BILL PAY DISCLOSURE
This agreement governs the use of your Internet BillPayer Service. By enrolling in BillPayer, you the Credit Union member hereby authorizes your Credit Union to make payments on your behalf by debiting your designated account and transferring the funds to the designated merchant accounts as indicated by you via Internet BillPayer. The agreements, rules, and regulations applicable to your checking accounts, savings accounts and other accounts, serviced by your Credit Union, remain in effect and continue to be applicable, except as specifically stated in this agreement.
Disclosure and Agreement for Chicago Patrolmen’s Federal Credit Union Bill Payer Service:
This Agreement and Disclosure describes the types of Electronic Fund Transfers (EFTs) available with Chicago Patrolmen’s Federal Credit Union’s Bill Payer Service and provides information about your rights and responsibilities concerning those transactions. This Agreement applies only to transactions initiated using Bill Payer services.
In this Agreement, “you” and “your” refer to the member and joint owner or authorized user of the member’s account(s). “We,” “us,” and “Credit Union” refer to Chicago Patrolmen’s Federal Credit Union. The “Service” refers to Chicago Patrolmen’s Bill Payer service.
By applying for or using the Bill Payer Service or allowing others to do so, you consent to the terms of this Agreement and Disclosure.
- Account Access
Any account owner who has the Personal Identification Number/Password (PIN) or any person to whom you or your joint owner have given the PIN is an authorized user of your accounts and can conduct any transaction on your accounts that you can conduct yourself. Once you have Home Banking service, you or any authorized user can add the Bill Payer Service by enrolling on-line. You are responsible for all transactions authorized users make; whether or not they stay within the scope of permission you give them to use your accounts. The only way to stop an authorized user from accessing your accounts is for you to go online and choose another PIN known only to you or to contact the Credit Union in writing to deactivate Home Banking on your account.
- Business Days/Hours of Operation
The Bill Payer Service is generally available 24 hours a day, 7 days a week. The system may be temporarily unavailable for brief periods of maintenance or in emergency situations. In addition, the Bill Payer Service is made available pursuant to a license agreement by and between Chicago Patrolmen’s Federal Credit Union and Intuit Financial Services. Any interruption of service or access caused by Intuit Financial Services will also prevent your use of the service. Access is not guaranteed without interruption.
The Credit Union’s business days are Monday through Friday, excluding holidays and weekends. Transactions requested on Saturdays, Sundays, or holidays on which the Credit Union chooses to remain closed will be processed on the Credit Union’s next business day.
- Description of Service
The Bill Payer Service permits you to use your Internet-enabled device to direct payments from your designated online Bill Payment Account to third parties you wish to pay. Your Bill Payment Account must be a checking account. Through the Bill Payer Service, you can pay bills from your Bill Payment Account to businesses or individuals.
All payments you make will be deducted from the checking account that you designate as your Bill Payment Account for the Bill Payer Service. Any payments you wish to make through this Service must be payable in U.S. dollars to a payee located in the continental United States. We reserve the right to restrict from time to time the types of payees to whom payments may be made using the Service.
You are prohibited from using the Bill Payer Service to make payments to the following excluded merchants:
·Tax entities (IRS, state and local tax authorities)
·Court ordered payments
·Payees outside the U.S.
·Payees with Armed Forces postal codes (AP, AE)
·Payments to settle securities transactions
·Payoffs on “special financing” transactions
·Unprocessed payments due to debit failures
The Credit Union will not support these types of payments due to the difficulties of performing follow-up research with the payees in the event the payees claim non- receipt or late payment. The Credit Union will not accept liability for such payments should you initiate them using this Bill Payer Service. Payments for any payees will be your sole responsibility if delayed or improperly processed or credited.
The Credit Union reserves the right to refuse to pay any payee to whom you may direct a payment. The Credit Union is obligated to notify you promptly if it decides to refuse to pay a payee designated by you. This notification is not required if you attempt to make a payment prohibited by this Agreement.
