Debit Card Disclosures

By submitting this application (via e-mail, fax, US Mail or in person) you acknowledge that you have read and agree to the following disclosures.


In this Agreement, the words "you", "your" and "yours" mean any holder or other authorized user of your debit card. The words "we" and "us" mean Island Federal Credit Union. "Checking Account" means your share draft account. Savings Account" means your share account or Money Market Plus Account. "EFT Terminal" means the electronic funds transfer terminal; this includes automated teller machines, point-of-sale terminals, and other EFT devices. "Debit card" means each magnetically encoded debit banking card provided to you by us. "PIN" means the personal identification number issued to you for use with your debit card. By signing the attached forms or by use of your card, you agree with us as follows:

1. Debit Card. Each debit card issued to you pursuant to this Agreement is our property and may be canceled or repossessed by us at any time, with or without cause. You must surrender to us on demand each debit card issued to you. If you permit or authorize other persons to use your debit card and PIN, you will be liable for the resulting transactions. To guard against anyone making a transaction that you have not authorized, you should take all reasonable precautions to prevent any other person from learning your PIN. You cannot use the debit card for financial transactions until we have validated it.

2. Error Resolution Notice. In case of errors or questions about your electronic transfers, call or write us at the telephone number or address listed in this brochure, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the first statement on which the problem or error appeared.

(1) Tell us your name and account number (if any).
(2) 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.
(3) Tell us the dollar amount of the suspected error.

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 we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) 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. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.

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.

Island Federal Credit Union
Member Operations Department
120 Motor Parkway
Hauppauge, NY 11788-5160
Phone: (631) 851-1100 or 1-800-475-5263

More detailed information is available on request.

3. Account Information. We will disclose information to third parties about your account or the transfers you make: (a) Where it is necessary for completing transfers or resolving errors involving transfers; or (b) In order to verify the existence and condition of your account for a third party, such as a credit bureau or a merchant; or (c) In order to comply with government agency rules, court orders, or other applicable law; or (d) To our employees, service providers, auditors, collection agents, or attorneys, in the course of their duties; or (e) If you give us your written permission.

4. Transaction Receipts. You can get a receipt at the time you make any transfer to or from your account using an EFT terminal.

5. Our Liability for Failure to Make Transfers. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will NOT be liable, for instance; (a) If, through no fault of ours, you do not have enough money in your account to make the transfer; (b) If the transfer would go over the credit limit on your overdraft line, if you have one; (c) If the EFT terminal or processing system was not working properly and you knew about the breakdown when you started the transfer; (e) If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions we have taken; (f) If the funds in your account are subject to legal process or other encumbrance restricting the transfer; (g) If your PIN or debit card is reported lost or stolen; or (h) If we are holding uncollected funds in your account and the transfer would require the use of those funds. There may be other exceptions stated in our account agreement with you.

6. Your Liability. Tell us AT ONCE if you believe your debit card or your PIN has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit, if you have one). If you tell us within 2 business days, you can lose no more than $50.00 if someone used your debit card or PIN without your permission. If you do NOT tell us within 2 business days after you learn of the loss or theft of your debit card or PIN and we can prove we could have stopped someone from using your debit card or PIN without your permission if you had told us, you could lose as much as $500.00. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you will be liable for up to $50.00 of loss that occurs during such 60-day period and you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods to a reasonable time.

7. Reporting Lost Cards or PINs or Unauthorized Transfers. If you believe your debit card or PIN has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone number and address on the reverse side hereof.

8. Types of Transactions. You may use your debit card with your PIN to: (a) Perform the transactions listed herein; (b) Perform other debit services as may be available from time to time, and for which we send separate notification to amend this agreement. Some of these services may not be available to you at all EFT terminals. If you have more than one account with us, some of these services may not be available for each account. On each processing day, (A) you may withdraw from automated teller machines up to a maximum of the amount shown herein (or your available balance, if it is less than such amount), from each account accessed by your debit card; and (B) by use of point-of-sale terminals, you may buy in goods or services up to a maximum of the amount shown herein (or your available balance, if it is less than such amount). Every calendar day is a processing day, except that Saturday, Sunday and Monday are treated as a single processing day. For security reasons, there are other limits on the number and size of transfers or withdrawals you can make using your debit card. In all cases, you agree to be responsible for all transfers authorized by you or from which you receive any benefit.

9. Periodic Statements. You will get a combined monthly statement for checking and savings. If you do not have checking, you will get a monthly statement for your savings account unless there are no transfers in a particular month. In any case, you will get the statement for your savings account at least quarterly.

10. Service Charges. Information regarding service charges for use of your debit card is contained in this Agreement.

11. Modification of This Agreement; Termination. The terms of this Agreement may be changed by us from time to time by notice from us to you. We may also revoke your right to use your debit card at any time. You agree to pay us for any cash withdrawals, service charges, or other items that remain unpaid at the time this Agreement is for any reason terminated.

12. Agreement. Your signature on the attached form will evidence your agreement to be bound by the terms and conditions of this Agreement.

Note: Your PIN is generated at random by computer when your debit card is encoded, and may be sent separately from your card for security.

Cards will be provided free for owner and joint owner. Replacement fee is $10.

We reserve the right to request a consumer credit report before issuing Debit MasterCard®.