Skip to content

Terms and Conditions of Your Account

This Agreement covers your rights and responsibilities concerning your accounts and the rights and responsibilities of the Credit Union providing this Agreement (Credit Union). In this Agreement, the words "you," "your," and "yours" mean anyone who signs an Account Card, Account Change Card, or any other account opening document (Account Card), or for whom membership and/or service requests are approved through the Credit Union's online application and authentication process. The words "we," "us," and "our" mean the Credit Union. The word "account" means any one (1) or more share or other accounts you have with the Credit Union.

Your account type(s) and ownership features are designated by you on your Account Card or through the Credit Union's online application and authentication process. By signing an Account Card or authenticating your request, each of you, jointly and severally, agree to the terms and conditions in this Agreement, and any Account Card, Funds Availability Policy Disclosure, Truth-in-Savings Disclosure, Electronic Fund Transfers Agreement and Disclosure, Privacy Disclosure, or Account Receipt accompanying this Agreement, the Credit Union's bylaws and policies, and any amendments to these documents from time to time that collectively govern your membership and accounts.

  1. MEMBERSHIP ELIGIBILITY- To join the Credit Union, you must meet the membership requirements, including purchase and maintenance of the minimum required share(s) ("membership share") as set forth in the Credit Union's bylaws. You authorize us to check your account, credit and employment history, and obtain reports from third parties, including credit reporting agencies, to verify your eligibility for the accounts and services you request. 
  2. INDIVIDUAL ACCOUNTS- An individual account is an account owned by one (1) member (individual, corporation, partnership,trust, or other organization) qualified for credit union membership. If the account owner dies, the interest passes, subject to applicable law, to the account owner's estate or Payable on Death (POD) beneficiary/payee or trust beneficiary, subject to other provisions of this Agreement governing our protection for honoring transfer and withdrawal requests of an owner or owner's agent prior to notice of an owner's death, and to any security interest or pledge granted by the account owner, and subject to our statutory lien rights.
  3. JOINT ACCOUNTS- A joint account is an account owned by two (2) or more persons. A joint account, including POD and trust accounts, is subject to the Multiple Party Deposit Account Act, N.J.S.A. 17:161-1 et seq. (P.L. 1979, C.491). The Credit Union shall have no liability for payments made pursuant to the Act. Each owner has a present right to payment from the account. Each owner owns his or her net contribution to the account. Absent proof of net contribution or a specific agreement to the contrary, each party will own an equal share of the account.
    1. Rights of Survivorship. Unless otherwise stated on the Account Card or documented through the Credit Union's online application and authentication process, a joint account includes rights of survivorship. This means that when one (1) owner dies, all sums in the account will pass to the surviving owner(s). For a joint account without rights of survivorship, the deceased owner's interest passes to his or her estate. A surviving owner's interest is subject to the Credit Union's statutory lien for the deceased owner's obligations and to any security interest or pledge granted by a deceased owner, even if a surviving owner did not consent to it.
    2. Control of Joint Accounts. Any owner is authorized and deemed to act for any other owner(s) and may instruct us regarding transactions and other account matters. Each owner guarantees the signature or authenticated request of any other owner(s). Any owner may withdraw or transfer funds, pledge to us all or any part of the shares, or stop payment on items without the consent of the other owner(s). We have no duty to determine net contributions or notify any owner(s) about any transaction. We reserve the right to require written consent of all owners for any change to or termination of an account. If we receive written notice of a dispute between owners or inconsistent instructions from them, we may suspend or terminate the account and require a court order or written consent from all owners in order to act.
    3. Joint Account Owner Liability.If an item deposited in a joint account is returned unpaid, a joint account is overdrawn, or if we do not receive final payment on a transaction, the owners, jointly and severally, are liable to us for the amount of the returned item, overdraft, or unpaid amount and any charges, regardless of who initiated or benefited from the transaction. If any account owner is indebted to us, we may enforce our rights against any account of the indebted owner, including all funds in the joint account, regardless of who contributed the funds.
  4. POD/TRUST ACCOUNT DESIGNATIONS- A Payable on Death (POD) account or trust account designation is an instruction to the Credit Union that an individual or joint account so designated is payable to the owner(s) during his, her, or their lifetimes and, when the last account owner dies, is payable to all surviving POD or trust beneficiaries/payees. Upon the death of the last account owner, if there is more than one (1) surviving beneficiary/payee, the account is owned jointly by such beneficiaries/payees without rights of survivorship. Any POD or trust beneficiary/payee designation shall not apply to Individual Retirement Accounts (IRAs). We are not obligated to notify any beneficiary/payee of the existence of any account nor the vesting of the beneficiary/payee's interest in any account, except as otherwise provided by law. This paragraph does not apply to an account held on behalf of or in the name of a trust.
  5. ACCOUNTS FOR MINORS- We may require any account established by a minor to be a joint account with an owner who has reached the age of majority under state law and who shall be jointly and severally liable to us for any returned item, overdraft, or unpaid charges or amounts on such account. We may pay funds directly to the minor without regard to his or her minority. Unless a guardian or parent is an account owner, the guardian or parent shall not have any account access rights. We have no duty to inquire about the use or purpose of any transaction. We will not change the account status when the minor reaches the age of majority unless the change is authorized in writing by all account owners.
  6. UNIFORM TRANSFERS/GIFTS TO MINORS ACCOUNT- A Uniform Transfers/Gifts to Minors Account (UTMA/UGMA) is an individual account created by a custodian who deposits funds as an irrevocable gift to a minor. The minor to whom the gift is made is the beneficiary of the custodial property in the account. The custodian has possession and control of the account for the exclusive right and benefit of the minor and, barring a court order otherwise, is the only party authorized to make deposits, withdrawals, or close the account. We have no duty to inquire about the use or purpose of any transaction. If the custodian dies, we may suspend the account until we receive instructions from any person authorized by law to withdraw funds or a court order authorizing withdrawals.
  7. AGENCY DESIGNATION ON AN ACCOUNT- An agency designation on an account is an instruction to us that the owner authorizes another person to make transactions as agent for the account owner regarding the accounts designated. An agent has no ownership interest in the account(s) or credit union voting rights. We have no duty to inquire about the use or purpose of any transaction made by the agent.
  8. DEPOSIT OF FUNDS REQUIREMENTS- Funds may be deposited to any account, in any manner approved by the Credit Union in accordance with the requirements set forth in the Truth-in-Savings Disclosure. Deposits made by mail, at night depositories, or at unstaffed facilities are not our responsibility until we receive them. We reserve the right to refuse or to return any deposit.
    1. Endorsements. We may accept transfers, checks, drafts, and other items for deposit into any of your accounts if they are made payable to, or to the order of, one (1) or more account owners even if they are not endorsed by all payees. You authorize us to supply missing endorsements of any owners if we choose. If a check, draft, or item that is payable to two (2) or more persons is ambiguous as to whether it is payable to either or both, we may process the check, draft, or item as though it is payable to either person. If an insurance, government, or other check or draft requires an endorsement, we may require endorsement as set forth on the item. Endorsements must be made on the back of the check or draft within 1½ inches of the top edge, although we may accept endorsements outside this space. However, any loss we incur from a delay or processing error resulting from an irregular endorsement or other markings by you or any prior endorser will be your responsibility.
    2. Collection of Items. We act only as your agent and we are not responsible for handling items for deposit or collection beyond the exercise of ordinary care. We are not liable for the negligence of any correspondent or for loss in transit, and each correspondent will only be liable for its own negligence. We may send any item for collection. Items drawn on an institution located outside the United States are handled on a collection basis only. You waive any notice of nonpayment, dishonor, or protest regarding items we purchase or receive for credit or collection to your account. We reserve the right to pursue collection of previously dishonored items at any time,including giving a payor financial institution extra time beyond any midnight deadline limits.
    3. Restrictive Legends. Some checks and drafts contain restrictive legends or similar limitations on the front of the item. Examples of restrictive legends include "two signatures required," "void after 60 days," and "not valid over $500.00." We are not liable for payment of any check or draft contrary to a restrictive legend or other limitation contained in or on the item unless we have specifically agreed in writing to the restriction or limitation.
    4. Final Payment. All items or Automated Clearing House (ACH) transfers credited to your account are provisional until we receive final payment. If final payment is not received, we may charge your account for the amount of such items or ACH transfers and impose a return item charge on your account. Any collection fees we incur may be charged to your account. We reserve the right to refuse or return any item or funds transfer.
    5. Direct Deposits.We may offer preauthorized deposits (e.g., payroll checks, Social Security or retirement checks, or other government checks) or preauthorized transfers from other accounts. You must authorize direct deposits or preauthorized transfers by filling out a separate form. You must notify us at least 30 days in advance to cancel or change a direct deposit or transfer option. If your account is overdrawn, you authorize us to deduct the amount your account is overdrawn from any deposit, including deposits of government payments or benefits. If we are required to reimburse the U.S. Government for any benefit payment directly deposited into your account, we may deduct the amount returned from any of your accounts, unless prohibited by law.
    6. Crediting of Deposits.Deposits made after the deposit cutoff time and deposits made on holidays or days other than our business days will be credited to your account on the next business day.
  9. ACCOUNT ACCESS -
    1. Authorized Signature. Your signature on the Account Card, or authentication and approval of your account, authorizes your account access. We will not be liable for refusing to honor any item or instruction if we believe the signature is not genuine. If you have authorized the use of a facsimile signature, we may honor any check or draft that appears to bear your facsimile signature, even if it was made by an unauthorized person. You authorize us to honor transactions initiated by a third person to whom you have given your account information, even if you do not authorize a particular transaction.
    2. Access Options. You may withdraw or transfer funds from your account(s) in any manner we permit (e.g., at an automated teller machine, in person, by mail, Internet access, automatic transfer, or telephone, as applicable). We may return as unpaid any check or draft drawn on a form we do not provide, and you are responsible for any loss we incur handling such a check or draft. We have the right to review and approve any form of power of attorney and may restrict account withdrawals or transfers. We may refuse to honor a power of attorney if our refusal is conducted in accordance with applicable state law.
    3. Credit Union Examination. We may disregard any information on any check or draft other than the signature of the drawer, the amount, and any magnetic encoding. You agree that we do not fail to exercise ordinary care in paying an item solely because our procedures do not provide for sight examination of items.
  10. FUND TRANSFERS- Except as amended by this Agreement, electronic fund transfers we permit that are subject to Article 4A of the Uniform Commercial Code will be subject to such provisions of the Uniform Commercial Code as enacted by the state where the main office of the Credit Union is located. We may execute certain requests for an electronic fund transfer by Fedwire. Fedwire transactions are subject to Federal Reserve Board Regulation J. You may order an electronic fund transfer to or from your account. We will debit your account for the amount of the electronic fund transfer and will charge your account for any fees related to the transfer. Unless we agree otherwise in writing, we reserve the right to refuse to execute any order to transfer funds to or from your account. We are not obligated to execute any order to transfer funds out of your account if the amount of the requested transfer plus applicable fees exceeds the available funds in your account. We are not liable for errors, delays, interruptions, or transmission failures caused by third parties or circumstances beyond our control, including mechanical, electronic, or equipment failure. We will not provide you with next day notice of ACH transfers, wire transfers, and other electronic payments credited to your account. You will receive notice of such credits on your account statements. You may contact us to determine whether a payment has been received. If we fail to properly execute a payment order, and such action results in a delay in payment to you, we will pay you dividends or interest for the period of delay as required by applicable law. The dividends or interest paid to you will be based on the lowest nominal dividend or interest rate we were paying on any account during that period. Payment orders we accept will be executed within a reasonable time of receipt but may not necessarily be executed on the date they are received. Cutoff times may apply to the receipt, execution and processing of fund transfers, payment orders, cancellations, and amendments. If a request for a fund transfer, payment order, cancellation, or amendment is received after a cutoff time, it may be treated as having been received on the next fund transfer business day. Information about any cutoff times is available upon request. From time to time, we may need to suspend processing of a transaction for greater scrutiny or verification in accordance with applicable law, and this action may affect settlement or availability of the transaction. When you initiate a wire transfer, you may identify the recipient and any financial institution by name and by account or identifying number. The Credit Union and any other financial institutions facilitating the transfer may rely strictly on the account or identifying number, even if the number identifies a different person or financial institution. Any account owner may amend or cancel a payment order, even if that person did not initiate the order. We may refuse any request to amend or cancel a payment order that we believe will expose the Credit Union to liability or loss. Any request that we accept to amend or cancel a payment order will be processed within a reasonable time after it is received. You agree to hold us harmless from and indemnify us for all losses and expenses resulting from any actual or attempted amendment or cancellation of a payment order. We may require you to follow a security procedure to execute a payment order or certain electronic fund transfer transactions. We will notify you of any such security procedures. Unless we permit you to establish a different security procedure, you agree that the security procedures contained in the Credit Union's policies, of which we have notified you, are commercially reasonable verification of payment orders and other electronic fund transfers. If we permit you to establish a different security procedure, you agree that procedure is a commercially reasonable method of verifying electronic funds transfers. If we conduct a remittance transfer(s) on your behalf acting as a remittance transfer provider, such transactions will be governed by 12 C.F.R. part 1005, subpart B-Requirements for remittance transfers. A "remittance transfer" is an electronic transfer of funds of more than $15.00 which is requested by a sender and sent to a designated recipient in a foreign country by a remittance transfer provider. Terms applicable to such transactions may vary from those disclosed herein and will be disclosed to you at the time such services are requested and rendered in accordance with applicable law.
  11. ACCOUNT RATES AND FEES- We pay account earnings and assess fees against your account as set forth in the Truth-in-Savings Disclosure and Schedule of Fees and Charges. We may change the Truth-in-Savings Disclosure or Schedule of Fees and Charges at any time and will notify you as required by law.
  12. TRANSACTION LIMITATIONS -
    1. Withdrawal Restrictions.We will pay checks or drafts, permit withdrawals, and make transfers from available funds in your account. The availability of funds in your account may be delayed as described in our Funds Availability Policy Disclosure. We may also pay checks or drafts, permit withdrawals, and make transfers from your account from insufficient available funds if you have established an overdraft protection plan or, if you do not have such a plan with us, in accordance with our overdraft payment policy. We may refuse to allow a withdrawal in some situations and will advise you accordingly if: (1) there is a dispute between account owners (unless a court has ordered the Credit Union to allow the withdrawal); (2) a legal garnishment or attachment is served; (3) the account secures any obligation to us; (4) required documentation has not been presented; or (5) you fail to repay a credit union loan on time. We may require you to give written notice of seven (7) to 60 days before any intended withdrawals.
    2. Transfer Limitations.We may limit the dollar amount or the number of transfers from your account. Please consult your Truth-in-Savings Disclosure or your Electronic Fund Transfers Agreement and Disclosure.
  13. CERTIFICATE ACCOUNTS- Any time deposit, term share, share certificate, or certificate of deposit account allowed by state law (certificate account), whichever we offer, is subject to the terms of this Agreement, the Truth-in-Savings Disclosure, and the Account Receipt for each account, the terms of which are incorporated herein by reference.
  14. OVERDRAFTS -
    1. Payment of Overdrafts. If, on any day, the available funds in your share or deposit account are not sufficient to pay the full amount of a check, draft, transaction, or other item, plus any applicable fee, that is posted to your account, we may return the item or pay it, as described below. The Credit Union's determination of an insufficient available account balance may be made at any time between presentation and the Credit Union's midnight deadline with only one review of the account required. We do not have to notify you if your account does not have sufficient available funds in order to pay an item. Your account may be subject to a charge for each item regardless of whether we pay or return the item.

