ONLINE STATEMENTS/DISCLOSURES/NOTICES and E-SIGN AGREEMENT
Siouxland Federal Credit Union
3000 Plaza Drive
PO Box 807
South Sioux City, NE 68776
By completing the following consent form and agreement you are authorizing Siouxland Federal Credit Union (SFCU) to deliver statements, disclosures and/or notices of your SFCU share and loan account(s) by electronic means. You understand and agree that by requesting electronic delivery, you will NOT receive statements or notices in paper form delivered by regular United States Postal Service mail. You agree that electronic delivery will satisfy SFCU’s requirement to provide you a periodic statement of your account(s) and all disclosures and notification of your account(s). You agree, if you do not use home banking for 6 months, you will be removed from the home banking product and will receive paper statements via the United States Postal Service.
Consent of Electronic Delivery of Disclosures
You understand and agree that we may provide the following to you in electronic format only, by posting the information on our website where you access your accounts and our products or services:
- Schedule of Fees
- Privacy Statement
- Online Statement/Disclosures/Notices and E-Sign Agreement
- Customer Identification Disclosure
- BillPayer Disclosure
- Courtesy Pay Disclosure
- Home Equity Disclosure
- Mortgage Disclosure
- Rewards Visa Disclosure
Consent of Electronic Delivery of Notices
I understand and agree that the following notices will be emailed to me and that it is my responsibility to read them:
- Availability of E-Statement
- Availability of SFCU Newsletter
- Draft payment not successfully processed
- ACH item not successfully processed
- ATM item not successfully processed
- ACH returns are received
- BillPayer payment not successfully processed
- Courtesy payment has been applied
- ACH returns for today
- Loan delinquency notice
- Payment has been rejected by BillPayer Processor
- Email address has been changed
- Home banking PIN has been changed
- E-Statement selection has been changed
- Contact information has been changed
- Audio response PIN has been changed
I understand that you will notify me by e-mail about any changes in terms or fees to the above services and disclosures. I also understand that the updated disclosures or new Schedule of Fees will be made available to me electronically, online or by email.
I further understand and agree that my account statement(s) will be provided to me electronically, on an ongoing basis (subject to the terms and conditions of the Online Statement/Disclosures/Notices and E-Sign Agreement). I also understand and agree that I will not be receiving paper statements delivered via the U.S. Postal Service.
Terms and Conditions Applicable to Electronic Delivery (Electronic Statement, Disclosure and Notices):
- I understand and agree that:
Transactions and/or account information changes performed on any account indicated below by electronic means where my password is utilized and/or where the security procedure described below is utilized shall be considered authorized by me.
Ongoing consent (section 2) to receive electronic delivery of statements, disclosures and notices is voluntary, and may be withdrawn at any time. I may withdraw consent at any time in writing or by sending SFCU an email to firstname.lastname@example.org from the email of record on my account. Such request shall become effective no later than (15) days after receipt. I may also change my consent from my home banking site.
I will make sure that my computer system meets the minimum system requirements set forth below. In addition, I will have and will maintain a printer capable of printing any disclosures, notices or account statement that are e-mailed to me and/or made available to me from SFCU web site. In the alternative, I will maintain the ability to electronically save and visually display on my computer screen any disclosures, notices and/or account statements that are e-mailed to me and/or made available on SFCU web site.
I may request in writing that all disclosures provided to me electronically also be provided in paper by writing to Siouxland Federal Credit Union. I understand there may be a fee associated with this. I will refer to SFCU Fee of Schedule for the exact amount.
Minimum System Requirements:
In order to receive and review disclosures, notices and account statements electronically, the following computer system requirements must be satisfied:
- You must maintain a valid e-mail address with SFCU for the purpose of receiving notification and communications regarding your account. Your failure to do so forfeits your right to receive statement, disclosures and notices electronically.
For ongoing electronic delivery of disclosures, notices and account statements, you will utilize the following security and you will agree that such procedures, when utilized by you, shall constitute your electronic signature and sufficient authorization for the related transactions:
Account/Statement Access - After receipt of your Electronic Services Application, SFCU will establish your login name and will assign a temporary password. You will be required to change your password to one of your choosing the first time you go to the home banking site. You will not be able to retrieve your e-statement without this password. It is your responsibility to protect this password from unauthorized use.
