Greenwood Credit Union
Terms, Conditions, and Disclosures for
Please read these terms,
conditions, and disclosures before applying for online banking with Greenwood
The terms, conditions, and disclosures which appear below apply to
Greenwood Credit Union's online banking. If you apply for online
banking, you agree that your use of online banking will be governed by
Greenwood Credit Union's membership agreement, the policies and
practices of Greenwood Credit Union, these Terms, Conditions, and
Disclosures for Online Banking, and any additional terms, conditions, or
disclosures that may be provided to you when your application is
approved. In these Terms, Conditions, and Disclosures for Online Banking
("Agreement"), the words "we," "us," "our," and "GCU" mean Greenwood
Credit Union and its successors and assigns. "You" and "your" mean each
person who is an owner of a deposit account at GCU for personal, family
or household purposes and who applies for online banking and each person
who uses online banking with your permission.
- Requirements. To use online banking at GCU, you must have an active account
- Services. Online banking means any banking service obtained from GCU over
the Internet. These services currently include inquiries, transfers,
bill payments, and certain other transactions.
a. Inquiries. On your account you may:
- find out a balance;
- view recent account history, recent
- see what checks have cleared;
- verify a deposit, including an automatic
- confirm recent withdrawals;
- view check images;
- view credit card transactions;
- confirm debit-card transactions;
- view copies of statements; and
- verify a loan payment.
b. Transfers. Also you may transfer funds from:
- checking to savings;
- savings to checking;
- checking or savings to loan, mortgage, credit
card, or overdraft line of credit;
- line of credit to checking; or
- you may create a new automatic transfer.
payments. With bill payments
- pay a one-time or recurring bill;
- add a recurring bill;
- delete a recurring bill; or
- confirm information about your recurring
d. Other. Also, you may:
- download recent account history into
personal-financial-management software like Microsoft Money, QuickBook
- change your password;
- order checks;
- Cross customer transfer; or
- e-mail GCU in a secure environment.
4. Computer equipment and software and GCU�s lack
of warranties regarding them.
To use online banking, you will need a personal computer, an
Internet-access provider, and a browser such as Microsoft Internet
Explorer or Netscape Navigator. You will need your cookies and java
script enabled on your browser. You are responsible for any and all
telephone/data usage charges that may be assessed by your telephone
company and any and all service fees that may be imposed by your
FOR EQUIPMENT, HARDWARE, SOFTWARE OR YOUR INTERNET-ACCESS PROVIDER, GCU
DOES NOT MAKE ANY WARRANTIES, EITHER EXPRESS OR IMPLIED, INCLUDING,
WITHOUT LIMITATION, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
We are not responsible for any loss, damage or injury, whether caused by
your equipment, your software or online banking. We will not be
responsible for any direct, indirect, special or consequential damages
arising in any way out of the installation, use or maintenance of your
equipment, your software or online banking, except where the law
requires a different standard. You agree to be bound by and to comply
with any requirements in any user�s guide, instructional manual, or
other instructions which we may provide to you in connection with online
5. Electronic communication. "Electronic communication" means a message
transmitted over the Internet in a format that allows visual text to be
displayed on electronic equipment such as a monitor to a personal
computer. "Electronically" means by electronic communication.
You agree to receive electronically this Agreement, any and all
disclosures required by federal and state law and regulation, and all
other communications from GCU. You also agree that we may respond
electronically to your communication to us, whether or not your original
communication to us was an electronic communication.
If a law requires you to receive written information about a
transaction, you agree that we electronically may provide you with that
- You agree that we may send you the information
on paper, but you do not have the right or option to demand it on
- You later may withdraw this consent, but we
may terminate this Agreement if you do.
- Your consent applies to all information that
we may prefer to send electronically to you.
- You may withdraw your consent at any time or
update us as to how to contact you electronically by sending us an
electronic communication or by calling or writing us. If you contact us
electronically, please refer to the paragraph below. If you call us, we
may ask you to confirm your information in writing.
