1823 Banking Street
P. O. Box 29527 Greensboro, NC 27408
(336) 332-5302 | (888) 794-1001
Fax: (336) 332-4103 | www.AcclaimFCU.org
MASTERCARD AGREEMENT AND DISCLOSURE
This Agreement will establish the terms and conditions of your credit card agreement with Acclaim Federal Credit Union. In this Agreement, the words “you” and “your” mean any person receiving and using the card and that by using the card for the first time “you” agree to all terms and conditions in this agreement. “Card” means the Classic MasterCard and/or Gold MasterCard credit card and any duplicates and renewals the Credit Union issues. “Account” means your Classic MasterCard and/or Gold MasterCard credit card account with the Credit Union. “Credit Union”, “we”, “us”, “our”, and “Acclaim” mean Acclaim Federal Credit Union. You must be a member of the credit union to apply for a credit card. Except to the extent that Federal Law is applicable, the laws of the State of North Carolina shall govern the validity, construction, and enforcement of this Agreement and all matters arising out of the issuance and use of the Card.
Upon your approval for an account, the Credit Union will establish a line of credit for you and notify you of your credit limit. You agree that your credit limit is the maximum amount (purchases, cash advances, finance charges, plus “other charges”) which you will have outstanding on your account at any time. If you are over your credit limit, you must pay the amount you are over before payments will begin to restore your credit limit. You may request an increase in your credit limit only by a method acceptable to the Credit Union. The Credit Union has the right to reduce your credit limit, refuse to make an advance and/or terminate your account at any time for any reason not prohibited by law. You may not use your card to initiate any type of gambling transaction. You cannot transfer or assign your Account to any other Person.
Acclaim may offer you MASTERCARD Convenience Checks. You may access your Account by utilizing the MASTERCARD Convenience Checks that are provided to you.
You understand that by using your credit card constitutes acknowledgment of receipt and agreement to the terms of the credit card agreement between you and the Credit Union. The credit union is not responsible for the refusal of any merchant or financial institution to honor your card. You may use your card to make purchases from merchants and others who accept MasterCard credit cards. You may also obtain cash advances from the Credit Union, automated teller machines (ATMs) and from other financial institutions that accept MasterCard credit cards. (Not all ATMs accept MasterCard cards.) Your MasterCard personal Identification Number (PIN) is needed to obtain cash advances
from an ATM. You agree that you will not use your card for any transaction that is illegal under applicable federal, state, or local law. However, if a charge or transaction described above is approved and processed, you will still be responsible for such charges.
If you have received a personal identification number (PIN), you may use your Card and PIN to obtain Cash Advances at any Automatic Teller Machine (“ATM”) that accepts your Card. Your PIN is confidential and should not be disclosed to anyone. You agree not to write your PIN on your Card, you will not keep your Card and PIN together, and you will not provide your PIN to anyone who is not an authorized user. Except as otherwise provided in this agreement, advances through ATM access will be treated as Cash Advances and are subject to cash advance fees under this Agreement. Although we do not charge an ATM fee for this service, others may. Owners of ATMs that we do not own may charge fees in addition to any fees disclosed in this Agreement. This is not a fee charged by Acclaim Federal Credit Union; however, any such fee will be added to your account. The party charging the fee is required to provide appropriate disclosures to you with regard to any such fees.
You promise to pay any and all charges (purchases and cash advances) incurred by you or by any person whom you authorize to use the Credit Card issued to you, and any fees or charges incurred in the recovery of a credit card, retrieval or transaction data, or collection of this account in accordance with the terms and conditions issued by MasterCard, and in accordance with the policies established by the Credit Union
Your obligation to pay the amount owed on your account continues until paid in full even though an agreement, divorce decree or other court judgment to which the Credit Union is not a party may direct someone else to pay the account balance. If this is a joint account, the section on JOINT ACCOUNTS also applies to your account. You agree to notify the Credit Union of any name changes, address changes or employment for you, your joint owner or any authorized user on the account.
If more than one person applies for the card, each person on the account must sign the agreement (by signing on the application.) Each is individually responsible for all amounts owed on the account and is jointly and severally responsible for all amounts owed. This means the Credit Union can enforce the Agreement against any of you individually or all of you together. Each may obtain credit advances without the knowledge of the other and both are obligated to repay all advances and purchases made to the account. Anyone of you may terminate the account and the termination will be effective as to all of you.
You grant the Credit Union a security interest under the Uniform Commercial Code and under any common law rights, the Credit Union may have in any goods you purchase. If you give the Credit Union a specific pledge of shares by signing a separate pledge of shares, your pledged shares will secure your account. You may not withdraw amounts that have been specifically pledged to secure your account until the Credit Union agrees to release all or part of the pledged amount.
If you have other loans with us or take out other loans with us in the future, collateral securing those loans will also secure your obligations under this Agreement.
YOU PLEDGE A CONSENSUAL GRANT TO THE CREDIT UNION A SECURITY INTEREST IN ALL INDIVIDUAL AND JOINT ACCOUNTS YOU HAVE WITH US NOW AND IN THE FUTURE TO SECURE REPAYMENT OF YOUR CREDIT CARD ACCOUNT TO THE EXTENT OF THAT PORTION OF THE LOAN BALANCE THAT MAY BE IN DEFAULT OR EXCEEDS YOUR CREDIT LIMIT, INCLUDING COSTS OF COLLECTION AND REASONABLE ATTORNEY’S FEES. YOU AUTHORIZE US TO APPLY THE BALANCE IN THIS ACCOUNT TO PAY ANY AMOUNTS DUE UNDER THIS AGREEMENT IF YOU SHOULD BE IN DEFAULT. YOU ALSO AGREE THAT WE HAVE SIMILAR STATUATORY LEIN RIGHTS UNDER STATE AND OR FEDERAL LAW.
New purchases posted to your account during a billing cycle will not incur a finance charge for that billing cycle if you had a zero or credit balance at the beginning of that billing cycle or you paid the entire New Balance on the previous cycle’s billing statement by the Payment Due Date of that statement; otherwise a finance charge will accrue from the date a purchase is posted to your account. To avoid an additional finance charge on the balance of purchases, you must pay the entire New Balance on the billing statement by the Payment Due Date of that statement. A finance charge begins to accrue on cash advances from the date you get the cash advance or from the first day of the billing cycle in which the cash advance is posted to your account, whichever is later.
The finance charge is calculated separately for purchases and cash advances. For purchases, the finance charge is computed by applying the monthly periodic rate to the average daily balance of the purchase. To get the average daily balance of purchases, we take the beginning outstanding balance of purchases each day, add any new purchases, and subtract any payments and/or credits. This gives us the daily balance of purchases. Then, we add all the daily balances of purchases for the billing cycle together and divide the total by the number of days in the billing cycle. This gives us the average daily balance of purchases. Balance transfers are calculated in the same manner as purchases.
For cash advances, the finance charge is computed by applying the monthly periodic rate to the average daily balance of cash advances. To get the average daily balance of cash advances, we take the beginning outstanding balance of cash advances each day, add in any new cash advances, and subtract any payments and/or credits that we apply to the cash advance balance. This gives us the daily balance of cash advances. Then, we add all the daily balances of cash advances for the billing cycle together and divide the total by the number of days in the billing cycle. This gives us the average daily balance of cash advances.
In addition to the periodic rate, additional fees may be imposed on your account. If applicable to your account, the fee amounts and explanations are disclosed on the Disclosure or Fee Schedule accompanying this Agreement. Fees include, but are not limited to, the following.
When you use your Card at a merchant that settles in currency other than US dollars, the charge will be converted into the US dollar amount and debited from your account. The currency conversion rate used to determine the transaction amount in US dollars is either a rate selected by MasterCard from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate MasterCard itself receives, or the government-mandated rate in effect for the applicable central processing date, plus 1 percent (1%) of the transaction amount, which may be billed separately on your account or included in the transaction amount. This 1% adjustment is made for all international transactions regardless of whether there is a currency conversion associated with the transaction. The conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or posting date.
Each month you must pay at least the minimum payment shown on your statement by the date specified on the statement. You may pay more frequently, pay more than the minimum payment or pay the total new balance in full. If you make extra or larger payments, you are still required to make at least the minimum payment each month your account has a balance (other than a credit balance). The minimum payment is 2.00% of your total new balance, or $10, whichever is greater, plus the amount of any prior minimum payments that you have not made, and any amount you are over your credit limit. In addition to the minimum payment, you must also pay, by the date specified, all outstanding unpaid fees and charges. Acclaim also has the right to demand immediate payment of any amount by which you are over your credit limit.
