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Broadview FCU Mortgage Disclosure and Agreement
Authorization Agreement for Direct Mortgage Payments (ACH Debits)
1. Disclosure and Agreement: You (the Member) hereby authorize Broadview FCU to initiate debits from your account at the depository financial institution named herein (“Financial Institution”) and hereby authorize the Financial Institution, or any entity acting on behalf of the Financial Institution, to debit the same to said account.
2. Liability for Unauthorized Transfers: If you believe that an unauthorized transfer has occurred, you must notify your Financial Institution within sixty (60) days after receiving the periodic statement from your Financial Institution on which the unauthorized transfer FIRST appears. If you do not notify the Financial Institution within such time and the Financial Institution can prove that it could have prevented someone from authorizing
3. Notification for Unauthorized Transfer: If you believe that an unauthorized transfer has been made or may be made, contact your Financial Institution immediately. The prompt reporting of any unauthorized transfer to your Financial Institution may limit the amount of your liability (see Liability for Unauthorized Transfers #2 above). To report an unauthorized transfer to us pursuant to this Authorization, call us at 800-727-3328. Our normal business hours are Monday through Friday, 8:00 a.m. to 6:00 p.m., Saturday, 8:00 a.m. to 2:00 p.m., except when specified. You may also notify us in writing at: Broadview FCU , Patroon Creek Corporate Center, 700 Patroon Creek Blvd., Albany, NY 12206-1067.
4. Fees: Broadview FCU provides this ACH debit service to you at no charge. There is a fee for the return of a debit to us for any reason other than Stop Payment or Authorization Revoked as disclosed in the Fee Schedule. Such a fee will be assessed at the time the debit is returned and will be automatically charged against your Broadview FCU account. Broadview FCU reserves the right to amend its fee schedule with proper notice. Your Financial Institution must provide you with prior notice of any fees it intends to assess for this service.
5. Funding Account(s): You may only add accounts that you own to this service. This means you must be on the account at the other Financial Institution in order to authorize payments from that account. Otherwise we reserve the right to deny or discontinue this service. It is your responsibility to keep your funding account information up-to-date in the event it changes. As a security measure , we may send two small transactions of different amounts to your account at the other Financial Institution. It may take up to three business days for those transactions to appear in your account. Before the account can be used, we will ask you to confirm the transaction amounts to ensure you're the owner of this the account.
6. Payments: Payments scheduled by 4 p.m. EST Monday through Friday (excluding holidays) where the payment date selected is the current or following business day will be processed and applied to your loan within three business days. Payments that are scheduled after 4 p.m. EST with a payment date of the current or following business day will be processed the next business day and credited to the loan within the following three business days. Recurring or one-time payments with a payment date that is more than one business day into the future will be processed and applied to your loan within three business days of the selected payment date. Recurring transaction amounts may change as a result of changes to your current Mortgage payment amount; notification of any changes in the payment amount will be sent 30 days prior to such change. The total due each month is detailed in your monthly loan statement which is provided to you at least ten calendar days prior to the date on which the entry is scheduled to be initiated. You may cancel your payment request as outlined in section 11 below. Interest will continue to accrue and late charges may be assessed, if applicable, until final credit is applied to your loan.
7. Limitations: We may impose; a limit on the dollar amount; the number of transactions allowed through this service; and the loan types eligible for payment through this service.
8. Notice that Transfer has Occurred: You may call Broadview FCU's Automated Bank-by-Phone Solution (DIAL) or review your account via Broadview FCU online banking, Broadview FCU Text Banking or Broadview FCU ’s Mobile App to find out whether or not the pre-authorized transfer has been made or you can call us at 800-727-3328.
9. Right to Receive Documentation: You will receive a monthly statement from Broadview FCU . You also have the right to receive a periodic statement from your Financial Institution for each monthly cycle in which an electronic fund transfer has occurred and at least a quarterly statement if no transfer has occurred. You can request notification via email when a payment is initiated. This notification is only that the payment will be attempted and is not a guarantee that the payment has posted to the loan.
10. Right to Stop Payments of Pre-Authorized Transfers: You may stop payment of a pre-authorized electronic fund transfer from your Financial Institution account by notifying your Financial Institution orally or in writing at least three (3) business days before the scheduled date of the transfer. If you call your Financial Institution to stop payment, you may also be required to put your request in writing and submit it to your Financial Institution within fourteen (14) days after you call.
11. Payment Cancellation Requests: You may cancel or edit any scheduled payment (including recurring payments) by following the directions within the application. There is no charge for canceling or editing a scheduled payment. Once the service has begun processing a payment it cannot be canceled or edited.
12. Right to Terminate Authorization: Broadview FCU reserves the right to terminate this authorization at any time for the return of a debit to us for any reason, such as if you do not have the full loan payment amount available at your Financial Institution or if your accounts at Broadview FCU are not in good standing. There is a fee for the return of a debit to us for any reason, other than Stop Payment or Authorization Revoked, as disclosed in the Fee Schedule. Broadview FCU reserves the right to cancel this service at any time for any reason.
13. Liability for Failure to Make or Stop Certain Transactions: If Broadview FCU or your Financial Institution does not complete or stop (upon proper notice outlined in #10 above) a transfer to or from your account on time or in the correct amount, the responsible party (either the Financial Institution or Broadview FCU ) will be liable for your losses or damages. However, there are some exceptions. Broadview FCU will not be liable, for instance (a) if, through no fault of our own, the debit is returned for incorrect information or insufficient funds; or (b) if circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken. There may be other exceptions stated in our agreement with you or in your agreement with your Financial Institution.
14. Information Disclosure: Broadview FCU will only disclose information to third parties about your account or the transfers you make for the following reasons: (a) where it is necessary for completing transfers, (b) in order to verify the existence and condition of your account for a third party, such as a credit bureau, (c) in order to comply with government agency or court orders, or (d) if you give your written permission.
15. In case of Errors or Questions about your Electronic Transfers: Contact us IMMEDIATELY at 800-727-3328 or write us at Broadview FCU , Patroon Creek Corporate Center, 700 Patroon Creek Blvd., Albany, NY 12206-1067 if you think your statement is incorrect or if you need more information about a transfer. We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared. Tell us your name and account number, the dollar amount of the suspected error, and the date it occurred. Describe the error or the transfer you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information. If you notify us verbally, we may require you to send us your complaint or questions in writing within ten (10) business days. We may take up to ten (10) business days after we hear from you to conduct our investigation. If we need more time, however, we may take up to forty-five (45) calendar days to investigate your complaint or question. If we need to use the forty-five (45) days to investigate, we will provisionally credit your account within ten (10) business days for the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or request in writing and we do not receive it within ten (10) business days, the credit union is not required to credit your account. For transactions initiated outside the United States, the time period stated above increases to ninety (90) calendar days instead of forty-five (45) calendar days, unless otherwise required by law, to investigate your complaint or question. If your claim is made within thirty (30) days of account opening, we will provisionally credit your account within twenty (20) business days and may take up to ninety (90) calendar days to conduct our investigation.
We will send you a written explanation of our findings within three (3) business days after we complete our investigation. We will correct any errors within one (1) business day after determining that an error occurred. If we determine there was no error, you may ask for copies of the documents that we used in our investigation and upon which we relied to conclude that the error did not occur. We will make these available to you to the extent possible without violating any other person’s right to privacy. You will be responsible to reimburse the credit union for the amount we credit your account plus any collection costs and reasonable attorney’s fees.