What’s a Credit Union?
A credit union is a cooperative, not-for-profit financial institution organized to promote thrift and provide credit to members. It is member-owned and controlled through a board of directors elected by the membership. The board serves on a volunteer basis and may hire a management team to run the credit union. The board also establishes and revises policy, sets dividend and loan rates, and directs certain operations. The result: members are provided with a safe, convenient place to save and borrow at reasonable rates at an institution which exists to benefit them, not to make a profit.
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Who owns a credit union?
Most financial institutions are owned by stockholders, who own a part of the institution and intend on making money from their investment. A credit union doesn't operate in that manner. Rather, each credit union member owns one "share" of the organization. The user of credit union services is also an owner, and is even entitled to vote on important issues, such as the election of member representatives to serve on the board of directors.
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How did credit unions start?
The first credit union cooperatives started in Germany over a century ago. Today, credit unions are found everywhere in the world. The credit union movement started in this country in Manchester, New Hampshire. There, the St. Mary's Cooperative Credit Association, a church-affiliated credit union, opened its doors in 1909. Today, one in every three Americans is a credit union member.
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Are savings deposits insured?
Yes. All savings accounts are insured up to $250,000 by the NCUA, the National Credit Union Administration, an agency of the federal government.
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Who can join a credit union?
A credit union exists to serve a specific group of people, such as a group of employees or the members of a professional or religious group. This is called a "field of membership." The field of membership may include where they live, where they work, or their membership in a social or economic group.
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Bill Pay Disclosure
Electronic Bill Payment Disclosure Terms and Conditions Agreement for First Class Credit Union Internet Bill Pay Service
Note: All references within this document to the terms "Payment Service" and/or "the Service" reflect the Internet Bill Pay Service offered by First Class Credit Union
Electronic Disclosure of the Terms and Conditions Agreement for the Internet Bill Pay Service.
Bill Pay Service.
I acknowledge electronic receipt of the Terms and Conditions Agreement ("Agreement") associated with First Class Credit Union's Internet Bill Pay Service and agree that I have read and will abide by this agreement. I also agree First Class Credit Union does not need to provide me with an additional paper (nonelectronic) copy of this Agreement unless specifically requested. Further, I understand that a copy of this Agreement can be printed by using my browser's print command and a printer.
Use of a Third-Party Bill Pay Service Provider.
M & I Data Services is the third-party bill pay service provider who First Class Credit Union has contracted with to provide bill pay service to its members. M & I Data Services will be processing bill. Accordingly, the term "M & I Data Services" represents the customer service provided by M & I Data Services to First Class Credit Union. First Class Credit Union, at its sole discretion, reserves the right to change internet bill pay service providers.
Enrollment Request for the Internet Bill Pay Service
First Class Credit Union reserves the right to refuse enrollment in the Internet Bill Pay Service to any member who does not meet the Internet Bill Pay Service criteria which has been established by First Class Credit Union and/or M & I Data Services. Included in these criteria is a requirement that subscribers to this service must live within the United States, its possessions and territories.
Internet Bill Pay Service
As used in this Agreement, the term "Payee" means the vendor, biller, person or entity to whom you wish a bill payment to be directed; "Payment Instructions" means the information provided by you to the Service for a bill payment to be made to your Payee (e.g., Payee name, account number, payment amount, payment date, etc.); "Payment Account" means your Checking Account and, in the instance of non- sufficient funds and/or an overdrawn account, any applicable share account or available balance on line of credit accounts (e.g., line of credit overdraft accounts) at First Class Credit Union, from which all bill payments may be made and/or such funds collected; "Business Day" means Monday through Friday, excluding Federal holidays; "Payment Date" means the Business Day of your choice upon which your bill payment will be made and your Payment Account will be debited; and "Cutoff Time" means 9:00 p.m. Mountain Standard Time on any Business Day, and is the time by which you must transmit instructions to have them considered entered on that particular Business Day.
By providing the Payment Service with the names and account information of those entities and/or persons to whom you wish to direct payment, you authorize the Service to follow the Payment Instructions that it receives from you or your authorized user through the Internet Bill Pay Service. When the Service receives a payment instruction, you authorize it to debit your Payment Account and remit funds on your behalf so that the funds arrive as close to the Business Day designated by you as soon as reasonably possible.