We will determine, at our option, the order in which payments will be applied toward Purchases, Cash Advances, Balance Transfers, unpaid Finance Charges and Other Fees and Charges. We will credit payments to your account so as to avoid additional finance or other charges, but we reserve the right to delay reinstatement of your credit line for a reasonable period of time to authenticate settlement of funds.
Merchants and others who honor your card may give credit for returns or adjustments which will be posted to your account. If your credits and payments exceed what you owe the Credit Union, the amount will be applied against future purchases and cash advances. If the credit balance amount is $1 or more, it will be refunded upon your written request or automatically as required by law.
At our option, we may offer you the opportunity to not make (“skip”) a minimum payment during certain designated billing cycles (“skip payment period”). If you do not make your minimum payments as provided in this Agreement, during such designated billing cycles, you understand that we will continue to apply finance charges to your account. Beginning with the billing cycle following an allowed skip payment period, all other provisions of this Agreement will apply. We have no obligation to accept your application for any skip payment period offered, and you authorize us to investigate your creditworthiness including obtaining consumer credit reports. We may charge you an application
processing fee for each skip payment period that we may offer to cover our costs of investigating your qualifications for this extension including but not limited to the costs associated with researching your creditworthiness.
The Credit Union may from time to time offer additional services to your account, such as travel accident insurance, at no additional cost to you. You understand that the Credit Union is not obligated to offer such services and may withdraw or change them at any time.
You may be offered insurance for your credit card. If you elect insurance, as set forth in your application, then the charges will be added to your Account balance on each billing cycle, if your insurance application is approved. Credit insurance is voluntary and not required to obtain a credit card account with us. You have a right to terminate this insurance at any time by notifying us in writing.
You will be in default: (1) if you fail to make any minimum payment or other required payment by the date that is due, (2) if you break any promise you make under this Agreement, (3) if you die, file for bankruptcy or become insolvent, that is, unable to pay your obligations when they become due, (4) if any attachment or garnishment proceedings are initiated against you or your property, (5) if you default on any other indebtedness to the Credit Union, (6) if you make any false or misleading statement in any credit application or credit update, (7) if something happens that the Credit Union believes may substantially reduce your ability to repay what you owe.
When you are in default, the Credit Union has the right to demand immediate payment of your full account balance without notice. If immediate payment is demanded, you will continue to pay Finance Charges, at the periodic rate charged before default, until what you owe has been paid, and any shares that were given as security will be applied towards what you owe.
If collections efforts are required by the Credit Union, you agree to pay all costs and expenses incurred in the collection of any sum due, and in addition, if the holder hereof, after default, shall place this note in the hands of an attorney or collection agency, for collection, to pay reasonable attorney’s fees, interest and fines due on his note at the time of the employment of such attorney or collection agency.
You understand that the Credit Union will review your accounts periodically, and you hereby give your permission to and authorize the Credit Union to investigate and reassess your creditworthiness. You authorize the Credit Union to obtain information concerning your credit history from all available sources now and in the future. You authorize the Credit Union to disclose information regarding your account to credit bureaus and creditors who inquire about your credit standing. If your account is eligible for emergency cash and/or emergency card replacement services, and you request such services, you agree that we may provide personal information about you and your account that is necessary to provide you with the requested service(s).
You may be liable for the unauthorized use of the card. You will not be liable for unauthorized use that occurs after you notify us of the loss, theft, or possible unauthorized use. You will have no liability for unauthorized purchases made with your credit card unless you are grossly negligent in the handling of your card. If your card is lost or stolen you must report it immediately upon discovery of the event.
If your Card, PIN or Account Number are lost or stolen, you should immediately call (800) 808-7230 twenty-four (24) hours a day, seven (7) days a week.
The Credit Union is not responsible for the refusal of any merchant or financial institution to honor the card. The Credit Union is subject to claims and defenses (other than tort claim) arising out of goods or services you purchase with the card if you have made a good faith attempt but have been unable to obtain satisfaction from the merchant or service provider, and (a) your purchase was made in response to an advertisement the Credit Union sent or participated in sending to you; or (b) your purchases cost more than $50.00 and was made in your state or within 100 miles of your home.
You agree that the Credit Union may change the terms of this Agreement from time to time after giving you any advance notice required by law at your last known address. To the extent the law permits and indicated in the notice to you, the change will apply to your existing account balance as well as to future transactions. Your use of the card after receiving notice or a change will also indicate your agreement to the change.
You may request an increase in your credit limit either by written application or by phone. The Credit Union has the right to reduce or terminate your credit limit at any time. You understand and acknowledge that such action shall not affect your obligation to pay any outstanding balance PLUS any finance and other charges you owe under this Agreement. Accounts that have been inactive for one (1) year may be subject to termination at the renewal date. The card(s) you receive remain the property of the Credit Union and you must recover and surrender to the Credit Union ALL cards upon request or upon termination of this Agreement whether by you or the Credit Union. If this is a joint account, the paragraph on JOINT ACCOUNTS of this Agreement also applies to the termination of the account.
Upon your request, we may issue additional cards for authorized users that you designate. You must notify us in writing of any termination of an authorized user’s right to access your account. Your letter must include the name of the authorized user and your account number and/or any subaccount number issued to the authorized user along with the authorized user’s card and any convenience or other access checks issued to the authorized user. If you cannot return the authorized user’s card or access checks and if you request your account to be closed, we will close your account and you may apply for a new account.
This Agreement is the contract which applies to all transactions on your account even though the sales, cash advances, credit or other slips you sign or receive may contain different terms. The Credit Union can delay enforcing any of its rights any number of times without losing them. Each provision of this agreement must be considered as part of the total agreement and cannot in any way be severed from it. However, you also agree that should any part of this Agreement be found invalid, it will in no way affect the remainder of the Agreement.
You will receive a statement (physical or electronic) each month showing transactions on your account. You are responsible for your minimum monthly payment even in the event your statement is late or returned to the Credit Union. Statements and notices will be mailed to you at the most recent address you have given to the Credit Union. Notice to any one of you will be considered a notice to all.
You acknowledge that you have received a copy of this Agreement, Disclosure and Fee Schedule.
The Credit Union may at its discretion offer a Rewards program to this Agreement. Rules governing this program may be found at opens in a new windowhttps://www.scorecardrewards.comopens in a new window
If you think there is an error on your statement, write to us at: Acclaim Federal Credit Union
P. O. Box 29527
Greensboro, NC 27429-9527
You may also contact us online at: www.AcclaimFCU.orgopens in a new window or send us a secure message through the Home Banking Site.
In your letter, give us the following information:
When we receive your letter, we must do two things:
While we investigate whether or not there has been an error:
If you receive our explanation but still believe your bill is wrong, you must write to us within 10 days telling us that you still refuse to pay. If you do so, we cannot report you as delinquent without also reporting that you are questioning your bill. We must tell you the name of anyone to whom we reported you as delinquent, and we must let those organizations know when the matter has been settled between us.
If we do not follow all of the rules above, you do not have to pay the first $50 of the amount you question even if your bill is correct.
If you are dissatisfied with the goods or services that you have purchased with your card, and you have tried in good faith to correct the problem with the merchant, you may have the right not to pay the remaining amount due on the purchase.
