Disclosures

 

 

Truth-In-Savings Disclosure

 

Main Share Account

Rate Information: The dividend rate and annual percentage yield may change at any time, as determined by the Credit Union Board of Directors.

Compounding and Crediting: Dividends will be computed every quarter. Dividends will be credited to your account every quarter.

 

Dividend Period: For this account type, the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your share account before dividends are paid, you will not receive the accrued dividends.

 

Minimum Balance Requirements: The minimum balance required to open this account is $25.00.

 

Average Daily Balance Computation Method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.

Accrual of Dividends on Non cash Deposits: Dividends will begin to accrue on the business day you place non cash items (for example, checks) to your account.

Transaction Limitations: During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction or PAL (Personal Account Line) or CPM Anytime. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.

 

Par Value of a Share: The par value of a share in this account is $25.00.

Fees and Charges: An excess withdrawal fee of $2.00 will be charged for each withdrawal in excess of three during a month. This fee applies in combination with any other share savings account.

 

Secondary Savings Account

Rate Information: The dividend rate and the annual percentage yield may change at any time, as determined by the Credit Union Board of Directors.

Compounding and Crediting: Dividends will be computed every quarter. Dividends will be credited to your account every quarter.

Dividend Period: For this account type, the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your share account before dividends are paid, you will not receive the accrued dividends.

 

Minimum Balance Requirements: The minimum balance required to open this account is $25.00.

 

Average Daily Balance Computation Method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.

Accrual of Dividends on Non cash Deposits: Dividends will begin to accrue on the business day you place non cash items (for example, checks) to your account.

Transaction Limitations: During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction or PAL (Personal Account Line) or CPM Anytime. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.

 

Fees and Charges: An excess withdrawal fee of $2.00 will be charged for each withdrawal in excess of three during a month. This fee applies in combination with any other share savings account.

 

IRA Share Account

Rate Information: The dividend rate and the annual percentage yield may change at any time, as determined by the Credit Union Board of Directors.

Compounding and Crediting: Dividends will be computed every quarter. Dividends will be credited to your account every quarter.

 

Dividend Period: For this account type, the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your share account before dividends are paid, you will not receive the accrued dividends.

 

Minimum Balance Requirements: No minimum balance requirements apply to this account.

 

Average Daily Balance Computation Method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.

Accrual of Dividends on Non cash Deposits: Dividends will begin to accrue on the business day you place non cash items (for example, checks) to your account.

Transaction Limitations: During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction or PAL (Personal Account Line) or CPM Anytime. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.

 

Christmas Club Account

Rate Information: The dividend rate and the annual percentage yield may change at any time, as determined by the Credit Union Board of Directors.

Compounding and Crediting: Dividends will be computed every quarter. Dividends will be credited to your account every quarter.

 

Dividend Period: For this account type, the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your share account before dividends are paid, you will not receive the accrued dividends.

 

Minimum Balance Requirements: No minimum balance requirements apply to this account.

 

Average Daily Balance Computation Method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.

Accrual of Dividends on Non cash Deposits: Dividends will begin to accrue on the business day you place non cash items (for example, checks) to your account.

Transaction Limitations: During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction or PAL (Personal Account Line) or CPM Anytime. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.

 

Super Duper Money Market Account

Rate Information: The dividend rate and the annual percentage yield may change at any time, as determined by the Credit Union Board of Directors.

Compounding and Crediting: Dividends will be computed every month. Dividends will be credited to your account every month.

 

Dividend Period: For this account type, the dividend period is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is February 1. If you close your share account before dividends are paid, you will not receive the accrued dividends.

 

Minimum Balance Requirements: The minimum balance required to open this account is $15,000.00. You must maintain a minimum average daily balance of $200.00 in your account to avoid a maintenance fee. If, during any month, your average daily balance is below the required minimum, your account will be subject to a maintenance fee of $3.00 once during the statement cycle. You must maintain a minimum average daily balance of $200.00 in your account to obtain the disclose annual percentage yield.

 

Average Daily Balance Computation Method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.

Accrual of Dividends on Non cash Deposits: Dividends will begin to accrue on the business day you place non cash items (for example, checks) to your account.

Transaction Limitations: No more than six withdrawals are allowed each month. During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction or PAL (Personal Account Line) or CPM Anytime. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.

 

Fees and Charges: An excess withdrawal fee of $25.00 will be charged for each withdrawal in excess of six during month.

 

Money Market Account

Rate Information: The dividend rate and the annual percentage yield may change at any time, as determined by the Credit Union Board of Directors.

Compounding and Crediting: Dividends will be computed every month. Dividends will be credited to your account every month.

Dividend Period: For this account type, the dividend period is monthly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is February 1. If you close your share account before dividends are paid, you will not receive the accrued dividends.

 

Minimum Balance Requirements: The minimum balance required to open this account is $2,000.00. You must maintain a minimum average daily balance of $200.00 in your account to avoid a maintenance fee. If, during any month, your average daily balance is below the required minimum, your account will be subject to a maintenance fee of $3.00 once during the statement cycle. You must maintain a minimum average daily balance of $200.00 in your account to obtain the disclose annual percentage yield.

 

Average Daily Balance Computation Method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.

Accrual of Dividends on Non cash Deposits: Dividends will begin to accrue on the business day you place non cash items (for example, checks) to your account.

