Chapter 167D Accounts. Except as indicated below, we do not intend to impose a fee, charge or other assessment against your savings or checking account if you qualify for the minor or senior citizen fee exemption under Chapter 167D of Massachusetts General Laws. You should notify us if you or any accountholder qualifies so that we may administer your account accordingly. Notwithstanding this exemption, we may assess you a reasonable charge when payment has been refused because of insufficient funds on any check drawn on such account. Ownership of Account and Beneficiary Designation – These rules apply to this account depending 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. Individual Account – is an account in the name of one person Joint Account – with Survivorship (and not as Tenants in Common) – is an account in the name of two or more persons. Each of you intend 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, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. Revocable Trust Account – One or two of you (called trustees) may create such an account in trust for another. Payments may be made to the trustee, or if there are two trustees, to either or both of the trustees of the survivor. Upon the death of the trustee or the death of both trustees, payment may be made to the person for whom the trust was made, or that person's legal representative. Stop Payments – You must give any stop payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it. To be effective, your stop payment order must precisely identify the number, date and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. Only the person who initiated the stop payment order may make a release of the stop payment request. Additional limitations on our obligation to stop payment are provided by law (e.g. we paid the item in cash or we certified the item).
Appears in 2 contracts
Samples: Terms and Conditions, Terms And
Chapter 167D Accounts. Except as indicated below, we do not intend to impose a fee, charge or other assessment against your savings or checking account if you qualify for the minor or senior citizen fee exemption under Chapter 167D of Massachusetts General Laws. You should notify us if you or any accountholder qualifies so that we may administer your account accordingly. Notwithstanding this exemption, we may assess you a reasonable charge when payment has been refused because of insufficient funds on any check drawn on such account. Ownership of Account and Beneficiary Designation – These rules apply to this account depending 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. ▪ Individual Account – is an account in the name of one person ▪ Joint Account – with Survivorship (and not as Tenants in Common) – is an account in the name of two or more persons. Each of you intend 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, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. ▪ Revocable Trust Account – One or two of you (called trustees) may create such an account in trust for another. Payments may be made to the trustee, or if there are two trustees, to either or both of the trustees of the survivor. Upon the death of the trustee or the death of both trustees, payment may be made to the person for whom the trust was made, or that person's legal representative. Stop Payments – You must give any stop payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it. To be effective, your stop payment order must precisely identify the number, date and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. Only the person who initiated the stop payment order may make a release of the stop payment request. Additional limitations on our obligation to stop payment are provided by law (e.g. we paid the item in cash or we certified the item). Transfers – A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties. Federal Regulation D limits savings type accounts to no more than six (6) telephone, pre-authorized or computer initiated transfers per month. Amendments and Termination – We may change any term of this agreement. Rules governing changes in interest rates are provided separately. For other changes, we will give you reasonable notice in writing or by any other method permitted by law. We may also close this account at any time upon reasonable notice to you and tender of the account balance personally or by mail. Notice from us to any one of you is notice to all of you. Statements – You must examine your statement of account with "reasonable promptness." If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to either of these duties, you have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer. You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance exceed a total of 30 days from when the statement is first sent or made available to you. You further agree that if you fail to report any unauthorized signatures alterations, forgeries, or any other errors in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation in this paragraph is in addition to that contained in the first paragraph of this section. Account Transfer – this account may not be transferred or assigned without our prior written consent. Direct Deposits – If, in connection with a direct deposit plan, we deposit any amount in an account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from the account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability. Temporary Account Agreement – If this option is selected, this is a temporary account agreement. Each person who signs in the space designated for signatures on the signature card (except as indicated to the contrary) may transact business on this account. However, we may at some time in the future restrict or prohibit further use of this account if you fail to comply with the requirements we have imposed within a reasonable time. Setoff – We may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt you owe us now or in the future, by any of you having the right of withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt arises from a note, " any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note. This right of setoff does not apply to this 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 debtor's right of withdrawal only arises in a representative capacity. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff. Authorized signer (Individual Accounts Only) – A single individual is the owner. The authorized signer is merely designated to conduct transactions on the owner's behalf. We undertake no obligation to monitor transactions to determine that they are on the owner's behalf. Restrictive Legends – We are not required to honor any restrictive legend on checks you write. 