Know Your Banking Rights and Protections

When you open a bank account, you’re trusting a financial institution with your hard‑earned money. That’s why it’s important to know the rights and protections you have as a customer. From account safety to clear disclosures, federal and state laws are designed to keep your money safe and ensure you’re treated fairly.

Let’s break down the key protections you should know about and explain how Marine Credit Union helps you bank with confidence.

Your Right to Account Safety

Your deposits are insured up to $250,000 per account type (e.g., checking, savings). This means that even if the financial institution fails, your money is protected. Banks are insured by the Federal Deposit Insurance Corporation (FDIC) while credit unions are insured by the National Credit Union Association (NCUA), which is backed by the U.S. government.

Clear Account Disclosures

As a banking customer, you have the right to know:

• The terms and conditions of your account
• Any fees, charges, and interest rates
• How the financial institution protects your data and privacy

Before opening an account, federal laws require institutions to provide these details in plain language so you can make informed choices.

Protection from Unauthorized Transactions

Federal laws limit your liability for unauthorized charges, but it’s important to understand that the rules are different for credit and debit cards:

Credit cards: The Fair Credit Billing Act (FCBA) protects you if your credit card is lost, stolen, or used without permission. Your maximum liability is $50, and some card issuers may waive that.

Debit cards: The Electronic Fund Transfer Act (EFTA) offers similar protections if your debit card is used without permission, but how quickly you report matters:

• Report within 2 business days: maximum liability is $50
• Report within 60 days: maximum liability rises to $500
• After 60 days: you could be responsible for all unauthorized transactions

If you suspect fraudulent activity on your account, take action right away. IdentityTheft.gov is the federal government’s one-stop resource for victims of identity theft. You can also report fraud, scams, or suspicious activities at ReportFraud.ftc.gov.

Learn more about your rights if you become a victim of identity theft.

Your Privacy and Data Security

Banks and credit unions are required by law to keep your personal and financial information private and secure. Financial institutions must share their privacy policies with you and allow you to opt out of certain types of information sharing.

At MCU, we take careful steps to protect your data and privacy. Our approach to security includes:

• Free financial education through GreenPath, a financial wellness nonprofit.
• Timely alerts via our social media channels and website banners when threats arise.
• Consumer accounts are federally insured up to $250,000 through the NCUA.

Fair Lending and Equal Access

Federal laws like the Equal Credit Opportunity Act ensure you can’t be discriminated against based on race, gender, age, or other factors when opening an account or applying for credit. It’s meant to provide everyone equal access to credit opportunities.

MCU is committed to providing fair, equitable access to financial services for every member. No matter where you are on your journey, we believe financial fulfillment should be an attainable goal.

How Marine Credit Union Helps Protect You

At Marine Credit Union, we know that financial security starts with trust. We’re committed to protecting and empowering members so you can manage your money with peace of mind:

• Deposits insured by the NCUA
• 24/7 fraud monitoring and secure online tools
• Clear, upfront communication about accounts and fees
• A team ready to help you understand your rights and stay in control of your finances

You deserve a financial partner who prioritizes your protection and peace of mind. We’re here to help you manage your finances with confidence.