To use this right, all of the following must be true:
INTEREST RATE AND INTEREST CHARGES | ||
---|---|---|
MASTERCARD CLASSIC | ||
Annual Percentage Rate (APR) for Purchases | 13.40% | |
APR* for Balance Transfers | 13.40% | |
APR* for Cash Advances | ||
How to avoid paying interest on purchases | Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases if you pay the entire balance by the due date each month. | |
Minimum Interest Charge | If you are charged periodic interest the charge will be no less than $1.00 | |
Cash Advance Interest | We will begin charging interest on cash advances on the transaction date. | |
Minimum Payment | The minimum payment is the greater of 2% of the total new balance, or $10, whichever is greater, plus the amount of any prior minimum payments that you have not made, and any amount you are over your credit limit. | |
For Credit Card Tips from the Consumer Financial Protection Bureau | To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at |
FEES | ||
---|---|---|
MASTERCARD CLASSIC | ||
Annual Fees | None | |
Transaction Fees
| None | |
| None | |
| 1.00% of each transaction not in U.S. | |
Dollars | ||
| None | |
| Up to $25 | |
| None | |
| $25.00 per hour (minimum 1 hour) | |
Penalty Fees
| Up to $35.00 None Up to $35.00 $4.50 $4.50 |
*Annual Percentage Rate
INTEREST RATE AND INTEREST CHARGES | ||
---|---|---|
MASTERCARD GOLD | ||
Annual Percentage Rate (APR) for Purchases | 11.40% | |
APR* for Balance Transfers | 11.40% | |
APR* for Cash Advances | 11.40% | |
How to avoid paying interest on purchases | Your due date is at least 25 days after the close of each billing cycle. We will not charge you interest on purchases if you pay the entire balance by the due date each month. | |
Minimum Interest Charge | If you are charged periodic interest the charge will be no less than $1.00 | |
Cash Advance Interest | We will begin charging interest on cash advances on the transaction date. | |
Minimum Payment | The minimum payment is the greater of 2% of the total new balance, or $10, whichever is greater, plus the amount of any prior minimum payments that you have not made, and any amount you are over your credit limit. | |
For Credit Card Tips from the Consumer Financial Protection Bureau | To learn more about factors to consider when applying for or using a credit card, visit the website of the Consumer Financial Protection Bureau at |
FEES | ||
---|---|---|
MASTERCARD GOLD | ||
Annual Fees | None | |
Transaction Fees
| None | |
| None | |
| 1.00% of each transaction not in U.S. | |
Dollars | ||
| None | |
| Up to $25 | |
| None | |
| $25.00 per hour (minimum 1 hour) | |
Penalty Fees
| Up to $35.00 None Up to $35.00 $4.50 $4.50 |
*Annual Percentage Rate
ELECTRONIC FUND TRANSFERS AGREEMENT AND DISCLOSURE
This Electronic Fund Transfers Agreement and Disclosure is the contract which covers your and our rights and responsibilities concerning the electronic fund transfers (EFT) services offered to you by Acclaim Federal Credit Union (“Credit Union”). In this Agreement, the words “you,” “your,” and “yours” mean those who sign the application or account card as applicants, joint owners, or any authorized users. The words “we,” “us,” and “our” mean the Credit Union. The word “account” means any one (1) or more savings and checking accounts you have with the Credit Union. Electronic fund transfers are electronically initiated transfers of money from your account through the EFT services described below. By signing an application or account card for EFT services, signing your card, or using any service, each of you, jointly and severally, agree to the terms and conditions in this Agreement and any amendments for the EFT services offered. Furthermore, electronic fund transfers that meet the definition of remittance transfers are governed by 12 C.F.R. part 1005, subpart B—Requirements for remittance transfers, and consequently, terms of this agreement may vary for those types of transactions. 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.
– Withdraw funds from your savings and checking accounts.
– Transfer funds from your savings and checking accounts.
– Obtain balance information for your savings and checking accounts.
– Access your Overdraft Line of Credit accounts.
– Make point-of-sale (POS) transactions with your card and personal identification number (PIN) to purchase goods or services at merchants that accept Mastercard.
– Order goods or services by mail or telephone from places that accept Mastercard.
The following limitations on Master Debit Card transactions may apply:
– There is no limit on the number of Master Debit Card purchases you make per day.
– Purchase amounts are limited to the amount in your account.
– There is no limit to the number of cash withdrawals you may make in any one (1) day from an ATM machine.
– You may withdraw up to a maximum of $800.00 in any one (1) day from an ATM machine, if there are sufficient funds in your account.
– There is no limit on the number of POS transactions you may make in any one (1) day.
– You may purchase up to a maximum of $2,500.00 from POS terminals per day, if there are sufficient funds in your account.
– For security purposes, there are other limits on the frequency and amount of transfers available at ATMs.
– You may transfer up to the available balance in your accounts at the time of the transfer.
– See Section 2 for transfer limitations that may apply to these transactions.
Card Information Updates and Authorizations. If you have authorized a merchant to bill charges to your card on a recurring basis, it is your responsibility to notify the merchant in the event your card is replaced, your card information (such as card number and expiration date) changes, or the account associated with your card is closed. However, if your card is replaced or card information changes, you authorize us, without obligation on our part, to provide the updated card information to the merchant in order to permit the merchant to bill recurring charges to the card. You authorize us to apply such recurring charges to the card until you notify us that you have revoked authorization for the charges to your card. Your card is automatically enrolled in an information updating service. Through this service, your updated card information (such as card number and expiration date) may be shared with participating merchants to facilitate continued recurring charges. Updates are not guaranteed before your next payment to a merchant is due. You are responsible for making direct payment until recurring charges resume. To revoke your authorization allowing us to provide updated card information to a merchant, please contact us.
b. 24-Hour Telephone Teller. If we approve 24-Hour Telephone Teller for your accounts, a separate personal identification number (PIN) will be assigned to you. You must use your personal identification number (PIN) along with your account number to access your accounts. At the present time, you may use 24-Hour Telephone Teller to:
– Withdraw funds from your savings and checking accounts.
– Transfer funds from your savings and checking accounts.
– Obtain balance information for your savings, checking, club, and certificate accounts.
– Make loan payments from your savings and checking accounts.
– Access your Overdraft Line of Credit account.
– Determine if a particular item has cleared.
– Obtain tax information on amounts earned on savings and checking accounts or interest paid on loan accounts.
– Verify the last date and amount of your payroll deposit.
Your accounts can be accessed under 24-Hour Telephone Teller via a touch-tone telephone only. 24-Hour Telephone Teller service will be available for your convenience 24 hours per day. This service may be interrupted for a short time each day for data processing.
The following limitations on 24-Hour Telephone Teller transactions may apply:
– There is no limit to the number of inquiries, transfers, or withdrawal requests you may make in any one (1) day.
– See Section 2 for transfer limitations that may apply to these transactions.
The Credit Union reserves the right to refuse any transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below a required balance, or otherwise require us to increase our required reserve on the account. All checks are payable to you as a primary member and will be mailed to your address of record. The Credit Union may set other limits on the amount of any transaction, and you will be notified of those limits. The Credit Union may refuse to honor any transaction for which you do not have sufficient available verified funds. The service will discontinue if no transaction is entered after numerous unsuccessful attempts to enter a transaction and there may be limits on the duration of each telephone call.
c. Preauthorized EFTs.
– Direct Deposit. Upon instruction of (i) your employer, (ii) the Treasury Department or (iii) other financial institutions, the Credit Union will accept direct deposits of your paycheck or federal recurring payments, such as Social Security, to your savings and/or checking account.
– Preauthorized Debits. Upon instruction, we will pay certain recurring transactions from your savings and checking account.
– See Section 2 for transfer limitations that may apply to these transactions.
– Stop Payment Rights. If you have arranged in advance to make electronic fund transfers out of your account(s) for money you owe others, you may stop payment on preauthorized transfers from your account. You must notify us orally or in writing at any time up to three (3) business days before the scheduled date of the transfer. We may require written confirmation of the stop payment order to be made within 14 days of any oral notification. If we do not receive the written confirmation, the oral stop payment order shall cease to be binding 14 days after it has been made. A stop payment request may apply to a single transfer, multiple transfers, or all future transfers as directed by you, and will remain in effect unless you withdraw your request or all transfers subject to the request have been returned.
– Notice of Varying Amounts. If these regular payments may vary in amount, the person you are going to pay is required to tell you, ten (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 Transfers. If you order us to stop payment of a preauthorized transfer three (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.
d. Electronic Check Conversion/Electronic Returned Check Fees. If you pay for purchases or bills with a check or draft, you may authorize your check or draft to be converted to an electronic fund transfer. You may also authorize merchants or other payees to electronically debit your account for returned check fees. You are considered to have authorized these electronic fund transfers if you complete the transaction after being told (orally or by a notice posted or sent to you) that the transfer may be processed electronically or if you sign a written authorization.
e. e-Banking. If e-Banking is activated for your account(s), you will be required to use secure login information to access the account(s). At the present time, you may use e-Banking to:
– Withdraw funds from your savings and checking accounts.
– Transfer funds from your savings and checking accounts.
– Obtain balance information for your savings, checking, loan, IRA, club, and certificate accounts.
– Make loan payments from your savings and checking accounts.
– Access your Overdraft Line of Credit accounts.
