Disclosures
Membership and Account Agreement
This Agreement covers your and our rights and responsibilities concerning Accounts the Credit Union (Credit Union) offers. In this Agreement, the words “you” and “yours” mean anyone who signs an Account Card or Account Change Card (Account Card). The words “we,” “us,” and “our” mean the Credit Union. The word “account” means any one or more share or other accounts you have with the Credit Union.
Your account type(s) and ownership features are designated on your Account Card. By signing an Account Card, each of you, jointly and severally, agree to the terms and conditions in this Agreement and Account Card, the Funds Availability Policy Disclosure, Truth-in-Savings Disclosure, and any Account Receipt accompanying this Agreement, and the Credit Union’s Bylaws and policies, and any amendments to these documents from time to time which collectively govern your Membership and Accounts.
Click to Read Through the Account Agreement
1. Membership Eligibility.
To join the Credit Union, you must meet the membership requirements as set forth in the Credit Union’s Bylaws or establish from time to time by the Credit Union’s Board of Directors. You authorize us to check your account, credit and employment history and obtain reports from third parties, including credit reporting agencies, to verify your eligibility for the accounts and services you request.
2. Single Party/Individual Accounts.
A single party or individual account is an account owned by one party (which includes individuals, corporations, partnerships, trusts or other organizations) qualified for Credit Union membership. If the account owner dies, ownership of the account passes to Payable on Death (POD) beneficiary(ies) if so named, or as part of the account owner’s estate under his or her will or by intestacy. Transfer of account ownership is subject to other provisions of this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner’s agent prior to notice of an owner’s death and to our statutory lien for the owner’s obligations, and to any security interest or pledge granted by the owner.
3. Multiple Party (Joint Accounts).
An Account owned by two or more parties (joint owners) is a multiple party account. During life, the owners of a multiple party account have equal access to the account.
a. Rights of Survivorship.
For a multiple party account with rights of survivorship, on the death of one owner, all sums in the account on the date of the death vest in and belong to the surviving owner(s) as his or her separate property and estate. This means when one owner dies, ownership of the account passes to the surviving owner(s) and the right of survivorship in the account continues until only one account owner remains surviving. For a multiple party account without rights of survivorship, when one owner dies, the deceased owners’ interest in the account passes as part of the deceased party’s estate under his or her will or by intestacy. Transfer of account ownership is subject to other provisions of this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner’s agent prior to notice of an owner’s death and to our statutory lien for the owner’s obligations and to any security interest or pledge granted by the owner.
b. Control of Multiple Party Accounts.
Any owner is authorize and deemed to act for any other owner(s) and may instruct us regarding transactions and other account matters. Each owner guarantees the signature of any other owner(s). Any owner may withdraw all funds, stop payment on items, transfer, or pledge to us all or any part of the shares without the consent of the other owner(s). We have no duty to notify any owner(s) about any transaction. We reserve the right to require written consent of all owners for any change to or termination of an account. However, subject to a policy to adopt by the Credit Union’s Board of Directors, a member by written notice to us may change any joint owner designated on the account or remove any such joint owner, change the form of the account, or stop or vary payment under the terms of the account. If we receive written notice of a dispute between owners or inconsistent instructions from them, we may suspend or terminate the account and require a court order or written consent from all owners to act.
c. Multiple Party Account Owner Liability.
If a deposited item in a multiple party account is returned unpaid, an account is overdrawn, or if we do not receive final payment on a transaction, the owners, jointly and severally, are liable to us for the amount of the returned item, overdraft, or unpaid amount and any charges, regardless of who initiated or benefited from the transaction. If any account owner is indebted to us, we may enforce our rights against any account of an owner or all funds in the multiple party account regardless of who contributed them.
4. Payable on Death/POD Designations.
A Payable on Death (POD) account designation is an instruction to the Credit Union that a single or multiple party account so designated is owned by the owner(s) during their lifetime(s) and on the death of the last surviving owner, ownership of the account passes to surviving named POD beneficiary(ies). If a designation lists more than one POD beneficiary, the surviving beneficiaries shall own the account jointly without rights of survivorship. Any POD designation shall not apply to Individual Retirement Accounts (IRAs) which are governed by a separate beneficiary designation. We are not obligated to notify any beneficiary of the existence of any account or the vesting of the beneficiary’s interest in any account, except as otherwise provided by law.
5. Accounts for Minors.
We may require any account established by a minor to be a multiple party account with an owner who has reached the age of majority under the state of law and who shall be jointly and severally liable to us for any returned item, overdraft, or unpaid charges or amounts on such account. We may pay funds directly to the minor without regard to his or her minority. Unless a parent is an account owner, the parent shall not have any account access rights. We have no duty to inquire about the use or purpose of any transaction. We will not change the account status when the minor reaches the age of majority, unless authorized in writing by all account owners.
6. Accounts Subjects to TUTMA.
An account designated as subject to the Texas Uniform Transfer to Minors Act (TUTMA) is a single party/individual account for a minor. The account is created by the transfer of funds into an account subject to the TUTMA for a named minor. The transfer and all additional deposits to the account are irrevocable gifts to the minor. The transfer to the initial deposit to the account must name one person eligible under the TUTMA to serve as custodian of the account. The custodian has possession and control of the account and is required by law to manage the account for the exclusive right and benefit of the minor and barring a court order otherwise is the only party entitled to make deposits, withdrawals, or close the account. We have no duty to inquire about the use or purpose of any transaction. If the custodian dies without a successor custodian already named for the account, we may suspend the account until a successor custodian is named, we receive instructions from any person authorized by law to withdraw funds or we receive a court order authorizing withdrawal.
