New York Times Employees's FCU - Account Disclosures

Account Disclosures

Here is important information about your accounts and services at New York Times Employees' Federal Credit Union. Please review this information carefully.

Current Rates

Current interest rates and annual percentage yields are available online.

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Share Accounts

Rate Information. The current annual percentage yield (APY) and dividend rate relating to this account are set forth in a separate rate sheet included with this package. The APY and dividend rate may change every quarter, as determined by the Credit Union's Board of Directors. The most current APY and dividend rate will be reflected in your periodic account statement.

Compounding and Crediting. Dividends are compounded and credited quarterly, on the last day of the quarter (March, June, September, December) and are available to you any time after they are credited.

Minimum Balance Requirements. The minimum balance required to open a Share account and earn the disclosed APY is $25.00. The minimum balance required to open a Club Account (anything you want it to be) and earn the disclosed APY is $0.00. No dividends will be paid for any day in which the balance in your account is less than these minimums.

Balance Computation Method. Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.

Nature of Dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.

Accrual of Dividends. Dividends will begin to accrue on the day you deposit cash or non-cash items (e.g. checks) to your account.

Transaction Limitations. A maximum of six (6) automatic transfers of funds are permitted from the Share account each month. You may make an unlimited amount of withdrawals or transfers in-person at any NYTEFCU office or proprietary automatic teller machine (ATM), or by mail.

Bylaw Requirements. If you reduce your share balance below the par value of one share you may be assessed a $5 fee at the end of a dividend period. Your shares may be transferred only to another member by written instrument or all approved methods in such form as the Credit Union may prescribe. The Credit Union reserves the right, at any time, to require members to give (in writing) not more than 60 days notice of intention to withdraw the whole or any part of the amounts so paid in by them. You may not withdraw shareholdings that are pledged as required on security on loans without the written approval of a loan officer, except to the extent that such shares exceed your total primary and contingent liability to the Credit Union. You may not withdraw any shareholdings below the amount of your primary or contingent liability to the Credit Union, if you are delinquent as a borrower, or if a borrower for whom you are a co-maker, endorser, or guarantor is delinquent.

Par Value of Shares; Dividend Period. The par value of a Share/IRA Share in this Credit Union is $25.00. The dividend period for Share, and Club Share accounts is quarterly.

Credit Union Right to Offset. If you owe NYTEFCU any money, NYTEFCU may, at its discretion and without notifying you, apply all or part of the amount in this account to repay the debt including Visa, whether or not the debt has matured.

Access Device Authorization. If you have authorized NYTEFCU to issue an Automatic Teller Machine (ATM) Card and/or a Personal Identification Number (PIN) for an account having the same base account number as this account, the ATM Card and/or PIN may be used to access this account. Any person who has been issued an ATM Card or a PIN for an account owned by you having the same base account number as this account, will be able to use them to access this account even if that person is not a joint owner.

Fees and Charges. Fees relating to this account are set forth in the Fee Schedule.

National Credit Union Administration. Member accounts in this Credit Union are federally insured by the National Credit Union Administration.

Joint Signature Account Agreement. If the account signature card for this account is signed by more than one person, NYTEFCU is hereby authorized to recognize any of the signatures hereon in the payment of funds or the transaction of any business for this account. The joint owners of this account hereby agree with each other and with NYTEFCU that all sums now paid in on shares, or heretofore or hereafter paid in on shares by any or all of said joint owners to their credit as such joint owners with all accumulations thereon, are and shall be owned by them jointly, with right of survivorship and be subject to the withdrawal or receipt of any of them, and payment to any of them or the survivor or survivors shall be valid and discharge NYTEFCU from any liability for such payment. One or more joint owner may deposit in to any of them and thereafter draw on the deposit in accordance with this agreement and the terms and conditions of this account. The right or authority of NYTEFCU under this agreement shall not be changed or terminated by said owners, or any of them except by written notice to NYTEFCU which shall not affect transactions heretofore made.

Checking Accounts

Rate Information. The current annual percentage yield (APY) and dividend rate relating to this account are set forth in a separate rate sheet included with this package. The APY and dividend rate may change every month, as determined by the Credit Union's Board of Directors. The most current APY and dividend rate will be reflected in your periodic account statement.

Compounding and Crediting. Dividends are compounded and credited monthly, on the last day of the month, and are available to the owner(s) of the account any time after they are credited. For this account type, the dividend period is monthly.

