods and services at any business establishment where Your Card is accepted (See "Point of Sale" section).

e-BRANCH TRANSACTIONS: You may use e-Branch via any Internet access means for the following services: (a) transfer funds to and from those accounts for which You have authorized Us to do so (by means of an Electronic Transfer Agreement on file with Us); (b) transfer funds from Your line of credit account that You have with Us to your Share Draft (Checking) or Your Share (Savings) Account(s); (c) payments on Your loan accounts; (d) inquiries on account(s) and loan data; (e) inquiries on dividends and loan rates; (f) make check withdrawals from deposit and line of credit accounts that You may have with Us; (g) transactions or inquiries on shares, certificates and loans; (h) miscellaneous inquiries On Credit Union services that affect Your Account; (i) place stop payments on checks You have written on Your Account that have not yet cleared; 0) apply for credit with Us; (k) order images of share drafts that have cleared Your Share Draft Account; and (I) reorder personal checks for Your Share Draft Account. e-Branch is accessible seven days-a-week, 24 hours-a-day. If You attempt to access the service and are unsuccessful, please try again later.

If You have a LAFCU Share Draft (Checking) Account You may also use the e-Bill Pay feature of e-Branch to issue payments to third parties on Your behalf. You authorize Us to post any such payments requested by You to Your Account(s). Payments requested by You through the use of e-Branch will be made by check and may take as long as 10 business days to be sent to each payee. The Credit Union cannot guarantee the time any payment will reach any of Your creditors and accepts no liability for any service fees or late charges against You. For e-Bill Pay help, You may call the "Metavante" company at (800) 823-7555.

E-CHECK TRANSACTIONS: You may authorize a merchant or other payee to make a one-time electronic payment from Your checking Account using information from your check ("E-Check") to: (a) pay for purchases; or (b) pay bills.

POINT OF SALE TRANSACTIONS: You may also use Your Card to purchase goods and services at any business establishment where the Card is accepted. If You do use Your Card for such transactions, You authorize Us to withdraw funds from Your Account in the amount necessary to cover any such transaction, provided You have enough available funds in Your Account.

TouchTel -24 TRANSACTIONS: You may use TouchTel -24 in conjunction with Your PIN at any touch tone telephone to make the following types of transactions on designated accounts: (a) transfer funds to and from those accounts for which You have authorized Us to do so (by means of an Electronic Transfer Agreement on file with Us); (b) transfer funds from Your line of credit account that You have with Us to your Share Draft (Checking) or Your Share (Savings) Account(s); (c) payments on Your loan accounts; (d) inquiries on account balances and loan data; (e) inquiries on dividends and loan rates; (f) make check withdrawals from deposit and line of credit accounts that You may have with Us; (g) transactions or inquiries on shares, certificates and loans; (h) miscellaneous inquiries on Credit Union services that affect Your Account; and (i) place stop payments on checks You have written on Your Account that have not yet cleared. TouchTel -24 is accessible seven days-a-week, 24 hours-a-day. Transactions entered after 5:00 p.m. will be processed the next business day. If You call TouchTel -24 and are told that "the system is not available," please call back later when service is restored.

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FUNDS AVAILABILITY POLICY DISCLOSURE - REGULATION CC

THIS DISCLOSURE DESCRIBES YOUR ABILITY TO WITHDRAW FUNDS AT LOS ANGELES FEDERAL CREDIT UNION. YOU SHOULD ALSO REFER TO THE SECTION OF THIS BROCHURE THAT DESCRIBES THE DETAILS OF YOUR SPECIFIC ACCOUNT TYPE AND/OR ANY MEMBERSHIP APPLICATION WE REQUIRE FOR ADDITIONAL INFORMATION.

General Policy: Our general policy is to make funds from Your deposits available to You on the same business day We receive Your deposit. Electronic direct deposits will be available on the day We receive the deposit. Once they are available, You can withdraw the funds and We will use the funds to pay checks that You have written. For determining the availability of Your deposits, every day is a business day, except Saturdays, Sundays and federal holidays. If You make a deposit on a business day that We are open, We will consider that day to be the day of YOUR deposit. However, if You make a deposit after closing or on a day that We are not open, We will consider the deposit made on the next business day We are open.

