Electronic Funds Transfer Policy
The purpose of the Electronic Funds Transfer Act (EFTA), implemented by Regulation E, is to establish the rights, liabilities, and responsibilities of participants in EFT systems. An EFT is a transaction that a consumer initiates through an electronic terminal, telephone, or computer, which then authorizes a bank to either debit or credit the consumer's account.
EFT transactions include, but are not limited to, the following:
- Point of sale transfers
- Automated teller machine transfers
- Direct deposit or withdrawal of funds
- Transfer initiated by telephone
- Debit card transactions
- Internet/Mobile Banking Transactions
The customer will be provided a disclosure at the time account is opened. The disclosure will state:
- EFT limitations and terms
- The frequency and amount permitted
The customer will also be notified at the time account is opened of any EFT service charge imposed. Each customer will also be advised by receipt and/or through their statement of their EFT credits and debits.
Limitations on Frequency and Amount:
You may make 10 cash withdrawals from ATM's per day.
You may withdraw up to a maximum of $500 (if there are sufficient funds in your account) per day.
For security purposes, there are limits on the frequency and amount of transfers you may make using ATM's and this Point of Sale service.
You may have up to a maximum of $1000 in Point Of Sale (POS) transactions per day, exclusive of ATM withdrawals.
In case of errors or questions about EFT's, the customer must inform the Bank no later than 60 days after the first statement is sent on which the problem appears. The Bank can be notified orally, however, the Bank may require the customer to put the complaint in writing within 10 business days after the receipt of all the pertinent information. If the investigation requires more than 10 business days, the Bank will advise the customer and re-credit the funds until the investigation is complete. If the Bank asks the customer to put the complaint or question in writing and does not receive it within 10 business days, the Bank may not re-credit the account.