<img height="1" width="1" style="display:none" src="https://www.facebook.com/tr?id=827015880826282&amp;ev=PageView&amp;noscript=1">

Electronic Funds Transfer Agreement

Revised: October 2016


By signing an application or by using your Card, PIN, Password or an EFT service, you agree to the rules in this Agreement.  Also, you agree that you will not use your Card, PIN, Password, or any EFT service for illegal gambling or other illegal transaction(s). Display of a payment logo by a merchant (for example, online) does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located. Your rights to conduct transactions under this agreement may be suspended if we suspect illegal activity.

DEFINITIONS - As Used In This Agreement

We”, “us” and “our” refer to Mutual Security Credit Union, Inc. (MSCU). 
You” and “your” refers to anyone who has an account with us and is authorized to use the applicable Electronic Funds Transfer (“EFT”).
EFT” means an Electronic Funds Transfer as defined in the EFT Agreement.
EFT Agreement” means the Electronic Funds Transfer Disclosure Statement & Agreement set forth in this Agreement as it may be amended from time-to-time.
 “Account” refers to any account at MSCU from or to which we allow Electronic Funds Transfer (“EFTs”). 
Checking” and “Savings” refers to your Share Draft Checking & Share Savings Account designated for the EFT. 
PIN” refers, as applicable, to any personal identification number or code you agree to use to identify yourself, when conducting an EFT. 
Password” refers to the personal identification code you agree to use to identify yourself, in conjunction with your “PIN” when using Internet Banking or Online Bill Pay services.  
ATM” means an automated teller machine at which funds can be transferred into, deposited to, or withdrawn from your account and at which you may request account information, called “ATM Transactions.” 
POS” means Point-of-Sale.  
POS” Transactions are transactions in which you use your Card and/or PIN to pay for goods and services by debiting your checking account, whether or not an electronic terminal is used at the time of the transaction.  
“Card” refers to the MSCU ATM Cash Now card or VISA Bonus Check Card. 
“Line of Credit” means Home Equity Line of Credit or Cash Plus Line of Credit.
“NSF” refers to Non-Sufficient Funds.
Available Funds” means the money in your Account which can be withdrawn.  Available Funds may be less than the entire balance in your account if, for example, a “hold” is placed against certain funds in your account for a certain number of days to allow a reasonable time for checks deposited to or cashed against your account, to clear.
HSA” means a Health Care Savings Account.


  • Terminal transfers: You can get a receipt at the time you make any transfer to or from your account using an ATM or completing a POS transaction. You may not get a receipt if the amount of the transfer is $15 or less.
  • Preauthorized credits: If you have arranged to have direct deposits made to your account at least once every sixty (60) days from the same person or company, you can call Telephone Banking (800-227-4546) or utilize Internet Banking (www.mscu.net) or logon to Mobile Banking to find out if your deposit has been made.
  • Periodic statements: You will get a monthly account statement showing all EFT transactions.


  • Right to stop payment. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how:  Call us at 800-761-2400 or write us at MSCU, PO Box 2489, Shelton, CT 06484 in time for us to receive your request three (3) business days or more before the payment is scheduled to be made. If you call, we will require you to put your request in writing and get it to us within fourteen (14) days after you call.
  • To permanently stop these transactions. You must notify the person or organization you have agreed to pay.  If you instruct us to stop these payments we will do so.  However, we must receive a written notice to cancel within fourteen (14) days of your call, if the written request is not received within fourteen (14) days the stop payment will no longer be in effect. Please refer to our separate Fee Schedule for the amount we will charge you for each stop-payment order you give.
  • Notice of varying amounts. If these regular payments vary in amount, the person you are going to pay will tell you, ten (10) days before each payment, when it will be made and how much it will be. You may ask the person or organization you are going to pay to give you this notice only when the payment would differ by more than a certain amount from the prior payment or when the amount would fall outside certain limits that you set.  We will not be liable if the person or organization you are going to pay fails to give you notice of varying amounts.  If you do not have sufficient Available Funds in our Account to complete a preauthorized payment, we many deny the transaction or, in our discretion, we may allow the transaction to overdraw your account.
  • Liability for failure to stop payment of preauthorized transfers. If you order us to stop one (1) of these payments three (3) business days or more before the transfer is scheduled, we will be liable for certain types of losses or damages which you suffer.
  • Stopping an EFT.  Unless otherwise stated in this Agreement, you cannot stop an EFT, other than a preauthorized transfer.  Therefore, you should not employ electronic access for purchases of goods and services unless you are satisfied that you will not need to stop payment.

