Deposit@schools.org Terms of Agreement and Disclosure
TERMS OF AGREEMENT
Deposit@schools.org is available as an additional service to Personal Branch members that qualify. Use of this service will constitute acceptance of the terms and conditions presented specifically for this service and Schools Financial Credit Union’s Truth-in-Savings and Credit Union Account Disclosures.
Deposit of Funds
As a member, you may deposit up to $1,000.00 into your checking account by entering the required information during each online deposit session. An online deposit session occurs when you select the deposit icon in Personal Branch, enter an online deposit item or multiple online deposit items, and post the total amount to your account. Each login that results in a posted online deposit is considered an online deposit session. You may complete more than one online deposit session as long as the $1,000.00 maximum online deposit limit is not exceeded.
The total amount posted during each online deposit session will be credited to your checking account on the same date your online deposit entry is made. Your online deposit will be immediately available for withdrawal at ATMs or to clear checks drawn on your account.
In exchange for immediate availability of funds using Deposit@schools.org, you agree to:
o Have a $5.00 service fee withdrawn from your checking account for each online deposit session that results in a deposit to your account;
o Record on your mailing envelope an online deposit session number that will be assigned by Schools Financial Credit Union;
o Not include any other correspondence or material of any type with the deposit items;
o Promptly mail the contents of each online deposit session no later than one day after the date that you completed your online deposit session;
o Mail the contents of each online deposit session (the items being deposited) in a single envelope to the special post office box assigned by Schools Financial Credit Union, and agree not to mail the contents of more than one online deposit session in a single envelope;
For example, Jane Member deposits three checks to her account during one online deposit session. Those same three checks must be mailed together in one envelope to the assigned post office box. If Jane completes a second online deposit session later that day, the contents of that online deposit session must be mailed together in a second deposit envelope.
o Fully cooperate with Schools Financial Credit Union in any investigation involving lost mail or missing online deposit items from your deposit envelope.
Online deposit items that are received and processed by Schools Financial Credit Union within the ten (10)-day grace period will refresh the available online deposit limit on the account. For example, a single $1,000.00 online deposit will restrict additional online deposit sessions to the account until the online deposit item is processed by Schools Financial Credit Union.
Online Deposits Not
Received or Missing Online Deposit Items
The online deposit items that makeup the total deposit in each online deposit session must be received by Schools Financial Credit Union within a ten (10) calendar day grace period that begins the day after the date of each online deposit session. If the online deposit items are not received by Schools Financial Credit Union within the ten (10) calendar day period, the deposit total may be reversed on your account. This may result in a negative checking account balance on your account.
Deposit@schools.org allows you to view online deposits that have not been received and processed by Schools Financial Credit Union. If you think you have made an error during an online deposit session, you omitted an online deposit item from your deposit envelope or you have a question about your online deposit, please contact the Credit Union directly at 916-569-5400 (Sacramento area) or 800-962-0990.
If you notify us that you mailed the deposit item(s) that made up the total online deposit in an online deposit session, and Schools determines that your deposit envelope is lost in the mail or an online deposit item is missing from your deposit envelope, the Credit Union will begin an investigation.
You agree to fully cooperate with Schools in the investigation by performing the following steps:
o You agree to
contact the maker of any missing online deposit item(s) within two (2) days of
the start of the investigation to obtain replacements for the missing online
o You agree to
validate each missing deposit item(s) by providing us with documentation that
includes, but is not limited to, payroll stubs, check stubs, sales invoices,
information about the maker of the deposit item(s) or any other documentation
that supports the validity of each missing online deposit item(s) that will be
used by you to obtain a replacement item(s) from the maker of each original
missing online deposit item(s).
o We will credit
your account for the amount of each missing online deposit item(s) validated by
you, from the online deposit session under investigation, for a period of no
longer than 45 days, so that you have full use of the money and to give you
sufficient time to obtain a replacement item(s). Schools will not credit your
account for any missing online deposit item(s) you fail to validate. If
additional time is required to obtain a replacement deposit item(s), Schools
will consider this request as long as you provide us with written documentation
from the maker(s) of the deposit item(s) that supports the need to extend the
You agree that the following items will not be considered an acceptable online deposit under Deposit@schools.org Agreement. Online deposits of the nature described below will result in the immediate reversal of the online deposit to your account and may result in the suspension of this service. This means the amount of the item deposited will be removed from your account and will reduce your checking account balance. The reversal may result in a negative checking account balance. Unacceptable online deposits include, but are not limited to, the following:
o Online Deposit
of Schools Financial Credit Union Check Drawn on Personal Account — The online deposit of a
personal check that is drawn on the same account holder's personal checking
account number at Schools Financial Credit Union is PROHIBITED. Online deposits
of this nature will result in the immediate revocation of Deposit@schools.org and
may subject the depositor to criminal prosecution.
Items — The
online deposit of any item stamped with a "non-negotiable" watermark is PROHIBITED. Online deposits of
this nature will result in the immediate revocation of Deposit@schools.org and may
subject the depositor to criminal prosecution.
Checks — An
altered check is any check that contains evidence of a change (correction fluid,
crossed out amounts, etc.) to information on the face of the check. Members
with altered checks MUST get a replacement check from the maker before the
Credit Union will accept the online deposit.
Checks — A
foreign check is any check that is issued to you by a financial institution in
another country (Canada, France, etc.). Foreign checks may ONLY be deposited in a branch
or by mail. Please remit all foreign checks to Schools Financial Credit Union, PO Box 60043, City of Industry, CA 91716-0043.
