Internet Banking Agreement
This agreement (the "Agreement") made between you and us for accessing your Community Bank of Oelwein accounts via Community Bank of Oelwein’s Internet Banking includes certain disclosures for electronic funds transfer and terms and conditions governing the use of available services offered through Community Bank’s Internet Banking. As used in this document, the words "we," "our," and "us" mean Community Bank of Oelwein and the words "you" and "your" mean the account holders(s) and anyone else with authority to deposit, withdraw, or exercise control over the funds in the account. By using the Internet Banking Services, you agree to abide by the terms and conditions of this Agreement and acknowledge your receipt and understanding of the disclosures contained in this Agreement. Please read this Agreement carefully and keep a copy for your records.
This agreement is in addition to other agreements between you and us, including the applicable deposit account disclosure agreement(s) and terms and conditions, and our rules and regulations as well as your loan agreements with us. If there is a conflict between the terms and conditions of this Agreement and the terms and conditions of any other agreements between you and us, as it relates to Internet Banking, this Agreement will control.
Your use of Internet Banking Services may be made by use of certain numbers, codes, marks, signs, passwords (PINs), public or private keys or other means which are acceptable to us to establish your identity and acceptance of the electronic communications. All electronic communications that meet these requirements will be deemed to be valid and authentic and you intend and agree that those electronic communications will be given the same legal effect as written and signed paper communications. You agree that electronic copies of communications are valid and you will not contest the validity of the originals or copies, absent proof of altered data or tampering.
We may, from time to time, introduce new Internet Banking Services. We will notify you of the existence of these new Internet Banking Services. By using new Internet Banking Services when they become available, you agree to be bound by the rules governing these new Internet Banking Services.
Business Days/Hours: The term "business day" shall mean every day except Saturdays, Sundays and federal banking holidays. Our business hours are 7:30 a.m. to 5:30 p.m. Central Time, Monday through Friday.
- Eligible Accounts
To access your accounts through Community Bank of Oelwein’s Internet Banking, you must have at least one eligible account with us. For purposes of this Agreement, the term "Eligible Account" includes the types of deposit and credit accounts that are identified below. If you have more than one Eligible Account, we will "link" the relationships together unless you request certain accounts not be linked. Accounts that are linked under the Available Internet Banking Services will have one common owner and signer. Any signer, acting alone, must be authorized to access a linked account. Any non-linked account will not be accessible through Community Bank of Oelwein’s Internet Banking. An account that requires two or more signatures to make withdrawals or with special withdrawal restrictions may not be designated as an Eligible Account.
The following are Eligible Accounts:
Checking, Savings, Money Market Deposit, Certificates of Deposit, IRAs, Commercial, Installment and Real Estate Loans.
- Access Codes
To initially access Internet Banking Services you will use a temporary personal identification number (PIN). The Bank will assign you a temporary PIN. With your first access to Internet Banking, you will be asked to designate a Password that has certain specifications. The Online instructions will explain them. You will be required to change your Password periodically to enhance security.
You agree to keep your Community Bank of Oelwein Internet Banking Password confidential to prevent unauthorized access to your accounts and to prevent unauthorized use. For security purposes, we recommend that you memorize your Password. If you choose to write it down, store it in a secure place.
If you suspect your Password is lost or in the hands of an unauthorized user, tell us at once. Telephone the bank at 319-283-4000. We reserve the right to block your access to Internet Banking Services to maintain or restore security to our web site and systems, if we reasonably believe your Password has been or may be obtained or is being used or may be used by an unauthorized person(s).
- Equipment and Software
To access Community Bank of Oelwein’s Internet Banking you must have an active account with an Internet Service Provider (ISP), an Internet browser software program from software publisher(s) (Internet Explorer and Netscape) with version number(s) 4.0 and above with a 128 bit encryption that we may specify from time to time. You are responsible for, at your expense, obtaining, installing, maintaining and operating all equipment you use. We do not warrant nor will we be responsible for any errors or failures from the malfunction or failure of your Equipment.