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 that you write. When processing items drawn on your account, our policy is to process items as they are settled with the bank. Checks are paid in check number order. ACH payments are processed in date and time order. POS Debits are processed in date and time order, but can be settled with the bank on a different day than the actual transaction - but any overdraft/ nsf fees will depend if the account had an available balance at the time of the transaction and if you opted into the bank’s overdraft courtesy program. The order in which items are paid is important if there is not enough available balance in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. If an item is presented without sufficient available funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the overdraft and NSF fees are disclosed in the Bank's Schedule of Fees. Overdraft/ NSF fees are limited to 5 per day and not charged for transactions of $10 or less. The Bank offers an Overdraft Courtesy Program, please see the “OPPS” policy in these disclosures. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees. Credit Verification – You agree that we may verity credit and employment history by any necessary means, including preparation of a credit report by a credit-reporting agency. ACH and Wire Transfers – this agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer for which Fedwire is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearinghouse association rules. These rules prove, among other things, that payments made to you, originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. If we receive a credit to an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit. Business Accounts – Earning in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the legal entity. Business Accounts UIGEA The UIGEA, signed into law in 2006, prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. The Dept of Treasury and the Federal Reserve Board have issued a joint final rule, Regulation GG, to implement this Act. As a customer of Washington Savings Bank, these restricted transactions are prohibited from being processed through your account or banking relationship with us. If you do engage in an Internet gambling business and open a new account with us, we will ask that you provide evidence of your legal capacity to do so. Member DIF (042018) FUNDS AVAILABILITY POLICY DISCLOSURE YOUR ABILITY TO WITHDRAW FUNDS AT WASHINGTON SAVINGS BANK. Our policy is to make funds from deposits of cash, direct deposit, wire transfers, “on us” checks (checks drawn on the same bank) and the 1st $750.00 of a payroll check available to you on the day of the deposit. Funds from your deposit of checks will be available on the second business day after the day of deposit. At that time funds may be withdrawn in cash or to pay checks that have been written. The first $200 of a deposit of checks will be made available the first business day after the day of deposit. Certain check deposits are made available the next business day such as cashier's, certified, and teller's checks, government checks (including U.S. Treasury checks, U.S. Postal money orders, state and local government checks and checks drawn on Federal Reserve or Federal Home Loan Banks). For determining the availability of your deposits, every day is a business day, except Saturday, Sunday and federal holidays. If you make a lobby deposit before 8:00PM on a business day that we are open, we will consider that day to be the day of your deposit. If you make a deposit at an ATM, we will consider that the deposit was made on the next business day we are open. If you make a mobile deposit before 8:00PM on a business day that we are open, we will consider the next business day to be the day of your deposit. However, if you make a mobile deposit after 8:00PM or on a day we are not open, we will consider that the deposit was made on the 2nd business day we are open. Longer delays may apply. Funds you deposit by check may be delayed for a longer period under the following circumstances: • It is believed a check deposited will not be paid; • Deposited check total more than $5,000 on any one business day; • A check returned unpaid is re-deposited; • An account has been repeatedly overdrawn during a rolling six month period; • There is an emergency, such as a failure of communications or computer equipment. the first business day after the day we cashed the check. If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
Appears in 2 contracts
Samples: Your Rights and Responsibilities, Your Rights and Responsibilities
Chapter 167D Accounts. Except as indicated below, we do not intend to impose a fee, charge or other assessment against your savings or checking account if you qualify for the minor or senior citizen fee exemption under Chapter 167D of Massachusetts General Laws. You should notify us if you or any accountholder qualifies so that we may administer your account accordingly. Notwithstanding this exemption, we may assess you a reasonable charge when payment has been refused because of insufficient funds on any check drawn on such account. Ownership of Account and Beneficiary Designation – These rules apply to this account depending 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. ▪ Individual Account – is an account in the name of one person ▪ Joint Account – with Survivorship (and not as Tenants in Common) – is an account in the name of two or more persons. Each of you intend 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, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. ▪ Revocable Trust Account – One or two of you (called trustees) may create such an account in trust for another. Payments may be made to the trustee, or if there are two trustees, to either or both of the trustees of the survivor. Upon the death of the trustee or the death of both trustees, payment may be made to the person for whom the trust was made, or that person's legal representative. Stop Payments – You must give any stop payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it. To be effective, your stop payment order must precisely identify the number, date and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. Only the person who initiated the stop payment order may make a release of the stop payment request. Additional limitations on our obligation to stop payment are provided by law (e.g. we paid the item in cash or we certified the item). Transfers – A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties. Federal Regulation D limits savings type accounts to no more than six (6) telephone, pre-authorized or computer initiated transfers per month. Amendments and Termination – We may change any term of this agreement. Rules governing changes in interest rates are provided separately. For other changes, we will give you reasonable notice in writing or by any other method permitted by law. We may also close this account at any time upon reasonable