Amazing advances in technology have led to modern conveniences like Online Banking and Mobile Banking. But great care must be taken so that electronic data isn't compromised. MSGCU works 24/7 to keep account information safe. You can enhance security by taking a few simple steps.
Michigan Schools and Government Credit Union is serious about protecting your data. We even hire outside experts to audit our system and try to identify vulnerabilities. No personal account information is ever shared with network security auditors.
Finally, Michigan Schools and Government Credit Union urges you to sign up for eStatements within Mobile and Online Banking to receive your monthly account statements more quickly and securely. Receiving your statements electronically prevents your statements from being stolen from your mailbox.
Learn more about protecting your identity and the steps to take if your personal information is stolen in this 5-minute lesson.
This Electronic Funds Transfer Agreement (EFT Agreement) is between the Credit Union member (designated as “you”, “your”) and Michigan Schools and Government Credit Union (designated as “we”, “us”, “our”). It applies to electronic funds transfers and supplements the Membership and Account Agreement with respect to such transactions.
This EFT Agreement describes the type of Electronic Funds Transfer (“EFT”) services that we provide. This EFT Agreement should be reviewed carefully, since it informs you of the terms and conditions which apply to these services. The terms of this EFT agreement pertain to consumer accounts only. Different provisions may apply to business accounts and transactions. You are bound by the terms of this EFT Agreement if you use the account(s) covered by the disclosure after the receipt of this EFT Agreement and/or if you ask us to provide you with an ATM card and/or a PIN and you thereafter use them to make such transactions.
Should any inconsistencies exist between the EFT Agreement and the other provisions of the Membership and Account Agreement, the terms and conditions of the EFT Agreement govern with regard to EFT services. Please keep this EFT Agreement for future reference.
This EFT Agreement may be supplemented by other agreements for specific electronic services if you request such services, such as online banking services, mobile banking services, or remote deposit services.
Accounts Affected: Each of the following types of accounts in the Credit Union can be subject to some kind of “Electronic Funds Transfer” service:
These types of accounts are sometimes referred to in this EFT Agreement as “asset account(s)” or simply as your “account(s)”. You have previously designated which of your account(s) you want to be subject to a particular type of Electronic Funds Transfer service. You may change those instructions in the future, and we will follow your new wishes to the extent our Electronic Funds Transfer programs permit at that time.
Automated Clearing House Transfer Services: We offer preauthorized EFT services through the Automated Clearing House System. We are able to electronically transfer funds from your account(s) to accounts at other financial institutions or receive funds electronically from other financial institutions for deposit in your account. Because you must authorize such transfers in advance, these transfers are called “Preauthorized Transfers”. Some of the services offered as preauthorized transfers are direct deposit of payroll, Social Security and other government payments and automatic bill payment services.
Electronic Funds Transfer Services: At the present time, the following types of Electronic Funds Transfers to or from your account(s) in the Credit Union may be authorized:
Transfers TO your account(s) (credits):
Transfers FROM your account(s) (debits):
Automated Teller Machine (ATM) Transactions: If you have a VISA Debit card for which we have issued a Personal Identification Number (PIN), you can use it to make any or all of the following transactions at any Automated Teller Machine network which is a part of an Electronic Funds Transfer service network to which we belong (some transactions listed below may not be available to all networks).
In order to assist us in maintaining the security of your account and the terminals, the Card remains our property and may be revoked or canceled at any time without giving you prior notice.
Your Option to Limit Cash Withdrawals: In addition to dollar amount limitations for withdrawals using your ATM card and/or code that we may establish, you have the option to limit the amount of cash that can be withdrawn by your ATM card and/or code.
Notice Regarding ATM Fees By Others: If you use an Automated Teller Machine that is not operated by us, you may be charged a fee by the operator of the machine and/or by an automated transfer network. If we reissue an electronic access card that has been lost, stolen, damaged, or confiscated for improper use we will charge our normal service charge according to our current Fee Schedule. If there are not sufficient funds in your account(s) to pay an EFT from the account we will charge our normal service charge according to our current Fee Schedule.
