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Products and Services - Electronic Funds Transfer Agreement and Disclosure

ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE

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 services 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.

If you apply for and receive an ATM and/or Debit Card ("card") from us, or request and we agree to provide, any preauthorized electronic funds transfers to or from your account, you agree to the following terms. You may be assigned a personal identification number ("PIN") to use in making such transfers. Your use of the electronic funds transfer services you have requested will confirm your agreement to these terms. These terms apply only to accounts used for personal, family or household purposes.

Types of Transfers, Frequency and Dollar Limitations

  • ATM Transfers - You may access your accounts by ATM using your ATM or Debit Card and personal identification number to:
    • Make deposits to checking accounts
    • Make deposits to savings accounts
    • Get cash withdrawals from checking accounts*
      • You may withdraw no more than $505.00 from an ATM per day per card
    • Get cash withdrawals from savings accounts*
      • You may withdraw no more than $505.00 from an ATM per day per card
    • Transfer funds from savings to checking accounts
    • Transfer funds from checking to savings accounts
    • Get information about:
      • The account balance of your checking account(s)
      • The account balance of your savings account(s)

*Withdrawals are limited to a total of $505.00, combined from checking and savings accounts.

  • Point of Sale Transactions - types of point of sale transactions and dollar limitations
    • Using your debit card:
      • You may access your checking account(s) to purchase goods (in person, by phone, by computer), pay for services (in person, by phone, by computer), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.
      • You may not exceed more than $1,000.00 in point of sale transactions per day per card
      • You may not exceed more than 15 transactions per day per card
    • Using your ATM card:
      • You may access your checking account(s) to pay for purchases at places that have agreed to accept the card/PIN.
  • Prearranged Transfers
    • Preauthorized credits - You may make arrangements for certain direct deposits to be accepted into your checking and/or savings account(s).
    • Preauthorized payments - You may make arrangements to pay certain recurring bills from your checking and/or savings account(s).
  • Computer Transfers - You may access your account(s) by computer through the Internet at www.firstshorefederal.com and using your username and password to:
    • Transfer funds from checking to savings
    • Transfer funds from savings to checking
    • Transfer from a home equity or share loan line of credit with First Shore to checking
    • Transfer from a home equity share loan line of credit with First Shore to savings
    • Make payments from checking to loan accounts with us
    • Make payments from savings to loan accounts with us
    • Get information about:
      • The account balance of your checking account(s)
      • The account balance of your savings account(s)
  • Mobile Banking Transfers - You may access your account(s) by web-enabled cell phone through the Internet at www.firstshorefederal.com and using your User ID and password to:
    • Transfer funds from checking to savings
    • Transfer funds from savings to checking
    • Transfer from a home equity or share loan line of credit with First Shore to checking
    • Transfer from a home equity share loan line of credit with First Shore to savings
    • Make payments from checking to loan accounts with us
    • Make payments from savings to loan accounts with us
    • Get information about:
      • The account balance of your checking account(s)
      • The account balance of your savings account(s)
    • 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. Example of these transfers include, but are not limited to:
    •  Electronic Check 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.  You may:
      • Make payments by electronic check from your checking or money market account.  Payments are limited to 6 per month from your money market account.
    • Electronic Returned Check Charge - You may authorize a merchant or other payee to initiate an electronic fund transfer to collect a charge in the event a check is returned for insufficient funds.  You may:
      • Make electronic payment of charges for checks returned for insufficient funds from your checking or money market account.  Payments are limited to 6 per month from your money market account.

GENERAL LIMITATIONS - In addition to those limitations on transfers elsewhere described, if any, the following limitations apply:

  • Transfers or withdrawals from a money market or statement savings account to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party, are limited to six per monthly statement period.
  • If you continue to exceed the limitations on frequency of transfers, you will be required to transfer your money market or savings account to a transaction account.
  • You may not authorize electronic withdrawals from a Christmas club or time deposit account.

FEES

  • First Shore Federal will not charge its customers any transaction fees for the use of the ATM or Debit card at ATMs owned and operated by First Shore Federal.
  • Interest, Fees and Charges Schedules - We will charge you and you agree to pay, all fees and charges disclosed on the Fee Schedule - Common Features disclosure, as they apply to your electronic funds transfer transaction.
  • ATM Operator/Network Fees:  When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for balance inquiry even if you do not complete a funds transfer).

