All member accounts at the Credit Union are subject to the following rules. Accounts include Share, Share Draft, Club and Share Certificate Accounts. Your accounts are not negotiable and are not transferable except on our books. By signing the membership card, you agree to these rules.
Dividends (other than dividends on Share Certificate Accounts) are paid from current income and available earnings, after required transfers to reserves, at the end of the dividend period. Dividend rates are declared by our Board of Directors at it’s discretion based on market conditions and are not tied to a specific index. The rates on all Credit Union accounts (other than Share Certificate Accounts) are variable and may change quarterly after the account is opened. The Board has declared that no dividends will be paid on Share Draft Checking Accounts. The dividend rate and annual percentage yield shown for Share accounts were declared by the Board of Directors on a quarterly basis.*Dividend Rates on all Share accounts can be found here.
The minimum deposit to open a Share Certificate Account is $500.00. The dividend rate and annual percentage yield shown below for Share Certificate Accounts are accurate as of the Tuesday of every week (unless Monday is a holiday). You can call (585) 343-5627 or click here to obtain current rate information. The dividend rate will be fixed for the term of your Share Certificate Account. Deposits will be allowed only on the date the Share Certificate Account is opened and on each renewal date, with the exception of the Asset Builder Certificate (when available) into which you can make additions of $50.00 or more at any time. The Maturity Date of your Share Certificate Account is determined at the date of opening the account. If the maturity date is a Saturday, Sunday, or Credit Union holiday, we will pay dividends at the previous rate until the first banking day next succeeding the original maturity date, and that will be deemed the new maturity date. Your Share Certificate Account will not automatically renew. If you do not renew it, the entire balance will be deposited in your Share 0 account and will earn dividends at the rate in effect for Share 0 accounts. Share Certificate Accounts are NOT TRANSFERABLE and may not be used as collateral for any loan.
You must maintain a minimum balance of $5.00 in your Primary Share Savings Account at all times to be a Credit Union member and to open other sub-accounts and receive other benefits and services of the Credit Union. You must be 18 years of age to establish and maintain a Share Draft Checking account. If you are under 18 years of age, we will require that a joint member 18 years or older be added to the account.
Balance Computation Method Dividends are calculated by the Daily Balance Method which applies a daily periodic rate to the principal in your account as of the end of each day. The periodic rate is determined by dividing the dividend rate by 365 (or 366 in a leap year).
Dividends will begin to accrue on cash and non-cash items on the business day you make the deposit to your account.
Dividends for all accounts other than Share Certificate Accounts will be paid and credited to your account quarterly and, therefore, will compound quarterly. For Share Certificate Accounts, the dividends will be deposited in your Certificate account monthly and, therefore will compound monthly, unless you either elect to have the dividend transferred to your Share 0 account monthly (in which case the dividends will compound quarterly) or you choose to have a check for dividends sent to you monthly (in which case the dividends will not compound). For Share 2 Club accounts, the entire balance will be transferred to the Share 0 account on July 1st. For Share 7 accounts, a check for the entire balance will be issued on October 1st and mailed to you or, with prior written authorization, the balance will be transferred to any sub-account located under the member number.
If you close an account other than a Share Certificate before dividends are paid, you will not receive any accrued dividends. If you close a Share Certificate account before its maturity date, we will impose an early withdrawal penalty which will equal 90 days of earned dividends on certificates with maturities of 365 days or less, and 180 days of earned dividends on certificates with maturities greater than 365 days.
For all accounts (other than Share Draft Accounts) – The Credit Union reserves the right to require up to 60 days prior written notice of an intent to withdraw money from one of your accounts (other than your Share Draft Account). In addition, the Credit Union may refuse to permit a withdrawal from any account for, without limitation, the following reasons:
In addition to the above rules, withdrawals from Club Accounts will not be permitted until the account matures. However, you may close the account at any time without penalty. The account must remain closed until the beginning of the next Club cycle (for Share 2 accounts, July 1 and for Share 7 accounts, October 1).
Deposits into this account may be made through any of our deposit methods. At the end of each month, the highest denomination of US Savings Bonds that can be purchased with the funds in the account will be purchased using the funds in the account. Any excess funds will remain in the account until the following month to be applied against future bond purchases. Cash withdrawals will not be permitted from the account; however, upon closing of the account, a final Bond will be purchased and any remaining funds will be paid to you in cash.
If your account is a joint account, each person with a legal or financial interest in the funds in that account is individually responsible for all transactions made by anyone having such an interest in the account. This includes any Debit Card transaction affecting the account. Notices under this Agreement to one of those persons will be deemed notice to all of them.