- Description of Services
a) Account Information
You can specifically obtain the following information:
Obtain certain account history for the current and previous statement cycles and export this information directly to your computer in a variety of file formats such as Quicken or Microsoft Money.
Obtain interest information on your interest bearing deposit accounts and loan accounts.
Obtain account-related information such as current balances, loan payment amounts, payment due dates, and certificate of deposit maturity dates.
b) Funds Transfers
Transfer funds from checking to checking.
Transfer funds from checking to savings.
Transfer funds from savings to savings.
Transfer funds from savings to checking.
Make payments from checking to loan accounts with us.
Make payments from savings to loan accounts with us.
All transfers between deposit accounts will occur at the earliest possible time.
You may make arrangements for payments to loan accounts described above to occur at the earliest possible time, at a date in the future, or on a recurring basis.
2:00 p.m. Central Time will normally not be credited until the next business day.
You will be provided a confirmation number with each transfer. Please write down this number when you receive it. It helps us resolve any questions you may have concerning your transactions.
Duplicate Transactions: It will be the customer's responsibility to detect duplicate transactions. Community Bank of Oelwein will pay all transactions initiated online by the customer unless there are insufficient funds or uncollected funds.
Holds: If a hold has been placed on deposits made to an account from which you wish to transfer funds, you cannot transfer the portion of the funds held until the hold expires.
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 the transfer.
You understand that we will not act on any transfer instructions from you if sufficient funds are not available in the account that you designated.
Your ability to make transfers from your savings accounts and money market accounts is restricted by Federal Reserve Board Regulation D. For each of your savings accounts, you are prohibited from making more than six pre-authorized transfers per month. For your money market account, you are prohibited from making more than six pre-authorized transfers per month, no more than three of which may be payable to third parties, such as checks, ACH transfers or debit card entries. Pre-authorized transfers include transfers made through Community Bank of Oelwein’s Internet Banking Service. The following transfers do not count towards your limit: (1) transfers from your savings account or money market account to repay any amounts owed to Community Bank of Oelwein for loans and associated expenses; (2) transfers made by mail, messenger, ATM or in person, or; (3) withdrawals authorized by you by telephone or online if the funds are mailed to you by check. Once a savings account or money market account has violated the Regulation D limits, Community Bank will notify you and may convert the account to a transaction type account.
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 make every effort to remedy the situation; however, we cannot assume any responsibility:
- If through no fault of ours, you do not have enough money in your account to make a transfer or if your account has been closed.
- If you have an overdraft line and the transfer would go over the credit limit.
- If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
- If circumstances beyond our control (such as fire or flood or systems failure) prevent the transfer, despite reasonable precautions that we have taken.
- If the money in your account is subject to legal process, adverse claims, or other encumbrances restricting transfer.
- If you have not properly followed instructions on how to make a transfer.
- If we have placed a hold on funds in your account in accordance with our reasonable business procedures.
- If we have a reasonable basis for believing that unauthorized use of your Password has occurred or may be occurring, if you are in default under this agreement with us, if we or you terminate the Agreement, or if we have suspended your use of Community Bank of Oelwein’s Internet Banking.
c) Power Pay
If you elect to subscribe to Power Pay Service ("Power Pay"), you may use Power Pay to electronically direct us to make payments from a designated Transaction Account ("Account") on your behalf to third parties ("Payees") that you have selected in advance. You may make payments through Power Pay to any business, merchant, etc., that generates a bill or invoice or to an individual on your behalf that has an address and telephone number that we can verify. Payments may only be made to Payees with a
Personal Payee List. You must provide sufficient information about each Payee as we may request from time to time, to properly direct a payment to that Payee and permit the Payee to identify the correct account ("Payee Account") to credit with your payment. This information may include, among other things, the name and address of the Payee and your Payee Account number. We will provide you with an online list of the Payees you have authorized when you use Power Pay (your "Personal Payee List")
Scheduling Payments. You may use the Internet Banking Service to electronically schedule payments with Power Pay. To access the Internet Banking Service and electronically schedule a payment you will be required to enter your (a) Password, (b) the amount of your payment, and (c) the date on which you would like your payment to be deducted from your Account, or for Recurring Payments (see the section on Recurring Payments below), the day of the month on which you would like such payments deducted each month. Individual payments may be in any amount not less than $1.00 and not exceeding $9,999.99.