Transaction Limitations: During any statement period, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction or PAL (Personal Account Line) or CPM Anytime. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.

 

Thirty Share Draft Account

Minimum Balance Requirements: No minimum balance requirements apply to this account.

 

Transaction Limitations: no transaction limitation apply to this account unless otherwise stated in the Common Features section.

 

Regular Share Draft Account

Rate Information: The dividend rate and the annual percentage yield may change at any time, as determined by the Credit Union Board of Directors.

Compounding and Crediting: Dividends will be computed every quarter. Dividends will be credited to your account every quarter.

 

Dividend Period: For this account type, the dividend period is quarterly. For example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date follows the ending date of a dividend period, and for the example above is April 1. If you close your share account before dividends are paid, you will not receive the accrued dividends.

 

Minimum Balance Requirements: You must maintain a minimum average daily balance of $200.00 in your account to avoid a maintenance fee. I, during any month, your average daily balance is below the require minimum, your account will be subject to a maintenance fee of $3.00 once during the statement cycle. You must maintain an average daily balance of $200.00 in your account to obtain the disclosed annual percentage yield.

 

Average Daily Balance Computation Method: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.

Accrual of Dividends on Non cash Deposits: Dividends will begin to accrue on the business day you place non cash items (for example, checks) to your account.

Transaction Limitations: no transaction limitation applies to this account unless otherwise stated in the Common Features section.

 

Common Features

Bylaw Requirements: You must complete payment of one share in your Main Share account as a condition of admission to membership.

Transaction Limitation: We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.

 

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

 

National Credit Union Share Insurance Fund: Members' accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.

Fees and Charges: Please refer to our separate fee schedule for additional information about charges.

Term Share Certificate Accounts

Rate Information: The dividend rate and annual percentage yield on your account are stated in the Schedule and/or your Term Share Certificate. The annual percentage yield reflects the dividends to be paid on your account based on the dividend rate and the frequency of compounding for an annual period. For Fixed Rate Share Certificate and Fixed Rate IRA Certificate Accounts the dividend rate and the annual percentage yield assumes that dividends will remain on deposit until maturity. Any withdrawals will reduce your earnings.

 

Compounding and Crediting: Dividends will be computed every quarter. Dividends will be credited to your account every quarter.

 

Minimum Balance Requirements: The minimum balance required to open this account is $250.00.

 

Balance Computation Information: Dividends are calculated by the average daily balance method which applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the balance in the account for each day of the period and dividing that figure by the number of days in the period. The period we use is the quarter.

Accrual of Dividends on Non cash Deposits: Dividends will begin to accrue on the business day you place non cash items (for example, checks) to your account.

Transaction Limitations: In addition to any other applicable limitations described in this notice, after a Term account is opened, you may NOT make deposits in the account before maturity. You can only withdraw dividends credited before maturity of that term without penalty. You can withdraw dividends anytime during the term of crediting after they are credited to your account.

 

Maturity Date: Your account will mature on the date stated in your Certificate or any Renewal Notice the Credit Union provides you.

 

Early Withdrawal Penalties: You have agreed to leave the principle of this account on deposit for the full term stated in your Certificate. If all or part of the principle is withdrawn before the maturity date, the Credit Union may charge you a penalty. Withdrawal of the principle amount of your Certificate may be made only with the consent of the Credit Union. Unless state otherwise, owners of accounts with a stated term of less than one year shall forfeit an amount equal to 90 days dividends on the amount withdrawn, or the length of the term, whichever is less, when any withdrawal is allowed. Unless stated otherwise, owners of accounts with a stated term of one year or more, but less that four years shall forfeit an amount equal to 180 days dividends on the amount withdrawn, or the length of the term, whichever is less, when any withdrawal is allowed. The penalty will be calculated at the rate paid on the deposit. The penalty will not be taken from the principle amount of the deposit.

 

Renewal Policy: Unless you instruct the Credit Union otherwise, your certificate account will automatically renew at maturity. You will have a grace period of ten (10) business days after maturity to withdraw the funds in the account without being charged an early withdrawal penalty and without earning dividends from the renewal date to the withdrawal date. However, the Credit Union reserves the right to give the owner written notice that the account will not be renewed. In the latter case, upon maturity, the account will be converted to a regular savings account and receive earnings at the rate then paid on regular share deposits. The rate of earnings for any renewal terms, shall be at the rate the Credit Union is then offering on the same accounts in this class. If you instruct us not to renew your account, then no dividends will be paid after the stated maturity date.

 

Features of Individual Retirement Accounts: You may make contributions to your IRA Certificate via payroll deduction. You may make withdrawals of principle from your account before maturity. Principle withdrawal before maturity is included in the amount subject to early withdrawal penalty. You cannot withdraw dividends from your account before maturity unless you are 59 1/2 years of age or older and have made arrangements with us for periodic payments of dividends in lieu of crediting.

 

The Credit Union may grant a premature withdrawal request without penalty if your account is an IRA account and the account is revoked within seven (7) days after the IRA Disclosure Statement is received or when the account is an IRA account and the owner qualifies pursuant to applicable law.

 

Common Features of all Share Certificate Accounts:

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

 

National Credit Union Share Insurance Fund: Members' accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.