Minimum Balance Requirements. There is no minimum balance requirement to open this account.

National Credit Union Administration. Member accounts in this Credit Union are federally insured by the National Credit Union Administration up to $250,000.

Fees and Charges. Fees relating to this account are set forth in the Fee Schedule.

Transaction Limitations. Only check blanks, ATM Cards, Debit Cards, Infoline, and other methods approved by NYTEFCU may be used to withdraw funds from this account. If there are no deposits or withdrawals made to this account for a period of 180 days, NYTEFCU may, at its discretion and without notifying you, close the account by transferring the balance to your Share account.

Payments and Overdrafts. NYTEFCU is under no obligation to pay a check which exceeds the balance in this account, but NYTEFCU may, at its election, choose to pay such a check or checks even if such payment creates an overdraft in the account. NYTEFCU is under no obligation to pay a check on which the date is more than six months old. You should not write postdated checks and NYTEFCU will not be liable in any way for payment of post-dated checks, or non-payment of other items due to the payment of postdated checks. If checks are written for amounts in excess of the account balance, and you have (either now or in the future) an unsecured "Line-of-Credit account," amounts may be transferred to this account to pay the check(s), and the balance due NYTEFCU under the unsecured "Line-of-Credit account" will be increased by the amount transferred to this account. If checks are written for amounts in excess of the account balance, NYTEFCU may transfer funds from any regular Share account or any other Share account maintained by you, to repay the overdraft in this account; in no event will NYTEFCU make any such transfer from any Share account if during the same month a total of six pre-authorized or telephone transfers from the account have already been made.

Right to Stop Payment. Either orally or in writing, you may order NYTEFCU to stop payment of any item(s) payable on this account. The order must be received in sufficient time to afford NYTEFCU an opportunity to act on it prior to any action by NYTEFCU with respect to the item(s). By ordering a stop payment, you agree to hold NYTEFCU harmless for all expenses and costs incurred by NYTEFCU for refusing payment on the item(s) specified in the stop payment order. NYTEFCU will attempt to comply with a stop payment order and will exercise ordinary care in doing so. If NYTEFCU does pay the item(s), you agree that NYTEFCU will charge your account for the amount of the item(s). Your sole remedy in such case will be to prove and collect only such actual money damages as you may have incurred as a result of NYTEFCU paying the item(s) contrary to the stop payment order. A stop payment order shall become effective on the business day following the date of the order and shall remain in effect for a period of SIX (6) MONTHS unless renewed or extended by you in writing.

Statements. Any objection respecting any item shown on a monthly statement of this account, or on a quarterly statement of this account, or on a monthly statement of the Unsecured "Line-of-Credit Account" (if applicable) shall be waived unless made on or before the sixtieth day following the day the statement is mailed or otherwise delivered.

Credit Union Right of Offset. If you owe NYTEFCU any money, NYTEFCU may, at its discretion and without notifying you, apply all or part of the amount in this account to repay the debt including Visa, whether or not the debt has matured.

Access Device Authorization. If you have authorized NYTEFCU to issue a Debit Mastercard, Automatic Teller Machine (ATM) Card and/or a Personal Identification Number (PIN) for an account having the same base account number as this account, the ATM Card or Debit Mastercard and/or PIN may be used to access this account. Any person who has been issued an ATM Card, Debit Mastercard or a PIN for an account owned by you having the same base account number as this account, will be able to use them to access this account even if that person is not a joint owner.

Other Terms and Conditions. The use of this account is subject to federal and state laws and regulations, and such other terms, conditions and requirements as NYTEFCU may establish from time to time. This account may not be pledged, transferred or assigned to any other party other than NYTEFCU. The Credit Union may obtain information about you from credit reporting sources, and report your experience with your account to credit bureaus and other creditors. The Credit Union may also request or use subsequent consumer reports in connection with a review, update, renewal or extension of your account without additional notice to you. The Credit Union reserves the right to change this account to another type of account without your approval if, in the Credit Union's judgment, the change does not adversely affect you. The Credit Union will notify you within 30 days of the change taking effect. If the Credit Union determines that a change to another type of account would be adverse to you, the change will not be made without your approval. The Credit Union reserves the right to terminate this account if excessive non-sufficient funds (NSF) checks are written against or deposited into this account, or if it remains in an overdrawn status. Joint Signature Account Agreement. If the account signature card for this account is signed by more than one person, NYTEFCU is hereby authorized to recognize any of the signatures hereon in the payment of funds or the transaction of any business for this account. The joint owners of this account hereby agree with each other and with NYTEFCU that all sums now paid in on shares, or heretofore or hereafter paid in on shares by any or all of said joint owners to their credit as such joint owners with all accumulations thereon, are and shall be owned by them jointly, with right of survivorship and be subject to the withdrawal or receipt of any of them, and payment to any of them or the survivor or survivors shall be valid and discharge NYTEFCU from any liability for such payment. One or more joint owner may deposit in the account checks or other instruments payable to accordance with this agreement and the terms and conditions of this account. The right or authority of NYTEFCU under this agreement shall not be changed or terminated by said NYTEFCU which shall not effect transactions heretofore made.