For this reason, it is necessary that all Payment Dates selected by you be no less than five (5) Business Days before the actual due date for payments that are being sent by check and 4-6 days for ACH payments, (not the late date and/or a date in the grace period). It is your responsibility to schedule your bill payments in such a manner that your obligations will be paid on time. Payment instructions entered after the Cutoff Time or on a non-Business Day will be considered entered in the Service on the next Business Day. If you properly follow the procedures described herein, and the Service fails to send a payment according to the Payment Instructions received, the Service will bear responsibility for all late charges. In any other event, including but not limited to choosing a Payment Date which is not five (5) Business Days before the due date or on or past the due date stated on your invoice or bill, the risk of incurring and the responsibility for paying any and all late charges or penalties shall be borne by you.
A bill payment is "In Process" starting at the Cutoff Time on the Payment Date. A bill payment is a "Pending Payment", starting from the time you enter Payment Instructions until the payment is "In Process." A bill payment is considered "In Process" on the Business Day you selected as the scheduled Payment Date. A payment is considered .Completed. when M & I Data Services issues the payment either by check or electronically. You may cancel or edit any Pending Payment (including recurring bill payments) by following the directions provided on the Internet Bill Pay system Online Help. There is no charge for canceling or editing a Pending Payment. Please note: we may not have a reasonable opportunity to act on any stop payment or cancellation order given after a payment is "In Process" and it is not possible to stop or cancel a payment which is "Completed." If you desire to cancel or stop any payment which is "In Process", you must call First Class Credit Union at 1-800-392-7122. Although we will make every effort to accommodate your request, we will have no liability for failing to do so. Stop payment requests sent to us via electronic mail or in any other manner will not reach us in time for us to act on your request. Stop payment requests will be accepted only if we have a reasonable opportunity to act on such a stop payment order. If you call, we may also require you to present your request in writing within fourteen (14) days after you call. The charge for each stop payment order will be the then current charge for such service as disclosed in our Rate & Fee Schedule. The Service will use its best efforts to make all your payments properly. However, the Service shall incur no liability if it is unable to complete any payments initiated by you through the Service because of the existence of any one or more of the following circumstances:
1. If, through no fault of ours, your Payment Account does not contain sufficient funds to complete the payment or transfer, or the transfer would exceed the credit limit of your established line of credit account, if applicable (Note: The Financial Institution may, at its option, pay a scheduled bill payment which exceeds the balance in the checking account by transferring the amount of the resulting overdraft from your available line of credit or the prime share savings account, indicated on the Membership Application and Agreement or on any subsequent Account Change Card. Per Federal regulation, pre- authorized telephone, Internet or automatic transfers from prime share savings to cover Checking overdrafts cannot exceed six in number per calendar month);
2. The bill payment processing center is not working properly and you know or have been advised by the Service about the malfunction before you execute the transaction;
3. The Payee mishandles or delays a payment sent by the Service;
4. You have not provided the Service with the correct names, phone numbers, or account information for those persons or entities to whom you wish to direct payment;
5. Circumstances beyond the Service's control (such as, but not limited to, fire, flood, or interference from an outside force) that prevent the proper execution of the transaction and the Service has taken reasonable precautions to avoid those circumstances.
Provided none of the foregoing five (5) exceptions to the Service's performance obligations are applicable, if the Service causes an incorrect amount of funds to be removed from your Payment account or causes funds from your Payment Account to be directed to a person or entity which does not comply with your Payment Instructions, the Service shall be responsible for returning the improperly transferred funds to your Payment Account and for directing to the proper recipient any previously misdirected payments or transfers.
Payment will be made to your Payee either electronically via the Automated Clearing House (ACH) or by check. The method of payment depends upon the processing method that can be accommodated by the Payee or M & I Data Services (e.g., some Payees are unable to accept electronic payments).
The payment may be deducted from your Payment Account by two methods depending upon the amount of the payment and your credit history. The two methods are: 1.) Via an electronic debit through the Automated Clearing House Association (ACH) or 2.) Via a draft drawn on your account and processed through the Federal Reserve System (as if you had written a check drawn upon your Checking Account.) All bill payments debited from your account will appear on your monthly Statement of Account and under the "BILL PAY HISTORY" section of the Internet Bill Pay on the First Class Credit Union Internet Home Banking System. ACH debits will reflect the name of the Payee (e.g., XYZ Utility Company) as well as the date and amount; payments by check will be reflected on your statement with a date, payee and address, and amount. All payments can be viewed with the Payee's name, payment amount and payment date by reviewing your recent payment history under the electronic Payment List option provided to you as part of the Internet Bill Pay Service.
