Common use of Preauthorized Recurring Fund Transfers Clause in Contracts

Preauthorized Recurring Fund Transfers. To the extent we make them available, you authorize us to establish preauthorized recurring fund transfers in accordance with the requests you make for us to do so. We will only allow preauthorized recurring fund transfers that do not vary in amount. See the terms below for information on how to stop preauthorized recurring transfers. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, we will let you know if the deposit is [not] made.) [the person or company making the deposit will tell you every time they send us the money] [you can call us at 0-000-000-0000 to find out whether or not the deposit has been made]. If you send KCFCU an e-mail message, KCFCU will be deemed to have received it on the following business day. You should not rely on e-mail if you need to report an unauthorized transaction from one of your accounts or if you need to stop a payment that is scheduled to occur. You must have enough available money or credit in any Account from which you instruct us to make a transfer. All transfers must be in U.S. Dollars. For security reasons, we may implement limits on the number or amount of transactions you can make using our Online Banking services. We also reserve the right to limit or suspend access to our Online Banking services as we deem necessary for security reasons. We may also limit access from countries other than the United States of America. Some of the transfers permitted though our Online Banking services may be governed by the Electronic Funds Transfer Act (the “EFTA”) and some of the terms and conditions of this Agreement are disclosures required by the EFTA. For example, if any qualifying Accounts are savings deposit Accounts, certain types of withdrawals from those Accounts, including certain payments and transfers, are limited to a total of no more than 6 in any specified period. The specified period for deposit Accounts is a calendar month. The kinds of withdrawals covered by this limitation are those made by means of preauthorized or automatic transfers or withdrawals, including transfers by telephonic agreement, order or instruction. Except for automatic or preauthorized transfers to make payments on your loans with us, Online Banking transfers and withdrawals from qualifying deposit Accounts are included in this limitation. Transfers made in person are not subject to limitation. Commercial account holders are not covered by the EFTA and therefore certain provisions will not be applied to commercial accounts.