Electronic Fund Transfer Reg E



This brochure contains information regarding your rights and responsibilities regarding electronic funds transfers.  If you have any questions regarding or require current rate and fee information on your accounts, please contact the Credit Union.


Electronic funds transfers are electronically initiated transfers of money from your account through the electronic funds transfers services described below. By signing an application or account card for EFT services, signing your card, or using any service, each of you agree to the terms and conditions in this agreement and any amendments for the EFT services offered.  This disclosure requires by law, is designed to give you information concerning Electronic Funds Transfers.  This disclosure applies to consumer accounts, which you have with Science Park Federal Credit Union.


You may use your card to purchase goods and services any place your card is honored by participating merchants.  Funds to cover your card purchase will be deducted from your share draft/checking account.  If the balance in your account is not sufficient to pay the transaction amount, we will treat the transaction as a request to transfer funds from other deposit accounts, approved overdraft protection accounts or loan accounts that you have established with the Credit Union.  There may be a fee for this service  If you initiate a transaction that overdraws your available balance, not actual balance, in your account, you agree to make immediate payment of any overdrafts together with any service charges to the Credit Union, if applicable.  In the event of repeated overdrafts, the Credit Union may terminate all services under this agreement.  You may use your card and PIN (PERSONAL IDENTIFICATION NUMBER) at NYCE terminals.  At the present time you may also use your card to:

1)     Withdraw funds from your share draft/ checking accounts.

2)     Make POS transactions with your card and pin to purchase goods or services at merchants that accept NYCE.

3)     Order goods and services by mail or by telephone from places that accept VISA.

ATM CARD:  You may use to:

1)     Withdraw funds from your share savings account.


You can get a receipt at the time you use your VISA Credit or ATM cards at an ATM a participating VISA merchant POS (Point of Sale) merchant or financial institution.  It is your responsibility to retain any and all slips furnished at the time of any transaction in order to verify your monthly statement.  If you arranges to have automatic loan payments, automatic transfers or direct deposits to your account at least monthly from the same person or company, you may call the Credit Union to find out whether the transaction has been made.  You will get a monthly statement.


For security reasons there are limits on the combined number of cash withdrawals and authorized merchant transactions on your account(s) each day.  Cash withdrawals from ATM’s are limited to a $300.00 dollar a day combined limit per day.  Transactions through POS are limited to a combined total of $600.00 dollars per day.


There are certain fees and charges for electronic funds transfer services.  For a current listing of all applicable fees, see our current Fee schedule.  When using ATM’S not owned by the Credit Union, you may be assessed a surcharge fee.  The ATM owner imposes such fees, not your credit union.  The Credit Union will access a fee for each additional ATM withdrawal after 4 (four) .  If signed in to the opt in program, an NSF fee will be assessed for EFT if funds are non sufficient (no money)


If you had told us in advance to make regular payments out of your account, you can stop any of these payments, Here is how to receive your request three business days or more before the payment is scheduled to be made.   You may be required to complete our form within 14 days of your first notice to the Credit Union.  If you order us to stop one of these payments three days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses and damages.


If we do not complete a to and from your account on time or the correct amount in 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 money in your account to make the transfer.

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


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 to a third party; such as a credit bureau or merchant; (3)  in order to comply with a government agency or court orders;(4) if you give us your written permission.


DIRECT DEPOSIT, Upon instruction of (1) your employer (2) Treasury Department or (3) other financial institutions, the Credit Union will accept direct deposits of your paycheck or of Federal recurring payments, such as Social Security, to any share or share draft checking account.

PREAUTHORIZED DEBITS; Upon instruction we will pay any recurring transactions from your share savings and share draft checking account.

ACH TRANSFERS;  You may initiate or receive credits or debits to your account through wire or ACH transfer, You agree that if you received funds by wire or ACH transfer we are not required to notify you at the time the finds are received.  Instead, the transfer will be shown on your periodic statement.  We may provisionally credit your account for an ACH transfer before we receive final settlement.  We may in reverse the provisional credit or you will refund us the amount if we do not receive final settlement.


Ownership of cards, Any card which we supply to you, is our property and must be returned to us, or to any person whom we authorize to act as our agent, or to any person who is authorized to honor the card immediately according to instructions.  The card may be reposed at any time at our sole discretion without demand or notice..  You cannot transfer your card or account to another person.


Neither we nor merchants authorized to honor the card will be responsible for the failure or refusal to honor the card we supply to you.  If a merchant agrees to give you a refund or adjustment, you agree to accept a credit to your account in lieu of a cash refund.