Prohibited Payments
The following payment types are prohibited through the Service:
1. Tax Payments
2. Court Ordered Payments
3. Payments to Payees outside of the United States or its possessions/territories
THE FOREGOING SHALL CONSTITUTE THE SERVICE'S ENTIRE LIABILITY AND YOUR EXCLUSIVE REMEDY. IN NO EVENT SHALL THE SERVICE BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING LOST PROFITS (EVEN IF ADVISED OF THE POSSIBILITY THEREOF) ARISING IN ANY WAY OUT OF THE INSTALLTION, USE, OR MAINTENANCE OF THE EQUIPMENT, SOFTWARE, AND OR THE SERVICE.
EXCLUSIONS OF WARRANTIES
THE SERVICE AND RELATED DOCUMENTATION ARE PROVIDED "AS IS" WITHOUT ANY WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANT ABILITY AND FITNESS FOR A PARTICULAR PURPOSE.
PIN/Password and Security
To access the Internet Bill Pay service you will need to log on to the First Class Credit Union Internet Home Banking service and then click on the Bill Payment icon. From there the system will link you to the Internet Bill Pay site, where you will enter your password (using the Account Number and PIN associated with this service).
You agree not to give or make available your First Class Credit Union Internet Banking Account Number and PIN to any unauthorized individuals. You are responsible for all bill payments you, and your Internet Bill Pay authorized user, authorize using the Service. If you permit other persons to use the Service or your First Class Credit Union Account Number and PIN (even though you have agreed not to disclose this information); you are responsible for all transactions they authorize. If you believe that your First Class Credit Union Account Number and PIN has been lost, stolen or compromised, or that someone may attempt to use the Service without your consent or has transferred money from your account by accessing your account without your permission, you must notify First Class Credit Union at once by calling us during business hours.
You also agree that First Class Credit Union may revoke your Internet Bill Pay and/or Internet Home Banking account access services if unauthorized account access and/or transactions occur as the apparent result of negligence in the safeguarding of the Account Number and PIN(s) belonging to you and/or your authorized user. Further, you agree that, if First Class Credit Union is notified that you have included First Class Credit Union in the filing of a petition of bankruptcy, First Class Credit Union may revoke or refuse to grant you Internet Bill Pay service and/or First Class Credit Union Internet Home Banking account access to your account.
Your Liability for Unauthorized Transfers
If you tell First Class Credit Union within two (2) Business Days after you learn of unauthorized access to your account(s) and/or that your First Class Credit Union Internet Home Banking Account Number and PIN has been lost, stolen or compromised, you can lose no more than $50.00. If you fail to notify the financial institution within (2) Business Days after you learn of unauthorized access to your account(s) and/or that your First Class Credit Union Internet Home Banking Account Number and PIN has been lost, stolen or compromised, and we can prove that we could have prevented the unauthorized access to your account(s), or use of your First Class Credit Union Internet Home Banking Account Number and PIN had you notified us, you could lose as much as $500.00. If your monthly statement or your online account detail reflect any transfers or payments that you did not make, tell us at once. If you do not tell us within sixty (60) days after the first statement which reflected an unauthorized transfer(s) or payment(s) was mailed to you, you may not get back any money you lost after the 60 days, provided that we can prove that we could have stopped someone from taking money if you had told us in time.
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 45 days to investigate the complaint or question. If we decide to do this, we will re-credit your account within ten (10)* Business Days for the amount you think is in error, so that you may have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) Business Days, we may not re-credit your account.
If we determine there was no error, we will send you a written explanation within three (3) Business Days after we finish the investigation. We may revoke any provisional credit provided to you if we find that an error did not occur. You may ask for copies of documents which we used in our investigation.
*If you give notice of an error within 30 days after you make the first deposit to your account, we will have 20 business days instead of 10 business days.
Errors and Questions
Notify us in writing at 2051 Westown Parkway, West Des Moines, IA 50265 immediately if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement. We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared. Your inquiry must include:
1. Your Name and Account Number,
2. A description of the error or the transfer you are unsure about and an explanation of why you believe it is an error or why you need more information,
3. The dollar amount of the suspected error, and
4. The date of the occurrence.
Error Resolution Procedures
Fst Class Credit Union must follow specific error resolution procedures. These error resolutions procedures of Reg E need only to be followed when you notify the credit union of the error; not if the credit union discovers the error on its own. Reg E's definition of "error" includes unauthorized EFTs, as well as incorrect EFTs to or from your account, the omission of an electronic funds transfer from a periodic statement, the credit union's computational or bookkeeping error, and your receipt of an incorrect amount from an electronic terminal. Although the regulation.s definition also covers an inquiry from you to determine whether or not an error exists, errors do not include an inquiry from you concerning the balance in an account, or a request for information for tax or other recordkeeping purposes.