Uniform Gifts to Minors Act/Uniform Transfer to Minor Act ("UGMA/UTMA"): All grantors, custodians and beneficiaries agree to the terms of this paragraph. If you have signed an account as custodian for a beneficiary under applicable UGMA/UTMA, your rights are governed by the Act. You must include the beneficiary's social security number on the signature card. A custodian will not be allowed to pledge the account until we receive instructions from person authorized by law to withdraw funds or an appropriate court order. We may require that any successor custodian provide any documentation required in evidence in compliance with applicable law (s) to our satisfaction. It is understood and agreed that a successor custodian may be the minor's legal guardian. If there is more than one legal guardian, the Credit Union can accept any such guardian as custodian. Upon acceptance of a successor custodian, no instruction from any other guardian will be accepted. It is agreed that funds deposited in so such an account belong to the beneficiary. When the beneficiary reaches the age of maturity under the laws of the minor's state of residence, the funds may be paid or withdrawn by the beneficiary without notice or further action by us. If the beneficiary wishes to retain an account with us, transactions will then be provided by the new signature card, and authority of an custodian(s) will be terminated.

 

Funds Availability Disclosure

This policy statement applies to all deposit accounts.

Our policy is to make funds from your deposits available to you immediately. At that time, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

 

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 5:00PM 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 5:00PM or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

 

If we cash a check for you that is drawn on another bank, 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 bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type check that you deposited.

 

LONGER DELAYS MAY APPLY: In some cases, we will not make all of the funds that you deposited by check available to you immediately. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100 of your deposits will be available immediately.

 

If we are not going to make all of the funds from your deposit available immediately, 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 day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.

 

In addition, funds from a deposit by check may be delayed for a longer period under the following circumstances:

• We believe a check you deposit will not be paid.
• You deposit checks totaling more that $5,000 on any one day.
• You redeposit a check that has been returned unpaid.
• You have overdrawn your account repeatedly in the last six months.
• There is an emergency, such as failure of communications or computer equipment.

 

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. This will generally be available no later than the 11th business day after the day of your deposit.

 

SPECIAL RULES FOR NEW ACCOUNTS: If you are a new member, the following special rules will apply during the first 30 days your account is open.

 

Funds from electronic direct deposits into 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 immediately if the deposit meets certain conditions. For example, the checks must be made payable to you (and you may have to use a special deposit slip). The excess over $5,000 will be available on the ninth business day 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 not be available until the second business day after the day of your deposit.

 

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

 

CPM Federal Credit Union
CPM Anytime! Home Banking Services Agreement

The Credit Union's CPM Anytime! Home Banking Services are additional "electronic" services provided to increase the convenience of our members. This Agreement supplements the other terms and conditions set forth in the Credit Union's Membership Disclosures and therefore, governs to the extent if any conflict arises.

 

To use the Credit Union's CPM Anytime! Home Banking Services, you must use a personal computer or other device with the capacity to interface by modem or otherwise with the Credit Union's or the Credit Union's agent's system. The Credit Union is not responsible for providing any equipment, services or advice related to equipment necessary to interface with the Credit Union's system, and is not responsible for any error in connections, transmissions or otherwise regarding any system, software, entries or instructions.

 

When using the Credit Union's CPM Anytime! Home Banking Services, you must, when prompted, enter your Username (main share account number) and your Password. By entering the correct information you will have direct access to your Credit Union accounts. You should carefully review paragraph K of this Agreement regarding security and your Password.

 

A. What this Agreement Covers.

This Agreement between you and the Credit Union governs the use of our CPM Anytime! Home Banking, (referred to herein as "Home Banking" or "Home Banking Services") and other applicable "on-line services," which are electronic services that permit Credit Union members to apply for and/or to access a number of financial services through the use of personal computers. Accounts and services provided by us, which you access through the "Home Banking Services," may also be governed by other provisions of the Membership Disclosure. To provide these services, we may contract with one or more third parties from time to time. The Credit Union reserves the right to change vendors from time to time, without notice to you. By applying for any of these services, use of any services, or continued use of these services, you consent to our use of vendors. You may be required to make transactions directly with or through vendors in order to use these services.

 

B. Acceptance of the Agreement.

You understand that by signing an application, completing and submitting an application on-line, using or continuing to use these services, you agree to the terms and conditions of this Agreement. You also agree that you will no longer receive a paper statement or notices via the mail.

 

C. Services.

The following are examples of what you can do using our Home Banking Services.

• Transfer funds between checking, savings and loan accounts.

• See a summary of your accounts.

• Get account information and/or statement update for checking, savings or loan accounts.

• Access information about the Credit Union, our products and services, and other items of general interest.

• Receive and send electronic messages to the Credit Union. You understand that we may not immediately receive e-mail communications that you send and will not take action based upon e-mail requests until we actually receive your message and have reasonable opportunity to act. If you need to contact the Credit Union immediately, you may call the number listed in Paragraph N, and ask for the department you need. You understand that we may require that you document any oral request in writing before taking some actions.

 

D. Applying for Additional Accounts and Services.

All orders, transfers, transactions, applications and communications received by us through this service shall be treated as if made in writing and signed by you. We will send a written confirmation to you, which in our discretion may be sent via e-mail, when required by applicable law.

 

E. Transfers.

When you order a transfer of funds between your Credit Union accounts or a transfer of funds to another person, you authorize a withdrawal of the necessary funds from the account you designate. You agree that you will make a transfer only when a sufficient balance is or will be available in your designated account at the time of your order.

The Credit Union will process withdrawals by mailing a check.

