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CHECK 21 Disclosure Notice
SUBSTITUTE CHECKS AND YOUR RIGHTS
IMPORTANT
INFORMATION ABOUT YOUR CHECKING ACCOUNT
What is a
substitute check?
To make check
processing faster, federal law permits banks to replace original
checks with "substitute checks." These checks are similar in size to
original checks with a slightly reduced image of the front and back
of the original check. The front of a substitute check states:
"This is a legal copy of your check. You can use it the same way you
would use the original check." You may use a substitute check as
proof of payment just like the original check.
Some or all of the
checks that you receive back from us may be substitute checks. This
notice describes rights you have when you receive substitute checks
from us. The rights in this notice do not apply to original checks
or to electronic debits to your account. However, you have rights
under other law with respect to those transactions.
What are my rights regarding substitute
checks?
In certain
cases, federal law provides a special procedure that allows you to
request a refund for losses you suffer if a substitute check is
posted to your account (for example, if you think that we withdrew
the wrong amount from your account or that we withdrew money from
your account more than once for the same check). The losses you may
attempt to recover under this procedure may include the amount that
was withdrawn from your account and fees that were charged as a
result of the withdrawal (for example, bounced check fees).
The amount of your
refund under this procedure is limited to the amount of your loss or
the amount of substitute check, whichever is less. You are also
entitled to interest on the amount of your refund if your account is
an interest bearing account. If your loss exceeds the amount of the
substitute check, you may be able to recover additional amounts
under other law.
If you use this
procedure, you may receive up to $2,500 of your refund (plus
interest if your account earns interest) within 10 business days
after we received your claim and the remainder of your refund
(plus interest if your account earns interest) not later
than 45 calendar days after we received your claim.
We may reverse the
refund (including any interest on the refund) if we later are able
to demonstrate that the substitute check was correctly posted to
your account.
How do I make a
claim for a refund?
If you believe that
you have suffered a loss relating to a substitute check that you
received and that was posted to your account, please contact us at:
CALIFORNIA COMMUNITY CREDIT UNION
8815 Folsom Boulevard
Sacramento, CA 95826
(916) 386-1418
E-mail: thestaff@caccu.org
You must contact us
within 40 calendar days of the date we mailed (or otherwise
delivered by a means to which you agreed) the substitute
check in question or the account statement showing that the
substitute check was posted to your account, whichever is later. We
will extend this time period if you were not able to make a timely
claim because of extraordinary circumstances.
Your claim must
include --
-
A
description of why you have suffered a loss (for example, you
think the amount withdrawn was incorrect);
-
An estimate of
the amount of your loss;
-
An explanation
of why the substitute check you received is insufficient to
confirm that you suffered a loss; and
- A copy of the substitute check
[and/or] the following information to help us identify the
substitute check: (identifying information, for example
the check number,
the name of the person to whom you wrote the check, the amount
of the check).
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8815 Folsom
Boulevard