If you forget your password, you can enter your User ID on the home banking site, click "Forgot your Password", and you will be able to choose a new password of your choosing. You may also call (402) 494-2073 and speak to a Member Service Representative, who will reset your password.
Notifications can be sent to only one e-mail address. For example, the notification cannot go to both a work and home e-mail address.
If you have more than one account and wish to receive all of them online, please submit a single request for each account.
We reserve the right, at our discretion, to discontinue the provision of your electronic Communications, or to terminate or change the terms and conditions on which we provide electronic Communications. We will provide you with notice of any such termination or change as required by law.
When Your Home is On the Line
||Siouxland Federal Credit Union
||3000 Plaza Drive
||South Sioux City, NE 68776
This disclosure contains important information about our Home Equity Line of Credit.
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 that 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: Under certain circumstances, we can:
- terminate your line of credit, require you to pay us the entire balance in one payment, and charge you certain fees;
- refuse to make additional extensions of credit; and
- reduce your credit limit.
We can terminate you account, require you to pay us the entire outstanding balance in one payment and charge you certain fees if:
- you engage in fraud or material misrepresentation in connection with the line of credit;
- you do not meet the repayment terms; or
- your action or inaction adversely affects the collateral or our rights in the collateral
We can refuse to make additional extensions of credit or reduce your credit limit if:
- you engage in fraud or material misrepresentation in connection with the line of credit;
- you do not meet the repayment terms; or
- your action or inaction adversely affects the collateral or our rights in the collateral;
- the value of the dwelling securing the line of credit declines significantly below its appraised value for purposes of the line of credit;
- we reasonably believe you will not be able to meet the repayment requirements due to a material change in your financial circumstances;
- you are in default of a material obligation of the agreement;
- government action prevents us from imposing the annual percentage rate provided for or impairs our security interest such that the value of the interest is less than 120 percent of the credit line;
- a regulatory agency has notified us that continued advances would constitute an unsafe and unsound business practice; or
- the maximum annual percentage rate is reached.
Minimum Payment Requirements: You can obtain credit advances until the maturity date. During this period, payments will be due monthly. Your minimum monthly payment will equal the greater of 1.500% of the outstanding principal balance or $75.00 whichever is greater.
The minimum monthly payments will not be sufficient to fully repay the principal balance that is outstanding on your line of credit. At the end of the maturity you will be required to pay the entire balance outstanding in a single “balloon” payment.
Minimum Payment Example: If you took a single $10,000.00 credit advance, made only the minimum monthly payment and the ANNUAL PERCENTAGE RATE was 9.75% during the 10 year term of your loan, you would make 119 payments of $81.25 and a final payment of $10,081.25.
Fees and Charges: You must pay certain fees to third parties such as appraisers, credit reporting firms, and government agencies. These fees generally total $200.00. If you ask, we will provide you with an itemization of the fees you will have to pay to third parties.
You must carry insurance, acceptable to the Credit Union, on the property that secures this line of credit.
Refundability of Fees: If you decide not to enter into this plan within three days of receiving this disclosure and the Home Equity booklet, you are entitled to a refund of any fee you may have already paid.
Minimum Draw Requirements: The minimum credit advance that you can receive is $1,000.
Tax Deductibility: You should consult a tax advisor regarding the deductibility of interest and charges for the plan.
Variable Rate Feature: This line of credit has a variable rate feature and the annual percentage rate (corresponding to the periodic rate) and the minimum monthly payment may change as a result. The annual percentage rate includes only interest and no other costs. The annual percentage rate is based on the value of an index. The index is the weekly average yield on United States Treasury securities adjusted to a constant maturity of 1 year, as published in the Wall Street Journal. To determine percentage rate that will apply to your account, we add a margin to the value of the Index. Ask us for the current index value, margin and annual percentage rate. After you open a line of credit, rate information will be provided on periodic statements that we send you.
Rate changes: The annual percentage rate can change annually, the rate cannot increase or decrease more than 2.000% in a one year period. The maximum ANNUAL PERCENTAGE RATE that can apply during the term of the line of credit is 6.000% above the initial rate.
Maximum Rate and Payment Examples: If you had an outstanding balance of $10,000, the minimum monthly payment at the maximum ANNUAL PERCENTAGE RATE of 18% would be $180.16.
This is not a commitment to make a loan.
The consumer should make or otherwise retain a copy of these disclosures.