7. Deposit of Funds Requirements.
Funds may be deposited to any account, in any manner approved by the Credit Union in accordance with the requirements set forth by the Truth-in-Savings Disclosure.
a. Endorsements.
We may accept transfers, checks, drafts, and other items for deposit into any of your accounts if they are made payable to, or to the order of, one or more account owners even if they are not endorsed by all payees. You authorize us to supply missing endorsements of any owners if we choose. If a check, draft or item that is payable to two or more persons is ambiguous as to whether it is payable to either or both, we may process the check, draft or item as though it is payable to either person. If an insurance, government, or other check or draft requires an endorsement as set forth on the item. Endorsements must be made on the back of the share draft or check within 1 ½ inches from the top edge, although we may accept endorsements outside this space. But any loss we incur from a delay or processing error resulting from an irregular endorsement or other markings by you or any prior endorser will be your responsibility.
b. Collection of Items.
We act only as your agent and we are not responsible for handling items for deposit or collection beyond the exercise of ordinary care. Deposits made by mail or at unstaffed facilities are not our responsibility until we receive them. We are not liable for the negligence of any correspondent or for loss in transit, and each correspondent will only be liable for its own negligence. We may send any item for collection. Items drawn on an institution located outside the United States (U.S.) are handled on a collection basis only. You waive any notice of nonpayment, dishonor, or protest regarding items we purchase or receive for credit or collection to your account.
c. Final Payment.
All items or Automated Clearing House (ACH) transfers credited to your account are provisional until we receive your final payment. If final payment is not received, we may charge your account for the amount of such items or ACH transfers and impose a return item charge on your account. Any collection fees we incur may be charged to your account. We reserve the right to refuse or return any item or funds transfer.
d. Direct Deposit.
We may offer preauthorize deposits (e.g., payroll checks, Social Security or retirement checks, or other government checks) or preauthorized transfers from other accounts. You must authorize each direct deposit or preauthorized transfer by filling out a separate form. You must notify us at least thirty (30) days in advance to cancel or change a direct deposit or transfer option. Upon a bankruptcy filing, unless you cancel an authorization we will continue making direct deposits in accordance with your authorization on file with us. If we are required to reimburse the U.S. Government for any benefit payment directly deposited into your account, we may deduct the amount returned from any of your accounts, unless prohibited by law.
e. Crediting of Deposits.
Deposits made after the deposit cutoff time and deposits made on either holidays or days that are not our business days will be credited to your account on the next business day.
8. Account Access.
a. Authorized Signature.
Your signature on the Account Card authorizes your account access. We will not be liable for refusing to honor any item or instruction if we believe the signature is not genuine. If you have authorized the use of a facsimile signature, we may honor any draft that appears to bear your facsimile signature even if it was made by an unauthorized person. You authorize us to honor transactions imitated by a third person to whom you have given your account number even if you do not authorize a particular transaction.
b. Access Options.
You may withdraw or transfer funds from your account(s) in any manner we permit (e.g., check, draft, at an automated teller machine (ATM), in person, by mail, automatic transfer, or telephone, as applicable). We may return as unpaid any draft drawn on a form we do not provide, and you are responsible for any loss we incur handling such a draft. We have the right to review and approve any form of power of attorney and may restrict account withdrawals or transfers. We are under no obligation to honor any power of attorney.
c. ACH & Wire Transfers.
If we provide the service, you may initiate or receive credits or debits to your account through wire or ACH transfer. You agree that if you receive funds by a wire or ACH transfer, we are not required to notify you at the time the funds are received. Instead, the transfer will be shown on your periodic statement. We may provisionally credit your account for an ACH transfer before we receive final settlement. We may reverse the provisional credit or you will refund us the amount if we do not receive final settlement. When you initiate a wire transfer, you may identify either the recipient or any financial institution by name and by account or identifying number. The Credit Union (and other institutions) may rely on the account or other identifying number as the proper identification even if it identifies a different party or institution.
d. Credit Union Examination.
We may disregard information on any draft or check, other than the signature of the drawer, the amount and any magnetic encoding. You agree we do not fail to exercise ordinary care in paying an item solely because or procedures do not provide for slight examination of items.
9. Transaction Limitations.
a. Withdrawal Restrictions.
We permit withdrawals only if your account has sufficient available funds to cover the full amount of the withdrawal or you have an established overdraft protection plan. Drafts or other transfer or payment orders which are drawn against insufficient funds may be subject to a service charge set forth in the Truth-in-Savings Disclosure. If there are sufficient funds to cover some, but not all, of your withdrawal, we may allow those withdrawals for which there are sufficient funds in any order at our discretion. We may refuse to allow a withdrawal in some situations, and will advise you to accordingly; for example: (1) a dispute between account owners (unless a court has ordered the Credit Union to allow the withdrawal); (2) a legal garnishment or attachment is served; (3) the account secures any obligation to us; (4) required documentation has not been presented; (5) you fail to repay a Credit Union loan on time. We may require you to give written notice of seven (7) days to sixty (60) days before any intended withdrawals.
b. Transfer Limitations.
For share savings and money market accounts, if applicable, you may make up to six (6) preauthorized, automatic, telephonic, or audio response transfers to another account of yours or to a third party during any calendar month. Of these six, you may not make no more than three (3) transfers to a third party by check or debit card. A preauthorized transfer includes any arrangement with us to pay a third party from your account upon oral or written orders including orders received through the automated clearing house (ACH) as well as overdraft protection transfers from a share account to a share draft or checking account. You may make unlimited transfers to any of your accounts or to any Credit Union loan account and may make withdrawals in person, by mail or at an ATM. However, we may refuse or reverse a transfer that exceeds these limitations and may assess fees against, suspend or close your account.
