Transfer Types and Limitations
Types of Transfers
You may transfer funds between any two of your Accounts about which you have provided the necessary information to funds transfer. Transfers can be between Accounts within the same financial institution or at an unrelated financial institution. You may also use the Service to transfer funds from one of your Accounts to an account of a Recipient. Specific instructions for transferring funds to an account of a Recipient are available by clicking on the “Recipients” tab.
You authorize us to select any means to execute your fund’s transfer instructions. You understand that to affect your funds’ transfer instruction we utilize the Automated Clearing House (ACH), using applicable ACH Rules, we debit one of your Accounts and credit another of your Accounts or an account of a Recipient.
In the event that a debit to any of your Accounts, or any portion of any such debit, has failed and the credit side of such transaction has been released and cannot be collected, and we are unable to debit either the debited or the credited Account, we reserve the right, and you hereby authorize us, to debit any of your other Accounts to the extent necessary to offset any resulting deficiency. We do not undertake to notify you in such event, other than by posting any such transfer or transfers to the applicable Account in accordance with this Agreement
Your credit union’s home banking Scheduled Transfer Service enables you to manage certain automatic transfers between accounts at the credit union.
By activating one or more Scheduled Transfers, you agree to the following terms and conditions:
Each of your accounts at Discovery FCU is also governed by the applicable account disclosure/agreement and Truth In Savings disclosure you received when you opened your account. You may schedule transfers, that do not vary in amount, to automatically occur on a regular schedule of your choice. The Scheduled Transfers that you set up cannot start on the same day you enter them.
Scheduled Transfers will be processed on each scheduled transfer date. Scheduled Transfers are processed prior to 9:00 A.M. on each Calendar Day. A Scheduled Transfer may be changed or canceled only if done so prior to the scheduled transfer date.
Your Scheduled Transfers are also covered under Regulation E. Please refer to the section titled “In Case Of Errors Or Questions About Electronic Transfers” on your statement of account for additional information.
Please be aware that the credit union may permanently cancel any Scheduled Transfers you have set up on this service if the credit union is unable to process the transfer for any reason. This includes, but is not limited to, the inability to process a scheduled transfer because of a closed account, insufficient funds, or any other reason.
All provisions of any agreements or disclosures previously made pertaining to your credit union accounts remain in effect and are not superseded or amended by this agreement.
Limitations on Account Transfers
You may use our Online Services products to transfer funds between your eligible Discovery Federal Credit Union accounts and accounts at other financial institutions. You may not transfer to or from an account at another financial institution using our service.
Federal regulation (Reg. D) requires financial institutions to limit the way withdrawals may be made from a savings account. Each transfer from a savings account using Online Services is counted as one of the six limited transactions permitted during each monthly statement cycle period, as described in the Disclosure of Account Terms.
We may also limit the type, frequency, and amount of transfers for security purposes and may change or impose limits without notice, at our discretion.