If we offer standard overdraft services, this service allows us to authorize payment for the following types of transactions regardless of whether your share or deposit account has sufficient funds: (1) share drafts/checks and other transactions made using your checking account, except as otherwise described below; (2) automatic bill payments; (3) ACH transactions. For ATM and one-time debit card transactions, you must affirmatively consent to such coverage. Without your consent, the Credit Union may not authorize and pay an ATM or one-time debit card transaction that will result in insufficient funds in your account. If you have established a service linking your share or deposit account with other individual or joint accounts, you authorize us to transfer funds from other another account of yours to cover an insufficient item, including transfers from a share or deposit account, an overdraft line-of-credit account, or other account you so designate. Services and fees for these transactions are shown in the document the Credit Union uses to capture your affirmative consent and the Schedule of Fees and Charges.

Except as otherwise agreed in writing, if we exercise our right to use our discretion to pay such items that result in an insufficiency of funds in your account, we do not agree to pay them in the future and may discontinue coverage at any time without notice. If we pay these items or impose a fee that results in insufficient funds in your account, you agree to pay the insufficient amount, including the fee assessed by us, in accordance with our standard overdraft services or any other service you may have authorized with us, or if you do not have such protections with us, in accordance with any overdraft payment policy we have, as applicable.

  1. Order of Payments. Checks, drafts, transactions, and other items may not be processed in the order that you make them or in the order that we receive them. We may, at our discretion, pay a check, draft, or item, and execute other transactions on your account in any order we choose. The order in which we process checks, drafts, or items, and execute other transactions on your account may affect the total amount of overdraft fees that may be charged to your account. Please contact us if you have questions about how we pay checks or drafts and process transfers and withdrawals.
  1. POSTDATED AND STALEDATED CHECKS OR DRAFTS- You agree not to issue any check or draft that is payable on a future date (postdated). If you do issue a check or draft that is postdated and we pay it before that date, you agree that we shall have no liability to you for such payment. You agree not to deposit checks, drafts, or other items before they are properly payable. We are not obligated to pay any check or draft drawn on your account that is presented more than six (6) months past its date.
  2. STOP PAYMENT ORDERS -
    1. Stop Payment Order Request. Any owner may request a stop payment order on any check or draft drawn on the owner's account. To be binding, the order must be in writing, dated and signed, and must accurately describe the check or draft, including the exact account number, the check or draft number, and the exact amount of the check or draft. This exact information is necessary for the Credit Union's computer to identify the check or draft. If we receive incorrect or incomplete information, we will not be responsible for failing to stop payment on the check or draft. In addition, we must receive sufficient advance notice of the stop payment order to allow us a reasonable opportunity to act on it. If we recredit your account after paying a check or draft over a valid and timely stop payment order, you agree to sign a statement describing the dispute with the payee, to assign to us all of your rights against the payee or other holders of the check or draft, and to assist us in any legal action.
    2. Duration of Order.Oral stop payment orders for check or drafts will lapse within 14 calendar days unless confirmed in writing within that time. Written stop payment orders for checks or drafts are effective for six (6) months and may be renewed for additional six (6) month periods by requesting in writing that the stop payment order be renewed within a period during which the stop payment order is effective. We are not required to notify you when a stop payment order expires.
    3. Liability. Fees for stop payment orders are set forth in the Truth-in-Savings Disclosure or Schedule of Fees and Charges. You may not stop payment on any certified check, cashier's check, teller's check, or any other check, draft, or payment guaranteed by us. Although payment of an item may be stopped, you may remain liable to any item holder, 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 joint account owner, payee, or endorsee in failing to stop payment of an item as a result of incorrect information provided by you.
  3. 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 your 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 financial institution 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 Agreement. Any conflict regarding what you and our employees say or write will be resolved by reference to this Agreement.
  4. CHECKS OR DRAFTS PRESENTED FOR PAYMENT IN PERSON- We may refuse to accept any check or draft drawn on your account that is presented for payment in person. Such refusal shall not constitute a wrongful dishonor of the check or draft, and we shall have no liability for refusing payment. If we agree to cash a check or draft that is presented for payment in person, we may require the presenter to pay a fee. Any applicable check or draft cashing fees are stated in the Schedule of Fees and Charges.
  5. REMOTELY CREATED CHECKS OR DRAFTS- For purposes of this paragraph, "account" means a transaction account, credit account, or any other account on which checks or drafts may be drawn. A remotely created check or draft is a check or draft created by someone other than the person on whose account the check or draft is drawn. A remotely created check or draft is generally created by a third party payee as authorized by the owner of the account on which the check or draft is drawn. Authorization is usually made over the telephone or through on-line communication. The owner of the account does not sign a remotely created check or draft. In place of the owner's signature, the remotely created check or draft usually bears a statement that the owner authorized the check or draft or bears the owner's printed or typed name. If you authorize a third party to draw a remotely created check or draft against your account, you may not later revoke or change your authorization. It is your responsibility to resolve any authorization issues directly with the third party. We are not required to credit your account and may charge against your account any remotely created check or draft for which the third party has proof of your authorization.
  6. PLEDGE/STATUTORY LIEN- Unless prohibited by law, you pledge and grant as security for all obligations you may have now or in the future, except obligations secured by your principal residence, all shares and dividends and all deposits and interest, if any, in all accounts you have with us now and in the future. If you pledge a specific dollar amount in your account(s) for a loan, we will freeze the funds in your account(s) to the extent of the outstanding balance of the loan or, if greater, the amount of the pledge if the loan is a revolving loan. Otherwise, funds in your pledged account(s) may be withdrawn unless you are in default. Federal or state law (depending upon whether we have a federal or state charter) gives us a lien on all shares and dividends and all deposits and interest, if any, in accounts you have with us now and in the future. Except as limited by federal or state law, the statutory lien gives us the right to apply the balance of all your accounts to any obligation on which you are in default. After you are in default, we may exercise our statutory lien rights without further notice to you.