Point of Sale Transactions: If you have a VISA Debit card for which we issued you a PIN, you may also use it to purchase goods or services from merchants who have arranged to accept your VISA Debit card as a means of payment. These merchants are referred to as “Participating Merchants” and will display a logo or other symbol which identifies them as a merchant who will accept your card. Purchases made with your VISA Debit card, including any purchases where you receive cash back, are referred to as “point of sale” transactions or “POS” transactions and will cause your Checking Account to be debited for the amount of the purchase. Only Checking Accounts may be used in connection with point of sale transactions performed with your VISA Debit card.
Telephone Audio Response Services/PC Access: You may also call the Credit Union and, upon furnishing the Credit Union with information to identify yourself, transfer money between your accounts, transfer money from your account to another person’s account, transfer money to make loan payments, and verify balance inquiries in specified accounts.
You have previously told us which of these Electronic Funds Transfer services you want to use. You can discontinue use of any such service whenever you want to. If you begin using a different Electronic Funds Transfer service after receipt of this EFT Agreement, we must be notified of the account(s) to be affected. We may make additional types of Electronic Funds Transfer services available in the future. We may also discontinue one or more of our Electronic Funds Transfer services, but if we do that, we will give you at least twenty-one (21) days advance notice in writing.
Excluded Transactions: We have developed an elaborate electronic data processing system which makes it possible to offer you many electronic services. However, some of these services do not constitute “Electronic Funds Transfers” for the purposes of this EFT Agreement such as, for example, automatic transfers from your account(s) to pay your loan(s) owing to us and automatic services and transfers which are “electronic funds transfers” as described above. They do not apply to other transactions which, although electronic in nature, do not constitute “Electronic Funds Transfers” described above.
Minimum Balance: You must always maintain a minimum of $5 in a Membership Share Account to be entitled to make “Electronic Funds Transfers” affecting your account. We reserve the right to increase the minimum balance requirement or to impose other restrictions in the future, but if we do so, we will give you at least twenty-one (21) days advance written notice.
Limitation on Number of Transactions: No limitation on number of transactions or withdrawals per day except as described elsewhere in this disclosure.
Limitation on Dollar Amounts of ATM and Point of Sale Transfers:
Notification of Regulatory Authorities: This EFT Agreement and the EFT services provided in this EFT Agreement are governed by Federal law and Michigan law. You may notify the State agency noted below of any violation of law.
The address of this agency is as follows:
Credit Union Division
Department of Insurance and Financial Services
P.O. Box 30224
Lansing, Michigan 30220
Electronic Funds Transfer (VISA Debit) Card: If you have received a VISA Debit card (“Card”) from us for the type of terminal transfers noted previously, the following provisions are applicable.
Terminal Transfers: After each EFT transaction greater than $15, you will receive a receipt (unless you request otherwise) from the Participating Merchant or ATM terminal. You may not receive a receipt for an EFT transaction of $15 or less.
Preauthorized Transfers: If you have arranged to have direct deposits made to your account at least once every sixty (60) days from the same person or company, you can call or write us to find out whether or not the preauthorized deposit has been made to your account at the telephone number and address appearing on your periodic statement or as shown on this Agreement.
Statements:
Rights and Procedures to Stop Payments: 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: (586) 263-8800 or (866) 674-2848
or WRITE: Michigan Schools and Government Credit Union
40400 Garfield Road
Clinton Township, MI 48038
in time for us to receive your request three (3) business days or more before item is presented for payment. Every day is a business day except for Saturdays, Sundays, and Federal Holidays. 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. The fee for handling such stop payment orders is disclosed in a separate Fee Schedule.
Notice of Varying Amounts: If these regular payments may vary in amount the person you are going to pay will tell you, ten (10) days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount for the previous payment, or when the amount would fall outside certain limits that you set.
