Rules and Regulations - Local Government Federal Credit Union

Uniform Transfers to Minor Act (UTMA) AccountThe terms of these accounts shall be governed by theprovisions of North Carolina General Statutes, Chapter33A as it may be amended or changed from time totime. This transfer of funds to the minor named, whichtransfer shall be deemed to include all earnings thereonand any future additions there to, is irrevocable.Closing an AccountThe Credit Union may close an account if the accountholderbreaches any terms of this agreement or theCredit Union at its sole discretion determines continualmaintenance of the account exposes the Credit Unionto risk of financial loss.The Credit Union, at its sole discretion, with notice,may close an account for any reason not prohibitedby applicable law.Federal Wire Transfers and ACH TransactionsThe following is provided as a requirement of Article4A of the Uniform Commercial Code. If a membersends or receives a wire transfer, the Federal ReserveBank’s FEDWIRE transfer system may be used.Regulation J is the law governing those transfers.If a member gives the Credit Union a paymentorder which identifies the beneficiary (recipient ofthe funds) by both name and identifying or accountnumber,payment may be made by the beneficiary’sfinancial institution on the basis of the identifyingfinancial institution account number, even if thenumber identifies a person different than the namedbeneficiary. If a member gives the Credit Union apayment order which identifies an intermediaryor beneficiary’s institution by both name and anidentifying number, a receiving institution may relyon the number as the proper identification, even ifit identifies a different institution than the namedfinancial institution. Wire transfers not initiated inperson at a branch from Share, tax-advantaged(excluding HSAs) or Money Market Share Accountsare subject to restrictions under Regulation D.Automated clearing house (ACH) items (such asdirect deposit of a payroll check or benefit payment)are paperless transfers between financial institutions.The Credit Union may give a member credit forACH payments it receives for the member before itreceives final settlement of the funds transfer fromthe originating financial institution. The member ishereby notified and agrees that if the Credit Uniondoes not receive such final settlement, it is entitled toa refund from the member of the amount credited tothe member in connection with that ACH entry. ACHtransactions are governed by the operating rules ofthe National Automated Clearing House Association. Inaccordance with these rules, the Credit Union will notprovide any members with next day notice of receiptof ACH credit transfers to an account. Notices of receiptof ACH items are included in the periodic accountstatements the Credit Union provides.The Credit Union may accept payments to youraccount on your behalf which have been transmittedthrough one or more automated clearing houses andwhich are not subject to the Electronic Funds TransferAct. Your rights and obligations with respect to suchpayments shall be construed in accordance with andgoverned by the laws of the State of North Carolina.Electronic Funds Transfers *A member may use an LGFCU debit card or Visa CheckCard and a four-digit personal identification number(PIN) to authorize transactions on Share and creditaccounts (withdraw cash, balance inquiries, transferfunds between accounts, make deposits and paymentsand purchases) on qualified automated teller machines(ATM) or point-of-sale (POS) terminals. With a 24-HourVoice Response Service PIN, members may performinquiries and transfers between accounts (deposit andcredit) via touch-tone phone. With a Member ConnectPIN or with Member Connect through your mobiledevice, you may access account information and performtransfers via the Internet. † Transfers from Share,tax-advantaged (excluding HSAs) or Money MarketShare Accounts via Member Connect are limited to atotal of six (6) transactions per account, per calendarmonth. The member agrees to all terms concerning theuse of an LGFCU debit card in the disclosures that aremailed with the card or provided electronically.A member may also use preauthorized electronicfunds transfers through the ACH system to makedeposits to accounts or to pay bills or make paymentsfrom a Checking Account. † The member may use* Purchases made with your LGFCU Visa ® Check Card may be subjectto Visa’s Operating Rules.† Check with your mobile device service provider for rates and fees.20 21