I have read the disclosures and wish to proceed to the loan application.
This Agreement and Disclosure describes the types of Electronic Fund Transfers (EFTs) available with Siouxland Federal Credit Union’s Bill Payer Service and provides information about your rights and responsibilities concerning those transactions. This Agreement applies only to transactions initiated using Bill Payer services.
In this Agreement, “you” and “your” refer to the member and joint owner or authorized user of the member’s account'(s). “We,” “us,” and “Credit Union” refer to Siouxland Federal Credit Union. The “Service” refers to Siouxland Federal Credit Union’s Bill Payer service. “PCU” refers to our Personal Credit Union home banking site.
By applying for or using the Bill Payer Service or allowing others to do so, you consent to the terms of this Agreement and Disclosure.
- Account Access
Any account owner who has the Personal Identification Number/Password (PIN) or any person to whom you or your joint owner have given the PIN is an authorized user of your accounts and can conduct any transaction on your accounts that you can conduct yourself. Once you have SFCU’s PCU service, you or any authorized user can add the Bill Payer Service by enrolling on-line. You are responsible for all transactions authorized users make; whether or not they stay within the scope of permission you give them to use your accounts. The only way to stop an authorized user from accessing your accounts is for you to go online and choose another PIN known only to you or contact the credit union to deactivate SFCU PCU on your account.
- Business Days/Hours of Operation
The Bill Payer Service is generally available 24 hours a day, 7 days a week. The system may be temporarily unavailable for brief periods of maintenance or in emergency situations. In addition, the Bill Payer Service is made available pursuant to a license agreement by and between Siouxland Federal Credit Union, USERS, and Online Resources & Communications Corporation. Any interruption of service or access caused by any of the above providers will also prevent your use of the service.
The Credit Union’s business days are Monday through Friday, excluding holidays and weekends. Transactions requested on Saturdays, Sundays, or holidays on which the Credit Union chooses to remain closed will be processed on the Credit Union’s next business day.
You must transmit Payment Instructions no later than 12:00 a.m. midnight on any business day to have them considered entered for the next business day.
- Description of Service
The Bill Payer Service permits you to use your Internet-enabled device to direct payments from your designated online Bill Payment Account to third parties you wish to pay. Your Bill Payment Account must be a checking account. Through the Bill Payer Service, you can pay bills from your Bill Payment Account to businesses or individuals.
All payments you make will be deducted from the checking account that you designate as your Bill Payment Account for the Bill Payer Service. Any payments you wish to make through this Service must be payable in U.S. dollars to a payee located in the continental United States. We reserve the right to restrict from time to time the types of payees to whom payments may be made using the Service.
You are prohibited from using the Bill Payer Service to make payments to the following excluded merchants:
- Tax entities (IRS, state and local tax authorities)
- Collection Agencies
- Court ordered payments
- Payees outside the U.S.
- Payees with Armed Forces postal codes (AP, AE)
- Payments to settle securities transactions
- Payoffs on “special financing” transactions
- Unprocessed payments due to debit failures
- Payments to credit counseling agencies who pay creditors on your behalf
The Credit Union will not support these types of payments due to the difficulties of performing follow-up research with the payees in the event the payees claim non-receipt or late payment. The Credit Union will not accept liability for such payments should you initiate them using this Bill Payer Service. Payments for these payees will be your sole responsibility if delayed or improperly processed or credited.
The Credit Union reserves the right to refuse to pay any payee to whom you may direct a payment. The Credit Union is obligated to notify you promptly if it decides to refuse to pay a payee designated by you. This notification is not required if you attempt to make a payment prohibited by this Agreement.
Subject to the terms and conditions of this Agreement, you authorize us, and any third party acting on our behalf, to choose the most effective method to process your payment, including without limitation, electronic (ACH), paper or some other draft means. When possible, payments will be made electronically. However, some payments will be made by check.
Payments set up in advance of the due date, are withdrawn from the Bill Pay user’s account up to 5 business days before the due date when paid by check, and 2 business days for payments made electronically.
One-Time Only Payment: A SINGLE payment to be made with no additional payment. This payee and payment will be deleted after the payment has been made.
Recurring Payment: Multiple payments to be made for the SAME AMOUNT and due the same day each period, such as monthly or quarterly. If you designate a bill payment as a “recurring” transaction, you may request, and the Credit Union will use, a processing date that reoccurs on a specified regular basis (i.e. weekly, bi-weekly, monthly, etc). You will designate a “start” and “end” date.
