AGREEMENT
This document, along with any other documents we give you pertaining to your account(s), is a contract that establishes rules which control your account(s) with us. Please read this carefully. If you sign the signature card or open, or continue to have your account with us, you agree to these rules. You will receive a separate schedule of rates, qualifying balances, and fees if they are not included in this document. If you have any questions, please call us.
This agreement is subject to applicable federal laws and the laws of the state of Minnesota (except to the extent that this agreement can and does vary such rules or laws). The body of state and federal law that governs our relationship with you, however, is too large and complex to be reproduced here. The purpose of this document is to:
(1) summarize some laws that apply to common transactions;
(2) establish rules to cover transactions or events which the law does not regulate;
(3) establish rules for certain transactions or events which the law regulates but permits variation by agreement; and
(4) give you disclosures of some of our policies to which you may be entitled or in which you may be interested.
If any provision of this document is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect. We may permit some variations from our standard agreement, but we must agree to any variation in writing either on the signature card for your account or in some other document.
As used in this document, the words "we", "our", and "us" mean the financial institution and the words "you" and "your" mean the account holder(s) and anyone else with the authority to deposit, withdraw, or exercise control over the funds in the account. The headings in this document are for convenience or reference only and will not govern the interpretation of the provisions. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so the singular includes the plural and the plural includes the singular.
BYLAWS
Our bylaws, which we may amend from time to time, establish basic rules about our credit union policies and operations which affect your account and membership. You may obtain a copy of the bylaws on request. Our right to require you to give us notice of your intention to withdraw funds from your account is described in the bylaws. Unless we have agreed otherwise, you are not entitled to receive any original item after it is paid, although you may request that we send you an item(s) or a copy of an item(s). Dividends are based on current earnings and available earnings of the credit union, after providing for required reserves.
LIABILITY
You agree, for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of charges. You authorize us to deduct these charges directly from the account balance as accrued. You will pay any additional reasonable charges for services you request which are not covered by this agreement.
Each of you also agrees to be jointly and severally (individually) liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to this account. This liability is due immediately, and can be deducted directly from the account balance whenever sufficient funds are available. You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft. This includes liability for our costs to collect the deficit including, to the extent permitted by law, our reasonable attorneys' fees.
DEPOSITS
We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn "on us"). Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. We will treat and record all transactions received after our "daily cutoff time" on a business day we are open, or received on a day we are not open for business, as if initiated on the next following day that we are open.
WITHDRAWALS
Unless clearly indicated otherwise on the account records, any of you, acting alone, who signs in the space designated for signatures on the signature card may withdraw or transfer all or any part of the account balance at any time. Each of you (until we receive written notice to the contrary) authorizes each other person signing the signature card to endorse any item payable to you or your order for deposit to this account or any other transaction with us. We may charge your account for a check even though payment was made before the date of the check, unless we have received written notice of the postdating in time to have a reasonable opportunity to act. We may refuse any withdrawal or transfer request which you attempt on forms not approved by us, by any method we do not specifically permit, which is greater in number than the frequency permitted, or which is for an amount greater or less than any withdrawal limitations. Even if we honor a nonconforming request, we may treat continued abuse of the stated limitations (if any) as your act of closing the account. We will use the date the transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. The fact that we may honor withdrawal requests that overdraw the available account balance does not obligate us to do so later. See the funds availability policy disclosure for information about when you can withdraw funds you deposit. For those accounts for which our funds availability policy disclosure does not apply, you can ask us when you make a deposit when those funds will be available for withdrawal.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION
These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We reserve the right to refuse some forms of ownership on any or all of our accounts. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds.
Individual Account is an account in the name of one person.
Joint Account - with survivorship (and not as tenants in common) is an account in the name of two or more persons. Each of you intend that when you die, the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common.
Joint Account - no survivorship (as tenants in common) is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship in any other person. We encourage you to agree and tell us in writing of the percentage of the deposit contributed by each of you. This information will not, however, affect the "number of signatures" necessary for withdrawal.
Revocable Trust or Pay-on-Death Account: if two or more of you create this type of account, you own the account jointly with survivorship. Beneficiaries cannot withdraw unless: (1) all persons creating the account die, (2) the beneficiary is then living, and (3) we have not been given written notice of a claim under a will. If two or more beneficiaries are named and survive the death of all persons creating this account, beneficiaries will own this account in equal shares, without right of survivorship. The person(s) creating either of these account types may: (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the account funds at any time.
BUSINESS ACCOUNTS: Earnings in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the legal entity.
STOP PAYMENTS: You must make any stop-payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it before our stop-payment cut-off time. To be effective, your stop-payment order must precisely identify the number, date and amount of the item, and the payee.
