Somerset Federal Credit Union On-line Access Agreement
Agreement - This agreement is a contract that establishes the rules that cover your Internet access to your accounts at the Somerset Federal Credit Union through the Somerset Federal Credit Union . By using Somerset Federal Credit Union Online Banking , you accept all the terms and conditions of this Agreement. Please read it carefully.
The terms and conditions of the deposit agreements and disclosures for each of your Somerset Federal Credit Union deposit accounts, as well as your other agreements with Somerset Federal Credit Union, such as loans, continue to apply notwithstanding anything to the contrary in this Agreement.
This Agreement is also subject to applicable federal laws and the laws of the State of Massachusetts. If any provision of this Agreement is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect. Any waiver by either party of any default or breach of this Agreement must be in writing and shall not constitute a waiver of any other or subsequent default or breach. You may not assign this Agreement.
Definitions - As used in this Agreement, the words "we", "our", "us" mean Somerset Federal Credit Union. "You" and "your" refer to the accountholder authorized to use Somerset Federal Credit Union Online Banking under this agreement. "Account" or "accounts" means your accounts at Somerset Federal Credit Union. "Electronic Funds Transfer" (See Regulation E, Electronic Funds Transfer Disclosure ) means ATM withdrawals, pre-authorized transactions, and point of sale transactions, transfers to and from your Somerset Federal Credit Union accounts using the Somerset Federal Credit Union, including bill payments. "Business days" mean Monday through Friday. Holidays are not included. "Primary NOW Checking Account" : - The Now Checking Account from which all Somerset Federal Credit Union Online Banking related charges are deducted.
Access - To use Somerset Federal Credit Union Online Banking , you must have at least one account at Somerset Federal Credit Union, access to the Internet with a browser that support 128-bit Encryption. First time user must click on the First Time Log In button to access accounts. When prompted you will enter your account number in the provided field. From the drop down menu c hecking , you will select which type of account your have entered. In the password box, you will enter the same password that you use for Somerset Federal Credit Union Tellerphone Banking. If you never used telephone banking (Tellerphone) the password will default to the last 4 digits of your social security number. If you have used Tellerphone and no longer remember your password, please call member service (508)678-2851 during our business hours to have your Tellerphone banking number reset. Once you have entered this information, please use your mouse and click Submit.
Somerset Federal Credit Union Online Banking can be used to access only the Somerset Federal Credit Union deposit and/or loan accounts on which you have been designated as an account owner.
Somerset Federal Credit Union Online Banking Services - You can use the Somerset Federal Credit Union Online Banking to check the balance of your Somerset Federal Credit Union deposit and/or loan accounts, view account histories, transfer funds between Somerset Federal Credit Union accounts on which you are an account owner, and view statements. If you have requested bill payment services, you will be able to pay bills from checking and/or statement savings account on which you are an account owner, in the amounts and on the dates you request.
Hours of Access - You can use the Somerset Federal Credit Union Online Banking seven days a week, twenty-four hours a day; However, some or all services may not be available occasionally due to emergency or scheduled system maintenance.
Your Password and Access ID - For security purposes, you are required to change your Password and Access ID upon your initial login to the Somerset Federal Credit Union Online Banking . You determine what Password you will use, your first Access ID is your account number.
The identity of your Password is not communicated to us. You agree that we are authorized to act on instructions received under your Password. You accept responsibility for the confidentiality and security of your Password and agree to change your Password every six (6) months. You should not disclose your or Password to anyone. If you share your Password with anyone, they will have all access rights to, and if applicable, ability to pay bills from all accounts at Somerset Federal Credit Union owned by you, either individually or jointly.
Your password must contain at least 7 and no more that 17 characters with at least 2 alphabetical and 2 numerical (please note that the Password is case sensitive). We recommend that your Password should not be associated with any commonly known personal identification, such as Social Security numbers, address, date of birth and name of children. Your password should be memorized rather than written down. Upon three (3) unsuccessful attempts to use your Password, your access will be revoked. To re-establish your authorization to use the Somerset Federal Credit Union Online Banking,
you must contact us to have your Password reset or to obtain a new temporary Password.
Secutiry Data - Additional security data (multi-factor authentication) will be collected on your first time log-in. You will be asked for your e-mail address and is this is your personal computer and do you wish to register it or if it is a public computer do not register. You will also be asked to answer three challenge questions. All fields are required.
