ELECTRONIC BANKING ENROLLMENT
REGULATION E DISCLOSURE
Depositor: Financial Institution:
FIRST SOUTH BANK
ELECTRONIC FUNDS TRANSFER AGREEMENT AND DISCLOSURES
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 word “code” means a personal identification number.
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:
ransfer Funds Between Eligible Accounts.
· Obtain Balance Information on Eligible Accounts.
· Review Transactions on Eligible Accounts.
· Make Loan Payments.
· Stop Payment Requests.
· Advance Funds From Credit Line.
· Request Withdrawal From Savings Account.
· Online Bill Payment.
Fees and Charges for Online Service:
· There is no charge for online banking with us.
Other EFT Transactions: You may access certain account(s) you maintain with us by other EFT transactions types as described below.
Electronic Check Conversion. You may authorize a merchant or other payee to make a one-time electronic
payment from your account using information from your check to pay for purchases or pay bills. Electronic check
conversion is a payment process in which a merchant or other payee (after obtaining your authorization) uses your
check to gather routing, account, and check number information to initiate a one-time EFT. When information from your check
is used to make an electronic fund transfer, funds may be withdrawn from your account as soon as the same day you make your
payment. This type of EFT transaction involving a consumer account is covered by the Electronic Funds Transfer Act and
this disclosure. A description of the transaction will appear on your statement.
Re-presented Check Transactions and Fees. You may authorize a merchant to electronically collect a fee associated with the re-presentment of a check that is returned due to insufficient or unavailable funds. The resulting fee transaction if debited as an EFT from a consumer account is covered by the Electronic Funds Transfer Act or this disclosure. A description of the transaction will appear on your statement.
The following limitations may be applicable to your accounts, except as provided by law:
Unauthorized MasterCard Point of
MasterCard is a registered trademark of MasterCard International Incorporated.
Tell us AT
ONCE if you believe your online banking 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 the money in your
account (plus your maximum overdraft line of credit). If you tell us within two (2)
business days after you learn of the loss or theft of your card or code, you can
lose no more that $50.00 if someone used your card or code without your
permission. If you do NOT tell us
within two (2) business days after you learn of the loss or theft of your card
or code, and we can prove that we could have stopped someone from using your
card or code 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 code or
other means, tell us at once. If
you do not tell us within sixty (60) days after the statement was mailed to you,
you may not get back any money lost after the sixty (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 will extend the time
periods. If you believe that your card or code has been lost or stolen or that
someone has transferred or may transfer money from your account without your
permission, call (866) 658-5219, or write us at First South Bank,
Business Days. For purposes of these electronic funds transfer disclosures, our business days are Monday through Friday. Holidays are not included.
Stop Payments on ATM, POS, or Debit Card Transactions. You may not place a stop payment order on any ATM, POS, or debit card transaction.
Periodic Statement. You will get a monthly account statement from us, unless there are no transactions in a
particular month. In any case you will get a statement quarterly. You will get a quarterly statement from us on
your savings account if this is the only account you maintain and the only possible electronic transfer to or from
the account is a preauthorized deposit.
Direct Deposits. If you have arranged to have direct deposits made to your account at least once every sixty
(60) days from the same person or company, you can call us at (866) 658-5219 to find out whether or not the
deposit has been made.
Our 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:
· If, through no fault or ours, you do not have enough money in your account to make the transfer.
· If the money in your account is subject to legal process or other claim restricting such transfer.
· If the transfer would go over the credit limit on your overdraft line.
· If circumstances beyond our control (such as fire or flood) prevent the transaction, despite reasonable
precautions that we have taken.
· There may be other exceptions stated in our agreement with you.
In Case of Errors or Questions About Your Electronic Transfers. Telephone us at (866) 658-5219, write us at First South Bank,809 West Market St, Bolivar, TN 38008, or E-mail us at IBCustomerServ@1stsouth.com 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 that sixty (60) days after we sent the FIRST statement on which the problem or error appeared.
· Tell us your name and account number (if any).
· 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.
· 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 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 to investigate your complaint or question. If we decide to do this, we will credit your account within ten (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 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.
If a notice of error involves an electronic fund transfer that occurred within thirty (30) days after the first deposit to the account was made, the error involves a new account. For errors involving new accounts, or foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. For new accounts, we may take up to twenty (20) business days to credit your account for the amount you think is in error.
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.
Confidentiality. We will disclose information to third parties about your account or the transfers you make:
· To complete transfers as necessary;
· To verify the existence and condition of your account upon the request of a third party, such as a credit
bureau or merchant; or
· To comply with government agency or court orders; or
· If you give us your written permission.
All notices from us
will be effective when we have mailed them or delivered them to your last known
Enforcement. In the event either party brings a legal action to enforce this Agreement or collect amounts owing as a result of any Account transaction, the prevailing party shall be entitled to reasonable attorneys’ fees and costs, including fees on any appeal, subject to any limits under applicable law.