If you notify us as stated above regarding an error, we will promptly investigate the matter and determine within 10 business days whether or not an error occurred (20 days for a new account, i.e. less than 30 days old). However we may take up to 45 days (90 days for foreign and POS transactions, and new accounts) to conduct our investigation if we:
• Provisionally credit your account within 10 business days of receiving the error notice (20 days for new accounts);
• Inform you within 2 business days after providing the provisional credit of the amount and date of the crediting, and gives you full use of the funds;
• Correct the error, if any, within 1 business day after determining that an error occurred; and
• Report the results to you within 3 business days after completing the investigation (including, if applicable, notice that provisional credit has been made final).
What if no error occurred? In addition to following the above procedures, we must include a written explanation of our findings when we report the results of the investigation to you. The explanation will include your right to request the documents that we relied on in making our determination. Upon your request, we must provide you with copies of these documents.
When we debit the provisionally credited amount, we must notify you of the following:
• The date and amount of the debiting; and
• That the credit union will honor checks/drafts or similar instruments payable to third parties and preauthorized transfers from the member.s account (without charge as a result of an overdraft) 5 business days after the notification. But the credit union need only honor items it would have paid if the provisionally credited funds had not been debited.
If we have fully complied with the requirement of Reg E for error resolution, we have no further responsibilities under the rule should you reassert the same error.
Stop Payment Order
Stop Payment Order Request. You may request a stop payment order on any item drawn on your account. To be binding an order must be dated, signed, and describe the account and item number and the exact amount. 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 unions computer to identify the item. The credit union will not be responsible for stopping payment unless my written Stop Payment Order is received by the credit union (1) within a reasonable time for the credit union to act on my order prior to final payment or similar action; or (2) at least three business days before the scheduled date of a preauthorized EFT or ACH draft.
If you give us incorrect or incomplete information, we will not be responsible for failing to stop payment. 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. If we re-credit your account after paying an item 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 of your rights against the payee or other holders of the draft or payment and to assist us in any legal action.
Your Liability
Fees for stop payment orders are set forth on the Rate and Fee Schedule. Although payment of an item may be stopped, you may remain liable to any item holder, including us. You agree to indemnify and hold the credit union harmless from all costs, including attorney.s fees, damages or claims related to our refusing payment of an item, including claims of any multiple party account owner, payee, or endorsee in failing to stop payment of an item as a result of incorrect information provided by you.
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 or write will be resolved by reference to this Agreement.
Disclosure of Account Information to Third Parties
In addendum to our .Notice of Privacy Practices for Credit Union Members. we will disclose information to third parties about your account or transfers you made:
1. If we return transfers or payments made from your account which are drawn on insufficient funds or if we are unable to complete an electronic transfer or payment because of insufficient funds, or
2. Where it is necessary for completing transfers, or
3. In order to verify the existence and condition of your account to a third party, such as a credit bureau or merchant, or
4. To a consumer reporting agency for quality assurance.
5. In order to comply with a governmental agency or court orders, or
6. If you give us your written permission.
Charges or Fees
Please note: Your First Class Credit Union loan accounts may not be paid by using the Internet Bill Pay Service, but instead may be paid by using the transfer/payment option on the First Class Credit Union Institution Internet Home Banking service or by automatic transfer from your The Checking account at no charge. Additionally, charges for other transactions and optional services (e.g., Non-Sufficient Funds or Stop Payment Fees) are specified in First Class Credit Unions Rate & Fee Schedule which can be found on the First Class Credit Union.s web site.
You agree to pay such fees and charges, and authorize the Service to charge your designated Payment Account for these amounts and any additional charges that may be incurred by you. Any fees associated with your savings or loan accounts will continue to apply.
You are responsible for any and all telephone access fees or Internet service fees that may be assessed by your telephone utility and/or Internet Service Provider.