Money Market Acconts

Minimum Balance Requirements. The minimum balance required to open this account and earn dividends is $2500. You will earn $0 for days the balance is under $2,500.

Balance Computation Method. Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.

Nature of Dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.

Accrual of Dividends. Dividends will begin to accrue on the day you deposit cash or non-cash items (e.g. checks) to your account.

National Credit Union Administration. Member accounts in this Credit Union are federally insured by the National Credit Union Administration.

Fees and Charges. Fees relating to this account are set forth in the Fee Schedule. Transaction Limitations. Only check blanks, ATM Cards, Infoline and other methods approved by NYTEFCU may be used to withdraw funds from this account. A maximum of six (6) checks are permitted to be cleared from this account each month. An unlimited number of in-person withdrawals may be made at any NYTEFCU office. No overdraft protection is provided for this account. Shares in this Money Market account (MMA) may not be used as security for a loan. If there are no deposits or withdrawals made to this MMA for a period of 180 days, NYTEFCU may, (at its discretion and without notifying you) close the MMA by transferring the balance to your Share account.

Payments and Overdrafts. You should not write postdated checks and NYTEFCU will not be liable in any way for payment of postdated checks or non-payment of other items due to payment of postdated checks. NYTEFCU is under no obligation to pay a check which exceeds the balance in this MMA, but NYTEFCU may, at its election, choose to pay such check or checks even if such payment creates an overdraft in the MMA. NYTEFCU is under no obligation to pay a check on which the date is more than six months old.

Right to Stop Payment. Either orally or in writing, you may order NYTEFCU to stop payment of any item(s) payable on this account. The order must be received in sufficient time to afford NYTEFCU an opportunity to act on it prior to any action by NYTEFCU with respect to the item(s). By ordering a stop payment, you agree to hold NYTEFCU harmless for all expenses and costs incurred by NYTEFCU for refusing payment on the item(s) specified in the stop payment order. NYTEFCU will attempt to comply with a stop payment order and will exercise ordinary care in doing so. If NYTEFCU does pay the item(s), you agree that NYTEFCU will charge your account for the amount of the item(s). Your sole remedy in such case will be to prove and collect only such actual money damages as you may have incurred as a result of NYTEFCU paying the item(s) contrary to the stop payment order. A stop payment order shall become effective on the business day following the date of the order and shall remain in effect for a period of SIX(6) MONTHS unless renewed or extended by you in writing. Statements. Any objection concerning any item shown on a monthly statement of this account shall be waived unless made in writing to NYTEFCU on or before the sixtieth day following the day the statement is mailed or otherwise delivered.

Credit Union Right of Offset. If you owe NYTEFCU any money, NYTEFCU may (at its discretion and without notifying you) apply all or part of the amount in this account to repay the debt, whether or not the debt has matured.

Access Device Authorization. If you have authorized NYTEFCU to issue an Automatic Teller Machine (ATM) Card and/or a Personal Identification Number (PIN) for an account having the same base account number as this account, the ATM Card or Debit Mastercard and/or PIN may be used to access this account. Any person who has been issued an ATM Card, Debit Mastercard or a PIN for an account owned by you having the same base account number as this account, will be able to use them to access this account even if that person is not a joint owner.

