This agreement is entered into between First Security Bank (the “Bank”) and any customer of the Bank who subscribes to the Bank’s Online Banking. The customer is referred to in this Agreement as “you”. You should read this Agreement and any other materials you receive before you use Online Banking. If you use Online Banking, or permit another person to use Online Banking on your behalf, you agree to the terms and conditions stated in this Agreement.
1. Deposit and Loan Agreements. The terms and conditions in this Agreement are in addition to any deposit account agreements you have with the Bank, including your signature card, the booklet containing the terms and conditions of your accounts, the accompanying schedules and disclosures, and any change of terms notices (collectively, the “Deposit Agreements”). The terms and conditions in this Agreement are also in addition to the terms and conditions of any loan or credit agreements you have with the Bank, including any disclosures made pursuant to such agreements (collectively, the "Loan Agreements").
2. Electronic Funds Transfer Act. Some of the transactions permitted through Online Banking are governed by the Electronic Funds Transfer Act (the “EFTA”), and some of the terms and conditions of this Agreement are disclosures required by the EFTA. Commercial account holders are not covered by the EFTA and therefore certain provisions are not applicable to commercial accounts.
3. Computer Requirements. In order to use Online Banking, you will need certain computer and related equipment (referred to in this Agreement as your “Computer”). You are responsible for the installation, maintenance and operation of your Computer and all software. The Bank is not responsible for any errors or failures from any malfunction on your Computer or any software and the Bank is not responsible for any computer virus or related problems that may be associated with the use of the Bank’s online system.
4. Online Account Access. To subscribe to Online Banking, you must have at least one checking, savings or loan account with the Bank. You may gain access to the following types of deposit and loan accounts using Online Banking:
· Checking Accounts
· Savings Accounts
· Certificates of Deposit
In most cases, you may use Online banking to gain access to deposit accounts in which you have an unrestricted right to withdraw funds and line of credit accounts in which you have an unrestricted right to borrow money. However, the Bank may, in its discretion, deny Online Banking account access or restrict Online Banking account transactions under certain circumstances.
5. Description on Online Banking Functions. You may perform the following online transactions: transfer funds between your accounts, obtain account balances and transaction information for your deposit and loan accounts, request a bill to be paid by check from your checking account, view and print the front and back images of cancelled check items and deposit tickets and send e-mail (e-mail) to the Bank and receive e-mail from the Bank. Your ability to transfer funds between certain accounts is limited by the federal law, as stated in the Deposit Agreements. For example, transfer from a First Security Bank savings account to another account or to third parties by pre-authorized, automatic, telephone or computer transfer check or debit card are limited to six (6) per monthly statement cycle. Transfers made using Online Banking are counted against the permissible number of transfers. You may only transfer funds with the current date. Transfers must be received by the bank by 6 p.m. (Central Time) on a business day to be processed the same business day. Transfers received after 6 p.m. (Central Time) on a business day or on a day that is not a business day will be processed the next business day. Each transfer made from a loan account is treated as a cash advance from that account and is subject to terms of the Loan Agreements. You will be provided with a confirmation number for each transfer. Please keep a record of this number to help resolve any questions that you may have concerning the transaction. You agree that you will instruct us to make a transfer only when a sufficient balance is or will be available in the designated account at the time of transfer. You understand that we will not act on any transfer instructions if sufficient funds are not available in the designated account. You may delete a transfer online prior to 6 p.m. (Central Time) of the scheduled date the transfer is to occur. Do not rely on e-mail if you need to communicate with the Bank immediately. For example, to report a lost or stolen card, or to report an unauthorized transaction from one of your accounts you should contact the Bank immediately in person or by telephone. The Bank will not take actions based on your e-mail requests until the Bank actually receives your message and has a reasonable opportunity to act. The Bank reserves the right to limit the frequency and dollar amount of transactions from your accounts for security reasons.
