DEPOSIT ACCOUNT TERMS & CONDITIONS continued
UNLAWFUL INTERNET GAMBLING NOTICE – In accordance with the requirements of the Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG, this notice is to inform commercial customers that restricted transactions as defined in Regulation GG are prohibited from being processed through your account or relationship with our institution. Restricted transactions include but are not limited to, transactions involving the acceptance or receipt of credit or funds through an electronic funds transfer, or by check, draft or similar instrument, or the proceeds of any of the foregoing that are related, directly or indirectly, to unlawful internet gambling. DEPOSITS – Any items, other than cash, accepted for deposit (including items drawn “on us”) will be given only provisional credit until collection is final. In receiving items for deposit or collection, we act only as your agent and assume no responsibility beyond the exercise of ordinary care. We are not responsible for errors or delays by others in the collection process. We may in our sole discretion refuse to accept particular instruments for deposit to your account and will not be liable to you for doing so even if such action causes outstanding items to be dishonored and returned. Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars as determined by us. Unless otherwise disclosed, interest will be paid only on collected funds, subject to minimum balance or other limitations, if any. At our option, we may take an item for collection rather than for deposit. If we permit you to withdraw funds from your account before final settlement has been made for any deposited item, and final settlement is not made, we have the right to charge your account or obtain a refund from you. We are not responsible for transactions initiated by mail or outside depository until we actually record them. Some transactions received after our “daily cutoff time” on a Business Day, or received on a non-Business Day, will be treated and recorded as if initiated on the next Business Day. A “Business Day” is every day except Saturdays, Sundays and federal holidays. ENDORSEMENTS – All negotiable paper (“checks”) presented for deposit must be in a format that can be processed and we may refuse to accept any check that does not meet this requirement. An endorsement is a signature, stamp or other mark on the back of a check made or authorized by the payee. If you have not endorsed a check that you deposit to your account, we may endorse it for you. All endorsements on the reverse side of any check deposited into your account must be placed on the left side of the check when looking at it from the front, and the endorsements must be placed so as not to go beyond an area located 1 ½ inches from the left edge of the check when looking at it from the front. It is your responsibility to ensure that these requirements are met, and you are responsible for any loss incurred by us for failure of an endorsement to meet this requirement. You agree that we are not bound by restrictions on checks which you deposit, or cash and you agree to be responsible for any loss or expense we incur relating to such restrictions. WITHDRAWALS - Any one of you who signs the Signature Page, may withdraw or transfer all or any part of the account balance at any time on forms approved by us. We do not offer accounts on which two or more signatures are required for a check or other withdrawal. Notwithstanding any provisions to the contrary on any Signature Page or other agreement you have with us, you agree that if any account purports to require two or more signers on checks drawn on or withdrawals from the account, such provision is solely for your internal control purposes and is not binding on us. We recommend using blue or black ink when writing checks for best image quality. We may charge against your account a check, even though payment was made before the date of the check, unless you have given us written notice of the postdating. We reserve the right but are under no obligation to pay a check which is presented more than six months after its date, without notice to you. The fact that we may honor withdrawal requests which overdraw the collected account balance does not obligate us to do so, unless required by law. Withdrawals will first be made from collected funds, and we may, unless prohibited by law or our written policy, refuse any withdrawal request against uncollected funds, even if our general practice is to the contrary. We reserve the right to refuse any withdrawal or transfer request which is for an amount less than any minimum withdrawal requirement, or which exceeds any frequency limitation imposed by us. Even if we honor a nonconforming request, repeated abuse of the stated limitations (if any) may eventually force us to close this account. We will use the date a transaction is completed by us (as opposed to the day you initiate it) to apply the frequency limitations. On interest-bearing accounts other than time deposits and business interest checking accounts, we reserve the right to require at least seven days’ written notice before any withdrawal or transfer. In practice, it is unlikely that we would require this notice. DIRECT DEPOSITS – If, in connection with a direct deposit plan, we deposit any amount in this account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from this account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability. AVAILABLE BALANCE – Some transactions may appear as “pending” and reduce your available balance by the amount of the transaction. Pending transactions create holds on your account. The most common types of transactions that we may place a hold on your account for are point of sale transactions and checks deposited to your account. We cannot control how much a merchant asks us to authorize, or when a merchant submits a transaction for payment. At times, the amount of an authorization hold may differ from the actual payment because the final transaction amount may not be known when the transaction occurs. This is most common with payments made to gas stations and hotels. Your available balance and holds are displayed on your Online and Mobile Banking.