10. Overdrafts
a. Overdraft Liability.
If on any day, the funds in your share account are not sufficient to cover drafts, fees or other items posted to your account, those amounts will be handled in accordance with our overdraft procedures or an overdraft protection plan you have with us. The Credit Union’s determination of an insufficient account balance may be made at any time between presentation and the Credit Union’s midnight deadline with only one review of the account required. We do not have to notify you if your account does not have funds to cover drafts, fees or other posted items. Whether the item is paid or returned, your account may be subject to a change as set forth in the Truth-in-Savings Disclosure. Except as otherwise agreed in writing, we, by covering one or any overdraft, do not agree to cover overdrafts in the future and may discontinue covering overdrafts at any time without notice. If we pay a draft or impose a fee that would otherwise overdraw your account, you agree to pay the overdrawn amount immediately. We reserve the right to pursue collection of previously dishonored items at any time, including giving a payor bank extra time beyond any midnight deadline limits.
b. Overdraft Protection Plan.
If we have approved an overdraft protection plan for your account, we will honor drafts drawn on insufficient funds by transferring funds from another account under this Agreement or a loan account, as you have directed, or as required under the Credit Union’s overdraft protection policy. The fee for overdraft transfers, if any, is set forth in the Truth-in-Savings Disclosure. This Agreement governs all transfers, except those governed by agreements for loan accounts.
11. Postdated and Staledated Drafts.
We may pay any draft without regard to its date unless you notify us of a postdating. The notice must be given to us in time so that we can notify our employees and reasonably act upon the notice and must accurately describe the draft, including the exact number, date, and amount. You understand that the exact information is necessary for the Credit Union’s computer to identify the draft. We are not responsible if you give us an incorrect or incomplete description, or untimely notice. We may, at our discretion, honor an oral postdating notice which lapses in fourteen (14) calendar days unless confirmed in writing. If we honor an oral postdating request, we are under no obligation to honor all such requests. A written notice is effective for six (6) months and may be renewed in writing from time to time. You agree not to deposit checks, drafts, or other items before they are properly payable. We are not obligated to pay any check or draft drawn on your account which is presented more than six (6) months past its date.
12. Stop payments Orders.
a. Stop Payment Order Request.
You may request a stop payment order on any draft drawn on your account. An order is binding upon us only if it is writing, dated, signed and describes the item with certainty. However, we may, at our discretion, honor oral stop payment order requests. If we honor such a request, the stop payment order will lapse in fourteen (14) calendar days unless confirmed in writing. By honoring such a request, we are under no such obligation to honor all oral stop payment order requests. The stop payment will be effective if the Credit Union receives the order in time for the Credit Union to act upon the order and you state the number of the account, number of the draft, and its exact amount. You understand that the exact information is necessary for the Credit Union’s computer to identify the draft. If you give us incorrect or incomplete information, we will not be responsible for failing to stop payment on the draft. If the stop payment order is not received in time for us to act upon the order, we will not be liable to you or to any other party for payment of the draft. If we recredit your account after paying a draft over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to transfer to us all your rights against the payee or other holders of the draft and to assist us in any legal action.
b. Duration of Order.
A written stop payment order is effective for six (6) months and may be renewed in writing from time to time. We do not have to notify you when a stop payment order expires.
c. Liability.
Fees for stop payment orders are set forth in the Truth-in-Savings Disclosure. You may not stop payment on any certified check, cashier’s check, teller’s checks, or any other check, draft, or payment guaranteed by us. Although payment of an item may be stopped, you may remain liable to any item holder costs, including attorney’s fees, damages or claims relating to our refusing payment of an item, including claims of any joint account owner, payee or endorsee in failing to stop payment of an item as a result of incorrect information provided by you.
13. Credit Union Liability.
If we do not properly complete a transaction according to this Agreement, we will be liable for your losses or damages not to exceed the amount of the transaction except as otherwise provided by law. We will not be liable if: (1) your account contains insufficient funds for the transaction; (2) circumstances beyond our control prevent the transaction; (3) your loss is caused by you or another financial institution’s negligence; or (4) your account funds are subject to legal process or other claim. We will not be liable for consequential damages, except liability for wrongful dishonor. We exercise ordinary care if our actions or nonactions are consistent with applicable state law, Federal Reserve regulations and operating letters, clearinghouse rules, and general banking practices followed in the area we serve. You grant us the right, in making payments of deposited funds, to rely exclusively on the form of the account and the terms of this Account Agreement, Any conflict between what you or our employees may say will be resolved by reference to this Agreement.
14. Credit Union Lien and Security Interest.
If you owe us money as a borrower, guarantor, endorser or otherwise, we have a statutory lien on the funds in any account in which you have an ownership interest, regardless of their source, unless prohibited by law. When you fail to satisfy an outstanding financial obligation due and payable to the Credit Union, we may apply these funds, without further notice to you, in any order to pay off your indebtedness. By not enforcing a lien, we do not waive our right to enforce it later. In addition, you grant the Credit Union a consensual security interest in your accounts and we may use the funds from your accounts to pay any debt or amount now or hereafter owed the Credit Union, except for obligations secured by your residence, unless the account would lose any tax exempt or tax deferred status or as otherwise prohibited by applicable law. All accounts are nonassignable and nontransferable to third parties.
15. Legal Process.
If any legal action is brought against your account, we may pay out funds according to the terms of the action or refuse any payout until the dispute is resolved. Any expenses or attorney fees we incur responding to legal process may be charged against your account without notice, unless prohibited by law. Any legal process against your account is subject to our lien and security interest.