DOCUMENTATION

  • Terminal Transfers
    • You will get a receipt at the time you make a transfer to or from your account using one of our automated teller machines or a point of sale terminal.
    • 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 60 days from the same person or company, you can call us at the telephone number listed below to find out whether or not the deposit has been made.
  • In addition,
    • You will get a monthly account statement from us on your checking and money market accounts.
    • Statement savings customers - You will get a monthly 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 or write us at the telephone number or address listed in this disclosure, in time for us to receive your request 3 business days or more before the payment 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. 
    • Your account will be charged a fee for each stop payment request.  Refer to the Fee Schedule - Common Features disclosure for the current fee amount.
  • 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 three 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

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 money in your account to make the transfer.
  • If the transfer would go over the balance in your overdraft account.
  • 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 disclose 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; or
  • As explained in the separate Privacy Disclosure.

Business Days.

Our business days are Monday through Friday. Holidays are not included.

UNAUTHORIZED TRANSFERS

  • Consumer Liability:
    • Tell us at once if you believe your card and/or code has been lost or stolen, or if you believe that an electronic fund 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 overdraft 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 used your card and/or code without your permission.
    • Also, if you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code 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, including those made by card, code or other means, tell us at once. If you do not tell us within 60 days after the 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 trip or a hospital stay) kept you from telling us, we will extend the time period.
  • Visa Debit Card - Additional Limits on Liability for First Shore Federal Debit Card. Unless you have been negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen Visa card. This additional limit on liability does not apply to ATM transactions outside of the U.S., to ATM transactions not sent over Visa or Plus networks, or to transactions using your Personal Identification Number which are not processed by Visa. Visa is a registered trademark of Visa International Service Association.

Non-Visa Debit Transaction Processing

We have enabled non-Visa debit transaction processing.  This means you may use your Visa-branded debit card on a PIN-Debit Network* (a non-Visa network) without using a PIN.

The non-Visa debit network(s) for which such transactions are enabled are:  STAR

  • Examples of the types of actions that you may be required to make to initiate a Visa transaction on your Visa-branded debit card include signing a receipt, providing a card number over the phone or via the Internet, or swiping the card through a point-of sale terminal.
  • Examples of the types of actions you may be required to make to initiate a transaction on a PIN-Debit Network include initiating a payment directly with the biller (possibly via telephone, Internet, or kiosk locations), responding to a logo displayed at a payment site and choosing to direct payment through that network, and having your identity verified using known information derived from an existing relationship with you instead of through use of a PIN.
  • The provisions of your agreement with us relating only to Visa transactions are not applicable to non-Visa transactions.  For example, the additional limits on liability (sometimes referred to as Visa's zero-liability program) and the streamlined error resolution procedures offered on Visa debit card transactions are not applicable to transactions processed on a PIN-Debit Network.

*Visa Rules generally define PIN-Debit Network as a non-Visa debit network that typically authenticates transactions by use of a personal identification number (PIN) but that is not generally known for having a card program.

ERROR RESOLUTION NOTICE
  • In Case of Errors or Questions About Your Electronic Transfers - Telephone us at 410-546-1101 or write us at P.O. Box 4248 Salisbury, MD 21803-4248 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. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
  1. Tell us your name and account number (if any).
  2. 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.
  3. Tell us the 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 ten (10) business days (five (5) business days if involving a Visa point-of-sale transaction processed by Visa or twenty (20) business days if the transfer involved a new account) 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  or ninety (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 ten (10) business days (five (5) business days if involving a Visa point-of-sale transaction processed by Visa or twenty (20) business days if the transfer involved a new account) 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 request in writing and we do not receive it within ten (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.

Address and Telephone Number

If you believe your Card/PIN has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call: 410-546-1101 or 1-800-634-6309 or write: First Shore Federal Attn: Checking Account Department, P.O. Box 4248, Salisbury, MD 21803-4248
If you believe your Visa Debit card has been lost or stolen and it is after our normal business hours, please call the Visa Card Processing Center at 1-800-472-3272.

You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission.

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