ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE

Transcription

1 ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE This Electrnic Funds Transfer Agreement is the cntract which cvers the respnsibilities cncerning the electrnic funds transfer ( EFT ) services ffered t yu by Tauntn Federal Credit Unin n all cnsumer accunts used fr persnal, family r husehld purpses. In this Agreement, the wrds yu and yurs mean thse wh sign the applicatin r accunt card as applicants, jint wners, r any authrized users. The wrds we, us, and ur mean the Credit Unin. The wrd accunt means any ne r mre savings and checking (share draft) accunts yu have with the Credit Unin. Electrnic funds transfers are electrnically initiated transfers f mney frm yur accunt thrugh the electrnic funds transfer services described belw. By signing an applicatin r accunt card fr EFT services, signing yur Card, r using any service, each f yu, jintly and severally, agree t the terms and cnditins in this Agreement and any amendments fr the EFT services ffered. If apprved, yu may cnduct any ne r mre f the EFT services ffered by the Credit Unin. a. ATM Card: Yu may use yur Card and PIN (Persnal Identificatin Number) in autmated teller machines f the Credit Unin, SUM, Cirrus, NYCE, Netwrks, and such ther machines r facilities as the Credit Unin may designate. At the present time, yu may use yur Card t: Withdraw funds frm yur savings and checking accunts. Transfer funds frm yur savings and checking accunts. Obtain balance infrmatin fr yur savings and checking accunts. The fllwing limitatins n the frequency and amunt f ATM transactins may apply: There is n limit t the number f cash withdrawals yu may make in any ne day hwever yu may nt make mre than five per hur. Maximum cash withdrawal per day is $ if there are sufficient funds in the accunt. Yu may transfer up t the available balance in yur accunts at the time f the transfer. See Terms and Cnditins fr accunt related transfer limitatins that may apply. b. Visa Check Card Debit Card : Yu may use yur Card t purchase gds and services frm participating merchants. Yu agree that yu will nt use yur Card fr any transactin that is illegal under applicable federal, state, r lcal law. Funds t cver yur Card purchases will be deducted frm yur checking accunt. If the balance in yur accunt is nt sufficient t pay the transactin amunt, the credit unin will pay the amunt and treat the transactin as a request t transfer funds frm ther depsit accunts, apprved verdraft prtectin accunts r lan accunts that yu have established with the Credit Unin. If yu initiate a transactin that verdraws yur Accunt, yu agree t make immediate payment f any verdrafts tgether with any related service charges t the Credit Unin. In the event f repeated verdrafts, the Credit Unin may terminate all services under this Agreement. Yu may use yur Card and PIN (Persnal Identificatin Number) in autmated teller machines f the Credit Unin, SUM, NYCE, Cirrus, Netwrks, and such ther machines r facilities as the Credit Unin may designate. At the present time, yu may als use yur Card t: Withdraw funds frm yur savings and checking accunts. Transfer funds frm yur savings and checking accunts. Obtain balance infrmatin fr yur savings and share draft accunts. Order gds r services in persn ver the internet, by mail, r telephne frm places that accept Visa. The fllwing limitatins n the frequency and amunt f Visa Check Card transactins may apply: There is n limit n the number f POS purchases yu make per day hwever yu may nt make mre than eight per hur. Purchase amunts are limited t the amunt in yur accunt nt t exceed $1, per day. There is n limit t the number f cash withdrawals r pin-based POS transactins yu may make in any ne day hwever yu may nt make mre than five per hur. Maximum cash withdrawal r pin-based POS transactins per day is $ if there are sufficient funds in the accunt. Yu may transfer up t the available balance in yur accunts at the time f the transfer. See Terms and Cnditins fr accunt related transfer limitatins that may apply t these transactins. c. Telephne Transfers (ARU Telephne Banking): If we apprve ARU access service fr yur accunts, a separate PIN (Persnal Identificatin Number) will be assigned t yu. Yu must use yur PIN (Persnal Identificatin Number) alng with yur accunt number t access yur accunts. Yu may access yur accunt by telephne 24 hurs a day by calling ur Tll Free number at t: Transfer funds frm and t yur savings, share draft, club and mney market accunts and t ther Member Accunts fr which yu are authrized; Obtain balance infrmatin fr yur savings, share draft, club accunts, lans and line f credit accunts. Make lan payments frm yur savings, share draft and mney market accunts. Determine if a particular item has cleared and infrmatin n recent depsits. Yur accunts can be accessed n the ARU via a tuch-tne telephne nly. ARU service will be available fr yur cnvenience twenty-fur (24) hurs per day. This service may be interrupted fr a shrt time each day fr data prcessing. There is n limit t the number f inquiries, transfers, r withdrawal requests yu may make in any ne day. See Terms and Cnditins fr accunt related transfer limitatins that may apply. The Credit Unin reserves the right t refuse any transactin which wuld draw upn insufficient funds, exceed a credit limit,