notice to you and tender of the account balance personally or by mail. Notice from us to any one of you is notice to all of you. Statements – You must examine your statement of account with "reasonable promptness." If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to either of these duties, you have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer. You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance exceed a total of 30 days from when the statement is first sent or made available to you. You further agree that if you fail to report any unauthorized signatures alterations, forgeries, or any other errors in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation in this paragraph is in addition to that contained in the first paragraph of this section. Account Transfer – this account may not be transferred or assigned without our prior written consent. Direct Deposits – If, in connection with a direct deposit plan, we deposit any amount in an account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from the account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability. Temporary Account Agreement – If this option is selected, this is a temporary account agreement. Each person who signs in the space designated for signatures on the signature card (except as indicated to the contrary) may transact business on this account. However, we may at some time in the future restrict or prohibit further use of this account if you fail to comply with the requirements we have imposed within a reasonable time. Setoff – We may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt you owe us now or in the future, by any of you having the right of withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt arises from a note, " any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note. This right of setoff does not apply to this 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 debtor's right of withdrawal only arises in a representative capacity. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff. Authorized signer (Individual Accounts Only) – A single individual is the owner. The authorized signer is merely designated to conduct transactions on the owner's behalf. We undertake no obligation to monitor transactions to determine that they are on the owner's behalf. Restrictive Legends – We are not required to honor any restrictive legend on checks you write. 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 that you write. When processing items drawn on your account, our policy is to process items as they are settled with the bank. Checks are paid in check number order. ACH payments are processed in date and time order. POS Debits are processed in date and time order, but can be settled with the bank on a different day than the actual transaction - but any overdraft/ nsf fees will depend if the account had an available balance at the time of the transaction and if you opted into the bank’s overdraft courtesy program. The order in which items are paid is important if there is not enough available balance in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. If an item is presented without sufficient available funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). Please be aware that an “item” may be presented more than once for payment, depending on the agreement you have with your vendor. An overdraft fee may be assessed for each presentment of an item when funds are not available at the time of that presentment, regardless if that item was previously presented and returned. The amounts of the overdraft and NSF fees are disclosed in the Bank's Schedule of Fees. Overdraft/ NSF fees are limited to 5 per day and not charged for transactions of $10 or less on the end of day balance. The Bank offers an Overdraft Courtesy Program, please see the “OPPS” policy in these disclosures. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees. Credit Verification – You agree that we may verity credit and employment history by any necessary means, including preparation of a credit report by a credit-reporting agency. ACH and Wire Transfers – this agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer for which Fedwire is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearinghouse association rules. These rules prove, among other things, that payments made to you, originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. If we receive a credit to an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit. Business Accounts – Earning in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the legal entity. Business Accounts UIGEA The UIGEA, signed into law in 2006, prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. The Dept of Treasury and the Federal Reserve Board have issued a joint final rule, Regulation GG, to implement this Act. As a customer of Washington Savings Bank, these restricted transactions are prohibited from being processed through your account or banking relationship with us. If you do engage in an Internet gambling business and open a new account with us, we will ask that you provide evidence of your legal capacity to do so. Member DIF (082021) FUNDS AVAILABILITY POLICY DISCLOSURE Your ability to withdraw funds at Washington Savings Bank. Our policy is to make funds from deposits of cash, direct deposit, wire transfers, “on us” checks (checks drawn on the same bank) and the 1st $750.00 of a payroll check available to you on the day of the deposit. Funds from your deposit of checks will be available on the second business day after the day of deposit. At that time funds may be withdrawn in cash or to pay checks that have been written. The first $225 of a deposit of checks will be made available the first business day after the day of deposit. Certain check deposits are made available the next business day such as cashier's, certified, and teller's checks, government checks (including U.S. Treasury checks, U.S. Postal money orders, state and local government checks and checks drawn on Federal Reserve or Federal Home Loan Banks). For determining the availability of your deposits, every day is a business day, except Saturday, Sunday and federal holidays. If you make a lobby deposit before 8:00PM on a business day that we are open, we will consider that day to be the day of your deposit. If you make a deposit at an ATM, we will consider that the deposit was made on the next business day we are open. If you make a mobile deposit before 8:00PM on a business day that we are open, we will consider the next business day to be the day of your deposit. However, if you make a mobile deposit after 8:00PM or on a day we are not open, we will consider that the deposit was made on the 2nd business day we are open. Longer delays may apply. Funds you deposit by check may be delayed for a longer period under the following circumstances: • It is believed a check deposited will not be paid; • Deposited check total more than $5,525 on any one business day; • A check returned unpaid is re-deposited; • An account has been repeatedly overdrawn during a rolling six month period; • There is an emergency, such as a failure of communications or computer equipment. immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