Liability for Failure to Stop Payment of Preauthorized Transfer: If you order us to stop one of these payments three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
In Case of Errors or Questions About Your Electronic Funds Transfers: Call us at (586) 263-8800 or (866) 674-2848 or write to the address appearing on your periodic statement or as indicated above as soon as you can if you think your periodic statement or receipt is wrong, or if you need more information about a transaction listed on the periodic statement or receipt in order to assert an error. For consumer accounts, we must hear from you no later than sixty (60) days after we send the FIRST periodic statement on which the problem or error appeared. You must do all of the following:
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.
Clearing of Deposits: Deposits made at an ATM whether in cash, check, or money order are subject to our Funds Availability Policy. The policy is included in this disclosure agreement.
Crediting Payments: Payments made at ATMs whether in cash, check, or money order are subject to verification and the posting of such payment to a loan account may be delayed until the funds can be collected.
Responsibility for Overdraft: If you obtain cash from an ATM or withdraw via a Point of Sale transaction which creates an overdraft in your membership share account or Checking Account(s), the overdraft amount is due and payable upon our demand and you agree to pay the full amount of it to us, together with any applicable service charge when we so demand. You also authorize us in such a case to apply from any other savings account, Checking Account, club account or line of credit you may have in the Credit Union such amount as to be necessary to pay the overdraft amount and service charge.
Notice of Loss or Theft: If you believe your Card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission,
CALL: (586) 263-8800 or (866) 674-2848.
or WRITE: Michigan Schools and Government Credit Union
40400 Garfield Road
Clinton Township, MI 48038
Special Liability Protection Rules for VISA Debit Card: Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions made with your lost or stolen VISA Debit Card, when used for POS transactions (excluding transactions made at an ATM), as long as you report the loss or theft of your VISA Debit Card within two (2) business days of when you discover it is missing. If you do not tell us within two (2) business days, your liability is the lesser of $50 or the amount of funds, property, labor or services obtained through the unauthorized use before you notified us. If your card was lost due to your gross negligence, or if you have handled your card fraudulently, these special rules do not apply, and your liability for the unauthorized use of your VISA Debit Card is addressed in the section titled “Consumer Liability”.
Consumer Liability: Tell us AT ONCE if you believe your card and/or code 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 and in any backup account. If you tell us within 2 business days, you can lose no more than $50 if someone used your card and/or code without your permission. (If you believe your card and/or code has been lost or stolen, and you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50 if someone used your card and/or code without your permission.)
If you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could lose as much as $500.
Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 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.
Cooperation in Loss Recovery Efforts: You are to fully cooperate in any effort we undertake to recover funds that were taken from your account through an unauthorized electronic funds transfer transaction. For example, you will sign affidavits of loss or forgery that may be required by our insurance company. You also agreed to cooperate fully in any prosecution that may be initiated by the proper authorities pursuant to us filing a complaint about unauthorized activities involving your account.
Reversal of Transaction: We will reverse an EFT transfer resulting from a point of sale transaction at a Participating Merchant in Michigan and re-credit your account for the full amount of the transfer if all of the following occur:
Disclosure of Account Information to Third Parties: We will disclose information to third parties about your account or the transfers you make:
Liability for Failure to Complete EFT Transfers: If we do not properly complete an EFT transfer to or from your account on time or in the correct amount in accordance with the terms of this Agreement, we will be liable for your losses or damages. However, there are some exceptions. We will NOT be liable, for instance:
Amendments: We may change any of the items of this Agreement at any time without prior notice to you if the change is favorable to you. We may make changes that are adverse to you only if we provide you with any notice required by law or required in this Agreement. You agree that our provision of a notice to you summarizing the changes together with information on how you may obtain a complete copy of the revised Agreement constitutes sufficient notice of the change. When we change this Agreement, you may close the account if you do not agree to the changes; if you continue to use the account or keep the account open after the effective date of such change, you will be deemed to have agreed to the changes.
Termination of Prior Agreements: Upon your receipt of this EFT Agreement, this EFT Agreement terminates any earlier Electronic Funds Transfer agreements provided to you from us.
Members and communities are at the center of everything that we do. You have goals to reach and dreams to achieve, and we are here to help you prosper.