2 lwer an accunt belw a required balance, r therwise require us t increase ur required reserve n the accunt. All checks are payable t yu as a primary member and will be mailed t yur address r mail stp f recrd. The Credit Unin may set ther limits n the amunt f any transactin, and yu will be ntified f thse limits. The Credit Unin may refuse t hnr any transactin fr which yu d nt have sufficient available verified funds. The service will discntinue if n transactin is entered after numerus unsuccessful attempts t enter a transactin, and there may be limits n the duratin f each telephne call. d. Preauthrized EFTs: Direct Depsit. Upn instructin f (i) yur emplyer r (ii) the Treasury Department r (iii) ther financial institutins, the Credit Unin will accept direct depsits f yur paycheck r f federal recurring payments, such as Scial Security, t yur savings and checking accunt. Preauthrized Debits. Upn instructin, we will pay certain recurring transactins frm yur checking r savings accunt. ACH debit and credit riginatin t and frm yur accunt at anther financial institutin fr transfers ut f r int yur Savings r Share Draft accunts Internal transfers are nly transmitted n the first and fifteenth f the mnth (1st and 15th), if applicable. See Terms and Cnditins fr accunt related transfer limitatins that may apply. e. Online Banking: There is n limit t the number f inquiries, transfers, r withdrawal requests yu may make in any ne day. See Terms and Cnditins fr accunt related transfer limitatins that may apply. Accunt Access: Once yu enrll fr Tauntn Federal Credit Unin s Online Banking service, yu may use a persnal cmputer t access yur accunts. The first time yu lg in, yu must use yur Persnal Identificatin Number (PIN) that yu chse r that was assigned t yu by the Credit Unin t access yur accunts using the Telephne Banking (ARU) system. Yu may then be required t change yur PIN t a cmplex Passwrd f yur chice. Changing yur Online Banking passwrd will nt als change yur Telephne Banking (ARU) PIN. Online Banking is nrmally available seven (7) days a week, twenty-fur (24) hurs a day with the exceptin f shrt perids fr scheduled maintenance and/r upgrades. Yu will need a persnal cmputer and access t the Internet (Wrld Wide Web). Yu are respnsible fr installatin, maintenance and peratin f any sftware and yur cmputer. Tauntn Federal Credit Unin is nt respnsible fr any errrs r failures invlving any telephne service, Internet service, sftware installatin n yur cmputer. If available, and yu are nt enrlled in ur Bill Payer Service, yu may enrll by submitting the separate Bill Pay Electrnic Registratin Frm. Access t yur accunts thrugh Online Banking will be based upn the identificatin f users specified by yu, prvided that we shall have n respnsibility r bligatins whatever t mnitr transactins thrugh Online Banking t determine that they are n the behalf f the accunt hlder. Types f Transactins: At the present time, yu may use Online Banking t: Transfer funds between yur share draft accunt, savings, club and lan accunts. Transfer funds t ther Member Accunts fr which yu are authrized. Obtain balance infrmatin fr yur savings, share draft, club, lans, line f credit, certificates, and IRA accunts. Dwnlad yur accunt infrmatin t financial management sftware prgrams like MS Mney r Quicken if applicable. Pay bills frm yur Tauntn Federal Credit Unin Primary Share Draft accunt in the amunts and n the dates yu request, if yu have requested and been apprved fr the Bill Payer service. Cnduct ther transactins as permitted by Tauntn Federal Credit Unin including prcessing lan and mrtgage applicatins, transferring funds t and frm yur accunts and btaining check cpies. Transactins will be subject t the terms f yur accunt agreement. f. Electrnic Check Cnversin/Electrnic Returned Check Fees: If yu pay fr smething with a check r share draft yu may authrize yur check r share draft t be cnverted t an electrnic fund transfer. Yu may als authrize merchants t electrnically debit yur accunt fr returned check fees. Yu are cnsidered t have authrized these electrnic funds transfers if yu cmplete the transactin after being tld (rally r by a ntice psted r sent t yu) that the transfer may be prcessed electrnically r if yu sign a written authrizatin. Accunt Infrmatin: The accunt balance and transactin histry infrmatin may be limited t recent accunt infrmatin invlving yur accunts. Als, the availability f funds fr transfer r withdrawal may be limited due t ur Funds Availability Plicy. Yu agree t prmptly ntify us f any change in address in writing. CONDITIONS OF EFT SERVICES a. Ownership f Cards: Any Card r ther device which we supply t yu is ur prperty and must be returned t us, r t any persn whm we authrize t act as ur agent r t any persn wh is authrized t hnr the Card, immediately accrding t instructins. The Card may be repssessed at any time at ur sle discretin withut demand r ntice. Yu cannt transfer yur Card r accunt t anther persn.

