Agreement and Electronic Funds Transfer Disclosure
This Agreement and Disclosure provides information about the Commercial Trust Online Banking service and contains the disclosures required by the Electronic Funds Transfer Act.
For the purpose of this document, “I,” “me,” “my,” and “mine” shall refer to each Depositor who signs up for Online Banking. “You,” “your,” or “Bank” shall refer to the financial institution at which the Depositor has the deposit account accessed through Online Banking. All references to time of day in this Agreement and Disclosure refer to Eastern Standard Time.
A. Online Banking Service
Online Banking is a consumer electronic banking service. I may access Online Banking through Commercial Trust’s web page on the Internet.
B. Banking Day
Commercial Trust’s business days are all days except Saturdays, Sundays, and federal holidays.
C. Service Available through Online Banking
Online Banking service allows me to:
- Transfer funds electronically (Transfers);
- Obtain account information;
- Obtain certain Commercial Trust product and service information
- Access my designated account(s) to pay bills (Bill Payments);
Collectively, these are referred to as the ” Online Banking service”.
D. General Information About Online Banking:
I may use Online Banking virtually any time, day or night, 7 days a week. However, Online Banking may be temporarily unavailable due to Commercial Trust record updating, or technical difficulties. Any interruption of service or access caused by Online Banking will also prevent my use of the service. To utilize the services, I will need to enter my assigned a username and PIN and otherwise satisfy the system’s security procedures.
E. Transaction Procedures
Bill Payments and Transfers may be processed in three different transaction modes. They are as follows:
- If you want the bill payment on today’s date it has to be done before 2:00 p.m. or it will go on the next day. Transfers may not be canceled for any reason once you have ended a Online Banking session, as funds are immediately deducted from my designated account.
- “Future.” If I designate a Bill Payment or Transfer as a “Future” transaction, I may request that the transaction be made on a future date that I may designate up to 364 days in advance of the Scheduled Initiation Date. The processing date will be the effective date I entered, or the next business day should the effective date fall on a weekend or holiday. Sufficient funds must be available by midnight of the night before the processing date, but will be deducted from my designated account on the Scheduled Initiation Date. “Future” transactions may be canceled or changed until 12:00 midnight of the night before the Scheduled Initiation Date.
- “Recurring.” If I designate a Bill Payment or Transfer as a “Recurring” transaction, I may request, and Commercial Trust will use, a Scheduled Initiation Date that reoccurs on a specified regular basis (i.e. weekly, bi-weekly, monthly, etc). I will designate a “start” and “end” date. Sufficient funds must be available by midnight of the night before the Scheduled Initiation Date, but will be deducted from my designated account on the Scheduled Initiation Date. “Recurring” transactions may be canceled or changed until 12:00 midnight of the night before the Scheduled Initiation Date.
F. Bill Payments:
- Account Designation and Payees. Bill Payments I make through Online Banking will be deducted from my designated funding account. Any payee I wish to pay through Online Banking must be payable in U.S. Dollars and located in the United States. Each payee must appear on the payee list I create with you and the account I am paying with must be in my name. I may not use Online Banking to make payments to a federal, state or local governmental or tax unit, or to other categories of payee that you establish from time to time.