16. Account Information.
Upon request, we will give you the name and address and each agency from which we obtain a credit report regarding your account. We agree not to disclose account information to third parties except when: (1) it is necessary to complete a transaction; (2) the third party seeks to verify the existence or condition of your account in accordance with applicable law; (3) such disclosure complies with the law or a government agency or court order; or (4) you give us written permission
17. Notices.
a. Name or Address Changes.
You are responsible for notifying us of any address or name change. The Credit Union is only required to attempt to communicate with you at the most recent address you have provided to us. We may accept oral notices of a change in address and may require any other notice from you to us be provided in writing. If we attempt to locate you, we may impose a service fee as set forth in the Truth-in-Savings Disclosure.
b. Notice of Amendments.
Except as prohibited by applicable law, we may change the terms of this Agreement. We will notify you of any changes in terms, rates, or fees as required by law. We reserve the right to waive any term in this Agreement. Any such waiver shall not affect our right to future enforcement.
c. Effect of Notice.
Any written notice you give us is effective when we receive it. Any written notice we give to you is effective when it is deposited in the U.S. mail, postage prepaid and addressed to you at your statement mailing address. Notice to any account owner is considered notice to all account owners.
18. Taxpayer Identification Numbers and Backup Withholding.
Your failure to furnish a correct Taxpayer Identification Number (TIN) or meet other requirements may result in backup withholding. If your account is subject to backup withholding, we must withhold and pay to the Internal Revenue Service (IRS) a percentage of dividends, interest, and certain other payments. If you fail to provide your TIN, we may suspend opening your account, or, if applicable, you may request a non-dividend or non-interest bearing account until a TIN is provided.
19. Statements
a. Contents.
If we provide a periodic statement for your account, you will receive a periodic statement of transactions and activity on your account during the statement period as required by applicable law. If a periodic statement is provided, you agree that only one statement is necessary for a multiple-party account. For share draft or checking accounts, you understand and agree that your original draft, when paid, becomes property of the Credit Union and may not be returned to you, but copies may be retained by us or payable through financial institutions and made available upon your request. You understand and agree that statements are made available to you on the date they are mailed to you. You also understand and agree that the drafts or copies thereof are made available to you on the date the statement is mailed to you, even if the drafts do not accompany the statements.
b. Examination.
You are responsible for examining each statement and reporting any irregularities to us. We will not be responsible for any forged, altered, unauthorized or unsigned items drawn on your account if: (1) you fail to notify us within thirty-three (33) days of the mailing date of the earliest statements regarding any forgery, alteration or unauthorized signature on any item described in the statement; or (2) any items are forged or altered in a manner not detectable by a reasonable person, including the unauthorized use of a facsimile signature machine.
c. Notice to Credit Union.
You agree that the Credit Union’s retention of drafts does not alter or waive your responsibility to examine your statements or the time limit for notifying us of any errors. The statement will be considered correct for all purposes and we will not be liable for any payment made or charge to your account unless you notify us in writing within the above time limit for notifying us of any errors. If you fail to receive a periodic statement you agree to notify us within fourteen (14) days of the time you regularly receive a statement.
20. Inactive Account.
If your account falls below any applicable minimum balance and you have not made any transactions over a period specified in the Truth-in-Savings Disclosure during which we have been unable to contact you by regular mail, we may charge a service fee set forth in the Truth-in-Savings Disclosure for processing your inactive account. If we impose a fee, we will notify you, as required by law, at your last known address. You authorize us to transfer funds from another account of yours to cover any service fees, if applicable. To the extent allowed by law, we reserve the right to transfer the account funds to an account payable and to suspend any further account statements. If a deposit or withdrawal has not been made on the account and we have had no other sufficient contact with you within the period specified by state law, the account will be presumed to be abandoned. Funds in abandoned accounts will be reported and remitted in accordance with state law. Once funds have been turned over to the state, we have no further liability to you for such funds and if you choose to reclaim such funds, you must apply to the appropriate state agency.
21. Special Account Instructions.
You may request that we facilitate certain trust, will, or court-ordered account arrangements. However, because we do not give legal advice, we cannot counsel you as to which account arrangement most appropriately meets the specific requirements of your trust, will, or court order. If you ask us to follow any instructions that we believe might expose us to claims, lawsuits, expenses, liabilities, or damages, whether directly or indirectly, we may refuse to follow your instructions or may require you to indemnify us or post a bond or provide us with other protection. Account changes requested by you, or any account owner, such as adding or closing an account or service, must be evidenced by a signed Account Change form and accepted by us.
22. Termination of Account.
We may terminate your account at any time without notice to you or may require you to close your account and apply for a new account if: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or committed involving your account; (3) there is a dispute as to the ownership of the account or of the funds in the account; (4) any share drafts are lost or stolen; (5) there are excessive returned unpaid items not covered by an overdraft protection plan; (6) there has been any misrepresentation or any other abuse of any of your accounts; or (7) we reasonably deem it necessary to prevent a loss to us. You may terminate a single party account by giving written notice. We reserve the right to require the consent of all owners to terminate a multiple party account. We are not responsible for payment of any draft, withdrawal, or other item after your account is terminated, however. If we pay an item after termination, you agree to reimburse us.
23. Termination of Membership.
You may terminate your membership by giving us notice. You may be denied services or expelled for any reason allowed by applicable law, including causing a loss to the Credit Union.
