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Change in Terms Notification

In conjunction with the merger of Laneco Federal Credit Union (LFCU) and Central Willamette Credit Union (CWCU), CWCU is amending the deposit accounts and electronic services and loan agreements you had with LFCU to transition your accounts and services to those provided by CWCU. The following Change in Terms Notification outlines material changes in the deposit account; electronic funds transfer (EFT) services, consumer credit cards and consumer loan terms and conditions of your agreements formerly with LFCU. We encourage you to review and retain this document and the accounts and services agreements of CWCU for your records.

Membership and Account Agreement.

Effective August 15, 2024, the LFCU Membership and Account Agreement governing your deposit accounts will be amended and replaced with the terms and conditions of the CWCU Membership and Account Agreement, except Sec. 13 Overdrafts. (See below for Changes to Overdraft Protection Terms). Many of the contract terms for accounts and services will remain without substantive changes. The use of your accounts and services, including the Overdraft Services (Overdraft Protection Plans) will be governed by the CWCU Membership and Account Agreement of CWCU, enclosed and available online or upon request at any time.

Privacy Policy.

Effective August 15, 2024, the LFCU Privacy Policy will be amended and replaced with the CWCU Privacy Policy. The following specific changes will apply:

Funds Availability Policy.

Effective November 1, 2024, the LFCU Funds Availability Policy Disclosure will be amended and replaced with the CWCU Funds Availability Policy. The following are the material changes in existing terms and conditions of the LFCU Funds Availability Policy:

General Funds Availability Policy. Our policy is to generally make funds from your deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash, and we will use the funds to pay checks you have written. For determining the availability of your deposits, every day is a business day, except Sundays, and Federal holidays. Excluded are deposits made at any Automated Teller Machines (ATMs) and our night depositories on Saturdays. If you make a deposit directly with Credit Union staff before the close of business on a business day that we are open, we will consider that day to be the day of the deposit. However, if you make the deposit after the close of business on a day that we are open or make the deposit on a day that we are not open, we will consider that the deposit was made on the next business day we are open. Deposits placed in one of our night depositories after 8:00 am on a business day are not considered available until the following business day, unless in accordance with the provisions outlined in other sections of this policy an additional hold is deemed necessary.

Reservation of Right to Hold. In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $225.00 of the aggregate amount of your deposit(s) will be available on the same day as your deposit(s). If we are not going to make all of the funds from your deposit available on the same business day as your deposit, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. The first $225.00 of the aggregate amount of your deposit(s) (cash or checks) made at ATMs will be available on the same day as your deposit(s). The remaining funds will be available on the second business day following the deposit, unless in accordance with the provisions outlined in other sections of this policy an additional hold is deemed necessary.

Deposits at ATMs. Funds from any deposits (cash or checks) made at ATMs we do not own or operate may not be available until the fifth business day after the date of your deposit. This rule does not apply to ATMs that we own or operate. All ATMs that we own or operate are identified as our machines.

Deposits through Mobile Deposit. Deposits received through the Mobile Deposit service will be processed and credited as of the business day they are received unless an administrative approval is required. The first $225 of funds from check deposits made through the Mobile Deposit service will be available on the day the check is deposited and the remaining amount will be available on the second business day following the day of deposit. The imaging and transmission of check deposits through the Mobile Deposit service alone and our acknowledgment of the transmission does not constitute our receipt for purposes of funds availability.

The new Funds Availability Policy of CWCU is enclosed and available online or upon request at any time.

Electronic Services.

Effective November 1, 2024, the LFCU Electronic Funds Transfers Agreement and Disclosure is amended and replaced by CWCU’s Electronic Services Agreement. The material changes to the terms and conditions governing the electronic services are as follows:

The new Consumer Electronic Services Agreement of CWCU is enclosed and available online or upon request at any time.

Deposit Accounts Truth in Savings Disclosures.

Effective November 1, 2024, the LFCU Deposit Account Truth in Savings Disclosures are amended and replaced by the CWCU Truth in Savings Disclosures. The following specific changes are made to LFCU savings, checking and certificate accounts:

Regular Savings. LFCU Membership Savings and Trust Savings Accounts will be converted to a CWCU Membership Savings accounts. The following changes are made to the LFCU savings accounts:

Premium Savings (Money Market) Accounts. The LFCU Premium Savings (Money Market) account will be converted to a CWCU Choice Money Market. The following changes are made to money market accounts:

Laneco Club & Holiday Savings. LFCU Club and Holiday Savings Accounts will be converted to a CWCU Rainy Day Savings accounts. The following changes are made to the LFCU savings accounts:

Laneco Youth Savings. LFCU Youth Savings Accounts will be converted to a CWCU Youth membership/Kids Kash Savings accounts with no significant changes in terms.

Laneco IRA Savings Accounts. The LFCU IRA Savings Accounts will be converted to CWCU IRA Deposit accounts. The following changes will be made to these accounts:

Laneco Checking. The Laneco Checking account, will be converted to a CWCU Simply Free Checking account. The following changes are made to checking accounts:

Certificate & IRA Certificate Accounts. The existing LFCU Certificate and IRA Certificate Accounts will remain unchanged until maturity. CWCU may offer other Certificate terms for new and renewal Certificate accounts.

