DEPOSIT ACCOUNT TERMS & CONDITIONS continued
LIMITS ON OUR LIABILITY – Our maximum liability is the lesser of your actual damages proved or the amount of the missing deposit or the forgery, alteration or other unauthorized withdrawal, reduced in all cases by the amount of the loss that could have been avoided by your use of ordinary care. We are not liable to you for special or consequential losses or damages of any kind, including loss of profits and opportunity or for attorneys’ fees incurred by you. We may take a reasonable period of time to investigate the facts and circumstances surrounding any claimed loss. We do not have to provisionally credit your account while we investigate. ATTORNEY’S FEES AND EXPENSES – You agree to be liable to us for any loss, costs or expenses, including reasonable attorney’s fees to the extent permitted by law, that we incur as a result of any dispute involving your account or response to Legal Process, and you authorize us to deduct any such loss, costs or expense from your account without prior notice to you. This obligation includes disputes between yourself and us involving the account and situations where we become involved in disputes between you and an authorized signer, another joint owner, or a third party claiming an interest in the account. It also includes situations where you, an authorized signer, another joint owner, or a third party takes action with respect to the account that causes us, in good faith, to seek the advice of counsel, whether or not we actually become involved in a dispute. AMENDMENTS AND TERMINATION - From time to time we may amend any term of this Agreement or any Disclosure upon giving you notice by any method permitted by law, including, in appropriate circumstances, posting notice in any of our branch locations. Your continued use of the account after the effective date of the amendment will constitute your agreement to any amendment. Notices which are mailed will be sent to the most recent address shown on our account records. Only one notice will be given in the case of joint account holders. We may also close this account at any time for any reason or no reason upon reasonable notice to you and tender of the account balance personally or by mail. (Reasonable notice depends on the circumstances, and in some cases such as when we cannot verify your identity or we suspect fraud, it might be reasonable for us to give you notice after the change or account closure becomes effective. For instance, if we suspect fraudulent activity with respect to your account, we might immediately freeze or close your account and then give you notice.) Notice from us to any one of you is notice to all of you. NO WAIVER – Our delay or failure to exercise any right, remedy, power or privilege available to us under this Agreement shall not affect or preclude our future exercise of that right, remedy, power or privilege unless we agree to such waiver in writing. SEVERABILITY – The remainder of this Agreement shall not be affected in the event that any court of competent jurisdiction determines that any provision of the Agreement is illegal, invalid or unenforceable. EXPEDITED FUNDS AVAILABILITY DISCLOSURE YOUR ABILITY TO WITHDRAW FUNDS Cash, Checks Drawn on a C&N Account Deposited at a C&N Branch, ACH, Internet Banking Transfers, Text Banking Transfers, Telephone Transfers and Wire Transfer Deposits – These funds are available immediately. C&N checks not deposited at a C&N Branch and all other checks, will be available on the business day following the day the deposit is considered received (see chart below to determine when deposit is considered received). EXCEPTION: ATM deposits: All funds from ATM deposits will be considered available on the business day following the day the deposit is considered received. (Some on-site ATMs do not accept deposits. C&N does not accept deposits made at its proprietary ATMS located off-site or at ATMs that are maintained or provided by other financial institutions or ATM service providers.) Business Day Definition: Every day is a business day except Saturdays, Sundays, and Federal Holidays. Type of Deposit Day Deposit Considered Received In person at Branch Location Same Day - If deposited on a business day Next Business Day - If deposited any other time At ATM Same Day - If deposited on a business day prior to 12:00 p.m. Next Business Day - If deposited any other time Night Deposit and Lockboxes The day deposit is removed from the night depository or lockbox. Normally, deposits are removed at the beginning of office hours on a business day.