– Reorder checks
Your accounts can be accessed under e-Banking via personal computer. e-Banking will be available for your convenience 24 hours per day. This service may be interrupted for a short time each day for data processing. We reserve the right to refuse any transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below a required balance, or otherwise require us to increase our required reserve on the account. All checks are payable to you as a primary member and will be mailed to your address of record. We may set other limits on the amount of any transaction, and you will be notified of those limits. We may refuse to honor any transaction for which you do not have sufficient available verified funds. The service will discontinue if no transaction is entered after numerous unsuccessful attempts to enter a transaction and there may be limits on the duration of each access.
The following limitations on e-Banking transactions may apply:
– There is no limit to the number of inquiries, transfers, or withdrawal requests you may make in any one (1) day.
– See Section 2 for transfer limitations that may apply to these transactions.
f. Mobile Banking. If Mobile Banking is activated for your account(s), you will be required to use secure login information to access the account(s). At the present time, you may use Mobile Banking to:
– Withdraw funds from your savings, checking, and money market accounts.
– Transfer funds from your savings, checking, and money market accounts.
– Obtain balance information for your savings, checking, loan, IRA, money market, club, and certificate accounts.
– Make loan payments from your savings, checking, and money market accounts.
– Access your Overdraft Line of Credit and HELOC accounts.
– Determine if a particular item has cleared.
– Obtain tax information on amounts earned on savings and checking accounts or interest paid on loan accounts.
– Verify the last date and amount of your payroll deposit.
– Make bill payments to preauthorized creditors.
– Make deposits using Remote Deposit Capture, see separate Terms and Conditions for more details.
Your accounts can be accessed under Mobile Banking via mobile device or other approved access device(s). Mobile Banking will be available for your convenience 24 hours per day. This service may be interrupted for a short time each day for data processing. We reserve the right to refuse any transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below a required balance, or otherwise require us to increase our required reserve on the account. All checks are payable to you as a primary member and will be mailed to your address of record. We may set other limits on the amount of any transaction, and you will be notified of those limits. We may refuse to honor any transaction for which you do not have sufficient available verified funds. The service will discontinue if no transaction is entered after numerous unsuccessful attempts to enter a transaction and there may be limits on the duration of each access.
The following limitations on Mobile Banking transactions may apply:
– There is no limit to the number of inquiries, transfers, or withdrawal requests you may make in any one (1) day.
– For Remote Deposit Capture, you may make one check deposit per transaction. There is a maximum of $5,000.00 per check or $5,000.00 in total deposits per day.
– See Section 2 for transfer limitations that may apply to these transactions.
g. e-Bill Payment. We will process bill payment transfer requests only to those creditors the Credit Union has designated in the User Instructions and such creditors as you authorize and for whom the Credit Union has the proper vendor code number.
We will not process any bill payment transfer if the required transaction information is incomplete. We will withdraw the designated funds from your checking account for bill payment transfer by the designated cutoff time on
the date you schedule for payment. We will process your bill payment transfer within a designated number of days before the date you schedule for payment. You must allow sufficient time for vendors to process your payment after they receive a transfer from us. Please leave as much time as though you were sending your payment by mail. We cannot guarantee the time that any payment will be credited to your account by the vendor.
The following limitations on e-Bill Payment transactions may apply:
– There is no limit on the number of bill payments per day.
a. Ownership of Cards. Any card or other device 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 repossessed at any time at our sole discretion without demand or notice. You cannot transfer your card or account to another person.
b. Honoring the Card. Neither we nor merchants authorized to honor the card will be responsible for the failure or refusal to honor the card or any other device 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.
c. Foreign Transactions.
Mastercard.Purchases and cash withdrawals made in foreign currencies will be debited from your account in U.S. dollars. The exchange rate used to convert foreign currency transactions to U.S. dollars is based on rates observed in the wholesale market or government-mandated rates, where applicable. The currency conversion rate Mastercard uses for a particular transaction is the rate for the applicable currency on the date the transaction occurs. However, in limited situations, particularly where transaction submissions to Mastercard for processing are delayed, the currency conversion rate Mastercard uses may be the rate for the applicable currency on the date the transaction is processed.
d. Security of Access Code. You may use one (1) or more access codes with your electronic fund transfers. The access codes issued to you are for your security purposes. Any access codes issued to you are confidential and should not be disclosed to third parties or recorded on or with the card. You are responsible for safekeeping your access codes. You agree not to disclose or otherwise make your access codes available to anyone not authorized to sign on your accounts. If you authorize anyone to use your access codes, that authority shall continue until you specifically revoke such authority by notifying the Credit Union. You understand that any joint owner you authorize to use an access code may withdraw or transfer funds from any of your accounts. If you fail to maintain the security of these access codes and the Credit Union suffers a loss, we may terminate your EFT services immediately.
e. 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 this Agreement and, alone and together, shall be responsible for all EFT transactions to or from any savings and checking or loan accounts as provided in this Agreement. Each joint account owner, without the consent of any other account owner, may, and is hereby authorized by every other joint account owner, make any transaction permitted under this Agreement. Each joint account owner is authorized to act for the other account owners, and the Credit Union may accept orders and instructions regarding any EFT transaction on any account from any joint account owner.
4. FEES AND CHARGES — There are certain fees and charges for EFT services. From time to time, the charges may be changed. We will notify you as required by applicable law.
If you use an ATM not operated by us, you may be charged a fee by the ATM operator and by any international, national, regional, or local network used in processing the transaction (and you may be charged a fee for a balance inquiry even if you do not complete a funds transfer). The ATM surcharge will be debited from your account if you elect to complete the transaction or continue with the balance inquiry.
a. Master Debit Card Fees.
– ATM Withdrawals from checking – No Fee.
– ATM Withdrawals from savings – 6 Free per month, then $5.00 fee.
– Paid Debit Card Nonsufficient Funds – 50% of transaction amount up to a maximum fee of $30.00
b. Preauthorized EFT Fees.
– Nonsufficient funds fee of $29.00.
c. e-Bill Payment Fees.
– No Fee.
Agreement. If you permit someone else to use an EFT service, your card or your access code, you are responsible for any transactions they authorize or conduct on any of your accounts. However, TELL US AT ONCE if you believe your card and/or access code has been lost or stolen, if you believe someone has used your card or access code or otherwise accessed your accounts without your permission, 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. You could lose all the money in your account (plus your maximum overdraft line-of-credit).
You are not liable for an unauthorized Mastercard debit card transaction if you can demonstrate that you have exercised reasonable care in protecting your card or access code from loss or theft and, upon discovering the loss or theft, you promptly report the loss or theft to us.
For all other EFT transactions involving access devices, your liability for unauthorized transactions is determined as follows. If you tell us within two (2) business days after you learn of the loss or theft of your card or access code, you can lose no more than $50.00 if someone used your card or access code without your permission. If you do NOT tell us within two (2) business days after you learn of the loss or theft of your card or access code and we can prove that 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 $500.00.
Also, if your statement shows transfers that you did not make including those made by card, access 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 lost after the 60 days if we can prove that we could have stopped someone from making the transfers if you had told us in time. If a good reason (such as a hospital stay) kept you from telling us, we will extend the time periods.
If you believe your card or access code has been lost or stolen or that someone has transferred or may transfer money from your accounts without your permission, call:
(336) 332-5302
(888) 794-1001
or write to:
Acclaim Federal Credit Union
P.O. Box 29527
Greensboro, NC 27429-9527
Fax: (336) 332-5965
You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission.
a. Periodic Statements. Transfers and withdrawals made through any debit card transactions, audio response transactions, preauthorized EFTs, online/PC transactions, mobile access device transactions or bill payments you make will be recorded on your periodic statement. You will receive a statement monthly unless there is no transaction in a particular month. In any case, you will receive a statement at least quarterly.
b. Terminal Receipt. You can get a receipt at the time you make any transaction (except inquiries) involving your account using an ATM and/or point-of-sale (POS) terminal.
c. Direct Deposit. If you have arranged to have a direct deposit made to your account at least once every 60 days from the same source and you do not receive a receipt (such as a pay stub), you can find out whether or not the deposit has been made by calling (336) 332-5302 or (888) 794-1001. This does not apply to transactions occurring outside the United States.
– As necessary to complete transfers;
– To verify the existence of sufficient funds to cover specific transactions upon the request of a third party, such as a credit bureau or merchant;
– If your account is eligible for emergency cash and/or emergency card replacement services and you request such services, you agree that we may provide personal information about you and your account that is necessary to provide you with the requested service(s);
– To comply with government agency or court orders; or
– If you give us your written permission.
However, we will not be liable for direct or consequential damages in the following events:
– If, through no fault of ours, there is not enough money in your accounts to complete the transaction, if any funds in your accounts 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 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 ATM was not working properly and you knew about the problem when you started the transaction.