Maximum Payment Amount: The maximum payment amount is $25,000.
Please allow adequate time for your payment to reach the payee by the payment due date. If a bill payment is designated as a payment to process today (meaning you have given it a due date of today’s date), the processing date will be the next business day. Payments designated as today transactions, may not be canceled for any reason once the payment no longer appears on the pending payments screen. Please be sure to allow adequate time, as it will still take 2 to 5 business days, for this payment to reach the payee.
We will withdraw the funds from your designated account the morning of the processing date (2 or 5 business days prior to your payment due date); therefore, funds must be available by the end of the business day the night before the processing date. Two (2) business days are required to process electronic bill payments. If a payee is not set up to accept electronic payments a check will be sent, which will take up to five (5) business days to process and deliver to the payee.
You must allow sufficient time (2 or 5 business days) as indicated for the Bill Payer Service to receive your request and process the Bill Payments so that funds can be delivered to the payee before the payment due date (the due date shown on your invoice or provided by the payee). If you do not allow sufficient time, you will assume full responsibility for all late fees, finance charges, or other action taken by the payee. Mortgage payments should be scheduled on or before the due date excluding grace periods.
Overdrafts and Rejects
We will overdraft from your Share Draft Account (Checking) in accordance with your Share Draft (Checking) account terms and conditions or your Overdraft Line of Credit in accordance with the terms of the Credit Agreement if sufficient funds are not available in your Share Draft (checking) account on the designated Bill Payment processing date. At that time, your Share Draft Account (Checking) will be charged an Overdraft fee. In the event sufficient funds are not available the Credit Union will issue an electronic message to you through the Bill Payer Service on the processing day. The Credit Union is not responsible if the notification does not reach you, whether or not this is due to events beyond our control. Once a scheduled payment is rejected for insufficient funds, you are responsible for either making alternate arrangements for the payment, or rescheduling the payment. In no case will the Credit Union automatically resubmit a payment for you after it has been rejected even if the funds have become available. The merchant may reject a bill you schedule. Once the merchant rejects a bill, you are responsible for either making alternate arrangements for the payment, or rescheduling the payment. In no case will the Credit Union automatically resubmit a payment for you after the bill has been rejected by a merchant.
If you have overdraft protection on your checking account, your request for the Bill Payment transfer out of your checking account will be considered a request for an overdraft protection transfer or loan advance if it is needed to complete the transaction. Overdraft protection will be handled in a manner consistent with the overdraft services you previously requested and have available at the time. Overdraft protection is only available on checking accounts. Requests for transfers out of other accounts in which you do not have available funds will be denied.
Confirmation Number. Upon completion of a transaction using the Bill Payer service a “confirmation” number will be given. You should record this number, along with the payee; scheduled date and transaction amount in your checkbook register (or other permanent record), because this will help in resolving any problems that may occur.
Periodic Statements. Information about the Bill Payer Service transactions will be shown on your normal statement for the account to and from which transfers or payments are made. You will get a statement monthly if you have a checking account or in any month in which you have electronic funds transfer activity. All members receive statements at least quarterly.
Notices. Notices will be sent to the primary account owner at the last address shown in our records. On joint accounts, notice to the primary owner will be deemed notice to all account owners.
Stop Payment on Bill Payments. Bill Payments made by electronic transfer may not be stopped once they have been processed and deducted from your account. It may be possible to place a stop payment on a bill payment made by check. Our remittance processor will, if possible, place this stop payment and the fee assessed by them will be deducted from your account. If we are unable to stop a Bill Payment, you must resolve any disputes directly with the payee.
Cancellation of a Scheduled Payment
You may cancel any of your scheduled payments whether designated as “one time,” or “recurring” payment type any time prior to the processing date. Cancel a scheduled payment by selecting the “Delete Payee” or “Modify” option from within the Bill Payer Service “Payees Functions” menu. Deleting the payee will also delete any history for that payee.
Cancellation of the Bill Payer Service
You may cancel this service at any time by selecting the “Cancel Bill Payer” option from within the Bill Payer Service menu or, by writing us at the address listed in this Account Agreement. If you subsequently wish to resume this service, you will need to re-build your payee list. Your Bill Payer Service may be automatically cancelled if you do not use the service for three consecutive calendar months. To resume this service, you will need to re-build your payee list.