In the Event a Service Transaction Is Returned and/or Overdraws Your Payment Account
In using the Service, you are requesting the system to make payments for you from your Payment Account. If we are unable to complete the transaction for any reason associated with your Payment Account (for example, there are not sufficient funds in your Payment Account to cover the transaction), the transaction may not be completed. In some instances you will receive a return notice by secure electronic message via the First Class Credit Union Internet Home Banking service. In these cases, you agree that a non-sufficient funds (NSF) fee will be charged in accordance with First Class Credit Union's established and published fees. Further, you also agree that a NSF fee may be charged to your account even if the payment is not returned but is paid and overdraws your Payment Account.
By enrolling for and using this Internet Bill Pay service you agree that First Class Credit Union has the right to transfer funds from your available balance on your line of credit account as well as from all of your share accounts to recover funds for all payments that have been requested to be paid by you and your authorized user: this includes accounts on which you are the primary member-owner, as well as accounts on which you are the joint owner.
Alterations and Amendments
The terms of this Agreement, applicable fees and service charges may be altered or amended by the Service from time to time. In such event, the Service shall send notice to you at your address of record or by secure electronic message via the First Class Credit Union Internet Home Banking service. Any use of the services after the service sends you a notice of change will constitute your agreement to such change(s). Further, the Service, may, from time to time, revise or update the programs, services, and/or related material, which may render all such prior versions obsolete. Consequently, the Service reserves the right to terminate this Agreement as to all such prior versions of the Internet Bill Pay programs, services, and/or related material and limit access to the Service's more recent revisions and updates.
Address Changes
You agree to promptly notify First Class Credit Union member/customer service in writing of any address change. Changing your address on the Service does not automatically update your address of record at First Class Credit Union. Similarly, updating your address at First Class Credit Union does not automatically update the address on the Service.
Member's Rights to Receipts and Periodic Statements
You will receive a period 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. You understand and agree that statements are made available to you on the date they are mailed to you. You also understand and that drafts or copies there of are made available to you on the date of the statement is mailed to you, even if the drafts do not accompany the statements.
You are responsible for examine each statement and reporting any regulates 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 days of the mailing date of the earliest statement regarding any forgery, alteration or unauthorized signature on any item described in the statements, or 2 any items are forged or altered in a manner not detectable by a reasonable person, including the unauthorized use of facsimile signature machine.
You agree that the Credit Unions retention of drafts does not alter or waive your responsibility to examine you 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.
Termination or Discontinuation
In the event you wish to discontinue the Service, you must contact First Class Credit Union within 10 days prior to the actual service discontinuation date. You must request the service discontinuation by written correspondence sent via the mail. Written notice must be signed and sent to:
Address:
2051 Westown Parkway
West Des Moines, IA 50265
First Class Credit Union may terminate Service to any individual at any time with cause, but without advance notice. Neither termination nor discontinuation shall affect your liability or obligation under this Agreement.
Payee Limitations
The Service reserves the right to refuse to pay any person or entity to which you may direct a payment. The Service is obligated to notify you promptly if it decides to refuse to pay a person or entity designated by you. This notification is not required if you attempt to pay tax or court-related payments or payments outside the United States and its possessions/territories (American Samoa, Guam, Marshall Islands, Micronesia, N. Mariana Islands, Palau, Puerto Rico and the Virgin Islands), which are prohibited under this agreement.
Information Authorization
Through your enrollment in the Internet Bill Pay Service, you agree that The Financial Institution (or its third-party bill pay service provider) reserves the right to request a credit agency report and/or a review of your credit rating at its own expense through an authorized credit agency/bureau. In addition, you agree that the Service reserves the right to obtain financial information regarding your account from a merchant or financial institution to resolve payment-posting problems.
Disputes
In the event of a dispute regarding the Service, you and the Service agree to resolve the dispute by looking to this Agreement. You agree that this Agreement is the complete and exclusive statement of the agreement between you and the Service which supersedes any proposal or prior agreement, oral or written, and any other communications between you and the Service relating to the subject matter of this Agreement. If there is a conflict between what one of the Service's employees says and the terms of this Agreement, the terms of the Agreement shall control.
Assignment
You may not assign this Agreement to any other party. The Service may assign this Agreement to any future, directly or indirectly, affiliated company. The Service may also assign or delegate certain of its rights and responsibilities under this Agreement to independent contractors or other third-party service providers.
No Waiver
The Service shall not be deemed to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the Service. No delay or omission on the part of the Service in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Captions
The captions of Sections hereof are for convenience only and shall not control or affect the meaning or construction of any of the provisions for the Agreement.
Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Iowa, United States of America, without regard to its conflicts of law provisions.
Contact Information
First Class Credit Union
2051 Westown Parkway
West Des Moines, IA 50265
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