Consumers Federal Credit Union
425 Neptune Ave, Brooklyn, NY 11224
ph: 718.266.2204 • fx: 718.266.1976
Site by: CU*Answers
This TIS (Truth in Savings) Disclosure summarizes certain terms, conditions, rights and responsibilities which we (Consumers Federal Credit Union) and you (each person who has an ATM card from us) have under the Electronic Fund Transfer Act. It applies when you use our electronic fund transfer services.
EFT or Electronic Fund Transfer means any transfer of funds which is initiated through an electronic terminal, telephonic equipment, or computer tape, for the purpose of making deposits (credits) to, or withdrawals (debits) from, your checking account.
Personal Identification Number
Shortly after you receive an ATM card, you will receive your Personal Identification Number (PIN). You may use your card at an electronic terminal only if you enter your PIN into the terminal. The PIN is a basic security element of the system and by receiving a card and PIN you agree to take all steps necessary to protect the secrecy and security of this PIN to prevent fraudulent use of the card, and you specifically agree not to write your PIN on the card.
Use at Electronic Terminals
Your card may be used at retail locations (POS) and automated teller machines (ATM) to make withdrawals from your account.
Your card may be used at customer activated terminals (CAT) to make withdrawals from your account.
Limitations on Transfers
- Withdrawals may not exceed $300.00 per day
- Certain locations and / or accounts may have different maximum limits on transfers
- For security reasons, there are other limits on the amount and frequency of transfers you can make if the system is not fully operative.
- Your card may be used at POS and CAT locations to identify you when you cash a check. Check cashing is not an Electronic Fund Transfer and is not subject to these rules.
Pre-authorized Credit or Debit Service
You may arrange with us to have third parties make regular deposits to, or regular withdrawals from, your account by electronic means.
Your Liability for Transfers
You are responsible for any transfer you make or someone else whom you have given your card and PIN. Tell us at once if you believe your card and/or PIN has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account. If you tell us within two (2) business days, you can lose no more than $50.00 if someone used your card without permission. If you do not tell us within two (2) business days after you learn of the loss or theft of your card and/or PIN, and we can prove we could have stopped someone from using your card without your permission if you had told us, you could lose as much as $500.00. Also, if your statement shows transfers you did not make, tell us at once. if you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money you lost after the sixty (60) days if we can prove we could have stopped someone from taking the money if you told us in time. If a good reason (such as taking a long trip or hospital stay) kept you from telling us, we may extend the time periods.
Since prompt notice to us of any loss or theft or unauthorized transfer may lessen your liability, we urge you to call the Credit Union immediately.
Account Information Disclosure
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 a credit bureau or merchant
- In order to comply with government agency or court orders
- If you give us written permission
Credit Union's Liability for Failure to Make Transfers
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. 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 a third party fails to initiate the transfer
- If the Automated Teller Machine where you are making the transfer does not have enough cash.
- If the terminal and/or system was not working properly and you knew about the breakdown when you started the transfer.
- If circumstances beyond our control (such as fire or flood) prevent the transfer despite reasonable precautions stated in our agreement with you.
In case of errors or questions about your electronic transfer, call or write us at the telephone number or address listed on this site as soon as you can if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than sixty (60) days after we sent the first statement on which the problem or error 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 it is an error or why you need more information
- Tell us the dollar amount of the suspected error.
If you tell us orally, we may require 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 forty-five (45) days to investigate your complaint or question. If we decide to do this, we will re-credit your account within ten (10) business days for the amount you think is an error, so that you will have the use of the money during the time it takes us 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) business days, we may not recredit your account. If we decide there was no error, we will send you a written explanation within three (3) business days after we finish our investigation.
Changes in this Agreement
We may change the terms of this agreement from time to time, but will give you at least thirty (30) days written notice of such change. However, we may, without notice, change the limits on the types and amounts of transactions which may be done with your cards and such is necessary to maintain or restore the security of the system or account.
We may withdraw our permission for your use of the card at any time.
It is understood that the operation for any or all electronic terminals may be terminated at any time, without prior notice to you.
The Following Factors May Affect the Amount of Dividends You Receive on Your Account
Nature of Dividends and Relation to APY
Dividends may be paid only from the current income and accumulated earnings, after required transfers to reserves at the end of each dividend period. The dividend rate and annual percentage yield applicable to an account may therefore change from time as determined by the Credit Union's Board of Directors in its discretion. The dividend period of the Credit Union is Quarterly, beginning on the first day of such period and ending on the last day of the period.
As used in these disclosures:
- Dividend rate means the dividends paid (or expected to be paid) on an account without giving effect to the compounding of previously earned dividends, shown as an annual figure and expressed as a percentage of the account balance
- Annual Percentage Yield or APY means a percentage rate reflecting the total amount of dividends expected to be earned in a year on an account, based on the dividend rate and the frequency of compounding accrued dividends.
All disclosures concerning the APY applicable to an account assume that the dividend rate disclosed remains in effect for one year and that dividends are not withdrawn.
Frequency of Compounding Dividends and the Method of Determining the Balance on which Dividends are Paid
Dividends are compounded Quarterly on balances of $50.00 or more based on the average daily balance in your account. You can compute the dividends earned on your account in a period by multiplying the then current simple annual dividend rate times the average balance in your account at the end of the period, divided by the number of periods in a year. The amount of dividends you earn for the period will be added to your principle balance at the end of the period. if you withdraw funds from your account balance before dividends are paid, you will receive dividends accrued on the funds prior to withdrawal, but such dividends will not be credited to your account until the next dividend declaration date. If you close your account prior to a dividend declaration date, you will not receive any dividends accrued prior to the date the account is closed.
Fees and Penalties
Your account will be charged any applicable fees, charges and/or penalties as set forth in our fee schedule a copy which is included as part of this page.
