Agreement
This Agreement is the contract that establishes the rules that control your account with us. Please read this Agreement carefully and retain it for your records. As used in this document, the words “we”, “our”, and “us” mean FinecoBank S.p.A. and the words “you” and “your” mean, for individuals, including sole proprietorships and fiduciaries, the person or persons authorized to sign on the account, and for partnerships, corporations, limited liability companies, limited liability partnerships, fiduciary accounts, and unincorporated associations, the entity in whose name the account is carried, as well as anyone else with the authority to deposit, withdraw or exercise control over the funds in the account. The headings in this document are for convenience or reference only and will not govern the interpretation of the provisions. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so the singular includes the plural and the plural includes the singular.
By signing (manually, or if approved by us electronically) an account application, signature card or other FinecoBank S.p.A. form to open or request an account, or by otherwise opening or using an account with us or a product or service from us, you agree that you (and your heirs, successors, representatives and beneficiaries, if any) will be bound by this Agreement and all amendments that are in effect. The terms of your agreement include the terms contained in this Agreement and the terms of any additional agreements applicable to certain bank services and/or certain types of accounts that you may establish with us. An Electronic Fund Transfers, Funds Availability, Overdraft Protection, Privacy, Telephone Banker Authorization and Truth-in-Savings disclosures (as they may be revised from time to time) are incorporated into this Agreement. You will receive a separate schedule of interest rates, qualifying balances, and fees for your account if they are not included in this document.
This Agreement is subject to applicable federal laws and, to the extent not preempted by federal law, the laws of the Commonwealth of Pennsylvania (except to the extent that this Agreement can and does vary such rules or laws).
If any provision of this Agreement is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect. We may change this Agreement or any other agreements, or change the terms of our deposit accounts at any time without notice. We will notify you of changes if and when required by law. Changes in the interest rate or method of computation may be made at any time without delayed effect or notice to you, to the extent permitted by law. Your continued use of your account constitutes your agreement to any such changes. No waiver of this Agreement or any part of this Agreement is valid unless it is in writing and signed by one of our authorized officers. Delayed enforcement of any part of this Agreement does not constitute a waiver. Waiver of any of the terms of this Agreement at any one time will not prevent us from exercising its terms at any other time.
Important Information for Opening a New Account – To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: when you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.
Existing customers: Even if you have been a customer of ours for many years, we may ask you to provide this kind of information and documentation because we may not have collected it from you in the past.
UNLAWFUL INTERNET GAMBLING TRANSACTIONS PROHIBITED. If you are a commercial customer, this notice is to inform you that you are not permitted to engage in any activity or business that is unlawful under the Unlawful Internet Gambling Enforcement Act of 2006 (the “UIGEA”). You may not use your Account or any other service we offer to receive any funds, transfer, credit, instrument or proceeds that arise out of a business that is unlawful under the UIGEA. If anyone asks us to process a transaction that we believe is restricted under UIGEA, we may block the transaction and take any other action we deem to be reasonable under the UIGEA and your Agreement.
ACCOUNT DESCRIPTION, OWNERSHIP AND BENEFICIARY DESIGNATION
The rules that apply to your account depend on the form of ownership and beneficiary designation, if any, specified on the account records. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds. Some forms of ownership may not be available to all accounts.
Individual Account – An account in the name of one person only. Funds may be paid only to that individual or someone to whom that individual has given a power of attorney, or as the individual or power of attorney directs, or as otherwise may be required or permitted by law.
Joint Account – with Right of Survivorship (And Not As Tenants in Common) – An account in the names of two or more persons. Each of you intends that when you die, the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, the survivors will own the balance in the account as joint tenants with right of survivorship and not as tenants in common. By opening a Joint Account, each of you agrees that any one of you may make withdrawals without the signature of the others. Each of you appoints each other account owner with power of attorney to endorse any check or draft payable to any one or more of you and to cash or deposit the same. Each of you authorizes each other person signing the signature card to endorse any item payable to you or your order for deposit to your joint account.
If we permit you to open a joint account and any other owner you designate fails to sign the signature card, we may at our sole option, at any time, convert your account to an individual account. If we do this, we will notify you of our actions. Whether or not we do so, you will be responsible for any withdrawals made by check or otherwise by that person, even if they are made after we convert your account to an individual account.
Revocable Trust Account or Totten Trust Account (In Trust For) – This account may be opened by one or more persons who name another as a beneficiary. If two or more of you create this type of account, you own the account jointly with right of survivorship. The person(s) creating this account may: (1) change or delete beneficiaries, (2) change account types, or (3) withdraw all or part of the account funds at any time. Beneficiaries cannot withdraw unless: (1) all persons creating the account die, and (2) the beneficiary is then living, and (3) any required release-of-funds procedures have been completed. No more than two beneficiaries can be named on an account. When two beneficiaries are named and survive the death of all persons creating the account, the beneficiaries will own this account in equal shares, without right of survivorship.
Fiduciary Account – Fiduciary accounts involve a legal arrangement or capacity in which one person or entity (the fiduciary) acts on behalf of another. Examples include, but are not limited to, personal representative, guardian, or conservator for a minor or other legally incompetent person and a trustee under a trust agreement or will. This account may be opened and maintained by a person(s) named as a trustee under a written trust agreement or as an executor(s), administrator(s) or conservator(s) under court orders. You understand that by opening such an account, we are not acting in the capacity of a trustee or fiduciary in connection with the account and we shall not have any obligation to monitor or enforce the terms of the trust or other fiduciary arrangement.
