Electronic Funds Transfer Disclosure

Northern Colorado Credit Union’s Debit Card offers additional services that give you greater versatility for managing your financial needs. You may use your debit card to pay for goods and services where MasterCard® is accepted. The purchase is deducted from your checking account. Also, this card can be used as an ATM card. The following disclosure statement complies with certain disclosure requirements imposed on financial institutions by the Electronic Funds Transfer Act and Regulation “E” of the Federal Reserve Board, which applies to consumers only.

Personal Identification Number (PIN)

Upon receipt of your card and Personal Identification Number (PIN), you are required to sign your name on the signature panel on the back of the card. You are responsible for the proper control and safekeeping of your card and PIN at all times. We must be notified immediately if you believe your card has been lost or stolen or if a transfer of funds has been made without your permission. For your protection, you should keep your PIN secret and not write it on the card or keep it any place where it may be found with the card. Do not disclose your PIN or allow your card to be used by a third party; if you do, the credit union may cancel your card and terminate this agreement, and you will be responsible for all charges incurred by such third parties.

Limitations of Transactions

For security reasons, there are limitations on transaction dollar amounts. ATM cash withdrawals are limited to $300 per day. Retail purchases, including point-of-sale transactions where you utilize your PIN, are limited to $2,500 outstanding at any time.

Types of Transactions

You may use your debit card at automated teller machines (ATM) and MasterCard® merchants throughout the country. However, some of these functions may not be available at all terminals:

  • ATM cash withdrawals with card and PIN
  • ATM transfer of funds between checking and savings
  • ATM account balance information
  • Retail purchases at MasterCard® merchants

Foreign Transactions

Purchases made in foreign countries and foreign currencies will be billed to you in U.S. dollars. The conversion rate to dollars will be made in accordance with operating regulations for international transactions established by MasterCard®.


When you complete an ATM transaction, you will generally receive the following information on a receipt: amount of money withdrawn, date of transaction, type of transaction, identity of the account, location of terminal, transaction number, and card number. You have a right to get a receipt from a retailer at the time and place of your transaction. You will get a monthly account statement for your checking account, which will indicate your debit card transactions, as well as any fees incurred as a result of using your debit card.

Disclosure of Charges

A $20.00 fee may apply to cards reissued due to cardholder negligence. In general, a card transaction is treated the same as any other withdrawal or deposit unless otherwise stated in the account description. For other charges related to your specific account, please refer to a current “Truth in Savings-Deposit Account Disclosure” policy statement. NCCU reserves the right to make future changes in checking account and/or debit card service charges.

Account Information Disclosure

We will only disclose information to third parties about your account or the transfers that you make to:

  • Complete transfers as necessary
  • Verify the existence and condition of your account for a third party, such as a credit bureau or a merchant
  • Comply with government agencies or court orders
  • Anyone using your debit card and personal identification number (PIN)
  • Anyone who has your written permission

Credit Union’s Liability

If we do not complete a transfer to or from your account on time or in the correct amount according to your instructions, we may be liable for your loss or damages. However, there are some exceptions.

We will not be liable, for instance, if:

  • Through no fault of ours, you do not have enough money in your account to make the transfer
  • The ATM where you are making a withdrawal or transfer does not have enough cash
  • You used the wrong PIN or used an ATM/POS (point-of-sale) in an incorrect manner
  • Circumstances beyond our control (such as fire or flood) prevent the transfer
  • The money in your account is subject to legal process or other encumbrance
  • Your card has been revoked due to excessive insufficient fund transactions, notice from you of suspected fraud, or similar circumstances

There may be other exceptions stated in our agreement with you. The credit union may be liable for damage if, subject to normal credit union policies and procedures, we failed to properly credit deposits or to stop payment of an item at your request. However, under no circumstances shall the credit union be liable for damages where the error or failure is beyond our control and the credit union exercised due care, according to industry standards, where there was a technical or mechanical malfunction, or when you have been negligent in the care, custody, control, or use of your card or PIN.

Cardholder’s Liability

Zero Liability Protection for Lost & Stolen Cards

Have peace of mind knowing that we won’t hold you responsible for “unauthorized purchases” on your U.S. MasterCard® card. Zero liability applies to purchases made in the store, over the telephone, or online. As a MasterCard® cardholder you will not be responsible in the event of unauthorized purchases provided the following preconditions are met:

  • Your account is in good standing
  • You have exercised reasonable care safeguarding your card from any unauthorized use. Unauthorized use means you did not provide someone else, directly or by implication, the right to use your card and you received no benefit from the “unauthorized” purchase. Failure to register certain cards will be considered as not safeguarding your card; and
  • You have not reported two or more unauthorized events in the past 12 months

Zero liability does not apply to MasterCard® cards when:

  • Issued for commercial, business, or agricultural purposes, except for MasterCard® commercial cards used for small businesses as listed on www.mastercardbusiness.com; or
  • If a PIN for a debit transaction is used for the unauthorized purchase

Contact the credit union immediately if you believe your debit card or PIN is lost or stolen. An immediate phone call is the best way to reduce any possible losses.

Error Resolution

Please review your checking account statement carefully. If it lists any debit card transactions you did not make, notify us immediately. If you do not notify us in writing within 60 days after the statement mailing date where the error first appeared, you may not be reimbursed for the withdrawal or related charges. The minimum amount of information required when notifying us is your name, account number, and a description of the transaction in question. Your transaction description should include the amount, date, and a clear explanation of why you believe it is an error or why you need more information. If you tell us verbally, we may require you to send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly if the transaction involved a point-of-sale transaction or a foreign-initiated transfer. If we need more time, however, we may take 90 days to investigate your complaint or question. If we decide to do this, we will provisionally credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is in error so that you will have provisional 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 10 business days, we may not credit your account. An account is considered a new account for 30 days after the first deposit is made, if you are a new customer. We will tell you the results within a reasonable time after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents we used in our investigation. Please note, fees may apply.

(NCCU updated 9/16)