If you do not want us to pay a Share Draft you have written or other written withdrawal request that we would otherwise be authorized to honor, you can order us to stop payment on it by notifying us by mail or telephone. An oral order is binding on us only for fourteen (14) days unless confirmed in writing within that period. The stop payment order takes effect when it is processed in your account and is effective for six (6) months unless renewed in writing. We will send you a confirmation notice for all telephone stop payment orders. Your stop payment order must be timely and must accurately describe the Share Draft by account number, amount and check number. You may stop payment on a Share Draft drawn on your account only if we have not accepted, certified, made final payment on, or otherwise become accountable for the item, except to the extent otherwise required by law. We must be given reasonable opportunity to act on any stop payment order before it can be considered effective. The Credit Union may take a reasonable amount of time (at least twenty-four hours) to process a stop payment order. This means that if a Share Draft or other written withdrawal request is paid after a stop payment order has been given, but before the Credit Union has had a reasonable amount of time to act on it, the Credit Union will not be liable for any resulting loss to you, unless it had failed to act in good faith and with ordinary care. The Credit Union is not obligated to notify you if it pays a Share Draft contrary to your stop payment order. If we fail to honor a proper and timely stop payment order, we will not be liable for more than your actual loss, which may be less than the full amount of the Share Draft or other written withdrawal request. You must establish both the fact and amount of your loss before seeking reimbursement from the Credit Union. If the Credit Union suffers any loss or expense as a result of honoring your stop payment order, you agree to reimburse the Credit Union the amount of its loss or expense. If you have a joint account, we will accept a stop payment order from any owner, regardless of who signed the Share Draft or authorized the written withdrawal request.
Member accounts are insured by the National Credit Union Share Insurance Fund.
Our policy is to make funds from your deposits available to you immediately after we receive your deposit. At that time, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day except Saturdays, Sundays, and federal holidays. If you make a deposit on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Longer Delays may Apply In some cases; we will not make all of the funds that you deposit by check available to you immediately after your deposit. Depending on the type of check that you deposit, funds may not be available until the seventh business day after the day of your deposit. However, the first $100 of your deposits will be available on the first business day. If we are not going to make all of the funds from your deposit available immediately, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take the action after you have left the premises, we will mail you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of deposit. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
Terms and Conditions Agreement for Tonawanda Valley Federal Credit Union Internet Bill Pay Service. Note: All references within this document to the terms "Payment Service" and/or "the Service" reflect the Internet Bill Pay Service offered by Tonawanda Valley Federal Credit Union. Electronic Disclosure of the Terms and Conditions Agreement for the Internet Bill Pay Service.
Tonawanda Valley Federal Credit Union reserves the right to refuse enrollment in the Internet Bill Pay Service to any member who does not meet the Internet Bill Pay Service criteria which has been established by Tonawanda Valley Federal Credit Union. Included in this criteria is a requirement that subscribers to this service must live within the United States, its possessions and territories.
As used in this Agreement, the term "Payee" means the vendor, biller, person or entity to whom you wish a bill payment to be directed; "Payment Instructions" means the information provided by you to the Service for a bill payment to be made to your Payee (e.g., Payee name, account number, payment amount, payment date, etc.); "Payment Account" means your Checking Account and, in the instance of non-sufficient funds and/or an overdrawn account, any applicable share account or available balance on line of credit accounts (e.g., line of credit overdraft accounts) at Tonawanda Valley Federal Credit Union, from which all bill payments may be made and/or such funds collected; "Business Day" means Sunday through Thursday, excluding Federal holidays; "Payment Date" means the Business Day of your choice upon which your bill payment will be made and your Payment Account will be debited; and "Cutoff Time" means approximately 10 minutes before your designated debit time(Eastern Standard Time on any Business Day) and is the time by which you must transmit instructions to have them considered entered on that particular Business Day.
Provided none of the foregoing five (5) exceptions to the Service's performance obligations are applicable, if the Service causes an incorrect amount of funds to be removed from your Payment account or causes funds from your Payment Account to be directed to a person or entity which does not comply with your Payment Instructions, the Service shall be responsible for returning the improperly transferred funds to your Payment Account and for directing to the proper recipient any previously misdirected payments or transfers.