Your pledge and our statutory lien rights will allow us to apply the funds in your account(s)to what you owe when you are in default, except as limited by federal or state law. If we do not apply the funds in your account(s) to satisfy your obligation, we may place an administrative freeze on your account(s) in order to protect our statutory lien rights and may apply the funds in your account(s) to the amount you owe us at a later time. The statutory lien and your pledge do not apply to any Individual Retirement Account or any other account that would lose special tax treatment under federal or state law if given as security. By not enforcing our right to apply funds in your account to your obligations that are in default, we do not waive our right to enforce these rights at a later time.

  1. LEGAL PROCESS- If any legal action is brought against your account, we may pay out funds according to the terms of the action or refuse any payout until the dispute is resolved, as permitted by law. Any expenses or attorney fees we incur responding to legal process may be charged against your account without notice, unless prohibited by law. Any legal process against your account is subject to our lien and security interest.
  2. ACCOUNT INFORMATION- Upon request, we will give you the name and address of each agency from which we obtain a credit report regarding your account. We agree not to disclose account information to third parties except when: (1) it is necessary to complete a transaction; (2) the third party seeks to verify the existence or condition of your account in accordance with applicable law; (3) such disclosure complies with the law or a government agency or court order; or (4) you give us written permission.
  3. NOTICES-
    1. Name or Address Changes. You are responsible for notifying us of any name or address change. The Credit Union is only required to attempt to communicate with you at the most recent address you have provided to us. We may require all name and address changes to be provided in writing. If we attempt to locate you, we may impose a service fee as set forth in the Truth-in-Savings Disclosure or Schedule of Fees and Charges.
    2. Notice of Amendments. Except as prohibited by applicable law, we may change the terms of this Agreement at any time. We will notify you of any change in terms, rates, or fees as required by law. We reserve the right to waive any terms of this Agreement. Any such waiver shall not affect our right to future enforcement.
    3. Effect of Notice. Any written notice you give us is effective when we receive it. Any written notice we give to you is effective when it is deposited in the U.S. mail, postage prepaid, and addressed to you at your statement mailing address. Notice to any account owner is considered notice to all account owners.
    4. Electronic Notices.If you have agreed to receive notices electronically, we may send you notices electronically and discontinue mailing paper notices to you until you notify us that you wish to reinstate receiving paper notices.
  4. TAXPAYER IDENTIFICATION NUMBER AND BACKUP WITHHOLDING- Your failure to furnish a correct Taxpayer Identification Number (TIN) or meet other requirements may result in backup withholding. If your account is subject to backup withholding, we must withhold and pay to the Internal Revenue Service (IRS) a percentage of dividends, interest, and certain other payments. If you fail to provide your TIN, we may suspend opening your account.
  5. STATEMENTS -
    1. Contents. If we provide a periodic statement for your account, you will receive a periodic statement of transactions and activity on your account during the statement period as required by applicable law. If a periodic statement is provided, you agree that only one (1) statement is necessary for joint accounts. For share draft or checking accounts, you understand and agree that your original check or draft, when paid, becomes property of the Credit Union and may not be returned to you, but copies of the check or draft may be retained by us or by payable-through financial institutions and may be made available upon your request. You understand and agree that statements are made available to you on the date they are sent to you. You also understand and agree that checks, drafts, or copies thereof are made available to you on the date the statement is sent to you, even if the checks or drafts do not accompany the statement.
    2. Examination. You are responsible for promptly examining each statement upon receiving it and reporting any irregularities to us. If you fail to report any irregularities such as forged, altered, unauthorized, unsigned, or otherwise fraudulent items drawn on your account, erroneous payments or transactions, or other discrepancies reflected on your statement within 33 days of the date we sent the statement to you, we will not be responsible for your loss. We also will not be liable for any items that are forged or altered in a manner not detectable by a reasonable person, including the unauthorized use of a facsimile signature machine.
    3. Notice to Credit Union.You agree that the Credit Union's retention of checks or drafts does not alter or waive your responsibility to examine your statements or the time limit for notifying us of any errors. The statement will be considered correct for all purposes, and we will not be liable for any payment made or charge to your account unless you notify us in writing within the above time limit for notifying us of any errors. If you fail to receive a periodic statement, you agree to notify us within 14 days of the time you regularly receive a statement.
  6. INACTIVE ACCOUNTS- If your account falls below any applicable minimum balance and you have not made any transactions over a period specified in the Truth-in-Savings Disclosure or Schedule of Fees and Charges, we may classify your account as inactive or dormant. Unless prohibited by applicable law, we may charge a service fee, as set forth in the Truth-in-Savings Disclosure or Schedule of Fees and Charges, for processing your inactive account. If we impose a fee, we will notify you, as required by law, at your last known address. You authorize us to transfer funds from another account of yours to cover any service fees, if applicable. To the extent allowed by law, we reserve the right to transfer the account funds to an account payable and to suspend any further account statements. If a deposit or withdrawal has not been made on the account and we have had no other sufficient contact with you within the period specified by state law, the account will be presumed to be abandoned. Funds in abandoned accounts will be reported and remitted in accordance with state law. Once funds have been turned over to the state, we have no further liability to you for such funds, and if you choose to reclaim such funds, you must apply to the appropriate state agency.
  7. SPECIAL ACCOUNT INSTRUCTIONS- You may request that we facilitate certain trust, will, or court-ordered account arrangements. However, because we do not give legal advice, we cannot counsel you as to which account arrangement most appropriately meets the specific requirements of your trust, will, or court order. If you ask us to follow any instructions that we believe might expose us to claims, lawsuits, expenses, liabilities, or damages, whether directly or indirectly, we may refuse to follow your instructions or may require you to indemnify us or post a bond or provide us with other protection. We may require that account changes requested by you, or any account owner, such as adding or closing an account or service, be evidenced by a signed Account Change Card or other document which evidences a change to an account and accepted by us.
  8. TERMINATION OF ACCOUNT- We may terminate your account at any time without notice to you or may require you to close your account and apply for a new account if: (1) there is a change in owners or authorized signers; (2) there has been a forgery or fraud reported or committed involving your account; (3) there is a dispute as to the ownership of the account or of the funds in the account; (4) any checks or drafts are lost or stolen; (5) there are excessive returned unpaid items not covered by an overdraft protection plan; (6) there has been any misrepresentation or any other abuse of any of your accounts; or (7) we reasonably deem it necessary to prevent a loss to us. You may terminate an individual account by giving written notice. We reserve the right to require the consent of all owners to terminate a joint account. We are not responsible for payment of any check, draft, withdrawal, transaction, or other item after your account is terminated; however, if we pay an item after termination, you agree to reimburse us.
  9. TERMINATION OF MEMBERSHIP- You may terminate your membership by giving us written notice or by withdrawing your minimum required membership share(s), if any, and closing all your accounts. You may be denied services for causing a loss to the Credit Union, or you may be expelled for any reason as allowed by applicable law.
  10. DEATH OF ACCOUNT OWNER- We may continue to honor all transfer orders, withdrawals, deposits, and other transactions on an account until we know of a member's death. Once we know of a member's death, we may pay checks or drafts or honor other payments or transfer orders authorized by the deceased member for a period of ten (10) days after that date unless we receive instructions from any person claiming an interest in the account to stop payment on the checks, drafts, or other items. We may require anyone claiming a deceased owner's account funds to indemnify us for any losses resulting from our honoring that claim. This Agreement will be binding upon any heirs or legal representatives of any account owner.
  11. UNLAWFUL INTERNET GAMBLING AND OTHER ILLEGAL ACTIVITIES- You agree that you are not engaged in unlawful Internet gambling or any other illegal activity. You agree that you will not use any of your accounts, access devices or services for unlawful Internet gambling or other illegal activities. We may terminate your account relationship if you engage in unlawful Internet gambling or other illegal activities.
  12. SEVERABILITY- If a court holds any portion of this Agreement to be invalid or unenforceable, the remainder of this Agreement shall not be invalid or unenforceable and will continue in full force and effect. All headings are intended for reference only and are not to be construed as part of the Agreement.
  13. ENFORCEMENT- You are liable to us for any losses, costs, or expenses we incur resulting from your failure to follow this Agreement. You authorize us to deduct any such losses, costs, or expenses from your account without prior notice to you. If we bring a legal action to collect any amount due under or to enforce this Agreement, we shall be entitled, subject to applicable law, to payment of reasonable attorney's fees and costs, including fees on any appeal, bankruptcy proceedings, and any postjudgment collection actions.
  14. GOVERNING LAW- This Agreement is governed by the Credit Union's bylaws, federal laws and regulations, the laws, including applicable principles of contract law, and regulations of the state in which the Credit Union's main office is located, and local clearinghouse rules, as amended from time to time. As permitted by applicable law, you agree that any legal action regarding this Agreement shall be brought in the county in which the Credit Union is located.
  15. NEGATIVE INFORMATION NOTICE - We may report information about your loan, share, or deposit accounts to credit bureaus. Late payments, missed payments, or other defaults on your accounts may be reflected in your credit report.

Electronic Fund Transfers Agreement and Disclosure

This Electronic Funds Transfer Agreement and Disclosure ("Agreement") is the contract which governs the rights and responsibilities of both parties regarding electronic funds transfer services offered by us.  ("Account" means any one or more of your savings, money market, and checking account(s) you have with us. Electronic funds transfers are electronically-initiated transfers of money from or to your account through the various services described below. By signing an application or account card for EFT services, or by accessing any service, you agree to the terms and conditions in this Agreement, and amendments thereto, and any other agreements that may govern your accounts. We may refuse any transaction which would draw upon insufficient funds, lower an account below any required minimum balance, exceed a credit limit, or otherwise require us to increase our required reserve on an account.

Suspension of electronic services and access to share or deposit accounts. Subject to applicable law, we may suspend some or all electronic services and access to your checking or other account(s) if you become delinquent on any of your loan or deposit obligations to us or you cause a loss to us. We shall not be liable to you in any regard in connection with such suspension of services.

TYPES OF ELECTRONIC FUND TRANSFER SERVICES. The following describes the services, if approved, that are available, and some limitations that apply:

  1. ATM Card. You may use your ATM card and PIN (Personal Identification Number) to:
  • Withdraw funds from your savings, checking, and money market accounts.
  • Make deposits to your savings, checking, and money market accounts.
  • Transfer funds between your savings, checking, and money market accounts whenever you request.
  • Obtain balance information on your savings, checking, and money market accounts.
  • Make POS (Point of Sale) pin-based transactions to purchase goods or services at POS terminals.