24. Death of Account Owner.
We may continue to honor all transfer orders, withdrawals, deposits and other transactions on an account until we are notified of an owner’s death. Once we are notified of an owner’s death, we may pay drafts or honor other payments or transfer orders authorized by the deceased owner for a period of ten (10) days after that date unless we receive instructions from any person claiming an interest in the account to stop payment on the drafts or other items. We may require anyone claiming funds from an account of a deceased owner to indemnify us for any losses resulting from our honoring that claim. This Agreement will be binding upon any heirs or legal representatives of an account owner.
25. Severability.
If a court holds any portion of this Agreement to be invalid or unenforceable, the remainder of this Agreement shall not be invalid or enforceable and will continue in full force effect. All headings are intended for reference only and are not to be construed as part of the Agreement.
26. Enforcement.
You are liable to us for any loss, cost or expense we incur resulting from your failure to follow this Agreement. You authorize us to deduct any such loss, cost or expense from your account without prior notice to you. If we bring a legal action to collect any amount due under to enforce this Agreement, we shall be entitled, subject to applicable law, to payment of reasonable attorney’s fees and costs, including fees on any appeal, bankruptcy proceedings, and any post-judgment collection actions.
27. Governing Law.
This Agreement is governed by the Credit Union’s Bylaws, federal laws and regulations, the laws, including applicable principles of contract law, and regulations of the state in which the Credit Union’s main office is located, and local clearinghouse rules, as amended from time to time. As permitted by applicable law, you agree that any legal action regarding this Agreement shall be brought in the county in which the Credit Union is located.
Funds Availability Policy
This disclosure describes your ability to withdraw funds at Metro Medical Credit Union. It only applies to the availability of funds in transaction accounts. The credit union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this policy. Please ask us if you have a question about which accounts are affected by this policy.
Click to Read Through The Funds Availability Policy
1. General Policy.
Our policy is to make funds from your cash and check deposits available to you on the same business day that 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 in cash 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 before 5:00 p.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 a deposit after 5:00 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
2. Reservation of Right to Hold.
In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check that you deposit, funds may not be available until five (5) business days after the day of your deposit.
However, the first $100 of your deposit will be available one (1) business day after the day of your deposit. If we are not going to make all of 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 decide 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.
3. Hold on Other Funds.
If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another financial 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 be unavailable for withdrawal until the time periods that are deposited elsewhere in this disclosure for the type of check that you deposited.
4. Longer Delays May Apply.
We may delay your ability to withdraw funds deposited by check into your account an additional number of days for these reasons: (1) we believe a check you deposit will not be paid; (2) you deposit checks totaling more the $5,000 on any one day; (3) you deposit a check that has been returned unpaid; (4) you have overdrawn your account repeatedly in the last six (6) months; or (5) 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 inform you when the funds will be available. Funds will generally be available no later than eleven (11) business days after the day of your deposit.
5. Special Rules for New Accounts.
If you are a new member, the following special rules will apply during the first thirty (30) days after your account is opened. 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, traveler’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 be available nine (9) business days after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury Check) is not made in person to one of our employees, the first $5,000 will be unavailable until two (2) business days after the day of your deposit. Funds from all other check deposits will be available nine (9) business days after the day of your deposit.
6. Foreign Checks.
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. 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.
Electronic Funds Transfer (EFT)
Preauthorized EFT’s
Click to Read Through The Electronic Funds Transfer (EFT)
1. Direct Deposit.
Upon instruction of your employer, the Treasury Department or other financial institutions, the Credit Union will accept direct deposits of your paycheck or of federal recurring payments, such as Social Security, to your share (savings) and/or share draft (checking) account.
2. Preauthorized Debits.
Upon instruction, we will pay certain recurring transactions from your share (savings) and/or share draft (checking) account. See Section 2 for transfer limitations that may apply to these transactions.
3. Stop Payment Rights.
If you have arranged in advance to make regular electronic fund transfers out of your account(s) for money you owe others, you may stop payment of preauthorized transfers from your account. You must notify us orally or in writing at any time up to three (3) business days before the scheduled date of the transfer. We may require written confirmation of stop payment order to be made within fourteen (14) days of any oral notification. If we do not receive the written confirmation, the oral stop payment order shall cease to be binding fourteen (14) days after it has been made by the Credit Union.
4. Notice of Varying Amounts.
If these regular payments vary in amount, the person you are going to pay is required to tell you ten (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.
5. Liability for Failure to Stop Payment of Preauthorized Transfers.
If you order us to stop payment of a preauthorized transfer three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
Electronic Funds Transfer Agreement And Disclosure
This Electronic Funds Transfer Agreement is the contract which covers your and our rights and responsibilities concerning the electronic funds transfer (“ETF”) services offered to you by Metro Medical Credit Union (“Credit Union”). In this Agreement, the words “you” and “yours” mean those who sign the application or account card as applicants, joint owners or any authorized users. The words “we,” “us,” and “our” mean the Credit Union. The word “account” means any one or more share savings and share draft/checking accounts you have with the Credit Union. Electronic funds transfers are electronically initiated transfers of money from your account through the electronic funds transfer services described below. By signing an application or account card for EFT services, signing your Card, or using any service, each of you, jointly and severally agree to the terms and conditions in this Agreement and any amendments for the EFT services offered.
Click to Read Through the Electronic Funds Transfer Agreement And Disclosure
1. EFT Services
If approved, you may conduct any online service, or more of the EFT services offered by the Credit Union.
a. MasterCard Debit Card.