 

F. Fees and Charges for Home Banking Services.

Currently, there is no charge for using these Home Banking Services to access your accounts.

 

G. Changes in Terms/Fees.

The Credit Union may change its Home Banking Services and the terms, including fees, set forth in this Agreement at any time. You will be notified of any such change as required by applicable law, either by mail or by an electronic message. Your use of these services after any such change will evidence your agreement to any changes.

 

H. Cancellation.

This agreement will remain in effect until you or the credit union terminates it.

You understand that you may cancel this Agreement at any time by notifying us electronically, by mail, by phone or at any one of our branch locations.

The Credit Union may cancel this Agreement and terminate your use of any services for any reason, at any time. We will try to notify you in advance, but we are not obligated to do so.

 

I. Limit of Credit Union's and Other Providers' Responsibility.

The Credit Union agrees to make reasonable efforts to ensure full performance of our Home Banking Services. We will be responsible for acting only on those instructions sent through our Home Banking Services which are actually received and cannot assume responsibility for malfunctions in public communication facilities not under our control that may affect the accuracy or timeliness of messages you send.

 

In the absence of negligence on the part of the Credit Union, neither the Credit Union nor any software supplier is responsible for any direct, indirect, special, incidental or consequential damages arising in any way out of the use of these services. Because some states do not allow the exclusion or limitation of liability for consequential or incidental damages, in such states the liability of the Credit Union or software suppliers is limited to the extent permitted by law.

 

NEITHER THE CREDIT UNION NOR ANY SOFTWARE SUPPLIER MAKES ANY EXPRESS OR IMPLIED WARRANTIES CONCERNING THE CREDIT UNION'S HOME BANKING SOFTWARE OR SERVICES INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT OF THIRD PARTY PROPRIETARY RIGHTS UNLESS DISCLAIMING SUCH WARRANTIES IS PROHIBITED BY LAW.

 

Further, in addition to the exceptions set forth in Paragraph M, we will not be liable for losses:

1. If your telephone, PC or Home Banking Services were not working properly and the equipment failure should have been apparent to you when you attempted to authorize a transaction.

2. If you have not properly followed the Home Banking Services instructions or have provided us with wrong or inaccurate information.

 

J. Assistance with Home Banking Services.

If you need assistance with the Credit Union's Home Banking Services or if you need to communicate with us, you can contact us at the phone number or address in Paragraph N.

 

K. User ID and Passwords and Security.

Home Banking Services: You must use your User ID (Main Share Account Number) and the initial Password we send you to log onto our Home Banking Services for the initial sign on. You will be required to change your Password the first time you sign on. You agree not to give or make available your User ID and Password or other means to access your account to any unauthorized individuals. You are responsible for all transactions you authorize using Home Banking. If you permit other persons to use the Home Banking Service, you are responsible for any transactions they authorize. If you believe that your User Id and/or Password has been lost or stolen or that someone may attempt to use the Home Banking Services without your consent or permission you must contact us immediately at the address or telephone number in Paragraph N.

 

L. What are the Requirements to use Credit Union Home Banking?

To use the Credit Union's home banking services, you must use a personal computer with the capacity to interface by modem or otherwise with the Credit Union's or the Credit Union's agent's system.

 

M. Electronic Funds Transfers Agreement and Disclosures.

The following disclosures and terms will also govern your Home Banking Services relationship with the Credit Union:

1. Termination and Amendment. The Credit Union reserves the right at any time to terminate your right to make transactions without prior notice to you. If notification is required by law, notice will be mailed to you at the address shown on the Credit Union's share account records. It is the obligation of each member to provide new addresses to the Credit Union.

2. Access Device/Password Revocation. Any Access Device or Password issued by the Credit Union or its agent may be revoked without notice to you in the event that any of the following conditions occur:

1. Overdrafts occur as a result of insufficient or uncollected funds on an account.
2. Any transaction that occurs on your account(s) which results in a monetary loss to the Credit Union.
3. Loan, VISA or other delinquency with the Credit Union.
4. Forced closure of a share or share draft account at the Credit Union due to misuse.
5. Special balance requirements, if any, are not maintained by the member.
6. Any other situation in which the Credit Union deems revocation to be in its best interest.

3. Limitation or Frequency and Dollar Amounts of Transactions: You may make any number of transactions between your accounts or from your accounts as long as you stay within your available balance of collected funds and you observe the limitations on dollar amounts of transactions. For security reasons, you may be limited to the number of transactions you can make on a given day, whether or not you have withdrawn your maximum dollar amount. Transfers from a Share Savings Account or combined Share/Share Draft Account to another account or to a third party by pre-authorized, authorized, or telephone transfer are limited to six (6) per month as explained in your Membership Agreement with us, the terms of which are incorporated by reference.

4. Right to Documentation.

• Periodic Statements. You will receive a monthly account statement from us for your share draft accounts, unless there are no transactions in a particular month. In any case, you will receive an account statement on all accounts at least quarterly.

5. Liability for Failure to Make a Transaction. If the Credit Union does not complete a transaction to or from your account on time or in the correct amount according to our agreement with you, the Credit Union may be liable for your losses or damages. However, there are some exceptions to this, which include the following:

1. You do not have enough money in your account to make the transaction through no fault of ours.
2. The system you were using was not working properly and you knew about the breakdown when you started the transaction.
3. Circumstances beyond our control (such as fire, flood or electrical failure) prevent the transaction, despite reasonable precautions that we have taken. e. The funds in your account are subject to legal process or other similar encumbrance.
4. The transaction would exceed one of the established limits contained in this Agreement or by other Credit Union agreements.
5. Access to your account has been blocked after you have reported your Password or other access device lost or stolen.