Limitations. The following limitations will apply to your ATM Card:

  • The maximum dollar amount of cash withdrawals per day is $810. Sufficient funds must be available to make any withdrawal. You may make only 5 pin-based cash withdrawals in one day.
  • For security reasons, there are other limitations to frequency and number of transfers you may make at ATMs.
  • Your available account balance may be reduced for preauthorizations for 3 business days or until the transaction clears.
  • Additional limitations are set forth in the TRANSFER LIMITATIONS provision contained herein.
  1. Visa Debit Card. You may use your Visa Debit Card and PIN to perform all of the functions listed above in the ATM Card Access section. Additionally, you may also:
    • Pay for purchases at places that have agreed to accept the Card.
    • Make POS (Point of Sale) transactions to purchase goods or services at POS terminals that have the Visa logo.
    • Pay bills or make other transactions on Non-Visa Networks (ACCEL, Allpoint, Co-OP, PLUS) without a PIN*
    • Order goods or services by mail, telephone, or via the Internet from places that accept the Card.
    • Make cash withdrawals in foreign countries and in foreign currencies.

Some services on ATM or Debit Cards may not be available at all terminals. The amount of purchases and/or cash obtained (if permitted) will be deducted from your checking account.

*Non-Visa PIN-less transactions will not be processed as Visa transactions and therefore will not include Visa's zero liability or chargeback and dispute resolution benefits. Additionally, provisions of this agreement relating only to Visa transactions are not applicable to non-Visa and PIN-less debit transactions.

Limitations. The following limitations will apply to your Card:

  • The maximum dollar amount of cash withdrawals per day is $810. Sufficient funds must be available to make any withdrawal. You may make up to 5 cash withdrawals in one day.
  • The maximum purchase price for any one transaction at a POS Terminal is $3,500.
  • In total including POS transactions and cash withdrawals you are limited to a total of 25 transactions with a maximum of $3,500 per day. • For security reasons, there are other limitations to frequency and number of transfers you may make at ATMs.
  • Your available account balance may be reduced for preauthorizations for 3 business days or until the transaction clears.
  • Additional limitations are set forth in the TRANSFER LIMITATIONS provision contained herein

3. Electronic Check Conversion & Electronic Returned Check Fees. If you pay for something with a check, you may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to: (1) pay for purchases or (2) pay your bills. When your check is used to initiate an electronic funds transfer in this way, you authorize the funds to be debited from your account as soon as the same day, and your check may not be returned to you. You also authorize a onetime electronic funds transfer to pay a Returned Check/EFT fee or Non-sufficient Funds fee if you have insufficient funds.

4. Preauthorized Electronic Funds Transfers. You may authorize periodic or recurring automatic payments from, and deposits into, your designated account(s). Examples of such transfers include direct deposit of your paycheck or Social Security check into your designated Credit Union account; automatic payment(s) from your designated Credit Union account to third parties; and automatic payment from your designated Credit Union account for loan payments or other amounts you owe us. The frequency and amounts of these preauthorized transfers will be subject to and in accordance with the authorization that you sign, and any separate agreement you have with the originator of the transfer. See the Transfer Limitations provision for transfer limitations that apply to preauthorized transfers.

5. ART Telephone/Audio Response. You may access your accounts via our touch-tone telephone system. We will assign you a PIN to use this service. You may use telephone access to:

  • Withdraw funds from your savings, checking, money market, and loan accounts. Funds will be disbursed in the form of a check. All checks are payable to you as the primary member and will be mailed to your address of record.
  • Transfer funds between your savings, checking, money market, and loan accounts;
  • Obtain balance, account activity, and other information on your savings, checking, money market, club, IRA, Loan, and Certificate accounts;
  • Make loan payments from your savings, checking, and money market accounts;
  • Take advances from your line-of-credit loan account;

The telephone access service is available twenty-four (24) hours a day, but may be inaccessible for a short period each day for data processing.

 Limitations. The following limitations will apply to the Telephone/Audio Response Service:

  • There is no limit to the number of inquiries, transfers, or withdrawal requests per day.
  • The maximum dollar amount of transfers or withdrawals per day is $10,000 and no transfer or withdrawal may exceed the available funds in your account.

See the Transfer Limitations provision for transfer limitations that apply to preauthorized transfers

6. Home Banking. We offer a Home Banking service that you may access from a personal computer, tablet, or mobile phone that has Internet access. You will need your assigned password and member number or user name to access your accounts, as instructed when you log on. You may use this service for the following:

  • Make transfers between your savings, checking, money market, and loan accounts;
  • Obtain balance information on your savings, checking, money market, club, IRA, Loan, and Certificate accounts;
  • Make payments on your Credit Union loans from your savings, checking, and money market accounts;
  • Access internet bill pay services to make payments to various creditors;
  • Verify whether a check or other item has cleared your account;
  • Take an advance from a line of credit account;
  • Access or utilize other services that we may make available to you from time to time

Our Home Banking service will be available to you 24 hours a day, but may be interrupted for a short period of time each day for data processing. Security protocols will be in place, such as electronic lock-out if there are numerous unsuccessful attempts to enter a transaction, and limits on the duration of access.

See the Transfer Limitations provision for transfer limitations that apply to Home Banking transactions. Other EFT Disclosures contained in this document apply to Home Banking services as well. You will also be required to comply with instructions and agreements provided on- line when you log onto the Home Banking service. We may refuse to honor any transaction for which you do not have sufficient available funds.

Our Home Banking service will be available to you 24 hours a day, but may be interrupted for a short period of time each day for data processing. Security protocols will be in place, such as electronic lock-out if there are numerous unsuccessful attempts to enter a transaction, and limits on the duration of access.

See the Transfer Limitations provision for transfer limitations that apply to Home Banking transactions. Other EFT Disclosures contained in this document apply to Home Banking services as well. You will also be required to comply with instructions and agreements provided on- line when you log onto the Home Banking service. We may refuse to honor any transaction for which you do not have sufficient available funds.

7. Online Bill Payment Services. Through our online Home Banking service, we offer Bill Pay services so that you may pay your bills to third-party creditors and payees electronically. You must agree to the online bill payment services agreement included on the bill pay services website, which agreement is incorporated by reference herein. You may also be required to comply with other instructions and agreements provided on-line when you log onto the Bill Pay service. Bill pay transactions are limited to a maximum of $9,999.99 per transaction and$19,999.99 per day, if there are sufficient funds available in your account.

TRANSFER LIMITATIONS. In addition to any other limitations set forth for each service herein, federal regulation limits the number of preauthorized, automatic, telephone transfers, or by check, draft, or debit card that may be made from your share/savings and money market accounts to six (6) per month from each account. If you exceed this limitation, you may be subject to a fee, the transaction may be rejected, or your account may be closed.

FEES. There are certain fees and charges for using electronic funds transfer services. For a current list of the types and amounts of these fees, please see your Rates & Fees Schedule that was provided to you. ATM Fees: Additionally, when you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used, and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer. The amount of this fee will be disclosed to you by the owner of the ATM.

USE OF EFT CARDS AND SERVICES.

Ownership: any card or other access device that we provide you remains our property and must be returned to us, our agent, or to any person who is authorized to honor the card according to our instructions. We may repossess the card at any time in our sole discretion without demand or notice to you. You cannot transfer the card, access code, or account to another person, and you will be liable for any transfers made by anyone to whom you give your card or access codes.

Honoring the Card(s); Refunds: Neither we nor the merchants authorized to honor the card will be liable for failure or refusal to honor your card, access device, or code. If a merchant agrees to provide a refund or adjustment to you, you agree to accept a credit to your account instead of a cash refund.

Illegal Transactions: You shall not use your card to make any illegal transaction as determined by applicable law. We may decline any transaction that we believe to be illegal, including but not limited to any transaction involving or relating to any gambling activity. We will have no liability or responsibility for any such use or for declining any such transaction. You further agree to indemnify and hold us harmless from any suits, liability, damages or adverse action of any kind that results directly or indirectly from such illegal use.

Foreign Transactions; Currency Conversion: Purchases and cash advances made in foreign currencies will be debited from your account in U.S. dollars. The conversion rate in dollars will be (1) a rate selected by Visa International from a range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa itself receives; or (2) the government- mandated rate in effect for the applicable central processing date in each instance. All transactions processed outside of the United States (which may include internet transactions) will be charged a foreign transaction fee in the amount disclosed on your Fee Schedule.

Security of Card and Access Codes. The access codes issued to you are for security purposes and any codes issued to you are confidential and should not be disclosed to anyone else or recorded on or with the card. You agree to safeguard the codes and agree not to disclose or otherwise make available your cards or codes to anyone not authorized to sign on your accounts. If you authorize someone to use your access codes, that authority shall remain in place until you specifically revoke that authority by notifying the Credit Union.

Joint Accounts. If any of your accounts accessed under this Agreement are joint accounts, all joint owners including any authorized users, shall be bound by the terms and conditions of this Agreement. You understand and agree that any joint owner you authorize to use an access code may withdraw or transfer funds from any one of your accounts without your prior notice or permission, and we will not be liable to you in any way. Each of you jointly and severally shall be responsible for any and all transactions under this Agreement regardless of which owner accessed the accounts or used the services. Each joint account holder is authorized to act for the others, and we may accept orders and instructions regarding any transaction on any account from any owner. We can refuse to follow conflicting instructions.

Reversal of Transactions. You may not reverse any transaction when using your card to pay for goods or services by transferring funds through a terminal.

No Right to Stop-Payment for Terminal Transactions. Transfers made by terminal may be executed immediately. This means that a cash withdrawal or other debit transaction is immediately deducted from your account; there is no "float" time and therefore there is no effective way of stopping the transaction.

LIABILITY FOR UNAUTHORIZED USE. Tell us AT ONCE if you believe your ATM or Debit Card or any of your access codes have been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down.

For cards with the Visa logo, and PIN-less debit card transactions over Visa Networks (and the access codes associated with those cards): You will not be liable for any amount unless we can prove that you were negligent in the handling of your card. If you write your PIN on your Card or otherwise keep the PIN with the Card, you may be negligent.

Under no circumstances, however, will you be liable for more than $50 if you tell us within 2 business days after you learn of the loss or theft of your card or access code and someone used your card or access code without your permission. If you do NOT tell us within 2 business days after you learn of the loss or theft of your card or access code, and we can prove we could have stopped someone from using your card or access code without your permission if you had told us, you could lose as much as $500.

You should always save your terminal receipts, keep a record of your transactions, and reconcile your receipts with your periodic statements. If your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

You are liable for all transfers or purchases made via your card(s), access code(s) or passwords that you authorize or allow. If you give your card, access code, or password to someone else, you are responsible for all transfers or purchases that that person makes with your card or via the service that he or she accesses, even if that person uses the card or code in a way that you did not anticipate or intend. You may revoke your permission for the other person to use your card by notifying us in writing, and allowing us reasonable time to act on your notification.