Every day is a business day except Saturdays, Sundays, and Federal Holidays.

CONFIDENTIALITY – When We Disclose Information to Others 
We will disclose information to third parties about your account or the transfers you make under the following conditions:

  • We will disclose information where it is necessary for completing transactions or collecting checks.
  • We will disclose information as allowed by law in order to verify the existence and conditions of your Account for a third party, such as a credit bureau.
  • We will disclose information in order to comply with any law, court order, or proper governmental request, such as subpoenas, tax information, bank examinations and reports of unusual cash transactions.
  • We will disclose information if you give us your written permission.
  • We will disclose information to auditors and collection attorneys.
  • We will disclose information to government officials in connection with suspected violations of law.
  • We will disclose information to third parties if you owe us money and we must take legal action to get it.
  • We may disclose information relating to an Account which does not identity you or your Account.
  • We may disclose information relating to your Account which is allowed to be disclosed under state and federal privacy laws.

MSCU reserves the right to refuse to issue access to an electronic device to any member with whom there has been an unsatisfactory account relationship.

An EFT is a transfer of your funds into or out of your account at MSCU which is initiated electronically. Indicated below are some types of EFT’s we currently offer, some of which may not apply to your account.

You may authorize a third party to initiate transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time or may recur as directed by you.  These transfers may use Automatic Clearing House (ACH) or other payment networks. Your authorization to the third party to make these transfers can occur in a number of ways. For example, to convert a check to an EFT when a merchant provides you notice and you go forward with the transaction (notice is typically provided at the point of purchase, it may be posted or on a receipt). In all cases, third party transfers will require you to provide your account number and credit union information. This information should only be provided to trusted third parties with whom you have authorized to initiate an EFT. Examples of these transfers include but are not limited to:

  • Preauthorized credits: You can arrange for direct deposit to your account of Social Security benefits or other deposits, such as payroll, to be deposited directly to your account.
  • Preauthorized payments: You can arrange to have recurring payments or transfers made from certain accounts automatically.
  • Electronic check or draft conversion: You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to pay for purchases or pay bills.
  • Electronic returned check charge: You may authorize a merchant or other payee to initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.

Please also see Limitation on frequency of transfers.

If you have applied for our telephone transfer service - you may access your account by telephone 24 hours per day at 800-227-4546 or 800-761-2400 option 1, using your PIN, a touch tone phone, and account numbers. If you have applied for our internet banking service, you may access your account online 24 hours a day at www.mscu.net using your PIN, Password and account numbers. Both of these services allow you to:

  • Transfer funds between accounts;
  • Make payments from share account to loan accounts;
  • Make payments from share accounts to MSCU VISA® (which  will be applied to your VISA account within two (2) business days);
  • Request a withdrawal by check from any of your share accounts; and
  • Request a loan advance by check from your Line of Credit.

Liability for failure to make transfers: If we do not complete a transfer to or 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. We will not be liable, for instance:

  • If, through no fault of ours, you do not have enough available funds in your account to make the transfer. Any “holds” on your account will reduce your amount of available funds;
  • If you have a Cash Plus Credit Line and the transfer would go over the limit;
  • If the automated teller machine where you are making the transfer does not have enough cash;
  • If the terminal or system was not working properly and you knew about the breakdown when you started the transfer;
  • If circumstances beyond our control (such as fire, flood or power outage) prevent the transfer, despite reasonable precautions that we have taken;
  • If we did not complete the transaction because we reasonably suspected fraud or illegal activity or if you do not provide your name, correct PIN or correct account numbers, where applicable;
  • If your card or PIN has been reported as lost or stolen;
  • If the funds in your account are subject to legal process or other encumbrance restricting such transfer;
  • If you do not follow the procedures in this or any other Agreement you have with us; and
  • There may be other exceptions stated in our agreement with you.

In addition to the limitations on transfers elsewhere described, the following limitations apply:

  • Transactions permitted and withdrawal amounts may vary according to the limits set by each ATM owner.
  • Transfers from Share Savings Accounts to another account or to third parties by telephone or computer transfer are limited to six (6) per statement cycle from each individual share savings account. This includes transfers from your share savings account to pay overdrafts on your checking account. More than six (6) transfers per Statement cycle will be assessed a fee according to our Fee Schedule. Internet & telephone transactions will not be allowed once the six (6) transfers limit is met. Your automatic overdraft coverage to your checking account from your share accounts will be discontinued if you have more than six (6) transactions per statement cycle, in any three (3) months in a twelve (12) month calendar period, which may result in returned drafts and NSF fees. Also access to CashLine and Internet Banking services may be denied or revoked.
  • For security reasons, there may be other limits on the number of transfers you can make using your Card.
  • During a malfunction of an ATM, or our computer system or the ATM’s system, we may limit the dollar amount and types of EFT’s you can make including the types of accounts you can access with an ATM.  Other limitations may apply at ATMs of other institutions.
  • Any transfer made after 8:00 p.m. EST may result in a delay in posting the transfer until the next business day. Each individual transaction is limited to a maximum of $10,000. You may make a transfer or payment to the account of another member however, that account must be designated on your Member to Member Transfer Authorization form. Any check requested will be mailed on the next business day.