PA Uniform Transfer to Minors Act (PUTMA) Account – A transferor, intending to make a gift to a minor under the Pennsylvania Uniform Transfers to Minors Act (20 Pa. C.S.A. Sections 5301 – 5320), may open a PUTMA account naming the transferor or another person as “custodian” and the minor as “beneficiary”. By doing so, the transferor makes a complete and irrevocable transfer of all funds in the PUTMA to the minor. Under the PUTMA, the funds in the account are owned by the minor, but are controlled by the custodian. At all times, the account may be accessed only by the custodian (or successor custodian). Although PUTMA permits funds in the account to be used by the custodian for the benefit of the child only under certain circumstances, you agree that we have no duty or agreement whatsoever to monitor or ensure that the use of any funds withdrawn by the custodian (or successor custodian) have been used in compliance with PUTMA.
Power of Attorney – You may appoint an agent to conduct transactions on your account on your behalf. (We, however, have no duty or agreement whatsoever to monitor or ensure that the acts of the agent are for your benefit.) This may be accomplished by allowing your agent to sign in that capacity on a signature card or by separate form, such as a power of attorney or by providing a properly executed original power of attorney. We may refuse to accept the power of attorney (1) that requires multiple agents to act together; (2) if your signature has not been notarized; or (3) that is not in a form acceptable to us. We may require your agent to execute an affidavit attesting to certain facts, such as the fact that you are still alive and that the power of attorney has not been revoked, even if the power of attorney was recently executed. We may continue to honor the transactions of your agent until: (1) we have received written notice or have actual knowledge of the termination of the authority of your agent or the death of an account owner, and (2) we have had a reasonable opportunity to act on this notice or knowledge. You agree not to hold us responsible for any loss or damage you or your heirs may incur as a result of our following instructions given to an agent acting under a valid power of attorney.
Change of Ownership – The ownership of your account stays in effect until you request a change and we honor your request. For certificate of deposit (CD) accounts, also called “time deposits”, you may change the ownership within 10 days after maturity without incurring any penalties. If you choose to change the ownership during the term of your CD, your existing CD may be closed and a new CD may be opened and all applicable early withdrawal penalties may apply. For checking, savings and money market accounts, you may change the ownership at any time without penalty. To comply with certain changes, it may be necessary to close your existing account and open a new account. For any change of account ownership, all owners will be required to complete new signature documents.
Corporate, Partnership, and Other Organizational Accounts – We will usually require a separate authorization form designating the person permitted and conditions required for withdrawal from any account in the name of a legal entity such as a partnership, corporation, or other organization. We will honor such authorization according to its terms until it is amended or terminated in writing by the governing body of such organization.
DEPOSITS
Deposit Items – In receiving checks or other items for deposit or collection, we act only as your collecting agent and assume no responsibility beyond the exercise of ordinary care. Applicable law will govern the handling, collecting and holding of the items you deposit into your account. We may refuse to accept or pay any item, which has been altered or amended in any manner. Any items, other than cash, accepted for deposit (including items drawn “on us”) will be given provisional credit only until collection is final (and 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). We are not responsible for transactions initiated by mail or outside depository (including any deposit made to an ATM that is not owned or operated by us) until we actually receive them. All transactions received after our “daily cut-off time”, on a business day (Monday through Friday, excluding federal holidays) we are open, or received on a day in which we are not open for business, will be treated and recorded as if initiated on the next following business day that we are open. At our discretion, we may refuse to accept a deposit or may return a deposit for any reason, including but not limited to: (1) checks with multiple payees or double endorsements, if the Bank is unable to verify both signatures, (2) checks payable to a business account rather than your personal account, (3) counter or “starter” checks, (4) credit card checks, and (5) checks which we have reason to doubt are collectible.
Incomplete Account Applications – If you submit an incomplete account application, we cannot process the application until we have received all necessary information from you. Any deposits received before your application is approved will be held (without processing) until the application is approved. If the application is not approved, the deposit will be returned to you without interest.
Deposit Verification – All deposits we receive are subject to subsequent verification and correction, if necessary. If we determine that a deposit does not contain all items claimed to be deposited, we may correct the error and adjust the account balance, even if you have already withdrawn all or part of the deposit. You will have the burden of proving our records are erroneous with respect to any disputed items.
Account Adjustments – We may make adjustments to your account from time to time to reflect corrections or changes to your balance. In the event of an error that has caused an overstated balance, you agree to reimburse us immediately for the overstated amount.
Return Deposit/Cashed Items – If a deposited or cashed item is returned to us by the bank on which it is drawn, we may accept that return and charge the item back against your account without regard to whether the other bank returned the item before its midnight deadline. At our option and without notice to you that the item has been returned, we may resubmit any returned item for payment. You waive notice of dishonor and protest, and agree that we will have no obligation to notify you of any deposited or cashed item that is returned to us. Unless prohibited by applicable law or regulation, we also reserve the right to charge back to your account, or to any other account(s) you have established with us if there are insufficient collected funds in your account with which to effect a charge back, the amount of any item deposited to your account or cashed, in whole or in part for you, which either was originally paid by the payor bank and which is later returned to us, or which was returned to us by the payor bank without settlement for the item, due to an allegedly forged, unauthorized or missing endorsement or drawer’s signature, claim of alteration, encoding error or other problem which in our judgment justifies reversal of the credit.
Night Depository – This service is available for business customers who arrange with us for night depository services. If you are a consumer and make a deposit at one of our night depository containers, we will attempt to process your deposit; however, you agree that we have no liability for processing such deposit in the event of a dispute between us. Business customers must follow two important rules. In addition, you must also comply with the rules in any separate night depository agreement with us.
(1) Use of Containers. You must use the night depository bags or envelopes we provide you, and use them only for deposits you make with us.
(2) Care. You must take care when you put the container in our night depository or other facility. Our responsibility for the security of the container and the drawer or facility is to use reasonable care. This means we are not automatically liable for just any loss, only for losses that result from our own negligence, only to the extent we caused a loss, and reduced by your contribution to any loss. In legal terms, we are a “bailee” until the point:
(a) when we open the container and inventory its contents (if that is what we are asked to do); or
(b) until you sign the receipt for and take custody of the container (if we do not open the container).