– If circumstances beyond our control (such as fire, flood, or power failure) prevent the transaction.
– If the money in your account is subject to legal process or other claim.
– If funds in your account are pledged as collateral or frozen because of a delinquent loan.
– If the error was caused by a system of any participating ATM network.
– 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 the telephone or computer equipment you use to conduct audio response, online/PC, or mobile banking transactions is not working properly and you know or should have known about the breakdown when you started the transaction.
– 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.
– Any other exceptions as established by the Credit Union.
The following information is a list of safety precautions regarding the use of ATMs and night deposit facilities:
– Be aware of your surroundings, particularly at night.
– Consider having someone accompany you when the ATM or night deposit facility is used after dark.
– Close the entry door of any ATM facility equipped with a door.
– 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. If it is after the regular hours of the financial institution and you are using an ATM, do not permit entrance to any person you do not know.
– Refrain from displaying your cash at the ATM or night deposit facility. As soon as your transaction is completed, place your money in your purse or wallet. Count the cash later in the safety of your car or home.
– If you notice anything suspicious at the ATM or night deposit facility, consider using another ATM or night deposit facility or coming back later. If you are in the middle of a transaction and you notice something suspicious, cancel the transaction, take your card or deposit envelope, and leave.
– If you are followed after making a transaction, go to the nearest public area where people are located.
– Do not write your personal identification number (PIN) or access code on your ATM card.
– Report all crimes to law enforcement officials immediately. If emergency assistance is needed, call the police from the nearest available public telephone.
(336) 332-5302
(888) 794-1001
or write to:
Acclaim Federal Credit Union
P.O. Box 29527
Greensboro, NC 27429-9527
Fax: (336) 332-5965
– Tell us your name and account number.
– Describe the electronic transfer you are unsure about and explain, as clearly as you can, why you believe the Credit Union has made an error or why you need more information.
– Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days.
We will determine whether an error has occurred within ten (10)* business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45** days to investigate your complaint or question. If we decide to do this, we will credit your account within ten (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 ten (10) business days, we may not credit your account.
We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
* If you give notice of an error within 30 days after you make the first deposit to your account, we will have 20 business days instead of ten (10) business days to investigate the error.
** If you give notice of an error within 30 days after you make the first deposit to your account, notice of an error involving a point-of-sale (POS) transaction, or notice of an error involving a transaction initiated outside the U.S., its possessions and territories, we will have 90 days instead of 45 days to investigate the error.
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 post judgment collection actions.
Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.
Rev . 02/2022
Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
When you are no longer our member, we continue to share your information as described in this notice.
All financial companies need to share member personal information to run their everyday business. In the section below, we list the reasons financial companies can share their member personal information; the reasons Acclaim Federal Credit Union chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information | Does Acclaim Federal Credit Union share? | Can you limit this sharing? |
---|---|---|
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus |
Yes | No |
For our marketing purposes— to offer our products and services to you |
Yes | No |
For joint marketing with other Financial companies | Yes | No |
For our affiliates’ everyday business purposes— information about your transactions and experiences |
Yes | No |
For our affiliates’ everyday business purposes— information about your creditworthiness |
No | We do not share |
For our affiliates to market to you | No | We do not share |
For nonaffiliates to market to you | No | We do not share |
For our everyday business purposes—
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
For our marketing purposes—
to offer our products and services to you
For our affiliates’ everyday business purposes—
information about your transactions and experiences
For our affiliates’ everyday business purposes—
information about your creditworthiness
Call 888-794-1001 or go to opens in a new windowwww.AcclaimFCU.orgopens in a new window
Who we are | |
---|---|
Who is providing this notice | Acclaim Federal Credit Union |
What we do | |
---|---|
How does Acclaim Federal Credit Union protect my personal information? | To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings. |
How does Acclaim Federal Credit Union collect my personal information? |
We collect your personal information, for example, when you
We also collect your personal information from others such as Credit Bureaus, affiliates, or other companies. |
Why can’t I limit all sharing? |
Federal law gives you the right to limit only
State laws and individual companies may give you additional rights to limit sharing. |
Definitions | |
Affiliates |
Companies related by common ownership or control. They can be financial and nonfinancial companies.
|
Nonaffiliates |
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
|
Joint Marketing |
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
|
We collect your personal information, for example, when you
We also collect your personal information from others such as Credit Bureaus, affiliates, or other companies.
Federal law gives you the right to limit only
State laws and individual companies may give you additional rights to limit sharing.
Companies related by common ownership or control. They can be financial and nonfinancial companies.
Companies not related by common ownership or control. They can be financial and nonfinancial companies.
A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
The Truth-In-Savings (TIS) Act governs disclosure of rate information, the frequency of compounding and crediting, balance information, fees, and certain features of term share accounts, as well as the method of calculation and payment of dividends. The Rate and Fee Schedule and Share Certificate Disclosure are incorporated as a part of and in addition to your Account Agreement and Disclosures booklet with Acclaim Federal Credit Union.
Rate Information. For all dividend bearing Variable Rate Accounts, the dividend rate and Annual Percentage Yield (APY) may change every dividend period as determined by the Credit Union Board of Directors.
Other Fees and Charges. Any fees and charges applicable to Your Account are disclosed separately in the “Deposit Account Rate & Fee Supplement” provided in conjunction with these Agreements and Disclosures.
Nature of Dividends. All dividends are paid from current income and available earnings, after required transfers to reserves at the end of the dividend period.
Dividends on all accounts are calculated by the average daily balance method, which applies a periodic rate to the average daily balance in the account for the period and dividing that figure by the number of days in the period.
Dividends begin accruing on non-cash items the business day the amount is posted to the account.
Additional Transaction Limitations. The Credit Union reserves the right to require members to give, in writing, up to 60 days advance notice of intention to withdraw all or part of any funds on deposit except those in checking accounts.
Your Account is nontransferable and non-negotiable. The maximum amount of deposits (shares) that may be held by any one member shall be $2,000,000.
Virtual Currency. We do not accept accounts transacting in any type of virtual currency (crypto currency) services or transactions. Prohibited transactions include but are not limited to: (i) wires (incoming/outgoing) (ii) ACH transactions (incoming/outgoing) (iii) privately owned ATMs dealing specifically with crypto-currency (iv) credit or debit card transactions.
ACH. The Credit Union may return debits (ACH payments as well as other transactions) submitted for payment against your checking accounts if the amount of the debit exceeds the funds available in the applicable checking account. Each time we return a debit for insufficient funds, we will assess an NSF fee in the amount shown on our current Rate and Fee Schedule for each returned debit item. The entity that submitted the debit may submit another debit to the Credit Union even if we have already returned the prior debit for insufficient funds in the checking account. If the resubmitted debit again exceeds the funds available in the checking account, the Credit Union again will return the debit, resulting in an additional NSF fee. Thus, you may be charged multiple NSF fees in connection with a single debit that has been returned for insufficient funds multiple times. The reason for this is that when you authorize a merchant to process a payment from your account that merchant may present the transaction multiple times and in various ways when payment is declined for insufficient funds or otherwise. There is no way the Credit Union can identify such actions by the merchant you authorized.
“Instrument” means a written order as defined by Articles 3 and 4 of the Uniform Commercial Code pursuant to the laws of the State set forth in this Agreement. “Owner” means the person(s) who have a present ownership interest in the sums on deposit in the multiple party (joint) accounts with the Credit Union, subject to the Credit Union’s lien rights or any security interest. A person is not an “owner” unless specifically designated as such in a completed and signed Membership Application and Signature Card. “Shares” for the purpose of your pledge to secure your obligations to the Credit Union, our common law right of set off, and otherwise, “share(s)” mean all deposits in any share savings, share draft, club, share certificate, P.O.D., revocable trust or custodial account(s), whether jointly or individually held — regardless of contributions, that you have on deposit now or in the future, all of which are deemed “general deposits,” for the purpose of your pledge. Your pledge does not include any I.R.A., Keogh, tax escrow, irrevocable trust or fiduciary account in which you do not have a vested ownership interest. “Transaction or transaction” means any deposit, order, transfer, payment, purchase via POS transaction or otherwise, withdrawal or other instruction relating to any account or account service provided by the Credit Union.
Annual Percentage Yield. 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. The dividend rate and annual percentage yield may change at any time, as determined by the Acclaim Federal Credit Union Board of Directors.
