Chicago Patrolmen’s Federal Credit Union® External Funds Transfer Agreement
Welcome to External Funds Transfer! This fully interactive on-line money movement service (“External Funds Transfer Service” or “Service”) enables you to transfer funds from any of your Chicago Patrolmen’s Federal Credit Union Checking, Savings, or Money Market accounts and your accounts at another U.S. financial institution (“Accounts”). When you’re ready, click the “I Agree” box to start enjoying the
convenience and financial security of External Funds Transfer!
In this Agreement (“Agreement”), any reference to “Chicago Patrolmen’s Federal Credit Union”, “we”, “us”, and “our” includes any directors, officers, employees, contractors, service providers, agents or licensees of Chicago Patrolmen’s Federal Credit Union. The words “you” and “your” refer to you as the user of the Service.
Change In Terms and Discontinuation
Chicago Patrolmen’s Federal Credit Union reserves the right to change the terms under which the Service is offered in its sole discretion at any time; however, Chicago Patrolmen’s Federal Credit Union will notify you of any material change to the terms. You agree that if you continue to use the Service after we notify you of any change, you thereby accept the changes to the terms and agree to be bound by this Agreement, as amended. If you do not accept and agree to the changes to the terms, discontinue using this Service and follow the
instructions to unsubscribe.
We may modify or discontinue the Service with or without notice, without liability to you, any other user or any third party. We reserve the right, subject to applicable law, to terminate your right to use the Service at any time and for any reason, including without limitation if we, in our sole judgment, believe you have engaged in conduct or activities that violate this Agreement, or any of our agreements with you, or if you
provide us with false or misleading information or interfere with other users or the administration of the Services. We reserve the right to charge a fee for the use of the Service and any additional services or features that we may introduce. You understand and agree that you are responsible for paying all fees associated with the use of the Service. Please refer to our Schedule of Fees & Charges for fee amounts.
Enrollment
To use the Service, you must be at least eighteen (18) years old and be performing a transfer between United States Financial Institutions.
To enroll, simply read through this Agreement and click “I Agree”.
To cancel the Service, send Chicago Patrolmen’s Federal Credit Union a secure email through Online Banking. You can review, download and print the most current version of this Agreement at any time by clicking on External Funds Transfer Terms of Service.
Information Authorization and Account Verification
You authorize us to obtain information about your identity, credit and financial history from a consumer reporting agency. You authorize us to validate the Accounts through methods including the use of a test transfer, in which one or more low value payments will be both credited to and then debited from the Account, and you verify the amounts. Not all types of accounts are eligible for External Funds Transfer.
Be sure to check with your financial institution for restrictions regarding transfers among your retirement (401k, IRA, etc.), savings, trusts, loans, custodial, business, corporate and other account types. We are not responsible for any costs or losses incurred from fund transfers that are not permitted under such restrictions by the provider of your Account or those imposed by applicable law.
Consumer Sensitive (Confidential)
By using the Service, you represent and warrant to us that you have the right to authorize and permit us to access your Accounts for any purpose authorized by this Agreement. If your Account(s) is a joint account, you warrant that all joint account holders have consented to the use of the Account(s) for the Service. You warrant and represent that the information you are providing us is true, current, correct and
complete. You hereby authorize and permit Chicago Patrolmen’s Federal Credit Union and our service provider to use information submitted by you to accomplish these purposes and to configure the Service to be compatible with the Accounts.
You understand and agree that your relationship with each Account provider is independent of Chicago Patrolmen’s Federal Credit Union and your use of the Service. Chicago Patrolmen’s Federal Credit Union is not be responsible for any acts or omissions by the financial institution or other provider of any Account, including without limitation any modification, interruption or discontinuance of any Account by such provider.
WE ARE NOT BE LIABLE FOR ANY COSTS, FEES, LOSSES OR DAMAGES OF ANY KIND INCURRED AS A RESULT OF (1) ACCESS TO THE ACCOUNTS; (2) OUR DEBIT AND/OR CREDIT OR INABILITY TO DEBIT AND/OR CREDIT THE ACCOUNTS IN ACCORDANCE WITH YOUR FUNDS TRANSFER INSTRUCTIONS; (3) ANY INACCURACY, INCOMPLETENESS OR MISINFORMATION CONTAINED IN THE INFORMATION RETRIEVED FROM THE ACCOUNTS; (4) ANY CHARGES IMPOSED BY ANY PROVIDER OF ACCOUNTS AND (5) ANY FUNDS TRANSFER LIMITATIONS SET BY THE FINANCIAL INSTITUTIONS OR OTHER PROVIDERS OF THE ACCOUNTS.