Minimum Balance Requirements
In order for your account to earn dividends for a dividend period, you must maintain an average daily balance of at least $50.00 during that period. If your average daily balance falls below $50.00 for that dividend period, you will not earn any dividends during that period.
In order to earn the annual percentage yield disclosed elsewhere for a particular account, you must meet the minimum balance requirement applicable to that account at all times.
Collection of Non-Cash Deposits
Every check or other item other than cash which is accepted for deposit in your account will be provisionally credited to your account on the day it is deposited or, in the case of deposits received after closing, on the next business day, and earn dividends from the day it is so provisionally credited to your account. If, however, the Credit Union is subsequently unable in the normal course of business to obtain payment for that item, you will not earn any dividends on that deposit.
Notice of Certain ChangesWe will notify you in writing at least 30 days prior to the effective date of changes of the sort described below which will reduce your APY or otherwise adversely affect:
- The frequency of compounding dividends
- The frequency of crediting dividends
- Minimum balance requirements
- Fees, charges, and penalties
We will not send you notice, however, of any change in the dividend rate or APY applicable to any account where the dividend rate is subject to change from time to time, although notice of changes in dividend rates will be posted in the Credit Union's main offices.
In addition, where there is any change in the information disclosed in this statement, the change will appear in a notice posted in the lobby of our main offices.
General Policies and Procedures
We may refuse a withdrawal request if any documents or identification we or the law requires in connection with the withdrawal has not been presented to us.
Although non-cash deposits earn dividends from the date first credited to your account, the time when they may be withdrawn or otherwise become available for use is governed by the Credit Union's fund availability policy, a copy of which is available upon request.
By opening and maintaining an account with the Credit Union you have agreed to the bylaws of the Credit Union and any amendments thereto, a copy of which may be obtained from the credit union. To open an account, you must deposit at least $50.00. The par value of a share of the Credit Union is $5.00.
By law, the Credit Union may accept deposits only from persons who are members or who are eligible to become members, or certain other persons for entities. If you are unsure whether you are eligible to join the Credit Union, please contact a member service representative.
Any member(s) by signing a Checking Account Application thereby authorizes the Consumers Federal Credit Union to establish a Checking Account. Consumers Federal Credit Union is authorized to pay checks signed by any members who have signed an application and to charge all such payments against the savings in their account.
It is further agreed that:
- Only check blanks (and other methods) approved by Consumers Federal Credit Union may be used to make withdrawals from this account.
- Consumers Federal Credit Union is under no obligation to pay a check that exceeds the fully paid, collected and available balance in this account. However, if any of the owners of this account writes a check that would exceed such balance and result in this account being overdrawn, Consumers Federal Credit Union may treat such check as a request for the Credit Union to transfer any savings to this account in the amount of the resulting overdraft, plus deduct a service charge, from any other account from which any of the owners of this account have on deposit.
- Consumers Federal Credit Union may pay a check on whatever day it is presented for payment, notwithstanding the date (or any other limitation on the time of payment) appearing on the check.
- When paid, checks become the property of Consumers Federal Credit Union and will not be returned whether with the periodic statement of this account or otherwise.
- Except for negligence, Consumers Federal Credit Union is not liable for any action it takes regarding the payment or nonpayment of a check.
- Any objection respecting any item shown on a periodic statement of this account is waived unless made in writing to Consumers Federal Credit Union before the end of 60 days after the statement is mailed.
- This account is subject to Consumers Federal Credit Union's right to require advance notice of withdrawal, as provided in its bylaws.
- This account is also subject to such other terms, conditions and service charges as Consumers Federal Credit Union may establish from time to time.
- If this agreement is signed by more than one person, the persons signing the Application shall be the joint owners of this account which, in that event, shall be subject to all the terms and conditions printed on this agreement.
Truth In Saving Disclosure Statement
This page is intended to provide you with information about one or more accounts offered by the credit union, including where applicable, the dividend rate, annual percentage yield, any minimum balance requirement, withdrawal terms, fees and other important information, so that you may make an informed decision about investing your savings with us.
Should you have any question about these disclosures, about our current dividend rate, annual percentage yield, or otherwise, please call a member service representative at : 718-266-2204.
Schedule for Service Charges and Fees
This fee schedule for all accounts sets forth certain fees and charges applicable to your accounts as of May 1, 2013. This schedule is incorporated as part of your account agreement with the credit union. You will be notified of changes to these fees.
|ATM Fees (monthly)|
|First six cash withdrawals||Free|
|Per cash withdrawal after first six||$1.00|
|Per point-of-sale transaction||Free|
|Per account balance inquiry||$1.00|
|Cashier's check certified per item||$10.00|
|Cashier's check (Payable to account holders)||Free|
|Cashier's check (Payable to third party)||$2.00|
|Cashier's check stop payment||$10.00|
|Deposits/payments or cashed, per item||$30.00|
|Member's check certified, per item||$5.00|
|Account balancing assistance, per hour||$40.00|
|Check printing||Varies by style|
|Insufficient funds, per item||$25.00|
|Auto transfer from savings (Unlimited each day)||$5.00|
|Stop payment, per item||$10.00|
|Early holiday closeout||$20.00|
|Statements, per page||$1.50|
|Paid cashier's check, per item||$5.00|
|Paid check, per item||$5.00|
|After 36 months returned mail, per quarter||$50.00|
|Per new account||$5.00|
|Outgoing domestic per item||$30.00|
|A2A Transfers (Institution to Institution)|
|Account research, per hour (Waived if CU error)||$40.00|
|Below minimum balance, per month||$10.00|
|Credit report, per applicant||$8.00|
|Mortgage credit report, per applicant||$18.00|
|Overnight mail, per item (up to 8oz)||$25.00|