Direct Deposits – The Federal Government or other persons may from time to time send a direct deposit to your account. If we receive notice to our satisfaction that such a deposit was made to a wrong account or that the deposit otherwise, for any reason, should be returned to the sender, you authorize us to deduct the amount of the deposit from the account or any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any legal remedy to recover the amount of our liability.
Foreign Currency – Items payable in a foreign currency are accepted only for collection, and you will bear all exchange rate risk and collection costs. We have no control over the time required for the collection process to be completed. We will not credit your account until we receive the proceeds in U.S. dollars.
Endorsements – We may accept for deposit any item payable to you or your order, even if the item is not endorsed by you. We may endorse and/or collect items deposited to your account without your endorsement, or we may supply the endorsement, but we may, at our option, require you to personally endorse the item prior to accepting it for deposit. You warrant that all endorsements on items deposited by you are genuine and authorized.
FDIC INSURANCE
Funds in your account(s) with us are insured by the Federal Deposit Insurance Corporation (FDIC) and backed by the full faith and credit of the United States. The amount of insurance coverage you have depends on the number of accounts and ownership of those accounts.
WITHDRAWALS
General Information – Unless otherwise clearly indicated to the contrary, any one who signs in the space designated for signatures on the signature card, including authorized signers, may withdraw or transfer all or any part of the account balance at any time on forms approved by us. 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.
Transaction Limitations – All withdrawals and transfers are subject to availability of funds in your account and to any special limitations which may apply to a particular type of account described elsewhere in this Agreement or in other disclosures you receive. In addition, for money market and savings accounts, you may make no more than six (6) preauthorized withdrawals, automatic or telephonic transfers, PC transfers, checks, drafts and check card or other similar transactions from your savings or money market account to another account of yours or to a third party during a calendar month. These include, but are not limited to: any arrangement by our Bank to pay a third party from your account upon written or oral instructions, including an order received through an automated clearing house (ACH); or any arrangement by our Bank to pay a third party from your account at a predetermined time or on a fixed schedule, such as an insurance or utility payment; ACH debits; transfers from your money market or savings account pursuant to a preauthorized agreement to cover overdrafts on a checking account; or a transfer from a money market or savings account at your telephoned request made either directly to a bank employee or indirectly through our voice response or PC banking systems. If the transfer or withdrawal is initiated in person, by mail or at an ATM, then there is no limit. If you exceed the transfer limitations set forth above, your account will be subject to the Reg. D Excess Transaction Fee for each transaction in excess of the above limitations. Additionally, we may terminate overdraft transfers from your money market or savings account to cover overdrafts in your checking account; close your money market or savings account; or convert your money market or savings account to a checking account. We may refuse any withdrawal or transfer request which is attempted by any method not specifically permitted, which is for an amount less than any minimum withdrawal requirement, or which exceeds any frequency limitation. We will use the date a transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. If we honor a nonconforming request, we are not required to do so later. We may treat continued abuse of the stated limitations (if any) as your act of closing the account, or we may at our option reclassify your account as a checking account. If we reclassify your account, your account will be subject to the fees and earnings rules of the new account classification.
Savings/Checking/Money Market Account Withdrawals – Withdrawals may be made in the following manner, although some means may not apply to all accounts: (1) Writing a check or signing a withdrawal ticket; (2) Check card purchase at a merchant location; (3) Automated Teller Machine (ATM); (4) Point-of-Sale (POS) terminal; (5) Telephone or Online Banking; (6) Automated Clearing House (ACH); (7) Wire Transfer; and (8) Other pre-authorized withdrawal methods accepted by the Bank. We may debit your account for a check or other item drawn on your account on the earlier of either the day it is presented for payment or as early as the day we receive notice that the check or item has been deposited for collection at another financial institution or has been converted to an electronic debit and is being presented to us electronically. We will exercise ordinary care in processing and paying your checks. Please refer to “Transaction Limitations” within this section for other account transfer restrictions that may apply to your account.
You may not make withdrawals in excess of the available funds in your account. Available funds include the account balance less holds. Availability of funds will be verified once between presentment of a check and our midnight deadline for paying items. We will not be liable for dishonoring any checks that would exceed the available funds in your account.
Notice of Intended Withdrawal – Ordinarily, you may withdraw funds from your account without giving us prior notice. However, we reserve the right to require you to give us 7 days prior notice of your intent to withdraw funds from an interest-bearing account, except CDs that are subject to early withdrawal penalties.
Good Faith Disbursement – You agree that we may disburse funds from your account in good faith when we are reliant on documentation presented to us which purports to give any individual or entity the right to receive such disbursement, and we will not be liable to you for any such good faith disbursement.
Telephone/PC Transfers – A transfer of funds from this account to another account with us, by telephonic or PC means, if otherwise permitted or arranged for, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Please refer to “Transaction Limitations” in this section for other account transfer restrictions that may apply to your account.
Payment Order of Items – The law permits us to pay items (such as checks or drafts) drawn on your account in any order. To assist you in handling your account with us, we are providing you with the following information regarding how we process the items drawn on your account. Unless specifically mandated by law, if your account has available funds that are insufficient to pay all items presented for payment on a particular day, we will generally pay and return items from the lowest dollar amount to the highest dollar amount. The following exceptions (priority items) may be paid first regardless of amount and in no particular order: (1) Items we cash or advances on direct deposits; (2) Items used to purchase official checks, money orders, travelers’ checks, etc. from us; and (3) ACH, ATM, Check card, and point-of-sale (POS) transactions. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented.