Joint Signature Account Agreement. If the account signature card for this account is signed by more than one person, NYTEFCU is hereby authorized to recognize any of the signatures hereon in the payment of funds or the transaction of any business for this account. The joint owners of this account hereby agree with each other and with NYTEFCU that all sums now paid in on shares by any or all of said joint owners to their credit as such joint owners with all accumulations thereon, are and shall be owned by them jointly, with right of survivorship and be subject to the withdrawal or receipt of any of them, and payment to any of them or the survivor or survivors shall be valid and discharge NYTEFCU from any liability for such payment. One or more joint owner may deposit in the account checks or other instruments payable to any of them and thereafter draw on the deposit in accordance with this agreement and the terms and conditions of this account. The right or authority of NYTEFCU under this agreement shall not be changed or terminated by said owners, or any of them except by written notice to NYTEFCU which shall not affect transactions heretofore made.

Certificate Accounts

Rate Information. The current annual percentage yield (APY) and dividend rate relating to this account are set forth in a separate rate sheet included with this package.

Compounding and Crediting. Dividends are compounded and credited monthly or quarterly. When you open your account, or at the time of renewal, you may elect to have dividends paid monthly or quarterly if they are transferred to a Share, Money Market or Checking account, monthly or quarterly if they are to be retained in this Certificate account. The APY is based on an assumption that dividends will remain in the account until maturity. A withdrawal of dividends will reduce your earnings.

Minimum Balance Requirements. The minimum balance required to open this account is $500.00.

Balance Computation Method. Dividends are calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.

Accrual of Dividends. Dividends will begin to accrue on the day you deposit cash or non-cash items (e.g. checks) to your account.

National Credit Union Administration. Member accounts in this Credit Union are federally insured by the National Credit Union Administration.

Fees and Charges. Fees relating to this account are set forth in a separate "NYTEFCU Fee Schedule."

Transaction Limitations. After the account is opened, you may not deposit additional funds into the account until the maturity date stated on the Certificate account.

Maturity Date. Your account will mature on the date set forth in your account certificate.

Early Withdrawal Penalties (a penalty may be imposed for withdrawals before maturity). The penalty we may impose for withdrawals made within the first year of the term will equal the loss of three months' dividends. The penalty we may impose for withdrawals made after the first year of the term will equal the loss of six months' dividends. If you withdraw some of the funds before maturity, a new Share Certificate must be purchased from the remaining Share Certificate balance at the prevailing rate or the remaining balance will be placed in a Share account. There are certain circumstances, such as the death, incompetence, or disability of an owner, where we may waive or reduce this penalty. See your plan disclosure if this account is part of an IRA or other tax qualified plan. Renewal Policies. Your Certificate account will automatically renew at maturity for the same number of months you originally selected at the then prevailing rate. You will be notified at least thirty (30) days prior to the maturity date. You will have a grace period of seven (7) calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.

Joint Signature Account Agreement. If the account signature card for this account is signed by more than one person, NYTEFCU is hereby authorized to recognize any of the signatures hereon in the payment of funds or the transaction of any business for this account. The joint owners of this account hereby agree with each other and with NYTEFCU that all sums now paid in on shares, or heretofore or hereafter paid in on shares by any or all of said joint owners to their credit as such joint owners with all accumulations thereon, are and shall be owned by them jointly, with right of survivorship and be subject to the withdrawal or receipt of any of them, and payment to any of them or the survivor or survivors shall be valid and discharge NYTEFCU from any liability for such payment. One or more joint owner may deposit in the account checks or other instruments payable to any of them and thereafter draw on the deposit in accordance with this agreement and the terms and conditions of this account. The right or authority of NYTEFCU under this agreement shall not be changed or terminated by said owners, or any of them except by written notice to NYTEFCU which shall not affect transactions therefore made.

Individual Retirement Accounts (IRA)
IRA Share and IRA Share Certificate Accounts
Including Traditional IRAs, Roth IRAs, and Education IRAs

Rate Information. The current dividend rate and annual percentage yield (APY) relating to this account is set forth in a separate rate sheet included with this package. The rate will remain in effect for the entire quarter in which your account is opened, but may change in subsequent quarters as determined by the Credit Union's Board of Directors. The most current Dividend Rate and APY being paid on your account will be reflected in your periodic account statement.

Compounding and Crediting. Dividends are compounded and credited quarterly, on the last day of the quarter (March, June, September, December). Dividends may not be withdrawn unless the account is closed.

Minimum Balance Requirements. There is no minimum balance required to open this account.

Balance Computation Method. Dividends are calculated by the daily balance method, which applies a daily periodic rate to the principal in the account each day.

Nature of Dividends. Dividends are paid from current income and available earnings, after required transfers to reserves at the end of a dividend period.