STATEMENTS - You must examine your statement of account with reasonable promptness. If you discover (or reasonably should have discovered) any unauthorized payments, forgeries or alterations (either paper or electronic), you must promptly notify us of the relevant facts. If you fail to do so, you will have to either share the loss with us or bear the loss entirely yourself (depending on whether we exercised ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement, but other items forged or altered by the same wrongdoer. You agree that the time you have to examine your statement and report any unauthorized payments or alterations (either paper or electronic) to us will depend on the circumstances, but that such time will not, in any circumstance, exceed a total of 30 days from when the statement is first made available to you. You further agree that if you fail to report any unauthorized signatures, alterations, forgeries or any other errors in your account within 60 days of when we make the statement available, you cannot assert a claim against us on any items in that statement, and the loss will be entirely yours. This 60-day limitation is without regard to whether we exercised ordinary care. The limitation in this paragraph is in addition to that contained in the previous paragraph of this section. If the error is the result of an electronic fund transfer relating to a consumer electronic fund transfer governed by Regulation E, the provisions of the Error Resolution Notice section of the Electronic Fund Transfers Disclosures will control. NOTICE OF ADDRESS CHANGES – Notify us immediately, by phone or at any of our branches of any change of address. You agree we may also change your address on our records, without notice to you, if we receive information from the United States Postal Service. NOTICE OF DEATH OR INCOMPETENCE – You agree to notify us promptly if you know an account owner or signer has been declared legally incompetent or has died. Your death or an adjudication of incompetency does not affect our authority to accept, pay or collect an item until we know of the fact of your death or that you have been declared legally incompetent and we have had a reasonable opportunity to act on such knowledge. Even with knowledge of your death or that you have been declared legally incompetent, we may for such period of time permitted by law after the date of death pay or certify checks drawn on or before that date unless ordered to stop payment by a person claiming an interest in the account. TELEPHONE AND EMAIL COMMUNICATION - We may call or send text messages to you at the telephone number(s) that you provide to us and email you at the email address you provide to us. You consent and agree to accept calls, text messages and emails that are related to the servicing of your account. You also agree that we may call, text or send you emails related to the marketing of products or services that we offer. Calls or text messages may be made from an automatic telephone dialing system You may contact us if you no longer wish to receive marketing related calls, text messages or emails. Service charges may apply from your cell phone carrier if utilizing a cell phone number. You may text STOP to stop text messages. RESTRICTIVE LEGENDS - We may disregard information on any check or item other than the signature of the drawer, the identification of the drawee financial institution and payee, the amount, the endorsements, and any other information that appears in the MICR line. In addition, we are not responsible to take action on, or for failure to notify you of restrictive language placed on checks or other items, including but not limited to terms such as “Void after 90 Days,” “Paid in Full,” “Two Signatures Required,” “Void Over $100” or similar statements. In accordance with reasonable banking standards, most checks and other items are processed through automated processing and, except in limited circumstances and at our discretion, most items are not individually examined. You agree that we act within reasonable banking standards by processing most checks and other items through automated processing systems. FACSIMILE SIGNATURES – If the line on the Signature Page under the paragraph captioned “Facsimile Signature(s)” is marked as yes, you authorize us, at any time, to charge you for all checks, drafts, or other orders, for the payment of money, that are drawn on us regardless of by whom or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen on the Signature Page, or that are filed separately with us, and contain the required number of signatures for this purpose. PLEDGES – Any pledge of this account (to which we have agreed in writing), must first be satisfied before the rights of any joint account survivor or trust account beneficiary become effective. For example, if one joint tenant pledges the account for payment of a debt and then dies, the surviving joint tenant’s rights in this account are subject first to the payment of the debt. SPECIAL RULES FOR TIME DEPOSIT (“CD”) ACCOUNTS – A time deposit account is often referred to as a “CD” or a “Certificate of Deposit,” even though we no longer issue “certificates.” If this account is a time deposit account, you agree that generally you leave your funds in the account until the maturity date of the account. This Agreement applies if this is a CD account or an Individual Retirement Account (IRA) CD. Your Truth in Savings Disclosure and CD Receipt for your account provide detailed information on your term, minimum balance requirements, transaction limitations, if your rate is variable or fixed, the balance computation method that we use, how your interest is compounded and credited, the renewal policy for your CD, the grace period for your CD and Early Withdrawal Penalty information (this list is not exhaustive). A time deposit account is non-transferable nor is it negotiable. CDs generally do not receive monthly statements.
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