Security - You understand the importance of your role in preventing misuse of your accounts through Somerset Federal Credit Union Online Banking and you agree to promptly examine your paper/electronic statement for each of your accounts as soon as you receive it. You agree to protect the confidentiality of your Password and Username.
Your Password and Username are intended to provide security against unauthorized entry and access to your accounts. Data transferred via Somerset Federal Credit Union Online Banking is encrypted in an effort to provide transmission security and utilizes identification technology to verify that the sender and receiver of transmissions can be appropriately identified by each other. Notwithstanding our efforts to insure that the Somerset Federal Credit Union Online Banking system is secure, you acknowledge that all data transfers, including electronic mail, occur openly on the Internet and potentially can be monitored and read by others. We cannot and do not warrant that all data transfers utilizing Somerset Federal Credit Union Online Banking , or e-mail transmitted to and from us, will not be monitored or read by others. E-mail is not encrypted and is not secure. Never send specific account information via e-mail.
Fees and Charges - You agree to pay the fees and charges for your use of Somerset Federal Credit Union Online Banking Bill payment Services as set forth in the Bill Payment Agreement.
You agree that all such fees and charges will be deducted from the account designated as the "Primary Account" on your application. If you close your Primary Account, you must contact us immediately to designate another account as your Primary Account. You agree to pay any additional reasonable charges for services you request that are not covered by the Agreement. You are also responsible for telephone and Internet service fees you incur in connection with your use of Somerset Federal Credit Union Online Banking.
Posting of Transfers - Transfers initiated through Somerset Federal Credit Union Online Banking before 7:30 P.M. (Eastern Time) on a business day are posted to your account the same day. Transfers completed after 7:30 P.M. (Eastern Time) on a business day; or on a Saturday, Sunday or banking holiday may be posted on the next business day.
Overdrafts (Posting Priority of Payments, Transfers, and other Withdrawals ) - If your account has insufficient funds to perform electronic fund transfers you have requested for a given business day, then:
- Electronic funds transfers involving currency disbursements, like ATM withdrawals, will have priority.
- Electronic fund transfers initiated through Somerset Federal Credit Union Online Banking, which would result in an overdraft of your account , may, at our discretion, be cancelled or reversed.
- In the event the electronic fund transfers initiated through Somerset Federal Credit Union Online Banking , which would result in an overdraft of your account, are not cancelled, overdraft charges may be assessed pursuant to the terms of the deposit agreement for that account.
Limits on Amounts of Somerset Federal Credit Union Online Banking Transactions - The number of transfers from Somerset Federal Credit Union accounts and the amounts which may be transferred are limited pursuant to the terms of the applicable deposit agreement and disclosure for those accounts. If a hold has been placed on deposits made to an account from which you wish to transfer funds, you cannot transfer the portion of the funds held until the hold expires. Transfers and Bill Payment from a savings or money market deposit account requested via computer count toward the 6 transfer per cycle limit required by Federal Regulation D.
Periodic Statements - You will not receive a separate Somerset Federal Credit Union Online Banking statement. Transfers to and from your accounts using Somerset Federal Credit Union Online Banking will appear on the respective periodic paper/electronic statements for your accounts.
Change in Terms - We may change any term of this Agreement at any time. If the change would result in increased fees for any Somerset Federal Credit Union Online Banking services, increased liability for you, fewer types of available electronic fund transfers, or stricter limitations on the frequency or dollar amount of transfers, we agree to give you notice at least 30 days before the effective date of any such change, unless an immediate change is necessary to maintain the security of an account or our electronic fund transfer system. We will post any required notice of the change in terms on the Somerset Federal Credit Union Online Banking website or forward it to you by e-mail or by postal mail. If advance notice of the change is not required, and disclosure does not jeopardize the security of the account or our electronic fund transfer system, we will notify you of the change in terms within 30 days after the change become effective. Your continued use of any or all of the subject Somerset Federal Credit Union Online Banking services indicates your acceptance of the change in terms. We reserve the right to waive, reduce or reverse charges or fees in individual situations. You acknowledge and agree that changes to fees applicable to specific accounts are governed by the applicable deposit agreements and disclosures.