Electronic Communications
The External Funds Transfer Service is an electronic, Internet based-service. Therefore, you understand and agree that this Agreement is entered into electronically, and that information including the following may be provided by electronic means (“Communications”), such as by posting information to the website, posting information within the Service, sending an email, etc.
• Your records of funds transfers and other transactions through the Service, including without
limitation confirmations of individual transactions.
• Any initial, periodic or other disclosures or notices provided in connection with the Service,
including without limitation those required by federal or state law.
• Any customer service communications, including without limitation communications with respect
to claims of error or unauthorized use of the Service.
• Any other communication related to the Service.
Although Chicago Patrolmen’s Federal Credit Union reserves the right to provide Communications in paper format at any time, you agree that we are under no obligation to do so. All Communications in either electronic or paper format will be considered to be “in writing.”
Any electronic Communication sent by e-mail is deemed to have been received by you when the Service sends it to the email address last provided by you, whether or not you actually received the e-mail. If the Communication is posted on the website or within the Service, it is considered to be sent at the time it is publicly available.
If you wish to withdraw your consent for electronic Communications, cancel any pending transfer requests (within the time period permitted by the Service cancellation policies) and stop using the Service. There are no fees to cancel a pending transfer request (as long as such cancellation is made within the time period permitted by the Service cancellation policies).
How to Update Your Records
To ensure we can contact you regarding this Service, promptly update your registration records if your e- mail address or other information changes. You may update your records, such as your e-mail address, by using the My Settings section within Online & Mobile Banking. We reserve the right to update your profile in our main account systems based on information provided in association with this Service.
We regard your privacy and security with the utmost importance, and we are committed to safeguarding any information that you share with us. All of your personal and financial information is submitted on a secure portion of our website and we do not use any persistent “cookies” on the browser to store any personal information and we employ multiple levels of security to protect your information. You can see a
full description of our privacy and security policies by visiting our website at cpdfcu.com and clicking on “Privacy and Security”.
Consumer Liability
If your login or password information has been stolen, if you believe that someone has accessed this Service without your authorization, or if someone has transferred or may transfer money through this Service without your permission, call 800-326-8814 immediately in addition to
cancelling the applicable pending transactions. You can see a complete statement of all your funds transfers affected or pending at any time by clicking on the View Scheduled Transfers within External Transfers. For information about your potential liability, please refer to the Deposit Account and Services Agreement including the Electronic Fund Transfer Unauthorized Transfers section. You understand that we must rely on the information provided by you and you authorize us to act on any instruction which has been or reasonably appears to have been sent by you, to submit funds transfer instructions on your behalf. You understand that financial institutions receiving the funds transfer
instructions may rely on such information. We are not obliged to take any further steps to confirm or authenticate such instructions and will act on them without getting further confirmation. You understand that if you provide us with incorrect information, or if there is any error in your instruction, we will make all reasonable efforts to reverse or delete such instructions, but you accept full responsibility for losses
resulting from any of your errors, duplication, ambiguities or fraud in the information that you provide. You agree not to impersonate any person or use a name that you are not authorized to use. If any information you provide is untrue, inaccurate, not current or incomplete, without limiting other remedies, Chicago Patrolmen’s Federal Credit Union reserves the right to recover from you any costs or losses incurred as a direct or indirect result of the inaccurate or incomplete information. Business Days Transfer requests will be processed Monday through Friday excluding federal holidays and days we are closed.
Transfer Types
Incoming and outgoing transfers to and from your Chicago Patrolmen’s Federal Credit Union account and your Accounts at other financial institutions
• Certain information and verification is required to connect with your other Accounts
• Funds must be available at the time of transfer
• We do not limit the number of funds transfers you may make; however, there are limits to the amount of money you can move at a given time and on a given day. Please refer to limits posted on cpfcu.com.
Limitations
We may from time to time for security and risk management reasons modify the limit, the frequency and the dollar amount of transfers you can make using our Service. While we strive to have uninterrupted service, the Service may not be available at all times. We also may, from time to time, make available additional or new features to the Service, including but not limited to, next day and a higher limit features.
These may be offered to you at our sole discretion and additional terms and conditions may apply. We may, at any time, decline to affect any funds transfers that we believe may violate applicable law. We reserve the right to decline to affect any funds transfers, to submit funds transfer instructions or orders or to carry out change or cancellation requests.