6. Information Disclosure. We will disclose information to third parties about your account or the transactions you make: (1) when it is necessary for completing transactions, or (2) in order to verify the existence and condition of your account for a third party, such as a credit bureau or (3) in order to comply with government agency or court orders, or (4) if you give us your written permission.

7. Business Day Disclosure. Although our Home Banking Service is available 24 hours per day, our business hours are 8:00 a.m. to 5:00 p.m. on Monday through Friday.

8. In Case of Errors or Questions about Transactions. Contact us at the telephone number or address listed in Paragraph N as soon as you detect an error or have a question concerning your statement or receipt. You must contact us within sixty (60) days after we send the FIRST statement on which the problem or error appeared; and you must provide us with the following information:

1. Your name and account number;
2. Describe the error or transaction you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information; and
3. Tell us the dollar amount of the suspected error.

If you contact us verbally, we may require that you send us your complaint or question in writing within ten (10) business days.

We will notify you of the results of the investigation within ten (10) business days* after we hear from you, and will correct any error promptly. However, if additional time is required, we may take up to forty-five (45) days** to investigate your complaint or question. If additional time is required, we will provisionally credit your account within ten (10) business days* for the amount in question. If we ask you to put your complaint or question in writing, and we do not receive it within ten (10) business days, we have the option not to provisionally credit your account.

If we decide there was no error, you will be notified within three (3) business days. You may request copies of the documents used in our investigation. Expenses incurred by the Credit Union to research disputed transaction(s) shall be paid by you when such transaction(s) are proven to have been authorized by you or made by an unauthorized user. Further, once the investigation concludes no error has occurred or that the disputed transaction(s) was authorized, you will be responsible for repayment of any provisionally credits to your account(s). The credit union reserves the right to debit such amounts and/or place sufficient holds on your accounts to recover such funds.

*If you give notice of an error within thirty (30) days after you make the first deposit to your account, we will have twenty (20) business days instead of ten (10) business days as indicated above.

**If you give notice of an error within thirty (30) days after you make the first deposit to your account, notice of an error involving a Point of Sale transaction, or notice of an error involving a transaction initiated outside the United States, its possessions or territories, we will have ninety (90) days instead of forty-five (45) days.

9. Your Liability for Unauthorized Transaction: Contact us immediately if you believe your User ID and/or Password has been lost or stolen. Telephoning is the best way of keeping your possible losses down. Contact us at the telephone number or address listed in Paragraph N. You could lose all available funds in your account(s). If you tell us within two (2) business days, you can lose no more than $50.00 if someone used your User Id and/or Password without your permission.

If you do NOT notify us within two (2) business days after you learn of the loss or theft of your User ID and/or Password and we can prove we could have stopped someone from using your User ID and/or Password, you can lose as much as $500.00.

Also, if your statement shows transactions that you did not make, contact us immediately. If you fail to notify us within sixty (60) days after the statement date; you may not receive any money lost after the sixty (60) days. If records prove that we could have prevented the loss of funds and you failed to contact us within the time frame, then you may not receive a refund.

We reserve the right to extend these time periods if the credit union feels it necessary.

10. Reporting A Lost User ID and/or Password. If you believe that your User ID and/or Password has been lost or stolen or that someone has made a transaction or may make a transaction that is not authorized, you agree to immediately notify us. You can contact us at the telephone number or address listed in Paragraph N.

N. Contact Information. Call or write to us regarding your Home Banking Services at the following:

CPM Federal Credit Union
1066 E. Montague Ave.
N. Charleston, SC 29405
(843) 747-6376 or
1-800-255-1513

 

Identity Verification

The Patriot's Act of 2001 obligates all persons seeking to open an account to fully comply with the identity verification requirements of the Bank Secrecy Act, as amended from time to time.

 

Visa Credit Card Agreement

In this Agreement the words “you” and “your” mean each and all of those who agree to be bound by this agreement; “Card” means the Visa Gold, Visa Classic, or Visa Platinum credit card(s) and any duplicates, renewals, or substitutions the Credit Union issues to you; “Account” means your credit card line of credit account with the Credit Union, and “Credit Union” means CPM Federal Credit Union whose name appears on this Agreement or anyone to whom the Credit Union transfers this Agreement.

1. Using Your Account If you are approved for an Account, the Credit Union will establish a revolving line of credit for you and notify you of your credit limit. You agree that your credit limit is the maximum amount (purchases, cash advances, finance charges, plus, “other charges”) that you will have outstanding on your Account at any time. Each payment you make to your Account will restore your credit limit by the amount of the payment, unless you are over your credit limit. If you are over your credit limit, you must pay the amount you are over before payments will begin to restore your credit limit. You may request an increase in your credit limit only by a method acceptable to the Credit Union. The Credit Union has the right to reduce your credit limit, refuse to make an advance and/or to terminate your Account at any time for any reason not prohibited by law.
2. Using your Card You may use your Card to make purchases from merchants and others who accept Visa Cards. In addition, you may obtain cash advances from the Credit Union and from other financial institutions that accept Visa Cards, and from some automated teller machines (ATMs), (not all ATMs accept Visa Cards). To obtain cash advances from an ATM, you must use the Personal Identification Number (PIN) that is issued to you for use with your Card. Any use of your card or account number which constitutes an electronic funds transfer shall be governed by the terms and conditions of the electronic funds transfer agreement between you and the Credit Union. You agree that all purchases and cash advances are subject to Credit Union’s authorization and/or approval and that, for security reasons, Credit Union may limit the number of such transactions authorized daily.