You may stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. A release of the stop-payment request may be made only by the person who initiated the stop-payment order.
Our stop-payment cutoff time is one hour after the opening of the next banking day after the banking day on which we receive the item. Additional limitations on our obligation to stop payment are provided by law (e.g., we paid the item in cash or we certified the item.)
TELEPHONE TRANSFERS: A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties, to a maximum of six per month (less the number of "preauthorized transfers" during the month). Other account transfer restrictions may be described elsewhere.
AMENDMENTS AND TERMINATION: We may change our bylaws and any term of this agreement. Rules governing changes in rates are provided separately. For other changes we will give you reasonable notice in writing or by any other method permitted by law. We may close this account if your membership in the credit union terminates, or by giving reasonable notice to you and tender of the account balance personally or by mail. At our option, we may suspend your rights to member services if you violate the terms of this agreement. You must keep us informed of your current address at all times. Notice from us to any one of you is notice to all of you.
STATEMENTS: You must examine your statement of account with "reasonable promptness." If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to do either of these duties, you will have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer.
You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance exceed a total of 30 days from when the statement is first sent or made available to you.
You further agree that if you fail to report any authorized signatures, alterations, forgeries, or any other errors in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us, the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.
ACCOUNT TRANSFER: This account may not be transferred or assigned without prior or written consent.
DIRECT DEPOSITS: If, in connection with a direct deposit plan, we deposit any amount in an account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from the account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.
TEMPORARY ACCOUNT AGREEMENT: If this option is selected, this is a temporary account agreement. Each person who signs in the space designated for signatures on the signature card (except as indicated to the contrary) may transact business on this account. However, we may at some time in the future restrict or prohibit further use of this account if you do not comply with the requirements we have imposed within a reasonable time.
RIGHT TO REPAYMENT OF INDEBTEDNESS: You each agree that we may (without prior notice and when permitted by law) charge against and deduct from this account any due and payable debt owed to us now or in the future, by any of you having the right of withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt arises from a note, "any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we charge the account, including any balance the due date for which we properly accelerate under the note.
In addition to these contract rights, we may also have rights under a "statutory lien." A "lien" on property is a creditor's right to obtain ownership of the property in the event a debtor defaults on a debt. A "statutory lien" is one created by federal or state statute. If federal or state law provides us with a statutory lien, then we are authorized to apply, without prior notice, your shares and dividends to any debt you owe us, in accord with the statutory lien.
Neither our contract rights nor rights under a statutory lien apply to this account if: (a) it is an Individual Retirement Account or other tax-deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect our rights under any consensual security interest), or (c) the debtor's right of withdrawal arises only in a representative capacity. We will not be liable for the dishonor of any check or draft when the dishonor occurs because we charge and deduct an amount you owe us from your account. You agree to hold us harmless from any claim arising as a result of our exercise of our right to repayment.
AUTHORIZED SIGNER: A single individual is the owner. The authorized signer is merely designated to conduct transactions on the owner's behalf. We undertake no obligation to monitor transactions to determine that they are on the owner's behalf.
RESTRICTIVE LEGENDS: We are not required to honor any restrictive legend on checks you write unless we have agreed in writing to the restriction. Examples of restrictive legends are "must be presented within 90 days" or "not valid for more than $1,000.00."
PAYMENT ORDER OF ITEMS: The law permits us to pay items (such as checks or drafts) drawn on your account in any order. To assist you in handling your account with us, we are providing you with the following information regarding how we process the items that you write. When processing items drawn on your account, our policy is to pay them in the order that they are received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps the most important items (such as rent or mortgage payments) might not be paid. If an item is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the overdraft and NSF fees are disclosed elsewhere. By paying items in the order that we receive them, we think our policy attains a reasonable balance between minimizing additional cost to you and to make careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees.
PLEDGES: Unless we agree otherwise in writing, each owner of this account may pledge all or any part of the funds in it for any purpose to which we agree. Any pledge of this account must first be satisfied before the rights of any surviving account owner or account beneficiary become effective.
ACH AND WIRE TRANSFERS: This agreement is subject to Article 4A of the Uniform Commercial Code - Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer for which Fedwire issued, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearing house association rules. These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not receive such, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. If we receive a credit to an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.
FACSIMILE SIGNATURES: You authorize us, at any time, to charge you for all checks, drafts, or other orders, for the payment of money, that are drawn on us regardless of by whom or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen filed with us, and contain the required number of signatures for this purpose.
Indicated below are types of Electronic Fund Transfers we are capable of handling. Some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.