Overdraft Items – If a check you write, or any other item you have authorized for payment from your account (which includes all orders and instructions for the payment, transfer, or withdrawal of funds from your account, such as a substitute check, image replacement document, electronic item (such as an ACH, ATM, or check card transaction), preauthorized payment, automatic transfer, telephone-initiated transfer, internet online banking transfer or bill payment instruction, withdrawal slip and in-person payment, transfer or withdrawal instruction) (collectively, an “Authorized Item”) is presented for payment against your account, or if we receive notice of such check or Authorized Item, and there are not sufficient available funds in your account (due to insufficient funds, uncollected funds or otherwise) to pay the check or Authorized Item, the check or Authorized Item becomes an “Overdraft Item.”
We may, without notice to you and in our sole discretion, either return or decline the Overdraft Item or pay the Overdraft Item and overdraw your account. However, if the Overdraft Item consists of an ATM or one-time debit transaction using either an ATM Card or Check Card, whether we pay it and overdraw your account or decline it, we will not charge you an Overdraft Item fee.
You agree to repay us immediately for the amount of the Overdraft Item we have paid, plus any applicable Overdraft Item Fee. We may use deposits you or others make to your account to pay any Overdraft Item and any Overdraft Item Fee you owe us. If we pay an Overdraft Item by overdrawing your account on one or more occasions, we are not obligated to continue paying any future Overdraft Item, and we may stop paying your Overdraft Items and return them unpaid without notice to you. You are encouraged to keep good records and practice good account management.
Check Signature Verification and Notations – Checks written on and other items debited from your account may be processed on an automated basis based on information encoded on such checks or other items. Although we may visually review such checks and other items from time to time, you agree that we need not perform a review of the signature affixed to your checks or other items that are presented for payment. You further agree that this is a customary practice for commercial banks located in the Commonwealth of Pennsylvania with an asset size equal to or greater than that of the Bank. Finally, you further agree that the practice of such banks is the standard to be used in determining reasonable commercial banking practices. You agree, however, that we will not be liable to you for honoring any check or other item bearing a signature that, in our sole opinion, matches your signature specimen on file with us. If we do visually review any check or any other item, we may return it unpaid without liability to you if, in our opinion the item: (1) does not bear a signature matching the specimen signature we have on file for your account; (2) appears to be altered; or (3) is missing an endorsement or appears to contain an unauthorized endorsement. Even if we sight examine an item, we have no duty to review the paper stock of that item. You also agree to indemnify and hold us harmless from any and all losses, claims, damages, liability, costs and expenses arising directly or indirectly out of: (1) the misuse or unauthorized use of any facsimile signature used on a check or other item; or (2) the payment or acceptance of any item with restrictions or notations, whether you are the payee, payor, endorser, drawer or otherwise or to require multiple signers for any checks or other withdrawals or transfers. Therefore, checks and other withdrawal or transfer requests may be paid on one signature notwithstanding any instructions to the contrary, unless required by court order or other law or legal process.
Restrictive Legends – We shall not be required to honor any restrictive legend on checks you write unless we have agreed to the restriction in writing signed by an officer of the Bank. Examples of restrictive legends are “must be presented within 90 days” or “not valid for more than $1,000″. We shall not be responsible for any losses, claims, damages, or expenses resulting from your placement of these legends or any other special instructions on your checks.
Facsimile Signatures – Unless you make advance arrangements with us, we have no obligation to honor facsimile signatures on your checks or debit or transfer requests or orders. If we do agree to honor items containing facsimile signatures or other non-manual form of signatures, you acknowledge this is solely for your benefit and convenience. You accept sole responsibility for maintaining security over any device affixing the signature. Such signature will be effective as your signature regardless of whether the person affixing it was authorized to do so. We will not be liable for honoring any item that bears or purports to bear a facsimile signature or other non-manual form of signature. You must notify us at once if you suspect that your facsimile signature or other non-manual signature is being or has been misused.
Processing Checks and Deposit Forms Ordered through Other Vendors – If you do not purchase your blank checks and deposit tickets from an authorized vendor, you must be certain that we approve the blank checks and deposit tickets you purchase. We may refuse any withdrawal or transfer request that you attempt on forms not approved by us or by any method we do not specifically permit. If we elect to honor a nonconforming check, you agree that we may impose a check-processing fee.
Your deposit must be accompanied by a deposit ticket that we approve. If your deposit ticket cannot be processed on our equipment or your deposit is not accompanied by a deposit ticket, we may impose a deposit processing fee.
Post-Dated Checks – We may pay any checks or other items presented against your account without regard to the date of the item. No special instructions or conditional terms placed on any item drawn against an account shall be binding upon us unless specifically agreed to by us in writing. Unless we have specifically agreed in writing to a specific item, you acknowledge and agree that we are under no obligation to verify the date of the check or other item, and you authorize us to pay the check or other item and debit your account for the amount, even if the check or item is presented for payment prior to the date written on the check or item. In the alternative, we may, in our sole discretion, return the post-dated check or item. You also acknowledge and agree that we will not be liable to you or any payee if we return a post-dated check or other item, or if we pay the check or item.
Stale-Dated Checks – We are not obligated to, but may at our option, pay a check presented for payment more than 6 months after its date. If you do not want us to pay a stale-dated check, you must place a stop payment order on the check in the manner we describe elsewhere in our Agreement.
Stop Payments – You must make the stop payment order in the manner required by us. We will accept a written, electronic, or oral stop payment order on any check drawn on, or an ACH debit from, your account. We will also accept stop payment orders on any money order you purchase from us. All such checks, ACH debits and/or money orders are referred to in this Stop Payments section individually as an “Item” and collectively as “Items.”
Stop payment orders by all customers (consumer and non-consumer) for checks and money orders will remain in effect until the earlier of: (1) you withdraw the stop payment order; (2) payment of the item has been stopped; or (3) 6 months after the date accepted and will automatically expire after that period unless renewed.
Stop payment orders by consumer customers for ACH Pre-Authorized Payments will remain in effect until the earlier of: (1) you withdraw the stop payment order; (2) the return of the debit entry; or (3) where a stop payment order is applied to more than one debit entry under a specific authorization involving a specific originator, the return of all such debit entries.
