Disclosures

Home Banking

Introduction

This page explains the terms and conditions for using our Internet Home Banking Service and provides certain disclosures and information to you concerning the service. Each of your accounts at the Great Meadow FCU is also governed by the applicable account disclosure/agreement and Truth-In-Savings disclosure you received when you opened your account.

How to Access Your Accounts

To access your accounts through our Internet Home Banking service, you must have your Internet Home Banking username and an Internet Home Banking Password. This information is requested when you enter our home banking pages.

The password that is used to gain access to your information should be kept confidential, just as you would keep other PIN numbers and security codes confidential. For your protection we recommend that you change your home banking access password regularly. It is recommended that you memorize this password and do not write it down. You are responsible for keeping your password, account numbers and other account data confidential. If you believe that your password may have been lost or stolen, or that someone has transferred or may transfer money between your accounts without your permission, notify Great Meadow FCU at once at (518) 642-8100. You cannot use E-mail to initiate transactions, change information or inquire on your account(s). We will not respond to these types of requests via E-mail since we cannot be certain we are corresponding with you. Please use the appropriate functions within our Internet Home banking service, call (518) 642-8100 or visit a branch office for these requests.

Business Day Operating Systems and Security

Our Internet home banking site is designed to operate using the World Wide Web technologies and protocols, which are adaptable to a wide range of systems. The home banking section use SSL encryption and requires a browser with the ability to use SSL encrypted connections. Some older browsers may not be able to connect to the site without first updating the browser. After the time out period, you will need to log in again. Remember, most browsers will let you use a BACK button to view previously visited documents, even if your viewing authority has expired. For this reason, the only way to keep others from viewing your account balance is to logout from the Internet Home Banking service. An idle connection will time out, and automatically log you out. Time Out is set for: 5 minutes

Liability for Unauthorized Transfers

Notify Great Meadow FCU immediately if you believe your password has been lost or stolen and immediately change your password from within the home banking section. Calling is the best way to notify us immediately. If you tell us within two (2) business days, you can lose no more than $50 if someone used your password without your permission. If you do NOT tell us within two (2) business days after you learn of the loss or theft of your password, and we can prove we could have stopped someone from using your password without your permission if you had told us, you could lose as much as $500. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money you lost after the sixty (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 kept you from telling us, we will extend the time periods. If you believe your password has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call: (518) 642-8100 Or write: Great Meadow FCU PO Box 8 Granville, NY 12832

Statements

All transactions generated by you through our home banking service and any home banking fees will appear on your monthly or quarterly statement.

Our Liability

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

If circumstances beyond our control (such as fire or flood) prevent the transfer despite reasonable precautions that we have taken.

We shall not be responsible for any other loss, damage or injury whether caused by the equipment, software and/or the home banking service, nor shall we be responsible for any direct, indirect, special or consequential damages arising in any way out of the installation, use or maintenance of your equipment, software and/or service, except where the law requires a different standard. We do not make any warranties concerning the equipment, the software or any part thereof, including, without limitations, any warranties of fitness for a particular purpose or warranties of merchantability.

Errors and Questions

In case of errors or questions about your electronic transfers, telephone us at (518)642- 8100 or write us at the above address as soon as you can. We must hear from you no later than sixty (60) days after your learn of the error. You will need to tell us:

Your name and account number;
Why you believe there is an error and the dollar amount involved;
Approximately when the error took place.

If you tell us orally, we will require that you send us your complaint or question in writing within ten (10) business days. We will tell you the results of our investigation within ten (10) business days and correct any error promptly. If we need more time, we may take up to forty-five (45) days to investigate the complaint, but you will have the use of the funds in question after the ten (10) business days. When we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your account during the investigation.

If we decide that there was no error, we will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.

If you need more information about our error resolution procedures, call us at the telephone number shown above.

Truth-In-Savings Disclosure

The rates, fees and terms applicable to your account at the Credit Union are provided with this Truth-In-Savings Disclosure. The Credit Union may offer other rates for these accounts from time to time.

	Savings	Youth Savings	Money Market	Checking
Dividend Rate/Annual Percentage Yield (APY)	Varies/Varies	$0.00 to $500.00 $500.01 or greater	$0.00 to $2,500.00 $2,500.01 to $25,000.00 $25,000.01 to $50,000.00 $50,000.01 to $150,000.00 $150,000.01 or greater	–
Dividends Compounded	Quarterly	Quarterly	Monthly	–
Dividends Credited	Quarterly	Quarterly	Monthly	–
Dividend Period	Quarterly (Calendar)	Quarterly (Calendar)	Monthly (Calendar)	–
Minimum Opening Deposit	$15.00	$15.00	$2,500.00	–
Minimum Balance to Avoid a Service Fee	–	–	–	–
Minimum Balance to Earn the Stated APY	$100.00	–	–	–
Balance Method to Calculate Dividends	Average Daily Balance	Average Daily Balance	Average Daily Balance	–
Account transfer and withdrawal limitations apply.	Account transfer and withdrawal limitations apply.	Account transfer and withdrawal limitations apply.	–

Funds Availability Policy

Description of Deposit	When Funds can be withdrawn by cash or check, under normal circumstances
The first $100 of any check Cash Wire Transfers and pre-authorized credits Checks drawn on GMFCU Loan Payments Cashier’s, certified, and teller’s checks US Treasury Checks State and Local Government Checks	Will usually be available immediately
The next $125 of any check	Will usually be available the FIRST business day after the day of the deposit
The remaining amount of any check (other than those listed above)	Will usually be available the SECOND business day after the day of the deposit

All items must be deposited in person, in an amount held by the payee(s) of the item, otherwise it could extend the availability of the funds.