If you believe your card or access code has been lost or stolen, call: 973-576-2002 during normal business hours or write: Garden Savings Federal Credit Union, 129 Littleton Road, Parsippany, NJ 07054. You should also call this number or write to this address if you believe a transfer has been made using the information from your check without your permission.

BUSINESS DAYS. For purposes of these disclosures, our business days are Monday through Friday. Holidays are not included.

DISCLOSURE OF YOUR INFORMATION. We will disclose information to third parties about your account or the transfers you make:

  1. Where it is necessary for completing transfers;
  2. In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant;
  3. In order to comply with government agency or court orders; or
  4. If you give us your written permission.

RIGHT TO RECEIVE DOCUMENTATION

Periodic statements. Transfer and withdrawal transactions made through any card, Home Banking or Bill Pay service, telephone access system, or preauthorized transfer will be reflected on your periodic statement. You will receive a monthly statement unless there are no transfers in a particular month. In any case you will get a statement at least quarterly.

Terminal Receipts. You can get a receipt at the time you make any transaction (except inquiries) to or from your account using an ATM, Point-of-Sale terminal, or Check Card transaction with a participating merchant. However, we are not required to provide you with terminal receipts for transactions of $15.00 or less. You should keep your statements and receipts, as they may be admissible evidence in legal proceedings if a dispute should arise and shall constitute prima facie proof that such transfer was made.

Preauthorized EFTs. If you have arranged to have a direct deposit or preauthorized debit or credit made to your account at least once every 60 days from the same person or company, you can call us at 973-576-2002 or use telephone access or Home Banking to find out whether or not the deposit has been made.

RIGHTS REGARDING PREAUTHORIZED PAYMENTS

Right to Stop Payment and Procedure for Doing So.  If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here's how:

Call us at 973-576-2002, or write us at Garden Savings Federal Credit Union, 129 Littleton Road, Parsippany, NJ 07054, in time for us to receive your request 3 business days or more before the payment is scheduled to be made. (If you want to stop a payment being made through Bill Pay, you should call 1-800-823-7555). If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.  Please see the Rates & Fees Schedule for any fees charged for stopping payments.

Notice of Varying Amounts. If preauthorized recurring payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)

Liability for Failure to Stop Payment of Preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

OUR LIABILITY FOR FAILURE TO MAKE TRANSFERS. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages.  However, there are some exceptions. We will not be liable, for instance:

  • If, through no fault of ours, you do not have enough available funds in your account to make the transfer, if any funds in your account necessary to complete the transaction are held as uncollected funds pursuant to our Funds Availability Policy Disclosure, or if the transaction involves a loan request exceeding your credit limit.
  • If the funds in your account are pledged as collateral for a loan or frozen because of a delinquent loan or other reason.
    • If the transfer would go over the credit limit on your overdraft line.
    • If you used your card or access code in an incorrect manner.
    • If the ATM where you are making the transfer does not have enough cash.
    • If the error was caused by a system of any participating ATM network.
    • If the ATM, POS terminal, telephone access system, Home Banking or Bill Pay system or other electronic service was not working properly and you know or should have known about the breakdown when you started the transfer.
    • If the electronic transfer is not completed as a result of your willful or negligent use of your card, access code, or any EFT facility for making such transfers.
    • If you have bill payment services, we can only confirm the amount, the participating merchant, and date of the bill payment transfer made by the Credit Union. For any other error or question you have involving the billing statement of the participating merchant, you must contact the merchant directly. We are not responsible for investigating such errors.
    • If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
    • Any other exceptions stated in any of our agreements with you or which may be amended in the future.

BILLING ERROR RESOLUTION (does not apply to international remittance transfers):

In case of errors or questions about your electronic transfers, contact us at the number or address listed below as soon as you can and include the information listed below. We must hear from you no later than 60 days after we sent the first statement on which the problem or error appeared.

By Telephone: 973-576-2002

By U.S. Mail: 129 Littleton Road, Parsippany, NJ 07054

By e-mail: [email protected]

    • Tell us your name and account number (if any).
    • Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information. Also please describe the steps you have take to resolve the discrepancy.
    • Tell us the dollar amount of the suspected error

If you tell us verbally, we may require that you send us your complaint or question in writing within 10 business days. We may require you to provide your complaint in the form of an affidavit. We will determine whether an error occurred within 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 your complaint or question. If we decide to do this, we will credit your account within 10** business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account.

If a notice of error involves an unauthorized transaction on your Visa debit card, other than a cash disbursement at an ATM, we will provide provisional credit to your account within 5 business days of your notification so you will have use of the money during the time it takes us to complete our investigation.*** However, we may delay providing provisional credit if the circumstances or account history warrants the delay, in which case we will provide provisional credit within ten (10) business days. We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will reverse the provisional credit to your account and send you a written explanation. You may ask for copies of the documents that we used in our investigation. See the Rates & Fees Schedule for any fees associated with such copies.

*For errors involving new accounts, point of sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. ** For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error. *** Does not apply to Non-Visa PIN-less transactions.

Termination. You may terminate this agreement by (1) notifying us in writing; and (2) destroying or returning your Card(s). We may terminate this agreement at any time by notifying you in writing. Termination does not affect any party's rights under this agreement regarding any transactions made before termination.

IMPORTANT SAFETY TIPS REGARDING THE USE OF ATM MACHINES. The following is a list of safety precautions that you should follow when using an ATM machine or night depository:

    • Be aware of your surroundings, particularly at night;
    • Consider having someone accompany you when using an ATM or Night Depository after dark;
    • If the ATM facility is equipped with a door, close it tightly before beginning your transaction, and do not allow anyone you don't know into the facility with you;
    • If another person is uncomfortably close to you at the time of your transaction, ask the person to step back before you complete your transaction;
    • Refrain from displaying your cash - place it in your pocket or purse as soon as the transaction is completed. Count your cash in the safety of a locked enclosure such as a car or home;
    • Use a different ATM or return at a later time if you notice anything suspicious while using or approaching the ATM. If you are in the middle of your transaction, cancel the transaction, take your card or deposit envelope, and leave;
    • If you are followed after completing your transaction, go to the nearest public area where people are present;
    • Do not write your personal identification number or code on your ATM card; and
    • Report all crimes immediately to the operator of the automated teller machine or to local law enforcement officials. If emergency assistance is needed, call the police from the nearest available public telephone. If you have complaints or concerns about the security of the ATM, contact the operator of the ATM, or the state banking department.

Funds Availability Policy Disclosure

Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit, unless they involve an International ACH Transaction.

See below for more information on International ACH Transactions. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.

Longer Delays May Apply

However, in some cases, the availability of funds may be delayed under the following circumstances.

Case-by-Case Holds: Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $225 of your deposits, however, will be available on the first business day after the date of deposit.

If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the 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.

Exception Holds: In addition, funds you deposit by check may be delayed for up to the 7th business day after the day of your deposit under the following circumstances:

  • We believe a check you deposit will not be paid.
  • You deposit checks totaling more than $5,525 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 computer or communications 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.

Holds on Other Funds

If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

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

Deposits at Automated Teller Machines

Funds from any deposits (cash or check) made at automated teller machines (ATMs) we do not own or operate will be available as follows:

The funds become available on the 5th business day after the day of your deposit. This rule does not apply to ATMs we own or operate.

All ATMs that we own or operate are identified as our machines. Funds from deposits made at automated teller machines (ATMs) we own or operate will follow the same availability schedule as making a cash deposit in person to one of our employees. These deposits may be available the first day after the day of deposit. Checks may be subject to longer holds the same as in person deposits as noted above.

Special Rules for New Accounts

If you are a new customer, the following special rules will apply during the first 30 days your account is open. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 of a day's total deposits of cashier's, certified, teller's, and federal, state and local government checks will be available on the next business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,525 will be available on the 9th 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 $5,525 will not be available until the second business day after the day of your deposit. Other exception holds may apply.

Funds from all other check deposits will be available on the 9th business day after the day of your deposit.

Business Days and Cut-off Times

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 6:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after that time or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

Garden Savings Federal Credit Union

129 Littleton Road

Parsippany, NJ 07054

973-576-2000

gardensavingsfcu.org

International ACH Transactions

International ACH Transactions (IAT) that are transmitted to or from any of your accounts may be identified and designated by us for review and examination under the Office of Foreign Assets Control Rules and Regulations (OFAC Rules). In such a case, settlement of the IAT may be delayed or suspended, and may be terminated under applicable OFAC Rules. You also acknowledge that we may be required to place an indefinite hold on funds covered by the IAT if the IAT is required to be terminated under OFAC Rules. You agree that any such delay is permissible under the laws applicable to the availability of funds held in deposit accounts. In the event an IAT is delayed or terminated, we will provide you such notice as may be required by applicable law.

Foreign Checks or Drafts

Checks drawn on financial institutions located outside the U.S. (foreign checks) cannot be processed the same as checks drawn on U.S. financial institutions. Foreign checks are exempt from the policies outlined in this disclosure. Generally, the availability of funds for deposits of foreign checks will be delayed for the time it takes us to collect the funds from the financial institutions upon which it is drawn.

Substitute Checks and Your Rights-Important Information about Your Checking Account

What Is a Substitute Check?

To make check processing faster, federal law permits financial institutions to replace original checks with "substitute checks." These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states:

"This is a legal copy of your check. You can use it the same way you would use the original check." You may use a substitute check as proof of payment just like the original check.

Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions.

What Are My Rights Regarding Substitute Checks?

In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).

The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to dividends on the amount of your refund if your account is a dividend- bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.

If you use this procedure, you may receive up to $2,500 of your refund (plus dividends if your account earns dividends) within 10 business days after we received your claim and the remainder of your refund (plus dividends if your account earns dividends) not later than 45 calendar days after we received your claim.

We may reverse the refund (including any dividends on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.

How Do I Make a Claim for a Refund?

If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us by phone at 973-576-2002, mail to 129 Littleton Road, Parsippany, NJ 07054, or email to [email protected] You must contact us within 45 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances.

Your claim must include -

A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect);

An estimate of the amount of your loss;

An explanation of why the substitute check you received is insufficient to confirm that you suffered a loss; and

A copy of the substitute check or the following information to help us identify the substitute check: identifying information, for example the check number, the name of the person to whom you wrote the check, the amount of the check.


Truth-in-Savings Disclosure

1. RATE INFORMATION - The annual percentage yield is a percentage rate that reflects the total amount of dividends to be paid on an account based on the dividend rate and frequency of compounding for an annual period. For Regular Share, Kids Club, IRA Accumulator, IRA Educational, Roth Accumulator, Money Market, Platinum, Money Market, Business Savings, Business Money Market, Student

Checking, Teen Checking, SHU Checking, Silver Checking and Senior Checking accounts, the dividend rate and annual percentage yield may change monthly as determined by the Credit Union’s Board of Directors. The dividend rates and annual percentage yields are the prospective rates and yields that the Credit Union anticipates paying for the applicable dividend period. High Yield Savings, IRA

Accumulator, IRA Educational, Roth Accumulator, Money Market, Platinum Money Market, and Business Money Market accounts are tiered rate accounts. Disclosed above are the balance ranges and corresponding dividend rates and annual percentage yields applicable to each tier. Once a particular range is met for tiered accounts, the dividend rate and annual percentage yield for that balance range will apply to the full balance of your account.