Preauthorized Credits. You may make arrangements for certain direct deposits to be accepted into your checking or savings account(s).
Preauthorized Payments. you may make arrangements to pay certain recurring bills from your checking or savings account(s).
CU TOUCH Telephone Transfers - types of transfers - You may access your account by telephone 24 hours per day at (612) 379-2006 using your personal identification number, a touch tone phone, and your account number to:
> transfer funds from checking to savings
> transfer funds from savings to checking
> transfer funds from savings to savings
> get information about:
> the account balance of checking accounts
> the account balance of savings accounts
> loan payments/balance/payoff
> the previous year's tax information
ATM Transfers-Cirrus and Instant Cash Networks - types of transfers, dollar limitations, and charges - You may access your account(s) by ATM using your ATM card and personal identification number to:
> make deposits to checking account(s)
you may deposit no more than $9,999.99 per day
> make deposits to savings account(s)
you may deposit no more than $9,999.99 per day
> get cash withdrawals from checking account(s)
you may withdraw no more than $200.00 per day in combination with withdrawals from savings
there is a charge of $1.00 per withdrawal in excess of 6 per month
> get cash withdrawals from savings account(s)
you may withdraw no more than $200.00 per day in combination with withdrawals from checking
there is a charge of $1.00 per withdrawal in excess of 6 per month
> transfer funds from savings to checking account(s)
you may transfer no more than $9,999.99 per day in combination with transfers from checking
> transfer funds from checking to savings account(s)
you may transfer no more than $9,999.99 per day in combination with transfers from savings
Some of these services may not be available at all terminals.
Types of Check & Cash Card Point-of-Sale Transactions: You may access your checking account(s) to purchase goods (in person or by phone), pay for services (in person or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that can be done with a credit card (that a participating merchant will accept with a credit card).
Point-of-Sale Transactions - dollar limitations: Using your card, you may not exceed your available balance in transactions per day
Home Banking Computer Transfers - types of transfers: You may access your account(s) by computer 24-hours a day at www.mbtfcu.com using your Credit Union Account ID and PIN (personal identification number) to:
> transfer funds from checking to checking
> transfer funds from checking to savings
> transfer funds from savings to checking
> transfer funds from savings to savings
> make payments from checking to loan accounts with us
> make payments from savings to loan accounts with us
> get information about:
> the account balance of checking accounts
> the account balance of savings accounts
Termination
You may terminate the electronic funds transfer agreement by written notice to the Credit Union and return of the card. We may terminate the electronic funds transfer agreement by written notice to you through certified mail at the time of termination.
FEES
We do not charge for direct deposits to any type of account.
We do not charge for preauthorized payments from any type of account.
Except as indicated elsewhere, we do not charge for these electronic fund transfers.
NOTICE REGARDING ATM FEES BY OTHERS. If you use an automated teller machine that is not operated by us, you may be charged a fee by the operator of the machine and/or by an automated transfer network.
DOCUMENTATION
Terminal Transfers: you can get a receipt at the time you make any transfer to or from your account using one of our point-of-sale terminals.
Preauthorized credits: If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at (763) 315-3888 or (Cu Touch) (612) 379-2006 to find out whether the deposit has been made.
Periodic Statements: You will get a monthly account statement from us for your checking accounts. You will get a monthly account statement from us for your savings accounts, unless there are no transfers in a particular month. In any case, you will get a statement at least quarterly.
NOTICE FOR AUTHORIZING ONE-TIME ELECTRONIC FUND TRANSFERS USING INFORMATION FROM A CHECK
When you provide a check as payment, you authorize us either to use information from your check to make a one-time electronic fund transfer from your account or to process the payment as a check transaction. You authorize us to collect a fee of $30 through an electronic fund transfer from you account if your payment is returned unpaid.
PREAUTHORIZED PAYMENTS
Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how:
Call or write us at the telephone number or address listed in this brochure in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.
We will charge you $30.00 for each stop-payment order you give.
Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to only get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
Liability for failure to stop payment of preauthorized transfer. If you order us to stop on of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
FINANCIAL INSTITUTION'S LIABILITY
Liability for failure to make transfers. If we do not complete a transfer to or from our account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
> If, through no fault of ours, you do not have enough money in your account to make the transfer.
> If you have an overdraft line and the transfer would go over the credit limit.
> If the automated teller machine where you are making the transfer does not have enough cash.
> If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
> If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
There may be other exceptions stated in our agreement with you.
CONFIDENTIALITY
We will disclose information to third parties about your account or the transfers you make:
> 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 or merchant; or
> in order to comply with government agency or court orders; or
> if you give us written permission.