6. Access ID and Passwords. You may be asked to select your Access ID. After the Bank receives and accepts your application for Online Banking, the Bank will issue a temporary password. You are required to change your password before you may initiate transactions and download your account information with the Online Banking service. Your password must be a minimum of eight characters, two of which must be numbers and two of which must be letters. Your access to online banking will expire due to inactivity if not accessed for a period of 90 days. You agree to keep all security codes, including your password, confidential to prevent unauthorized access to your accounts and to prevent unauthorized use of Online Banking. You agree that you are responsible for any transactions, including any charges or fees, made by another person if you provide your password to another person, even if that person is not an account holder. Such transactions will be deemed to be “authorized transactions” under the EFTA. To help safeguard your password, you should change your password frequently. Instructions for changing your password are available on the Online Banking service. If you forget your password, you must contact the Bank to have a new temporary password issued to you.
7. Fees for Online Banking. The Bank does not currently charge a separate fee for Online Banking. The Bank may charge or add fees for Online Banking by following the procedures outlined in Paragraph 16 for amending this Agreement. Service charges and fees provided for in the Deposit and Loan Agreements will continue to apply to your accounts. You authorize the Bank to deduct all applicable fees from any deposit account you have at the Bank. Service fees apply to the optional online image service described below.
8. Reporting Unauthorized Transactions. If you believe that an unauthorized Online Banking transaction has been made from your account, you must contact the Bank immediately as indicated in Paragraph 14.
9. Periodic Statements. The Bank will mail or deliver to you periodic statements for your accounts as provided for in the Deposit and Loan Agreements. In addition to reflecting your other account activity, your statements will include any activities using Online Banking.
10. Business Days and Hours of Operation. The business days for the Bank are normally Monday through Friday. Holidays are not business days. Online Banking transfers can only be made on business days. You may use your Computer to reach Online banking 24 hours a day, seven days a week, except during any special maintenance periods.
11. Your Responsibility. You are responsible for all transfers you authorize using Online Banking. If you permit other persons to use Online Banking for your accounts or your password, you are responsible for any transactions they authorize from your deposit and loan accounts. You should notify the Bank immediately if you believe any of your accounts have been accessed or your password has been used without your permission. Contacting the Bank immediately will help you reduce your potential losses. If you do not report unauthorized transactions that appear on any of your periodic statements within 60 days after such statements are mailed to you, you risk unlimited losses on transactions made after the 60 day period if the Bank can show that it could have prevented the unauthorized use had it been notified within this 60-day period. The limitations on customer liability described in this paragraph do not apply to commercial accounts.
12. Bank’s Responsibility. The Bank is responsible for completing transfers on time according to your properly entered and transmitted instructions. However, the Bank will not be liable;
- · If you do not have adequate money in a deposit account to complete a transaction from that account, or if that account has been closed;
- · If you do not have an available credit in a loan account to complete a transaction from that account, or if that account has been frozen or closed;
- · If you have not properly followed instructions on how to make a transfer;
- · If you have not given the Bank complete, correct, and current instruction so that the Bank can make a transfer;
- · If withdrawals from any of your linked accounts have been prohibited by a court order such as a garnishment or other legal process;
- · If your Computer, the software, the web browser, the Internet Service Provider or Online Banking was not working properly and this problem should have been apparent to you when you attempted to authorize a transfer.
If circumstances beyond the Bank’s control prevent making a transfer, despite reasonable precautions that the Bank has taken. Such circumstances include telecommunication outages or failures, fires and floods.