Delivery of Your Payments. You may schedule payments to be deducted from your Account on the day that you enter the payment information, on a future date, or on the same date each month, subject to the restrictions in this Agreement. Although you can enter payment information through Power Pay 24 hours a day, 7 days a week, payments can be deducted from your Account only on business days. The day on which you direct Community Bank of Oelwein to initiate the bill payment process is the "Transaction Date". The date you enter as your "Payment Date" is the date on which the payment will be deducted from your Account, unless the date you enter as your payment date is not a business day, in which case the payment will be deducted from your account on the next business day. After funds are withdrawn from your Account, we may remit your payments by mailing your Payee a check drawn on an account we maintain for this purpose; by electronic funds transfer; or by others means. In order to provide sufficient time for payments to be received by your Payees, the Payment Date for each payment must be at least 5 business days prior to the date your payment is due. Community Bank of Oelwein will not be responsible for any loss you may incur as a consequence of late payment if your actual Payment Date is not at least five (5) business days prior to the Due Date for your payment. It is helpful if you allow additional time for a payment to be completed the first time you send a payment to a Payee through Power Pay. This allows the Payee to adjust to the new form of payment. Accordingly, your first payment to a Payee should be scheduled with a Payment Date at least seven (7) business days prior to the Due Date.
Re-presentment of Payments. If the payment account has insufficient funds to cover payment of the bill, you will be sent a notice and your requested bill payment will automatically be re-presented the next day.
2:00 p.m. (Central Time) on any business day in order for the payment to be initiated for that business day.
Recurring Payments. You may schedule payments to particular Payees to be automatically initiated in a fixed amount on a weekly, bi-weekly, monthly, quarterly, semi-annual or annual basis. The date on which a transaction is scheduled to be initiated is referred to below as the "Recurring Payment Date". If the Recurring Payment Date falls on a day other than a business day, your payment will not be initiated (i.e. deducted from your Account) until the next business day. Thus, your actual Payment Date for any month may not be the Recurring Payment Date. For example, if you schedule a Recurring Payment to be initiated on the 5th of each month and August 5th is a Saturday, your payment for August would not be initiated until August 7, which would be your actual Payment Date for August. Because differences in the days of the week can reduce the number of business days between your scheduled Recurring Payment Date and your payment Due Date, we recommend that you schedule the Recurring Payment Date 7-10 calendar days prior to your Payment Date.
Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay will tell you 10 days before each payment, when it will be made, and how much it will be. In no event will we be liable for indirect, incidental or consequential damages, under BillPay above. See the section titled Limitation of Liability Relating to Available Internet Banking Services.
3:00 p.m. Central Time on the day prior to the payment date. You can change both the payment amount and the Payment Date or cancel any scheduled payment. You will need to call the bank at 319-283-4000 if we are to recall a payment. There is a fee of $10 per recalled payment, but Community Bank will not guarantee the ability to recall an item.
Reviewing Your Payments. You can review bill payments for the current and previous cycle. Your payee list will be maintained for a period of two years.
Power Pay Fees. There is no fee for personal accounts for all others there is a $4.95 monthly Power Pay fee with each checking account from which you tell us to pay bills. With this monthly fee you may make twenty-five (25) payments. After that, each bill payment is 30¢. The Power Pay monthly fees cover service for the previous month and are effective upon enrollment. The monthly Power Pay Fee will be charged to your payment account, whether or not bill payments are made in the month. If the payment account has insufficient funds to cover payment of the fees, the Bank may deduct the fee from any of your other accounts (in any order we choose). If the fee cannot be paid, we may cancel Power Pay. After cancellation, Power Pay may be reinstated by contacting Community Bank of Oelwein Customer Service. Once sufficient funds are available in your account to cover all accrued Power Pay fees and any other pending transfers or debits, Power Pay service may be reinstated.