Stop Payment orders by non-consumer customers for ACH Pre-Authorized Payments will remain in effect until the earlier of: (1) you withdraw the stop payment order; (2) the return of the debit entry; (3) 6 months after the date accepted and will automatically expire after that period unless renewed.
If you provide us with incorrect or incomplete information about the Item, even if the information you provided is a close approximation of the actual information, we will not be liable for the payment of the Item. We must receive the stop payment request in time to give us a reasonable opportunity to act on it before our stop payment cut-off time. Our stop payment cut-off time is one hour after the opening of the next banking day after the banking day on which we receive the Item. Additional limitations on our obligation to stop payment are provided by law (e.g., we paid the Item in cash; the Item is being presented by a holder in due course; etc.). We will honor a stop payment request or release a stop payment request by the person who signed or authorized the particular Item or ACH debit, and by any other person who has a right to withdraw from the account upon which the Item to be stopped was drawn. You shall indemnify us for all losses we may suffer and amounts we may have to pay, including reasonable attorneys fees, in connection with our refusal to pay any Item against which you have placed a stop payment order, or in the event you make a claim against us if we conclude that we have to pay such Item or are lawfully required to pay the Item.
Stop Payments Against our Treasurer Checks – You do not have the right to stop the payment of a Treasurer Check that you asked us to issue to you or to a third party on your behalf. For example, if you obtain a Treasurer Check from us, deliver it to a third party in payment of an obligation, and have a dispute with that third party over the underlying obligation, we cannot assist you in resolving your dispute, such as by stopping payment on the Treasurer Check.
However, if a Treasurer Check you have purchased from us, whether made payable to you or to someone designated by you as the payee, is lost, stolen or destroyed, and you or the payee of the Treasurer Check, if delivery of the Treasurer Check to the payee has occurred (in either case, the “Claimant”), advise us in writing of the factual circumstances of the loss, destruction or theft of the Treasurer Check by completing our form of “Declaration of Loss,” which may include an indemnification in a form acceptable to us, and thereby asserts a claim to the amount of the Treasurer Check (the “Claim”), the following rules apply: (1) the Claim does not become enforceable until the later of (a) the date it is asserted or (b) 90 days after the date we issued the Treasurer Check; (2) until the Claim becomes enforceable, it has no legal effect, and we may pay the Treasurer Check to a person entitled to enforce it; (3) if the Claim becomes enforceable before the Treasurer Check is presented to us for payment, we are not obliged to pay the Treasurer Check; (4) after the Claim becomes enforceable, if we have not already paid the Treasurer Check to a person entitled to enforce it, we will pay the amount of the Treasurer Check to the Claimant; and (5) if we pay a Claim and subsequently a person having the rights of a holder in due course presents the Treasurer Check for payment, the Claimant must either refund to us the amount we paid on the Claim or pay the amount of the Treasurer Check to the person having the rights of a holder in due course. If we are required to pursue a refund from the Claimant, we will also be entitled to recover all cost and expenses in doing so, including our attorney’s fees.
Preauthorized Drafts – If we are unable to enforce presentment and transfer warranties on remotely created checks, then if you voluntarily give information about your Account (such as our routing number and your account number) to a party who is seeking to sell you goods or services and you do not physically deliver a check to the party, any debit to your account initiated by the party to whom you gave the information is deemed authorized by you.
Electronic Check Conversion a/k/a Point-of-Purchase (POP) entry
These are one-time electronic debit entries that merchants and service providers originate to consumer accounts to facilitate in-store purchases of goods and services. Your check is used as a source of information for your account number, the check number, check amount and the number that identifies our financial institution. Generally, the merchant then voids the check and returns it to the customer. The transaction is electronically transferred through the ACH system and the funds will be debited from your account and deposited automatically into the merchant’s account. A description of the transaction will appear on your monthly statement from us. Checks used in these types of transactions will not be forwarded to the Bank. If you are a consumer and you authorize a merchant to use your check for this type of transaction the transfer is governed by the Electronic Fund Transfers Act.
Re-presented Checks (RCK) entry
These are debit entries used by merchants and their third-party service providers to re-present certain insufficient or uncollected funds checks. The merchant must provide notice to you, before accepting your check, that your returned check may be collected electronically. Checks used in these types of transactions will not be forwarded to the bank. When a merchant or third-party provider re-presents a check electronically, that transaction is not covered by the Electronic Fund Transfers Act. However, if the merchant or third-party provider charges you a fee as a result of the returned check and that fee is electronically debited from your account, that transfer will be covered under the Electronic Fund Transfers Act.
Internet-Initiated Entries (WEB)
These are ACH entries by a third party to debit your checking account that you authorized through the internet. The accountholder authenticates their identity by entering a pin code.
Telephone-Initiated Entries (TEL)
These are ACH entries by a third party to debit your checking account that you authorized via the telephone.
Account Receivable Entries (ARC)
These are consumer checks converted to an ACH entry by a lockbox or drop box operator. The consumer is notified in advance that his/her check will be converted.
If you are a business and you do not want your check to be electronically converted: (1) Contact the originator directly and Opt-Out of ARC transactions; (2) refuse to sign a POP authorization at the point-of-sale; or (3) change your check stock to larger checks that contain an Auxiliary On-Us field.
YOUR RESPONSIBILITIES
Security – You agree to exercise reasonable control over all bank checks; unused checks; certificates of deposit (CDs); Personal Identification Numbers (PINs); ATM/Check Cards; Sign-On IDs; passwords; and any other item, instrument, access device, or card related to your account. You agree to notify us immediately if any of these things are or may be lost, stolen, or used without your authorization, or if you believe there is an error on your periodic account statement. We may issue replacements for lost or stolen checks; CDs; PINs; ATM/Check Cards; or other items, instruments, access devices, or cards, but only after you have provided such proof of loss, and sufficient security or indemnification of us, as we may require. In addition, you acknowledge that we may close your account to prevent future losses.