Gambling or Illegal Action and Indemnification: You agree that you will not use your Card to engage in any gambling or gaming activities, nor will you use your Card for any illegal purposes. If you should attempt to use your Card for such activities, and if the Credit Union should be the subject of any claim on your behalf or by others, or should the Credit Union become involved in any litigation arising out of such use of your Card, then you agree to indemnify the Credit Union and hold it harmless from any and all expenses or damages, including court costs and legal fees, which may result because of such claim or litigation. Such transaction include, but are not limited to, any quasi-cash or online gambling transaction, electronic commerce transaction conducted over an open network, and any betting transaction including the purchase of lottery tickets or casino gaming chips or off-track betting or wagering.
3. Responsibility You agree to pay all charges (purchases and cash advances) to your Account that are made by you or anyone whom you authorize to use your Account. You also agree to pay all finance charges added to your Account under the terms of this Agreement or another agreement you made with the Credit Union. If this is a Joint Account, Section 19 below also applies to your Account.
4. Finance Charge You have a grace period of 21 days on your purchase balance and for new purchases if you pay the Total New Balance for purchases on your last statement by the end of the grace period. You also have a 21-day grace period for new purchases if you did not have a purchase balance on your last statement. The grace period starts on the statement closing date. If you do not pay the Total New Balance for purchases by the end of the grace period, a finance charge will be imposed on the unpaid purchase balance from the first day of the next billing cycle and on new purchases from the date they are posted to your Account. A finance charge is imposed on cash advances from the date they are posted to your Account.
a.) Finance charge for Visa Classic account. The Annual Percentage Rate is fixed at 16.00%, corresponding to a
monthly periodic rate of 1.333%.
b.) Finance charge for Visa Gold account. The Annual Percentage Rate that is used to compute the finance charge is variable and the periodic rate used to compute the FINANCE CHARGE is based on an index plus a margin of seven (7) percent points not to exceed 18%. The Index is the highest Prime Rate as published in the Money Rates section of The Wall Street Journal on the 15th day of the month for the preceding three months and is subject to change monthly. If the 15th falls on a weekend or a holiday in any given month, then we will use the Prime Rate published on the next business day for that month. Any change in the Index will be effective on the first day of the billing cycle following the date of the change. An increase in the Index will result in an increase in the periodic rate, which in turn, may result in higher payments. The periodic rate will be determined by dividing the Annual Percentage Rate (APR) by 12.
c.) Finance charge for Visa Platinum account. The Annual Percentage Rate that is used to compute the finance charge is variable and the periodic rate used to compute the FINANCE CHARGE is based on an index plus a margin of seven (5) percent points not to exceed 18%. The Index is the highest Prime Rate as published in the Money Rates section of The Wall Street Journal on the 15th day of the month for the preceding three months and is subject to change monthly. If the 15th falls on a weekend or a holiday in any given month, then we will use the Prime Rate published on the next business day for that month. Any change in the Index will be effective on the first day of the billing cycle following the date of the change. An increase in the Index will result in an increase in the periodic rate, which in turn, may result in higher payments. The periodic rate will be determined by dividing the Annual Percentage Rate (APR) by 12.