ATM Deposits: If You make an ATM deposit prior to 12:00 a.m. on a business day that We are open, We will consider that day to be the day of Your deposit. However, if You make an ATM deposit after 11:59 p.m. or on a day that We are not open, We will consider the deposit made on the next business day We are open. For deposits made at ATMs owned and operated by Los Angeles Federal Credit Union, deposits subject to delayed availability will become available for withdrawal on the next business day after the day of deposit for local checks.

For deposits made at ATMs not owned and operated by Los Angeles Federal Credit Union, deposits subject to delayed availability will become available for withdrawal at the end of  the second business day after the day of deposit.

Reservation of Right to Hold: In some cases, We will not make all the funds You deposit by check available to You on the same business day We receive Your deposit Depending on the type of check You deposit, funds may not be available until after the fifth business day following the day of Your deposit. However, the first $200 of Your deposit will be available on the first business day following the day of Your deposit. If We are not going to make all the funds from Your deposit available on the same business day, We will notify You at the time You make Your deposit. We will also tell You when the funds will be available. If Your deposit is not made directly to one of Our employees, or if We decided to take this action after You have left the premises, We will mail You the notice by the next business 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. Any request for payment against funds on which a hold has been placed will be returned unpaid.

Holds on Other Funds: If We cash a check for You that is drawn on another institution, We may withhold the availability of a corresponding amount of funds that are already in Your Account. Those funds will be available to You at the time that the funds from the check We cashed for You would have been available if You had deposited it. If We accept for deposit a check that is drawn on another institution, We may make funds from the deposit available for withdrawal immediately but delay Your availability to withdraw a corresponding amount of funds that You have on deposit in another account with Us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this policy for the type of check that You deposited.

Longer Delays May Apply: We may delay Your ability to withdraw funds deposited by check into Your Account an additional number of days for the following reasons:
a. We believe a check You deposit will not be paid.
b. You deposit checks totaling more than $5,000 on anyone day.
c. You deposit 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 failure of communications or computer 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 end of  the seventh business day after the day of Your deposit.

In any case, We reserve the right to refuse an item for deposit or encashment.

Special Rules for New Accounts: If You are a new member, the following special rules will apply during the first 30 calendar days Your Account is open. Funds from electronic direct deposits to Your Account will be available on the day We receive 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, and federal, state, and local government checks will be available on the next business day after the 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 not be available until the second business day after the day of Your deposit. Funds from alt other check deposits will be available no later than the ninth business day of Your deposit. Further delays may apply.

Location of Check Endorsements: Federal law requires all check endorsements to be in the first 1 1/2 inches of the trailing edge of the back of the check. The trailing edge is opposite the left side of the face of the check, the side of the check just behind Our address. You will be responsible for any costs incurred by Us due to delays in returning checks deposited into Your Account that do not comply with the endorsement standards.

Dividend Payment Policy: See the Account Disclosures section in this brochure for Our policy on the payment of dividends.

Statements: The statements that We send You will contain language referring to an "Effective" posting date and a "Transaction" date. The effective posting date for ATM deposits made prior to 11:59 pm PST on a business day that We are open will be that day. However, the effective posting date for ATM deposits made after 11:59 pm PST or on a business day that We are not open will be the next business day. In all cases, the transaction date will be the actual calendar day in which the deposit was made. In example, ATM deposits made prior to 11:59 pm PST on a Monday will be shown on Your statement as having both an effective posting and transaction date of that same day while deposits made after 2:59 p.m. will be reflected as having an effective posting date of Tuesday with a transaction date of Monday. Deposits are subject to delayed availability as outlined in Our Funds Availability Policy Disclosure.

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SUBSTITUTE CHECKS ("SHARE DRAFTS.') AND YOUR RIGHTS - Regulation CC

THIS IS YOUR SUBSTITUTE SHARE DRAFT POLICY DISCLOSURE AND INSTRUCTIONS. IT CONTAINS INFORMATION CONCERNING OUR SUBSTITUTE SHARE DRAFT POLICY AND NECESSARY DISCLOSURES AS REQUIRED BY THE CHECK CLEARING FOR THE 21ST CENTURY ACT (12 CFR 229 ET SEQ) AND SPECIAL INSTRUCTIONS REGARDING YOUR RIGHT TO FILE FOR AN EXPEDITED REFUND. PLEASE BE CERTAIN TO READ THESE AGREEMENTS AND DISCLOSURES CAREFULLY AND NOTIFY US AT ONCE IF ANY PARTS ARE UNCLEAR.