No Duty to Monitor Payments
We do not have a duty to monitor payments made through the Bill Payer service. It is your responsibility to review your account history on a regular basis to verify Bill Payment activity.
Siouxland Federal Credit Union will share information about your accounts and transfers only:
where it is necessary for completing transfers; or
in order to verify the existence and condition of your account for a third party, such as a credit bureau of merchant; or
in order to comply with government agency or court orders; or
if you give us your written permission; or
as explained in the separate Privacy Disclosure.
Your Liability for Unauthorized Transactions
Tell us immediately if you believe an unauthorized person has obtained access to your PIN/Password or someone may transfer money out of your accounts without your permission. Call us immediately at (402) 494 – 2073 or (800) 264-0796 during business hours. You can also write to us at:
Siouxland Federal Credit Union P.O. Box 807 South Sioux City, NE 68776
Telephoning is the best way to keep losses down. If you don’t notify us within the time limits in this paragraph, you could lose all of the money in your accounts plus money in any account or line of credit you have designated for overdraft protection.
If you tell us of the loss, theft or other potential unauthorized use of your PIN within two business days after you learn of it, your loss will be no more than $50. If you do not tell us within two business days after you learn of the loss, theft or other potential unauthorized use of your PIN, and we can prove we could have stopped someone from using it if you had told us in time, you could lose as much as $500.
If your statement shows transfers that you did not authorize, notify us immediately. If you do not notify us within 60 days of our mailing the first statement on which the unauthorized use appeared, you may not be reimbursed for funds lost provided we can prove that we could have stopped someone from taking the money if you had told us on time. If a good reason (such as a long trip or hospital stay) kept you from telling us, we may extend the time period.
Credit Union Liability
If we do not properly complete a transfer on time or in the correct amount according to our agreement with you, we will be liable for your direct losses or damages (not to exceed the amount of the transaction). However, there are exceptions. We will not be liable if, for instance:
Through no fault of ours, your account does not contain enough money or you do not have available credit to make the transfer;
The Bill Payer Service system was not working properly and you knew about the breakdown when you initiated the transaction;
Your PIN was reported lost or stolen and we have blocked its use;
Circumstances beyond our control, such as fire, flood, electrical failure, or malfunction of the central data processing facility prevent completion of the transaction in spite of our reasonable precautions;
Your account is “frozen” because of a court order or some similar legal action;
We establish other lawful exceptions and give you notice required by law of them.
In no event will we be liable for consequential, indirect, or punitive damages. The Credit Union will carry out written instructions from you and authorized users of your accounts. We will not incur liability for carrying out written instructions in a reasonable manner. You agree to indemnify the Credit Union and hold us harmless from any and all liability we incur as a result of following your written instructions in a reasonable manner.
Siouxland Federal Credit Union is responsible only for exercising ordinary care in making payment upon your authorization and for mailing or sending a payment to the designated payee. Siouxland Federal Credit Union is not liable in any way for damages you incur if you do not have sufficient funds in your account to make the payment on the processing date, if the estimate of time to allow for delivery to the payee is inaccurate, or due to delays in mail delivery, changes of merchant address or account number, the failure of any merchant to account correctly for or credit the payment in a timely manner or for any other circumstances beyond the control of Siouxland Federal Credit Union.
Electronic Message Capabilities and Limitations
The Bill Payer Service allows you to receive electronic mail messages from the Credit Union. These messages can be retrieved whenever you login to Siouxland Federal Credit Union PCU.
Authorization to Charge Accounts
You authorize us to charge your designated account(s) for any transactions accomplished through the Bill Payer Service, including the amount of any Bill Payment or Transfer that you make, and any charges for the service. You understand that in adding a payee or maintaining a payee list, even if no payments are scheduled, you are electing to use the full Bill Payer Service. You authorize us to process Bill Payments and to transfer funds according to the instructions we receive if you provide the instructions through the Bill Payer Service. You authorize us to initiate any reversing entry or reversing file and to debit your accounts at Siouxland Federal Credit Union or elsewhere, in order to correct any mistaken credit entry. You understand that if a Bill Payment request describes the beneficiary inconsistently by name and account number, execution of the request will occur on the basis of the account number, even if it identifies a person different from the named beneficiary.