Overdraft Protection Service.

If you are enrolled for Overdraft Protection on your LFCU accounts CWCU will maintain this overdraft protection service for your CWCU checking account. Effective November 1, 2024, the following Overdraft and Courtesy Pay Overdraft Protection service terms and conditions will apply to your account.

Sec. 13. Overdrafts.

a. General Overdraft Liability. If on any day, the available funds in your checking account are not sufficient to cover checks and other items (ACH, debit card or ATM card transactions) posted to your account, those checks and items will be handled in accordance with our overdraft procedures and the terms of this Agreement. If we pay a check or item that overdraws your account, you are liable for and agree to pay the overdraft amount and an insufficient funds (NSF) fee immediately. If we do not pay the check or item, we will return it unpaid, and you agree to pay a return item fee. We reserve the right to pursue collection of previously dishonored items at any time, including giving a payer bank extra time beyond any midnight deadline limits.

b. How We Process Checks. The Credit Union’s determination of an insufficient account balance is made at the time the check or item is presented to us, which may be later during the day than the time you conduct the transaction. Overdrafts will be determined based on the available balance in your account at the time of presentment. Your available balance may be lower than your actual balance due to funds held for debit card transactions you have authorized and deposited checks held pursuant to our funds availability policy. Please contact us if you want to know your available balance to avoid an overdraft. Transactions may not be presented in the order which they occurred and the order in which checks or items are received and processed may affect if an overdraft occurs. The Credit Union processes checks and items as follow: (i) checks and items are paid in the lowest to highest amount order at the time they are presented to us, (ii) ACH items, credits are processed first and ACH debits processed second, and (iii) debit card transactions are paid in the chronological order they are received.

c. Overdraft Protection Plans. If we approve your request for overdraft protection, we will provide an overdraft protection plan for you.

Transfer from Savings. We will honor checks and other items drawn on insufficient fund in your checking account by transferring the necessary funds from a savings account or other deposit account as you designate. If you have enough funds in your savings account, you authorize us to transfer funds in amounts necessary to cover the overdraft. If your savings account balance is insufficient to cover the overdraft amount, we will not make any transfer that overdraws your savings account. Unless another overdraft protection plan applies, we will return the check or item unpaid. There is an overdraft transfer fee for each overdraft transfer as set forth on the Rate and Fee Schedule. You may opt out of the overdraft transfer service at any time by notifying us verbally or in writing.

Transfers from Line of Credit. We will honor checks and other items drawn on insufficient funds in your checking account by transferring the necessary funds from a Line of Credit Account of yours, if applicable unless you designate a different order. If you are within the credit limit of your line of credit account, you authorize us to transfer funds in amounts necessary to cover the overdraft. If your credit limit is insufficient to cover the overdraft amount or has a scheduled payment due, we will not transfer any amount. Unless another overdraft protection plan applies, we will return the check or item unpaid. There is no cash advance fee, but interest will begin to accrue from the date of any advance transfer. There is an overdraft transfer fee for each overdraft transfer as set forth on the Rate and Fee Schedule. You may opt out of this overdraft transfer service at any time by notifying us verbally or in writing.

Courtesy Pay Overdraft Protection Service. We offer a discretionary overdraft service (Courtesy Pay) to cover overdrafts on your checking accounts. The Credit Union offers the Courtesy Pay service to eligible consumer checking account owners who qualify. Courtesy Pay is not offered to minors, fiduciary, or organizational accounts or anyone who has caused a financial loss to the Credit Union, anyone with a past due loan payment at the Credit Union or anyone who has enrolled in a debt management program. The Credit Union offers Courtesy Pay service for checks, ACH and online transactions to all eligible consumer checking account owners. You must have an open checking share with a positive balance with no account restrictions, no loan delinquency in the last 30 days and checking share cannot have account inactivity for 180 days. The Courtesy Pay service is limited to two (2) checking accounts per member. MyChecking accounts are not eligible. Courtesy Pay service will be provided for debit card purchase transactions only if you expressly request (“opt-in”) Courtesy Pay service for these transactions.

d. Terms & Conditions of Overdraft Protection Service. The Courtesy Pay service will be provided under the following terms and conditions.

Discretionary Service. Under the Courtesy Pay service, we are not obligated to pay any check or item presented for payment if your account does not contain sufficient funds. We may, as a discretionary service and not as a right of yours or our obligation to you, pay overdrafts up to an approved overdraft limit under the terms of this service and subject to this Agreement. This overdraft service is not a line of credit, is not guaranteed, and is independent of any loan arrangement you may have with us. We will not pay an overdraft for you in excess of any limit we have established for your account type. Also, we may refuse to pay an overdraft for you at any time, even if we have previously paid overdrafts for you.