You may use your Card to purchase goods and services from participating merchants. If you wish to pay for goods or services over the Internet, you may be required to provide card member security information before you will be permitted to complete the transaction. You agree that you will not use your Card for any transaction that is illegal under applicable federal, state, or local law. Funds to cover your Card purchases will be deducted from your share draft checking account. If the balance in your account is not sufficient to pay the transaction amount, the credit union will pay the amount and treat the transaction as a request to transfer funds from other deposit accounts, approved overdraft protection accounts or loan accounts that you have established with the Credit Union. If you initiate a transaction that overdraws your account, you agree to make immediate payment of any overdrafts together with any service charge(s) to the Credit Union. In the event of repeated overdrafts, the Credit Union may terminate all services under this Agreement. You may use your Card and PIN (Personal Identification Number) in automated teller machines of the Credit Union, Allpoint, Pulse, and Cirrus Networks, and such other machines or facilities as the Credit Union may designate. At the present time, you may also use your Card to:
• Withdraw funds from your share savings or share draft checking accounts.
• Transfer funds from your share savings or share draft checking accounts.
• Obtain balance information for your share savings or share draft checking accounts.
• Access your Debit Card Line of Credit account.
• Make POS (Point-of-Sale) transactions with your Card and PIN (Personal Identification Number) to purchase goods or services at merchants that accept MasterCard Debit Cards.
• Order goods or services by mail, telephone or Internet from merchants that accept MasterCard.
The following limitations on the frequency and amount of MasterCard Debit Card transactions may apply:
• You may make fifteen (15) debit purchases per 24-hour period.
• Purchase amounts are limited to the amount in your account, for a total of $1,000 per 24-hour period.
• You may make nine (9) cash withdrawals from an ATM machine in any one 24-hour period, if there are sufficient funds in your account.
• You may transfer up to the available balance in your accounts at the time of the transfer.
• See Section 2 for transfer limitations that may apply to these transactions.
b. MARTIN (Audio Response).
If we approve the MARTIN audio response access service for your accounts, a separate PIN (Personal Identification Number) will be assigned to you. You must use your PIN along with your account number to access your accounts. Currently, you may use the audio response access service to:
• Transfer funds from your share savings or share draft checking accounts.
• Obtain balance information for your share savings or share draft checking accounts.
• Make loan payments from your share savings or share draft checking accounts.
• Determine if a particular check or debit has cleared.
• Verify the last date and amount of your payroll deposit.
• Order one (1) box of checks.
• Place a stop payment on a particular check.
• Order a copy of a particular check.
Your accounts can be accessed with the MARTIN audio response service with a touchtone telephone only. MARTIN service will be available for your convenience twenty-four (24) hours per day. This service may be interrupted for a short time each day for data processing.
• There is no limit to the number of inquiries, transfers or withdrawal requests you may make in any one day.
• See Section 2 for transfer limitations that may apply to these transactions.
The Credit Union reserves the right to refuse any transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below a required balance, or otherwise require us to increase our required reserve on the account. The Credit Union may set other limits on the amount of any transaction, and you will be notified of those limits. The Credit Union may refuse to honor any transaction for which you do not have sufficient available verified funds. The service will discontinue if no transaction is entered after numerous unsuccessful attempts to enter a transaction, and there may be limits on the durations of each telephone call.
c. Preauthorized EFTs.
• Direct Deposit. Upon instruction of (i) your employer or (ii) the Treasury Department or (iii) other financial institutions, the Credit Union will accept direct deposits of your paycheck or federal recurring payments, such as Social Security, to your share savings or share draft checking account.
• Preauthorized Debits. Upon instruction, we will pay certain recurring transactions from your share savings or share draft checking account.
• See Section 2 for transfer limitations that may apply to these transactions.
d. Electronic Check Conversion/Electronic Returned Check Fees.
If you pay using a check or share draft, you may authorize your check or share draft to be converted to an electronic fund transfer. You may also authorize merchants to electronically debit your account for returned check fees. You are considered to have authorized these electronic funds transfers if you complete the transaction after being told (orally or by a notice posted or sent to you) that the transfer may be processed electronically or if you sign a written authorization.
e. Virtual Branch/Home Banking.
If we approve the Home Banking service for your accounts, a separate Security Code will be assigned to you. You must use your Security Code along with your account number to access your accounts. At the present time, you may use the Virtual Branch/Home Banking access service to:
• Transfer funds from your share savings or share draft checking accounts.
• Obtain balance information for your share savings or share draft checking.
Your accounts can be accessed under the Virtual Branch/Home Banking electronic access service via personal computer. Virtual Branch/Home Banking service will be available for your convenience twenty-four (24) hours per day. This service may be interrupted for a short time each day for data processing. We reserve the right to refuse any transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below a required balance, or otherwise require us to increase our required reserve on the account. We may set other limits on the amount of any transaction, and you will be notified of those limits. We may refuse to honor any transaction for which you do not have sufficient available verified funds. This service will discontinue if no transaction is entered after numerous unsuccessful attempts to enter a transaction, and there may be limits on the duration of each access.
• There is no limit to the number of inquiries, transfers or withdrawal requests you may make in any one day.
• See Section 2 for transfer limitations that may apply to these transactions.
f. Virtual Branch/Home Banking PayIt (Online Bill Payments).
We will process your payment and/or transfer to eligible merchants as you authorize and for whom you have provided us with complete and correct information. Payment of taxes or court-directed payments via the service is prohibited. We will withdraw the designated funds by an EFT transaction from your share draft checking account for bill payment transfers after the designated cut-off time on the date you schedule for payment. We will process your bill payment within a designated number of days after the date you scheduled your payment. You must allow enough time for vendors to process your payment after they receive a transfer from us. Please leave as much time as though you were sending your payment by mail. We cannot guarantee the time that any payment will be credited to your account by the vendor, merchant or creditor.
• There is no limit on the number of bill payments per day.
• The Credit Union may set limits on the amount of any transaction and you will be notified of those limits.