Appears in 1 contract
Samples: Your Rights and Responsibilities
Chapter 167D Accounts. Except as indicated below, we do not intend to impose a fee, charge or other assessment against your savings or checking account if you qualify for the minor or senior citizen fee exemption under Chapter 167D of Massachusetts General Laws. You should notify us if you or any accountholder qualifies so that we may administer your account accordingly. Notwithstanding this exemption, we may assess you a reasonable charge when payment has been refused because of insufficient funds on any check drawn on such account. Ownership of Account and Beneficiary Designation – These rules apply to this account depending 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. ▪ Individual Account – is an account in the name of one person ▪ Joint Account – with Survivorship (and not as Tenants in Common) – is an account in the name of two or more persons. Each of you intend 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, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. ▪ Revocable Trust Account – One or two of you (called trustees) may create such an account in trust for another. Payments may be made to the trustee, or if there are two trustees, to either or both of the trustees of the survivor. Upon the death of the trustee or the death of both trustees, payment may be made to the person for whom the trust was made, or that person's legal representative. Stop Payments – You must give any stop payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it. To be effective, your stop payment order must precisely identify the number, date and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. Only the person who initiated the stop payment order may make a release of the stop payment request. Additional limitations on our obligation to stop payment are provided by law (e.g. we paid the item in cash or we certified the item).
Appears in 1 contract
Samples: Terms And
Chapter 167D Accounts. Except as indicated below, we do not intend to impose a fee, charge or other assessment against your savings or checking account if you qualify for the minor or senior citizen fee exemption under Chapter 167D of Massachusetts General Laws. You should notify us if you or any accountholder qualifies so that we may administer your account accordingly. Notwithstanding this exemption, we may assess you a reasonable charge when payment has been refused because of insufficient funds on any check drawn on such account. Ownership of Account and Beneficiary Designation – These rules apply to this account depending 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. ▪ Individual Account – is an account in the name of one person ▪ Joint Account – with Survivorship (and not as Tenants in Common) – is an account in the name of two or more persons. Each of you intend 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, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. ▪ Revocable Trust Account – One or two of you (called trustees) may create such an account in trust for another. Payments may be made to the trustee, or if there are two trustees, to either or both of the trustees of the survivor. Upon the death of the trustee or the death of both trustees, payment may be made to the person for whom the trust was made, or that person's legal representative. Stop Payments – You must give any stop payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it. To be effective, your stop payment order must precisely identify the number, date and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. Only the person who initiated the stop payment order may make a release of the stop payment request. Additional limitations on our obligation to stop payment are provided by law (e.g. we paid the item in cash or we certified the item). Transfers – A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties. Federal Regulation D limits savings type accounts to no more than six (6) telephone, pre-authorized or computer initiated transfers per month. Amendments and Termination – We may change any term of this agreement. Rules governing changes in interest rates are provided separately. For other changes, we will give you reasonable notice in writing or by any other method permitted by law. We may also close this account at any time upon reasonable notice to you and tender of the account balance personally or by mail. Notice from us to any one of you is notice to all of you. Statements – You must examine your statement of account with "reasonable promptness." If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to either of these duties, you have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer. You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance exceed a total of 30 days from when the statement is first sent or made available to you. You further agree that if you fail to report any unauthorized signatures alterations, forgeries, or any other errors in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation in this paragraph is in addition to that contained in the first paragraph of this section. Account Transfer – this account may not be transferred or assigned without our prior written consent. Direct Deposits – If, in connection with a direct deposit plan, we deposit any amount in an account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from the account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability. Temporary Account Agreement – If this option is selected, this is a temporary account agreement. Each person who signs in the space designated for signatures on the signature card (except as indicated to the contrary) may transact business on this account. However, we may at some time in the future restrict or prohibit further use of this account if you fail to comply with the requirements we have imposed within a reasonable time. Setoff – We may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt you owe us now or in the future, by any of you having the right of withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt arises from a note, " any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note. This right of setoff does not apply to this 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 debtor's right of withdrawal only arises in a representative capacity. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff. Authorized signer (Individual Accounts Only) – A single individual is the owner. The authorized signer is merely designated to conduct transactions on the owner's behalf. We undertake no obligation to monitor transactions to determine that they are on the owner's behalf. Restrictive Legends – We are not required to honor any restrictive legend on checks you write. 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 that you write. When processing items drawn on your account, our policy is to process items as they are settled with the bank. Checks are paid in check number order. ACH payments are processed in date and time order. POS Debits are processed in date and time order, but can be settled with the bank on a different day than the actual transaction - but any overdraft/ nsf fees will depend if the account had an available balance at the time of the transaction and if you opted into the bank’s overdraft courtesy program. The order in which items are paid is important if there is not enough available balance in your account to pay all of the items that are presented. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. If an item is presented without sufficient available funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the overdraft and NSF fees are disclosed in the Bank's Schedule of Fees. Overdraft/ NSF fees are limited to 5 per day and not charged for transactions of $10 or less. The Bank offers an Overdraft Courtesy Program, please see the “OPPS” policy in these disclosures. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees. Credit Verification – You agree that we may verity credit and employment history by any necessary means, including preparation of a credit report by a credit-reporting agency. ACH and Wire Transfers – this agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer for which Fedwire is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearinghouse association rules. These rules prove, among other things, that payments made to you, originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. If we receive a credit to an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit. Business Accounts – Earning in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the legal entity. Business Accounts UIGEA The UIGEA, signed into law in 2006, prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. The Dept of Treasury and the Federal Reserve Board have issued a joint final rule, Regulation GG, to implement this Act. As a customer of Washington Savings Bank, these restricted transactions are prohibited from being processed through your account or banking relationship with us. If you do engage in an Internet gambling business and open a new account with us, we will ask that you provide evidence of your legal capacity to do so. Member DIF (042018) FUNDS AVAILABILITY POLICY DISCLOSURE YOUR ABILITY TO WITHDRAW FUNDS AT WASHINGTON SAVINGS BANK. Our policy is to make funds from deposits of cash, direct deposit, wire transfers, “on us” checks (checks drawn on the same bank) and the 1st $750.00 of a payroll check available to you on the day of the deposit. Funds from your deposit of checks will be available on the second business day after the day of deposit. At that time funds may be withdrawn in cash or to pay checks that have been written. The first $225 of a deposit of checks will be made available the first business day after the day of deposit. Certain check deposits are made available the next business day such as cashier's, certified, and teller's checks, government checks (including U.S. Treasury checks, U.S. Postal money orders, state and local government checks and checks drawn on Federal Reserve or Federal Home Loan Banks). For determining the availability of your deposits, every day is a business day, except Saturday, Sunday and federal holidays. If you make a lobby deposit before 8:00PM on a business day that we are open, we will consider that day to be the day of your deposit. If you make a deposit at an ATM, we will consider that the deposit was made on the next business day we are open. If you make a mobile deposit before 8:00PM on a business day that we are open, we will consider the next business day to be the day of your deposit. However, if you make a mobile deposit after 8:00PM or on a day we are not open, we will consider that the deposit was made on the 2nd business day we are open. Longer delays may apply. Funds you deposit by check may be delayed for a longer period under the following circumstances: • It is believed a check deposited will not be paid; • Deposited check total more than $5,525 on any one business day; • A check returned unpaid is re-deposited; • An account has been repeatedly overdrawn during a rolling six month period; • There is an emergency, such as a failure of communications or computer equipment. immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
Appears in 1 contract
Samples: Your Rights and Responsibilities
Chapter 167D Accounts. Except as indicated below, we do not intend to impose a fee, charge or other assessment against your savings or checking account if you qualify for the minor or senior citizen fee exemption under Chapter 167D of Massachusetts General Laws. You should notify us if you or any accountholder qualifies so that we may administer your account accordingly. Notwithstanding this exemption, we may assess you a reasonable charge when payment has been refused because of insufficient funds on any check drawn on such account. Ownership of Account and Beneficiary Designation – These rules apply to this account depending 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. ▪ Individual Account – is an account in the name of one person ▪ Joint Account – with Survivorship (and not as Tenants in Common) – is an account in the name of two or more persons. Each of you intend 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, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. ▪ Revocable Trust Account – One or two of you (called trustees) may create such an account in trust for another. Payments may be made to the trustee, or if there are two trustees, to either or both of the trustees of the survivor. Upon the death of the trustee or the death of both trustees, payment may be made to the person for whom the trust was made, or that person's legal representative. Business Accounts – Earning in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the legal entity. Stop Payments – You must give any stop payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it. To be effective, your stop payment order must precisely identify the number, date and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. Only the person who initiated the stop payment order may make a release of the stop payment request. Additional limitations on our obligation to stop payment are provided by law (e.g. we paid the item in cash or we certified the item).