Except as otherwise provided in this Agreement or otherwise expressly provided by applicable law or regulation, you agree that neither the Bank nor any party that provides Internet access or provides equipment used to access Online Banking or any agent, independent contractor, or subcontractor of any of the foregoing will be liable for any loss, injury, damage including without limitation, direct, indirect, incidental, special, consequential, or punitive damages, whether under a contract, tort or any other theory of liability, arising in any way of the installation, use or maintenance of Online Banking or of the Internet access provider used to access Online Banking, or of the equipment used to access Online Banking including, without limitation any loss, injury, or damage relating to any failure of performance, error, omission, interruption, defect, delay in operation or transmission, computer virus, line failure or unauthorized interception or access to your communication with the Bank, even if the Bank is aware of the possibility of such event. There may be other exceptions to the Bank’s liability as stated in the Deposit and Loan Agreements.
13. Disclosure of Account Information To Others and Information Sharing Opt-Out. As described below, the Bank may disclose information to third parties about your accounts. The bank has entered into an agreement to have another party provide the Online Banking functions. The Bank will provide this party with information about your linked accounts, Online Banking transactions, and your e-mail messages, in order to carry out your instructions. In addition, the Bank may disclose information in order to comply with laws, government agency rules or orders, court orders, subpoenas or other legal process, or in order to give information to any government agency or official having legal authority to request such information. By requesting the Online Banking service, you agree that the Bank may disclose your account information with third parties as described above. You understand that the service will not be provided if you do not agree to the information sharing practice described above.
14. Error Resolution. In case of errors or questions about your Online Banking transactions, please call First Security Bank. The error resolution procedures contained in the remainder of this section do not apply to commercial accounts. If you think your statement is wrong or if you need more information about a transaction listed on the statement, the Bank must hear from you no later than 60 days after it sends or delivers to you the first statement on which the problem or error appeared. If you requested more information about a problem or error, the bank must hear from you within 60 days after it sends or delivers that information to you. Tell us your name and account number(s), describe the suspected error or the nature of the problem, or describe what information you need and tell us the dollar amount of the suspected error. If you tell the Bank orally, it may require that you send in your complaint or question in writing within 10 business days. The Bank will tell you the results of its investigation within 10 business days after we hear from you and will correct any error promptly. If the Bank needs more time, however, it may take up to 45 days to investigate your complaint or question in which case the Bank will re-credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes the bank to complete its investigation. If the Bank asks you to put your complaint or question in writing and does not receive it within 10 business days, the Bank may not re-credit your account. If the Bank decides that there was no error, it will send you a written explanation within 3 business days after it finishes its investigation. You may ask for copies of the documents that the Bank used in its investigation.
15. Data Recording. When you contact Online Banking to conduct transactions, the information and email messages you enter will be recorded. By using Online Banking, you consent to such recording.
16. Amendment of this Agreement. The Bank may amend this Agreement by mailing notice to you at least twenty-one (21) days before the effective date of the amendment. Online Banking and your linked accounts will be governed by the Agreement as amended.
17. Assignment. The Bank may assign its rights and delegate its duties under this Agreement to a company affiliated with the Bank or to any other party.
18. Termination. Either you or the Bank may terminate this Agreement and your Online Banking authorization at any time upon giving notice of the termination to the other party. If you terminate Online Banking, you authorize the Bank to continue making transfers you have previously authorized until such time as the Bank has had a reasonable opportunity to act upon your termination notice. Once the Bank has acted upon your termination notice, the Bank will make no further transfers from your accounts, including any transfers you have previously authorized. If the Bank terminates your use of Online Banking, the Bank reserves the right to make no further transfers from your accounts, including any transactions you have previously authorized. If the Online Banking service is terminated by either party, the Bank is not liable for any losses related to transfers not made as a result of termination.
19. Notices and Bank Contact. All notices and other communications provided for in the Agreement shall be in writing at the address indicated below or, if expressly permitted in the Agreement, by telephone at the number indicated below. The Bank shall be entitled to rely on any communications believed by it, in good faith, to be genuine and to have been made by you.
