Automatic Transfer Authorization
All transfers except Visa® or real estate
In this Automatic Transfer Authorization (“Authorization”), the words “you,” “your,” “yours,” “Schools” and "Schools Financial" mean Schools Financial Credit Union, and the words “I,” “me,” “my” and “us” mean the account holder(s).
- For transfers from a Schools account to another Schools account, transfers may be set up from any checking or savings account. However, since Federal Regulation D limits of six (6) electronic withdrawal transfers per month apply to these transfers, you recommend setting up automatic transfers from my checking account.
- For transfers from a Schools account to another Schools account, transfers may be set up to any savings, checking or loan (including Roth and Traditional IRA accounts). Transfers are not available into certificate accounts.
- Transfers are available weekly or bi-weekly, on a specified day of the week, monthly, quarterly, semi-annually and annually. Except for loan payments, the start date I select will be the basis for future transfers.
- For loan payments, transfers will occur on my loan payment due date. Automatic transfers will continue to occur even if a payment has been applied prior to the loan payment due date.
- If a transfer date falls on a weekend or federal holiday, the transfer will occur on the business day after the weekend or federal holiday. 6. Inquiries regarding this Authorization should be directed to 916-569-5400 (Sacramento area) or 800-962-0990.
General Terms and Conditions
- The Schools accounts listed above remain subject to their individual terms and conditions, which are not modified by this Authorization. The terms and conditions of the Credit Union Electronic Services Disclosure and Agreement located in the Credit Union Account Agreement and Truth-in-Savings Disclosure, as amended from time to time, are incorporated herein by this reference as if set forth in full.
- I understand and agree that it is my responsibility to have sufficient funds available in my account on the transfer(s) date(s). If my balance is insufficient to cover the amount of the transfer(s), for loan payment(s) and external transfer(s) a partial transfer will not be processed and the automatic payment will not be made. For internal transfer(s) between Schools’ share accounts a partial transfer may be made. I understand that in such cases, you may cancel this Authorization immediately without further notice to me. I further understand that you will not be liable for any charges, including but not limited to, any charges related to items which were returned because of insufficient funds or for any late charges or additional interest if this Authorization is for automatic loan payment(s).
- I understand and agree that it is my responsibility to provide you with accurate information. If I do not supply you with complete and accurate details regarding the transfer, I understand that the automatic transfer will not be made. I understand that in such case, you may cancel this Authorization immediately without further notice to me. I further understand that you will not be liable for any charges, including but not limited to, any charges related to items which were returned because of insufficient funds or for any late charges or additional interest if this Authorization is for automatic loan payment(s).
- I agree, in consideration of this service rendered by you, to indemnify (repay you for any loss) and hold you harmless (release you from any responsibility) from any liability or loss that occurs due to the dishonor of any debit presented which results from any charge made or refused to be made by you under this Authorization.
- You will give me reasonable notice when you amend this Authorization.
- I acknowledge that you have no responsibility to notify me when the above transfer(s) occur(s). I understand that I may contact you to find out whether or not the transfer has been made.
- I understand that overdraft protection funds or Courtesy Pay cannot be accessed for automatic transfers.
- I understand that my account may be subject to fees as disclosed in the Schedule of Fees and Charges that may be imposed by you.
- I understand that all preauthorized ACH transactions are governed by the operating rules of the National Automated Clearing House Association. Automatic transfers to a Roth or Traditional IRA are reported as current year contributions for the year in which the transfer was made. I cannot make a prior year contribution via automatic transfer.
Termination of Authorization
Any one of us may cancel this Authorization by giving written notice or electronically through SchoolsOnline.SM In order to cancel or change any automatic transfer(s), I must provide you with written notice at least three (3) business days prior to the next scheduled transfer date or process the cancellation electronically through SchoolsOnline at any time prior to the next scheduled transfer date. My notice will be effective when received by you. You may terminate this Authorization at your discretion by giving me written notice at the address you have on record for me, or electronically, if I have agreed to receive notices from you in an electronic format where required by law. Notice to any one of us is notice to all of us.