- You may request a paper copy of an electronic
record by calling or writing us. If you call us, we may ask you to
confirm your request in writing. We may charge a fee according to our
normal-fee policy for providing the paper copy.
acknowledge that you have read section 5 above and that you have the
proper hardware and software to receive electronic communication. By
using online banking after signing this Agreement, you confirm
electronically your consent to receive electronic records.
We will consider that you have received
any electronic communication three (3) calendar days after the day it was
sent, whether or not you used online banking within that time frame. To the
extent permissible under applicable law, any electronic communication that
you send us will not be effective until we receive it and have had a
reasonable opportunity to act on it. Therefore, we strongly suggest that for
matters requiring immediate attention (e.g., alleged unauthorized transfers),
you call us during normal business hours at 401-739-4600. We also may require
you to provide us with written confirmation of any oral or electronic
Electronic communication that you send to us comes to us over the Internet.
It is not necessarily secure. Therefore, we will not send to you and we
strongly suggest that you not send to us over the Internet any confidential
information about your personal account (i.e., account number).
- Changes to online banking. We may change or enhance online banking from
time to time. If we do, we will notify you when these changes or
enhancements are available. By using online banking when these changes
or enhancements become available, you agree that they will be governed
by this Agreement and by any other terms, conditions, and disclosures
that we may provide to you.
- Overdrafts and uncollected funds. You agree not to overdraw your checking
account, at least not by an amount which exceeds the available balances
in the accounts which may be attached to your checking account to
provide overdraft protection; namely, savings and the overdraft line of
credit, or Discretionary Overdraft Privilege "ODP".
More specifically, you agree that your use of online banking, User ID,
and your password shall be subject to the overdraft provisions and the
collected-funds provisions of the membership agreement, to GCU's
Funds-Availability Policies, and to GCU's normal policies and practices
for overdrafts and uncollected funds.
If there are insufficient funds available in your checking account and
in your savings, "your overdraft
line and ODP." GCU will not pay
your bills, however if the bill is paid electronically then FIS (GCU's
Bill Payment Service) will pay and send you a bill for the payment
transaction." If the payment is in
check form then you will be responsible for paying them through other
means, which may include rescheduling them with bill payment.
If you are transferring money from your savings account to your checking
account, you agree not to attempt to transfer more money from your
savings account than is available.
- Your obligations for password, account number,
and account security. You
agree to keep your password and User ID confidential, to refrain from
disclosing your password and User ID to any third party, and to refrain
from recording or displaying your password and User ID in such a manner
that they will be accessible by third parties. You agree that the use of
the password and User ID by you, by any other applicant, by any party to
any of your accounts which may be accessed by the password or User ID,
by anyone you permit or authorize to use your password or User ID, and
by anyone to whom you disclose your password or User ID or to whom you
give access to your password or User ID shall be deemed an authorized
use for which you shall be liable. You will be responsible for reporting
the loss, theft, or compromise of your password or User ID to us as soon
as possible after the loss, theft, or compromise. For your security, in
the event that someone tries to access your account without knowing your
password, the system will lock out all access to your account after a
third incorrect password entry. In such event, you must contact GCU to
have GCU reinstate your access to online banking.
You also agree never to leave your computer unattended while using
online banking and always to exit online banking by clicking �Sign off�
located in the lower left portion of the screen.
- Our commitments to your account security. We protect your account, your account number,
and your password in several ways:
- Your password is selected by you;
Stop payment. You acknowledge and agree that you cannot stop payment on any
transfer initiated through online banking. You can place a stop payment
under certain conditions on certain preauthorized bills. Please see the
disclosures below on your right to stop payment on certain preauthorized
Termination of online banking. You agree that we may terminate this Agreement
and your use of online banking at any time for any reason without
notification to you. If you close your account, you agree to notify us
if you are an active user of bill payment. You and any other party to
your account can terminate this Agreement and online banking by
notifying us in writing. Termination will be effective on the
first-business day following our receipt of your written notice. If you
cancel bill payment with us, all scheduled and unprocessed payments will
be canceled. In such event, you agree to be responsible for ensuring
that your payee receives timely payment by an alternate-payment method
and we will not be responsible for any late fees, finance charges, or
other charges that you may incur if you fail to do so. Except for
pending transactions with bill payment that will be canceled,
termination of this Agreement or of online banking will not affect the
rights and obligations of the parties to this Agreement for transactions
initiated prior to termination. Notwithstanding your termination of this
Agreement or of online banking, you will remain responsible for any
transactions initiated by any person to whom you have furnished your User
ID or your password.