3 b. Hnring the Card: Neither we nr merchants authrized t hnr the Card will be respnsible fr the failure r refusal t hnr the Card r any ther device we supply t yu. If a merchant agrees t give yu a refund r adjustment, yu agree t accept a credit t yur accunt in lieu f a cash refund. c. Freign Visa Transactins: If yu effect a transactin with yur Visa card in a currency ther than U.S. dllars, Visa Internatinal Incrprated will cnvert the charge int a U.S. dllar amunt. Visa Internatinal will use its currency cnversin prcedure, which is disclsed t institutins that issue Visa cards. Currently the currency cnversin rate used by Visa Internatinal t determine the transactin amunt in U.S. dllars fr such transactins is generally either a gvernment mandated rate r a whlesale rate determined by Visa Internatinal fr the prcessing cycle in which the transactin is prcessed, increased by ne percentage pint. The currency cnversin rate used by Visa Internatinal n the prcessing date may differ frm the rate that wuld have been used n the purchase date r cardhlder statement psting date. d. Security f Access Cde: Yu may use ne r mre access cdes with yur electrnic funds transfers. The access cdes issued t yu are fr yur security purpses. Any cdes issued t yu are cnfidential and shuld nt be disclsed t third parties r recrded n r with the Card r accunt number. Yu are respnsible fr safekeeping yur access cdes. Yu agree nt t disclse r therwise make yur access cdes available t anyne nt authrized t sign n yur accunts. If yu authrize anyne t use yur access cdes that authrity shall cntinue until yu specifically revke such authrity by ntifying the Credit Unin. Yu understand that any jint wner yu authrize t use an access cde may withdraw r transfer funds frm any f yur accunts. If yu fail t maintain the security f these access cdes and the Credit Unin suffers a lss, we may terminate yur EFT services immediately. e. Jint Accunts: If any f yur accunts accessed under this Agreement are jint accunts, all jint wners, including any authrized users, shall be bund by this Agreement and, alne and tgether, shall be respnsible fr all EFT transactins t r frm any savings and checking r lan accunts as prvided in this Agreement. Each jint accunt wner, withut the cnsent f any ther accunt wner, may, and hereby is authrized by every ther jint accunt wner t, make any transactin permitted under this Agreement. Each jint accunt wner is authrized t act fr the ther accunt wners, and the Credit Unin may accept rders and instructins regarding any EFT transactin n any accunt frm any jint accunt wner. f. Stp Payment f EFTs: Unless therwise prvided in this Agreement, yu may nt stp payment f electrnic funds transfers, therefre yu shuld nt emply electrnic access fr purchases and services unless yu are satisfied that yu will nt need t stp payment. g. Accunt Rates: The dividend rates n accunts n which electrnic funds transactins may be made are set frth n the Credit Unin s Investment and Lan Rates. h. Fees and Charges: There may be certain fees and charges fr electrnic funds transfer services. Fr a current listing f all applicable fees, see ur current Fee Schedule that was prvided t yu at the time yu applied fr r requested these electrnic services. Frm time t time, the charges may be changed. We will ntify yu f any changes as required by applicable law. If yu use an ATM nt perated by us, yu may be charged a fee by the ATM peratr and by any natinal, reginal, r lcal netwrk used in prcessing the transactin (and yu may be charged a fee fr a balance inquiry even if yu d nt cmplete a fund transfer). The ATM surcharge will be debited frm yur accunt if yu elect t cmplete the transactin r cntinue with the balance inquiry. i. Member Liability: Yu are respnsible fr all transactins yu authrize using yur EFT Services under this Agreement. If yu permit smene else t use an EFT service, yur Card r yur access cde, yu are respnsible fr any transactins they authrize r cnduct n any f yur accunts. Hwever, tell us at nce if yu believe yur Card and/r access cde has been lst r stlen, r if yu believe smene has used yur Card r access cde r therwise accessed yur accunts withut yur permissin. Telephning is the best way f keeping yur pssible lsses dwn. Yu are nt liable fr an unauthrized Visa Debit Card transactin that was