ELECTRONIC FUNDS TRANSFERS
YOUR RIGHTS AND RESPONSIBILITIES
By selecting the "accept" button you are acknowledging receipt and agreeing to the following information.
Federal regulations require your acknowledgement of receipt of this electronic funds transfer disclosure before you will be allowed to conduct any electronic activity on your accounts.
You may access your Lake City Federal Bank accounts by computer through this website with your access ID, password and your account numbers to:
- Transfer funds between your Lake City Federal Bank checking, savings and money market accounts.
- Make payments from your LCFB checking account to third parties using our bill payment system.
- Get information about your account balance(s) and history
- Place a stop payment on a check or range of checks
- View and print copies of any checks presented for payment after April 14, 2008
CYBERTELLER is Lake City Federal Bank’s internet banking product that lets customers use the internet and their personal computer to access their accounts. There is no fee for the use of CyberTeller.
- Transfer of funds between accounts is limited only by the available balance in your account.
- Transfers can be scheduled for the same day or a date in the future.
- Transfers can be scheduled as a one-time transfer or recurring transfer.
The LCFB BILL PAYMENT SYSTEM can be used to make payments from your LCFB checking account to a third party. There is no fee for the use of the bill payment service.
- Scheduled payments can be set for a one-time occurrence or to be recurring.
- Payments can be changed or stopped any time up until the payment process begins. The payment process begins 2-4 days prior to the pay date based on the merchants’ capability to accept electronic or check payment.
- A $30 non-sufficient funds fee will be charged for each bill payment that draws the checking account negative or further negative.
Obtain Balance and History Information
- CyberTeller can be used to obtain account balances for checking, savings, money market, certificates or loan accounts.
- CyberTeller can be used to obtain history information on checking, savings or money market accounts.
- You will get a monthly account statement from us for your checking, savings and money market accounts. The statement will list all electronic funds transfer (EFT) transactions on the account during the statement period.
Time Needed to Complete the Transaction
- Transfers, using CyberTeller, between LCFB accounts will be completed when you complete the terminal transaction or on the date you set for the transfer.
- Transactions paid via bill pay will be subtracted on the day of receipt by the merchant rather than the day transmitted or mailed. Processing will generally begin 2-4 days prior to the payment receipt date based on the merchants’ capability to accept payment by electronic means or paper instrument.
- Payment receipt dates can not be scheduled for a Saturday, Sunday or legal holiday.
Lake City Federal Bank’s Liability
- If we do not complete a transfer to or from your account as designated, or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, some exceptions apply. We will not be liable if:
- Through no fault of ours, you do not have sufficient funds in your account to make the transfer or pay the bill on the designated pay date.
- You have a NOW Credit Overdraft Line of Credit but the transfer would cause you to go over your overdraft line limit.
- The terminal or bill payment system is not working properly.
- If circumstances beyond our control prevent the transfer despite the reasonable precautions we have taken.
Consumer liability – Notify us at once if you believe your account number, password or access device has been lost or stolen. You could lose the funds in your account, including your maximum overdraft protection amount, if we are not notified. If you notify us within two business days after learning of the loss or theft of your access device, your liability will not exceed the lesser of $50 or the amount of the unauthorized transfers that occurred before we are notified. If you do not notify us within two business days after learning of the loss or theft of your access device, your liability will be the lesser of the actual loss or $500. If you notify us within 60 days of an authorized transfer appearing on your statement you can lose no more than $50 if someone made an authorized transfer from your account. If you do NOT notify us within 60 days after the first unauthorized transfer appears on your statement, and we prove we could have stopped someone from making unauthorized transfers if you had told us sooner, you will be liable for up to $500 of the unauthorized transfers that appear on the statement. Also, you may not get back any money you lost after the 60 days if we prove we could have stopped someone from accessing the account if you had told us sooner.
Right to Bring Civil Action
- You may bring civil action against any person violating any provision of Minnesota Statutes (s 47.69) governing consumer privacy and unauthorized withdrawals. If you prevail in such action, you may recover the greater of your actual damages or $500. You may also be entitled to recover punitive damages, your court cost and attorney fees.
Error Resolution Notice
- In case of errors or questions on your electronic funds transfers, call LCFB for assistance at (651) 345-3373 or toll free (866) 345-3373 or write us at 201 East Marion St., Lake City, MN 55041 as soon as possible. We must hear from you not later than 60 days after we sent the FIRST statement on which the problem or error appeared.
- We will request your name and account number
- Describe the error or transfer problem
- Tell us the dollar amount of the suspected error
- We may request you put your question or complaint in writing and submit it to us within ten business days. Business days are Monday through Friday, excluding federal holidays.
- We will determine whether an error occurred within 10 business days (20 days if the unauthorized transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time to resolve the issue, however, we may take up to 45 days (90 days if the transfer involved a new account or a foreign initiated transfer) to investigate your complaint or question. If we decide to take the additional time, we will credit your account within 10 business days (20 days if the transaction involved a new account) so you have use of the funds while we complete our investigation. We may ask you to put your complaint or question in writing, and if we do not receive it within 10 business days, we may not credit your account. We will tell you the results of our investigation within three business days of completion. If we find there was no error, we will send you a written explanation. You may request copies of the documentation used in our investigation.
We will disclose information to third parties about your account or the transfers you make:
- Where it is necessary for completing transfers;
- In order to verify the existence and condition of your account for a third party, such as credit bureau or merchant
- To comply with government agency or court orders
- If we suspect any person or entity of engaging in terrorist acts or money laundering activity
- When legally required to or legally permitted to do so.