Compounding and Crediting. Dividends are calculated daily, compounded and posted quarterly. Dividends are paid on balances of $5 or more for Regular Savings, Christmas (Holiday) Clubs and Vacation Clubs. Dividends are paid on balances of $5 or more for Kirby Kangaroo and Claim Your Youth Accounts and on balances of $2,500 or more for Checking and are credited on the first day of the new quarter.
Transaction Limitations. Withdrawals or transfers from savings accounts, including Regular Savings, Vacation Club, Kirby Kangaroo Savings, and Claim Your Youth Savings, are limited to six (6) per month. This includes preauthorized or automatic transfers, telephone withdrawals/transfers or instructions, or online withdrawals/transfers. If you exceed these limitations, your account may be subject to excess withdrawal charges and closures. This includes preauthorized or automatic transfers or telephone withdrawals or instructions. If you exceed these limitations, your account may be subject to excess withdrawal charges and closures.
Withdrawals from Individual Retirement Accounts and Health Savings Accounts are subject to government restrictions. There is no limit to the number or dollar amount of withdrawals. Withdrawals made by check or electronic means will be reported to the IRS as current year normal distributions. Deposits are limited to the maximum annual contribution allowed by the IRS.
Christmas (Holiday) Club accounts are automatically disbursed in October, with additional withdrawals subject to an early withdrawal fee. Vacation Club accounts are not automatically disbursed, therefore are not subject to an early withdrawal fee.
Automated Teller Machine (ATM) and CU Service Center withdrawals are limited to $300.00 per day.
The minimum balance requirements applicable to each account are set forth in the “Deposit Account Rate & Fee Supplement”.
Tiered Variable Rate Information. This account is subject to a Tiered Variable Rate. The dividend rate and annual percentage yield may change at any time, as determined by the Acclaim Federal Credit Union Board of Directors. For the current dividend rate and corresponding APY*, refer to the separate “Deposit Account Rate & Fee Supplement” which we have included with and made a part of this disclosure.
Minimum Balance Requirements. The minimum balance required to open this account is $2,500. You must maintain a minimum daily balance of
$2,500 in your account each day to obtain the disclosed annual percentage yield and to avoid a fee.
Compounding and Crediting. For Money Market Accounts, the dividend period is monthly and dividends will be compounded and credited monthly.
Transaction Limitations. Withdrawals from your Money Market checking accounts are limited to six (6) per month. No more than three (3) of these six
(6) transfers may be made by check, draft or debit card to a third party. If you exceed these limitations, your account may be subject to excess withdrawal charges and closures.
Rate Information. The dividend rate and Annual Percentage Yield (APY) on Share Certificates are fixed and remain in effect until the first maturity date on the Certificate. The disclosed dividend rate and APY* for Share Certificates are those that were offered within the most recent seven calendar days and are subject to change.
Fees and Charges. Fees could reduce the earnings on the account.
Minimum Balance Requirements. Your Share Certificate Accounts may be subject to minimum balance requirements that we impose. The minimum balance requirements that apply to Share Certificates Accounts are disclosed on the attached Rate and Fee Supplement that accompanies this disclosure.
Dividends.
Transaction Limitations. After your Share Certificate Account is opened, you may not make deposits into the Share Certificate Account until the maturity date stated on the Certificate. Your Share Certificate Account is non-transferable and non-negotiable except for use as collateral on a loan, which you obtain from us. Funds in an IRA Certificate Account may not be pledged to secure any obligation.
Withdrawal of Dividends Prior To Maturity. All requests for early withdrawal must be in writing. You may withdraw dividends that have been credited to your Share Certificate Account prior to maturity provided; however, you must maintain the minimum balance set forth in the attached Rate and Fee Schedule throughout the term of your Share Certificate Account. The APY* is based on an assumption that dividends will remain in the Share Certificate Account until maturity. A withdrawal will reduce earnings.
Penalties for Early Withdrawal of Principal. We may impose a penalty if you withdraw any of the principal in your Share Certificate Account before the maturity date. The penalty will equal ninety (90) days for certificates with a term of six (6) months, one hundred eighty (180) days dividends for Certificates with a term of twelve (12) months, one hundred eighty (180) days dividends for Certificates with a term of eighteen (18) months, one hundred eighty (180) days dividends for Certificates with a term of twenty-four (24) months, two hundred seventy (270) days dividends for Certificates with a term of thirty-six (36) months, three hundred sixty-five (365) days dividends for Certificates with a term of forty-eight (48) months, and five hundred forty-five (545) days dividends for Certificates with a term of sixty (60) months. The penalty will be imposed regardless of whether dividends equal to the amount of the penalty have been earned at the time of withdrawal. To the extent that dividends in the Share Certificate Account at the time of withdrawal are insufficient to pay the entire penalty assessed, the penalty will be assessed against principal. If the principal balance of your Share Certificate Account is reduced below the minimum balance requirement set forth on the attached Rate and Fee Schedule following a withdrawal and the assessment of penalties, your Certificate will be redeemed.
At our option, we may pay the Share Certificate Account before maturity without imposing an early withdrawal penalty under the following circumstances:
This disclosure describes your ability to withdraw funds at Acclaim Federal Credit Union. It only applies to the availability of funds in transaction accounts. The Credit Union reserves the right to delay the availability of funds deposited to accounts that are not transaction accounts for periods longer than those disclosed in this agreement.
Your Ability to Withdraw Funds. It is the policy of the Credit Union to follow the guidelines contained in the federal regulation 12 CFR 229 Availability of Funds and Collection of Checks (Regulation CC), in determining the delay of funds from deposits of checks, money orders, and traveler checks. During the delay you may not withdraw funds from the deposit in cash and the funds will not be used to pay checks you have written. In certain instances, funds from these items will be available immediately, as described in this disclosure.
Even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
Determining the Availability of a Deposit. When we delay the availability of a deposit, the length of the delay is determined by counting the business days up until 4:30 PM from the date of your deposit. Every day is a business day, except Saturdays, Sundays, and federal holidays. The length of the delay may vary depending on the type of the deposit and is explained below.
Same-Day Availability. Funds from electronic direct deposits to your account will be available on the day we receive the deposit.
Next-Day Availability. Funds from the following deposits are available no later than the first (1st) business day after the day of your deposit:
Next-Day Availability for Certain Deposits Made In Person. Funds from the following deposits are available no later than the first (1st) business day after the day of your deposit if you make the deposit in person to one of our employees:
If you do not make your deposit in person to one of our employees (for example, made at a shared branch center or mailed in), funds from these deposits will be available no later than the second (2nd) business day after the day we receive your deposit.
Official Payroll Checks. Well, known and recognizable companies and select employee groups listed on our field of membership charter or checks that can be identified as payroll through a payroll stub and pattern of consecutive deposits.
Availability of Other Check Deposits. The first $225 from the aggregate of deposits will be available no later than the first (1st) business day after the day of your deposit. The remaining funds will be available on the second (2nd) business day after the day of your deposit.
Longer Delays May Apply. Additionally, funds deposited by check may be delayed for a longer period under the following circumstances:
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. They will generally be available no later than the seventh (7th) business day after the day of your deposit.
Special Rules for New Accounts. If you are a new member, the following special rules will apply during the first thirty (30) days your account is open. Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier’s, certified, travelers, and federal, state and local government checks will be available on the next business day after the day of your deposit if that deposit meets certain conditions. For example, the checks are payable to you. The excess over $5,525 will be available on the ninth (9th) business day after the day of your deposit. If your deposit of these checks (other than U.S. Treasury check payable to you) is not made in person to one our employees, the first $5,525 will not be available until the second (2nd) business day after the day of your deposit. Funds from all other checks will be available no later than the ninth (9th) business day after the day of your deposit.
DEPOSITS AT PROPRIETARY ATMS — Up to the first $225.00 of deposits made at ATMs accepting deposits for the credit union will be available for withdrawal on the first business day following the day of your deposit. For deposits made at ATMs owned and operated by the credit union, the remainder of any such deposit(s) subject to delayed availability will become available for withdrawal on the second business day after the day of deposit.
DEPOSITS AT NONPROPRIETARY ATMS — Finds from any deposits made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day after the date of your deposit apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.
FOREIGN CHECKS OR DRAFTS — Checks or drafts drawn on financial institutions located outside the U.S. (foreign checks or
drafts) cannot be processed the same as checks or drafts drawn on U.S. financial institutions. Foreign checks or drafts are
exempt from the policies outlines in this disclosure. Generally, the availability of funds for deposits of foreign checks or drafts will be delayed for the time it takes us to collect the funds from the financial institution upon which it is drawn.
