Deposit Account Terms and Conditions
These terms control this account
unless changed in writing. Words and phrases used in this document should be
that the singular includes the plural and the plural includes the singular.
"We", "our", or "us" mean the financial institution.
"You" or "your" mean the account holder(s). You may not
transfer or assign this account without our written consent.
The signature card (account application) will show whether
this account is a consumer or business account. A consumer is a natural person who holds
an account primarily for personal, family or household purposes.
You agree, for yourself (and the person
or entity you represent if you sign as a representative of another) to the terms of this
account and the schedule of charges. You authorize us to deduct these charges as accrued
directly from the account balance. You agree to pay additional reasonable charges for
services you request which are not covered by this agreement.
You agree to be jointly and severally (individually) liable
for any account shortage resulting from charges or overdrafts, whether caused by you or
another authorized to withdraw from this account. This includes liability for our costs to
collect the deficit including, to the extent permitted by law, our reasonable attorney's
We will give only provisional credit
until collection is final for any items, other than cash, we accept for deposit (including
item drawn "on us"). Actual credit for deposits of, or payable in, foreign
currency will be at the exchange rate in effect on final collection in U.S. dollars. We
will pay interest on non-consumer accounts only on collected funds, subject to minimum
balance or other limitations, if any. We are not responsible for transactions by mail or
outside depository until we actually record them. We will treat and record all
transactions received after our "daily cut-off time" on a business day we are
open, or received on a day in which we are not open for business, as if initiated on the
next following business day that we are open.
Unless clearly indicated otherwise on
the account records, only one signature is required for withdrawal. This means that any of
you or any authorized signer, acting alone, may withdraw or transfer all or any part of
the account balance at any time on forms or in any other manner approved by us. Each of
you (until we receive written notice to the contrary) authorizes each other person signing
this form to endorse any item payable to you or your order for deposit to this account or
any other transaction with us.
We may charge your account for a check, even though payment
was made before the date of the check, unless you have given us written notice of the
postdating. The fact that we may honor withdrawal requests that overdraw the finally
collected account balance does not obligate us to do so, unless required by law.
Withdrawals will first be made from collected funds, and we may, unless prohibited by law
or our written policy, refuse any withdrawal request against uncollected funds, even if
our general practice is to the contrary.
We may refuse any withdrawal or transfer request which you
attempt by any method we do not specifically permit, which is for an amount less than any
minimum withdrawal requirement, or which exceeds any frequency limitation. Even if we
honor a nonconforming request, repeated abuse of the stated limitations (if any) may
eventually force us to close your account. We will use the date a transaction is completed
by us (as opposed to the day you initiate it) to apply the frequency limitations.
On interest-bearing accounts other than time deposits, we
may require at least seven days' written notice before any withdrawal or transfer.
Withdrawals from a time deposit before maturity or before the expiration of any notice
period may be restricted and may be subject to penalty. See your notice of penalties for
Ownership of Account and Beneficiary Designation
You intend these rules to apply to this account depending on the form of ownership and
beneficiary designation, if any, specified on the signature card (account application). 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.
is owned by one person.
Joint Account - With Survivorship (And Not As
Tenants In Common)
is owned by two or more persons. Each of you intends that
when you die the balance in the account (subject to any previous pledge to which we have
consented) 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 or Pay-On-Death Account -
If two or more of you create this type of account, you own the account jointly with
survivorship. Beneficiaries acquire the right to withdraw only if: (1) all persons
creating the account die, and (2) the beneficiary is then living. If two or more
beneficiaries are named and survive the death of all persons creating the account,
beneficiaries will own this account in equal shares, without right of survivorship. Any
surviving beneficiary may withdraw all or any part of the account balance. The person(s)
creating either of these account types may: (1) change beneficiaries, (2) change account
types, and (3) withdraw all or part of the deposit at any time.
A stop-payment order must be given
in the manner required by law and we must receive it in time to give us a reasonable
opportunity to act on it before our stop-payment cut-off time.
Our stop-payment cut-off time is one hour after the opening
of the next banking day after the banking day on which we receive the item. Additional
limitations on our obligation to stop-payment are provided by law.
A 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. A release of the stop-payment request may be
made only by the person who initiated the stop-payment.
Amendments and Termination
We may change any term
of this agreement. Rules governing changes in interest rates have been 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 by giving you
reasonable notice and giving you the account balance personally or by mail. Notice from us
to any one of you is notice to all of you.
You must examine your statement of
account with reasonable promptness. If you discover (or reasonably should have discovered)
any unauthorized payments or alterations, you must promptly notify us of the relevant
facts. If you fail to do either of these duties, you will 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 forged or altered by the same
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 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 make the statement available, you cannot assert a claim against us on
any items in that statement, and the loss will be entirely yours. This 60 day limitation
is without regard to whether we exercised ordinary care. The limitation in this paragraph
is in addition to that contained in the first paragraph of this section.
If, in connection with a direct
deposit plan, we deposit any amount in this 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 this 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.
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 set-off does not apply to this account if:
(a) it is an Individual Retirement Account or other tax-deferred retirement account, or
(b) the debt is created by a consumer credit transaction under a credit card plan, or the
debtor's right of withdrawal arises only 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 set-off.
We are not required
to honor any restrictive legend on checks you write unless we have agreed in writing to
the restriction. Examples of restrictive legends are "must be presented within 90
days" or "not valid for more than $1000.00."