nt cnducted at an ATM if yu can demnstrate that yu exercised reasnable care in prtecting yur Card frm lss r theft, yu have nt reprted tw (2) r mre incidents f unauthrized use in the past twelve (12) mnths, and yur accunt is in gd standing. Fr all ther unauthrized use f a Card r an access device, including ATM transactins and transactins using yur Persnal Identificatin Number, yu may be liable up t $50. Als, if yur statement shws transfers that yu did nt make, tell us at nce. If yu d nt tell us within sixty (60) days after the statement was mailed t yu, yu may nt get back any mney lst after the sixty (60) days if we can prve that we culd have stpped smene frm making the transfers if yu had tld us in time. If a gd reasn (such as a hspital stay) kept yu frm telling us, we will extend the time perids. This paragraph des nt apply t unauthrized use f a Visa Debit Card, an ATM Card, r ther access device. If yu believe yur Card r cde has been lst r stlen r that smene has transferred r may transfer mney frm yur accunt withut yur permissin, call immediately; r write t: Tauntn Federal Credit Unin, Operatins Department,14 Church Green, Tauntn, MA Right t Receive Dcumentatin: Any dcumentatin we prvide t yu which indicates that an electrnic funds transfer was made t anther persn shall be admissible as evidence f such transfer and shall cnstitute prf f the transactin which it recrds.

4 Peridic Statements: Transfers and withdrawals made thrugh any ATM r POS terminal, Debit Card transactins, audi respnse transactins, preauthrized EFTs, electrnic/pc transactins r bill payments yu make will be recrded n yur peridic statement. Yu will receive a statement mnthly unless there is n transactin in a particular mnth. In any case, yu will receive a statement at least quarterly. Terminal Receipt: Yu can get a receipt at the time yu make any transactin (except inquiries) invlving yur accunt using an ATM, POS terminal, r Debit Card transactin with a participating merchant. Direct Depsit: If yu have arranged t have a direct depsit made t yur accunt at least nce every sixty (60) days frm the same surce and yu d nt receive a receipt (such as a pay stub), yu can find ut whether r nt the depsit has been made by using TFCU s Online Banking system, the ARU Telephne Banking System, r by calling ur Call Center at Accunt Infrmatin Disclsure: We will disclse infrmatin t third parties abut yur accunt r the transfers yu make: As necessary t cmplete transfers; T verify the existence f sufficient funds t cver specific transactins upn the request f a third party, such as a credit bureau r merchant; T cmply with a prper gvernment agency summns r request, lawful subpena r curt rder; T any Credit Unin emplyee, attrney, auditr, r cllectin agency fr the Credit Unin; T cmmunicate the terms and histry f yur accunt t a cnsumer reprting agency; and T ther third parties if yu give us yur written permissin. BUSINESS DAYS AND HOURS Business Days: Mnday thrugh Friday Business Hurs: 8:30 A.M. t 5:00 P.M. Excluding Federal Hlidays Please call fr the mst current banking hurs CREDIT UNION LIABILITY FOR FAILURE TO MAKE TRANSFERS If we d nt cmplete a transfer t r frm yur accunt n time r in the crrect amunt accrding t ur agreement with yu, we may be liable fr lsses r damages prximately caused by ur errr. Hwever, we will nt be liable fr direct r cnsequential damages in the fllwing events: If, thrugh n fault f urs, there is nt enugh mney in yur accunts t cmplete the transactin; if any funds in yur accunts necessary t cmplete the transactin are pledged r held as uncllected funds pursuant t ur Funds Availability Plicy; r if the transactin invlves a lan request exceeding yur credit limit. If yu used yur Card r access cde in an incrrect manner. If the ATM where yu are making the transfer des nt have enugh cash. If the ATM was nt wrking prperly and yu knew abut the prblem when yu started the transactin. If any act f Gd (such as fire, fld, r pwer failure) prevents the transactin. If the mney in yur accunt is subject t legal prcess r ther claim restricting such transfer. If any circumstances beynd ur cntrl (such as yur willful r negligent use f yur Card, access cde, r any EFT facility fr making such transfers) prevent the transactin. If the errr was caused by a system f any participating ATM netwrk. If