Changes in Terms
The policies and procedures outlined in this disclosure were in effect on the date of publication. The Board of Directors reserves the right to change Credit Union policy at any time without prior notice. Please contact us if you wish to determine if any changes have been made. You will receive at least 30 days’ advance written notice of any change, deletion from, or addition to this Agreement that will adversely affect you. Your continued use of the Bill Payer Service after the effective date of the change will constitute your agreement to the changed terms. If you do not want a new or changed term to apply to your use of the Bill Payer Service, please notify us in writing to terminate your service or you may select the “Cancel Bill Pay” option to discontinue your Bill Payer Services.
You agree that we can terminate this Agreement and your use of the Bill Payer Service if:
You or any authorized user of your Bill Payer Service breach this or any other agreement between us.
We have reason to believe that there has been or may be unauthorized use of your Bill Payer Service.
If your checking account is closed due to fraudulent activity.
There are conflicting claims to funds in your accounts.
You or any authorized signer asks us to do so.
You attempt transfers when you do not have available funds or overdraft protection available to cover them.
Should we find it necessary to close your checking account due to Non sufficient funds activity.
You do not use the service for 90 days.
We reserve the right to discontinue the Bill Payer programs at any time by giving you advance notice.
When you use the Bill Payer Service to access your accounts or loans, the Credit Union agreements that govern those accounts or loans (such as your checking Account Agreement or Open End Loan Agreement and Disclosure) also apply.
Non-cash items or ATM deposits you make to your accounts may not be available for immediate withdrawal. Please refer to our Funds Availability Schedule.
We may report you to consumer reporting agencies that report account abuses or loan delinquencies if you fail to meet the terms of this or other agreements governing your accounts or loans with us.
The Bill Payer Services are designed and intended to be used for personal, family and household purposes. The Service is not designed of commercial use.
Nebraska law and applicable federal law, including but not limited to Federal Reserve Regulation E, govern this Agreement.
If any provision of this Agreement is found unenforceable, the remaining provisions will remain in full force and effect.
If an authorized Bill Payment transaction results in a negative balance in any of your accounts, you agree to restore the negative balance immediately upon our demand. If you do not do so, you agree that we can take funds from any Credit Union account in which any owner of the negative balance account has an interest to recover all or part of what you owe us. Our exercise of this right in the event of a negative balance is not an election of remedies and will not waive our right to pursue all other legal means of collecting what you owe us. You agree to pay all of our reasonable collection costs before we take legal action to collect what you owe us. If we do take legal action to collect what you owe us, you agree to pay our reasonable attorney’s fees and costs of suit in addition to any other remedy the court finds proper. “Legal action” includes but is not limited to a collection lawsuit, an action to protect our interests if you become a debtor in bankruptcy, an appeal, or any other type of legal proceeding.
In Case of Errors or Questions About Your Electronic Transfers
If you think that an electronic transfer shown on your statement is wrong, or if you need more information about a payment or transfer, contact us immediately at (402) 494 - 2073 or (800) 264-0796, or you can write us at:
Siouxland Federal Credit Union P.O. Box 807 South Sioux City, NE 68776
We must hear from you no later than 60 days after we sent you the first statement on which the error or problem appeared.
Tell us your name and account number.
Describe the error or the transfer you are unsure about and explain as clearly as you can why you believe there is an error or why you need more information.
Tell us the dollar amount and the payee 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 tell you the results of our investigation 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 business days to investigate your complaint or question. If we decide to do this, we will re-credit your account within ten business days for the amount you think is in error, so you will have the use of the money while we complete our investigation. If we ask you to put your complaint or questions in writing and we do not receive it within ten business days, we may not re-credit your account during our investigation.
We will tell you the results of our investigation in writing within three business days of concluding it. You may ask for copies of the documents we used in the investigation. If a notice of error involves an electronic funds transfer that occurred within the first thirty (30) days after deposit to a new account, the applicable time period for action shall be twenty (20) business days in place of ten (10) business days. If a notice of error involves an electronic funds transfer that was initiated in a foreign country, the applicable time period for action shall be ninety (90) calendar days in place of forty-five (45) calendar days.