d.) The periodic rates and APRs are variable rates which may increase or decrease each calendar quarter. If the rates increase, your finance charge will increase and your minimum payment due may be greater.
5. Circumstances under which a finance charge will be imposed. A finance charge will be imposed on purchases which are not paid within the grace period. A finance charge will be imposed on cash advances from the date each cash advance is made. The total outstanding balance of purchases and cash advances on the closing date of a billing cycle, excluding any unpaid finance charges and fees, will be shown as the “new balance” on your periodic statement for that billing cycle.
6. Method used to determine balance on which finance charge will be computed. The finance charge on your account will be determined by applying the periodic rate charged on this account to the average daily balance of purchases and cash advances. Separate average daily balances are calculated for purchases and cash advances. To get each average daily balance, the daily balances for purchases and cash advances for the billing cycle are added and the totals are divided by the number of days in the cycle. To get the daily balance of cash advances, new cash advances are added to the day’s beginning balance, and payments and credits are subtracted. To get the daily balance for purchases, new purchases are added to the day’s beginning balance, and payments and credits are subtracted; however, new purchases are not added if you paid the Total New Balance for purchases on your last statement by the end of the grace period or if you do not have a purchase balance on your last statement. Fees are not included in the calculation of the average daily balance. Finance charges will continue to accrue on your account until what you owe under this agreement is paid in full.
7. Other Charges The following other charges (fees) will be added to your Account, as applicable:
a.) Annual Fee for Visa Classic. There will be no annual fee.
Annual Fee for Visa Gold. There will be no annual fee.
Annual Fee for Visa Platinum. There will be no annual fee.
b.) Late Payment Fee: $25.00 will be added to your account balance if you are 10 or more days late in making a payment.
c.) Return Check Fee: If a check or share draft used to make a payment on your account is returned unpaid, you will be charged a fee of $29.00 for each item returned.
d.) Card Replacement Fee: You will be charged $5.00 for each replacement card that is issued to you for any reason.
e.) Document Copy Fee: You will be charged $2.00 for each copy of a sales draft or statement that you request (except when the request is made in connection with a billing error made by the credit union).
f.) Collection Costs: You promise to pay all costs of collecting the amount you owe under this agreement. This cost will include an attorney’s fee of 33.3% of the unpaid debt.
g.) Card Recovery Fee: If at your request a card is blocked, picked up, and recovered by a merchant, you will be charged a fee of $50.00.
8. Minimum Payments Each month you must pay at least the minimum payment shown on your statement by the date specified on the statement or no later than 21 days from the statement closing date, whichever is later. If your statement says the payment is “Now Due,” your payment is due no later than 21 days from the statement closing date. You may pay more frequently, pay more than the minimum payment or pay the Total New Balance in full. If you make extra or larger payments, you are still required to make at least the minimum payment each month your Account has a balance (other than a credit balance). The minimum payment is 2% of your Total New Balance, or $10.00, whichever is greater, plus the amount of any prior minimum payments that you have not made, and any amount you are over your credit limit. The Credit Union also has the right to demand immediate payment of any amount by which you are over your credit limit. You agree that Credit Union may accept checks or other types of payment which are marked “Payment in Full” or use other language to indicate full satisfaction of any indebtedness, without being bound by such language or waiving any rights under this Agreement. Full satisfaction of indebtedness shall be deemed accepted by the Credit Union only in a written agreement, signed by an authorized Credit Union representative.
9. Payment Allocation Subject to applicable law, your payments may be applied to what you owe the Credit Union in any manner the Credit Union chooses.
10. Security Interest If you give the Credit Union a specific pledge of shares by signing a separate pledge of shares, your Account will be secured by your pledged shares. Collateral securing other loans you have with the Credit Union will also secure this loan, except that your home will never be considered as security for this Account, notwithstanding anything to the contrary in any other agreement.
11. Default You will be in default if you fail to make any minimum payment or other required payment by the date that it is due. You will be in default if you break any promise you make under this Agreement. You will be in default if you die, file for bankruptcy or become insolvent, that is, unable to pay your obligations when they become due. You will be in default if you make any false or misleading statements in any credit application or credit update. You will also be in default if something happens that the Credit Union believes may substantially reduce your ability to repay what you owe. Upon default, Credit Union may demand payment in full of all balances on this account.
12. Liability for Unauthorized Use-Lost/Stolen Card Notification You may be liable for the unauthorized use of your card. You will not be liable for unauthorized use that occurs after you notify the Credit Union, orally or in writing, of the loss, theft, or possible unauthorized use. In any case, your liability will not exceed $50. You can notify the Credit Union by calling (800) 442-4757 24 hours/day. Please see your billing rights, attachment A
13. Changing or Terminating Your Account The Credit Union may change the terms of this Agreement from time to time. Notice of any changes will be given in accordance with applicable law. If permitted by law and specified in the notice to you, the change will apply to your existing Account balance as well as to future transactions.
Either you or the Credit Union may terminate this Agreement at any time, but termination by you or the Credit Union will not affect your obligation to pay the Account balance plus any finance and other charges you owe under this Agreement. You are responsible for all transactions made to your Account balance as well as to future transactions.
The Card or Cards you receive remain the property of the Credit Union and you must recover and surrender to the Credit Union all Cards upon request or upon termination of this Agreement whether by you or the Credit Union. The Credit Union has the right to require you to pay your full Account balance at any time after your Account is terminated, whether it is terminated by you or by the Credit Union. If this is a Joint Account, Section 19 of this Agreement also applies to termination of the Account.
14. Credit Information You authorize the Credit Union to investigate your credit standing when opening or reviewing your Account. You authorize the Credit Union to disclose information regarding your Account to credit bureaus and creditors who inquire about your credit standing
15. Returns and Adjustment Merchants and others who honor your Card may give credit for returns or adjustments, and they will do so by sending the Credit Union a credit slip, which will be posted to your Account. If your credits and payments exceed what you owe the Credit Union, the amount is $1 or more; it will be refunded upon your written request or automatically after six months.
16. Additional Benefits/Card Enhancements The Credit Union may from time to time offer additional services to your Account, such as travel accident insurance, at no additional cost to you. You understand that the Credit Union is not obligated to offer such services and may withdraw or change them at any time.
17. Foreign Transactions Purchases and cash advances made in foreign countries and foreign currencies to you in U.S. dollars. The conversion rate to dollars will be determined in accordance with the operating regulations established by Visa International. Currently the currency conversion rate used to determine the transaction amount in U.S. dollars is generally either a government-mandated rate or the wholesale rate in effect the day before the transaction processing date, increased by 1%. The currency conversion 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.
18. Merchant Disputes The Credit Union is not responsible for the refusal of any merchant or financial institution to honor your Card. The Credit Union is subject to claims and defenses (other than tort claims) arising out of goods or services you purchase with the Card if you have made a good faith attempt but have been unable to obtain satisfaction from the merchant or service provider, and (a) your purchase was made in response to an advertisement the Credit union sent or participated in sending to you; or (b) your purchase cost more than $50 and was made in your state or within 100 miles of your home.
19. Joint Accounts If this is a joint Account, each person on the Account must sign the Agreement.
Each of you will be individually and jointly responsible for paying all amounts owed under this Agreement. This means that the Credit Union can require any one of you individually to repay the entire amount owed under this Agreement. Each of you authorizes the other(s) to make purchases or cash advances individually. Any one of you may terminate the Account and termination will be effective as to all of you.
20. Effect of Agreement This Agreement is the contract, which applies to all transactions on your Account even though the sales, cash advances, credit or other slips you sign or receive may contain different terms.
21. Governing Law This Agreement, including, without limitation, the interest to be charged, is governed by applicable laws of the United States and by the laws of the State of South Carolina, without regard to its conflict of laws principles.
22. Fraud Prevention Your Credit Union takes fraud prevention very seriously and has implemented certain fraud detection systems to help protect your account from fraudulent activity. Our detection system will monitor your card transactions and will seek to detect any usage which may differ from your ordinary spending patterns. If the Credit Union should detect suspicious activity, you may receive an inquiry from us. If the situation should appear suspicious, then the Credit Union may block the account until it is able to confirm that the usage of the account is not fraudulent. The Credit Union will not be liable to you for any damages suffered by you because of such blockage. The Credit Union will notify you in the event of such blockage. The Credit Union does not guarantee that fraud will not occur or will be detected. You agree to promptly review your periodic statements and report to us any suspicious activity.
23. Arbitration You agree that any claim or dispute (including any counterclaim) by either you or CPM FCU against the other, arising from or relating in any way to this Agreement, including disputes regarding the applicability of this Arbitration Agreement, where the amount of the claim or dispute exceeds $25,000, or is for punitive damages, or is brought as a class action, shall be resolved solely in your own name by binding arbitration. Any arbitration shall be conducted by the National Arbitration Forum (“NAF”) in accordance with its rules. A copy of such rules may be obtained and claims may be filed at any National Arbitration Forum office by mail at P.O. Box 50191, Minneapolis, MN 55405, telephone 1-800-474-2371. Or, you may call us, and we will give you information on how to obtain a copy of the Rules without charge. If this organization is unable to act as arbitrator, Credit Union may substitute another nationally recognized arbitration organization. An arbitration proceeding does not involve a jury. A trial by jury is waived, and the decision by the arbitrator is final.
24. No Waiver The Credit Union can delay enforcing any of its rights any number of times without losing them.
25. Statements and Notices Statements and Notices will be sent to you at the most recent physical address or e-mail address you have given the Credit Union. Notice sent to any one of you will be considered notice to all.
26. Copy Received You acknowledge that you have received a copy of this Agreement.
27. Signatures By signing the Signature area of the application form that was attached to this Agreement when you received it, you agree to the terms of this Agreement. You should detach this Agreement from the application and retain it for your records.