- Processing. Funds will be taken out of my designated funding account on the Scheduled Initiation Date entered by me. In many cases, my Bill Payments are electronically delivered to the payee within three business days of the Scheduled Initiation Date. However, some payees are not set up to accept electronic payment. In these cases, a check will be sent, which may take five-seven business days to process and deliver to the payee. Online Banking provides an indication of how many days to allow for each payee I designate. I must allow sufficient time (2 or 5 business days, as indicated) for Online Banking to receive my request and process the Bill Payments so that the funds can be delivered to the payee before the payment due date, or for mortgage payments, on or before the due date (the due date shown on my invoice or provided in my agreement with the payee, not taking into account any grace period provided by the payee). If I do not allow sufficient time, I will assume full responsibility for all late fees, finance charges, or other actions taken by the payee. If I schedule my payment with sufficient time, and the payment was not received by the payee, or was received late, Online Banking Customer Service will assume responsibility. Commercial Trust is responsible only for exercising ordinary care in making payments upon my authorization and for mailing or sending a payment to the designated payee. Commercial Trust is not liable in any way for damages I incur if I do not have sufficient funds in my account to make the payment on the processing date, if the estimate of time to allow for delivery to the payee is inaccurate, or due to delays in mail delivery, changes of merchant address or account number, the failure of any merchant to account correctly for or credit the payment in a timely manner, or for any other circumstances beyond the control of Commercial Trust. Online Banking Customer Service will attempt to notify me by telephone on the Scheduled Initiation Date if a Bill Payment is not processed because there are insufficient funds available in my account. Commercial Trust is not responsible if Online Banking customer service is unable to reach me, whether or not this is due to events beyond the control of Online Banking customer service. Moreover, to take advantage of this service, I must keep Online Banking Customer Service aware of any changes in my current home or business phone numbers. In all cases, I am responsible for either making alternate arrangements for the payment, or rescheduling the payment through Online Banking. In no cases will you automatically resubmit a payment for me after funds have become available.
G. Transfers
1. InterBank Transfers.
Transfers between my account with Commercial Trust and account(s) held at other financial institutions (InterBank Transfers) are accomplished through an automated clearing house (ACH) debit against the account funds are being transferred from and an ACH credit to the account(s) funds are being transferred to.
- Account Designation. In order to be accessible by Commercial Trust, accounts maintained at the other financial institutions (foreign accounts) must be either a checking or a savings account and must be my accounts. I must provide the name of the financial institution, the account number, and a transit-routing number. In most cases, I will need to submit a canceled or voided check or deposit slip.
- Funds Availability. Funds from InterBank transfers will be available for withdrawal in accordance with the funds availability policy of the institution(s) holding the account that received the funds. Generally, the account holding institution will receive the funds no later than four business days following the Scheduled Initiation Date. For “Today” InterBank Transfers made during a session, I must schedule the transaction as a “Today” InterBank Transfer before 3:00 p.m. on a Commercial Trust business day for the Schedule Initiation Date to be that day. Otherwise, “Today” InterBank Transfers scheduled after 3:00 p.m., or on a weekend or holiday will have a Scheduled Initiation Date of, and thus will be initiated on, the following Commercial Trust business day.
- To Transfer funds between two financial institutions other than Commercial Trust, I must first set up payee and send check.
2. IntraBank Transfers.
- Account Designation. I may designate up to two accounts at Commercial Trust between which I may transfer funds electronically through Online Banking. All these accounts must be in my name.
- Funds Availability. Although I receive immediate provisional credit upon completion of my Online Banking session for “Today” IntraBank transfers made during the session, I must make transfers before 3:00 p.m on a banking day for those funds to be posted on an account that day and to be available for non Online Banking transactions. Transfers designated as “Today” transactions made after 3:00 p.m. or on a weekend or holiday, will be available for the payment of non Online Banking transactions on the following banking day. “Today” transfers cannot be canceled. Transfers designated as “Future” or “Recurring” transactions will be processed by 9:00 A.M. of the Scheduled Initiation Date for provisional credit (i.e. for Online Banking Bill Payments, and cash withdrawals at ATMs or banking centers), and will post and be available by the next banking day for payment of non-Online Banking transactions. If the Scheduled Initiation Date falls on a weekend or holiday, the transfer will occur on the next banking day. Future-dated transfers may be changed or canceled until 12:00 midnight of the night before the processing date.
H. Limitations on Services
- Dollar Limitations. There is a dollar limit of $9,999.99 (or the available balance in my designated funding account, whichever is less) on any payment or Intrabank transfer.
- Available Funds Required. All Bill Payments and Transfers initiated through Online Banking are subject to there being sufficient funds available in the affected account to cover the transfer on the Scheduled Initiation Date or earlier.
I. Stopping or Modifying Online Banking Authorized Payments:
Payments designated as “Today” transactions cannot be stopped, canceled, or changed once my Online Banking session is terminated. Except as stated below, in order to request a stop payment or change a Online Banking transaction designated as “Future” or “Recurring,” I must use Online Banking and follow the instructions provided to me. I must cancel the payment or transfer using Online Banking by 12:00 midnight of the day before the scheduled processing day.
