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Morton Community Bank REGULATION E DISCLOSURE
ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURE
This Agreement and disclosure is made in compliance with federal law regulating electronic funds transfer (EFT) services. Electronic funds transfers are electronically initiated transfers of money involving an account at the Financial Institution. The following disclosures set forth your and our rights and responsibilities concerning the electronic funds transfers. In this Agreement, the words “you” and “your” mean those who sign as applicants or any authorized user(s). The words “we,” “us,” and “our” mean the Financial Institution. The abbreviation “PIN” or the word “code” means a personal identification number.
Electronic Fund Transfers Initiated By Third Parties
You may authorize a third party to initiate electronic fund transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payment network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice of a receipt). In all cases, these third-party transfers will require you to provide the third party with your account number and financial institution information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your financial institution and account information (whether over the phone, the Internet or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include, but are not limited to:
Advisory against Illegal Use You agree not to use your Mastercard debit cards for illegal gambling or other illegal purposes. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in the jurisdiction in which you may be located.
Telephone Banking You may access your account by telephone 24 hours a day at 1 (888) 263-5301 or (309) 263-5301.
Types of Transactions: You may access your account(s) by telephone using your account number(s), personal identification number (PIN) and a touch-tone phone to perform the following functions:
Limitations on Frequency and Amount for Telephone Banking Transfers before 4:00 pm CST will be processed the same day. Transfers after 4:00 pm will be processed the next business day.
Online Banking Service You may access your accounts by computer at hometownbanks.com
Types of Transactions: You may access certain account(s) you maintain with us by computer using your assigned user ID and password by accessing the online banking service. You may use the online banking service to perform the following functions:
Limitations on Frequency and Amount for Online Banking Transfers before 6:00 pm CST will be processed the same day. Transfers after 6:00 pm will be processed the next business day.
Online Bill Pay You may access your accounts by computer at hometownbanks.com.
Types of Transactions:
Limitations on Frequency and Amount for Online Bill Pay Refer to the Bill Pay Terms and Conditions for detailed information on transaction types and processing timeframe.
Mobile Banking You may access your accounts remotely with your cell phone or other mobile access device and using your User ID and password.
Your mobile service provider’s standard service fees, such as text message fees or similar charges, will apply to all transactions. Check with your service provider for information about these fees.
Limitations on Frequency and Amount for Mobile Banking Transfers before 6:00pm CST will be processed the same day. Transfers after 6:00 pm will be processed the next business day.
Mobile Check Deposit Customers can easily deposit checks with their iPhone and Android phones. To access this feature, you need to be an online banking customer and download our app. All online banking laws, rules and regulations apply.
Deposits before 4:00 pm CST will be processed the same day. Deposits after 4:00 pm CST will be processed next business day.
ATM Card Disclosures
Types of Transactions: You may use the automated teller machine (ATM) card and personal identification number (PIN) issued to you to initiate transactions at our ATMs. ATMs within the networks identified on your card and such other facilities as we may designate from time to time. Unless you specify a different account during Automated Teller Machine (ATM) transactions, your Primary Account will be used for your transactions. At present, you may use your card to:
Limitations on Frequency and Amount You may withdraw up to a maximum of $500.00 (if there are sufficient funds in your account) per day. Transfers before 5:00 pm CST will be processed the same day. Transfers after 5:00 pm CST will be processed the next business day.
Fees and Charges for ATM Transactions: There is a Replacement Card Fee of $10.00 per card.
Mastercard® Debit Card A Mastercard® debit card can be used to access your checking or savings account from an Automated Teller Machine (ATM) and purchase goods and services from participating merchants.
Types of Transactions: You may access your account(s) by ATM using your Mastercard® debit card and your personal identification number (PIN) (as applicable) to:
Some of these services may not be available at all terminals.
Point-of-Sale Transactions: You may access your checking account(s) using your Mastercard® debit card to make transactions that participating merchants will accept, including;
Fees and Charges: There is a Replacement Card Fee of $10.00 per card. An excess withdrawal fee may be charged if you exceed the allowable number of withdrawals from a savings account.