Overdraft Transactions Covered. Subject to the opt-in requirement set forth above, if on any day you do not have available funds in your account, the following transactions, which may result in an insufficient or negative balance (“overdrafts”), may be covered under our service: checks, debit card purchases, online or other electronic funds transfers, ACH debits and other payment or withdrawals authorized by you, account service charges, pre-authorized drafts, and any other items that may be posted to your account. If we pay an item, we will pay the item in the order it is presented or received by us, regardless of amount and in accordance with our normal operating procedures for such checks, items or transactions.

Overdraft Limit/Available Balance. After the account has been open and you meet all qualifications, we may pay overdrafts up to a limit of $100.00 (“overdraft limit”) for the first 35 days. After the first 35 days, we may pay overdrafts up to a limit of $600.00 (“overdraft limit”) without an ACH deposit of $300 or greater within the last 35 days or we may pay overdrafts up to a limit of $750 (“overdraft limit”) with an ACH deposit of $300 or greater within the last 35 days as you are eligible for this service. The Credit Union’s fees and charges and each paid check or item will be included in this limit. This overdraft balance will not be included or reflected in your actual or “available balance” of your account provided by a teller, at ATM or POS facilities, through online service or on your periodic statements.

Notification. We have no obligation to notify you before we pay or return any item.

Overdraft Fees. There is a Courtesy Pay fee for each overdraft check or item we pay as set forth on the Rate and Fee Schedule. If we do not pay the overdraft, there is a Returned Item fee for each check or item we return as set forth on the Rate and Fee Schedule. We may charge a fee each time a check or item is submitted or resubmitted for payment. Therefore, you may be assessed more than one fee as a result of a returned item or any resubmission(s) of the returned item. There is no limit on the amount of overdraft fees that we will charge on any one day. If you have excess overdraft activity we will notif y you in writing to consider discontinuing the Service. These fees may be amended as set forth in our Rate and Fee Schedule. Member Repayment Responsibility. You agree your overdraft balance, including applicable overdraft fees, is due and payable upon demand. If there is more than one owner on an account, all owners are jointly and severally liable for repayment of the overdraft balance. If you fail to repay your overdraft balance within 25 days of notice from us, we may immediately suspend the Courtesy Pay service. Accounts may be closed for failure to repay overdraft balances and we will report account closures to consumer reporting agencies.

Member Opt-Out Right. We offer the Courtesy Pay service as a service and convenience to members for incidental overdrafts. We do not encourage you to repeatedly overdraw your account. We encourage you to manage your finances responsibly. You may opt out of the Courtesy Pay service at any time by notifying us verbally or in writing. We may require that any verbal opt out be confirmed in writing. You understand that by opting out of this service, we may refuse to pay any check or item that is presented against an insufficient balance on your account and you will be responsible for any Returned Item fees. You are still responsible to pay any overdraft, even if you have opted out of the service.

Fee Schedule.

Effective November 1, 2024, the CWCU Fee Schedule applicable to your accounts and services will include certain increased and decreased fees as set forth below. All other LFCU fees will no longer apply. Fees for additional CWCU services may apply as set forth on the CWCU Fee Schedule and Electronic Services disclosures.

Increased Deposit & Electronic Service Fees
Fee From To
ID Theft Recovery Service Fee Not Offered $ 2 per month
IRA Account Early Closure Fee –closed in 180 days No Fee $50
Cashier’s Check –per check $2 $3
Deposit Item Return Fee $15 $25
Legal/Subpoena Processing Fee $25 per item $25 per hour
Foreign Item Collection Fee No Fee Cost + $15
Outgoing Wire Transfer -Domestic $20 $25
Incoming Wire Transfer -Domestic $5 $15
Inactive Checking Account Fee No Fee $10 per month (after 6 months, balance of $250 or less)
Inactive Membership Account Fee $5 per month (after 1 year) $10 per month (after 12 months, balance of $100 or less)
NSF ACH Return Fee –per presentment $25 $30
Late Loan Payment Fee $20 -15 days after due date $25 -10 days after due date
Loan Skip Payment/ Payment Extension $10 per request $30 per request
NSF $25 per submission or resubmission $30 per submission or resubmission (Max 5 fees per day)
Overdraft $25 per submission or resubmission $30 per submission or resubmission (Overdrawn $5.01 or more; Max 5 fees per day)
Overdraft Transfer $20 per item after 6 transfers per month $4 per occurrence
Returned Item Fee $15 $25 per presentment
ATM Withdrawal $1 per withdrawal (10 free per month) CWCU & Co-Op ATMS-Free
All other ATMS -$1.50
Bill Pay - NSF $25 per submission or resubmission $30 per submission or resubmission (Max 5 fees per day)
Bill Pay –Expedited Check Payment $14.95/ Item $25 per item
Bill Pay –Expedited ACH Payment $14.95/ Item $5 per item

Our Mission

Providing simplified access to affordable financial services.

Equal Housing Opportunity NCUA

Laneco Federal Credit Union

74A Centennial Loop, Eugene, OR 97401

541.683.5665 (local)

800.709.5665 (toll-free)

541.683.7126 (fax)