- Payment Methods/Schedules
Subject to the terms and conditions of this Agreement, you authorize us, and any third party acting on our behalf, to choose the most effective method to process your payment, including without limitation, electronic (ACH), paper or some other draft means. When possible, payments will be made electronically. However, some payments will be made by check.
Payments set up in advance of the due date (date on which payment to payee is due), are withdrawn from the Bill Pay user’s account up to 5 business days before the due date when paid by check, and 2 business days for payments made electronically.
·One-Time Payment/Manual: Payments to be made periodically for DIFFERENT AMOUNTS. Or payments to be made that have no fixed repayment period. If you designate a bill payment as a “manual” transaction, you will be responsible for scheduling the payment, providing the payment due date and the payment amount each time the bill is due.
·Recurring Payment: Multiple payments to be made for the SAME AMOUNT and due the same day each period, such as monthly or quarterly. If you designate a bill payment as a “recurring” transaction, you may request, and the Credit Union will use, a processing date that reoccurs on a specified regular basis (i.e. weekly, bi-weekly, monthly, etc). You will designate a “start” and “end” date.
Please allow adequate time for your payment to reach the payee by the payment due date. If a bill payment is designated as a payment to process today (meaning you have given it a due date of today’s date), the processing date will be the next business day. Payments designated as today transactions, may not be canceled for any reason once the payment no longer appears on the pending payments screen. Please be sure to allow adequate time, as it will still take 2 to 5 business days, for this payment to reach the payee.
- Payee Verification
When establishing a new merchant or payee, you must verify the payee’s remittance address, your account information, and establish a payment method for each of your new payees. Payments will be delayed if information is not valid.
- Limits on Amount of Transfers
You may utilize the Bill Payer Service to make payments to unlimited payees. There is a dollar limit of $9,999 per single transaction and $19,999 per day (or the available balance, whichever is less) on any Bill Payment initiated through the Service.
- Time Limitations
You must setup Payments no later than 12:00 a.m. midnight Central Time on any business day to have them considered entered for the next business day.
We will withdraw the funds from your designated account 2 or 3 business days after the processing date (2 or 5 business days prior to your payment due date); therefore, funds must be available by the end of the business day the night before the processing date. Two (2) business days are required to process electronic bill payments. If a payee is not set up to accept electronic payments a check will be sent, which will take up to five (5) business days to process and deliver to the payee.
You must allow sufficient time (2 or 5 business days) as indicated for the Bill Payer Service to receive your request and process the Bill Payments so that funds can be delivered to the payee before the payment due date (the due date shown on your invoice or provided by the payee). If you do not allow sufficient time, you will assume full responsibility for all late fees, finance charges, or other action taken by the payee.
- Overdrafts and Rejects
We will overdraft from your Share Account (Savings) in accordance with your Share Draft (Checking) account terms and conditions or your Overdraft Line of Credit in accordance with the terms of the Credit Agreement if sufficient funds are not available in your Share Draft (checking) account on the designated Bill Payment processing date. At that time, your Share Account (Savings) will be charged an Overdraft fee. In the event sufficient funds are not available the Credit Union will e-mail you to your current e-mail address on file. The Credit Union will attempt two (2) additional consecutive business days to make the payment on your behalf. Each of these attempts to make the payment will also automatically issue an e-mail that there are insufficient funds available. A final e-mail will be sent to you if the transaction cannot be processed on day three (3). The Credit Union is not responsible if the notification does not reach you, whether or not this is due to events beyond our control. At that time your account will be charged the Bill Payment NSF fee. (Refer to Section 25, “Fee
Schedule”) Once a scheduled payment is rejected for insufficient funds, you are responsible for making alternate arrangements to satisfy the payment. In no case will the Credit Union automatically resubmit a payment for you if it has been rejected even if the funds have become available. The merchant may reject a bill you schedule. Once the merchant rejects a bill, you are responsible for either making alternate arrangements for the payment, or rescheduling the payment. In no case will the Credit Union automatically resubmit a payment for you after the bill has been rejected by a merchant.