Truncation – You authorize us to retain and image (i.e., truncate) all of your checks, drafts, debits, and credit advices for your account, and you understand that by our doing so, your original checks will not be returned to you with your statement. After the original documents have been imaged, they will be destroyed but will be available online for a period of 2 years. Copies of items are maintained by us for 7 years and are available upon request. Fees for such copies may apply. The same restrictions for notifying us about an unauthorized signature, unauthorized endorsement, or alteration, as indicated above, apply to electronic statements. You agree that our retention of checks and other items does not alter or waive your responsibility to examine your statements promptly or change the time limits for notifying us of any errors. You are responsible for promptly examining and reconciling your statement each statement period and reporting any irregularities to us immediately upon discovery of an error or within the time limits stated below, whichever is earlier. If another bank, credit union, financial institution or clearing house truncates your check you understand that we have no means by which to view and verify your signature on the item and you agree that we will not be liable for any forgery or alteration on the item unless we fail to act with ordinary care with the information we have available.
Reviewing Account Statements – You will receive periodic statements of all transactions and activity in your deposit accounts during each statement period. Your statement will be sent to your address as it is shown on our records. All deposits, withdrawals, transfers, payments of interest, and impositions of applicable fees will appear on your statement. You are in the best position to detect an unauthorized signature, forged endorsement or material alteration of a check written on your account. As a result, you are responsible for promptly examining and reconciling your statement each statement period and reporting any irregularities to us immediately. The periodic statement will be considered correct for all purposes and we will not be liable for any payment made and charged to your account unless you notify us in writing promptly upon discovery of the error or within 15 calendar days after the statement and checks are made available to you, whichever is earlier. We will not be liable for any check that is altered or any signature that is forged unless you notify us promptly upon discovery of the error or within 15 calendar days after the statement and the altered or forged item(s) are made available, whichever is earlier. We will not be liable for any subsequent items paid, in good faith, containing an unauthorized signature or alteration by the same wrongdoer unless you notify the Bank within 15 calendar days after the statement and first altered or forged item is made available. If you fail to notify us within the time limit stated above, you agree to accept the stated balance as correct and to assume responsibility for and indemnify, defend and hold us harmless from, the payment of any check reported on your account statement. You also release us from all liability for payment of such checks. We will not be liable if items are forged or altered so cleverly, such as the unauthorized use of a facsimile signature machine, that the fraud could not be detected by a reasonable banking institution. You must also report any other account problem promptly upon discovery of the error or within 15 calendar days, whichever is earlier, or lose your right to assert a claim against us.
If we act in good faith but fail to exercise ordinary care in paying an item or other withdrawal request with an unauthorized signature or alteration on the face of the item or other withdrawal request, any loss arising from the unauthorized transaction is allocated between you and us according to the extent to which your failure to timely notify us of the unauthorized transaction and our failure to use ordinary care in paying the unauthorized item contributed to the loss. If you prove that we did not pay the item in good faith, then you are not precluded from establishing your loss against us even if you fail to timely notify us of the unauthorized transaction.
Regardless of our lack of good faith or ordinary care in paying an item or honoring a withdrawal request, if you do not notify us of alterations or any unauthorized signature on the front of an item or other withdrawal request within 1 year of our furnishing to you account statements or other evidence of its occurrence, or if you do not notify us of an unauthorized endorsement on the back of an item or other withdrawal request within 3 years of our furnishing to you account statements or other evidence of its occurrence, you are precluded from asserting the alteration, unauthorized signature, or endorsement, as applicable.
Because we employ high speed check processing equipment to reduce costs, we may not perform a review of the signatures affixed to your checks or other items which are presented for payment from your account. You agree that this is the customary practice for commercial banks located in the Commonwealth of Pennsylvania. You further agree that the practice of such banks is the standard to be used in determining reasonable commercial banking practices. You agree to safeguard your checks which are magnetically encoded with your unique account number. You agree to assume full responsibility for the unauthorized use of your checks, including unauthorized signatures and alterations, where you did not use ordinary care in controlling access to your checks, promptly reviewing your bank statement for unauthorized activity, or where your lack of the use of ordinary care otherwise contributed to the unauthorized use of your account. You agree to be responsible for the acts of your agents, employees and any other party authorized to have access to your account.
Claim of Loss – If you claim a credit or refund because of a forgery, alteration or any other unauthorized withdrawal you agree to cooperate with us in the investigation of the loss. This may include providing us with an affidavit containing whatever reasonable information we require concerning your account, the transaction, and the circumstances surrounding the loss. You will notify law enforcement authorities of any criminal act relating to the claim of the lost, missing or stolen checks or unauthorized withdrawal. We will have a reasonable period of time to investigate the facts and circumstances surrounding any claim of loss. Unless we have acted in bad faith, we will not be liable for special or consequential damages including loss of profits or opportunity, or for attorney fees incurred by you.
You will not waive any rights you have to recover your loss against anyone who is obligated to repay, insure, or otherwise reimburse you for your loss. You will pursue your rights, or at our option, assign them to us so that we may pursue them. Our liability will be reduced by the amount you recover or are entitled to recover from these other sources.
Address or Name Changes – You are responsible for notifying us of any change in your physical residence, mailing address, e-mail address or your name. Unless we agree otherwise, change of address or name (verifying documents may be required) must be made in writing, by each account holder. A change of address can also be requested electronically by completing the Change of Address form after signing on to view your accounts online at www.ambk.com. Informing us of your address or name change on a check reorder form is not sufficient. We will attempt to communicate with you only by use of the most recent physical address or e-mail address you have provided to us. You agree that any notice or communication sent to you at the address noted in our records shall be effective until we have received an address change from you and have had a reasonable opportunity to act on it. If provided elsewhere, we may impose a service fee if we attempt to locate you. If you fail to notify us of a change of address or for any other reason a statement is returned to us, we may destroy the statement and any accompanying items that are returned to us.
