Debit Card Terms & Conditions
The LPCCU Debit MasterCard offers additional services that give you greater versatility for managing your financial needs. You may use your Debit Card to pay for goods and services at any merchant where MasterCard is accepted. The purchase is deducted from your checking account. Also, this card can be used as an ATM card. The following is a disclosure statement made in compliance with certain disclosure requirements imposed on financial institutions by the Electronic Funds Transfer Act and Regulation E of the Federal Reserve Board which apply to consumers only.
PERSONAL IDENTIFICATION NUMBER (PIN)
Upon receipt of your card and Personal Identification number (PIN), you are required to sign your name on the signature panel on the back of the card. You are responsible for the proper control in your use of the card and PIN. We must be notified immediately if you believe your card has been lost or stolen or if a transfer of funds has been made without your permission. For your protection you should keep your PIN secret and not write it on the card or keep it any place where it may be found with the card.
LIMITATIONS OF TRANSACTIONS
For security reasons, there are limitations on the dollar amounts of transactions. Cash withdrawals at an ATM machine have a maximum daily limit of $500. Retail purchases, are limited to $1500 outstanding at any time. Your individual limits may vary check with LPCCU.
TYPES OF TRANSACTIONS
You may use your Debit Card at automated teller machines (ATM) and MASTERCARD merchants throughout the country. However some of these functions may not be available at all terminals.
–ATM cash withdrawals with card and PIN
–ATM transfer of funds between checking and savings
–ATM obtain account balance
–Retail purchases at VISA merchants
Purchases made in foreign countries and foreign currencies will be billed to you in U.S. dollars. The conversion rate to dollars will be made in accordance with the operating regulations for international
transactions established by Visa.
When you complete an ATM transaction, you will receive the following information on a receipt–amount of money withdrawn, date of transaction, type of transaction, identity of the account, location of terminal, transaction number and card number. You have a right to get a receipt at the time you have a transaction in a retail establishment.
You will get a monthly account statement for your checking account. Your monthly account statement will indicate your Debit Card transactions, as well as any fees incurred as a result of using your Debit Card.
DISCLOSURE OF CHARGES
A $5.00 fee may apply on cards reissued due to negligence on the part of the cardholder. In general, a card transaction is treated the same as any other withdrawal or deposit, unless otherwise stated in the account description. For other charges related to your specific account, please refer to a current Truth in Savings-Deposit Account
Disclosure. The Credit Union reserves the right to make future changes in checking account and/or Debit Card service charges.
ACCOUNT INFORMATION DISCLOSURE
We will only disclose information to third parties about your account or the transfers that you make:
–To complete transfers as necessary;
–To verify the existence and condition of
your account for a third party, such as a
credit bureau or a merchant;
–To comply with government agencies or court
–To anyone using your Debit Card and
Personal Identification Number (PIN);
–To anyone who has your written permission.
If we do not complete a transfer to or from your account on time or in the correct amount according to your instructions, we will be liable for your losses or damages. However, there are some exceptions.
We will not be liable for instance:
– If through no fault of ours, you do not have enough money in your account to make
– If the ATM where you are making a withdrawal
or transfer does not have enough cash;
– If you used the wrong PIN, or you used an
ATM/POS (point-of-sale) in an incorrect
– If circumstances beyond our control (such
as fire or flood) prevent the transfer;
– If the money in your account is subject to
legal process or other encumbrance;
– If your card has been revoked due to
excessive insufficient fund transactions,
notice from you of suspected fraud, or
other such circumstances;
– There may be other exceptions stated in
our agreement with you.
LPCCU may be liable for damage where it failed to properly credit deposits, subject to the normal policies and procedures of LPCCU; and where LPCCU failed to stop-payment of an item, subject to the normal policies and procedures of the credit union. However, under no circumstances shall LPCCU be liable for damages where the error or failure is beyond our control and LPCCU exercised due care, according to industry standards, or where there was a technical or mechanical malfunction.
Contact LPCCU immediately if you believe your Debit Card or PIN is lost or stolen. An immediate phone call is the best way to reduce any possible losses. MASTERCARD offers a Zero Liability policy if you report
the loss or theft of your card within two (2) business days. Additional limit on liability for Debit MasterCard: unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen Debit MasterCard. This additional limit on liability does not apply to ATM transactions, to transactions using your Personal Identification Number which are not protected by MasterCard. This means 100% protection for you, guaranteeing you maximum protection against fraud. You have complete liability protection for all your card transactions that take place on the MasterCard network. Should someone steal your card number while you are shopping online or off, you are protected–you pay nothing for the fraudulent activity. If
you do NOT notify the bank within two (2) business days your liability is limited to no more than $50.00. ATM liability is limited to no more than $50.00 if you report the theft of your card or PIN within two (2) business days (if applicable). An immediate phone call is the best way to reduce any possible losses. You could lose all the
money in your account (plus your maximum overdraft line of credit, (if you have one). If you do NOT notify LPCCU within two (2)
business days your liability could be as much as $500.00. Also, contact LPCCU immediately if your checking account statement lists
transactions that you did not make. If you do not notify LPCCU in writing within sixty (60) days after the statement mailing date, you may not be reimbursed for the unauthorized withdrawals.
Please review your checking account statement carefully. If it lists any Debit Card transactions you did not make, notify us immediately. If you do not notify us in writing within 60 days after the statement
mailing date, where the error first appeared, you may not be reimbursed for the withdrawal. The minimum amount of information in your notification includes your name, account number and a description of the transaction in question. Your transaction description would include the amount, date and a clear explanation of why you believe it is an error or why you need more information. If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly if the transaction involved a point-of-sale transaction, or a foreign initiated transfer. If we need more
time, however, we may take 90 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is in error so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. An account is considered a new account for 30 days after the first deposit is made, if you are a new member.
We will tell you the results within 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.
Lincoln Park Community Credit Union
1400 Emmons, Lincoln Park, MI 48146