security interest in your account, or Legal Process (as defined below, such as a third party garnishment, seizure, forfeiture, or tax levy) affecting any co-owner, we have the right to treat all funds in the account as belonging to the person against whom the setoff, enforcement of the security interest, or other legal action is directed. PROTECTING YOUR ACCOUNT AND YOUR INFORMATION - You acknowledge that there is a growing risk of losses resulting from fraud, which includes unauthorized items. Reasonable steps should be taken to ensure the integrity of your account and items drawn on your account or deposited to it. The following are some preventive measures that we recommend you take to help prevent fraud on your account: • Review your account statements when they are received and promptly notify us of any problem. • If you don’t receive an expected statement, promptly notify us. • Protect your account and routing numbers. • Secure your ATM/Debit Card and do not share your PIN. • Only write checks to people and businesses you know and secure your supply of checks at all times. • Don’t deposit checks from people whom you don’t know. • When writing your checks complete them in a manner that makes it difficult for others to add words, numbers or make other changes without your authorization. Below are some additional preventive measures that we recommend businesses take to help prevent fraud on your account: • Assign multiple individuals and periodically reassign responsibilities to your business account. • Watch for checks that are cashed out of sequential order or made out to cash. • Review your account regularly for unexpected fluctuations such as the percentage of cash deposits to total deposit size. • If an authorized signer’s authority ends, notify us immediately so their name can be removed from the account. • Obtain insurance coverage for bank account fraud risks. • Be watchful for imposters impersonating vendors or a vendor changing payment instructions. • When delivering checks or making deposits only send trusted employees. • Obtain Positive Pay and other fraud protection the Bank may offer. Except for consumer electronic fund transfers subject to Regulation E, you agree that if we offer you services appropriate for your account to help identify or limit fraudulent or other unauthorized transactions, and you reject those services, you will be responsible for any fraudulent or unauthorized transactions which could have been prevented by the services we offered. You will not be responsible for such transactions if we failed to act in good faith or to the extent our negligence contributed to the loss. Such services may include Positive Pay or other commercially reasonable security procedures. If we offered you a commercially reasonable security procedure which you reject, you agree that you are responsible for any payment order, whether authorized or not, that we accept in compliance with an alternative security procedure that you have selected. Positive Pay is a service that can help detect and therefore prevent check fraud and is appropriate for account holders that issue: a high volume of checks, a lot of checks to the general public, or checks for large dollar amounts. ACCOUNT DISPUTES – If we believe a dispute exists between account owners, between the account owners and a third party claiming an interest in the account, or we believe a dispute exists over who has account ownership or authority to withdraw funds from the account, we may, without advance notice – unless otherwise required by law – and without any liability to you take the following action: (i) continue to take action with respect to the account in accordance with the account related documents on file, (ii) accept the claim if we believe the claim is valid, (iii) close the account and issue payment for the account balance to you or to each person or entity asserting a claim to the funds/account, (iv) place the funds in the account into court (an interpleader action) for resolution by the court, or (v) place an administrative hold on the account (and refuse any payment or withdrawal of funds) until (a) all parties who we believe have an interest in the account/dispute consent in writing to a resolution of the dispute, (b) we receive evidence satisfactory to us that the dispute has been resolved; or (c) a court of appropriate jurisdiction issues an order resolving the dispute or directing the disposition of the funds in the account. LEGAL PROCESS – You agree that we may comply with any state or federal legal process, including, without limitation, any writ of attachment, execution, garnishment, tax levy, restraining order, subpoena or warrant (“Legal Process”) relating to you or your account which we believe to be valid, without any liability to you. We do not have to determine whether the Legal Process was validly issued or enforceable and we will have no liability to you for any action we take as directed by the Legal Process or otherwise permitted by this Agreement. You agree that we may comply with Legal Process we believe to be valid, whether served in person, by mail by electronic means or at one of our offices. Further, you agree that we may comply with such Legal Process as we deem appropriate under the circumstances even if the Legal Process or document appears to affect the interest of only one owner of a joint account. In such case, we may refuse to permit withdrawals or transfers from your account until such Legal Process is satisfied or dismissed even if such action results in insufficient funds to pay a check you have written or otherwise satisfy an obligation you may have incurred. Any garnishment, attachment or other levy against your account shall be subject to our right of set-off and our security interest in the account.
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