Dormant Accounts – If we are unable to Contact you through the U.S. mail and you do not initiate activity in the account for a period of time, which may be defined by applicable law or regulation, we may treat the account as being dormant. You agree that we may charge inactivity fees on the account, in addition to any regular maintenance and other applicable fees, except as limited by law. Unless otherwise required by law you will not be entitled to recover any such fees, in the event that you reestablish Contact with us. In order to protect your funds, you agree that if we have deemed your account to be dormant, we may refuse to pay items drawn or payable out of the account until you have reestablished Contact with us. After your account has been dormant for a certain period of time, as determined by the applicable state law, the balance in your dormant account will be escheated to the state agency administering unclaimed property. Once your funds are escheated, we no longer have any liability or responsibility with respect to the funds. You must Contact the state agency administrating unclaimed property in order to reclaim your escheated funds.
Suspicious or Fraudulent Activity – If you notice suspicious or fraudulent activity on your account, immediately Contact our Customer Service Department at customercare@skylinkintl.com to advise us of the nature of the transactions. If necessary, we can restrict access to your account, change your account password, issue new ATM and/or Check Cards, or close your account if there is evidence your account has been the target of criminal activity. In most cases, we will ask you to provide us with an Affidavit of Identity, copy of the police report and any other documentation necessary to assist in our investigation. You agree to cooperate with us in prosecuting the perpetrator to the fullest extent of the law.
MISCELLANEOUS
Monitoring and Recording Telephone Calls
We may monitor or record calls for security reasons and to ensure that you receive courteous and efficient service. You consent in advance to any such recording. We need not remind you of our recording before each telephone conversation.
Account Transfer
None of your accounts may be transferred or assigned without our prior written consent. We must approve any pledge of your account and any such pledge remains subject to any right we have under this Agreement and applicable state and federal law. If ownership is proposed to be transferred, we may require the account be closed and a new account opened in the name of the transferee or pledgee.
Amendments and Termination
We may amend this Agreement at any time. Our rules regarding changes in interest rates appear elsewhere in this Agreement or have been provided to you in a separate document. Notice of changes to this Agreement shall be provided either (1) where required by law or regulation by mailing any such required notice in the manner so required to your last known address on our records and may be included in your account statement or in a separate mailing; (2) by posting such notice in our branches; or (3) by providing electronic notice. Changes will be effective on the date listed in the change notice.
We may also close your account at any time upon reasonable notice to you and by delivering the account balance to you. If we believe that it is necessary to close your account immediately in order to limit losses by you or us, we may close your account prior to providing notice to you. Notice from us to any one of you is notice to all of you.
Internet Consolidation Sites or Account Aggregators
There are a number of Internet Web Sites not affiliated with FinecoBank S.p.A. that offer to consolidate all of your financial information on just one web site. Although this may seem very convenient, we recommend that you exercise caution before using account aggregator or consolidation sites. You may also want to consider using personal financial software such as Quicken® or Microsoft Money instead of the online account aggregators. With Western Springs Inc Bank’s implementation of multi-factor authentication for greater customer security, you may be unable to utilize account aggregation services. Until such time as it occurs, this disclosure addresses your use of these third party companies and your liability in connection with their activities on your accounts and loans.
Prior to enrolling in aggregation services, you should carefully read the terms and conditions the aggregator provides to you. Be certain you understand these terms and conditions before giving the aggregator your Sign-on ID, Password, or any other verification code or other security device necessary to access your deposit accounts with FinecoBank S.p.A. (collectively, your “Bank Account Access Method”). FinecoBank S.p.A. shall have no responsibility for any use or misuse of your account data by any third party to whom you have provided your account information, and Bank Account Access Method. This means, among other things, that you are liable for all transactions conducted by the account aggregator on your behalf or with the use of your Bank Account Access Method. In addition, FinecoBank S.p.A. cannot ensure the accuracy of the information provided to you by a third party aggregator, and FinecoBank S.p.A. cannot guarantee the ability of the third party to perform any type of banking transaction on your behalf, including but not limited to, verification of credits or debits, transfer of funds, and bill payment. If you experience any problems with a third party account aggregator, to whom you provided your account information and Bank Account Access Method, you will have to resolve the problem directly with that third party. You agree that FinecoBank S.p.A. shall have no responsibility for any losses or damages you suffer, or fees you incur that are assessed by another company or institution caused by the involvement of a third party account aggregator, and any other third party to whom you have disclosed your Bank Account Access Method.
Right to Freeze
If at any time we believe that your account may be subject to fraudulent or illegal activity, we may, in our sole discretion, freeze the funds in the account until such time as we are able to complete our investigation of the account and the transactions. If we do freeze your account funds, we will provide notice to you as soon as reasonably possible. We may not provide this notice to you prior to freezing the account if we believe that advance notice could result in a security risk to us or to the owner of the funds.
Set Off
If you ever owe us money in any capacity and it becomes due, we have the right under law (called “set off”) and under this Agreement to use the money from any of your accounts with us to pay the debt without advance notice. We may, without prior notice and when permitted by law, set off the funds in any of your accounts against any due and payable debt owed to us now or in the future. We may use the money from your accounts to pay the debt even if our withdrawal of the money from your accounts results in a loss of interest, an interest penalty or dishonor of checks. We may use the money in any of your accounts with us to reimburse us for amounts owed to us by you, whether that amount is owed with respect to your deposit transactions with us, your loan transactions with us, or otherwise. If the account is a joint or a multiple-party account, each holder authorizes us to exercise our right to set off against any and all accounts each account holder has with us.