Privacy Policy
UNAUTHORIZED TRANSFERS(a) Consumer Liability
Generally. Tell us at once if you believe your card and/or code has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all of the money in your account (plus your maximum overdraft line of credit). If you tell us within 2 business days after you learn of the loss or theft of your card and/or code, you can lose no more than $50 if someone used your card and/or code without permission.
If you do NOT notify us within 2 business days after you learn of the loss or theft of your card and/or code, and we prove that we could have stopped someone from using your card and/or code without your permission if you had told us within 2 days of when you discover the loss or theft of your card and/or code, you could lose as much as $500.
Also, if your statement shows transfers that you did not make,including those made by card, code or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we prove that we could have stopped someone from taking he money if you had told us in time.
If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.
Additional Limit on Liability for Check and Cash Card. Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen Check & Cash Card. This additional limit on liability does not apply to ATM transactions, to transactions using your Personal Identification Number which are not processed by VISA, or to commercial cards.
(b) Contact in the event of unauthorized transfer. If you believe your card and/or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call (763) 315-3888, or write us at 12080 73rd Avenue North, Maple Grove, MN 55369.
You should also call the number or write to the address above if you believe a transfer has been made using the information from your check without your permission.
RIGHT TO BRING CIVIL ACTION
You may bring a civil action against any person violating any provision of Minnesota Statues 47.69 (governing consume privacy and unauthorized withdrawals).
If you prevail in such an action, you may recover the greater of your actual damages or $500. You may also be entitled to recover punitive damages, your court costs and reasonable attorney's fees.
TIME NEEDED TO COMPLETE TERMINAL TRANSACTIONS
Withdrawals made at a terminal will normally be completed and charged to your account within two business days. Deposits made at a terminal will normally be credited to your account within three business days. Transfers between accounts will normally be completed within two business days.
POINT-OF-SALE TRANSACTIONS
Payment for goods or services made in this manner shall not affect any of the rights, protections, or liabilities in existing law concerning a cash or credit sale made by means other than through the use of a terminal. You cannot reverse a point-of-sale transaction.
ERROR RESOLUTION NOTICE
In Case of Errors or Questions About Your Electronic Transfers, E-mail us at info@mbtfcu.com, Telephone us at (763) 315-3888, or Write us at 12080 73rd Avenue North, Maple Grove, MN 55369 as soon as you can if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
> Tell us your name and account number (if any)
> Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
> Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or questions in writing within 10 business days.
We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account.
Your account is considered a new account for the first 180 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.
We will tell you the results within three 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.
Minnesota Building Trades Federal Credit Union
12080 73rd Avenue N
Maple Grove, MN 55369
Phone: (763) 315-3888
Business Days: Monday through Friday, Excluding Federal Holidays
More detailed information is available upon request.
This policy statement applies to all accounts.
Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written.
Please remember that 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.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before closing on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after closing, or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
If we can cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
If we accept for deposit, a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
LONGER DELAY MAY APPLY
Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. The first $100 of your deposits, however, may be available on the first business day.
If we are not going to make all of the funds from your deposit available on the direct business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
> We believe a check you deposit will not be paid
> You deposit checks totaling more than $5,000 on any one day
> You redeposit a check that has been returned unpaid
> You have overdrawn your account repeatedly in the last 6 months
> There is an emergency, such as failure of computer or communications equipment.
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eleventh business day after the day of your deposit.
REGULAR SAVINGS ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting: Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first period of the calendar year is January 1, and he ending date of such dividend period is March 31. All other dividend periods follow the same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example above is March 31.
Minimum Balance requirements: The minimum balance required to open this account is $25.00.
You must maintain a minimum daily balance of $300.00 in your account to avoid a service charge fee. If during any month, your account balance falls below the required minimum daily balance, your account will be subject to a service charge of $3.00 for that month.
Daily balance computation method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: The maximum automated teller machine deposit we allow is $9,999.99 per day.
During any month, you may not make more than 6 withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.
Par value of a share: The par value of a share in this account is $25.00
NON DIVIDEND SAVINGS ACCOUNT
Minimum balance requirements: The minimum balance required to open this account is $25.00.
Transaction limitations: You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
SECONDARY SHARE ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting: Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example shown above is March 31.
Minimum balance requirements: The minimum balance required to open this account is $25.00.
Daily balance computation method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits. Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations. During any month, you may not make more than 6 withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.
MONEY BUILDERS CHECKING/SHARE DRAFT ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting: Dividends will be compounded every month. Dividends will be credited to your account every month.
Dividend period: For this account type, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example shown above is January 31.