Appears in 1 contract
Samples: www.washingtonsavings.com
Chapter 167D Accounts. Except as indicated below, we do not intend to impose a fee, charge or other assessment against your savings or checking account if you qualify for the minor or senior citizen fee exemption under Chapter 167D of Massachusetts General Laws. You should notify us if you or any accountholder qualifies so that we may administer your account accordingly. Notwithstanding this exemption, we may assess you a reasonable charge when payment has been refused because of insufficient funds on any check drawn on such account. Ownership of Account and Beneficiary Designation – These rules apply to this account depending 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. Individual Account – is an account in the name of one person Joint Account – with Survivorship (and not as Tenants in Common) – is an account in the name of two or more persons. Each of you intend 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, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. Revocable Trust Account – One or two of you (called trustees) may create such an account in trust for another. Payments may be made to the trustee, or if there are two trustees, to either or both of the trustees of the survivor. Upon the death of the trustee or the death of both trustees, payment may be made to the person for whom the trust was made, or that person's legal representative. Stop Payments – You must give any stop payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it. To be effective, your stop payment order must precisely identify the number, date and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. Only the person who initiated the stop payment order may make a release of the stop payment request. Additional limitations on our obligation to stop payment are provided by law (e.g. we paid the item in cash or we certified the item). Transfers – A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties. Federal Regulation D limits savings type accounts to no more than six (6) telephone, pre-authorized or computer initiated transfers per month. Amendments and Termination – We may change any term of this agreement. Rules governing changes in interest rates are provided separately. For other changes, we will give you reasonable notice in writing or by any other method permitted by law. We may also close this account at any time upon reasonable notice to you and tender of the account balance personally or by mail. Notice from us to any one of you is notice to all of you. Statements – You must examine your statement of account with "reasonable promptness." If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to either of these duties, you have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer. You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance exceed a total of 30 days from when the statement is first sent or made available to you. You further agree that if you fail to report any unauthorized signatures alterations, forgeries, or any other errors in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation in this paragraph is in addition to that contained in the first paragraph of this section. Account Transfer – this account may not be transferred or assigned without our prior written consent. Direct Deposits – If, in connection with a direct deposit plan, we deposit any amount in an account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from the account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability. Temporary Account Agreement – If this option is selected, this is a temporary account agreement. Each person who signs in the space designated for signatures on the signature card (except as indicated to the contrary) may transact business on this account. However, we may at some time in the future restrict or prohibit further use of this account if you fail to comply with the requirements we have imposed within a reasonable time. Setoff – We may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt you owe us now or in the future, by any of you having the right of withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt arises from a note, " any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note. This right of setoff does not apply to this account if: (a) it is an XXX 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 debtor's right of withdrawal only arises in a representative capacity. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff. Authorized signer (Individual Accounts Only) – A single individual is the owner. The authorized signer is merely designated to conduct transactions on the owner's behalf. We undertake no obligation to monitor transactions to determine that they are on the owner's behalf. Restrictive Legends – We are not required to honor any restrictive legend on checks you write. 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 that you write. When processing items drawn on your account, our policy is to process items as they are settled with the bank. Checks are paid in check number order. ACH payments are processed in date and time order. POS Debits are processed in date and time order, but can be settled with the bank on a different day than the actual transaction - but any overdraft/ nsf fees will depend if the account had an available balance at the time of the transaction and if you opted into the bank’s overdraft courtesy program. 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. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. If an item is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). Please be aware that an “item” may be presented more than once for payment, depending on the agreement you have with your vendor. An overdraft fee may be assessed for each presentment of an item when funds are not available at the time of that presentment, regardless if that item was previously presented and returned. The amounts of the overdraft and NSF fees are disclosed in the Bank's Schedule of Fees. Overdraft/ NSF fees are limited to 5 per day and not charged for transactions of $10 or less on the end of day balance. The Bank offers an Overdraft Courtesy Program, please see the “OPPS” policy in these disclosures. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees. Credit Verification – You agree that we may verity credit and employment history by any necessary means, including preparation of a credit report by a credit-reporting agency. ACH and Wire Transfers – this agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer for which Fedwire is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearinghouse association rules. These rules prove, among other things, that payments made to you, originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. If we receive a credit to an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit. Business Accounts – Earning in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the legal entity. Business Accounts UIGEA The UIGEA, signed into law in 2006, prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. The Dept of Treasury and the Federal Reserve Board have issued a joint final rule, Regulation GG, to implement this Act. As a customer of Washington Savings Bank, these restricted transactions are prohibited from being processed through your account or banking relationship with us. If you do engage in an Internet gambling business and open a new account with us, we will ask that you provide evidence of your legal capacity to do so. Member DIF (082021) FUNDS AVAILABILITY POLICY DISCLOSURE YOUR ABILITY TO WITHDRAW FUNDS AT WASHINGTON SAVINGS BANK. Our policy is to make funds from deposits of cash, direct deposit, wire transfers, “on us” checks (checks drawn on the same bank) and the 1st $750.00 of a payroll check available to you on the day of the deposit. Funds from your deposit of checks will be available on the second business day after the day of deposit. At that time funds may be withdrawn in cash or to pay checks that have been written. The first $225 of a deposit of checks will be made available the first business day after the day of deposit. Certain check deposits are made available the next business day such as cashier's, certified, and teller's checks, government checks (including U.S. Treasury checks, U.S. Postal money orders, state and local government checks and checks drawn on Federal Reserve or Federal Home Loan Banks). For determining the availability of your deposits, every day is a business day, except Saturday, Sunday and federal holidays. If you make a lobby deposit before 8:00PM on a business day that we are open, we will consider that day to be the day of your deposit. If you make a deposit at an ATM, we will consider that the deposit was made on the next business day we are open. If you make a mobile deposit before 8:00PM on a business day that we are open, we will consider the next business day to be the day of your deposit. However, if you make a mobile deposit after 8:00PM or on a day we are not open, we will consider that the deposit was made on the 2nd business day we are open. Longer delays may apply. Funds you deposit by check may be delayed for a longer period under the following circumstances: • It is believed a check deposited will not be paid; • Deposited check total more than $5,525 on any one business day; • A check returned unpaid is re-deposited; • An account has been repeatedly overdrawn during a rolling six month period; • There is an emergency, such as a failure of communications or computer equipment. The Bank will notify customers in writing if a delay in availability of funds occurs, and the customer will be notified of when the funds will be available. They will generally be available no later than the fifth business day after the day of your deposit.
Appears in 1 contract
Samples: www.washingtonsavings.com
Chapter 167D Accounts. Except as indicated below, we do not intend to impose a fee, charge or other assessment against your savings or checking account if you qualify for the minor or senior citizen fee exemption under Chapter 167D of Massachusetts General Laws. You should notify us if you or any accountholder qualifies so that we may administer your account accordingly. Notwithstanding this exemption, we may assess you a reasonable charge when payment has been refused because of insufficient funds on any check drawn on such account. Ownership of Account and Beneficiary Designation – These rules apply to this account depending 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. ▪ Individual Account – is an account in the name of one person ▪ Joint Account – with Survivorship (and not as Tenants in Common) – is an account in the name of two or more persons. Each of you intend 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, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. ▪ Revocable Trust Account – One or two of you (called trustees) may create such an account in trust for another. Payments may be made to the trustee, or if there are two trustees, to either or both of the trustees of the survivor. Upon the death of the trustee or the death of both trustees, payment may be made to the person for whom the trust was made, or that person's legal representative. Stop Payments – You must give any stop payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it. To be effective, your stop payment order must precisely identify the number, date and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. Only the person who initiated the stop payment order may make a release of the stop payment request. Additional limitations on our obligation to stop payment are provided by law (e.g. we paid the item in cash or we certified the item). Transfers – A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties. Federal Regulation D limits savings type accounts to no more than six (6) telephone, pre-authorized or computer initiated transfers per month. Amendments and Termination – We may change any term of this agreement. Rules governing changes in interest rates are provided separately. For other changes, we will give you reasonable notice in writing or by any other method permitted by law. We may also close this account at any time upon reasonable notice to you and tender of the account balance personally or by mail. Notice from us to any one of you is notice to all of you. Statements – You must examine your statement of account with "reasonable promptness." If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to either of these duties, you have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer. You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance exceed a total of 30 days from when the statement is first sent or made available to you. You further agree that if you fail to report any unauthorized signatures alterations, forgeries, or any other errors in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation in this paragraph is in addition to that contained in the first paragraph of this section. Account Transfer – this account may not be transferred or assigned without our prior written consent. Direct Deposits – If, in connection with a direct