2. NATURE OF DIVIDENDS – After the required transfers to reserves at the end of the dividend period, all dividends are paid from current income and available earnings. The Platinum Checking account is a tiered rate account. If you meet the minimum qualification requirements during the monthly qualification cycle for the Platinum Checking account and your balance is $15,000.00 and greater, the first dividend rate and annual percentage yield listed for this account above will apply. If your balance is $14,999.99 or below, the second dividend rate and annual percentage yield will apply. Each dividend rate will apply only to that portion of the account balance within each balance range. If you do not meet all the qualification requirements during the monthly qualification cycle for the Platinum Checking account, the third dividend rate and annual percentage yield as listed above will apply to the entire balance in your Platinum Checking account. Platinum Checking accounts must meet the following account qualifications to earn the qualifying dividend rate and APY.

                 • Direct deposit or one (1) ACH per month;

                 • Ongoing enrollment in eStatements through Online Banking; and

                 • 12 point-of-sale (POS) transactions per month.

3. DIVIDEND COMOUNDING AND CREDITING – The compounding and crediting frequency of dividends and the dividend period applicable to each account are stated above. The dividend period for each account is the period of time at the end of which an account earns dividend credit. The dividend period begins on the first calendar day of the period and ends on the last calendar day of the period.

4. ACCRUAL OF DIVIDENDS – For all earning accounts, dividends will begin to accrue on noncash deposits (e.g. checks) on the business day you make the deposit to your account.

5. BALANCE INFORMATION – To open any account, you must deposit or already have on deposit the minimum required share(s) in a Regular Share account. Additional minimum opening deposit requirements may apply to some accounts. Disclosed above are the minimum balance requirements applicable to each type of account. For Money Market and Platinum Money Market, there is a minimum

daily balance required to earn the annual percentage yield disclosed for the dividend period. You will not earn the annual percentage yield stated herein if the minimum daily balance requirement is not met each day of the period. For accounts using the daily balance method as outlined above, dividends are calculated by applying a daily periodic rate to the principal in the account each day.

6. ACCOUNT LIMITATIONS – For Regular Share, Kids Club Savings, High Yield Savings, Holiday Club, Vacation Club, Money Market and Platinum Money Market, you may make no more than six (6)

transfers and withdrawals from your account to another account of yours or to a third party in any month by means of a preauthorized, automatic, or Internet transfer, by telephonic order or instruction, or by check, draft, debit card of similar order. Your account may be subject to a fee or may be closed if you exceed these limitations. For Holiday Club accounts, the entire balance will be paid to you by check or transferred to another account of yours on or after October 15 and the account will remain open. You may not make withdrawals from this account at any other time. However, if you wish to access the funds in your Holiday Club account, you may close it but you will forfeit all accrued, uncredited dividends. Any accrued dividends will be paid if you close the account within seven (7) days of the date you open it. For Vacation Club accounts, the entire balance will be paid to you by check or transferred to another account of yours on or after May 15 and the account will remain open. You may make one (1) withdrawal from your account at any other time. If you wish to access the funds in your Vacation Club exceeding the one (1) withdrawal, you may close it but you will forfeit all accrued, uncredited dividends. Any accrued dividends will be paid if you close the account within seven (7) days of the date you open it. For IRA Accumulator, IRA Educational, Roth Accumulator, Basic Checking, Student

Checking, Teen Checking, SHU Checking, Senior Checking, Silver Checking, and Platinum Checking, no limitations apply.

7. MEMBERSHIP – As a condition of membership, you must purchase and maintain the minimum required share(s) as set forth below.

Par Value of One Share: $5.00 / Number of Shares Required: 1

8. RATES – The rates appearing with this Schedule are accurate as of the effective date indicated on the Truth-in-Savings Disclosure. If you have any questions or require current rate information on your accounts, please call the Credit Union

9. FEES – See separate fee schedule for a listing of fees and charges applicable to your account(s).


Regulation D (aka Reg D) and what it means to you.

To control the supply of money available in the U.S. and financial institutions’ reserve requirements, the Federal Reserve Board created Reg D and account classifications. This is a Federal Regulation that affects all financial institutions.

How does the Regulation affect you?

Reg D regulates all types of savings accounts including primary share savings, special savings, money market savings, holiday, and vacation savings accounts. The basic rule states that a depositor may make no more than six “covered” transfers or withdrawals from the account in a calendar month. There is no limit on “non-covered” transfers or withdrawals.

What are “covered” transfers?

No more than six (6) covered transfers or withdrawals are allowed per month. Covered transactions include:

  • Pre-authorized transfers (either to another account or to a GSFCU account)
  • Online transfers through GSFCU’s home banking system
  • Telephone transfers through audio responseor over the phone with Member Services
  • ACH debits
  • Checks written on a Money Market Savings account
  • Withdrawal checks payable to a 3rd party
  • Automatic transfers to cover items in your checking account (checks, drafts, debit cards, ATM withdrawals, or similar items)

What are “non-covered” transfers?

The following are NOT limited by the Regulation:

  • Withdrawal checks payable to you
  • One-time or automatic transfers to loans and/or VISA (payments) at GSFCU
  • Transfers from a GSFCU overdraft Personal Line of Credit (loan)
  • Transfers made to another account that done in person, by mail (signed), or at an ATM

What happens if I reach the limit of 6 and a checking account transaction triggers a request for an overdraft protection transfer from savings?

Once the limit is met, all “covered” transactions will be rejected (including savings overdraft protection). Your checking account transaction will be subject to the Credit Union’s Non-Sufficient Funds (NSF) fee and possibly the other institution’s fee (properly authorized debit card transactions are guaranteed and may be processed with the applicable NSF fee). Members who qualify for Courtesy Pay for their checking account and have not opted out may have their item paid within the program’s limits and the Courtesy Pay fee would apply. This means that even if you have the funds available in your savings (deposit) account, once the withdrawal limit of 6 is reached no more covered withdrawals can be made until the next month.

What can I do to avoid fees?

  • You can make “non-covered” transfers once your regulation limit of 6 covered transactions has been met. To avoid fees, this must be done prior to an item being returned or a Courtesy Payitem being paid and fees assessed.
  • You can apply online for a personal line of credit (Overdraft Protection Loan) which may be used for overdraft protection for a checking account.

If you have additional questions please call Member Services at 800-576-2000.


Important Information Regarding Conducting Your Transactions On-Line

Click here to download our brochure


Overdraft / Courtesy Pay Disclosure

 

STANDARD OVERDRAFT PROTECTION

What is an overdraft?

An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway. We can cover your overdrafts in two different ways:

  1. We have standard overdraft practices called Courtesy Pay that come with your account and Courtesy Pay Plus, for which you can opt-in.
  2. We also offer overdraft protection plans, such as a link to your other accounts, which may be less expensive than our standard overdraft practices. For more information, see “Overdraft Protection Plans” on Page 2.

This notice explains our standard overdraft practices under Courtesy Pay and Courtesy Pay Plus.

What are the standard overdraft practices?

Once eligible for Courtesy Pay, we do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you opt-in to Courtesy Pay Plus (see below):

  • ATM Transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged?

Under our Courtesy Pay and if you opt-in to our Courtesy Pay Plus program:

  • We will charge you a fee of $30 each time we pay an overdraft.
  • We will charge you a fee of $30 each time we decline a transaction due to Uncollected Funds.
  • There is no limit on the total fees we can charge you for overdrawing your account.
  • Based on your deposit history, we may pay overdrafts up to $1,000. The amount of Courtesy Pay available can change daily based on your deposit history for the prior 30 days.
  • Under Courtesy Pay Plus we will not charge a fee on overdrafts caused by items presented for $5.00 or less. 

If you do not opt-in to our standard overdraft practices:

  • We will charge you an NSF fee of $30 each time we reject an item*.

* A particular item may be presented for payment multiple times. You may be charged an NSF or overdraft fee for each presentment.

What if I want you to authorize and pay overdrafts?

If you want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call 973-576-2002, visit gardensavingsfcu.org, or complete the form below and present it at a branch, or mail it to: 129 Littleton Road, Parsippany, NJ 07054.

You have the right to revoke your consent at any time by contacting us at the above addresses/phone number(s).

 

OVERDRAFT PROTECTION PLANS

You may choose an overdraft protection plan that “links” your accounts in order to cover your overdrafts. Please see "IMPORTANT TERMS REGARDING OVERDRAFTS" for other important information regarding the terms and conditions of our overdraft programs.

How does it work?

You can tell us to “link” a savings or loan account to your checking account, so if you cause an overdraft, we will transfer money from your linked account to pay the overdraft. If there’s not enough money in any of your linked accounts, we will follow your instructions for Standard Overdraft Practices .

What fees will I be charged?

If you initiate the transfer of funds online or by any other method, there is no fee charged. What fees will I be charged?

If you have no money available in any of your linked accounts:

  • An NSF fee of $30 each time we reject an item, if you have told us to reject items; or
  • An overdraft fee of $30 each time we pay an item, if you have authorized us to pay overdrafts using our Standard Overdraft Practices. 

Also note:

  • There is no limit on the total fees we can charge you for overdrawing your account.
  • We may increase fees at any time. See our fee schedule for the most current fees.

 

IMPORTANT TERMS REGARDING OVERDRAFTS

The following terms apply when overdrafts occur on your accounts, regardless of which overdraft service or protection program you choose. This document is incorporated into your Membership and Account Agreement as if fully set forth therein. If the terms of this document are in conflict with terms described in your Membership and Account Agreement, the terms of this document will control. By signing the document entitled, “What You Need to Know About Overdrafts and Overdraft Fees”, and by using your checking account, you agree to the following.