Amendments to this Agreement. We reserve the right to amend this Agreement
and to change at any time the terms and conditions governing online
banking, subject to such notice as may be required by applicable law.
Where applicable law permits, you agree that we may notify you
electronically. Your use of online banking following receipt of any such
notice will constitute your acceptance of any such change. Your use of
online banking is subject to existing laws and regulations governing
your account and any future changes to those laws or regulations.
Enforcement and governing law. You agree to be liable to us for any
liability, loss or expense that we may incur as a result of any dispute
involving your account or your use of online banking. You authorize us
to deduct any such liability, loss or expense from your account without
prior notice to you. This agreement shall be governed by and construed
in accordance with all applicable federal laws and all applicable
substantive laws of the state of Rhode Island and by the bylaws of GCU
as they now exist or may be amended hereafter. You agree that if there is
any inconsistency between the terms of this Agreement and any applicable
law, regulation or rule, the terms of this Agreement will prevail to the
extent that any such law, regulation or rule may be modified by
Agreement between us.
- Your sign on ID for online banking is selected
- Your 5 security question are selected by you;
- you can use online banking only with a valid
password and sign on ID;
- you can access online banking only with
certain browsers with reasonable encryption security;
- when you enter online banking, your password
is not displayed. It will appear as asterisks;
- if an incorrect password is entered three (3)
consecutive times, your account is blocked and you must contact GCU to
reactivate online banking;
- if your security questions are answered
incorrectly one (1) time your online account is blocked and you must
come into the credit union or notify us in writing to have the account
- we automatically log off your online banking
session after prolonged inactivity; and
- we limit the sizes of bills paid to $9,999 and
transfers to $10,000.
Regulation E Disclosure
- Your liability for unauthorized payments and
transfers and your agreement to report them promptly. If you believe that your password has been
lost, stolen, or compromised, you should change your password
immediately, using online banking to do so.
Tell us AT ONCE if you believe that your password has been lost, stolen,
or compromised. Telephoning is the best way of keeping your possible
losses down. You could lose all the money in your checking account (plus
all the money in the accounts which may be attached to your account to
provide overdraft protection; namely, savings, the overdraft line of
credit and ODP). If you tell us within two (2) business days, you can
lose no more than $50 if someone used your password without your
If you do NOT tell us within two (2) business days after you learn of
the loss or theft of your password and we can prove that we could have
stopped someone from using your password without your permission if you
had told us, you could lose as much as $500.
Also, if your statement shows transfers that you did not make, tell us
at once. If you do not tell us within sixty (60) days after the
statement was sent to you, you may not get back any money you lost after
the sixty (60) days if we can prove that we could have stopped someone
from taking 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.
- Contact in event of unauthorized transfer. If you believe that your password has been
lost, stolen, compromised, or that someone has transferred or may
transfer money from your account without your permission, call us at
401-739-4600 or write us at the following address.
Greenwood Credit Union
2669 Post Road
Warwick, Rhode Island 02886
Attention: Member service
- Business days. For purposes of these disclosures, our
business days are Monday through Friday. Holidays are not included.
a. Account access
With online banking you may:
Bill payments. You may pay bills only from your checking
(funding) account. Online banking will allow you to set up your own
personal list of payees and pay one-time or recurring (e.g., monthly)
bills. You may not pay bills to government agencies, to courts, to
payees outside the continental United States, or to fraudulent
businesses. We reserve the right to refuse to pay any payee to whom you
direct a payment. If we decide to refuse to pay a payee, we will notify
you promptly except in the case of payments directed to governmental
agencies, to courts, or to payees outside the continental United States.
- check balances,
- transfer funds,
- pay bills,
- view images of cleared checks,
- download information,
- e-statements, and
- e-mail us.