deposit plan, we deposit any amount in an account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from the account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability. Temporary Account Agreement – If this option is selected, this is a temporary account agreement. Each person who signs in the space designated for signatures on the signature card (except as indicated to the contrary) may transact business on this account. However, we may at some time in the future restrict or prohibit further use of this account if you fail to comply with the requirements we have imposed within a reasonable time. Setoff – We may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt you owe us now or in the future, by any of you having the right of withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt arises from a note, " any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note. This right of setoff does not apply to this account if: (a) it is an XXX 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 debtor's right of withdrawal only arises in a representative capacity. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff. Authorized signer (Individual Accounts Only) – A single individual is the owner. The authorized signer is merely designated to conduct transactions on the owner's behalf. We undertake no obligation to monitor transactions to determine that they are on the owner's behalf. Restrictive Legends – We are not required to honor any restrictive legend on checks you write. 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 that you write. When processing items drawn on your account, our policy is to process items as they are settled with the bank. Checks are paid in check number order. ACH payments are processed in date and time order. POS Debits are processed in date and time order, but can be settled with the bank on a different day than the actual transaction - but any overdraft/ nsf fees will depend if the account had an available balance at the time of the transaction and if you opted into the bank’s overdraft courtesy program. 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. There is no policy that is favorable in every instance. If the smallest items are paid first, you may have fewer NSF or overdraft fees, but the largest, and perhaps more important items (such as rent or mortgage payments) might not be paid. If an item is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item (NSF). The amounts of the overdraft and NSF fees are disclosed in the Bank's Schedule of Fees. Overdraft/ NSF fees are limited to 5 per day and not charged for transactions of $10 or less. The Bank offers an Overdraft Courtesy Program, please see the “OPPS” policy in these disclosures. We encourage you to make careful records and practice good account management. This will help you to avoid writing checks or drafts without sufficient funds and incurring the resulting fees. Credit Verification – You agree that we may verity credit and employment history by any necessary means, including preparation of a credit report by a credit-reporting agency. ACH and Wire Transfers – this agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer for which Fedwire is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearinghouse association rules. These rules prove, among other things, that payments made to you, originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. If we receive a credit to an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit. Business Accounts – Earning in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the legal entity. Business Accounts UIGEA The UIGEA, signed into law in 2006, prohibits any person engaged in the business of betting or wagering (as defined in the Act) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. The Dept of Treasury and the Federal Reserve Board have issued a joint final rule, Regulation GG, to implement this Act. As a customer of Washington Savings Bank, these restricted transactions are prohibited from being processed through your account or banking relationship with us. If you do engage in an Internet gambling business and open a new account with us, we will ask that you provide evidence of your legal capacity to do so. Member DIF (03/2018) FUNDS AVAILABILITY POLICY DISCLOSURE YOUR ABILITY TO WITHDRAW FUNDS AT WASHINGTON SAVINGS BANK. Our policy is to make funds from deposits of cash, direct deposit, wire transfers, “on us” checks (checks drawn on the same bank) and the 1st $750.00 of a payroll check available to you on the day of the deposit. Funds from your deposit of checks will be available on the second business day after the day of deposit. At that time funds may be withdrawn in cash or to pay checks that have been written. The first $200 of a deposit of checks will be made available the first business day after the day of deposit. Certain check deposits are made available the next business day such as cashier's, certified, and teller's checks, government checks (including U.S. Treasury checks, U.S. Postal money orders, state and local government checks and checks drawn on Federal Reserve or Federal Home Loan Banks). For determining the availability of your deposits, every day is a business day, except Saturday, Sunday and federal holidays. If you make a lobby deposit before 8:00PM on a business day that we are open, we will consider that day to be the day of your deposit. If you make a deposit at an ATM, we will consider that the deposit was made on the next business day we are open. If you make a mobile deposit before 8:00PM on a business day that we are open, we will consider the next business day to be the day of your deposit. However, if you make a mobile deposit after 8:00PM or on a day we are not open, we will consider that the deposit was made on the 2nd business day we are open. Longer delays may apply. Funds you deposit by check may be delayed for a longer period under the following circumstances: • It is believed a check deposited will not be paid; • Deposited check total more than $5,000 on any one business day; • A check returned unpaid is re-deposited; • An account has been repeatedly overdrawn during a rolling six month period; • There is an emergency, such as a failure of communications or computer equipment. The Bank will notify customers in writing if a delay in availability of funds occurs, and the customer will be notified of when the funds will be available. They will generally be available no later than the fifth business day after the day of your deposit.
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