Minimum balance requirements: The minimum balance required to open this account is $2,500.00. You must maintain a minimum daily balance of $2,500.00 in your account to avoid a service charge fee. If, during any monthly statement cycle, your account balance falls below the required minimum daily balance, your account will be subject to a service charge fee of $10.00 for that monthly statement cycle.
Daily balance computation method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: The maximum automated teller machine deposit we allow is $9,999.99 per day.
FREE AND EASY CHECKING/SHARE DRAFT ACCOUNT
Minimum balance requirements: The minimum balance required to open this account is $25.00.
Transaction limitations: No transaction limitations apply to this account unless otherwise stated in the Common Features section.
MONEY MARKET SAVINGS ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting: Dividends will be compounded every month. Dividends will be credited to your account every month.
Dividend period: For this account type, the dividend period is monthly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is January 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example shown above is January 31.
Minimum balance requirements: The minimum balance required to open this account is $2,500.00.
Daily balance computation method. Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: During any month, you may not make more than 6 withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card (if applicable), or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the credit union.
IRA SAVINGS ACCOUNT
Rate Information: The dividend rate and annual percentage yield may change every dividend period. We may change the dividend rate for your account as determined by the credit union board of directors.
Compounding and crediting: Dividends will be compounded every quarter. Dividends will be credited to your account every quarter.
Dividend period: For this account type, the dividend period is quarterly, for example, the beginning date of the first dividend period of the calendar year is January 1, and the ending date of such dividend period is March 31. All other dividend periods follow this same pattern of dates. The dividend declaration date is the last day of the dividend period, and for the example shown above is March 31.
Minimum balance requirements: The minimum balance required to open this account is $25.00. You must maintain a minimum daily balance of $100.00 in your account each day to obtain the disclosed annual percentage yield.
Daily balance computation method: Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day.
Accrual of dividends on noncash deposits: Dividends will begin to accrue on the business day you place noncash items (for example, checks) to your account.
Transaction limitations: You may not make any withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, telephonic order or instruction, or similar order to a third party.
COMMON FEATURES
Bylaw requirements: you must complete payment of one share in your Regular Share account as a condition of admission to membership.
Transaction limitation: We reserve the right to at any time require not less than seven days notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D.
Nature of dividends: Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period. (This disclosure further explains the dividend feature of your non-term share account(s)).
National Credit Union Share Insurance Fund: Member accounts in this credit union are federally insured by the National Credit Union Share Insurance Fund.
MBTFCU ONLINE BANKING AGREEMENT
This AGREEMENT governs the use of the Minnesota Building Trades Federal Credit Union Online Banking Service and is made and entered into by and between the Minnesota Building Trades FCU where the Account(s) accessed through Online Banking are held, and each person who signs Credit Union's signature card for the Account, or is referenced on the Credit Union's records as an owner of the Account. Each customer is jointly and severally liable for all transactions initiated through the Minnesota Building Trades FCU Online Banking, including overdrafts, even if the member did not participate in the transaction which resulted in the overdraft.
Minnesota Building Trades FCUs Online Banking is a Credit Union service accessed through a computer to electronically connect with a database that allows you to view Account balances and transaction information, transfer funds among designated Accounts, and to send electronic mail to the Credit Union.
The terms and conditions of any deposit account agreement, rules, regulations, schedule, signature card, credit agreement, including any disclosures made pursuant to such agreements, or authority executed by or made available to the member and any subsequent amendments to any of the foregoing, are incorporated herein by reference.
Some of the transactions permitted under this Agreement are governed by the Electronic Fund Transfers Act and some terms and conditions included in the Agreement are required by this Act.
Please carefully read this entire agreement and keep a copy for your records. You must accept the terms and conditions as set forth in this Agreement prior to using our Online Banking and Bill Pay services. If you decide not to agree to the terms and conditions, you should exit the log in page.
Minnesota Building Trades FCU may change the information or products mentioned on this site at any time without notice. Information about products and services are provided for informational purposes only.
While Minnesota Building Trades FCU makes every effort to provide accurate information, it assumes no responsibility for accuracy. Some information provided to you through this website may contain technical or other inaccuracies or omissions, typographical errors, and may become outdated.
LIABILITY
Neither Minnesota Building Trades FCU or affiliates, or any party involved in the creating, producing, or delivering of this site is liable for any direct or indirect, incidental, consequential, punitive or other damages of any kind after accessing this site. Minnesota Building Trades FCU or the service providers will not be responsible for any direct or indirect, special, consequential, economic or other damages arising in any way due to the installation, use, or maintenance of the equipment, software, the online access service, or Internet browser or access software. Minnesota Building Trades FCU is not responsible for any electronic virus or viruses that you may encounter. We encourage all of our members to scan their computer with a reliable virus protection product to detect and remove any viruses.