Accrual of Dividends. Dividends will begin to accrue on the day you deposit cash or non-cash items (e.g. checks) to your account.

Early Withdrawal Penalties. Penalties may be imposed only on actual dividends earned and not on the principal amount of the account. Upon the withdrawal of any principal, you will forfeit an amount equal to 180 days' dividends (or from the date of the initial deposit, if less) on the amount withdrawn. The penalty will be calculated using the dividend rate in effect on the date the withdrawal is made.

No redemption penalties will be imposed if:

The withdrawal is made more than 60 days after a written notice of intent to withdraw has been given to the Credit Union; or
The withdrawal is made from a Traditional IRA or Roth IRA subsequent to the death, disability or attainment of age 59 1/2 of the owner of the account; or
The withdrawal is made from an Education IRA for a qualified higher education expense; or
The withdrawal is a result of a voluntary or involuntary liquidation of the Credit Union.

IRS Penalties. Withdrawals from a Traditional IRA or Roth IRA prior to age 59 1/2 may be subject to penalties by the Internal Revenue Service. Withdrawals from an Education IRA in a year when the beneficiary does not incur Qualified Education Expenses or if the withdrawals for the year exceed the Qualified Education Expenses of the beneficiary, may be subject to penalties by the Internal Revenue Service. The penalties are described in IRS publication 590.

National Credit Union Administration. All NYTEFCU IRA accounts are federally insured by the National Credit Union Administration (NCUA) up to a maximum of $250,000. This is separate from NCUA insurance on regular NYTEFCU Share account(s).

Other Terms and Conditions. If you open an NYTEFCU IRA account, you will have (7) days from the date you open the account to change your mind and cancel the account. Upon request, we will provide you with an IRA Withdrawal Form, to be used for this purpose.

The Board of Directors of New York Times Employees' Federal Credit Union has the right to make changes to this account without your approval. If any changes are made, you will be notified within 90 days of the change taking effect.

Funds Availability Policy

This policy provides information to allow you to determine when funds you deposit or receive at NYTEFCU are available to pay checks or be withdrawn in cash. It is applicable to your account(s) with us unless you receive notice that a different policy applies. Most deposits require some period of time to "clear" because it takes us time to determine whether the deposited items will be paid. The time it takes varies with the kind of deposit involved, the location of the source of the funds, or both. Therefore, it is necessary to delay the availability of funds while collection is in progress. During the delay, you may not withdraw the funds and we will not use the funds to pay checks that you have written.

Determining the Availability of a Deposit. The length of the delay is counted in business days from the day of your deposit. Every day (except Saturday, Sunday, and a federal holiday) is a business day. If you make a deposit at any of our offices or ATMs on a business day that we are open, we will consider that day to be the day of your deposit. If you make a deposit at one our ATMs on a day we are closed, we will consider that the deposit was made on the next business day we are open. Unless this policy specifically provides otherwise, funds available on a business day are available 9:00 a.m. on that day.

Same Day Availability. Funds from electronic direct deposits to your account will be available on the day we receive the deposit.

Next-day Availability. Funds from the following deposits are available on the first business day after the day of your deposit:

U.S. Treasury checks that are payable to you.
Wire Transfers.
Checks drawn on us.

If you make the deposit in person to one of our employees, funds from the following deposits are also available on the first business day after the day of your deposit:

Cash
State and local government checks that are payable to you.
Cashier's, certified, and teller's checks that are payable to you.
Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to you. If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the second business day after the day of your deposit.

Longer Delays May Apply. In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100 of your deposits will be available on the first business day. If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

We believe a check you deposit will not be paid.
You deposit checks totaling more than $5,000 on any one day.
You redeposit a check that has been returned unpaid.
You have overdrawn your account repeatedly in the last six months.
There is an emergency, such as failure of communications or computer equipment. We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the 11th business day after the day of your deposit.

Special Rules for New Accounts. If you are a new member, the following special rules will apply during the first 30 days your account is open. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day's total deposits of cashier's, certified, teller's traveler's, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special slip). The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the 30th business day after the day of your deposit.

ADDITIONAL INFORMATION

This policy does not apply to checks drawn on banks outside the United States, its territories and possessions.
We reserve the right to reject any deposit or to accept checks for collection only.
We reserve the right to refuse any check containing multiple endorsements when one or more endorser in unknown to us.
NYTEFCU's additional regulations applicable for each type of account remain in effect, and are available upon request.