 

Attachment A

YOUR BILLING RIGHTS
KEEP THIS NOTICE FOR FUTURE USE

This notice contains important information about your rights and our responsibilities under the Fair Credit Billing Act.

Notify us in case of Errors or Questions About Your Bill

If you think your bill is wrong, or if you need more information about a transaction on your bill, write us on a separate sheet at the address listed on your bill. Write to us as soon possible. We must hear from you no later than 60 days after we sent you the first bill on which the error or problem appeared. You can telephone us, but doing so will not preserve your rights.

In your letter, give us the following information:
• Your name and account number
• The dollar amount of the suspected error
• Describe the error and explain, if you can, why you believe there is an error. If you need more information, describe the item you are not sure about.
If you have authorized us to pay your credit card bill automatically from your savings or share draft account, you can stop the payment on any amount you think wrong. To stop the payment your letter must reach us three business days before the automatic payment is scheduled to occur.

Your Rights and Our Responsibilities After We Receive Your Written Notice

We must acknowledge your letter within 30 days, unless we have corrected the error by then, Within 90 days, we must either correct the error or explain why we believe the bill was correct.

After we receive your letter, we cannot try to collect any amount you question, or report you as delinquent. We can continue to bill you for the amount you question, including finance charges, and we can apply an unpaid amount against your credit limit. You do not have to pay any questioned amount while we are investigating, but you are still obligated to pay parts of your bill that are not in question.

If we find that we made a mistake on your bill, you will not have to pay any finance charges related to any questioned amount. If we didn’t make a mistake, you may have to pay finance charges, and you will have to make up any missed payments on the questioned amount. In either case, we will send you a statement of the amount you owe and the date that it is due.

If you fail to pay the amount that we think you owe, we may report you as delinquent. However, if our explanation does not satisfy you and you write to us within ten days telling us that you still refuse to pay, we must tell you the name of anyone we report you to. We must tell anyone we report you to that the matter has been settled between us when it finally is.

If we don’t follow these rules, we can’t collect the first $50 of the questioned amount, even if your bill was correct.

Special Rule for Credit Card Purchases

If you have a problem with the quality of property or services that you purchased with a credit card, and you have tried in good faith to correct the problem with the merchant, you have the right not to pay the remaining amount due on the property or services. There are two limitations on this right:
(a) You must have made the purchases in your home state, or, if not within your home state, within 100 miles of your current mailing address, and
(b) The purchase price must have been more than $50.
These limitations do not apply if we own or operate that merchant, or if we mailed you the advertisement for the property or services.