the electrnic transfer is nt cmpleted as a result f yur willful r negligent use f yur Card, access cde, r any EFT facility fr making such transfers. If the telephne r cmputer equipment yu use t cnduct audi respnse r electrnic/ PC transactins is nt wrking prperly and yu knw r shuld have knwn abut the breakdwn when yu started the transactin. If yu have bill payment services, we can nly cnfirm the amunt, the participating merchant, and date f the bill payment transfer made by the Credit Unin. Fr any ther errr r questin yu have invlving the billing statement f a participating merchant, yu must cntact the merchant directly. We are nt respnsible fr investigating such errrs. Any ther exceptins as established by the Credit Unin. PREAUTHORIZED PAYMENTS a. Stp Payment Rights: If yu have arranged in advance t make regular electrnic fund transfers ut f yur accunt(s) fr mney yu we thers, yu may stp payment f preauthrized transfers frm yur accunt. Yu must ntify us verbally r in writing at any time up t three (3) business days befre the scheduled date f the transfer. We may require written cnfirmatin f the stp payment rder t be made within furteen (14) days f any verbal ntificatin. If we d nt receive the written cnfirmatin, the ral stp payment rder shall cease t be binding furteen (14) days after it has been made. b. Ntice f Varying Amunts: If these regular payments may vary in amunt, the persn yu are ging t pay is required t tell yu, ten (10) days befre each payment, when it will be made and hw much it will be. Yu may chse instead t get this ntice nly when the payment wuld differ by mre than a certain amunt frm the previus payment r when the amunt wuld fall utside certain limits that yu set.

5 c. Liability fr Failure t Stp Payment f Preauthrized Transfers: If yu rder us t stp payment f a preauthrized transfer three (3) business days r mre befre the transfer is scheduled, and we d nt d s, we will be liable fr yur lsses r damages. Ntices: All ntices frm us will be effective when we have mailed them r delivered them t yur last knwn address in the Credit Unin s recrds. Ntices frm yu will be effective when received by the Credit Unin at the address specified in this Agreement. We reserve the right t change the terms and cnditins upn which this service is ffered. We will mail a ntice t yu at least twenty-ne (21) days befre the effective date f any change. Use f this service is subject t existing regulatins gverning the Credit Unin accunt and any future changes t thse regulatins. Billing Errrs: In case f errrs r questins abut electrnic funds transfers frm yur savings and share draft accunts, telephne us at the fllwing number r send us a written ntice t the fllwing address as sn as yu can. We must hear frm yu n later than sixty (60) days after we sent the first statement n which the prblem appears. Call TFCU at: r write us at: Tauntn Federal Credit Unin, 14 Church Green, Tauntn, MA Tell us yur name and accunt number. Describe the electrnic transfer yu are unsure abut, and explain as clearly as yu can why yu believe the Credit Unin has made an errr r why yu need mre infrmatin. Tell us the dllar amunt f the suspected errr. If yu tell us verbally, we may require that yu send us yur cmplaint r questin in writing within ten (10) calendar days. We will tell yu the results f ur investigatin within ten (10) calendar days r, fr debit card POS transactins, five (5) business days after we hear frm yu and will prmptly crrect any errr including the crediting f earnings, if applicable. If we need mre time, hwever, we may take up t frty-five (45) days t investigate yur cmplaint r questin. If we decide t d this, we will re-credit yur accunt within ten (10) calendar days r, fr debit card POS transactins, five (5) business days fr the amunt yu think is in errr, s that yu will have the use f the mney during the time it takes us t cmplete ur investigatin. If we ask yu t put yur cmplaint r questin in writing and we d nt receive it within ten (10) calendar days, we may nt re-credit yur accunt. Fr errrs invlving new accunts, pint f sale, r freign initiated transactins, we may take up t ninety (90) days t investigate yur cmplaint r questin. Fr new accunts, we may take up t twenty (20) business days t credit yur accunt fr the amunt yu think is in errr. We will tell yu