Electronic Funds Transfer Agreement

In this Agreement the words "you" and "your" mean the member(s) of New York Times Employees' Federal Credit Union. The words "us", "we", and "our" mean New York Times Employees' Federal Credit Union. The word "STAR" means an automated teller machine owned by us and identified by "The STAR" logo. The word "ATM" means any automated teller machine not identified by the "STAR" logo. The word "PIN" means a personal identification number which must be used to perform transactions at a STAR machine, ATM or when using our Infoline, or our lobby Information Terminals. The words "ATM Card" and "Debit Card" mean an access card issued by us to you, and for you to use to access your authorized account(s) electronically.

Purpose of this Agreement: This agreement covers your use of certain electronic funds transfer services including those performed with an ATM Card or Debit Card at a STAR machine, ATM or merchant, or those performed using Infoline or our Information Terminals which we make available to you. It also defines your and our responsibilities with respect to electronic funds transfers. You understand that the agreements and rules and regulations applicable to all of your accounts with us remain in effect and continue to be applicable except as specifically modified by this Agreement.
Application of this Agreement: An electronic funds transfer is a transfer of funds, other than by check or paper instrument, which is performed through use of a telephone, STAR machine or ATM, computer, magnetic tape or other electronic means. The electronic funds transfers which are covered by this Agreement are: (i.) the direct deposit of Social Security checks and other recurring payments from governmental agencies; direct deposit of payroll, payroll deductions or other payments from a company, using the Automated Clearing House (ACH); payments you have , by agreement with a third party, authorized to be made by debit to your Checking account (an example would be insurance premiums); (ii) transactions made at STAR machines including deposits or transfers to Share, Checking and Money Market accounts, withdrawals or transfers from Share, Checking or Money Market accounts, loans payments made by cash or by transferring funds from a Share or Checking account and advances on your Line-of-Credit; (iii) transactions made at ATMs including transfers to Share and Checking accounts, withdrawals or transfers from Share and Checking accounts, and advances on your Line-of-Credit; (iv) payment for purchases at merchants that have agreed to accept the ATM Card or Debit Card (referred to as Point-of-Sale or "POS" transactions); (v) transactions made using Infoline including inquiries to obtain account balances on share and loan accounts, transfers of funds from Share, Money Market and Checking accounts (transfers from Share and Money Market are limited to six (6) per month), transfer of funds to Share accounts, transfer of advances from unsecured lines of credit to Share or Checking accounts (minimum amount $100.00, maximum amount $10,000), transfer of loan payments from either Share or Checking, inquiries as the whether a specific check has cleared against your Checking account, inquiries as to the last 15 transactions on Share and Loan accounts, requests for withdrawal checks from Share accounts (minimum amount $5.00 - maximum $10,000.00), and advance checks from unsecured Lines of Credit (minimum $100 - maximum $10,000). Note: Checks will be mailed only to the address appearing in our records; (vi) transactions made at our Information Terminals including inquiries to obtain Share, Loan or Certificate balances, and inquiries as to whether either a specific check has cleared your Checking account, or as to the last 5 checks which have cleared your account.
Your ATM Card and Debit Card: To perform electronic funds transfers at STAR machines or ATM's, in addition to your ATM Card or Debit Card, you will be required to use your PIN. To perform POS transactions you may be required to use your PIN or sign a sales draft. We will send you a PIN by mail after we send you your ATM Card or Debit Card. You may use this PIN or you may encode a PIN that you select at one of our offices. It is important to remember this number and to prevent others from discovering it since, if someone else obtains your PIN and ATM Card or Debit Card, he/she can make withdrawals from your accounts. If you do not want to use the ATM Card or Debit Card, you should destroy it at once by cutting it in half. If you authorize us to issue an ATM Card or Debit Card (or any other access device) to anyone else, you authorize that individual to withdraw funds from any account (including a Line-of-Credit account) which can be accessed by the ATM Card or Debit Card, regardless of whether that individual is authorized to withdraw money from the account by any means other than by use of the ATM Card or Debit Card.
Your PIN: In order to use Infoline or our Information Terminals, you must use the PIN which we send you. If you do not want to use this PIN, destroy the PIN notification form when you receive it from us. It is important to remember this number and to prevent others from discovering it since, if someone else obtains your PIN, he/she can make transactions, including withdrawals from your accounts. If you authorize us to issue a PIN (or any other access device) to anyone else, you authorize that individual to withdraw funds from any account (including a Line-of-Credit account) which can be accessed by Infoline, regardless of whether that individual is authorized to withdraw money from the account by any means other than by the use of ARU.
Making Electronic Funds Transfers: You agree to follow the instructions posted or otherwise given by us for use of our STAR machines, ATMs, Infoline or our Information Terminals.