DEFINITIONS
"We," "Us," "Our," "Credit Union" or "MBTFCU" - refers to the financial institution - Minnesota Building Trades Federal Credit Union and its branches and any agent, designee or assignee the Minnesota Building Trades Federal Credit Union may involve in Online Banking.
"You" and "Your" - refers to member account holder(s) and anyone else with the authority to deposit, withdraw, or exercise control over the funds in the account.
"Account" or "Accounts" - refers to your accounts at MBTFCU.
"Consumer Customer Privacy" - described the MBTFCU information collection and disclosure policies. MBTFCU realizes that customer privacy is very important, and suggests you review our Privacy Policy.
FEES FOR ONLINE BANKING SERVICE
Minnesota Building Trades FCU offers the benefits and convenience of the Online Banking and Bill Pay services to you free of charge. However, other normal fees and charges will be assessed at the rates published in MBTFCUs fee schedule.
These fees are subject to change. MBTFCU will notify you in writing regarding any fee changes at least thirty (30) days in advance of the effective date of these changes.
ACCESS TO ONLINE BANKING
You may access the MBTFCU Online Banking service 24 hours a day, 7 days a week. To access the Online Banking service, you must have an account at MBTFCU, access to Internet service, an email address, an Access ID and a Password. Online Banking can only be used to access MBTFCU accounts in which you are designated as an account owner. Access to your accounts through Online Banking will be based upon the identification of users and authority levels specified in your Account Agreement. If the accounts are jointly held, you agree that access to the information and all transactions initiated by the use of your Access ID and Password are authorized unless we have been notified to cancel the service. We undertake no obligation to monitor transactions through Online Banking or Bill Pay to determine that they are made on behalf of the accountholder.
The MBTFCU website requires a personal computer with access to the Internet. Members will need either Internet Explorer 5.5 (or greater) from Microsoft Corporation, or Netscape's Navigator 6.0 (or greater), with 128-bit encryption for their web browser. The browser must be configured to accept cookies. For the best view, set the screen resolution to 1024 X 768 pixels.
All electronic communications that we receive from you on the MBTFCU website will be deemed valid, authentic, and binding obligations. You agree that these electronic communications will be the same as your written and signed paper communications, and shall be deemed for all purposes to have been signed and to constitute an original when printed from electronic files or records established and maintained in the normal course of business. You agree that electronic copies of communications are valid and you will not contest the validity of transactions.
USE OF YOUR ACCESS ID AND PASSWORD
You agree to keep your Access ID and Password confidential to prevent unauthorized access to your account. We recommend that you memorize your Access ID and Password. You agree to not give your Access ID and Password to any unauthorized persons. Your password should not be associated with any commonly known personal identification, such as social security numbers, address, date of birth, or names of children, and should not be written down. In addition, you must make sure that no one is physically watching when you enter your password. If you are logged into the service, be sure to log off of the service and exit the browser when you leave the computer unattended. Your session will be automatically terminated after 10-minutes of inactivity. You agree to assume responsibility for all transactions up to the limits allowed by applicable law.
Password Guidelines: Passwords are the key to each member having a secure passage to their financial records. Passwords are issued by the financial institution and are issued in an expired state, so the member will be required to change any password provided by NBB.
MBTFCU DOES NOT have access to the member's personal password. The Credit Union does have the ability to issue a new password in the event that a member has forgotten their current password or been locked out due to three (3) invalid login attempts. As with the initial password, any password issued by the financial institution must be changed by the member at the next login.
CONSUMER LIABILITY
Tell us AT ONCE if you believe your password has been lost, stolen or compromised. You could lose all the money in your account (plus your maximum limit from an overdraft line of credit). If you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50.00 if someone used your password without your permission. Telephoning MBTFCU at 763-315-3888 or 800-496-2460 is the best way of keeping your losses down. You will not be liable for unauthorized use that occurs after you notify MBTFCU verbally or in writing of the loss, theft or possible unauthorized use.
If you do NOT tell us within two business days after you learn of the loss or theft of your password, and we can prove we could have stopped someone from using your password without your permission if you had told us, you could be liable for greater losses.
Also, if your statement shows transfers or bill payments that you did not make, tell us AT ONCE. If you do not tell us within 60-days after the statement was mailed to you, you may not get back any money you lost after the 60-days if we can prove that we could have stopped someone from taking the money if you had told us in time.
If a good reason (such as a long trip or hospital stay) kept you from telling us, we will extend the time periods.
Contact us in the event of unauthorized transfer or bill payment. If you believe your password has been lost or stolen, that someone has transferred or may transfer money from your account without your permission, or that someone has made a bill payment from your account without your permission, call us immediately.
