Disclosure Pursuant to Funds Transfers Governed by

Regulation J and the Uniform Commercial Code Article 4A

Wire Transfers

We may accept on your behalf, payments to your account or transfers from your account which will be or have been transmitted by Fedwire. Your rights and obligations with respect to such transfers shall be construed in accordance with and governed by Regulation J, Subpart B - Funds Transfers Through Fedwire, which is applicable to funds transfers involving your account.

 

If you give us a payment order which identifies a beneficiary, the person to whom you are wiring the funds, by name and account or some other identification number, such as taxpayer I.D. or drivers license, we may pay the beneficiary on the basis of the number provided to us by you, as the proper identification. This will be true even if the number you provided to us identifies a person different from the named beneficiary.

 

If you give us a payment order which identifies the beneficiarys financial institution in the funds transfer by name and Routing and Transit (R & T) number or other identifying number, we (Sagelink Credit Union), as well as the receiving financial institution, may rely on the number provided to us by you, as the proper identification. This will be true even if the number you provided identifies a financial institution that is different from the named financial institution.

 

We will provide you with notification of an incoming wire transfer as part of your periodic statement. Therefore, we will not provide a special notice every time we receive a wire transfer into your account. You may, however, contact our Member Service Department at (800) 292-2196 if you are expecting a wire transfer into your account.

 

Wire transfer requests received after 1 p.m. will be sent the following business day. Wire transfers received for credit to your account after 4 p.m. will be considered received the following business day. If we are obligated to pay interest to you on the amount of the transfer, you shall be paid interest on a daily basis equal to the dividend rate otherwise applicable to your account.

 

Receipt of Automated Clearing House (ACH) Transfers

Credit given by us to you with respect to an automated clearing house credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such an entry, and the party making payment to you via such entry (i.e., the originator of the entry) shall not be deemed to have paid you in the amount of such entry.

 

Under the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account, we are not required to provide next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statements we provide to you. You may, however, contact our Member Service Department at (800) 292-2196 if you are expecting an ACH credit to your account.

 

We may accept on your behalf payments to your account which have been transmitted through one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Funds Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of Michigan as provided by the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account.

 

ACH credits received after 8:30 a.m. will be considered received the following business day. If we are obligated to pay interest to you on the amount of the transfer, you shall be paid on a daily basis equal to the dividend rate otherwise applicable to your account.