If you have overdraft protection on your checking account, your request for the Bill Payment transfer out of your checking account will be considered a request for an overdraft protection transfer or loan advance if it is needed to complete the transaction. Overdraft protection will be handled in a manner consistent with the overdraft services you previously requested and have available at the time. Overdraft protection is only available on checking accounts. Requests for transfers out of other accounts in which you do not have available funds will be denied.
Federal Reserve Regulation D transfers from savings accounts are limited as follows:
“For savings and money market accounts you may make up to six transfers or withdrawals by means of a preauthorized, automatic, or telephonic transfer to another account of yours or to a third party during any calendar month.
Confirmation Number. Upon completion of a transaction using the Bill Payer service a “trace” number will be given. You should record this number, along with the payee; scheduled date and transaction amount in your checkbook register (or other permanent record), because this will help in resolving any problems that may occur.
Periodic Statements. Information about the Bill Payer Service transactions will be shown on your normal statement for the account to and from which transfers or payments are made. You will get a statement monthly, if you have a checking account or in any month in which you have electronic funds transfer activity. All members receive statements at least quarterly.
Notices. Notices will be sent to the primary account owner at the last address shown in our records. On joint accounts, notice to the primary owner will be deemed notice to all account owners.
Stop Payment on Bill Payments. Bill Payments made by electronic transfer may not be stopped once they have been processed and deducted from your account. It may be possible to place a stop payment on a bill payment made by check. Our remittance processor will, if possible, place this stop payment and the fee assessed by them will be deducted from your account. (Refer to Section 25, “Fee Schedule”) If we are unable to stop a Bill Payment, you must resolve any disputes directly with the payee.
- Cancellation of a Scheduled Payment
You may cancel any of your scheduled payments whether designated as “one time only,” “manual” or “automatic” payment type any time prior to the processing date. Cancel a scheduled payment by selecting the “Delete Payee” or “Change Payee/Payment” option from within the Bill Payer Service “Additional Functions” menu. Deleting the payee will also delete any history for that payee.
- Cancellation of the Bill Payer Service
You may cancel this service at any time by selecting the “Stop Bill Service” option from within the Bill Payer Service “Additional Functions” menu or, by writing us at the address listed in this Account Agreement. If you subsequently wish to resume this service, you will need to re-build your payee list.
- No Duty to Monitor Payments
We do not have a duty to monitor payments made through the Bill Payer service. It is your responsibility to review your account history on a regular basis to verify Bill Payment activity.
- Fees and Charges
Please refer to Section 25 of this document for a listing of fees associated with this program. The Credit Union will automatically deduct the Bill Payer Monthly Inactivity Service Fee from your Share Draft (Checking) Account if there is no activity within any monthly billing cycle. The fee will be deducted on the 8th of the month following the previous billing cycle, until you stop the Bill Payer Service (Refer to Section 13, “Cancellation of the Bill Payer Service” for instructions on how to stop the service.) If the last day of the month does not fall on a business day the fee will be deducted the next business day. If you do not have sufficient funds in your account on the date the fee is payable, the Credit Union will bring your account into the negative. You understand that in accepting the Bill Payer disclosure, adding a payee or maintaining a payee list, even if no payments are scheduled, you are electing to use the full Bill Payer Service and; therefore, will be charged accordingly. The Bill Payer Monthly Inactivity Service Fee will not be prorated.
Chicago Patrolmen’s Federal Credit Union will share information about your accounts and transfers only:
- 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
- as explained in the separate Privacy Disclosure.