Disclaimer of Warranty and Limitation of Liability - We make no warranty of any kind, express or implied, including any implied warranty of merchantability or fitness for a particular purpose, in connection with the Somerset Federal Credit Union Online Banking services provided to you under this Agreement. We do not and cannot warrant the Somerset Federal Credit Union Online Banking will operate without errors, or that any or all Somerset Federal Credit Union Online Banking services will be available and operational at all times. Except as specifically provided in this Agreement, or otherwise required by law, you agree that our Officers, Trustees, Employees, Agents or Contractors are not liable for any indirect, incidental, special or consequential damages under or by reason of any services or products provided under this Agreement or by reason of your use of or access to Somerset Federal Credit Union Online Banking , including: loss of profits, revenue, data or use by your or any third party, whether in an action in contract or tort or based on a warranty. Further, in no event shall the liability of Somerset Federal Credit Union exceed the amounts paid by you for the services provided to you through Somerset Federal Credit Union Online Banking.
We recommend that you do not "save" your password at the sign-in screen for future sessions. This could jeopardize the security of your account access. If you choose to "save" your password, you agree to accept any security risk associated with this.
Consumer Liability for Unauthorized Transactions - Tell us immediately if you believe your Password has been lost or stolen. If you tell us within two (2) business days, you can lose no more than FIFTY DOLLARS ($50.00) if someone used your Password without your permission. If you do NOT tell us within tow (2) business days after you learn of the loss or theft of your Username and Password, and we can prove that we could have stopped someone from using your Username and Password without your permission if you had told us, you could lose as much as FIVE HUNDRED DOLLARS ($500.00).
Also, if your statement shows transactions that you did not make, tell us at once. If you do not tell us within sixty (60) days after that statement was mailed to you, you may not get back any money you lost if we can prove that we could have stopped someone from taking the money if you had told us in time. We are liable only for losses in excess of the limits stated. Please see our Regulation E, Electronic Funds Transfer Disclosure for complete information.
Your Right to Terminate - You may cancel your Somerset Federal Credit Union Online Banking service at any time by providing us with written notice by postal mail or fax. Your access to Somerset Federal Credit Union Online Banking will be suspended within 3 business days of our receipt of your instructions to cancel the service. You will remain responsible for all outstanding fees and charges incurred prior to the date of cancellation. We recommend that you cancel all bill payments that you have scheduled to avoid any duplication of future payments.
Our Right to Terminate - You agree that we can terminate or limit your access to Somerset Federal Credit Union Online Banking services for any of the following reasons:
- Without prior notice, if you have insufficient funds in any one of your Somerset Federal Credit Union accounts Somerset Federal Credit Union Online Banking services may be reinstated, at our sole discretion, once sufficient funds are available to cover any fees, pending transfers and debits.
- Upon 3 business days notice, if you do not contact us to designate a new Primary Account immediately after you close your Primary Account.
- Upon reasonable notice, for any other reason at our sole discretion.
Communications between Somerset Federal Credit Union Online Banking and You - Unless this Agreement provides otherwise, you can communicate with us in any one of the following ways:
E-Mail: You can contact us by e-mail at info@somersetfcu.com . E-mail is sent through you own e-mail software. These transmissions are a way to communicate, but are not secure. Therefore, you should not include specific account information such as account numbers or balances in your e-mail. Somerset Federal Credit Union will not reply to any e-mail that contains specific account information.
| Telephone: | (508)678-2851 |
| Facsimile: | (508)646-9903 |
| Postal Mail: | You can write to us at: |
| Somerset Federal Credit Union | |
| 740 County Street | |
| Somerset, MA 02726 | |
| In Person: | You may visit us in person at |
| 740 County Street | |
| Somerset, MA 02726 |
Consent to Electronic Delivery of Notices - You agree that any notice or other type of communications provided to you pursuant to the terms of this Agreement, and any future disclosures required by law, including Electronic Funds Transfer Disclosures, may be made electronically by posting the notice on the Somerset Federal Credit Union website or by e-mail. You agree to notify us immediately of any change in your e-mail address.
By clicking the "online Banking Logon" link, you are agreeing to all of the On-Line Access Agreements stated above.
A separate application must be completed for each individual who requests a unique password.