Some or all of the share drafts that You receive with Your Account statement or by request may look different than the share draft You wrote. To make share draft processing easier, a federal law permits institutions to replace original share drafts with "substitute share drafts." This notice describes substitute share drafts and the rights that You will have when You receive substitute share drafts.

What is a Substitute Share draft?: A substitute share draft is a copy of an original share draft that is the same as the original share draft for all purposes, including proving that You made a payment, if it includes an accurate copy of the front and back of the original share draft and contains the words: "This is a legal copy of Your check. You can Use it the same way You would Use the original check." A substitute share draft that meets these requirements is generally subject to federal and state laws that apply to an original share draft. If You lose money because You received a substitute share draft, You have the right to file a claim for an expedited refund,

Your Right to File a Claim for an Expedited Refund: Federal law gives You the right to file a claim for an expedited refund if You receive a substitute share draft and believe that all of the statements below are true -
(1)The substitute share draft was incorrectly charged to Your Account (for example, this may be true if We charged Your Account for the wrong amount or if We charged Your Account more than once for the same share draft);
(2) You lost money as a result of the substitute share draft charge to Your Account; and
(3)You need the original share draft or a better copy of the original share draft to demonstrate that We incorrectly charged Your Account (for example, this may be true if You think that We charged Your Account for the wrong amount and the substitute share draft does not clearly show the amount).

Expedited Refunds: To obtain an expedited refund, You must send Us a claim. Federal law limits an expedited refund to the amount of Your loss, up to the amount of the substitute share draft, plus dividends if Your Account earns dividends. You should be aware that You could be entitled to additional amounts under other state or federal law.

How to Make a Claim for an Expedited Refund: Please make Your claim by calling Us at the telephone number shown herein, by writing to Us at the address shown herein, or by e-mailing Us at Our e-mail address. You must make Your claim within 40 calendar days of the later of these two dates -
(1) The date that we delivered the Account statement showing the charge that you are disputing, or
(2) The date on which we made the substitute share draft available to you.

If there is a good reason (such as a long trip or a hospital stay) that You cannot make Your claim by the required day, We will give You additional time.

Your expedited refund claim must -
(1) Describe why You think the charge to Your Account was incorrect;
(2) Estimate how much money You have lost because of the substitute share draft charge;
(3) Explain why the substitute share draft is not sufficient to show whether or not the charge to Your Account was correct; and (4)Provide Us with a copy of the substitute share draft or give Us information that will help Us to identify the substitute share draft and investigate Your claim (for example, the share draft number, the name of the person to whom You wrote the share draft, and the amount of the share draft).

Our Responsibilities for Handling Your Claim: We will investigate Your claim promptly. If We conclude that We incorrectly charged Your Account, We will refund to Your Account the amount of Your claim (up to the amount of the substitute share draft, plus dividends if Your Account earns dividends) within one business day of making that decision. If We conclude that We correctly charged Your Account, We will send You a notice that explains the reason for Our decision and includes either the original share draft or a better copy of the original share draft than the one You already received. If We have not made a decision on Your claim within 10 business days after You submitted it, We will refund the amount that We owe to Your Account up to $2,500.00, plus dividends, by that date. We will refund the remaining amount, if any, plus dividends, to Your Account by the 45th calendar day after You submitted Your claim.

If We refund Your Account, on the next business day We will send You a notice that tells You the amount of Your refund and the date on which You may withdraw that amount. Normally, You may withdraw Your refund on the business day after We make it. In limited cases, We may delay Your ability to withdraw up to the first $2,500 of the refund until the earlier of these two dates: (1) the day after We determine that Your claim is valid; or (2) the 45th calendar day after the day that You submitted Your claim.

Reversal of Refund: We may reverse any refund that We have given You if We later determine that the substitute share draft was correctly charged to Your Account. We also may reverse any dividends We have paid You on that amount if Your Account earns dividends. Within one business day after We reverse a refund, We will send You the original share draft or a better copy of the original share draft than the one You previously received, explain to You why the substitute share draft was correctly charged to Your Account, and tell You the amount and date of the reversal.

