Electronic Funds Transfer Policy Template

Description

This comprehensive Electronic Funds Transfer Policy Template is an essential tool for credit unions seeking to establish clear guidelines and procedures for electronic fund transfers. The template covers all aspects of EFT services, including ATM transactions, direct deposits, point-of-sale transfers, telephone-initiated transfers, and online banking activities.

The policy template is meticulously crafted to ensure compliance with Regulation E and other relevant federal regulations. It outlines the credit union’s responsibilities, member rights, and dispute resolution procedures for unauthorized or erroneous transactions. The document also addresses security measures, liability limitations, and disclosure requirements for EFT services.

Key sections of the template include:

1. Definitions of EFT services and terms
2. Member notification and consent procedures
3. Transaction limits and fees
4. Error resolution and investigation processes
5. Member liability for unauthorized transfers
6. Credit union’s liability for failure to complete transactions
7. Confidentiality and data protection measures
8. Termination or suspension of EFT services
9. Changes to terms and conditions
10. Regulatory compliance statements

This customizable Word document allows credit unions to easily tailor the policy to their specific needs and services. The template includes placeholders for institution-specific information and offers guidance on areas that may require customization.

By implementing this comprehensive EFT policy, credit unions can ensure regulatory compliance, protect member interests, and maintain the security and integrity of their electronic fund transfer services. This template serves as a valuable resource for credit unions of all sizes, providing a solid foundation for managing EFT operations effectively and responsibly.