The following payment types are prohibited through the Service:
1. Tax Payments
2. Court Ordered Payments
3. Payments to Payees outside of the United States or its possessions/territories
THE FOREGOING SHALL CONSTITUTE THE SERVICE'S ENTIRE LIABILITY AND YOUR EXCLUSIVE REMEDY. IN NO EVENT SHALL THE SERVICE BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING LOST PROFITS (EVEN IF ADVISED OF THE POSSIBILITY THEREOF) ARISING IN ANY WAY OUT OF THE INSTALLTION, USE, OR MAINTENANCE OF THE EQUIPMENT, SOFTWARE, AND OR THE SERVICE.
THE SERVICE AND RELATED DOCUMENTATION ARE PROVIDED "AS IS" WITHOUT ANY WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANT ABILITY AND FITNESS FOR A PARTICULAR PURPOSE.
To access the Internet Bill Pay service you will need to log on to the Tonawanda Valley Federal Credit Union Internet Home Banking service and then click on the Bill Payment button.
You also agree that Tonawanda Valley Federal Credit Union may revoke your Internet Bill Pay and/or Internet Home Banking account access services if unauthorized account access and/or transactions occur as the apparent result of negligence in the safeguarding of the Account Number and PIN(s) belonging to you and/or your authorized user. Further, you agree that, if Tonawanda Valley Federal Credit Union is notified that you have included Tonawanda Valley Federal Credit Union in the filing of a petition of bankruptcy, Tonawanda Valley Federal Credit Union may revoke or refuse to grant you Internet Bill Pay service and/or Tonawanda Valley Federal Credit Union Internet Home Banking account access to your account.
If you tell Tonawanda Valley Federal Credit Union within two (2) Business Days after you learn of unauthorized access to your account(s) and/or that your Tonawanda Valley Federal Credit Union Internet Home Banking Account Number and PIN has been lost, stolen or compromised, you can lose no more than $50.00. If you fail to notify Tonawanda Valley Federal Credit Union within (2) Business Days after you learn of unauthorized access to your account(s) and/or that your Tonawanda Valley Federal Credit Union Internet Home Banking Account Number and PIN has been lost, stolen or compromised, and we can prove that we could have prevented the unauthorized access to your account(s), or use of your Tonawanda Valley Federal Credit Union Internet Home Banking Account Number and PIN had you notified us, you could lose as much as $500.00. If your monthly statement or your online account detail reflect any transfers or payments that you did not make, tell us at once. If you do not tell us within sixty (60) days after the first statement which reflected an unauthorized transfer(s) or payment(s) was mailed to you, you may not get back any money you lost after the 60 days, provided that we can prove that we could have stopped someone from taking money if you had told us in time.
It is our general policy to treat your account information as confidential. However, we will disclose information to third parties about your account or the transfers you make ONLY in the following situations:
Click here to view the Fee Schedule for a complete list of the fees that may be imposed in connection with your account(s).
Service fees may be imposed on your account in accordance with the Fee Schedule which accompanies this Disclosure Statement and Agreement.
Please note: Your Tonawanda Valley Federal Credit Union loan accounts may not be paid by using the Internet Bill Pay Service, but instead may be paid by using the transfer/payment option on the Tonawanda Valley Federal Credit Union Internet Home Banking service or by automatic transfer from your Tonawanda Valley Federal Credit Union Savings account at no charge. Additionally, charges for other transactions and optional services (e.g., Non-Sufficient Funds or Stop Payment Fees) are specified in Tonawanda Valley Federal Credit Unions Rate & Fee Schedule which can be found on the Tonawanda Valley Federal Credit Union Credit Union web site. You agree to pay such fees and charges, and authorize the Service to charge your designated Payment Account for these amounts and any additional charges that may be incurred by you. Any fees associated with your savings or loan accounts will continue to apply. You are responsible for any and all telephone access fees or Internet service fees that may be assessed by your telephone utility and/or Internet Service Provider.
In using the Service, you are requesting the system to make payments for you from your Payment Account. If we are unable to complete the transaction for any reason associated with your Payment Account (for example, there are not sufficient funds in your Payment Account to cover the transaction), the transaction may not be completed. In some instances you will receive a return notice by secure electronic message via the Tonawanda Valley Federal Credit Union Internet Home Banking service. In these cases, you agree that a non-sufficient funds (NSF) fee will be charged in accordance with Tonawanda Valley Federal Credit Union's established and published fees. Further, you also agree that a NSF fee may be charged to your account even if the payment is not returned but is paid and overdraws your Payment Account.