By providing online banking with the names and account information of
those persons or entities to whom you wish to direct payment, you
authorize online banking to follow the payment instructions that it
receives from you. Online banking will remit funds to the payee on your
behalf so that the funds arrive as close as reasonably possible to the
payment-due date designated by you, and then the funds will be debited
from your account.
It is your responsibility to schedule your bill payments in such a
manner that your bills will be paid on time. Online banking will
transmit your bill payments by check or by electronic automated-clearing
house ("ACH") entry. When you initially set up each of your payees, you
will be required to supply the name, address and telephone number of" the payee. Online banking will send
the first payment by check unless the information is already stored in
the system. Then, where possible, online banking will pay electronically
by ACH entry. You will be able to determine if a payee is ready to receive
payments by ACH by referring to the "Payee" screen of "Bill Payment.� If
on the "Payee" screen under the column labeled "Type" the word "Check"
appears, then the payee is paid by check. However, if on the "Payee
Maintenance" screen under the column labeled "Type" the word
"Electronic" appears, then the payee is paid electronically by ACH.
Because of circumstances beyond our control, particularly delays in
handling and posting payments by slow-responding companies or financial
institutions (payees), some transactions may take a day or even a few
days longer to be credited by your payee to your account with the payee.
For that reason, you must enter correctly the payment process date
allowing reasonable time for mailing if processed by check. You are responsible
for any late-payment charges, finance charges or other charges that may
be assessed by your payee for a late payment if you do not schedule
correctly your payment. The system will tell you an estimated deliver by
date, you are responsible for paying attention to this.
If a bill will be paid by check, the process date is the date that the
check will be written to the payee. If the bill will be paid
electronically by ACH, the process date is the date that the funds for
the bill payment will be withdrawn from your checking account. For a
bill that will be paid by check, set the process date five (5) business
days before the payment-due date. For a bill that will be paid
electronically by ACH, set the process date three (3) business days
before the payment-due date. As a bill changes from being paid by check
to being paid electronically by ACH, change the process date from five
(5) to three (3) business days. Business days do not include the due
date, the current date, weekends, or holidays. You can verify the
processing date for a payment by referring to the "Payee" screen within
To verify whether a payment is recurring or one-time, check the "Pending
Payments" screen within "Bill Payment." If the "Payment Option" column
says "Manual," then the payment is one-time. If the "Payment Option"
column says "Automatic," then the payment will be made automatically
each month in the same amount on the same date." You are also responsible to review
your monthly statement for accuracy of any payments you have made.
Transfers. Government regulations limit to six (6) per month the number of
preauthorized transfers, telephone transfers, and online-banking
transfers from your GCU savings account. However, online-banking
transfers from your GCU savings account to pay GCU loans do not count
against this limit of six (6).
All transactions are subject to the rules and regulations of GCU.
By registering for online banking you agree to pay GCU's online-banking
and other fees and you authorize GCU to charge your GCU checking account
to pay for them.
On bill payment, GCU will charge you twenty five dollars ($25) for each
stop payment, twenty five dollars ($25) for each overdraft, and six
dollars ($6) for each copy of a canceled check.
Confidentiality. We will disclose to third parties information
about your account or about the transactions you make:
- where it is necessary for completing transfers
or payments, or to resolve a problem related to a transfer or payment;
- in order to verify the existence and condition
of your account to a third party, such as a credit bureau or merchant;
- to our employees, auditors, service providers,
attorneys, or collection agencies in the course of their duties;
- in order to comply with government-agency or
court orders; and
- if you give us your written permission.
9. Documentation. GCU will include on your monthly statement all
payments and transfers made using online banking. The same information
will be available to you through online banking.
10. Preauthorized payments.
a. Right to stop payment and procedure for doing
so. If you have arranged to
have bills paid from your account by online banking, you can stop any
of those payments from being processed if you delete the manual
payments or skip recurring payments before the payment is processed,
approximately 5:00 p.m. Eastern time on the day before the process
date. You can determine if the payment has been processed by looking at
the "My Payees" screen. If the "History" column of the "My Payees"
screen says "Payment Sent," then the payment has been processed. If the
payment is not on the "Payment History" screen, then it should be on
the "Pending Payments" screen. If it is not, then online banking has no
record of the payment.