GMFCU may place an exception hold where the transaction involves reasonable belief that the check may be uncollectible, some examples are repeated overdrafts, deposits exceeding $5,525, re-deposited items, uncollectible items, emergency conditions, or new accounts. Maximum hold for exceptions is 7 business days (9 for new accounts)

GMFCU has the right to deny any check deposit where evidence suggests forgery or fraud.

Any deposits (cash or checks) made at an ATM that GMFCU does not own or operate will not be available until the 5th business day after the date of deposit.

Change in terms

Account Disclosures

Except as specifically described, the following disclosures apply to all of the accounts. All accounts described in this Truth-in-Savings Disclosure are share accounts.

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 Savings, Secondary Share Savings, and Youth Savings accounts, the dividend rate and annual percentage yield may change quarterly as determined by the Credit Union’s Board of Directors. For Money Market accounts, the dividend rate and annual percentage yield may change at any time as determined by the Credit Union’s Board of Directors. The dividend rates and annual percentage yields are the rates and yields as of the last dividend declaration date that is set forth in the Rate Schedule. Youth Savings and Money Market accounts are tiered rate accounts. The balance ranges and corresponding dividend rates and annual percentage yields applicable to each tier are disclosed in the Rate Schedule. For Youth Savings and Money Market accounts, each dividend rate will apply only to that portion of the account balance within each balance range.

Nature of Dividends

Dividends are paid from current income and available earnings after required transfers to reserves at the end of the dividend period.

Dividend Compounding and Creating

The compounding and crediting frequency of dividends and the dividend period applicable to each account are stated in the Rate Schedule. The dividend period 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.

Accrual of Dividends

For all earning accounts, dividends will begin to accrue on non-cash deposits (e.g. checks) on the business day you make the deposit to your account. For Savings, Secondary Share Savings, Youth Savings, and Money Market accounts, if you close your account before accrued dividends are credited, you will not receive the accrued dividends.

Balance Information

To open any account, you must deposit or already have on deposit the minimum required share(s) in a Savings account. Some accounts may have additional minimum opening deposit requirements. The minimum balance requirements applicable to each account are set forth in the Rate Schedule. For Savings, Secondary Share Savings, and Money Market accounts, there is a minimum average daily balance required to earn the annual percentage yield disclosed for the dividend period. If the minimum average daily balance requirement is not met, you will not earn the annual percentage yield stated in the Rate Schedule. For accounts using the average daily balance method as stated in the Rate Schedule, dividends are calculated by applying a periodic rate to the average daily balance in the account for the dividend period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Fees for Overdrawing Accounts

Fees for overdrawing your account may be imposed on each check, draft, item, ATM transaction and one-time debit card transaction (if member has consented to overdraft protection plan for ATM and one-time debit card transactions), preauthorized automatic debit, telephone initiated withdrawal or any other electronic withdrawal or transfer transaction that is drawn on an insufficient available account balance. The entire balance in your account may not be available for withdrawal, transfer or paying a check, draft or item. You may consult the Funds Availability Policy Disclosure for information regarding the availability of funds in your account. Fees for overdrawing your account may be imposed for each overdraft, regardless of whether we pay or return the draft, item or transaction. If we have approved an overdraft protection limit for your account, such fees may reduce your approved limit. Please refer to the Fee Schedule for current fee information.

For ATM and one-time debit card transactions, you must consent to the Credit Union’s overdraft protection plan in order for the transaction amount to be covered under the plan. Without your consent, the Credit Union may not authorize and pay an overdraft resulting from these types of transactions. Services and fees for overdrafts are shown in the document the credit union uses to capture the member’s opt-in choice for overdraft protection and the Schedule of Fees and Charges.

Membership

As a condition of membership, you must purchase and maintain the minimum required share(s) and pay a nonrefundable membership fee as set forth below.

Par Value of One Share $1.00

Number of Shares Required $15

Membership Fee $5.00

Change In Terms - click here opens in a new window

Rates

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

General Fees
Account Activity Printout	$5.00/Printout
Account Closure	$15.00 if account closed within 90 days
Account Reconciliation	$30.00/Hour and $15.00 minimum charge
Deposit Item Return	$10.00/Item
Dormant Account (no activity for 365 days)	$5.00/Month
Fax (Incoming or Outgoing)	$1.00/Fax
Items Sent for Collection	$25.00/Item
Legal Process (tax levies, summons)	$100.00
Check Protest	$15.00
Photocopy	$1.00/Copy
Returned Mail	$5.00
Statement Copy	$5.00/Copy
Wire Transfer (Outgoing – Domestic)	$25.00/Transfer
Wire Transfer Incoming	$15.00/Transfer
Returned Item	$35.00/Item
Stop Payment (ACH or Draft)	$30.00/Request
Overdraft/NSF	$35.00/Item
Check Copy	$5.00

Share Draft Account Fees
NSF	$35.00/Item
One-time Debit Overdraft	$35.00/Item
Overdraft (Member Privilege)	$35.00/Item
Overdraft Protection	$3.00/Item
Replacement ATM Card	$5.00/Card

Money Market Accounts
Excessive Transfer or Withdrawal Fee	$5.00/Transfer or withdrawal over four (4) free per month

Lending Fees
Consumer Loan Application Fee	$25.00
SIMPLE Loan Application Fee	$50.00
Late Fee (after 10 day grace period)	$30.00

EFT Fees
Replacement VISA® Card	$5.00/Card
ATM Surcharge (Non-GMFCU ATM)	$2.00 (additional fees from ATM operator/network may also apply)
Foreign Transactions	1% of transaction
Overdraft/NSF	$35.00