This right of set off does not apply to your account if: (a) it is an IRA or other tax-deferred retirement account; or (b) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect our rights under any consensual security interest); or (c) the debtors right of withdrawal arises only in a representative capacity. We will not be liable for the dishonor of any check because we set off a debt against your account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of set off.
Liability
By using any account, you agree for yourself (and for the person or entity you represent, if you sign as a representative of another) to the terms of this Agreement, as amended from time to time.
You agree to be jointly and severally liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to the account. This liability is due immediately and can be deducted directly from your account balance whenever sufficient funds are available or may be set off against other funds you may have on deposit with us (refer to the “Set Off” section for additional information). You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item, requested the debit or withdrawal, or benefited from the charge or overdraft. Your liability includes our costs to collect any account deficit, also including, to the extent permitted by law, our attorney’s fees.
Limit of Liability
You agree that the amount of any claim you have against us in connection with any account or banking transaction with us, whether brought as a warranty, negligence, wrongful dishonor, or other action, is subject to reduction on the basis of failure on your part (or on the part of your agents) to use reasonable care. YOU FURTHER AGREE THAT OUR LIABILITY WITH RESPECT TO SUCH CLAIM WILL BE LIMITED TO THE FACE VALUE OF AN ITEM IMPROPERLY DISHONORED OR THE ACTUAL VALUE OF ANY DEPOSITS NOT PROPERLY CREDITED, AND THAT NO LIABILITY FOR CONSEQUENTIAL, SPECIAL, INCIDENTAL, OR PUNITIVE DAMAGES WILL EXIST OR CAN BE ASSERTED BY YOU AGAINST US.
Legal Actions Affecting Your Account
We may accept and comply with any legal process that we believe to be valid and binding without any liability by us to you. We may accept and comply with the legal process whether served in person, by mail, by facsimile transmission, or by other means, at locations other than the banking office at which the account, property or records are held. You direct us not to contest the legal process. We generally give you notice of the legal process but we are not required to give you notice and will not do so if prohibited by law.
“Legal process” includes a writ of attachment, execution, garnishment, tax withholding order, levy, restraining order, subpoena, warrant, injunction, government agency request for information, search warrant, forfeiture or other similar order.
We will hold and turn over funds or other property to the court or creditor as directed by the legal process. Any legal process directing us to hold or turn over funds is subject to our right of setoff and any security interest we have in the account. We are not liable to you for not paying items or refusing withdrawals as a result of holding or turning over funds. We do not pay interest on the funds during the period we hold them. If we use funds from a time deposit account, we may impose an early withdrawal penalty.
We may charge your account a legal process fee for each order. You agree to pay our fees and expenses for research and copying of documents and all other expenses, including administrative expenses, that we incur in responding to any legal process related to your account. These may include attorneys’ fees.
If a subpoena or other legal process directs us to release information about an account that is reported on a combined statement, we may release the entire combined statement, even if other accounts on the combined statement are not covered by the legal process. If the legal process requests information about one account owner or signer, we may release information about other co-owners or signers on the account, even if the other co-owners or signers are not covered by the legal process.
Attorneys Fees and Costs
In the event we have to institute legal action to enforce our rights under this Agreement and we prevail, you must pay us our reasonable attorneys’ fees and costs, including fees on any appeal. In addition, we reserve the right to recover attorneys’ fees and costs we incur when we reasonably determine that the assistance of an attorney is needed in connection with any deposit account dispute or litigation, or when assistance is needed to collect any amounts you are obligated to pay us.
Credit Verification/Consumer Reports
By requesting to open an account with us or to add a new service to an existing account, such as, Visa Check Card or Checking Overdraft Protection, or by agreeing to be a signer on an account or obtaining any other service from us, you (and, if acting in a representative capacity, individually for such entity) authorize us to obtain credit and employment information by any means, including obtaining information from check or credit-reporting agencies and/or other sources. You also authorize us to obtain consumer reports on any of you from time to time in the future when updating, renewing, or extending your account. We may do so at the time you open your account, at any time while your account is open, or after your account is closed if you owe us any amount related to your account. Upon your request and if we are unable to grant your request for a new or additional product due to information contained in your consumer report, we will notify you whether we obtained a consumer credit report and the names and addresses of any consumer-reporting agency that provided such reports.
Backup Withholding/TIN Certification
Federal tax law may require us to report to the Internal Revenue Service (IRS) interest and certain other payments we make to you from time to time, and to include your Taxpayer Identification Number (TIN) on the report. Generally for individuals, the TIN is your social security number. Therefore, we require you to provide us with your TIN and to certify that it is correct.
Features of Certain Accounts
Checking accounts consist of a checking sub-account and a savings sub-account. The Bank may periodically transfer funds between these two sub-accounts. If your checking account is a Plan on which interest is paid, your interest calculation will remain the same. Otherwise, the savings sub-account will be non-interest bearing. The savings sub-account will be governed by the rules governing our other savings accounts. This process will not affect your available balance, the interest you earn, FDIC insurance protection, or your monthly statement.
Automated Clearing House
From time to time you may be a party to an Automated Clearing House (ACH) entry which may be credited or charged to your account. You agree to be bound by the National Automated Clearing House Association (NACHA) operating rules in effect for ACH transactions that you authorize. Under NACHA rules we are not required to give you next day notice of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in periodic statements we provide to you.
Credit given by us to you with respect to an ACH entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e. the originator of the entry) shall not be deemed to have paid you in the amount of such entry.
You agree that payment of ACH entries will be processed on the basis of the identifying number for the ACH, even if the identifying number identifies a financial institution, person or entity different from the named party in the transaction. You have 60 days from the time we send or make your statement available to notify us of unauthorized ACH debits to your account.
You agree that we may act on your behalf to accept payments to your account which have been transmitted through one or more ACH networks and which are not subject to the Electronic Fund Transfers Act. Your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the Commonwealth of Pennsylvania as provided by the NACHA operating rules, which are applicable to ACH transactions involving your account.
