In this Agreement, the words “Subscriber”, “you”, and “your”,
mean the accountholder using the EdFed 24/SEVEN online account management
platform (the "Service"). The words “we”, “us”, and “Credit Union”,
mean Educational Federal Credit Union.
Use of EdFed
24/SEVEN shall be governed by the Master Account Agreement applicable to the
Subscriber’s account(s); the following terms of this Agreement; bylaws, rules,
regulations, or applicable law; and such other terms, conditions, and/or
amendments as may be established from time to time and communicated to the
Subscriber in writing.
1. A temporary Password will be issued
exclusively to the Subscriber by Educational Federal Credit Union (EdFed). The
Subscriber agrees to promptly change the Password issued by EdFed to one of
Subscriber’s choosing and agrees to make every reasonable effort to protect the
security of the Password to ensure that the Password is not obtained by another
person. The Subscriber agrees to be responsible for all transactions performed
by anyone to whom the Subscriber has provided the Password.
2. The Subscriber may use EdFed 24/SEVEN to
access account and credit union information, transfer funds between accounts,
withdraw funds by mailed check, and perform other financial services that may
be offered and announced from time to time. Transactions will be posted to the
account(s) and loan(s) designated by the Subscriber and will appear on the
Subscriber’s periodic statement(s) of account. The Subscriber agrees to
immediately pay any overdrawn amounts without notice or demand and, if in
default, all related collection costs and attorney fees.
3. The Subscriber shall review statements of
account from EdFed promptly and report any errors or unauthorized transactions.
The Electronic Funds Transfer (EFT) Disclosure, which will be provided separately to the Subscriber,
specifies the legal limitations on the Subscriber’s liability for unauthorized
transactions, as well as the rules for unauthorized transactions and error
resolutions.
4. EdFed retains the right to limit the
frequency and duration of access to the EdFed 24/SEVEN Service or any function
thereof, limit the amount of withdrawals, assess fees, or change its policies
regarding these matters at any time without amending this Agreement.
Subscriber’s account(s) may be debited for such fees. Current limits and fees,
if any, will be provided to the Subscriber separately in writing. EdFed
24/SEVEN Service may be revoked by the Credit Union at any time without notice.
5. EdFed makes no claims or warranties with respect
to the operation of the associated equipment or system(s), and shall not be
liable for any equipment failure or malfunction of the equipment or system(s),
except as provided by law.
6. The Subscriber may cancel this Agreement at
any time by notifying EdFed verbally or in writing. In that event, all rights
and obligations for any transaction that occurs before EdFed received notice of
cancellation shall be determined by this Agreement.