We are not responsible for errors, delays and other problems caused by or resulting from the action or inaction of financial institutions holding the Account. Although we will try to assist you in resolving any such problems, you understand that any such errors, delays or other problems are the responsibility of the relevant financial institution. Any rights you may have against a financial institution for such errors, delays or other problems are subject to the terms of the agreements you have with such financial institution, including any time limits during which complaints must be made.
Additionally, all funds transfers are also subject to the rules and regulations governing the relevant Accounts. You agree not to effect any funds transfers from or to an Account that are not allowed under the rules or regulations applicable to such Accounts including, without limitation, rules or regulations designed to prevent the transfer of funds in violation of OFAC regulations. We generally utilize the
Automated Clearing House (ACH) to complete transfers requested through the Service, however, we reserve the right to execute your funds transfer via other established payment mechanisms, such as wire transfer or check. You agree to be bound by the rules and regulations that govern the applicable funds transfer systems, such as CHIPS or automated clearing house (ACH) as published by the National
Automated Clearinghouse Association (NACHA).
Authorization
You agree that your transfer instructions constitute authorization for us to complete the transfer. You represent and warrant to us that you have enough money in the applicable Accounts to make any funds transfer you request that we make on your behalf through the Service. Transfers are generally completed in 2-3 business days, however, you will be notified if a longer delay applies.
You understand that the financial institution at which an Account is maintained may contact us to verify the content and authority of funds transfer instructions and any changes to those instructions. You understand that we may provide such information as may be required to verify the instructions and may constitute a valid security procedure under the rules governing such Account. You authorize us to, in turn,
authorize any financial institution at which you have an Account to accept funds and transfer instructions in accordance with any authorization procedures as may be agreed from time to time between you and such financial institution, or between us, on your behalf, and such financial institution, without verifying the instructions under the established security procedures, regardless of whether such security procedures were agreed by you directly or by us on your behalf. In addition, you agree that we may authorize such
financial institutions to charge and debit your accounts based solely on these communications.
Chicago Patrolmen’s Federal Credit Union partners with a third party service provider to facilitate the Service as described in this Agreement. The service provider earns no interest on the funds while they are in transit, even when they are temporarily placed in a transfer account. If the debit side of the transaction fails
or is returned for any reason, and the credit side has been released and cannot be collected, you authorize our service provider to collect from the Account to which the credit side of the funds transfer was sent. If the funds cannot be recovered, you authorize Chicago Patrolmen’s Federal Credit Union and/or our service provider to debit any of your other Accounts to the extent necessary to offset any resulting deficiency. We reserve the right to resubmit a debit, or a portion of the debit, in the event of an insufficient or uncollected funds return and if we cannot collect the amount credited. To effect this collection, you understand and authorize us to debit the credited Account or the debited Account in either the same dollar amount as the original funds transfer or a portion of the debit. There may be a fee associated with such collection imposed by the financial institution holding the Account.
Error Reporting and Claims
In case of errors or questions about your funds transfers, e-mail us at [email protected] or telephone us at 800-326-8814 or write to us at Chicago Patrolmen’s Federal Credit Union 1407 W Washington Blvd, Chicago, IL 60607 as soon as you can, if you think your statement
is wrong or if you need more information about a transfer listed on the statement. You can see a complete statement of all your funds transfers effected or pending at any time by clicking on the View Scheduled Transfers section in External Transfers. We must hear from you within 60 days after we FIRST posted the transfer to your statement and you must provide us the following information:
1) Tell us your name, and the account number of the Account to which the error relates.
2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you
believe it is in error or why you need more information.
3) Tell us the dollar amount of the suspected error.
For more information, refer to the Deposit Account and Services Agreement including the Electronic Fund Transfer Error Resolution Notice.
Proprietary Rights
You acknowledge and agree that Chicago Patrolmen’s Federal Credit Union and/or our service provider owns all rights in and to the Service. You are permitted to use the Service only as expressly authorized by this Agreement. You may not copy, reproduce, distribute, or create derivative works, reverse engineer or reverse compile the Service or any of Chicago Patrolmen’s Federal Credit Union and/or our service provider’s services or technology.
No Unlawful or Prohibited Use
As a condition of using the Service, you warrant that you will not use the Service for any purpose that is unlawful or is not permitted, expressly or implicitly, by the terms of this Agreement or by any applicable law regulation. You further warrant and represent that you will not use the Service in any manner that could damage, disable, overburden, or impair the Service or interfere with any other party’s use and enjoyment of
the Service. You may not obtain or use the Service to obtain any materials or information through any means not intentionally made available or provided for through the Service. You agree that these warranties and representations will remain in full force and effect even if this Agreement terminates for any reason. Reliance on the Account Number.If funds transfer instructions identify a bank or beneficiary by name and account number, the relevant financial institution may execute those instructions by reference to the number only, even if the number
does not correspond to the name. You understand that such financial institutions may not investigate discrepancies between names and numbers. In addition, you agree that we have no responsibility to investigate discrepancies between names and numbers.