ERROR RESOLUTION NOTICE
Write to us at MBTFCU, 12080 73rd Avenue North, Maple Grove, MN 55369-5260, or email us at info@mbtfcu.com as soon as you can, if you think your statement is wrong or if you need more information about a transfer or bill payment listed on the statement. We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared.
1) Tell us your name and account number (if any).
2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
3) 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 10 business days.
We will determine whether an error occurred within 10 business days (20 business days if the transfer or bill payment involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer or bill payment involved a new account) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer or bill payment involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless you already have an established account with us before this account is opened.
We will tell you the results within three 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.
Please examine your statement promptly and immediately advise us of any errors. If no error is reported within sixty (60) days, the statement will be considered correct.
STATEMENTS
You will continue to receive your regular account statement.
ACCOUNT INFORMATION
You can obtain the following information:
> Balance information on all deposit and loan accounts, loan payment amounts, payment due dates, and certificates of deposit maturity dates.
> Review transactions on your accounts for current and previous statement cycles.
> Export your statement information into Quicken, Quick Books or Microsoft Money personal financial management software.
STOP PAYMENTS
You may request us to stop payment by giving us an oral or written order with all of the necessary information about the item. Oral orders are effective for fourteen days, unless confirmed in writing during that time. Written orders are valid for six months from the date the written order or oral order is received, unless renewed in writing. We may accept a stop payment request from any party authorized to sign on the account regardless of whether the check was signed by that party. You agree to hold us harmless for refusing to pay the item. We will not be liable for any payment if we have not had sufficient time (at least 24 hours) to act on your request, or if, because of such payment, other items are returned or refused. We will not be bound by any stop payment order unless the amount, date, account number, check number, and payee given are exactly as they appear on the check when presented.
FUNDS TRANSFERS
You may make the following types of funds transfers:
> Transfer funds from checking to checking.
> Transfer funds from checking to savings.
> Transfer funds from savings to savings.
> Transfer funds from savings to checking.
> Make payments from checking to loan accounts.
> Make payments from savings to loan accounts.
> You may make arrangements for one time, on demand transfers or loan payments or make scheduled transfers to occur in the future or on a recurring basis.
Money Market and Savings Deposit Accounts: Transfers from a Money Market Deposit Account or a Savings Account to another account or to third parties by pre-authorized, automatic, telephone transfer, or Online Banking are limited to six per statement cycle with no more than three by check, draft, or similar order to third parties.
You will be provided a confirmation number with each transfer. Please write down this number when you receive it. It helps us resolve any questions you may have concerning your transactions.
It is our responsibility to process all transfers and bill payments properly initiated through the Online Banking service in accordance with this Agreement. We will use our best efforts to comply with your instructions promptly and properly. However, MBTFCU shall incur no liability if we are unable to complete any requests, payments or transfers initiated by you because:
1. You have failed to provide the correct Access ID or Password.
2. Through no fault of ours, you do not have sufficient funds available in your account.
3. A legal order directs us to prohibit withdrawals from your account(s).
4. Your account has been closed or a hold has been placed on your account.
5. You, or anyone you allow, commits any fraud or violates any law or regulations.
6. The equipment, phone lines, or computer systems were not working properly or were temporarily unavailable.
7. You have not properly followed the instructions for operating the software or equipment, or for initiating a transfer or bill payment.
8. You have not given complete, correct, and current instructions on how to make a transfer or bill payment.
9. You do not authorize a bill payment soon enough for your payment to be made and properly credited by the payee by the time it is due.
10. You have not provided the correct name, address, phone number, or account number for the payee.
11. A timely bill payment is made, but the payee nevertheless does not credit your payment promptly after receipt.
12. Circumstances beyond our control (e.g., fire, flood, power outage, equipment or technical failure or breakdown) prevent the transaction despite reasonable precautions that we have taken.
13. You default under any agreement with us, or if you terminate this Agreement.
There may be other exceptions not specifically stated in this Agreement with you.
The account balances shown on Online Banking may not reflect your balance due to deposits that may be in progress, outstanding checks or other withdrawals, payments or charges. A transfer request may not result in immediate availability because of the time required to process the request. The balance will show the most current as of date.
BILL PAYMENT SERVICE
You may use our Bill Payment service to make one-time, future-dated, and recurring payments from your checking account.
We recommend all payments be scheduled at least five business days in advance of the due date. If the payment date falls on a Saturday, Sunday, or Federal holiday, the payment date will default to the next business day. You may only make payments to payees with United States addresses. While payments to most payees can be made using the Bill Pay service, we reserve the right to refuse to make payments to certain payees, such as alimony, child support, tax and other court directed or government payments, fines or penalties.