Bill Payer Service Fee Schedule
Check Copy $10.00
Stop Payment $23.00
Courtesy Pay Disclosure
Siouxland Federal Credit Union (SFCU) offers an account overdraft program, called Courtesy Pay, on qualifying
share draft (checking), ACH items, Bill Pay items, and electronic accounts other than ATM or one‐time debit card
overdrafts, unless the member has opted in as an additional benefit to its member‐owners. Courtesy Pay may
save SFCU member‐owners time and embarrassment, as well as prevent them from incurring additional fees due
to items submitted to SFCU.
If you qualify for Courtesy pay, when an item is presented for payment, SFCU will first determine whether other
qualifying account sources are available to pay that item. Qualifying account sources include overdraft transfer
accounts you have designated, such as your share account and/or a personal line of credit, etc. If an item
presented for payment cannot be honored from your qualifying account sources, the item may be paid through
Courtesy Pay. Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For
example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular
deposits, or you have too many overdrafts.
In extending this service to you, we anticipate that we can rely on you to bring your account to a positive status in a
timely manner, but in no more that forty‐five (45) days after an overdraft occurs. If your account is negative for
longer than thirty (30) days, you will no longer be in good standing and your Courtesy Pay privileges may be
revoked. There is no enrollment charge for the program, but a $23.00 fee may be imposed for each item
presented, such as overdrafts created by check, in‐person withdrawal, or other electronic means. Service fees will
not be assessed for paying overdrafts on ATM or one‐time debit card transactions unless the Credit Union has
provided the member with a notice of consent for overdraft services, the member opts in, and the Credit Union
has provided the member a confirmation of the opt‐in. Overdraft items will be paid from the smallest to the
largest amount depending on your available limit. The aggregate of all overdrawn accounts at Siouxland Federal
Credit Union shall not exceed $1000.00
Eligibility for Courtesy Pay for any member‐owner is based on responsible account management. Responsible
account management includes, but is not limited to: (a) maintaining current and valid account information,
including a current address; (b) maintaining an account that is used at least once every six months; (c) incurring no
more than ten overdrafts for any reason in the first one‐hundred fifty days after the checking/share draft account
is opened; and (d) a Trans Union credit score that is 620 or above.
The member owner has the option to opt out of the Courtesy Pay program at any time.
No application is required for Courtesy Pay; eligibility is based on you managing your share draft account in a
responsible manner. There are rules and criteria that you must meet in order to qualify for Courtesy Pay:
You may be eligible for Courtesy Pay if:
- You are 18 years of age or more.
- You share account has been open for more than 120 days.
- Your share draft account has been open for more than 120 days.
- You are less than 30 days past due on any loan or other obligation to SFCU.
- You are not subject to any legal or administrative order, garnishment, levy, ordishonored instrument.
- You are not currently a party in a bankruptcy proceeding.
- You do not have an outstanding balance on an existing Overdraft Repayment Plan.
- There is no hold or freeze on your checking account.
- A deposit has been made within the last 30 days.
SFCU reserves the right to suspend the Courtesy Pay program without further notice based on the above
criteria. SFCU may also suspend Courtesy pay if a member‐owner account is not maintained in a responsible
manner at all times as per Courtesy Pay eligibility guidelines given above. Courtesy Pay should not be viewed
as an encouragement to overdraw your account. As always, we encourage you to manage your finances
responsibly. If you have questions about whether you are eligible for the Courtesy Pay program, or in the
event you would like to have this service removed from your account, please feel free to contact us at either
402‐494‐2073 or 1‐800‐264‐0796. The member‐owner Account Agreement describes the duties, obligations,
and rights of depositors and the authorized signatories between the account holder and SFCU with regard to
deposit accounts. That account agreement is incorporated herein as if it were set forth verbatim as to matters
not directly addressed by this disclosure.
What You Need to Know About Overdrafts and Overdraft Fees
An Overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it
anyway. We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer Overdraft Protection plans, such as a linked savings account, which may be less
expensive than our standard overdraft practices. To learn more, ask us about these plans.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with your account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We DO NOT authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM Transactions
- Everyday debit card transactions
We pay overdrafts at our discretion, which means we, DO NOT GUARANTEE that we will always authorize and
pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Siouxland Federal Credit Union pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of up to $23.00 each time we pay an overdraft
- This is no limit on the total of fees we can charge you for overdrawing your account
What if I want Siouxland Federal Credit Union to authorize and pay overdrafts on my ATM
and everyday debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and everyday debit card transactions, call (402)494-2073
and ask to speak to one of our Member Service Representatives.