  • We do not charge a fee for direct deposits to any type of account;
  • When you use an ATM not owned by us, you may be charged a fee by the ATM operator. You may be charged a fee for a balance inquiry even if you do not complete a funds transfer;
  • Obtain account information such as balance & transaction history; and
  • Change your CashLine Telephone Banking and/or Internet Banking PIN or password.

You may access your account by ATM using your ATM or VISA Bonus check Card and you’re PIN to:

  • Withdraw Available Funds from your checking or savings account. Each card may not exceed $510 in pinned authorized transactions & fees per 24 hour period;
  • Transfer Available Funds between your checking and savings accounts;
  • Obtain balance information on your savings or checking account; and
  • You can make deposits to your checking or savings account.


  • You can pay for purchases by accessing your checking account at merchants that have agreed to accept the Card and PIN. At the time of the purchase, you may also be able to withdraw cash, subject to cash availability. Each card may not exceed $510 in authorized transactions & fees per 24 hour period.

If you have a VISA Bonus Check Card, you can use your card as described via the ATM Point of Sale Transaction section. You can also use your Card to make purchases at merchants that accept VISA; this is a signature based transaction, no PIN required.

  • Each card may not exceed $510 in pinned authorized transactions & fees per 24 hour period. In addition, you may conduct signature based authorizations totaling up to $2,000 per 24 hour period. The use of the VISA Bonus Check Card to purchase goods and services at merchant locations or to withdraw cash from an ATM will constitute a simultaneous withdrawal from and/or demand upon your checking account, even though the transaction may not actually be posted to your checking account until a later date; 
  • Transactions will be posted to your checking account in the order that they are received;
  • Any hold placed on your account may reduce the available funds in your account;
  • Merchants and others who honor the VISA Bonus Check Card may give credit for returns or adjustments, and they will do so by initiating a credit to MSCU, which will credit that amount to your checking account;
  • VISA Bonus Check Card International transactions will be charged to your checking account in U.S. Dollars. For the exchange rate, we will use the either the (1) wholesale market rate or (2) the government-mandated rate, in effect one (1) day prior to the transaction processing date and increased by one percent (1%);
  • You may not withdraw more than the total of Available Funds on that day. This limit applies to the total of withdrawals and the total POS transactions from your accounts;
  • MSCU shall not be responsible for the refusal of any merchant, provider of services, bank or ATM to honor any card;
  • MSCU may be a member of one (1) or more surcharge-free ATM networks. A monthly fee for this convenience may be charged (see Fee Schedule);
  • Withdrawals for less than $60 at non-MSCU ATMs will be assessed a fee according to our Fee Schedule; and
  • Please refer to separate Fee Schedule for additional information about fees.


Member Liability

  • Important! Tell us AT ONCE if you believe your Card, PIN or Password has been lost or stolen, or if you believe that an electronic funds transfer has been made without your permission using information from your check.
  • Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). Call us at 800-761-2400 option 4 for Card Services Department.
  • If MSCU is closed, call 800-682-6075 to report a lost or stolen Card. Or write us at: Mutual Security Credit Union, Card Services, 12 Progress Drive, Shelton, CT 06484.
  • If you tell us within two (2) business days after you learn of the loss or theft, you can lose no more than $50 if someone used your Card, PIN or Password without your permission. If you do NOT tell us within two (2) business days after you learn of the loss or theft of your Card, PIN or Password, and we can prove we could have stopped someone from using your Card, PIN or Password without your permission if you had told us, you could lose as much as $500.
  • Also, if your statement or our online account detail reflects any transfers or payments that you did not make, tell us AT ONCE. If you do not tell us within sixty (60) days after the first statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long hospital stay) kept you from telling us, we will extend the time periods.
  • Your role is extremely important in the prevention of any wrongful use of your accounts. Promptly examine account statements upon receipt.