Limitations on STAR and ATM Withdrawals: Each day you may withdraw up to a maximum of five hundred ($500.00) dollars in cash at a STAR machine or ATM, fifteen hundred ($1,500) dollars when using your Debit Card for POS transactions done in person at a merchant location. Subject to the following conditions: (1) at the time you use your ATM Card or Debit Card, the POS terminals, STAR machines or ATMs are "on-line" to our computer system; (2) you have sufficient funds in your Share account or Checking account or available under your Line-of-Credit; (3) advances under your Line-of-Credit must be in minimum increments of one hundred ($100) dollars. If the STAR machine, ATM or POS terminal is not "on-line" at the time you use the machine or attempt the transaction, you will be limited to a daily aggregate withdrawal of (i.) two hundred ($200.00) dollars when using your ATM Card or Debit Card at a STAR machine or ATM or; (ii) two hundred ($200.00) dollars when using your ATM Card for POS transactions or; (iii) five hundred ($500.00) dollars when using your Debit Card for POS transactions done in person at a merchant location or; (iv) two hundred ($200.00) dollars when using your Debit Card for POS transactions that you do not do in person at the merchant location. Once you have withdrawn two hundred ($200.00) dollars or more with your ATM Card or five hundred ($500.00) dollars or more with your Debit Card, you will be unable to obtain any additional funds if, subsequently, the STAR machines, ATMs, or merchants are not on-line that same day.
Verification and Availability of STAR Machine Transactions: All deposits and loan payments made at any of our STAR machines will be provisionally credited subject to subsequent verification and collection. Please refer to our rules governing funds availability for further details about the availability of deposits made at our STAR machines.
Withdrawal of Unavailable Funds: If you use an ATM Card or Debit Card to withdraw funds and we later determine you had insufficient funds in the account you used for this transaction, or for any other reason the withdrawal may not be processed, you authorize us to withdraw the amount of insufficient funds from any other accounts you have with us or to process an advance against your available Line-of-Credit in an amount equal to the amount of insufficient funds. If, at that time, by following these procedures we are unable to obtain reimbursement, you will be charged a fee of twenty-five ($25) dollars for each improper withdrawal and you agree to pay us the monies you owe us including the applicable fee within 24 hours after we notify you. You agree that we may continue to follow these procedures to obtain reimbursement of the monies you owe us, including the applicable fee.
Receipts: You will receive a receipt for each transaction that is made at a STAR machine, ATM Information Terminal or POS location. You will not receive a receipt for transactions performed using Infoline.
Information Disclosure: We will discuss information to third parties about your account or the transactions you engage in: (a) where it is necessary for completing transactions, or (b) in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or (c) in order to comply with government agency or court orders, subpoenas and other legal documents, or (d) if you give us your written permission.
Periodic Statements: Your electronic funds transfers will appear on your monthly statement.
Pre-authorized Statements: If you have arranged to have recurring payments (such as Social Security, pension or payroll) made directly to your NYTEFCU account, you will receive proof of payment from the agency or company making the payment. You will not receive any notice from us other than your monthly statement of account. 13. Pre-authorized Credits-Social Security Payments: If you have arranged to have Social Security payments made directly to your NYTEFCU account, the deposit will be reflected on your monthly Statement of Account. If you need to verify that the deposit was made prior to receiving your monthly statement, you may do so by calling (212) 354-0351.
Pre-authorized Debits: You may make arrangements with other companies to make payments to them out of your Checking account. You will not receive any notice from us other than your monthly Statement of Account. If these regular payments may vary in amount, the person you are going to pay will tell you 10 days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.
Your Right to Stop Payment of Pre- authorized Debits and How to Do So: If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here's how: Call us at (212) 354-0351, or write us at 620 Eighth Avenue, 28th Floor, New York, NY 10018, in time for us to receive your request three business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call. If you order us to stop one of these payments three business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
In Case of Errors or Questions About Your Electronic Transfer: Telephone us at (212) 354-0351 or write to us at 620 Eighth Avenue, 28th Floor, New York, NY 10018, Attention: Reconciliation Department, as soon as you can if you think your statement or receipt is wrong or if you need more information about a transaction listed on the statement or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the problem or error appeared. 1)Tell us your name and account number; 2) Describe the error or the transaction 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 require that you send us your complaint or question in writing within 10 business days. We will tell you the results of our investigation within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will re-credit your account within 10 business days 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 do not receive your complaint or question in writing within 10 business days, we may not re-credit your account. If we decide that there was no error, we will withdraw the amount we had credited back to your account and send you a written explanation within three business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.