Additionally, you may stop payment by calling FIS customer service at 866-268-5093.
FIS is the company that actually writes the check for your bills paid
You also may stop payment on a transaction by calling or writing us at
the telephone number and address listed in the section 10 below. However,
because no one but you has your password, no one but you can access
your account. The only way GCU can stop a payment for you is to close
your online-banking account. If you want GCU to stop a payment for you,
GCU will do so, but GCU will have to close your online-banking account.
If you create a stop payment in GCU�s online banking system, call or
write GCU to stop a payment, you must notify us in time for us to
receive your request three (3) business days or more before the process
date. In addition, if you call we also may require you to put your
request in writing and get it to us within fourteen (14) days after you
call. For each stop payment that you order by oral or written
notification, GCU will impose the stop-payment fee listed above and will
close your account. However, GCU will impose no fee if you delete or
skip the bill payment or delete the payee yourself through online
banking before the process date.
Once the process date has passed for a bill payment, you may not stop a
payment if the payment is scheduled to be made by ACH. If the payment
is scheduled to be made by check, you may request a stop payment on the
check if the check has not cleared. You agree that any such request
will not be effective until we have had a reasonable time to act on it.
GCU will impose GCU�s stop-payment fee listed above for each stop
payment that you order in accordance with this paragraph. GCU might not
deduct the fee from your checking account until two months later.
- Liability for failure to stop payment of
preauthorized transfers. If
you order us to stop one of these payments within the time limits set
forth above, and we do not do so, we will be liable for your losses or
- GCU's liability. If we do not complete a transfer or bill
payment 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. For example, we will NOT be liable:
- if, through no fault of ours, a) you do not
have enough money in your account to complete a transaction, b) your
account is closed, or c) the transaction amount would exceed the
balances in your checking account, your savings account, and the limit
on your overdraft line of credit limit;
- if you used the wrong access code or you have
not properly followed any applicable computer, Internet access, or user
instructions for making transfers and bill payments;
- if your computer fails or malfunctions or if
online banking were not working properly and such problem should have
been apparent when you attempted your transaction;
- if circumstances beyond our control (such as
fire, flood, telecommunication outages, organized labor strikes,
equipment or power failure) prevent making your transaction;
- if the funds in your account are subject to an
administrative hold, legal process or other claim;
- if you have not given us complete, correct and
current instructions so that we can process a transfer or bill payment;
- if the error was caused by a system beyond our
control, such as that of your Internet-access provider;
- if you do not authorize a bill payment soon
enough for your payment to be made and properly credited by the payee
by the time it is due;
- if we make a timely bill payment but the payee
nevertheless does not credit your payment promptly after receipt;
- if the payment exceeds the daily limit;
- if we reasonably believe that someone is using
your account without authorization; and
In case of errors or questions about your
- if there are other exceptions that we
establish from time to time.
Telephone us at (401) 739-4600 or write us at
Greenwood Credit Union
2669 Post Road
Warwick, Rhode Island 02886
Attention: Member service
As soon as you can, if you think that your statement or receipt is wrong or
if you need more information about a transfer or bill payment listed on the
statement or receipt. We must hear from you no later than sixty (60) days
after we sent you the FIRST statement on which the problem or error appeared.
- Tell us your name and account number (if any).
- 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.
- Tell us the dollar amount of the suspected
If you tell us
orally, we may require that you send us your complaint or question in writing
within ten (10) business days.
We will tell you the results of our investigation 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 forty-five (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 that 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.
If we decide that there was no error, we will send you a written explanation
within three (3) business days after we finish our investigation. You may ask
for copies of the documents that we used in our investigation.
* If you assert an error within thirty (30) days after you make the first
deposit to your account, we will have twenty (20) business days instead of
ten (10) business days.
** If you give notice of an error within thirty (30) days after you make the
first deposit to your account, or notice of an error involving a transaction
initiated outside the U.S., its possessions and territories, we will have
ninety (90) days instead of forty-five (45) days to investigate.