You agree to promptly notify both Tonawanda Valley Federal Credit Union member service in writing of any address change. Changing your address on the Service does not automatically update your address of record at Tonawanda Valley Federal Credit Union. Similarly, updating your address at Tonawanda Valley Federal Credit Union does not automatically update the address on the Service.
In the event you wish to discontinue the Service, you must contact Tonawanda Valley Federal Credit Union Credit Union 10 days prior to the actual service discontinuation date. You must request the service discontinuation by written correspondence sent via the mail. Written notice must be signed and sent to:
Tonawanda Valley Federal Credit Union
Tonawanda Valley Federal Credit Union may terminate Service to any individual at any time with cause, but without advance notice. Neither termination nor discontinuation shall affect your liability or obligation under this Agreement.
The Service reserves the right to refuse to pay any person or entity to which you may direct a payment. The Service is obligated to notify you promptly if it decides to refuse to pay a person or entity designated by you. This notification is not required if you attempt to pay tax or court-related payments or payments outside the United States and its possessions/territories (American Samoa, Guam, Marshall Islands, Micronesia, N. Mariana Islands, Palau, Puerto Rico and the Virgin Islands), which are prohibited under this agreement.
Through your enrollment in the Internet Bill Pay Service, you agree that Tonawanda Valley Federal Credit Union (or its third-party bill pay service provider) reserves the right to request a credit agency report and/or a review of your credit rating at its own expense through an authorized credit agency/bureau. In addition, you agree that the Service reserves the right to obtain financial information regarding your account from a merchant or financial institution to resolve payment-posting problems.
In the event of a dispute regarding the Service, you and the Service agree to resolve the dispute by looking to this Agreement. You agree that this Agreement is the complete and exclusive statement of the agreement between you and the Service which supersedes any proposal or prior agreement, oral or written, and any other communications between you and the Service relating to the subject matter of this Agreement. If there is a conflict between what one of the Service's employees says and the terms of this Agreement, the terms of the Agreement shall control.
You may not assign this Agreement to any other party. The Service may assign this Agreement to any future, directly or indirectly, affiliated company. The Service may also assign or delegate certain of its rights and responsibilities under this Agreement to independent contractors or other third-party service providers.
The Service shall not be deemed to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by the Service. No delay or omission on the part of the Service in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
The captions of Sections hereof are for convenience only and shall not control or affect the meaning or construction of any of the provisions for the Agreement.
In this document, the term “Card” refers to any Debit Card issued to you by Tonawanda Valley Federal Credit Union (the “Credit Union”). The term “PIN” refers to the Personal Identification Number which will identify a person as being authorized to have access to an account. Therefore, when we refer to your PIN, we mean the PIN which allows you to access your account through the type of transaction being discussed.
Limits on transfers
The following summarizes the types of EFT services the Credit Union offers. You must sign for each type of service separately. Therefore, some of the following may not apply to you at this time but may apply to you at some time in the future.
You can use your Debit Card to pay for purchases wherever such cards are accepted. Such payments will be withdrawn from your designated Share account. The Credit Union is not responsible if any party refuses to honor your Debit Card.
Services and Point-of-Banking (POB) Facilities
Using your Debit Card and PIN you may make withdrawals from your accounts at any ATM and POB facilities which the Credit Union may designate from time to time. A list of designated ATM and POB facilities may be obtained at any Credit Union office.
You may withdraw up to $500 in cash or the available balance in your account, whichever is less, per business day and $250 during weekends and/or holidays, including three-day holidays. Recent deposits – cash or checks – may not be available for withdrawal until the second business day after the date of your deposit. For security reasons, there are limits on the number of transfers you can make using our terminals.
You agree not to use the Card or PIN in connection with any illegal transaction. The Credit Union may assume, without any further inquiry, that all transactions made by you or someone authorized by you using the Card or the PIN are legal, even if the Credit Union has actual or imputed knowledge of information which might reasonably lead it to question whether a particular transaction is legal.
You will receive a receipt at the time you make any transaction from or to your account at one of the ATM or POB facilities and each time you make a purchase using your Debit Card.
You will receive a monthly statement for each account which will include a full description of all Debit Card and EFT transactions. In the event that there are no transactions on your account during a statement period, the Credit Union may elect to send you a statement at least quarterly.
If you effect a transaction with your Credit Card in a currency other than U.S. dollars, MasterCard International Incorporated will convert the charge into a U.S. dollar amount. MasterCard International will use its currency conversion procedure, which is disclosed to institutions that issue the MasterCard cards. Currently the currency conversion rate used by MasterCard International to determine the transaction amount in U.S. dollars for such transactions is generally either a government mandated rate or a wholesale rate determined by MasterCard International for the processing cycle in which the transaction is processed, increased by an adjustment factor established from time to time by MasterCard International. The currency conversion rate used by MasterCard International on the processing date may differ from the rate that would have been used on the purchase date or statement posting date.
