Your Rights Regarding Substitute Checks. In certain cases, federal laws provide a special procedure that allows you to request a refund for losses you suffer if a Substitute Check is posted to the Advantage Account (for example, if you think we withdrew the wrong amount from the Advantage Account or that we withdrew money from the Advantage Account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from the Advantage Account and fees that were charged as a result of the withdrawal (for example, bounced check fees). The amount of your refund under this procedure is limited to the amount of your loss or the amount of the Substitute Check, whichever is less. If you use this procedure, you may receive up to $2,500 of your refund (plus interest if the Advantage Account earns interest) not later than 45 calendar days after we receive your claim. We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the Substitute Check was correctly posted to the Advantage Account.
Your Rights Regarding Substitute Checks. In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, non-sufficient funds fees). The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to dividends on the amount of your refund if your account is a dividend-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law. If you use this procedure, you may receive up to $2,500 of your refund (plus dividends, if your account earns dividends) within 10 business days after we receive your claim and the remainder of your refund (plus dividends, if your account earns dividends) not later than 45 calendar days after we receive your claim. We may reverse the refund (including any dividends on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.
Your Rights Regarding Substitute Checks. In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that Bank withdrew the wrong amount from your account or that Bank withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal. The amount of your refund under this policy is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law. If you use this policy, you may receive up to $2,500.00 of your refund (plus interest if your account earns interest) within 10 business days after Bank received your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after Bank received your claim. Bank may reverse the refund (including any interest on the refund) if Bank later is able to demonstrate that the substitute check was correctly posted to your account.
Your Rights Regarding Substitute Checks. If you receive a substitute check the federal law provides you additional rights. These rights do not apply to original checks or to electronic debits to your account. However, your rights under other law with respect to those transactions are not impacted. These additional rights allow you to request a refund for losses you suffer if the substitute check you received: does not meet the legal equivalence of the original check, if payment was made twice on this same item, or if you suffered a loss due to the receipt of a substitute check. (You may receive a Substitute check if a check you deposit with us is subsequently converted to a substitute check and is then returned to the credit union unpaid due to insufficient funds, uncollected funds, etc.). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees). The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You are also entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law. If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within ten (10) business days after we received your claim, and the remainder of your refund (plus interest if your account earns interest) not later than forty-five (45) calendar days after we received your claim. We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account. How Do I Make a Claim for a Refund? If you believe that you have suffered a loss relating to a Substitute Check that you received and that was posted to your account, please contact us at (000) 000-0000. You must contact us within forty (40) calendar days of the date that we delivered the account statement showing that the Substitute Check was posted to your account. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances. Your claim must include – • A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect); • An estimate of the amount of your ...