When depositing or cashing a check, please note:
If you need more information about this Funds Availability Disclosure, please contact our office.
*Annual Percentage Yield
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.
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.
In some cases, identification will be requested for current account holders if original documentation was not obtained with the opening of the account.
Appraised Value of home | $100,000 |
---|---|
Percentage | x 75% |
Percentage of appraised value | = $75,000 |
Less balance owed on mortgage | – $40,000 |
Line of Credit | $35,000 |
Basic features for comparison | Plan A | Plan B |
---|---|---|
Fixed annual percentage rate | % | % |
Variable annual percentage rate | % | % |
% | % | |
% % | % % | |
Length of plan | ||
Draw period | ||
Repayment period | ||
Initial fees | ||
Appraisal fees | ||
Application fee | ||
Up-front charges, including points | ||
Closing cost | ||
Repayment items | ||
During the draw period | ||
Interest and principal payments | ||
Interest-only payments | ||
Fully amortizing payments | ||
When the draw period ends | ||
Balloon payment? | ||
Renewal available? | ||
Refinancing of balance by lender? |
Regulatory agency | Regulated entities | Contact information |
---|---|---|
Consumer Financial Protection Bureau (CFPB) P.O. Box 4503 Iowa City, IA 52244 | Insured depository institutions and credit unions with assets greater than $10 billion, (and their affiliates), and non-bank providers of consumer financial products and services, including mortgages, credit cards, debt collection, consumer reports, prepaid cards, private education loans, and payday lending. | (855) 411-CFPB (2372) consumerfinance.gov consumerfinance.gov/complaint |
Board of Governors of the Federal Reserve System (FRB) Consumer Help P.O. Box 1200 Minneapolis, MN 55480 | Federally insured state-chartered bank members of the Federal Reserve System | (888) 851-1920 federalreserveconsumerhelp.gov |
Office of the Comptroller of the Currency (OCC) Customer Assistance Group 1301 McKinney Street, Suite 3450 Houston, TX 77010 | National banks and federally chartered savings banks/associations | (800) 613-6743 occ.treas.gov helpwithmybank.gov |
Federal Deposit Insurance Corporation (FDIC) Consumer Response Center 1100 Walnut Street, Box #11 Kansas City, MO 64106 | Federally insured state-chartered banks that are not members of the Federal Reserve System | (877) ASK-FDIC or (877) 275-3342 fdic.gov fdic.gov/consumers |
Federal Housing Finance Agency (FHFA) Consumer Communications Constitution Center 400 7th Street, S.W. Washington, DC 20024 | Fannie Mae, Freddie Mac, and the Federal Home Loan Banks | Consumer Helpline (202) 649-3811 fhfa.gov fhfa.gov/Default.aspx?Page=369 ConsumerHelp@fhfa.govopens in a new window |
National Credit Union Administration (NCUA) Consumer Assistance 1775 Duke Street Alexandria, VA 22314 | Federally chartered credit unions | (800) 755-1030 ncua.gov mycreditunion.gov |
Federal Trade Commission (FTC) Consumer Response Center 600 Pennsylvania Avenue, N.W. Washington, DC 20580 | Finance companies, retail stores, auto dealers, mortgage companies and other lenders, and credit bureaus | (877) FTC-HELP or (877) 382-4357 ftc.gov ftc.gov/bcp |
Securities and Exchange Commission (SEC) Complaint Center 100 F Street, N.E. Washington, DC 20549 | Brokerage firms, mutual fund companies, and investment advisers | (202) 551-6551 sec.gov sec.gov/complaint/select.shtml |
Farm Credit Administration Office of Congressional and Public Affairs 1501 Farm Credit Drive McLean, VA 22102 | Agricultural lenders | (703) 883-4056 fca.gov |
Small Business Administration (SBA) Consumer Affairs 409 3rd Street, S.W. Washington, DC 20416 | Small business lenders | (800) U-ASK-SBA or (800) 827-5722 sba.gov |
Commodity Futures Trading Commission (CFTC) 1155 21st Street, N.W. Washington, DC 20581 | Commodity brokers, commodity trading advisers, commodity pols, and introducing brokers | (866) 366-2382 cftc.gov/consumer-protection |
U.S. Department of Justice (DOJ) Civil Rights Division 950 Pennsylvania Avenue, N.W. Housing and Civil Enforcement Section Washington, DC 20530 | Fair lending and fair housing issues | (202) 514-4713 TTY–(202) 305-1882 FAX–(202) 514-1116 To report an incident of housing discrimination: 1-800-896-7743 fairhousing@usdoj.gov |
Department of Housing and Urban Development (HUD) Office of Fair Housing/Equal Opportunity 451 7th Street, S.W. Washington, DC 20410 | Fair lending and fair housing issues | (800) 669-9777 hud.gov/complaints |
P.O. Box 29527
Greensboro, NC 27429-9527
(336) 332-5302
This disclosure contains important information about our Home Equity Line of Credit. You should read it carefully and keep a copy for your records.
Availability of Terms: All of the terms described below are subject to change. If these terms change (other than the annual percentage rate) and you decide, as a result, not to enter into an agreement with us, you are entitled to a refund of any fees you paid to us or anyone else in connection with your application.
Security Interest: We will take a mortgage on your home. You could lose your home if you do not meet the obligations in your agreement with us.
Possible Actions: We can terminate your line, require you to pay us the entire outstanding balance in one payment if:
Minimum Payment Requirements
You can obtain credit advances for 180 months (the draw period). During the draw period, payments will be due on a monthly basis. Your minimum monthly payment will be established at the time of each advance or change in interest rate in an amount necessary to fully amortize your outstanding account balance according to the following table, subject to a minimum of $100.
Account Balance Repayment Period
Up to $10,000.00 60 Months
$10,000.01 – $25,000.00 120 Months
$25,000.01 or more 180 Months
After the draw period ends, you will no longer be able to obtain credit advances and you must repay the outstanding account balance (the repayment period). The length of the repayment period will depend on your outstanding account balance at the beginning of the repayment period but in no event exceed 180 months. During the repayment period, minimum payments will be due on a monthly basis and will be established on the first day of the repayment period and calculated in the same manner as the draw period.
Minimum Payment Example
If you made only the minimum monthly payment and took no other credit advances, it would take 60 months to pay off a credit advance of $10,000 at an ANNUAL PERCENTAGE RATE of 4.50%. You would make 60 monthly payments of $186.43.
Preferred Rate: You may be entitled to receive a Preferred Rate of 0.25% less than the standard rate. You will be eligible for this rate if you establish and maintain an Acclaim FCU Checking Account with direct deposit. If you fail to maintain the preferred rate status, your interest rate will immediately increase by 0.25% percentage points.
Late Charge: If your payment is more than 10 days late you will be charged 5% of the payment due.
Third Party Fees: You may have to pay certain fees to third parties. These fees generally total between $0 and $300. If you ask, we will give you an itemization of the fees you may have to pay to third parties.
Property Insurance: You must carry insurance on the property that secures this Plan.
Transaction Requirements: The minimum initial advance you can receive is $1,000. Second and subsequent advances are subject to a $250 minimum.
Tax Deductibility: You should consult a tax advisor regarding the deductibility of interest and charges for the line.
Copyright 2010, CONMARSYSTEMS, Peachtree City, GA 30269 EFORM 19520-1 Rev 5/16
VARIABLE RATE: Your Plan is subject to a Variable Rate and the annual percentage rate (corresponding to the periodic rate) can change as a result. The annual percentage rate is based on the highest Prime Rate as published in the Money Rates Section of The Wall Street Journal and will be the rate in effect 15 days prior the first day of each calendar quarter (“Index”). To determine the Annual Percentage Rate that will apply to your line of credit, we add our margin to the value of the index. Changes in the Index will cause changes in the Interest Rate on the first day of each calendar quarter of each year. Increases and decreases in the Interest Rate will result in like increases or decreases in Finance Charge and may affect the amount of your scheduled payments during the draw and repayment periods. If the index becomes unavailable, we will choose another Index with a similar Interest Rate. The Annual Percentage Rate includes only interest and no other costs.
RATE CHANGES: The annual percentage rate can change on the first day of each calendar quarter of each year. The rate cannot increase or decrease more than 2.00 percentage points in any one year period.
