ELECTRONIC FUNDS TRANSFER DISCLOSURE

Electronic Funds Transfers are deposits to, withdrawals from, or transfers between accounts, which are not originated by check, draft or similar paper instrument including transactions sent via Automated Clearing House (ACH), preauthorized transfers, Bill Payment, debit card transactions at a merchant location or other electronic means. If an account(s) involves such transfers, there are certain rights under laws, which are described below. Transfers through Online Banking are subject to the Federally mandated limitations described in section 1 Savings Accounts, Transaction Restrictions.

An electronic check conversion (ECK) is a one-time EFT initiated using information from a check. A check would be provided to a merchant or other payee to use as a source of information to initiate an EFT from the member’s checking account as payment for goods or services. The payee electronically captures the routing, account and serial numbers from the check and initiates a one-time EFT from the member’s accounts. This type of transaction is a transfer covered by Regulation E and deemed not to originate by a check.

The following information describes the various types of Electronic Funds Transfers that are available within Online Banking and/or at Credit Union owned Kiosks, rights and responsibilities concerning these transactions, including rights under the Electronic Funds Transfer Act.

• Types of Electronic Funds Transfers Available through Kiosks and Online Banking:
  With access to the World Wide Web and/or a Credit Union owned Kiosk, a member account number(s) and Personal Identification Number (PIN), the following transactions may be performed 24-hours per day: balance inquiries; account and loan history inquires; transfers from one Credit Union account to another authorized account; loan and credit card payments to the Credit Union from another account; ability to download account history files into Quicken or MS Money; view online check copies; apply for various accounts and loans or send the Credit Union an e-mail.
  
  The transfers and loan payments described above using Online Banking or Credit Union owned Kiosks are referred to herein as "transfers."
  
  Note: Accounts with no activity for ninety (90) calendar days will cause Online Banking access to become inactive. Accounts with no activity for 120 calendar days will be disabled.
• Stop Payment:
  If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here’s how: Call us at (800) 874-5544 or write us at 2 Manhattanville Road, Suite 401, Purchase, NY 10577 in time for us to receive your request three (3) Business Days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within fourteen (14) days after you call.
  
  There is a fee associated with stop payments (refer to the Credit Union Fee Schedule).
  
  The Credit Union will mail or e-mail a confirmation notice of the Stop Payment. If there are any questions regarding the Stop Payment or to remove the Stop Payment request, contact the Credit Union immediately by calling (800) 874 5544 or (914) 641 3700.
• Documentation of Transfers:
  • After every transfer is made, a confirmation screen or a paper receipt with reference information is received.
  • Monthly statements will show all transfers.
• Business Days:
  Business Days are Monday through Friday, excluding Federal and Credit Union holidays. If the end of a calendar month falls on a Saturday or Sunday, the Credit Union will frequently "close its books" for that month after the last Business Day but before the last actual day of the month. Transfers made using Online Banking or a Credit Union owned Kiosk after the books are closed will be treated for dividend calculation purposes as if they occurred on the first day of the next month and will be reported on the statement applicable to the next month; but they will be shown on statements as having occurred on the actual calendar day you made the transaction. Loan payments made by using Online Banking or a Credit Union owned Kiosk after the books are closed will be treated for dividend calculation and transaction-reporting purposes as if they occurred on the actual calendar day the loan payment was made, but they will appear on the statement applicable to the next month. If having a record of the date on which loan payment is made is important for income tax reporting purposes, the payment should be made on or before the close of the last Business Day of December to make sure it will appear on the year-end statement.

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• Credit Union Liability for Failure to Make Transfer:
  If a transfer has not been completed to or from an account(s) on time or in the correct amount, according to our agreement with you, the Credit Union will be liable for your losses or damages. However, there are some exceptions.
  
  The Credit Union will not be liable if:
  • Through no fault of the Credit Union, there is not enough money in the account to make the transfer;
  • Circumstances beyond the Credit Union’s control (such as a fire or flood) prevent the transfer, despite reasonable precautions taken;
  • The Credit Union is legally restricted from transferring funds to or from an account;
  • If Online Banking or the Credit Union Kiosk was not working properly and the member knew about the breakdown when the transfer was started;
  • If the transfer would go over the credit limit on the Checking Reserve Overdraft Line-of -Credit; or
  • There may be other exceptions stated in our agreement with you.
• Amendments:
  The Credit Union may amend the terms and conditions of this disclosure at any time. At least twenty-one (21) days notice will be given before the amendment becomes effective. If however, an immediate change in the terms and conditions is necessary for security reasons, these terms and conditions may be amended without such prior notice.
• Liability for Unauthorized Transactions:
  Contact the Credit Union AT ONCE if a PIN has been lost, stolen or used without permission. Telephoning is the best way of keeping your possible loss to a minimum. You could lose all the money in your account plus your maximum overdraft line-of-credit, if any. If you notify us within two (2) Business Days, you can lose no more than $50 if someone used your Online Banking PIN or VoiceConnect PIN without authorization. If you do not notify us within two (2) Business Days after you learn of the loss or theft of your Online Banking PIN or VoiceConnect PIN, and we can prove you could have prevented someone from using your PIN without your authorization, you could lose as much as $500. Also, if a statement shows unauthorized transfers, contact the Credit Union within sixty (60) days after the statement was mailed. Failure to do so may result in not getting back any money lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we may extend the time periods.
• Fees:
  Online Banking and the use of Credit Union owned Kiosks are free of charge.
• Online Personal Information:
  This section describes the circumstances under which the Credit Union may receive personal information online. When enrolled in Online Banking or applying for online products or services, personal information will be asked. When on line performing transactions or placing inquiries, the Credit Union’s business partners, who provide this service, will have access to personal information. Also, in order to respond to any e-mail sent, the Credit Union retains the content of the e-mail and the e-mail address.
• Errors, Questions or Unauthorized Transfers:
  Refer to Error Resolution, Part V of the Truth-In-Savings Disclosure.

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