2. Transfer Limitations
For all share savings accounts, no more than six (6) preauthorized, automatic or telephone transfers and withdrawals may be made from these accounts to another account of yours or to a third party in any month, and no more than three (3) of these six (6) may be made by check, draft or access card to a third party. If you exceed these limitations, your account may be subject to a fee or be closed.
3. Conditions of EFT Services
a. Ownership of Cards.
Any Card or other device which we supply to you is our property and must be returned to us, or to any person whom we authorize to act as our agent, or to any person who is authorized to honor the Card, immediately according to instructions. The Card may be repossessed at any time at our sole discretion without demand or notice. You cannot transfer your Card or account to another person.
b. Honoring the Card.
Neither we nor merchants authorized to honor the Card will be responsible for the failure or refusal to honor the Card or any other device we supply to you. If a merchant agrees to give you a refund or adjustment, you agree to accept a credit to your account in lieu of a cash refund.
c. Foreign Transactions.
MasterCard Debit Card purchases and cash withdrawals made in foreign currencies will be debited from your account in U.S. dollars. The exchange rate between the transaction currency and the billing currency used for processing international transactions is a rate selected by MasterCard from a range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate MasterCard itself receives, or the government-mandated rate in effect for the applicable central processing date, in each instance plus an additional 1%. The exchange rate used on the processing date may differ from the rate that would have been used on the purchase date or cardholder statement posting date.
d. Security of Access Code.
You may use only one access code with your electronic funds transfers. The access code issued to you is for your security. Any code issued to you is confidential and should not be disclosed to third parties or recorded on or with the Card. You are responsible for safekeeping your access code. You agree not to disclose or otherwise make your access codes available to anyone not authorized to sign on your accounts. If you authorize anyone to use your access code, that authority shall continue until you specifically revoke such authority by notifying the Credit Union. 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.
e. Joint Accounts.
If any of your accounts accessed under this Agreement are joint accounts, all joint owners, including any authorized users, shall be bound by this Agreement and, alone and together, shall be responsible for all EFT transactions to or from any share draft checking, share savings, or loan accounts as provided in this Agreement. Each joint account owner, without the consent of any other account owner, may and hereby is authorized by every other joint account owner to, make any transaction permitted under this Agreement. Each joint account owner is authorized to act for the other account owners, and the Credit Union may accept orders and instructions regarding any EFT transaction on any account from any joint owner.
4. Fees and Charges
There are certain fees and charges for electronic funds transfer services. From time to time, the charges may be changed. We will notify you as required by applicable law. If you use an ATM not owned by Metro Medical Credit Union, you may be charged a fee by the ATM operator or any network used to complete the transfer (and you may be charged a fee for a balance inquiry). The fee will be debited from your account if you elect to complete the transaction or continue with the balance inquiry. For a complete listing of current fees, please refer to the Fee Schedule.
5. Member Liability
You are responsible for all EFT transactions you authorize. If you permit someone else to use an EFT service, your Card or your access code, you are responsible for any transactions they authorize or conduct on any of your accounts. Tell us AT ONCE if you believe your card has been lost or stolen or if you believe someone has used your Card or access code or otherwise accessed your accounts without your authority. Calling us immediately is the best way of keeping your potential losses to a minimum. You risk losing all of the money in your account, plus your maximum overdraft line of credit. If a transaction was made with your Card or Card number without your permission, and was either a MasterCard or Interlink transaction, you will have no liability for the transaction, unless you were grossly negligent in the handling of your account, your card and/or your PIN. For all other EFT transactions, including ATM transactions or if you were grossly negligent in the handling of your account or card, your liability for an unauthorized transaction is determined as follows:
If you tell us within two (2) business days, you can lose no more than $50 if someone used your Card without your permission. If you do NOT tell us within two (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 had you told us, you could lose as much as $500.00. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money lost after the sixty (60) days 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. 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 IMMEDIATELY at (214) 630-0611.
6. Right to Receive Documentation
a. Periodic Statements
Transfers and withdrawals made through any ATM or POS terminal, Debit Card transactions, audio response transactions, preauthorized EFTs, electronic/PC transactions or bill payments you make will be recorded on your periodic statement. You will receive a statement monthly unless there is no transaction in a particular month. In any case, you will receive a statement at least quarterly.
b. Terminal Receipt
You will get a receipt at the time you make any transaction (except inquiries) involving your account using an ATM, POS terminal or Debit Card transaction with a participating merchant.
c. Direct Deposit
If you have arranged to have a direct deposit made to your account at least once every sixty (60) days from the same source and you do not receive a receipt (such as a pay stub), you can find out whether or not the deposit has been made by calling (214) 630-0611 or go to www.mmcu.com. This does not apply to transactions occurring outside the United States.
7. Account Information Disclosure
We will disclose information to third parties about your account or the transfers you make:
• As necessary to complete transfers;
• To verify the existence of sufficient funds to cover specific transactions upon the request of a third party, such as a credit bureau or merchant;
• If your account is eligible for emergency cash and/or emergency card replacement services, and you request such services, you agree that we may provide you with the requested services.
• To comply with government agency or court orders; or
• If you give us your written permission.
8. Business Days
Our business days are Monday through Friday, excluding holidays.
9. Credit Union Liability and Preauthorized Payments
Credit Union Liability for Failure to Make Transfers
If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we may be liable for your losses or damages. However, we will not be liable for direct or consequential damages in the following events: If, through no fault of ours, there is not enough money in your accounts to complete the transaction, if any funds in your accounts necessary to complete the transaction are held as uncollected funds pursuant to our Funds Availability Policy, or
• If the transaction involves a loan request exceeding your credit limit.
