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Luso American Credit Union
37 Tremont Street
Peabody, MA 01960 978-531-5767


For purposes of this disclosure and agreement the terms "we", "us" and "our" refer to the Credit Union named above. The terms "you" and "your" refer to the recipient of this disclosure and agreement.

The Electronic Fund Transfer Act and Regulation E require Credit Unions to provide certain information to members regarding electronic fund transfers (EFTs). This disclosure applies to any EFT service you receive from us related to an account established primarily for personal, family or household purposes. Examples of EFT services include direct deposits to your account and automatic regular payments made from your account to a third party.

TERMS AND CONDITIONS. The following provisions govern the use of electronic fund transfer (EFT) services through accounts held by the Credit Union which are established primarily for personal, family or household purposes. If you use any EFT services provided, you agree to be bound by the applicable terms and conditions listed below. Please read this document carefully and retain it for future reference.



This Credit Union offers its members an Internet Banking (Home Banking) service. This service permits you to perform the following transactions using your home computer:

Transfers from: Checking to Checking; Checking to Statement Savings; Statement Savings to Checking; Statement Savings to Statement Savings.

Inquiries into: Checking accounts: statement savings accounts: passbook savings accounts; certificate of deposit accounts; loan accounts; mortgage accounts.

Payments to: Consumer loan accounts; Mortgage Loan Accounts; Line of Credit accounts

Payments from: Checking account; Statement Savings account; Line of Credit Accounts


The terms of your account(s) may limit the number of withdrawals you may make each month. Restrictions disclosed at the time you opened your account(s), or sent to you subsequently will also apply to your electronic withdrawals and electronic payments unless specified otherwise.

We reserve the right to impose limitations for security purposes at any time.

LIMITS ON TRANSFERS FROM CERTAIN ACCOUNTS. Federal regulation limits the number of telephonic transfers and preauthorized electronic transfers to third parties (including Point of Sale transactions) from money market and savings type accounts. You are limited to six such transfers from each money market and/or savings type account(s) you have each month for purposes of making a payment to a third party or by use of a telephone. No more than three of the six transfers may be made by check, draft, debit card, or similar order.


The use of any electronic fund transfer services described in this document creates certain rights and responsibilities regarding these services as described below.


PERIODIC STATEMENTS. If your account is subject to receiving a monthly Statement, all EFT transactions will be reported on it. If your account is subject to receiving a statement less frequently than monthly, then you will continue to receive your statement on that cycle, unless there are EFT transactions, in which case you will receive a monthly statement.

DOCUMENTATION AS EVIDENCE OF TRANSFER. Any documentation that is provided to you which indicates that an electronic fund transfer was made shall be admissible as evidence of such transfer and shall constitute prima facie proof that such transfer was made.


In case of errors or questions about your electronic fund transfers,

call us at:


or write to:

37 Tremont Street
Peabody, MA 01960

or use the current information on your most recent account statement.

Notification should be made as soon as possible if you think your statement or receipt is wrong or if you need more information about a transaction listed on the statement or receipt. You must contact the Credit Union no later than 60 days after it sent you the first statement on which the problem or error appears. You must be prepared to provide the following information:

- Your name and account number.

- A description of the error or transaction you are unsure about along with an explanation as to why you believe it is an error or why you need more information.

- The dollar amount of the suspected error.

If you provide oral notice, you will be required to send in your complaint or question in writing within ten (10) calendar days.

We will determine whether an error occurred within ten (10) calendar days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) calendar days for the amount which you think is in error, so that you will have the use of the money during the time it takes to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) calendar days, we may not credit your account.

We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.

You may ask for copies of the documents that we used in our investigation.


If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages as provided by law. However, there are some exceptions. We will NOT be liable, for instance:

- If through no fault of ours, you do not have enough money in your account to make the transfer.

- If the transfer would result in your exceeding the credit limit on your line of credit, if you have one.

- If circumstances beyond our control (such as fire or flood, computer or machine breakdown, or failure or interruption of communications facilities) prevent the transfer, despite reasonable precautions we have taken.

- If we have terminated our Agreement with you.

- If we receive inaccurate or incomplete information needed to complete a transaction.

- If the funds in the account are subject to legal action preventing a transfer to or from your account.

There may be other exceptions provided by applicable law.


We reserve the right to impose a fee and to change fees upon notice to you.


We will disclose information to third parties about your account or electronic fund transfers made to your account:

1. Where necessary to complete a transfer or to investigate and resolve errors involving the transfer(s); or

2. In order to verify the existence and condition of your account for a third party such as a credit bureau or merchant; or 3. In order to comply with government agency or court orders; or

4. With your consent.


Business days are Monday through Saturday excluding holidays.


We may change this agreement from time to time. You will be notified at least 25 days before a change will take effect if it will cause you an increase in costs or liability or it will limit your ability to make electronic fund transfers. No notice will be given if the change is necessary for security reasons. We also have the right to terminate this agreement at any time.

TERMINATION. You may terminate your right to any of the services that you have agreed to under this Agreement by giving us written notice. For preauthorized transfers, you must terminate any agreement authorizing transfers to or from your account by notifying the person or company initiating the transfer. You will remain obligated to us under this Agreement for all of your transactions, even if they occur or are completed after this Agreement has ended. Termination of your electronic fund transfer service does not terminate your account(s) with us. Closing the account to which the service relates simultaneously terminates your electronic fund transfer service. We may terminate any of the services that have been agreed to under this Agreement for any reason and at any time without prior notice to you. If the account is a joint account, any owner of the account may terminate this Agreement, and the termination will apply to all joint owners on the account. If either you or we terminate your services under this Agreement, we will no longer have to complete any of your electronic fund transactions.


You agree not to reveal your PIN to any person not authorized by you to access your account.


Internet Banking alerts allows you to set up automated alert events based on your own criteria to be alerted upon. Alerts may be sent via e-mail or in an online message box within internet banking, or both. E-mail alerts will be sent to the e-mail address you provide in creating the alert.

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