- Your Liability for Unauthorized Transactions
Tell us immediately if you believe an unauthorized person has obtained access to your PIN/Password or someone may transfer money out of your accounts without your permission. Call us immediately at (312) 726-8814 during business hours or email firstname.lastname@example.org. You can also write to us at:
Chicago Patrolmen’s Federal Credit Union 1407 W. Washington Blvd
Chicago, IL 60656
Telephoning is the best way to keep losses down. If you don’t notify us within the time limits in this paragraph, you could lose all of the money in your accounts plus money in any account or line of credit you have designated for overdraft protection.
If you tell us of the loss, theft or other potential unauthorized use of your PIN within two business days after you learn of it, your loss will be no more than $50. If you do not tell us within two business days after you learn of the loss, theft or other potential unauthorized use of your PIN you could lose as much as $500.
If your statement shows transfers that you did not authorize, notify us immediately. If you do not notify us within 60 days of our mailing the first statement on which the unauthorized use appeared, you may not be reimbursed for funds.
- Credit Union Liability
If we do not properly complete a transfer on time or in the correct amount according to our agreement with you, we will be liable for your direct losses or damages (not to exceed the amount of the transaction). However, there are exceptions. We will not be liable if, for instance:
·Through no fault of ours, your account does not contain enough money or you do not have available credit to make the transfer;
·The Bill Payer Service system was not working properly and you knew about the breakdown when you initiated the transaction;
·Your PIN was reported lost or stolen and we have blocked its use;
·Circumstances beyond our control, such as fire, flood, electrical failure, or malfunction of the central data processing facility prevent completion of the transaction in spite of our reasonable precautions;
·Your account is “frozen” because of a court order or some similar legal action;
·We establish other lawful exceptions and give you notice required by law of them. In no event will we be liable for consequential, indirect, or punitive damages. The
Credit Union will carry out written instructions from you and authorized users of your accounts. We will not incur liability for carrying out written instructions in a reasonable manner. You agree to indemnify the Credit Union and hold us harmless from any and all liability we incur as a result of following your written instructions in a reasonable manner.
Chicago Patrolmen’s Federal Credit Union is responsible only for exercising ordinary care in making payment upon your authorization and for mailing or sending a payment to the designated payee. Chicago Patrolmen’s Federal Credit Union is not liable in any way for damages you incur if you do not have sufficient funds in your account to make the payment on the processing date, if the estimate of time to allow for delivery to the payee is inaccurate, or due to delays in mail delivery, changes of merchant address or account number, the failure of any merchant to account correctly for or credit the payment in a timely manner or for any other circumstances beyond the control of Chicago Patrolmen’s Federal Credit Union.
- Authorization to Charge Accounts
You authorize us to charge your designated account(s) for any transactions accomplished through the Bill Payer Service, including the amount of any Bill Payment or Transfer that you make, and any charges for the service. You understand that in accepting the Bill Payer disclosure, adding a payee or maintaining a payee list, even if no payments are scheduled, you are electing to use the full Bill Payer Service. You authorize us to process Bill Payments and to transfer funds according to the instructions we receive if you provide the instructions through the Bill Payer Service. You authorize us to initiate any reversing entry or reversing file and to debit your accounts at Chicago Patrolmen’s Federal Credit Union or elsewhere, in order to correct any mistaken credit entry. You understand that if a Bill Payment request describes the beneficiary inconsistently by name and account number, execution of the request will occur on the basis of the account number, even if it identifies a person different from the named beneficiary.
- Changes in Terms
The policies and procedures outlined in this disclosure were in effect on the date of publication. The Board of Directors reserves the right to change Credit Union policy at any time without prior notice. Please contact us if you wish to determine if any changes have been made. You will receive at least 21 days’ advance written notice of any change, deletion from, or addition to this Agreement that will adversely affect you. Your continued use of the Bill Payer Service after the effective date of the change will constitute your agreement to the changed terms. If you do not want a new or changed
term to apply to your use of the Bill Payer Service, please notify us in writing to terminate your service or you may select the “Stop Bill Service” option to discontinue your Bill Payer Services. (Please refer to “Cancellation of the Bill Payer Service”, section 13.)