Items — An
incomplete item is any item that does not contain signatures of the maker,
endorsement signatures or is missing any of the information required during
key-entry in an online deposit session.
o Stale Dated
and Post Dated Checks
— Certain checks contain instructions such as: “Void 90 days after issue date,”
“Must be cashed within six months of issue date” or are dated with a date in
the future. Members with stale dated checks MUST get a replacement check from
the maker before Schools will accept the deposit. Post dated checks are not
accepted until on or after the date of the check.
o Third-Party Checks — Third-party checks are checks that are made payable to a second party and then signed (endorsed) over to a third party. Third-party checks are not accepted through Deposit@schools.org and may ONLY be deposited in a branch or by mail, on an exception basis. Please remit third-party checks to Schools Financial Credit Union, PO Box 60043, City of Industry, CA 91716-0043.
You agree to immediately reimburse Schools Financial Credit Union for any negative balance in your account caused by your use of Deposit@schools.org. If your use of Deposit@schools.org causes a negative balance in your account, you also agree to pay any applicable overdraft fee(s) as stated on Schools Financial Credit Union’s Schedule of Fees and Charges. In the event legal action is required, you agree to pay Schools Financial Credit Union for its reasonable attorney’s fees and court costs.
Schools Financial Credit
Union will not be liable for negative balances on accounts caused by the
non-payment of checks due to insufficient funds, delays in the mail service or
for any action by the member or authorized user of the account that results in
the reversal of a deposit on the account.
Schools Financial Credit Union reserves the right to discontinue Deposit@schools.org or to suspend account access at any time due to a change in business conditions or the failure of any member to abide by the Online Banking Regulation E Disclosures and Terms of Agreement, Deposit@schools.org Agreement or any other applicable Schools Financial Credit Union Agreements and Disclosures.
Electronic Services Disclosure and Funds Agreement
to receive documentation of transactions.
You will receive a monthly statement for the account(s) which you have accessed using Personal Branch, which will show the calendar date that you initiated the transaction, the type of transaction and the type of account(s) accessed by the transaction and the amount of transactions occurring in that statement period.
My Liability for Unauthorized Transactions and Advisability of Prompt Reporting. You must tell us AT ONCE if you believe that unauthorized activity has occurred through Deposit@schools.org program. Contacting our Call Center at 916-569-5400 (Sacramento area) or 800-962-0990 is the best way of keeping your possible losses down. A written notification to Schools should follow your telephone call. If you tell us within two (2) business days after you learn of the unauthorized activity, you can lose no more than $50.00. If you do NOT tell us within two (2) business days after you learn of the loss or theft of your PIN, and we can prove we could have stopped someone from conducting an unauthorized transaction if you had told us, you could lose as much as $500.00.
Telephone Number and Address to be Notified in Event of an Unauthorized Transaction. If you believe an unauthorized transaction has occurred without your permission, you must call us at: 916-569-5400 (Sacramento area) or 800-962-0990, or write us at: Schools Financial Credit Union, PO Box 526001, Sacramento, CA 95852-6001.
In Case of Errors or Questions About Your Electronic Services Transactions. You will call us at 916-569-5400 (Sacramento area) or 800-962-0990, or write us at Schools Financial Credit Union, PO Box 526001, Sacramento, CA 95852-6001, 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 send you the FIRST statement on which the problem or error appeared. You must:
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 will require that you send us your complaint or question in writing within ten (10) business days of your oral notice. We may also require you to complete an affidavit of forgery and file a police report.
If you can document a good reason (such as a long trip or hospital stay) that kept you from telling us, we will extend the time period.
We will determine whether an error occurred within ten (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 credit your account within ten (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 ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your account.
Schools Financial Credit Union Liability for the Deposit@schools.org Program
liability for failure to make or complete electronic funds transactions
If we do not properly complete an electronic funds transaction to or from your account(s) on time or in the correct amount according to our agreement with you, we may be liable for your losses and damages. However, there are some exceptions. We will not be liable, for instance, if:
1. Circumstances beyond our control (such as fire, flood, earthquake, electronic failure or malfunction of central data processing facility, etc.) prevent the transaction, despite reasonable precautions;
2. Through no fault of ours, you do not immediately reimburse Schools Financial Credit Union for the Deposit@schools.org due to not submitting your online deposit(s) within ten (10) business days or a deposited item is returned unpaid.
3. The funds in your account are subject to an uncollected funds hold, legal process or other circumstances restricting such transaction or payment;
4. Your failure to complete the transaction is done to protect the security of my account and/or the electronic terminal system;
5. The online deposit amount is over the maximum availability of $1,000.00;
6. There may be other exceptions.
We may change the terms and charges for the services indicated in this Disclosure and Agreement and we may amend this Disclosure and Agreement from time to time. If you have an account with us through which electronic transactions are being processed, you will receive written notice at least 21 days prior to the effective date of the change(s), or as otherwise provided by law.
to Other Disclosures
The information in this Disclosure and Agreement applies to the electronic service transactions described herein. This Disclosure and Agreement is given in conjunction with the Personal Branch Access Agreement, which provides instructions for using Personal Branch. Provisions in other disclosure documents, as may be revised from time to time, remain effective for all other aspects of the account involved.
You understand and agree that this Agreement is made in California and shall be governed by the laws of the State of California to the extent that California law is not inconsistent with controlling Federal law. You also understand and agree that California's choice of law rules shall not be applied if that would result in the application of non-California law. In the event of a lawsuit or arbitration, you agree that proper venue for any such action shall be federal or state courts and/or arbitrators located in Sacramento County, California.