CORONAVIRUS UPDATE
Rayne Building and Loan

Electronic Funds Transfer Act Agreement

Regulation E Disclosure

This disclosure contains important information concerning electronic fund transfers, such as automatic credits and debits to your account, as well as electronic fund transfers through electronic terminals. The Electronic Fund Transfers we are capable of handling for consumers are indicated below, some of which may not apply to your account. Some of these may not be available at all terminals. Please read this disclosure carefully because it tells you your rights and obligations for these transactions. You should keep this notice for future reference.

The words “we”, “us”, and “our” means Rayne Building and Loan Association. The words “you” and “your” mean any authorized user(s) of your Rayne Building and Loan Association account.

TYPES OF TRANSFERS, FREQUENCY AND DOLLAR LIMITATIONS
 Prearranged Transfers

You may make arrangements for certain direct deposits or to pay certain recurring bills with your savings account(s). 

Computer Transfers

You may access your accounts by computer by using our Online Banking, which can be accessed on our website. Online Banking is a service that you need to sign up for. When you sign up, you will be asked to choose a username and password.

You may use the Online Banking system to:

  • Transfer funds between your accounts with us or another financial institution that allow transfers
  • Make payments from your savings account with us or your account with another financial institution to your loan account(s)
  • Get information on all accounts

Rayne Building and Loan Association reserves the right to limit the frequency and dollar amount of transactions from your Online Accounts for security reasons.

Mobile Banking Transfers

You may access your account(s) by web-enabled cell phone by using our Mobile Banking application, which can be accessed on our website. Mobile banking is a service you may use after enrolling in Online Banking using your username and password.

You may use the Mobile Banking system to:

  • Transfer funds between your accounts with us or another financial institution that allow transfers
  • Make payments from your savings account with us or your account with another financial institution to your loan account(s)
  • Get information on all accounts

You may be charged access fees by your cell phone provider based on your individual plan. Web access is needed to use this service. Check with your cell phone provider for details on specific fees and charges.

Electronic Fund Transfers Initiated By Third Parties
You may authorize a third party to initiate electronic fund transfers between your account and the third-party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third-party transfers will require you to provide the third party with your account number and financial institution information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your financial institution and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers.  

GENERAL LIMITATIONS
 
In addition to those limitations on transfers elsewhere described, if any, you can make no more than six (6) transfers per statement period by pre-authorized or automatic transfer, or by telephone or Online Banking from your account per month. If you exceed the transaction limitations, we may refuse to honor the excessive transactions, remove your transfer privileges, close the account without prior notice, convert to another type of account, and/or impose a fee for exceeding the limitations.

FEES
We do not charge for Electronic Fund Transfers. 

PREAUTHORIZED CREDITS

If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at 337-334-7535 to find out whether or not the deposit has been made. In addition, you will get a monthly account statement from us, unless there are no transfers in a particular month. In any case you will get a statement at least quarterly.

PREAUTHORIZED PAYMENTS
Right To Stop Payment And Procedure For Doing So

If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here’s how: Call us at 337-334-7535 or write us at 200 North Adams Ave or P O Box 46, Rayne, LA 70578, in time for us to receive your request 3 business days or more before the payments is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call. We charge $20 for each stop payment. 

Notice Of Varying Amounts

If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment or when the amount would fall outside certain limits that you set.)

Liability For Failure To Stop Payment Of Preauthorized Transfer

If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

FINANCIAL INSTITUTION’S LIABILITY 
 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 money in your account to make the transfer.
  • If the transfer would go over the credit limit on your overdraft line.
  • 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 or flood) prevent the transfer, despite reasonable precautions that we have taken.
  • There may be other exceptions stated in our agreement with you.

CONFIDENTIALITY 
 We will disclosure information to third parties about your account or the transfers you make:

  • Where it is necessary for completing transfers; or
  • In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
  • In order to comply with government agency or court orders; or
  • If you give us written permission.

UNAUTHORZIED TRANSFERS
Consumer Liability

Tell us at once if you believe that an electronic fund transfer has been made without your permission using information from your account. Telephoning is the best way of keeping your possible losses down - DO NOT USE EMAIL TO NOTIFY US. You could lose all the money in your account. If you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50 if someone conducts unauthorized electronic funds transfers without your permission. Also, if you do NOT tell us within 2 business days after you learn of the loss or theft, and we can prove we could have stopped someone from using your information to conduct unauthorized electronic funds transfers without your permission if you had told us, you could lose as much as $500. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money you lost after the sixty (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 trip or a hospital stay) kept you from telling us, we will extend the time period.

Contact In Event Of Unauthorized Transfer

In the event of an unauthorized transfer, call us at 337-334-7535, or write us at:

Rayne Building and Loan Association, PO Box 46, 200 North Adams Ave, Rayne, LA 70578

Our business days are Monday through Friday, excluding holidays.

ERRORS RESOLUTION NOTICE
In case of errors or questions about your electronic transfers, call or write us as soon as you can, 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 at 337-334-7535, or write a letter and send it to:

Rayne Building and Loan Association
 P O Box 46

200 North Adams Ave
Rayne, LA 70578

We must hear from you no later than 60 days after we sent you the FIRST statement on which the problem or error appeared. 

  • Tell us your name and account number (if any).
  • Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
  • Tell us the date and dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 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 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 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 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 three 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 that we used in our investigation.