Understanding Your Obligations Regarding Overdrafts

  • We use available balance to determine whether you incur overdrafts and associated fees.
  • The law permits us to pay items drawn on your account in any order, even if the order in which we pay items causes an overdraft. However, it is the policy of this credit union to pay low-to-high by dollar amount when processing the order of payments. We may honor any item or instruction even if it creates an overdraft or negative balance in your account or if it violates any minimum balance requirement or other requirements of the account, in which case you agree to pay all fees, penalties or other charges imposed on you as well as costs incurred by us.
  • Online postings and transactions are not made, and balance information is not updated, in real time or instantaneously.
  • Any item or transaction may be presented multiple times, and we have no control over this. Each presentment will be charged a separate overdraft or NSF fee even if it is on the same item.
  • Preauthorization holds for debit card transactions placed on sufficient available funds do not guarantee that an overdraft or NSF item will not occur. Transactions may occur after the preauthorization hold that reduces the balance before the final debit card transaction posts to the account (e.g., a previously written check may clear). In such case, you will be charged an overdraft or NSF fee.
  • Preauthorization holds for debit card transactions will be released around the same time but not necessarily on the same date that the debit card transaction posts to your account.
  • Having the ability to overdraw, even if you have overdraft protection, does not relieve you of your duty to make sure you have enough money in your account to cover your transactions.
  • Excessive or repeated overdrafts can lead to suspension or termination of your checking account.
  • It is your responsibility to monitor and balance your accounts. You are responsible for any overdrafts caused by you or any joint owner on your account. You must repay any overdraft amounts and bring your accounts current within 45 calendar days.
  • If your account remains negative after 45 days it may be charged off and reported to ChexSystems, a check verification service and consumer credit reporting agency
  • We do not have to notify you if your account does not have enough money to cover drafts, fees or other posted items.
  • We may not pay your overdrafts if you are not in good standing with us. Good standing means:
    • You have an account with us for at least 30 days
    • You are age 18 or over
    • You keep or bring the account to a positive balance at least once every 45 days
    • You are current on all loans and obligations
    • You have no past charge-offs that have not been fully recovered
    • There are no tax levies, garnishments, or other legal action against your account(s)
    • The amount available to cover standard overdrafts will depend on your deposit history over the prior 30 days.
  • We reserve the right to change fees, change programs, or discontinue programs at any time.

NOTE: We have the right to refuse to pay any overdraft in any given situation for any reason. When you tell us how you want overdrafts paid, you are telling us your preference. It does not mean that overdrafts will automatically be paid. You must repay all overdraft amounts.

Courtesy Pay & Courtesy Pay Plus are Discretionary ProgramsThese discretionary programs allow the credit union the sole discretion to pay or not pay share drafts, ACH/electronic items, debit card transactions or ATM transactions for you when funds are not available in your account.
It is the obligation of the Credit Union to operate in accordance with all safety and soundness standards. Therefore, a continual evaluation of all accounts is performed to determine if it is financially sound to pay items that may cause an overdraft situation for a particular account. The account criteria evaluated are:

  • Age of Account
  • Deposit Balances & Regularity
  • Previous Overdraft Activity
  • Account Status relating to any legal or administrative order or levy
  • Status of Loan Obligations with the Credit Union

The Credit Union is not obligated to cover any items, defined as share drafts, ATM withdrawals, Point of Sale (POS) or debit card transactions, preauthorized debits, or any other electronic transactions, presented for payment if the account does not contain sufficient collected and/or available funds. Furthermore, service charges assessed for items presented against the account, does not obligate the Credit Union to pay said request for funds, nor does it obligate the Credit Union to provide prior written notice of the decision to refuse payment.


Understanding your "available balance" versus "actual balance"

Your checking account has two kinds of balances:  an “actual balance”, and an “available balance”. Both balances will change with any given check, debit card, or other transaction as you use your checking account.


What is “actual balance”?

Your “actual balance” is the actual amount of money in your account at any given moment in time. It may be referred to on your statement as “current balance” or simply “balance”. It reflects items that have been fully processed and actually posted to your account but not transactions that are still processing or “pending”. Some people say these transactions “have cleared my account”.


What is “available balance”?

Your “available balance” is usually a different number than your “actual balance”. Your “available balance” is the portion of your actual balance that is available for immediate withdrawal or to pay other debit items; it takes into account standard funds availability holds under our Funds Availability Policy, as well as any pending debits and credits we have received but not yet posted to your account (for example, preauthorized debit card transactions, pending checks, transfers, withdrawals, or other holds on your account). Items still in process or on hold may be referred to as “pending” on your online banking. The available balance changes throughout the day as transactions occur. It is important that you know that not all transactions are processed in the order in which they occur. The order in which transactions are processed by us can affect your available balance and the fees that you incur for overdrafts.

  • Real time transactions - these are posted against your account at the time of the transaction.
    • ATM withdrawals
    • Branch Transactions
    • Debit Card POS Transactions that merchants have presented to us for payment
    • One time transfers between GSFCU accounts
  • Batch transactions - these are posted periodically throughout the day. When more than one transaction is included in a batch they will be processed in order from the  lowest dollar amount to the highest dollar amount.
    • ACH Debits
    • Share Drafts
    • Recurring Account Transfers

Available balance is the amount of money you have in your account that is available for you to use without incurring an overdraft fee. This is the number you should use when determining whether any of your items or transactions will cause you to overdraw your account.
The following examples show how your balances work and how an overdraft can occur:

  • Assume you have an actual balance of $100 and an available balance of $100. (This means that all transactions have cleared and you have no pending transactions because you haven’t used your account). Now, if you swipe your debit card at a restaurant for $35, a hold will be placed on your account as the transaction is processed, and your available balance will be reduced to $65.00. Your actual balance, however, remains $100 until that transaction is actually posted to your account.
    Now assume that a week prior to the transaction at the restaurant, you had written a check to your friend for $75. She cashes it while your available balance is $65.00. This will cause an overdraft on your account because the check is for more than the available balance, even though the $35 restaurant transaction has not yet posted to your account. The total transactions were$35 (restaurant) + $75 (check) = $110, when your balance was only $100. Once both transactions are posted to your account, your actual balance will be negative $10 and your available balance will be $0.00. You will need to deposit more money into your account to avoid further overdrafts and fees.
  • Assume you just deposited a large check (over $5,000) into your checking account this morning. Under federal regulations, we can delay availability of those funds for a certain number of days. If we do so, we will notify you at the time you make the deposit. Until the deposited funds have cleared and the hold has been lifted, you will not have those funds as part of your available balance. So, if your available balance at the time you deposit a $6,000 check is $100, your available balance will still be $100 until the hold is lifted. If you had written a check for $4,000 last week and that check is posted before the hold on the$6,000 deposit is lifted, an overdraft will occur.

Reliability of Your Available Balance

You can view your both your actual balance and available balance online. The available balance and actual balance listed may not be completely accurate at any given time you view it because it may not yet reflect any pending items, e.g., you may have written checks that have not been cashed or deposited yet or you may have preauthorized recurring payments that haven’t processed yet.
You should keep all outstanding items in mind when determining your balance for overdraft purposes. It is your responsibility to know what transactions you may still have outstanding.


Will a debit card transaction hold always be the exact same amount as the actual transaction?

No. Some merchants, particularly gas stations, hotels, car rental agencies, and sometimes restaurants will preauthorize an amount greater than your actual transaction. For example, gas stations may preauthorize up to $75.00 because they don’t know how much gas you will buy at the time you swipe your card. This hold should only last a few hours before it is released and the actual transaction amount is known. This actual amount is often referred to as the “final settlement request” by the merchant to the bank.
A hotel may preauthorize an amount equal to one night’s stay, and can hold that amount for up to 72 hours at the time you make reservations. When you check in, it can also place another authorization to cover any incidental expenses you may incur during your stay. Once you check out and the hotel processes the transaction, the actual amount that you incur (final settlement) will be posted.
Car rental agencies can also preauthorize an amount greater than the rental to cover any incidental expenses you may incur and will process the actual amount (final settlement) once you return the vehicle and the rental contract is completed.


Consent to Electronic Receipt of Statements and Other Communications

“eStatement Consent Disclosure”

Please read this eStatement Consent Disclosure carefully and keep a copy for your records.

Garden Savings Federal Credit Union (“we”, “us”, or “GSFCU”) is required by law to provide to you certain written periodic statements, notices and other communications.  Described below are the terms and conditions for receiving those communications electronically from GSFCU, as required by the Federal Electronic Signatures in Global and National Commerce Act (“ESIGN”).  

Consent to Electronic Delivery of Statements and Other Communications

You are consenting to receive the following communications electronically:  statements, disclosures, notices, agreements, changes to terms and conditions, fee schedules, records, documents, and other information we provide to you (collectively, the “Communications”).  By consenting to enroll in electronic delivery of Communications you are agreeing to electronically receive all of the types of Communications that GSFCU is able to provide in an electronic format.  The types of documents available electronically are subject to change, and if additional Communications become available in electronic format, you agree to receive those Communications electronically.  Your consent remains in effect until you give us notice that you are withdrawing it.  You also agree that GSFCU does not need to provide you with an additional paper (non-electronic) copy of the Communications disclosed herein, unless specifically requested.

Your consent covers all Communications, as described above, relating to any product offered by GSFCU, either now or in the future.  We may always, in our sole discretion, provide you with any Communication in writing, even if you have chosen to receive it electronically. 

Examples of Communications to be provided in Electronic Form

Examples of Communications to be provided in electronic form include, but are not limited to, the following:

  • Periodic Account Statements
  • Monthly Credit Card Billing Statements
  • Fee Schedules
  • Privacy Notices
  • Notices of Amendments to any of your Agreements with GSFCU
  • Disclosures and Notices for all Products Offered by GSFCU
  • Annual Tax Statements

Paper Deliver of Disclosures and Notices

You have the right to receive a paper copy of the Communications sent electronically.  To receive a paper copy, please request it in one of the following ways:  send an email message with your name and mailing address to [email protected], call us at 973-576-2002, and speak to the Member Services Representative or write to Garden Savings Federal Credit Union, 129 Littleton Road, Parsippany, NJ  07054, with your name and mailing address.  Be sure to state that you are requesting a copy of the statements, disclosures, notices, etc.  You may have to pay a fee for the paper copy unless charging a fee is prohibited by applicable law.  Please refer to the applicable agreement for any fee that may apply for paper copies.

Withdrawal of Electronic Acceptance of Disclosures and Notices 

You can contact us in any of the ways described in the preceding paragraph to withdraw your consent to receive any future Communications electronically.

Requirements to Access and Retain Information

In order to receive and retain electronic Communications, you must provide, at your own expense, an Internet connected device that is compatible with GSFCU’s Online Banking products.  Your device must meet the minimum requirements outlined below.  You also confirm that your device will meet these specifications and requirements and will permit you to access and retain the disclosures and notices electronically each time you access and use the GCFCU Online Banking products.  You must also have an active email address.  It is your responsibility to provide and maintain current email contact information with us.  You can update your email address through Online Banking or by calling us at 973-576-2002 and speaking to a Member Services Representative. 