I understand you will only accept a verbal or written notice to stop a Online Banking transaction if it relates to a payment designated as “Recurring” and only if the notice is received at Online Banking Customer Service (at the address and phone number listed in paragraph R of this Agreement and Disclosure) no later than three business days before the scheduled date of the payment or transfer. If I call, you may also require me to put my request in writing and get it to you within fourteen days after I call. The notice must detail whether the cancellation applies to only one of the recurring transactions, or all transactions in the recurring stream. I understand that my written notice will only be accepted at the address and phone number listed in paragraph O of this Agreement and Disclosure.
If I request a cancellation of a transaction as set forth above and you do not do so, you will be liable for the damages caused as explained in paragraph N.
J. Authorization To Charge Accounts
I authorize you to charge my designated account(s) for any transactions accomplished through the use of Online Banking, including the amount of any Bill Payment or Transfer that I make, and any charges for the service. I understand that in adding a payee or maintaining a payee list, even if no payments are scheduled, I am electing to use the Bill Payment service and therefore will be charged accordingly. I authorize you to process Bill Payments and to transfer funds according to the instructions you receive if the instructions are received from me through Online Banking. I authorize you to initiate any reversing entry or reversing file, and to debit my accounts at Commercial Trust or elsewhere, in order to correct any mistaken credit entry. I understand that if a Bill Payment or Transfer request describes the beneficiary inconsistently by name and account number, execution of the request will occur on the basis of the account number, even if it identifies a person different from the named beneficiary. My obligation to pay the amount of the Bill Payment or Transfer to Commercial Trust is not excused in such circumstances.
K. Account Information; Electronic Notice
I may check the balance(s) of the Commercial Trust accounts that are linked by access through Online Banking. (NOTE: the balance figure may not reflect recent transactions, and may include funds which are not subject to immediate withdrawal.) I may get a listing of transactions posted to my primary checking account since my last monthly statement, and may get general account information for all accounts linked by access through Online Banking.
L. Transaction Fees
If the deposit account from which the payment or transfer is made is charged per-item fees for excess debit transactions, such as Limited Checking accounts or Customer Savings accounts, a fee will be charged for each Online Banking payment or transfer in excess of the specified limit. The transaction fee may not apply to other accounts. The amount of this fee, and specific types of accounts that are excluded from this fee, are set forth in the Commercial Trust’s Service Charge ScheduleIf I do not have sufficient funds in my account on the date the fee or charge is payable, I authorize you to automatically deduct the payment from my account as soon as funds are available.
M. Security Procedures
A Username and Pin will be issued to me for security purposes. I understand that this pin will be used only the first time I access the service, when I then will define a new pin. The pin is confidential and should not be disclosed to third parties. I am responsible for the safekeeping of the pin. I agree not to disclose or otherwise make the pin available to anyone not authorized to sign on my accounts.
I represent that I have considered the security procedures of the Online Banking services and find that the security procedures are commercially reasonable for verifying that a Bill Payment, Transfer or other communication purporting to have been issued by me is, in fact, mine. In reaching this determination, I have considered the size, type and frequency of Bill Payments, Transfers or other communications that I anticipate issuing to Commercial Trust.
If the Online Banking security procedures are not, in my judgment, commercially reasonable, I must inform you within 30 days. In the size, type and frequency on my Bill Payments and Transfers change, and the result is that the Online Banking security procedures cease to be commercially reasonable, I must also inform you of this within 30 days.
N. Liability for Failure To Make Payments:
If you do not send a payment or make a transfer on time, or in the correct amount according to my instructions given in accordance with this Agreement and Disclosure, you will be liable for damages caused. However, there are some exceptions. You will not be liable, for instance, if:
- through no fault of yours, my designated funding account does not contain sufficient funds to make the payment or transfer.
- the equipment, ATM network, phone lines, or computer systems were not working properly or were temporarily unavailable.