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WIRE TRANSFER AGREEMENT

THESE ARE THE TERMS AND CONDITIONS WHENEVER YOU REQUEST A TRANSFER OF FUNDS FROM OR TO YOUR SAVINGS OR CHECKING ACCOUNTS ("ACCOUNT") WITH US BASED UPON YOUR ORAL OR WRITTEN REQUEST. WE WILL PROVIDE WIRE TRANSFER SERVICES AS A MEANS TO INITIATE DOMESTIC AND INTERNATIONAL TRANSFERS FOR YOU, SUBJECT TO THE TERMS OF THIS AGREEMENT WHICH YOU AGREED TO BY SIGNING YOUR MEMBERSHIP AGREEMENT WITH US AT THE TIME THAT YOUR ACCOUNT WAS ESTABLISHED.
This Wire Transfer Agreement applies to wire transfers that are not “Remittance Transfers” as defined in the Electronic Fund Transfer Act (15 U.S.C. 1693o-1) and Regulation E, Subpart B (12 CFR 1005.30 et seq.).

1. We are authorized to charge Your Account or the payment of wire transfer requests. If more than one Account(s) is designated, We may charge any of the designated Accounts unless You give Us specific written directions otherwise. Your transfer requests may involve the transfer of funds from any of Your designated Accounts with Us to another account You have with Us, to any other financial institution, or to a third party or account of a third party maintained with Us or any other financial institution. There arc no restrictions or limitations on the amounts which may be ordered or requested, or on the location or address of the beneficiary of a transfer unless You give Us written instructions to the contrary.

2. The party(ies) named in Your Membership Application are the Authorized Persons who may issue payment orders to Us or the initiation of wire transfers or to receive telephone calls from Us, in accordance with this Agreement, for the purpose of confirming payment orders for the initiation of wire transfers which have been transmitted to Us under this Agreement for any Account designated in Your Membership Application. For confirmation purposes, We may call any party designated in Your Membership Agreement. If more than one Authorized Person is named, anyone of them may issue payment orders on any designated Account.

3. Wire transfer requests must be given to Us in compliance with Our cut-off hours as established from time to time by Us. We are not responsible for the accuracy of a routing number which You supply verbally and which is contained in Your wire transfer request. Wire transfer requests received by Us after Our cut-off hours may be treated as if received on the following business day.

4. We have no obligation to accept or execute any wire transfer request. We will provide You telephonic notice of rejection. If We are unable to reach You by telephone, We may at Our option give You notice of rejection in writing.

5. If We accept a wire transfer request consistent with this Agreement, You agree that any such transfer requests which We receive are effective as Your transfer request, whether or not authorized.

6. You will have no right to cancel or amend a payment order to initiate a wire transfer after We receive it. We will make a reasonable effort to act on a cancellation or amendment of a payment order made by You prior to the time (30 minutes from the time the transfer is paid for) that We execute such payment order, but We have no liability if Your cancellation or amendment is ineffective.

7. You agree to re-execute this Agreement or to execute a new agreement if changes are necessary. Your Membership Application designates any Account which may be charged in relation to wire transfer requests. All parties which You have authorized to issue wire transfer requests or to receive telephonic confirmations from Us are identified in Your Membership Application. All modifications or additions to Your Membership Application must be in writing.

8. You agree to pay Us the amount of any transfer request which We transmit pursuant to this Agreement when We execute a payment order to carry out Your wire transfer request. You will not make any wire transfer request which would cause You to exceed the available balance in the Account designated to pay the transfer request If a payment order is executed which creates an overdraft, with or without Our prior consent, You agree to pay Us the overdraft amount and any overdraft fee immediately upon Our demand. We have the right to set-off the amount of any overdraft against the balance in any of Your accounts with Us and We may exercise any rights We have under any agreements which grant Us security for the payment of Your liabilities or obligations to Us.