You agree that we can terminate this Agreement and your use of the Bill Payer Service if:
- You or any authorized user of your Bill Payer Service breach this or any other agreement between us.
- We have reason to believe that there has been or may be unauthorized use of your Bill Payer Service.
- If your checking account is closed due to fraudulent activity.
- There are conflicting claims to funds in your accounts.
- You or any authorized signer asks us to do so.
- You attempt transfers when you do not have available funds or overdraft protection available to cover them.
- Should we find it necessary to close your checking account due to NSF activity.
- You do not use the service for 6 months.
We reserve the right to discontinue the Bill Payer program at any time by giving you advance notice.
- General Terms
- When you use the Bill Payer Service to access your accounts or loans, the Credit Union agreements that govern those accounts or loans (such as your Checking Account Agreement or Open End Loan Agreement and Disclosure) also apply.
- Non-cash items or ATM deposits you make to your accounts may not be available for immediate withdrawal. Please refer to our Funds Availability Schedule.
- We may report you to consumer reporting agencies that report account abuses or loan delinquencies if you fail to meet the terms of this or other agreements governing your accounts or loans with us.
- The Bill Payer Services are designed and intended to be used for personal, family and household purposes. The Service is not designed for commercial use.
- Illinois law and applicable federal law, including but not limited to Federal Reserve Regulation E, govern this Agreement.
If any provision of this Agreement is found unenforceable, the remaining provisions will remain in full force and effect.
If an authorized Bill Payment transaction results in a negative balance in any of your accounts, you agree to restore the negative balance immediately upon our demand. If you do not do so, you agree that we can take funds from any Credit Union account in which any owner of the negative balance account has an interest to recover all or part of what you owe us. Our exercise of this right in the event of a negative balance is not an election of remedies and will not waive our right to pursue all other legal means of collecting what you owe us. You agree to pay all of our reasonable collection costs before we take legal action to collect what you owe us. If we do take legal action to collect what you owe us, you agree to pay our reasonable attorney’s fees and costs of suit in addition to any other remedy the court finds proper. “Legal action” includes but is not limited to a collection lawsuit, an action to protect our interests if you become a debtor in bankruptcy, an appeal, or any other type of legal proceeding.
- In Case of Errors or Questions About Your Electronic Transfers
If you think that an electronic transfer shown on your statement is wrong, or if you need more information about a payment or transfer, contact us immediately at (312) 726-8814 or fax us at (312) 726-5349, or you can write us at:
Chicago Patrolmen’s Federal Credit Union 1407 W. Washington Blvd
Chicago, IL 60607
We must hear from you no later than 60 days after we sent you the first statement on which the error or problem appeared.
- Tell us your name and account number.
- Describe the error or the transfer you are unsure about and explain as clearly as you can why you believe there is an error or why you need more information.
- Tell us the dollar amount and the payee of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days. We will tell you the results of our investigation within ten (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 business days to investigate your complaint or question. If we decide to do this, we will re-credit your
account within ten business days for the amount you think is in error, so you will have the use of the money while we complete our investigation. If we ask you to put your complaint or questions in writing and we do not receive it within ten business days, we may not re-credit your account during our investigation.
We will tell you the results of our investigation in writing within three business days of concluding it. You may ask for copies of the documents we used in the investigation. If a notice of error involves an electronic funds transfer that occurred within the first thirty (30) days after deposit to a new account, the applicable time period for action shall be twenty (20) business days in place of ten (10) business days. If a notice of error involves an electronic funds transfer that was initiated in a foreign country, the applicable time period for action shall be ninety (90) calendar days in place of forty-five
(45) calendar days.
- Bill Payer Service Fee Schedule:
Monthly Inactivity Fee $9.95
Savings Overdraft Fee $10.00
Insufficient Funds $37.00
Check Copy $20.00
Stop Payment $37.00