Disclosures

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Electronic Fund Transfers Disclosure - Your Rights & Responsibilities

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.

HOME BRANCH COMPUTER TRANSFERS

Types of transfers and charges – You may access your account(s) by computer at our web site: www.valleystatecu.org and using your personal identification number and your accounts numbers, to:
·Transfer funds from sharedraft to sharedraft
·Transfer funds from sharedraft to share savings
·Transfer funds from share savings to checking
·Transfer funds from share savings to share savings
·Make payments from share savings to loan accounts with us
·Make payments from sharedraft to loan accounts with us
·Get information about:
-the account balance of share draft accounts
-the last three months of deposits to sharedraft accounts
-the last three months withdrawals from share draft accounts
-the account balance of share savings accounts
-the last three months of deposits to share savings accounts
-the last three months withdrawals from share savings accounts
Please also see Limitations on frequency of transfers section regarding limitations that apply to computer transfers.

Limitations on frequency of transfers – In addition to those limitations elsewhere described, if any, the following limitations apply: During any month, you may not make more than six (6) withdrawals or transfers from share savings account(s) 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 computer transfer. No more than three (3) of the six (6) transfers may be made by debit card, check, draft or similar order to a third party. If you exceed the transfer limitations set forth above, your account will be subject to closure by the credit union.

Minimum account balance-·You must maintain a minimum account balance of $5.00 in your Prime Shares account as a condition of using an access service (card and/or identification code) to accomplish a transfer.

DOCUMENTATION

·Periodic statements: You will get a monthly account statement from us for your checking accounts. You will get a monthly statement from us for your share savings accounts, unless there are no transfers in a particular month. In any case, you will get a statement at least quarterly.

FINANCIAL INSTITUTION'S LIABILITY

Liability for failure to make transfers: If we do not complete a transfer to or from your 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:
(1)If, through no fault of ours, you do not have enough money in your account to make the transfer.
(2)If you have an overdraft line and the transfer would go over the credit limit.
(3)If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
(4)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:
(1)where it is necessary for completing transfers; or
(2)in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
(3)in order to comply with government agency or court orders; or
(4)if you give us written permission.

REGULATORY AUTHORITY

If you believe that any provision of the Michigan Electronic Funds Transfer Act has been violated you should notify the Department of Consumer and Industry Services, Financial Institutions Bureau, Credit Union Division at P.O. Box 30224, Lansing, Michigan 48909 or the National Credit Union Administration, Division of Supervision at 1775 Duke Street, Alexandria, VA 22314.

UNAUTHORIZED TRANSFERS

(a) Consumer Liability. Tell us AT ONCE if you believe your security code has been stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within 2 business days, you can lose no more than $50 if someone used your security code without your permission. (If you believe your security code has been lost or stolen, and you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50 if someone used your security code without your permission.)

If you do NOT tell us within 2 business days after you learn of the loss or theft of your security code, and we can prove we could have stopped someone from using your security code without your permission if you had told us, you could lose as much as $500.

Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 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 long trip or a hospital stay) kept you from telling us, we will extend the time periods.

(b) Contact in event of unauthorized transfer. If you believe your security code has been lost of stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone number or address listed in this brochure.

ERROR RESOLUTIONS NOTICE

In case of Error or Questions About Your Electronic Transfers, call or write us at the telephone number or address listed in this brochure, 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.

(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 questions in writing within 10 business days.

We will determine whether an error occurred within 10 business days (20 business days if the transfer 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 involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) 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 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 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 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.

Gold MasterCard Credit Card Disclosure

Annual Percentage Rate (APR) for purchases 9.90%
Cash Advance APR 9.90%
Balance Transfer APR 5.90% until 12 months, after that 9.90%
Grace period for repayment of balances for purchases 25 days
Method of computing the balance for purchases** Average Daily Balance (including new purchases)
Annual fees None
Minimum finance charge None
Transaction fee for cash advances None
Balance transfer fee None
Late payment fee $20.00
Return payment fee None
Over-the-credit-limit fee* None

**Finance charge imposed on credit purchases only if you elect not to pay the entire new balance shown on your monthly statement for the previous billing cycle within 25 days from the closing date of the statement.

Classic MasterCard Credit Card Disclosure

Annual Percentage Rate (APR) for purchases 12.60%
Annual Percentage Rate (APR) for Cash Advances 12.60%
Annual Percentage Rate (APR) for Balance Transfers 12.60%
Grace period for repayment of balances for purchases** 25 days
Method of computing the balance for purchases Average Daily Balance (including new purchases)
Annual fees None
Minimum finance charge None
Transaction fee for cash advances None
Balance transfer fee None
Late payment fee $20.00
Return payment fee None
Over-the-credit-limit fee* None

**Finance charge imposed on credit purchases only if you elect not to pay the entire new balance shown on your monthly statement for the previous billing cycle within 25 days from the closing date of the statement.

DISCLAIMER

The information on our web site is deemed reliable but it is NOT guaranteed. Neither ELGA Credit Union nor this site's manager or designees will be held responsible for typographical errors or display omissions on any page of this site. Duplication of information found within this site is prohibited without written permission from Valley State Credit Union.


ELGA is pleased to provide links to various web sites for your information, convenience and enjoyment. However, you must be aware of the following: 1. When you click onto one of these links, you are leaving ELGA Credit Union's web site. 2. ELGA Credit Union does not operate the alternate web site; is not responsible for the content or the availability of the alternate web site; and does not represent either the third party or the member if the two enter into a transaction. 3. The privacy and security policies of alternate sites may differ from those practiced by ELGA Credit Union.

A WORD OF CAUTION
WE ADVISE AGAINST SENDING CONFIDENTIAL INFORMATION SUCH AS SOCIAL SECURITY NUMBERS OR ACCOUNT NUMBERS BY E-MAIL OR THROUGH THE WEBSITE. FOR OUR MEMBERS´ PROTECTION, THE CREDIT UNION WILL NOT ACCEPT E-MAIL OR ONLINE REQUESTS FOR CHANGES OR TRANSACTIONS TO CREDIT UNION ACCOUNTS. Valley State will NEVER send an e-mail to you asking you to update your personal or credit information. Treat any such e-mails with EXTREME CAUTION!

Schedule of Fees
Effective Date: Tuesday, April 25th, 2017
TypeFee
Insufficient Funds - returned draft $25.00
Stop Payment Fee $15.00
Copy of Paid Draft $2.00
Overdraft Transfer Fee $7.00
Draft Imprinting PRICE VARIES with selection
Money Order $1.00
Cashier Check $1.00
CU Corporate Check (first two during calendar month are free) $1.00
Returned Item Fee $25.00
MasterCard Late Payment Fee $20.00
MasterCard Over-limit Fee None
Additional or Replacement Cards: MasterCard, ATM, Member Identification Card $5.00
Electronic Fund Overdraft Transfer Fee $7.00
Electronic Fund Overdrawn Fee $25.00
ATM Overdraft Transfer Fee $7.00
ATM Overdrawn Fee $25.00
Wire Transfer Fee $20.00
Stop Payment Fee on CU Corporate Check $15.00
Check Cashing Fee $3.00

Per transaction - on accounts with total shares of less than $100 for 30 consecutive days and member uses no other approved VSECU services

ATM Withdrawal $1.00

Per withdrawal beginning with 5th withdrawal in a calendar month-FIRST 4 WITHDRAWALS ARE FREE

Christmas Club Account Withdrawal $5.00

Per each withdrawal during the one-year Club period

Inactive Account Fee $5.00

Monthly - account is inactive for one or more years

Electronic Fund Stop Payment $15.00

 

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