To receive and retain electronic Communications from GSFCU, you must have the following equipment and software:

  • Browsers:Latest stable release (except where noted) of Internet Explorer® (8.0 or above, compatibility mode is supported only for 9.0 and above); Windows Edge; Mozilla® Firefox®, Safari™, Google Chrome®. Pre-release (e.g., beta) versions of operating systems and browsers are not supported. 
  • Mobile Web Signing: Apple iOS® 7.0 or above. Android™ 4.0 or above.
  • Mobile Applications: Apple iOS® 8.0 and above; Android™ 4.0 and above; Windows 8.1 and above; Windows 10; Windows Phone 8.1.
  • PDF Reader: PDF reader software may be required to view and print PDF files available at http://get.adobe.com/reader.
  • Screen Resolution: 1024 x 768 minimum.
  • Enabled Security Settings: Allow per session cookies. 

These minimum requirements are subject to change from time to time and it is the Subscriber's responsibility to comply with these requirements as they change. The most current system and software requirements are available on DocuSign's public website.


Important Information Regarding Procedures for Opening a New Account

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

That this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.


Remote Deposit Capture Disclosure

Mobile Deposit is designed to allow you to make deposits of checks ("original checks") to your accounts from home or other remote locations by scanning the original checks and delivering the digital images and associated deposit information ("images") to us or our processor with your Mobile Device. After you login to Mobile Banking, you may apply for Mobile Deposit.

Limits. We may establish limits on the dollar amount and/or number of items or deposits from time to time. If you attempt to initiate a deposit in excess of these limits, we may reject your deposit. If we permit you to make a deposit in excess of these limits, such deposit will still be subject to the terms of this Agreement, and we will not be obligated to allow such a deposit at other times.

Eligible items. You agree to scan and deposit only checks (i.e., drafts drawn on a credit union, savings and loan or bank and payable on demand.)

You agree that you will not use Mobile Deposit to deposit:

  • Checks payable to any person or entity other than you (i.e., payable to another party and then endorsed to you).
  • Checks payable to you and another party who is not a joint owner on the account.
  • Checks that contain evidence of alteration, or that you know or suspect, or should know or suspect, are fraudulent or otherwise not authorized by the owner of the account on which the check is drawn.

Requirements. Each image must provide all information on the front and back of the original check at the time presented to you by the drawer, including, but not limited to, information about the drawer and the paying bank that is preprinted on the original check, MICR information, signature(s), any required identification written on the front of the original check and any endorsements applied to the back of the original check. The image quality must meet the standards established by the American National Standards Institute, the Board of Governors of the Federal Reserve, and any other regulatory agency, clearing house or association.

Endorsements must be made on the back of the share draft or check within 1 1/2 inches from the top edge, although we may accept endorsements outside this space. Your endorsement must include your signature and "For mobile deposit to GSFCU". Any loss we incur from a delay or processing error resulting from an irregular endorsement or other markings by you will be your responsibility.

A check payable to two payees must be endorsed by both payees. If the check is payable to you or your joint owner, either of you can endorse it. If the check is made payable to you and your joint owner, both of you must endorse the check.

Receipt of Deposit. All images processed for deposit through Mobile Deposit will be treated as "deposits" under your current Account Agreement with us and will be subject to all terms of the Account Agreement. When we receive an image, we will confirm receipt via email to you. We shall not be deemed to have received the image for deposit until we have confirmed receipt to you. Confirmation does not mean that the image contains no errors. We are not responsible for any image that we do not receive.

Following receipt, we may process the image by preparing a "substitute check" or clearing the item as an image.

We reserve the right, at our sole and absolute discretion, to reject any image for remote deposit into your account. We will notify you of rejected images.

Original checks. After you receive confirmation that we have received an image, you must securely store the original check for 60 calendar days after transmission to us and make the original check accessible to us at our request. Upon our request from time to time, you will deliver to us within 10 calendar days, at your expense, the requested original check in your possession. If not provided in a timely manner, such amount will be reversed from your account. Promptly after such period expires, you must destroy the original check by first marking it "VOID" and then destroying it by cross-cut shredding or another commercially acceptable means of destruction. After destruction of an original check, the image will be the sole evidence of the original check.

You agree that you will never re-present the original check. You understand that you are responsible if anyone is asked to make a payment based on an original check that has already been paid.

Returned Deposits. Any credit to your account for checks deposited using Mobile Deposit is provisional. If original checks deposited through Mobile Deposit are dishonored, rejected or otherwise returned unpaid by the drawee bank, or are rejected or returned by a clearing agent or collecting bank, for any reason, including, but not limited to, issues relating to the quality of the image, you agree that an original check will not be returned to you, but that we may charge back the amount of the original check and provide you with an image of the original check, a paper reproduction of the original check or a substitute check. You will reimburse us for all loss, cost, damage or expense caused by or relating to the processing of the returned item. Without our approval, you shall not attempt to deposit or otherwise negotiate an original check if it has been charged back to you.

We may debit any of your accounts to obtain payment for any item that has been rejected or returned, for any adjustment related to such item or for any warranty claim related to such item, whether or not the rejection, return, adjustment or warranty claim was made timely.

Your Warranties. You make the following warranties and representations with respect to each image:

  • Each image is a true and accurate rendition of the front and back of the original check, without any alteration, and the drawer of the check has no defense against payment of the check.
  • The amount, payee(s), signature(s), and endorsement(s) on the image and on the original check are legible, genuine, and accurate.
  • You will not deposit or otherwise endorse to a third party the original check and no person will receive a transfer, presentment, or return of, or otherwise be charged for, the original check or a paper or electronic representation of the original check such that the person will be asked to make payment based on an item that has already been paid.
  • There are no other duplicate images of the original check.
  • The original check was authorized by the drawer in the amount stated on the original check and to the payee(s) stated on the original check.
  • You are authorized to enforce and obtain payment of the original check.
  • You have possession of the original check and no party will submit the original check for payment.

With respect to each image, you make to us all representations and warranties that we make or are deemed to make to any party pursuant to law, regulation or clearinghouse rule. You agree that files and images transmitted to us will contain no viruses or any other disabling features that may have an adverse impact on our network, data, or related systems.

Compliance with Law. You will use Mobile Deposit for lawful purposes and in compliance with all applicable laws, rules and regulations. You warrant that you will only transmit acceptable items for deposit and have handled the original items in accordance with applicable laws, rules and regulations.

Mobile Deposit Unavailability. Mobile Deposit may be unavailable temporarily due to system maintenance or technical difficulties, including those of the Internet service provider, cellular service provider and Internet software. In the event that Mobile Deposit is unavailable, you may deposit original checks at our branches or through our ATMs.

Funds Availability. For purposes of funds availability, Mobile Deposits are considered deposited at a branch of ATM of this financial institution.. Mobile Deposits confirmed as received before close of business on a business day will be credited to your account within 24 hours of receipt. Deposits confirmed received after close of business, and deposits confirmed received on holidays or days that are not business days will be credited to your account within 24 hours of the following business day. Funds will be available as described in our Funds Availability Disclosure.

Mobile Deposit Security. You will complete each deposit promptly. If you are unable to complete your deposit promptly, you will ensure that your mobile device remains securely in your possession until the deposit has been completed. It is your responsibility to establish and maintain procedures to safeguard against unauthorized deposits. You will notify us immediately by telephone with written confirmation if you learn of any loss or theft of original checks. You will ensure the safety and integrity of original checks from the time of receipt until the time of destruction. If warranted in our reasonable judgment, we may audit and monitor you, and you agree to cooperate with us to permit such monitoring, to confirm that you have satisfied your obligations under this Agreement.

Your Responsibility. You are solely responsible for the quality, completeness, accuracy, validity and integrity of the image. You are solely responsible if you, intentionally or unintentionally, submit fraudulent, incorrect or illegible images to us or if Mobile Deposit is used, by authorized or unauthorized persons, to submit fraudulent, unauthorized, inaccurate, incorrect or otherwise improper or unusable images to us.

In addition you agree that you will not modify, change, alter, translate, create derivative works from, reverse engineer, disassemble or decompile the technology or Service, copy or reproduce all or any part of the technology or Service; or interfere, or attempt to interfere, with the technology or Service. We and our technology partners, inclusive of, but not limited to, Digital Insight. and Ensenta Software, LLC, retain all rights, title and interests in and to the Services, Software and Development made available to you.

Accountholder's Indemnification Obligation. You understand and agree that you are required to indemnify us and hold us harmless against any and all claims, actions, damages, liabilities, costs, and expenses, including reasonable attorneys' fees and expenses arising from your use of the Services and/or breach of this Disclosure and Agreement. You understand and agree that this paragraph shall survive the termination of this Agreement.

You understand and agree that you are required to indemnify our technology partners, including but not limited to Digital Insight (Digital Insight) and Ensenta (Ensenta), and hold harmless Digital Insight, its affiliates, officers, employees and agents, as well as Ensenta, its affiliates, officers, employees, and agents, from and against any third party claims, suits, proceedings, actions or demands, including to claims of another financial institution, business entity or governmental authority, and all losses, liabilities, damages, fines, penalties, costs and expenses, including court costs and reasonable attorney fees and expenses, arising from such claims, to the extent such claim is related to FI or End User's use of the Services, Ensenta or Digital Insight Applications, unless such claim directly results from an action or omission made by Digital Insight or Ensenta in bad faith. You understand and agree that this paragraph shall survive the termination of this Agreement.

DISCLAIMER OF WARRANTIES. YOU AGREE THAT YOUR USE OF ANY REMOTE BANKING SERVICE AND ALL INFORMATION AND CONTENT (INCLUDING THAT OF THIRD PARTIES) IS AT YOUR RISK AND IS PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. WE DISCLAIM ALL WARRANTIES OF ANY KIND AS TO THE USE OF ANY REMOTE BANKING SERVICE, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. WE MAKE NO WARRANTY THAT ANY REMOTE BANKING SERVICE WILL MEET YOUR REQUIREMENTS OR WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE. WE MAKE NO WARRANTY THAT THE RESULTS THAT MAY BE OBTAINED WILL BE ACCURATE OR RELIABLE OR THAT ANY ERRORS IN ANY REMOTE BANKING SERVICE OR TECHNOLOGY WILL BE CORRECTED.

LIMITATION OF LIABILITY. YOU AGREE THAT WE WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER LOSSES INCURRED BY YOU OR ANY THIRD PARTY ARISING FROM OR RELATED TO THE USE OF, INABILITY TO USE, OR THE TERMINATION OF THE USE OF ANY REMOTE BANKING SERVICE, REGARDLESS OF THE FORM OF ACTION OR CLAIM (WHETHER CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE), EVEN IF WE HAVE BEEN INFORMED OF THE POSSIBILITY THEREOF, EXCEPT AS OTHERWISE REQUIRED BY LAW.

Financial Information. You must inform us immediately of any material change in your financial circumstances or in any of the information provided in your Application for any Remote Banking services. You agree to provide us any financial information we reasonably request during the term of this Agreement. You authorize us to review your history from time to time.