the results within three (3) business days f cmpleting ur investigatin. If we decide that an errr did nt ccur, we will deliver r mail t yu an explanatin f ur findings. If yu request, yu may inspect r ask fr cpies f the dcuments that we used in ur investigatin as lng as it will nt vilate smene s privacy. If there was n errr, we may ask yu t pay t reprduce thse dcuments. Yu may inspect the dcuments at ur ffice at n charge. Terminatin f EFT Services: Yu may terminate this Agreement r any EFT service under this Agreement at any time by ntifying us in writing and stpping yur use f yur Card and any access cde. Yu must return all Cards t the Credit Unin. Yu als agree t ntify any participating merchants that authrity t make bill payment transfers has been revked. We may als terminate this Agreement at any time by ntifying yu rally r in writing. If we terminate this Agreement, we may ntify any participating merchants making preauthrized debits r credits t any f yur accunts that this Agreement has been terminated and that we will nt accept any further preauthrized transactin instructins. We may als prgram ur cmputer nt t accept yur Card r access cde fr any EFT service. Whether yu r the Credit Unin terminates this Agreement, the terminatin shall nt affect yur bligatins under this Agreement fr any EFTs made prir t terminatin. Gverning Law: This Agreement is gverned by the Bylaws f the Credit Unin, federal laws and regulatins, the laws and regulatins f the Cmmnwealth f Massachusetts and lcal clearinghuse rules, as amended frm time t time. Any disputes regarding this Agreement shall be subject t the jurisdictin f the curt f the cunty in which the Credit Unin is lcated. Yu are liable t us fr any lss, cst r expenses we incur resulting frm yur failure t fllw this Agreement. Yu authrize us t deduct any such lss, csts r expenses frm yur accunt withut prir ntice t yu. If we bring a legal actin t cllect any amunt due under r t enfrce this Agreement, we shall be entitled, subject t applicable law, t payment f reasnable attrney s fees and csts, including fees n any appeal, bankruptcy prceedings, and any pst- judgment cllectin actins. PROTECTED CONSUMER USE Chapter 167B f the Massachusetts General Laws was enacted t prvide a means fr financial institutins, businesses, and cnsumers t cnduct their business relatins mre cnveniently. Transferring funds electrnically will supplement the use f checks, credit and cash and will nt replace these present methds f ding business. As a cnsumer, yu shuld be aware f yur rights if yu chse t utilize this system. N persn may require yu t use a preauthrized funds transfer as a cnditin f the extensin f credit unless the credit is being extended in cnnectin with an verdraft checking plan, r is being extended t maintain a specified balance in yur accunt; r Require yu either t accept a transfer service r t establish an accunt which is accessed electrnically as cnditins f emplyment r receipt f gvernment benefits; r Require yu t pay electrnically fr the purchase f gds r services. If yur accunt is t be credited by a preauthrized transfer yu may chse the financial institutin t which the transfer may be made, if the institutin is technically capable f receiving such preauthrized transfer. N writing r agreement signed by yu can waive the rights cnferred t yu by Chapter 167B f the Massachusetts General Laws unless yu decide t waive these rights in settlement f a dispute r actin.

6 If it is the plicy f a stre r retail business t give cash refunds fr items purchased by cash, then this plicy must als cver refunds fr items purchased by electrnic fund transfer unless it is clearly disclsed at the time the transactin is cnsummated that n cash r credit refunds are given fr payments made by electrnic fund transfers. If a persn agrees t accept payment by means f an electrnic fund transfer and the system malfunctins preventing such a transfer, then the cnsumer s bligatin is suspended until the transfer can be cmpleted, unless that persn, in writing, demands payment by ther means. Yur Scial Security number cannt be used as a primary identificatin number althugh it can be used as a secndary aid t identify yu. Prcuring r using a card, cde r ther means f electrnic access t an accunt with the intent t defraud is a basis fr criminal liability.