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Brooklyn Cooperative Federal Credit Union (BCFCU) BILL PAY
AGREEMENT/DISCLOSURE
(BCFCU) offers members optional on-line bill payment.
Member may activate their bill payment and begin paying bills immediately. If members
activate bill payment and do not pay bills online for 3 months or more, they will be
unenrolled without penalty. They may enroll at a future time.
This is your bill paying agreement with BCFCU. You may use BCFCU's Bill Pay to
direct BCFCU to make payments from your designated checking account to the "Payees"
you choose in accordance with this agreement. The terms and conditions of this agreement
are in addition to the account agreements, disclosures and other documents in effect from
time to time governing your account (The Account Rules).
"You" or "Your" means each person who is authorized to use the service. "Payee" means
anyone, including BCFCU, you designate and BCFCU accepts as a "Payee".
HOW TO SET UP PAYEES/PAYMENTS
* If you want to add a new "PAYEE", select the "Payee" tab located in your Bill Pay
application or speak to a service representative.
* You may add a new fixed payment to a "Payee" by accessing the service and entering the
appropriate information. Most other additions, deletions, or changes can be made in writing
or by using the service.
* BCFCU reserves the right to refuse the designation of a "Payee" for any reason.
* You may pay any "Payee" within the United States (including U.S. territories and APO’s).
* BCFCU is not responsible for payments that can not be made due to incomplete, incorrect,
or outdated information.
THE BILL PAYING PROCESS
Single Payments - a single payment will be processed on the business day (generally
Monday through Friday, except certain holidays) that you designate as the payment’s
process date, provided the payment is submitted prior to the daily cut-off time on that date.
The daily cut-off time, which is controlled by BCFCU, is currently 3:00 p.m. EST.
A single payment submitted after the cut-off time on the designated process date will be
processed on the next business day. If you designate a non-business date (generally
weekends and certain holidays) as the payment’s process date, the payment will be
processed on the first business day following the designated process date.
Recurring Payments - When a recurring payment is processed, it is automatically
rescheduled by the system. Based upon your selected frequency settings for the payment,
a process date is calculated for the next occurrence of the payment. If the calculated
process date is a non-business date (generally weekends and certain holidays), it is
adjusted based upon the following rules:
* If the recurring payment‘s "Pay Before" option is selected, the process date for the new
occurrence of the payment is adjusted to the first business date prior to the calculated
process date.
* If the recurring payment’s "Pay After" option is selected, the process date for the new
occurrence of the payment is adjusted to the first business date after the calculated process
date.
Note: If your frequency settings for the recurring payment specify the 29th, 30th, or 31st as
a particular day of the month for processing and that day does not exist in the month of the
calculated process date, then the last calendar day of that month is used as the calculated
process date.
SINGLE AND RECURRING PAYMENTS
The system will calculate the Estimated Arrival Date of your payment. This is only an
estimate. Please allow ample time for your payments to reach your "Payees".
CANCELLING A PAYMENT
A bill payment can be changed or cancelled, anytime prior to the cutoff time (3:00 p.m.
EST) on the scheduled process date.
AVAILABLE FUNDS
You agree to have available and collected funds on deposit in the account you designate in
amounts sufficient to pay for all bill payments requested, as well as, any other payment
obligations you have to BCFCU.
* BCFCU reserves the right, without liability, to reject or reverse a bill payment if you fail to
comply with the above requirement or any other term of this agreement.
* If you do not have sufficient funds in the account and BCFCU has not exercised its right to
reverse or reject a bill payment, you agree to pay for such payment obligations on
demand.
* You further agree that BCFCU, at its option, may charge any of your accounts with BCFCU
to cover such payment obligations.
* BCFCU reserves the right to change the cut-off time. You will receive notice if it changes.
LIABILITY
* You are solely responsible for controlling the safekeeping of and access to, your Personal
Identification Number (PIN).
* You are liable for all transactions you make or that you authorize another person to make
even if that person exceeds his or her authority.
* You will be responsible for any bill payment request you make that contains an error or is
a duplicate of another bill payment.
* BCFCU is not responsible for a bill payment that is not made if you did not properly follow
the instructions for making a bill payment.
* BCFCU is not liable for any failure to make a bill payment if you fail to promptly notify
BCFCU after you learn that you have not received credit from a "Payee" for a bill payment.
* BCFCU is not responsible for your acts or omissions or those of any other person,
including, without limitation, any transmission or communications facility, and no such party
shall be deemed to be BCFCU's agent.
* In any event, BCFCU will not be liable for any special, consequential, incidental, or
punitive losses, damages, or expenses in connection with this agreement or the service,
even if BCFCU has knowledge of the possibility of them.
* BCFCU is not liable for any act, failure to act or delay in acting if it is caused, in whole or
in part, by any cause beyond BCFCU's reasonable control.
AMENDMENT TERMINATION
BCFCU has the right to change this agreement at any time by notice mailed to you at the
last address shown for the account on BCFCU's records, by posting notice in branches of the
BCFCU, or as otherwise permitted by law.
* BCFCU has the right to terminate this agreement at any time.
* You may terminate this agreement by written notice to BCFCU.
* BCFCU is not responsible for any fixed payment made before the BCFCU has a
reasonable opportunity to act on your termination notice.
* You remain obligated for any payments made by BCFCU on your behalf.
SERVICE FEES
The fee for the Bill Paying Service is $5.00 per month, for an unlimited number of monthly
payments, if used on a monthly basis.
When a payment you have scheduled is processed (see "The Bill Paying Process"), funds
sufficient to cover the payment are removed from your account with BCFCU for transmittal
to the designated Payee. In lieu of fees in addition to those listed herein, once the funds
are removed for processing, you will no longer earn, receive, or otherwise be entitled to
any interest, dividends, or other return on, or compensation for, the funds removed.
Additional charges for customer requested services and other items. These are iPay’s
charges to BCFCU. There will be No Charge for any item if needed to correct a Financial
Institution error.
* Written Correspondence to "Payee" : $20.00
* Per proof of payment not necessitated by a dispute: $10.00
* Payments returned due to customer error: $20.00
* Reinstate Fee: none
* Cancellation Fee: $20.00
* ACH Return Fee: $20.00
* Express Mail correspondence: $20.00
* Overdraft Fee: $20.00
* Research Fee: $20.00 per hour
You will be informed of any such charges before they are incurred. Bill payments are
processed by Electronic Fund Transfers (EFT). Please see the Electronic Fund Transfers
Disclosure Statement included, or, received when you opened your account, which
discloses important information concerning your rights and obligations.