Currency Conversion and International Transactions
When you use your Mastercard® debit card at a merchant that settles in currency other than US dollars, the charge will be converted into the US dollar amount. The currency conversion rate used to determine the transaction amount in US dollars is either a rate selected by Mastercard® from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Mastercard® itself receives or the government-mandated rate in effect for the applicable central processing date. The conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or posting date.
If your card is used to initiate a transaction in a foreign currency, the transaction amount will be converted to U.S. dollars using the government mandated or wholesale rate selected by Mastercard from the range of rates available in wholesale currency marketing for the applicable central processing date, plus one percent (1%). The date of conversion may differ from the transaction date and the posting date identified in the monthly statement for your account.
Preauthorized Credits If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company: You can call us at (888) 418-5585 to find out whether or not the deposit has been made.
Periodic statements You will get a monthly account statement from us for your checking account(s). You will get a monthly account statement from us for your savings account(s) each month in which an electronic fund transfer has occurred and at least quarterly if no transfer has occurred.
Documentation You can get a receipt at the time you make any transfer to or from your account using one of our ATMs.
Stop Payments: If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how:
Call or write us at the telephone number or address listed at the end of this disclosure in time for us to receive your request three business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.
Notice of varying amounts: If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment or when the amount would fall outside certain limits that you set).
Liability for failure to stop payment of preauthorized transfer: If you order us to stop one of these payments three business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
Fees and Charges: We will charge you $30.00 for each stop payment order you give.
Bank Liability
Liability for failure to make transfers: If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance
a) If, through no fault of ours, you do not have enough money in your account to make the transfer. b) If you have an overdraft line and the transfer would go over the credit limit. c) If the automated teller machine where you are making the transfer does not have enough cash. d) If the terminal or system was not working properly and you knew about the breakdown when you started the transfer. e) If circumstances beyond our control (such as fire or flood) prevent the transfer despite reasonable precautions that we have taken. f) There may be other exceptions stated in our agreement with you.
Confidentiality
We will disclose information to third parties about your account or the transfers you make:
a) Where it is necessary for completing transfers or b) In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or c) In order to comply with government agency or court orders; or d) If you give us written permission.
Unauthorized Transfers Consumer liability: Tell us, AT ONCE, if you believe your card and/or PIN has been lost or stolen or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all of the money in your account. If you tell us within 2 business days after you learn of the loss or theft of your card and/or code, you can lose no more than $50.00 if someone used your card without your permission.
If you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or PIN, and we can prove we could have stopped someone from using your card and/or PIN without your permission if you had told us, you could lose as much as $500.00.
Also, if your statement shows transfers that you did not make, including those made by card, PIN or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time.
If a good reason (such as a long trip or a hospital stay) kept you from telling us, we may choose to extend the time period. Additional Limit on Liability for Mastercard ® card. Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen Mastercard card. This additional limit on liability does not apply to ATM transactions or to transactions using your Personal Identification Number, which are not processed by Mastercard.
Contact in the event of unauthorized transfer: If you believe your card and/or PIN has been lost or stolen, call or write us at the telephone number or address listed in this disclosure. You should also call the number or write to the address listed in this disclosure if you believe a transfer has been made using the information from your check without your permission.
Error Resolution Notice
In Case of Errors or Questions about your electronic transfers, call us at (888)418-5585, or write us at:
Morton Community Bank 721 W. Jackson St. Morton, IL 61550
As soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared.
a) Tell us your name and account number (if any), b) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information. c) Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days.
We will determine whether an error occurred within ten (10) business days (5 business days for point-of-sale transactions processed by Mastercard and 20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) business days (5 business days if the transfer involved a point-of-sale transaction and 20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made unless each of you already has an established account with us before the account is opened.
We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
If you have inquiries regarding your account, please contact us at: (888) 418-5585
Business Days: Monday, Tuesday, Wednesday, Thursday, Friday. Holidays are not included.