- Hours of Operation
You can access Online Banking Services through Community Bank of Oelwein’s Internet Banking seven days a week, 24 hours a day. However, at certain times, some or all of the service may not be available due to system or Internet maintenance. If we need to change the scope of our Internet Banking Services, we will attempt to provide prior notices of such interruptions and changes, but cannot guarantee that such notice will be provided.
A transfer between deposit accounts initiated through Internet Banking before 2:00 p.m. Central Time on a business day will be posted to your accounts on the same day. We cannot ensure that a transfer between deposit accounts after 2:00 p.m. Central Time on a business day will be posted to your account on the same day. Transfers initiated on a Saturday, Sunday, or a federal holiday, will be posted on the next business day. Credits to loan accounts initiated through Community Bank of Oelwein’s Online Banking may take up to two business days to post.
- Electronic Messaging
Sending electronic messages to us through Community Bank of Oelwein’s secure web site allows you to contact us with your questions and the bank to contact you with notices and disclosures protected by encryption. However, e-mail is not available after you log-on to Internet Banking. Therefore, we ask that you not use e-mail to initiate banking transactions.
You agree that we may send you or make available to you notices, disclosures, and other information electronically including, but not limited to, notices, disclosures, and other information required under the Electronic Funds Transfer Act and Regulation E of the Federal Reserve Board. If you have given us an e-mail address or postal address, we are entitled to rely on that address and assume that messages sent to that address are received by you until you give us notice in writing or by e-mail that the address is no longer valid. If we send you a notice or disclosure electronically, and you wish to download or print it and are unable to do so, contract us at the mailing address or telephone number address in the Error Notice section of this Agreement or send us an e-mail and we will provide you with a copy on paper.
- Limitation of Liability Relating to Internet Banking Services
Except as otherwise provided in this Agreement or otherwise expressly provided by applicable law or regulation, you agree that neither we nor any party that provides Internet access or provides equipment used to access the Online Banking Services or any agent, independent contractor, or subcontractor of any of the foregoing will be liable for any loss, injury, or 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 the Internet Banking Services or of the Internet access provider used to access the available Internet Banking Services, or of the equipment used to access the available Online services 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 communications with us, even if we or the Service Providers are aware of the possibility of such event.
- Periodic Statements
You will receive a monthly account statement from us for your checking and money market deposit accounts. You will receive a monthly account statement from us for your savings accounts that have linked to your checking account or if there are transfers from the savings account in a particular month. In any case, you will receive a savings statement at least semi-annually.
- Preauthorized Payments
Right to stop payment and procedures for doing so. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how:
Call Customer Service at 319-283-4000 or write us at Community Bank of Oelwein, P.O. Box 71, Oelwein, Iowa 50662, in time for us to receive your request five (5) business days or more before the payment is scheduled to be made. If you call, we may require you to put your request in writing and get it to us within 14 days after you call.
We will disclose information to third parties about your account or the transfers you make: (1) Where it is necessary for completing transfers; (2) In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; (3) 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; (4) If you give us written permission.
- Authorization to Obtain Information
You agree that we may obtain and review your credit report from a credit bureau or similar entity. You also agree that we may obtain information regarding your Payee Accounts in order to facilitate proper handling and crediting of your payments.