Your Liabilities for Unauthorized Transactions: Tell us AT ONCE if you believe your ATM Card, Debit Card, or PIN, has been lost, stolen or discovered by an unauthorized person. Telephoning is the best way of keeping your possible losses down. If you tell us within two business days that your Debit Card is lost or stolen, you will not be liable for any losses. If you do not report the loss or theft of your Debit Card within two days, you will be liable for up to fifty ($50.00) dollars. If you do NOT tell us within two business days after you learn of the loss or theft of your ATM Card or PIN and we can prove we could have stopped someone from using your ATM Card or PIN without your permission if you had told us, you can lose as much as five hundred ($500.00) dollars. Also, if your statement shows transactions 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 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 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. If you authorize someone else to use your ATM Card or Debit Card or PIN, you are responsible for ALL transactions which that person initiates at any time, even if the amount of the transaction exceeds what you authorized.
Our Liability for Failure to Complete Transactions: If we do not properly complete a transaction on time or in the correct amount according to this Agreement, we may be liable for your losses or damages. However, there are some exceptions. We will not be liable if: (a) through no fault of ours, your account does not contain enough money (or sufficient collected funds) to complete the transaction; (b) in the case of direct deposit, through no fault of ours, the other parties to the transaction fail to initiate it; (c) your account is frozen because of a court order or similar reason; (d) the STAR machine or ATM where you are making the money does not have enough cash; (e) the STAR machine, ATM, Infoline or our terminal or other electronic funds transfer system was not working properly and you knew this at the time you started the transfer; (f) the transaction would exceed your Line-of-Credit; (g) your ATM Card, Debit Card or PIN has been reported lost or stolen and we have blocked the account; (h) circumstances beyond our control prevent the transaction, despite reasonable precautions we have taken.
Reporting a Lost ATM Card, Debit Card, or PIN: If you believe your ATM Card, 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 (212) 354-0351, or write to us at 620 Eighth Avenue, 28th Floor, New York, NY 10018, Attention: Transaction Card Department.
Business Day Disclosure: Click here for our business days and hours.
Ownership of ATM Card and Debit Card: The ATM Card and Debit Card remains the property of New York Times Employees' Federal Credit Union and you agree to surrender the cards to NYTEFCU upon demand or through retrieval by any STAR machine or ATM.
Fees and Charges: All transactions at NYTEFCU STAR machines are free. Withdrawals at other financial institutions' ATMs: First eight withdrawals per month are free. Ninth and subsequent withdrawals during the month will be charged $1.00 each. In accordance with paragraph 8 or this Agreement, in some instances, there is a twenty-five dollar ($25.00) charge for withdrawal of unavailable funds from STAR machines or ATMs. We reserve the right to institute other charges in the future.
Termination or Amendment: We may terminate your right to make electronic funds transfers at any time or amend the terms of this Agreement or cancel this Agreement or the electronic funds transfer services. Amendments to this Agreement will be effective when indicated and will be posted in our offices and/or mailed to you.
Agreement Controls: Both you and we will be bound by this Agreement. If there is a conflict between this Agreement and something said by one of our employees, you agree that this Agreement controls.
Applicable Laws: Except as governed by federal law, this Agreement shall be construed and governed in accordance with laws of the State of New York.

Account Disclosures

Account Disclosures

Current Rates

Share Accounts

Checking Accounts

Money Market Acconts

Certificate Accounts

Individual Retirement Accounts (IRA) IRA Share and IRA Share Certificate Accounts Including Traditional IRAs, Roth IRAs, and Education IRAs

Funds Availability Policy

ADDITIONAL INFORMATION

Electronic Funds Transfer Agreement

Individual Retirement Accounts (IRA)
IRA Share and IRA Share Certificate Accounts
Including Traditional IRAs, Roth IRAs, and Education IRAs