AUTHORIZATION PAYMENT
For all payments, you agree to allow at least five business days between the date you schedule a payment to be made and the payment due date. When you have entered and transmitted a payment instruction through our Bill Payment service you authorize us to reduce the balance in your checking account accordingly.
NONSUFFICIENT FUNDS
If there are nonsufficient funds in your checking account to make payments you have authorized, we will attempt to pay the item on three consecutive subsequent business days. If the funds are still not available after the third attempt, the payment will not be sent to the payee.
STOPPING BILL PAYMENTS
You may cancel or edit any scheduled payment (including recurring payments) by following the instructions within the application. There is no charge for canceling or editing a scheduled payment. Once the payment is in process, it cannot be cancelled or edited; therefore a stop payment request must be submitted.
Our ability to process a stop payment request will depend upon the payment method and whether or not a check has cleared. We may also not have a reasonable opportunity to act on any stop payment request after a payment has been processed. If you desire to stop a payment that has already been processed, please call 1-866-809-9490, press 0, and then choose the option that best suits your needs. Hours are 6:30 am to 10 pm CST.
Although we will make every effort to accommodate your request, we will have no liability for failing to do so. We may also require you to present your request in writing and in time for us to receive your request three business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within fourteen days after you call. The charge for each stop payment request will be the current change for such service as set in the applicable fee schedule.
CANCELLATION OF ONLINE BANKING
Your Online Banking service could be cancelled at any time by MBTFCU without prior notice due to insufficient funds in an account or other circumstances that may create an unexpected liability to us.
OTHER AGREEMENTS
In addition to this Agreement, you and MBTFCU agree to be bound by and comply with the requirements of the agreements applicable to each of your Online Accounts. Your use of the Online Banking service is your acknowledgement that you have received these agreements and intend to be bound by them. You should review other disclosures received by you when you opened your accounts at MBTFCU, including the charges or fees that may be imposed for stop payment orders, overdraft charges, etc.
MODIFICATIONS TO THIS AGREEMENT
MBTFCU may modify the terms and conditions applicable to the Online Banking Service from time to time upon mailing or delivering a notice of the modifications to you at the address shown on our account records, and the revised terms and conditions shall be effective at the earliest date allowed by applicable law. We reserve the right to terminate this Agreement and your use of the Online Banking service in whole or part at any time without prior notice.
INACTIVITY/TERMINATION
We may terminate this Agreement and your use of Online Banking services at any time without cause of prior notice. This Agreement and your use of the available Internet services will be terminated automatically if your account(s) are closed or access to your accounts is restricted for any reasons. The Credit Union reserves the right to terminate this Agreement if the service is not used for a period of six months. This Agreement and your use of Online Banking services may be terminated at any time without prior notice due to insufficient funds in one of your accounts. After termination on such basis, you may again enroll once sufficient funds are available in your accounts to cover any fees and other pending transfers or debits. We reserve the right to temporarily suspend Online Banking services in situations deemed appropriate by us, in our sole and absolute discretion, including when we believe a breach of system security has occurred or is being attempted. We may consider repeated incorrect attempts to enter your Access ID or Password as an indication of attempted security breach. Termination of the services does not affect your obligations under this Agreement with respect to occurrences before termination.
To cancel the Online Banking service, you must notify MBTFCU and provide your name, address, and the effective date to stop the service. You may notify us by one of the following methods:
1. By calling us at 763-315-3888 or 800-496-2460, 9:00 A.M. to 5:00 P.M. (Central Standard Time) Monday through Friday, or 9:00 A.M. to 12:00 P.M. on Saturdays.
2. By writing a letter and either sending it to the following address or giving it to a Member Service Representative at any Credit Union location:
Minnesota Building Trades FCU
12080 73rd Avenue North
Maple Grove, MN 55369-5260
GOVERNING LAW
This Agreement shall be governed by and construed in accordance with all applicable federal laws and all applicable substantive laws of the state of Minnesota.
ACCEPTING THE TERMS AND CONDITIONS OF THIS AGREEMENT
Upon use of this Website, you accept the terms and conditions of this Agreement. This Agreement governs in addition to, but not limited to, your signature card, our "Understanding Your Deposit Accounts Agreement", "Electronic Funds Transfer Agreement and Disclosure", "Truth In Savings Disclosure", "Privacy Policy", and any loan agreement(s). If you do not agree with these terms, do not use this site. Use of this site by you or any person authorized by you indicates your agreement to these terms and conditions and any instructional material that we provide you regarding the services.