- Unauthorized Access
Tell us AT ONCE if you believe your PIN or Password has been lost or stolen. Prompt notification is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum line of credit). If you tell us within two business days, you can lose no more than $50. If you do NOT tell us within 2 business days after you learn of the loss or theft of your PIN or Password, and we can prove we could have stopped someone from using your PIN or Password without your permission if you had told us, you could lose as much as $500. Also, if your statement shows transfers that you did not make, tell us AT ONCE. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have prevented someone from taking the money if you had told us in time. If you believe your PIN or password has been lost or stolen, or that someone has transferred or may transfer money from your account without your permission, call Customer Service at 319-283-4000 during normal business hours listed in this Agreement. WE CANNOT ACCEPT NOTIFICATION OF LOST OR STOLEN PINS OR PASSWORDS OR UNAUTHORIZED TRANSFERS VIA E-MAIL.
- Error Resolution
In case of errors or questions about your electronic transfers, call or write us at the telephone number or address listed below as soon as you can if you think your statement or receipt is wrong, or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 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.
- For a bill payment, tell us the checking account number used to pay the bill, payee name, date the payment was sent, payment amount, reference number, and payee account number for the payment in question.
If you tell us verbally, we may require that you send us your complaint or question in writing within 10 business days following the date you notified us. We will tell you the results of our investigation within 10 business days (20 business days if the transfer involved a point of sale transaction or a foreign-initiated transfer) after hearing from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a point of sale transaction or foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a point of sale transaction or a foreign-initiated transfer) for the amount you think is in error, so that you will have the use of your 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 10 business days, we may not credit your account. If we decide that there was no error, we will send you a written explanation within 3 business days after we finish our investigation. You may ask for copies of the documents we used in our investigation.
Community Bank of Oelwein
P.O. Box 71
Oelwein, IA 50662
Business Days: Monday through Friday
(excluding Federal Holidays)
This agreement continues in full force and effect until terminated. You may terminate this Agreement and your use of Available Online Banking Services at any time by calling the Community Bank at 319-283-4000 or by sending a written termination notice to Community Bank of Oelwein. PO Box 71, Oelwein, IA 50662. Your termination notice will be confirmed by mail. You authorize us to complete fund transfers until we have had a reasonable opportunity to act upon your termination notice.
We may terminate this Agreement and your use of the Internet Banking Services at any time without cause or prior notice. This Agreement and your use of the Internet Banking Services will be terminated automatically if your Eligible Account(s) are closed or access to your Eligible Account(s) is restricted for any reasons. This Agreement and your use of the Internet Banking Services may be terminated at any time without prior notice due to insufficient funds in one of your Eligible Accounts. After termination on such basis, you may again enroll once sufficient funds are available in your Eligible Accounts to cover any fees and other pending transfers or debits. We reserve the right to temporarily suspend Internet Banking Services in situations deemed appropriate by us, in our sole and absolute discretion, including when we believe a breach of system security has occurred or is being attempted.
We may consider repeated incorrect attempts to enter your PIN or Password as an indication of attempted security breach. Termination of the Services does not affect your obligations under this Agreement with respect to occurrences before termination.
- Changes to Charges, Fees or Other Terms
We reserve the right to change the charges, fees or other terms described in this Internet Banking Agreement. When changes are made to any fees, charges, or other material terms, we will electronically update this Internet Banking Agreement or send an e-message notice to you at the address shown on our records at least thirty (30) days in advance of the effective date of any additional fees for online transactions, or of any stricter limits on the type, amount or frequency of transactions or any increase in your responsibility for unauthorized transactions, unless an immediate change is necessary to maintain the security of the system. If such a change is made, and it can be disclosed without jeopardizing the security of the system, we will provide you with electronic or written notice within thirty (30) days before the change. As always, you may choose to accept or decline changes by continuing or discontinuing the accounts or services to which these changes relate. We also reserve the option, in our business judgment, to waive, reduce or reverse charges or fees in individual situations.
- Security Procedures
By accessing the Internet Banking, you hereby acknowledge that you will be entering a protected web site owned by Community Bank of Oelwein, which may be used only for authorized purposes. The Bank may monitor and audit usage of the System and all persons are hereby notified that use of the Services constitutes consent to such monitoring and auditing. Unauthorized attempts to upload information and/or change information on these web sites are strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986.