9. You understand and agree that the payment of a wire transfer request may be made by Us or any other financial institution used to carry out the transfer request on the basis of an identifying or account number which You have provided for a beneficiary, even if the number identifies a person different from Your intended beneficiary. You also understand and agree that We or any other financial institution used to carry out a transfer request, may rely on the identifying number of the intermediary or beneficiary's financial institution which You have provided as the proper identification of the intermediary or beneficiary's financial institution, even if the number identifies a financial institution different from the one You intended to identify. We or any other financial institution are not responsible for determining whether any identifying or account numbers You have provided to initiate a wire transfer are accurate. You will be liable to Us for the amount of any transfer request even if payment of the transfer request is made to a person different from the named beneficiary based upon the beneficiary's identifying or account number provided by You or payment of the transfer request is made to a financial institution different from the one identified by name based on the identifying number which You have provided to Us.

10. You agree to examine any statement or confirmation which We send You and to notify Us within 30 days after the mailing date on any statement or confirmation, of any discrepancy or error. If You fail to notify Us of any discrepancy or error within the required time period, You agree that We are not liable to pay interest or reimburse You for any discrepancy or error in relation to a transfer request described in such statement or confirmation.

11. You and the Credit Union agree that the following specified security procedures represent a commercially reasonable method of providing security against unauthorized payment orders:
a. Only individuals named in Your Membership Application shall issue wire transfer requests to Us; and
b. We reserve the right to telephonically contact any individual named in Your Membership Application for the purpose of confirming a transfer request, regardless of amount, although We have no obligation to do so. If We cannot obtain a confirmation satisfactory to Us, then We reserve the right to refuse to honor any wire transfer request

We have no responsibility to verify the identity of any party identifying themselves, as an individual authorized to receive a telephonic confirmation of any wire transfer request, other than to verify that the name given by such party corresponds to a party named in Your Membership Application. If, for any reason, We are not satisfied that a wire transfer request was issued by an authorized party or confirmed by an authorized party, We may refuse to execute the transfer request. If We do so, We shall not incur any liability of any nature. You agree to prevent disclosure, other than on a need-to know basis, of any of the aspects of the security procedures which You have agreed to with Us. You will notify Us immediately if You believe the confidentiality of the security procedures has been compromised and You shall act to prevent the security procedures from being further compromised.

12. We have no liability of any nature for delays or mistakes, provided We act in good faith and with reasonable care. We are not responsible for delays or mistakes caused by other parties through whom We transmit funds whether such other parties were selected by You or Us. We are not required to make a wire transfer on the day a wire transfer request is received, unless the wire transfer request is received within a reasonable time before any cut-off hour We have established. We will generally use the funds transfer system, but We may use any means and routes that We, in Our sole discretion, consider suitable for the transmission of funds.

13. You agree that We have no liability and are not responsible for any delay or failure to transfer any amount specified in any wire transfer request because of rules, regulations, or policies of the Federal Reserve Board which limits, in the aggregate, the amount We can transfer from time to time during any business day, provided, however, that We will promptly notify You of any such failure or delay and will effectuate the transfer as soon as is reasonably possible.

14. We shall have no liability whatsoever for any special, consequential, punitive, or indirect loss or damage suffered by You in connection with services offered by Us which are subject to this Agreement, regardless of whether We know or should have known such damages might be incurred. We have no responsibility for any attorneys' fees that You might incur.

15. We may terminate this Agreement at any time by giving written or oral notice to You. Unless We terminate this Agreement, the Agreement shall remain in effect until We receive written notice of termination from You and have been afforded a reasonable opportunity to act on Your termination notice. You may not assign this Agreement to any other party.

16. This Agreement is governed by the provisions of Regulation J, 12 CFR Part 210, Subpart B, including the Appendices, to the extent that any wire transfer request is carried out. Terms which are not defined in this Agreement shall have the same meaning as defined in the Uniform Commercial Code Article 4A. This Agreement is also subject to all applicable Operating Circulars of the Federal Reserve Bank in the district in which We are located and any other applicable provisions of federal or state law. To the extent that Regulation J does not apply to this Agreement, this Agreement shall be governed by the laws of the state in which We are chartered.

17. We may amend this Agreement, from time to time, by sending You a copy of any amendment at least 30 days prior to its effective date. This Agreement may also be amended by a writing signed by You and Us. No representation or statement not expressly contained in this Agreement or in any amendment shall be binding upon You or Us.

18. If any provision of this Agreement is prohibited by applicable law, such prohibition shall apply only to that provision and all other provisions of the Agreement shall remain in full force and effect.

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