The maximum ANNUAL PERCENTAGE RATE that can apply is 18.00% or the maximum allowed by law. The minimum ANNUAL PERCENTAGE RATE that can apply is 4.5%.
MAXIMUM RATE AND PAYMENT EXAMPLES
If you had an outstanding balance of $10,000 during the draw period, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 18.00% would be $180.19. This Annual Percentage Rate could be reached in the 84th month of the draw period.
If you had an outstanding balance of $10,000 during the repayment period, the minimum payment at the maximum ANNUAL PERCENTAGE RATE of 18.00% would be $180.19. This Annual Percentage Rate could be reached in the 84th month of the repayment period.
Historical Example: The following table shows how the annual percentage rate and the minimum payments for a single $10,000 credit advance would have changed based on changes in the index over the last 15 years. The index values are from the first business day in January of each year. While only one payment amount per year is shown, payments would have varied slightly during the year. The table assumes that no additional credit advances were taken, that only the minimum payment was made, and that the rate remained constant during each year. It does not necessarily indicate how the index or your payments would change in the future.
ANNUAL PERCENTAGE
MINIMUM
YEAR | INDEX % | MARGIN % (1) | PAYMENT $ | |
---|---|---|---|---|
2003 | 4.25 | 0.50 | 4.75 | 189.86 |
2004 | 4.00 | 0.50 | 4.50 | 188.00 |
DRAW 2005 | 5.25 | 0.50 | 5.75 | 187.30 |
2006 | 7.25 | 0.50 | 7.75 | 189.22 |
2007 | 8.25 | 0.50 | 8.75 | 190.23 |
2008 | 7.25 | 0.50 | 7.75 | 0 |
2009 | 3.25 | 0.50 | 5.75 (2) | 0 |
2010 | 3.25 | 0.50 | 4.50 (3) | 0 |
REPAY 2011 | 3.25 | 0.50 | 4.50 (3) | 0 |
2012 | 3.25 | 0.50 | 4.50 (3) | 0 |
2013 | 3.25 | 0.50 | 4.50 (3) | 0 |
2014 | 3.25 | 0.50 | 4.50 (3) | 0 |
2015 | 3.25 | 0.50 | 4.50 (3) | 0 |
2016 | 3.50 | 0.50 | 4.50 (3) | 0 |
Copyright 2010, CONMARSYSTEMS, Peachtree City, GA 30269 EFORM 19520-1 Rev 5/16
P.O. Box 29527
Greensboro, NC 27429-9527, USA
Phone: (336) 332-5302 Fax: (336) 332-5965
Toll-Free: 888-794-1001
To use this online service to make your Acclaim Federal Credit Union (“AFCU”) loan payment or account deposit you agree that:
o If authorized before 11:00 pm CST, Monday-Friday (except on Federal Holidays), payments will post to your account within the next business day. Payment made after 11:00 pm CST, Monday- Friday (except on Federal Holidays), will typically post to your loan within 2 business days. For example, payments authorized before 11:00 pm on Monday will be posted to the loan account no later than Tuesday; payments authorized after 11:00 pm on Monday will be posted to the loan account no later than Wednesday.
If you choose not to accept these terms, please mail your payment to Acclaim FCU PO Box 29527, Greensboro, NC 27408 or use the night drop box at 1823 Banking Street, Greensboro, NC 27408. You may call 888-794-1001 during office hours (8:30 am to 4:30 pm, Monday- Thursday, 8:30 am to 5:30 pm, Friday) to speak to a member service representative about other non-fee payment options.
If you have any questions, please call 888-794-1001 or email Teller@AcclaimFCU.org.
This page explains the terms and conditions for using our Internet Home Banking service (also called e-Banking) and provides certain disclosures and information to you concerning the service. Each of your accounts at Acclaim Federal Credit Union is also governed by the applicable account disclosure/agreement and Truth-In-Savings disclosure you received when you opened your accounts.
We reserve the right to limit access or cancel online access at any time.
To access your account through our e-Banking service, you must have your account number and a password. This information is requested when you enter our e-Banking pages from our Web site.
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 e-Banking service 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 number(s) 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 Acclaim Federal Credit Union at once at our toll-free number (888) 794-1001 or locally (336) 332-5302. Or you can send us an e-mail to Admin@AcclaimFCU.org.
To get an initial password for the e-Banking service, complete an enrollment form and mail it to the Credit Union at P O Box 29527 Greensboro, NC 27429-9527 or fax it to (336) 332-5965. You will be required to change your initial password when you first log in.
There are no monthly fees and/or transaction fees for accessing your account(s) through our Internet Banking service. We do not intend to charge in the future for the service but reserve the right to do so after providing 30 days advance notice to all users at the e-Banking login page.
Your Internet service provider (ISP) probably charges you a fee to access the Internet via its server. We have no control over ISP related fees.
The following functions may be performed through the e-Banking service:
Our business days are Monday through Friday. Holidays are not included.
Our e-Banking site is designed to operate using World Wide Web technologies and protocols, which are adaptable to a wide range of systems. The e-Banking section uses SSL encryption and requires a browser with a current (unexpired) Thawte Root CA Security Certificate. Our server uses 40 to 128-bit encryption, depending on the browser.
We use cookies to help us administer the e-Banking section. Some browsers allow you to reject cookies from servers. If you don’t allow us to set a cookie upon entering the site, you will not be able to log in. The cookie we set contains information we need for security and allows us to “time out” your authority to view information. We place the cookie with instructions that it can only be sent to a server in our home banking domain (homecu.net). A cookie cannot be used to extract data from your PC. We do not store your Access Code, User ID, or Password in your cookie.
The cookie we set will “time out” your access authority to our e-Banking section. Until it times out, you can come back to our e-Banking site without logging in. After the timeout 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 exit the browser when you are finished with your session. This is especially important if you are using a public or share a computer.
Our e-Banking database is a private system operated for the exclusive use of our members. We use SSL encryption and digital server authentication to ensure the privacy of your information when sending data between our home banking server and your PC.
The server logs all home banking logins. For authenticated members who use home banking, we collect and store certain information such as how often you visit the home banking section, the dates and times of visits, and which pages are being used. We use this information for internal review and product evaluation only. We never sell, transfer or trade this information unless we are compelled to do so by law.
We may gather and store additional information available to us on failed login attempts and other security we consider a threat to our system. In these cases, we will share this information with other companies, agencies and law enforcement officials as we see fit.
Tell us AT ONCE if you believe your password has been lost or stolen and immediately change your password from within the e-Banking section. Calling is the best way to notify us immediately. You could lose all the money in your account. If you tell us within two (2) business days after you learn of the loss or theft of your password, 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, and we can prove that 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 transfer 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 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 permission,
Call
(888) 794-1001
or Write:
Acclaim Federal Credit Union
P O Box 29527
Greensboro, NC 27429-9527
or Email
Admin@acclaimfcu.org
All transaction generated by you through our e-Banking service and any fees will appear on your regular monthly or quarterly statement.
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:
We shall not be responsible for any other loss, damage or injury whether caused by the equipment, software, and/or the e-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.
In case of any errors or questions about your electronic transfers, call us at (888) 794-1001 or write us at P O Box 29527 Greensboro, NC 27429-9527 as soon as you can. We must hear from you no later than sixty (60) days after you learn of the error. You will need to tell us:
If you tell us verbally, we may 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 use of the funds in question after the ten (10) business days. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit y9ur 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.
To stay up to date on all the latest offerings, newsletters, and our blog, text ACCLAIM to 888-794-1001 to opt-in to our notices.
Message frequency not to exceed twice weekly. Terms of Service Privacy Policy
CONTACT
1823 Banking Street
Greensboro, NC 27408
Monday – Thursday: Lobby & Drive Thru 8:30 AM – 4:30 PM
Friday Lobby & Drive Thru 8:30 AM – 5:00 PM
Toll-Free: (888) 794-1001 (Call or Text)
Local: (336) 332-5302
Fax: (336) 332-4103
For lost or stolen Credit Cards:
(800) 808-7230
For lost or stolen Debit Cards:
(888) 241-2510
Routing #: 253184692 | Find ATM | Disclosures | Privacy Policy | Terms of Use
Acclaim Federal Credit Union NMLS ID 421622
Acclaim Federal Credit Union provides links to web sites of other organizations in order to provide visitors with certain information. A link does not constitute an endorsement of content, viewpoint, policies, products or services of that web site. Once you link to another web site not maintained by Acclaim Federal Credit Union, you are subject to the terms and conditions of that web site, including but not limited to its privacy policy.
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