Common use of Evidence of Electronic Fund Transfers Clause in Contracts

Evidence of Electronic Fund Transfers. An electronic fund transfer made by you will be evidenced by a receipt provided to you at the time of any electronic fund transfer at the time you make such transfer to or from your account using an ATM or through a POS transaction. In addition, you will get a monthly statement for each account accessible via electronic fund transfer, unless there are no such transactions for a particular month. In any case, you will get a statement at least quarterly. All such receipts and statements will be admissible as evidence of the withdrawal, deposit or other transaction they represent in any action in a court of law. Error Resolution. If you notify us orally or in writing, within 60 days after receipt of a statement, that an electronic fund transfer error affecting your account(s) has occurred, we will investigate the alleged error and report the results of the investigation to you within 10 business days. We will have no duty to investigate any such error unless you notify us by calling us at: 000-000-0000 or by writing us at: OUR Credit Union 0000 Xxxxxxxx Xxxx Xxxxx Xxx, XX 00000 during business hours, nor, in the event you provide us with oral notification, will we be required to investigate any such error unless you provide us with written notification of that alleged error within 14 calendar days following oral notification on a form we will provide to you for that purpose. Our report to you shall do either of the following: • Provisionally correct the amount in question and provide you with written notification of the correction and, if the correction is not in the exact amount of the alleged error, provide you with a written explanation of any difference between the alleged error and correction made. In the event we make a provisional correction to your account, we may charge back the corrected amount to your account 15 days after providing notification and an explanation of the charge-back to you. A provisional correction shall become final not later than 60 days after the day it is made. A provisional correction shall be accompanied by a notice explaining to you that the amount of the correction may be charged back to your account within 60 days. • Provide you with a written explanation, stating the reason we believe the statement is correct. For purposes of this section, an electronic fund transfer error consists of: • An unauthorized electronic fund transfer; • An incorrect electronic fund transfer from or to your deposit account; or • The omission of an electronic fund transfer affecting your account. An error does not include any electronic fund transfer made by a person who was furnished an access device or who was otherwise authorized to make electronic fund transfers, unless you notified us that transfers by that person were no longer authorized, nor does an error include any electronic fund transfer made with fraudulent intent by you or any person acting in concert with you. In addition, an error does not include a transfer of funds, though electronic in nature, that is excluded from the definition of “electronic fund transfer” (see “Excluded Transactions” above). When we receive a notice of error as described above, we will not place a hold on the funds in the account which are in excess of the amount in dispute. If we close the account in which the disputed funds are held, we will provide the report to the customer required above. This section shall not be construed or interpreted to prohibit us from placing a hold on any account as permitted by law or contract. If the correction of an error relating to an electronic fund transaction in an account of yours results in a credit to the account, we will additionally credit the account with interest which would have been due to you if there had not been an error.

Evidence of Electronic Fund Transfers. An electronic fund transfer made by you will be evidenced by a receipt provided to you at the time of any electronic fund transfer at the time you make such transfer to or from your account using an ATM or through a POS transaction. In addition, you will get a monthly statement for each account accessible via electronic fund transfer, unless there are no such transactions for a particular month. In any case, you will get a statement at least quarterly. All such receipts and statements will be admissible as evidence of the withdrawal, deposit or other transaction they represent in any action in a court of law. Error Resolution. If you notify us orally or in writing, within 60 days after receipt of a statement, that an electronic fund transfer error affecting your account(s) has occurred, we will investigate the alleged error and report the results of the investigation to you within 10 business days. We will have no duty to investigate any such error unless you notify us by calling us at: 000248-000549-0000 3838 or by writing us at: OUR Credit Union 0000 Xxxxxxxx Xxxx Xxxxx Xxx, XX 00000 during business hours, nor, in the event you provide us with oral notification, will we be required to investigate any such error unless you provide us with written notification of that alleged error within 14 calendar days following oral notification on a form we will provide to you for that purpose. Our report to you shall do either of the following: • Provisionally correct the amount in question and provide you with written notification of the correction and, if the correction is not in the exact amount of the alleged error, provide you with a written explanation of any difference between the alleged error and correction made. In the event we make a provisional correction to your account, we may charge back the corrected amount to your account 15 days after providing notification and an explanation of the charge-back to you. A provisional correction shall become final not later than 60 days after the day it is made. A provisional correction shall be accompanied by a notice explaining to you that the amount of the correction may be charged back to your account within 60 days. • Provide you with a written explanation, stating the reason we believe the statement is correct. For purposes of this section, an electronic fund transfer error consists of: • An unauthorized electronic fund transfer; • An incorrect electronic fund transfer from or to your deposit account; or • The omission of an electronic fund transfer affecting your account. An error does not include any electronic fund transfer made by a person who was furnished an access device or who was otherwise authorized to make electronic fund transfers, unless you notified us that transfers by that person were no longer authorized, nor does an error include any electronic fund transfer made with fraudulent intent by you or any person acting in concert with you. In addition, an error does not include a transfer of funds, though electronic in nature, that is excluded from the definition of “electronic fund transfer” (see “Excluded Transactions” above). When we receive a notice of error as described above, we will not place a hold on the funds in the account which are in excess of the amount in dispute. If we close the account in which the disputed funds are held, we will provide the report to the customer required above. This section shall not be construed or interpreted to prohibit us from placing a hold on any account as permitted by law or contract. If the correction of an error relating to an electronic fund transaction in an account of yours results in a credit to the account, we will additionally credit the account with interest which would have been due to you if there had not been an error.