• If you used your Card or access code in an incorrect manner. If the ATM where you are making the transfer does not have enough cash.
• If the ATM was not working properly and you knew about the problem when you started the transaction.
• If circumstances beyond our control (such as fire, flood or power failure) prevent the transaction.
• If the money in your account is subject to legal process or other claim.
• If the error was caused by a system of any participating ATM network.
• If the electronic transfer is not completed as a result of your willful or negligent use of your Card, access code, or any EFT facility for making such transfers.
• If the telephone or computer equipment you use to conduct audio response or electronic/PC transactions is not working properly and you know or should have known about the breakdown when you started the transaction.
• If you have bill payment services, and we are unable to complete a payment because you have not provided us with the correct information, you did not obtain confirmation at the time you initiated the payment, or the merchant mishandles or delays handling the payment sent by us.
• Any other exceptions as established.
10. Preauthorized Payments
a. Stop Payment Rights
If you have arranged in advance to make regular electronic fund transfers out of your account(s) for money you owe others, you may stop payment of preauthorized transfers from your account. You must notify us orally or in writing at any time up to three (3) business days before the scheduled date of the transfer. We may require written confirmation of the stop payment order to be made within fourteen (14) days of any oral notification. If we do not receive the written confirmation, the oral stop payment order shall cease to be binding fourteen (14) days after it has been made by the Credit Union.
b. Notice of Varying Amounts
If these regular payments vary in amount, the person you are going to pay is required to tell you ten (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 Transfers
If you order us to stop payment of a preauthorized transfer three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
d. Notices
All notices from us will be effective when we have mailed them or delivered them to your last known address in the Credit Union’s records. Notices from you will be effective when received by the Credit Union at the address specified in this Agreement. We reserve the right to change the terms and conditions upon which this service is offered. We will mail notice to you at least twenty-one (21) days before the effective date of any change. Use of this service is subject to existing regulations governing the Credit Union account and any future changes to those regulations.
The following information is a list of safety precautions regarding the use of Automated Teller Machines (ATM) and Night Deposit Facilities:
• Be aware of your surroundings, particularly at night.
• Consider having someone accompany you when the ATM or night deposit facility is used after dark.
• If another person is uncomfortably close to you at the time of your transaction, ask the person to step back before you complete your transaction.
• Refrain from displaying your cash at the ATM or night deposit facility. As soon as your transaction is completed, place your money in your purse or wallet. Count the cash later in the safety of your car or home.
• If you notice anything suspicious at the ATM or night deposit facility, consider using another ATM or night deposit facility or coming back later.
• If you are in the middle of a transaction and you notice something suspicious, cancel the transaction, take your card and leave.
• If you are followed after making a transaction, go to the nearest public area where people are located.
• Do not write your personal identification number (PIN) or code on your debit card.
• Report all crimes to law enforcement officials immediately.
11. Billing Errors
In case of errors or questions about electronic funds transfers from your share draft accounts, call us at the following number or send us a written notice to the following address as soon as you can. We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem appears.
Call us at:
FAX: (214) 879-9759
Or write to:
Metro Medical Credit Union
8200 Brookriver Drive
Suite N-110
Dallas, TX 75247
• Tell us your name and account number.
• Describe the electronic transfer you are unsure about, and explain as clearly as you can why you believe the Credit Union has made an error or why you need more information.
• Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing, within ten (10) business days.
We will tell you the results of our investigation within ten (10)* business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45)** days to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10)* business days for the amount you think is in error, so that you will have the use of the money during the time it takes to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your account.
We will tell you the results within three (3) business days of completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
*If you give notice of an error within thirty (30) days after you make the first deposit to your new account, we will have twenty (20) business days instead of ten (10) business days.
**If you give notice of an error within thirty (30) days after you make the first deposit to your new account, notice of an error involving a point-of-sale transaction, or notice of an error involving a transaction initiated outside the U.S., its possessions and territories, we will have ninety (90) days instead of forty-five (45) days to investigate.
NOTE: If the error you assert is an unauthorized MasterCard Debit Card transaction, other than a cash disbursement at an ATM, we will credit your account within five (5) business days unless we determine that the circumstances or your account history warrant a delay, in which case you will receive credit within ten (10) business days.
12. Termination of EFT Services
You may terminate this Agreement or any EFT service under this Agreement at any time by notifying us in writing and stopping the use of your card and any access code. You must return all Cards to the Credit Union. You also agree to notify any participating merchants that authority to make bill payment transfers has been revoked. We may also terminate this Agreement at any time by notifying you orally or in writing. If we terminate this Agreement, we may notify any participating merchants making preauthorized debits or credits to any of your accounts that this Agreement has been terminated and that we will not accept any further preauthorized transaction instructions. We may also program our computer not to accept your Card or access code for any EFT service. Whether you or the Credit Union terminates this Agreement, the termination shall not affect your obligations under this Agreement for any EFTs made prior to termination.
13. Governing Law
This Agreement is governed by the Bylaws of the Credit Union, federal laws and regulations, the laws and regulations of the state of Texas and local clearinghouse rules, as amended from time to time. Any disputes regarding this Agreement shall be subject to the jurisdiction of the court of the country in which the Credit Union is located.
14. Enforcement
You are liable to us for any loss, cost or expenses we incur resulting from your failure to follow this Agreement. You authorize us to deduct any such loss, costs or expenses from your account without prior notice to you. If we bring a legal action to collect any amount due under or to enforce this Agreement, we shall be entitled, subject to applicable law, to payment of reasonable attorney’s fees and costs, including fees on any appeal, bankruptcy proceedings and any post-judgement collection actions.