For a Stop Payment, Unauthorized Transaction or Error Resolution, you must call the Bank immediately or notify the Bank in writing by mailing your correspondence to the following address:
First Security Bank
PO Box 128
Byron, MN 55920
When notifying the Bank of an Unauthorized Transaction or Error Resolution, you must provide to the Bank sufficient information to respond to such a request, including, if applicable, your name (or the name of the person drawing the check or making the payment request), your account number(s), the name of the payee(s), payment or transaction amount and date of the payment or transaction. You may contact First Security Bank if you have any questions regarding Online Banking service or your Online Banking transactions.
20. BillPay Service. This section applies to First Security Bank’s BillPay Service (“BillPay”). You may use BillPay to electronically direct the Bank to make payments by check from a designated transaction account (“Account”) on your behalf to third parties (“Payees”) that you have selected in advance.
You may pay almost any payee you wish. There are several restrictions: 1) The merchant must be located in the United States; 2) Payments may not be remitted to tax authorities or government and collection agencies; 3) Payments may not be remitted to security companies such as Ameritrade for stock purchases or trade taxing authorities and 4) Court directed payments are unauthorized (Alimony, child support, or other legal debts). A merchant is defined as anybody (company or individual) to whom you want to send money.
The Financial Institution is not responsible if a Bill Payment cannot be made due to incomplete, incorrect, or outdated information provided by you regarding a Payee or if you attempt to pay a Payee that is not on your Authorized Payee list.
A single payment will be processed on the business day (generally Monday through Friday, except certain holidays) that you designate as the payment’s process date, provided the payment is submitted prior to the daily cut-off time on that date. The daily cut-off time, which is controlled by the financial institution, is currently 3 PM Central Time. A single payment submitted after the cut-off time on the designated process date will be processed on the following business day. If you designate a non-business date (generally weekends and certain holidays) as the payment’s process date, the payment will be processed on the first business day following the designated process date.
When a recurring payment is processed, it is automatically rescheduled by the system. Based upon your selected frequency settings for the payment, a process date is calculated for the next occurrence of the payment.
For Single and Recurring Payments, YOU MUST ALLOW AT LEAST FIVE (5) BUSINESS DAYS, PRIOR TO THE DUE DATE, for each bill payment to reach the Payee. Any bill payment can be changed or canceled, provided you access Bill Pay Service prior to the cut-off time on the business day prior to the business day the bill payment is going to be initiated. You agree to have available and collected funds on deposit in the account you designate in amounts sufficient to pay for all bill payments requested, as well as, any other payment obligations you have to the Financial Institution. The Financial Institution reserves the right, without liability, to reject or reverse a bill payment if you fail to comply with this requirement or any other terms of this agreement. If you do not have sufficient funds in the Account and the Financial Institution has not exercised its right to reverse or reject a bill payment, you agree to pay for such payment obligations on demand. You further agree the Financial Institution to cover such payment obligations. The Financial Institution reserves the right to change the cut-off time. You will receive notice if it changes.
You are liable for all transactions you make or that you authorize another person to make even if that person exceeds his or her authority. You will be responsible to any Bill Payment request you make that contains an error or is a duplicate of another Bill Payment. The Financial Institution is not responsible for a Bill Payment that is not made if you did not properly follow the instructions for making a Bill Payment. The Financial Institution is not liable for any failure to make a Bill Payment if you fail to promptly notify the Financial Institution after you learn that you have not received credit from a Payee for a Bill Payment. The Financial Institution is not responsible for your acts or omissions or those of any other person, including, without limitation, any transmission or communications facility, and no such party shall be deemed to be the Financial Institution’s agent. In any event, the Financial Institution will not be liable for any special, consequential, incidental, or punitive losses, damages, or expenses in connection with this Agreement or the Service, even if the Financial Institution has knowledge of the possibility of them. The financial Institution is not liable for any act, failure to act or delay in acting if it is caused, in whole or in part, by any cause beyond the Financial Institution’s reasonable control.
21. Images Online. You may view images of cancelled checks and deposit tickets online. You may view and print the front and back of a cancelled check or deposit ticket by simply “clicking” on the item.