If we do not complete a transfer to or from your account(s) on time or in the correct amount, we will be liable for your losses or damages. However, there are some exceptions. We will NOT be liable if, through no fault of ours, you do not have enough money in your account to make the transfer; the transfer would go over the credit limit on your overdraft line (if any); if the ATM where you are making the transfer does not have enough cash; if the ATM is not working properly and you knew about the breakdown when you started the transfer; if your funds are subject to legal process or other encumbrance restricting the transfer; if circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions we have taken. There may be other exceptions as provided elsewhere in this Agreement.
In consideration of our issuing the Debit Card, and in view of the immediate recording of some Debit Card transactions, you may not stop payment on any Debit Card transaction. (However, if you use your Debit Card to obtain advances under a Line of Credit, other rules may apply. See your Line of Credit Agreement for those rules.)
Address and Telephone Number to Notify if Your Card has Been Lost or Stolen or if Authorized Use of the Account Occurs
TELL US AT ONCE if you believe your Debit Card and/or PIN has been stolen or if you believe a transaction has been or may be made on your account without your permission. If you tell us orally, we may require that you send a letter to Tonawanda Valley Federal Credit Union, P.O. Box 398, Batavia, New York 14021.
TELL US AT ONCE if you believe your Debit Card or your 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 maximum overdraft line of credit (if any). If you tell us within two(2) business days, you can lose no more than $50 if someone used your Debit Card and/or PIN without your permission. IF YOU DO NOT TELL US within two (2) business days after you learn of the loss or theft of your Debit Card or PIN, and we can prove we could have stopped someone from using your Debit Card or PIN without permission if you had told us, you could lose as much as $500.Also if your statement shows transfers that you did not authorize, 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 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 hospital stay, kept you from telling us, we will extend the time periods.
Telephone us at (585) 343-5627, write us at Tonawanda Valley Federal Credit Union, P.O. Box 398, Batavia, New York 14021, or email us at email@example.com, as soon as you can, if you think your periodic account statement is wrong or if you need more information about a transfer listed on the statement. We must hear from you no later that sixty (60) days after we sent the first statement on which the problem or error appeared.
If you tell us orally, we may require that you send us your complaint or questions in writing within ten (10) business days. We will tell you the results of our investigation within ten (10) days and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) calendar days to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) business days for the amount you think is in 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 credit your account. If the alleged error pertains to a Point-of-Sale Debit Card transaction, or a transaction initiated outside the United States, the District of Columbia, or Puerto Rico, the forty-five (45) calendar day period becomes ninety (90) calendar days. If we decide that there was no error, we will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.
We consider every day a business day except, Saturdays, Sundays and federal holidays. See our calendar for holiday hours.
Without your written permission, we will not disclose information about your account to third parties except (a) where necessary to complete a transfer, (b) to verify the existence and condition of your account for a third party (such as the credit bureau or merchant), or (c) in order to comply with government agency or court orders.
Your Debit Cards are the property of the Credit Union and are not transferable. You must destroy or return the Debit Cards to us upon our request and/or upon termination of this Agreement. From time to time we may issue replacement Debit Cards.
The Credit Union may change the terms of this Disclosure Statement and Agreement at any time. You will receive written notice of the changes to the extent required by law. You or the Credit Union may terminate this Agreement and your privileges under this Agreement at any time without prior notice except that to cancel your Debit Card or Share Draft account to which it is tied, you must give 15 days prior notice. Termination of the Agreement in no way affects your responsibility for transactions occurring before termination or made using your Debit Card or PIN after termination. You may not assign your rights and any attempted assignment will be void.
This Agreement shall be governed by and construed in accordance with the laws of the State of New York, United States of America, without regard to its conflicts of law provisions.
To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person that opens an account.
TONAWANDA VALLEY FEDERAL CREDIT UNION
PLEASE READ THIS AGREEMENT COMPLETELY BEFORE INDICATING YOUR
TRANSMITTAL OF ELECTRONIC STATEMENTS
TONAWANDA VALLEY FEDERAL CREDIT UNION E-STATEMENT PROCEDURES
To sign up: Login to your account using Home Banking
TVFCU’s E-Statement site
Minimum System Requirements