The PIN NUMBER is issued to you is for security purposes.  Any PIN number issued to you is confidential and should not be disclosed to third parties or recorded on or with the card.  You are responsible for the safekeeping of your PIN number.  You agree not to disclose or otherwise make available you PIN number to anyone not authorized to use your account.  If you fail to maintain the security of your PIN number and the Credit Union suffers a loss we may terminate your EFT services.


You are responsible for all the transactions you authorize using your EFT services under this agreement. .If you permit other persons to use your any EFT service, ATM card or VISA debit card or your PIN number you are responsible for any transactions they authorize or conduct on any of your accounts.  However, tell us at once if you believe someone has used any of your EFT services or you lost or had your Visa debit card or PIN number stolen., or accessed any of your accounts without your knowledge. Telephoning is the best way of keeping your possible losses down.  If you tell us within two (2) business days of discovery that your card has been lost or stolen, you can lose no more than $50.00 if someone access your account without your permission.  If you do not tell us within two(2) business days after you learn that your card has been lost or stolen or that there has been an unauthorized EFT service , and we can prove that we could have stopped someone from accessing your account without your permission if you told us you could lose as much as $500.00. If you believe your card has been lost or stolen or that someone has transferred money from your account without your permission you may call us during normal business hours..


If any of your accounts accessed under this agreement are joint accounts, all joint owners including any authorized users ,shall be bound by this agreement and alone and together shall be responsible for all EFT transactions to or from any share savings and share draft checking account as provided in this agreement.  Each joint owner without the consent of any other account holder may and hereby is authorized by every other joint account holder to make any transaction permitted in this agreement.  Each joint owner account owner is authorized to act for the other account owners and the Credit Union may accept order and instructions regarding any EFT transactions on any account from any joint account holder.


Telephone us at (203)786-5885 as soon as possible if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt..  We must hear from you no later than 60 days after we sent the first statement on which the problem or error appeared:

  • Tell us your name and account number you need more information about it.
  • Tell us the dollar amount of the suspected error. If you tell us orally, we reserve the right to require you to send us your complaint or question in writing within 10 business days.  We will tell you the results of our investigation within 10 business days (20 business days in case the transfer is resulting from a point of sale card transaction or a transfer initiated outside the U.S.
  • Describe the error or the transfer you are unsure about and explain as clearly as possible why after we hear from you and we will correct any error promptly, If we need more time, however we may take up to 45 days (90 days if it was a point of sale transaction initiated outside the United States) to investigate your complaint or question. If we decide to do this we will recredit your account within 10 business days (20 days if it was a transaction or transfer initiated outside the United States) for the amount you think us 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 days, we may not credit your account.  If we decide there was no error; we will send you a written explanation within 3 business days after we finish our investigation.  You may ask for copies of the documents we used in our investigation.  We reserve the right to change the terms and conditions upon which this service was offered.








You may terminate this agreement or any EFT service under this agreement at any time by      notifying us in writing and stopping your use of your card and any access code.  You must return all cards to the credit union.  You also agree to notify any participating merchants that authority to make bill payment transfers has been revoked.  We may also terminate this agreement at any time orally or in writing.  If we terminate this agreement, we may notify any participating merchants making preauthorized debits or credits to any of your accounts that this agreement has been terminated and that we will not accept any further preauthorized transaction instructions.  Whether you or the Credit Union terminates the agreement, the termination shall not affect your obligations under this agreement for any EFT ‘S made prior to termination.  This agreement is governed by the bylaws of the Credit Union, federal laws and regulations, the laws and regulations of the State of  Connecticut and local clearing house rules, as amended from time to time.  In the event either party brings a legal action to enforce this agreement or collect any overdrawn funds on account accessed under this agreement, the prevailing party shall be entitled,  subject shall be applicable law, to payment by the other party of its reasonable attorney fees and costs, including fees on any appeal, bankruptcy proceedings, and any post  judgment collection actions, if applicable.  If there is a lawsuit, you agree it may be filed and heard in the county and state which the Credit Union is located.  You agree you will not use your card for illegal transactions.


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 the back of the original check.  The front of  a substitute check states “THIS IS A LEGAL COPY OF YOUR CHECK”.  You can use it in 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 SPFCU may be substitute checks.  This notice describes rights you have when you receive substitute check from us. The rights within this notice do not apply to original checks or to electronic debits to your account.  However, you have the right under other law with respect to those transactions.

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 you think that we withdrew the wrong money 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 a result of the withdrawal, ie; 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 may contact us within 40 calendar days of the date we mailed  (or otherwise delivered by a means 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.