Additional limits on liability for VISA Bonus Check Card, when used for Point of Sale transactions.
You will not be liable for any unauthorized transactions using your VISA Bonus Check Card, when used for point-of-sale transactions if;

  • You can demonstrate that you have exercised reasonable care in safeguarding your card from the risk of loss or theft;
  • You have not reported to us two (2) or more incidents of unauthorized use within the prior (12) twelve-month  period; and
  • Your account is in good standing.

If any of these conditions are not met, your liability is the lesser of $50 or the amount of money, property, labor or services obtained by the unauthorized use before notification to us. Unauthorized use means the use of your card by a person, other than you, who does not have actual, implied or apparent authority for such use, and from which you receive no benefit. This additional limitation does not apply to PIN based transaction or transactions not processed by VISA. Your checking account may have a balance sufficient to cover a requested transaction; you recognize that electronic terminals, merchants, financial institutions and others, who accept the VISA Bonus Check Card, or the account number on the VISA Bonus Check Card, may not be able to determine your actual balance.

You may access your HSA checking account to pay for purchases for qualified medical expenses at merchants who have agreed to accept the Card.  However, electronically moving funds to or from your HSA can raise a variety of tax concerns (for example: depositing more than the allowable amount or getting additional cash back on an HSA debit transaction). As a result, before electronically accessing any account you may have with us, it is a good practice to make sure you are using the correct access device (such as a card) or accessing the appropriate account for the transactions.  Also, it is your responsibility to ensure the contributions, distributions and other actions related to your HSA, comply with the law, including federal tax law. We recommend consulting a legal or tax professional if you have any questions about managing your HSA. The terms of this disclosure are intended to work in conjunction with the HSA agreement provided to you earlier. In the event of a conflict, the terms of the HSA agreement control. You understand that your HSA is intended to be used for payment of qualified medical expenses and it is your responsibility to satisfy any liability resulting from uses of your HSA for any purpose other than payment or reimbursement of qualified medical expenses. We do not monitor the purpose of any transaction to or from your HSA, nor are we responsible for ensuring your eligibility for making contributions or ensuring withdrawals are used for payment or reimbursement of qualified medical expenses. Please refer to your HSA disclosures for more information. Each card may not exceed $510 in pinned authorized transactions & fees per 24 hour period. In addition, you may conduct signature based authorizations totaling up to $2,000 per 24 hour period.

If funds have been deposited into your accounts, to which you are not legally entitled, by mistake or otherwise, you agree that such amounts are debts owing from you to us and you authorize us summarily to withdraw such amounts from the account or any other account you have with us.  We can do this without giving you prior notice or demand.  We can also exercise our right of set-off to recover any such amount. (An example of such an overpayment to your account to which you are not legally entitled would be a Social Security payment received by direct deposit after your death.)

Some of these services may not be available at all ATMs or POS terminals. We are a member of Plus, Cirrus®, Allpoint®, Accel™ and CO-OP™ networks; from time to time we may add or change networks.

From time to time, MSCU may announce additional services which will be available through electronic services.  Your continued use of the services will indicate your acceptance of the terms and conditions presented at the time they are announced.

We can choose not to enforce or delay in enforcing any of our rights under this Agreement without losing them in the future.

Collection Costs. If we have to go to court because you owe us money, you will pay all collection costs, including but not limited to attorney’s fees that the court may award to us. If the decision is against us and in your favor, we will pay any attorney’s fees which are awarded by the court.

You are not permitted to authorize another person to use your Card. If you do authorize another person to use your Card, you are responsible for all transactions made by that person under the terms of this Agreement.

If you think your statement or receipt is wrong, or if you need more information about a transfer listed on the statement or receipt, call us during business hours or write us as soon as you can.

Our phone number for this purpose is:


Our address for this purpose is:

Mutual Security Credit Union
PO Box 2489
Shelton CT 06484
Attention: Member Contact Center

We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared.
  1. Tell us your name and account number;
  2. Describe the error or the transaction you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information; and
  3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require you to send us your compliant or question in writing within ten (10) business days.

We will complete 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 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 compliant or question in writing and we do not receive it within ten (10) business days, we may not credit your account.  For errors involving new accounts, POS or foreign-initiated transactions, we may take up to ninety (90) days to complete our investigation. For new accounts, we may take up to twenty (20) business days to credit your account for the amount you think is in error. We will tell you the results within three (3) business days 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.

The Card belongs to us.  We can take it back any time.  You agree to surrender the Card when we request it.  While the Card is in your possession, be sure your signature is on the back panel and keep it in a safe place.

We can change this Agreement at any time.  We will provide you with advance notice of these changes as required by law.