- circumstances beyond your scope of control, such as fire or flood, prevented the payment or transfer, despite reasonable precautions that you have taken.
- a court order or legal process prevents you from making a transfer or payment.
- the payee does not process a payment correctly, or in a timely manner.
There may be other exceptions stated in your agreement with me.
If any of the circumstances listed in subparagraph 3) or 4) shall occur, you shall assist me with reasonable efforts in taking appropriate corrective action to reprocess the transactions that may not have been completed or to correct transactions that have incorrectly been processed.
O. Errors or Questions:
I will telephone you at (660) 248-2222 or write Commercial Trust, Attention: Customer Service Department, PO Box 471, Fayette MO 65248 as soon as I can, if I think my statement or receipt is wrong or if I need more information about a Bill Payment or Transfer listed on the statement or receipt. You must hear from me no later than 60 days after you send the statement on which the problem or error appeared. A statement is considered to have been sent when it is first made available. I must:
- Tell you my name and account number
- Describe the error or payment I am unsure about, and explain as clearly as I can why I believe it is an error or why I need information.
- Tell you the dollar amount of the suspected error.
If I tell you verbally, you may require that I send my complaint or question in writing within ten business days. You may require me to provide my complaint in the form of an affidavit.
P. Account Information Disclosure:
You will disclose information to third parties about my account and the payments or transfers I make:
- when it is necessary for verifying or completing payments or transfers, or resolving a problem relating to a payment or transfer;
- in order to verify the existence and the condition of my account for a third party, such as a credit bureau or merchant;
- in order to comply with government agency or court orders;
- to any subsidiary or affiliate;
- if I give you my written permission; or
- as otherwise permitted in Commercial Trust’s Deposit Agreement and Disclosures, by law, or as required by government regulations.
Q. Documentation And Verification of Payments and Transfers:
Confirmation Numbers
Upon completion of a transaction using Online Banking, a confirmation number will be given. I should record this number, along with the payee, scheduled date and transaction amount in my checkbook register (or other permanent record), because this will help in resolving any problems that may occur. No printed receipts are issued through Online Banking.
Upon completion of a transaction using Online Banking, a confirmation number will be given. I should record this number, along with the payee, scheduled date and transaction amount in my checkbook register (or other permanent record), because this will help in resolving any problems that may occur. No printed receipts are issued through Online Banking.
Periodic Statements
Information concerning Online Banking transactions will be shown on my normal statement for the account to and from which transfers or payments are made. I will get a statement monthly, unless there are no electronic funds transfers in a particular month. In any case, if my account is a checking, savings, or money market, I will get a statement at least quarterly.
Information concerning Online Banking transactions will be shown on my normal statement for the account to and from which transfers or payments are made. I will get a statement monthly, unless there are no electronic funds transfers in a particular month. In any case, if my account is a checking, savings, or money market, I will get a statement at least quarterly.
Recurring Deposits
If I have arranged to have deposits made to a deposit account at least once every 60 days from the same person or company, I can find out whether or not the deposit has been made through Online Banking. Or, I can call Commercial Trust Customer Service at (660) 248-2222 to find out whether or not the deposit has been made.
If I have arranged to have deposits made to a deposit account at least once every 60 days from the same person or company, I can find out whether or not the deposit has been made through Online Banking. Or, I can call Commercial Trust Customer Service at (660) 248-2222 to find out whether or not the deposit has been made.
R. Other Conditions:
I am responsible for complying with all terms of this Agreement and Disclosure and the regulations governing the deposit accounts which I access using Online Banking. You can terminate my Online Banking privileges without notice to me if I do not pay any fee required in this Agreement and Disclosure when due or if I do not comply with those agreements. The regulations governing my deposit account are set forth in your Deposit Agreement and Disclosures, a copy of which is available from any branch location.
S. Change In Terms
We will mail or deliver a written notice to you at least 21 days before the effective date of any change in a term or condition disclosed in this Agreement and Disclosure, if the change would result in increased fees or charges, increased liability for me, fewer types of available electronic fund transfers or stricter limitations on the frequency or dollar amounts of transfers, unless prior notice is excused by law.