Our Liability, Limitation of Warranty, and Indemnification.
If we do not provide a funds transfer instruction on time, if we cause an incorrect amount to be removed from an Account or if we cause funds from an Account to be transferred to any account other than the Account specified in the applicable funds transfer instruction, we shall be responsible for returning the improperly transferred funds and/or for directing any misdirected funds to the proper Account. Chicago Patrolmen’s Federal Credit Union is not responsible or liable if your financial institution’s system fails and we are unable to complete the transfer. Except as otherwise required by law, Chicago Patrolmen’s Federal Credit Union shall in no other event be liable for any losses and damages other than those arising from gross negligence or willful misconduct on our part or if we breach a representation or warranty of this Agreement.
You understand and agree that we are not liable under any circumstances for any losses or damages if, through no fault of ours, you do not have enough money to make the funds transfer and the funds transfer is not completed or is later reversed or if your financial institution does not permit the transfer or the funds transfer would exceed the credit limit on any applicable overdraft line. Chicago Patrolmen’s Federal Credit
Union is not responsible for any losses or damages if circumstances beyond our control (such as fire or flood) prevent us from completing a request or if our website was not working properly and you knew, or reasonably should have known, about the technical issues when the funds transfer was initiated.
YOU UNDERSTAND AND AGREE THAT THE EXTERNAL FUNDS TRANSFERSERVICE IS PROVIDED “AS-IS.” YOU UNDERSTAND AND EXPRESSLY AGREE THAT USE OF THE SERVICE IS AT YOUR SOLE RISK, THAT ANY MATERIAL AND/OR DATA DOWNLOADED OR OTHERWISE OBTAINED
THROUGH THE USE OF THE SERVICE IS DOWNLOADED OR OBTAINED AT YOUR OWN DISCRETION AND RISK AND THAT YOU WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGES, INCLUDING WITHOUT LIMITATION DAMAGE TO YOUR COMPUTER SYSTEM OR LOSS OF DATA
THAT RESULTS FROM THE DOWNLOAD OR THE OBTAINING OF SUCH MATERIAL AND/OR DATA. EXCEPT AS DESCRIBED IN THIS AGREEMENT, WE WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OF ANY KIND RESULTING FROM THE USE OF OR THE INABILITY TO USE THE SERVICE, ANY INACCURACY OF ANY INFORMATION OR AMOUNT RETRIEVED BY US FROM THE ACCOUNTS PROVIDED BY THAT FINANCIAL INSTITUTION, ANY BREACH OF SECURITY CAUSED BY A THIRD PARTY, ANY TRANSACTIONS ENTERED INTO BASED ON THE SERVICE, ANY LOSS OF, UNAUTHORIZED ACCESS TO OR ALTERATION OF A USER’S TRANSMISSIONS OR DATA OR FOR THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES, INCLUDING BUT NOT LIMITED TO DAMAGES FOR LOSS OF PROFITS, USE, DATA OR OTHER INTANGIBLES, EVEN IF WE HAD BEEN
ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
You agree to indemnify, defend and hold harmless Chicago Patrolmen’s Federal Credit Union, its affiliates, partners, officers, directors, employees, consultants, service providers and agents from any
and all third party claims, liability, damages and/or costs (including, but not limited to, attorney’s fees) arising from your use of the External Funds Transfer Service, our reliance on the information, instruction, license and/or authorization provided by you under or pursuant to this Agreement, your violation of the Terms or your infringement, or infringement by any other user of your account, of any intellectual property
or other right of any person or entity.
Miscellaneous
You agree that our rights and remedies arising out of any breach of your representations and warranties in this Agreement, the limitations on our liability and our rights to indemnification under this Agreement are continuing and shall survive the termination of this Agreement, notwithstanding the lack of any specific reference to such survivability in these provisions. Chicago Patrolmen’s Federal Credit Union’s
failure to enforce the strict performance of any provision of this Agreement will not constitute a waiver of our right to subsequently enforce such provision or any other provisions of this Agreement.
The most current version of this Agreement as it appears on our website, including any amendments that we may make from time to time, constitutes the entire agreement between us, and supersedes and replaces all other agreements or understandings, whether written or oral, regarding the Service