1 / 6

Member Liability

Member Liability. $50 Limit Notifies credit union within 2 business days $500 Limit Does not notify CU within 2 business days Unlimited Amount Fails to notify CU within 60 calendar days after the periodic statement was sent. Limitations on Amount of Liability.

rosa
Download Presentation

Member Liability

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Member Liability $50 Limit Notifies credit union within 2 business days $500 Limit Does not notify CU within 2 business days Unlimited Amount Fails to notify CU within 60 calendar days after the periodic statement was sent

  2. Limitations on Amount of Liability • Negligent actions by members, such as writing the PIN on the card, does not affect the members liability for unauthorized transfers. • No agreement between the Credit Union and the member may impose greater liability.

  3. Resolving Errors • Time Limits and extent of investigation • 10 day period: 10/3/1 • 45 day period: 45/3/1 • Extension: Double to 20 and 90 • If outside country, POS transaction or within 30 days • Procedures if No Error • Written Explanation • Debit Provisional Credit & Notify Member of date and amount

  4. Disclosures • Receipt at Electronic Terminal (ATM) • Amount • Date • Type • Identification / Account Number • Terminal Location • Third party transfer

  5. Disclosures • Periodic Statement • Transaction Information • Amount, Date, Type, Terminal Location, Third Party. • Account Number • Fees • Account balances • Address and telephone number for inquires • Telephone number for preauthorized transfers

  6. Disclosures • Automated Teller Machines • On the Machine • Post in a prominent and conspicuous location • “A fee will” or “A fee may” be imposed for providing electronic fund transfer services or for a balance inquiry • Screen or paper notice • Provided BEFORE the member is committed to paying the fee

More Related