Somerset Savings Bank

Electronic Funds Transfer

 

For purposes of this disclosure and agreement the terms "we", "us" and "our" refer to Somerset Savings Bank, SLA. The terms "you" and "your" refer to the recipient of this disclosure and agreement.

The Electronic Fund Transfer Act and Regulation E require institutions to provide certain information to customers regarding electronic fund transfers (EFTs). This disclosure applies to any EFT service you receive from us related to an account established primarily for personal, family or household purposes. Examples of EFT services include direct deposits to your account, automatic regular payments made from your account to a third party and one-time electronic payments from your account using information from your check to pay for purchases or to pay bills. This disclosure also applies to the use of your Visa Check Card at automated teller machines (ATMs) and any networks described below.

TERMS AND CONDITIONS. The following provisions govern the use of electronic fund transfer (EFT) services through accounts held by Somerset Savings Bank, SLA which are established primarily for personal, family or household purposes. If you use any EFT services provided, you agree to be bound by the applicable terms and conditions listed below. Please read this document carefully and retain it for future reference.

ELECTRONIC FUND TRANSFER SERVICES PROVIDED

SERVICES PROVIDED THROUGH USE OF VISA CHECK CARD

If you have received an electronic fund transfer card ("Visa Check Card") from us you may use it for the type(s) of services noted below, and the following provisions are applicable:

USING YOUR CARD AND PERSONAL IDENTIFICATION NUMBER ("PIN"). In order to assist us in maintaining the security of your account and the terminals, the Visa Check Card remains our property and may be revoked or canceled at any time without giving you prior notice. You agree not to use your Visa Check Card for a transaction that would cause your account balance to go below zero, or to access an account that is no longer available or lacks sufficient funds to complete the transaction, including any available line of credit. We will not be required to complete any such transaction, but if we do, we may, at our sole discretion, charge or credit the transaction to another account; you agree to pay us the amount of the improper withdrawal or transfer upon request.

Certain transactions involving your Visa Check Card require use of your PIN, which is used to identify you as an authorized user. Because the PIN is used for identification purposes, you agree to notify Somerset Savings Bank, SLA immediately if your Visa Check Card is lost or if the secrecy of your PIN is compromised. You also agree not to reveal your PIN to any person not authorized by you to use your Visa Check Card or to write your PIN on your Visa Check Card or on any other item kept with your Visa Check Card. We have the right to refuse a transaction on your account when your Visa Check Card or PIN has been reported lost or stolen or when we reasonably believe there is unusual activity on your account.

The security of your account depends upon your maintaining possession of your Visa Check Card and the secrecy of your PIN. You may change your PIN if you feel that the secrecy of your PIN has been compromised.

ATM SERVICES

The following services are available through use of your Visa Check Card:

  • You may withdraw cash from your checking account(s), money market account(s), and statement savings account(s).

  • You may make deposits into your checking account(s), money market account(s), and statement savings account(s).

  • You may transfer funds between your checking and money market accounts, checking and statement savings accounts, and MMDA and statement savings accounts.

  • You may make balance inquiries on your checking account(s), money market account(s), and statement savings account(s).

  • You may make payments on consumer loans, home mortgage loans, and home equity loans that you have with us. Payments made at ATMs (whether by transfer, or in cash, check, draft, or money order) are subject to verification and the posting of such payments to a loan account may be delayed until the funds can be collected.

OTHER ATM SERVICES. You may change your PIN at an ATM.

NETWORK. Your ability to perform the transactions or access the accounts set forth above depends on the location and type of ATM you are using and the network through which the transaction is being performed. A specific ATM or network may not perform or permit all of the above transactions.

Besides being able to use your Visa Check Card at our ATM terminals, you may access your accounts through the following network(s): Accel, VISA, and PLUS.

ATM FEES. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used, and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer.

POINT OF SALE TRANSACTIONS

You may use your Visa Check Card to purchase goods and services from merchants that have arranged to accept your Visa Check Card as a means of payment (these merchants are referred to as "Participating Merchants"). Some Participating Merchants may permit you to receive cash back as part of your purchase. Purchases made with your Visa Check Card, including any purchase where you receive cash, are referred to as "Point of Sale" transactions and will cause your "designated account" to be debited for the amount of the purchase. The designated account for Visa Check Card transactions is your Primary Account.

In addition, your Visa Check Card may be used at any merchant that accepts Visa debit cards for the purchase of goods and services. Your card may also be used to obtain cash from your designated account at participating financial institutions.

Each time you use your Visa Check Card, the amount of the transaction will be debited from your designated account. We have the right to return any check or other item drawn against your account to ensure there are funds available to pay for the Visa Check Card transactions. We may, but do not have to, allow transactions which exceed your available account balance or, if applicable, your available overdraft protection. If we do, you agree to pay the overdraft.

SERVICES PROVIDED THROUGH USE OF PHONE BANKING

  • You may perform the following functions through use of Phone Banking.

  • You may initiate transfers of funds between your checking and statement savings, statement savings and money market, and checking and money market accounts.

  • You may make balance inquiries on your checking account(s), savings account(s), money market account(s), club account(s), home equity, and home mortgage loan(s).

  • You may make payments on club account(s), home mortgage loan(s), and home equity loan(s) that you have with us.

  • You may change your PIN via the telephone.

PREAUTHORIZED TRANSFER SERVICES

  • You may arrange for the preauthorized automatic deposit of funds to your checking account(s), savings account(s), money market account(s), mortgage loan(s), and equity loan(s).

  • You may arrange for the preauthorized automatic payment of bills from your checking account(s), money market account(s), and statement savings account(s).

SERVICES PROVIDED THROUGH USE OF ONLINE BANKING

  • Somerset Savings Bank, SLA offers its customers use of our Online Banking service.

  • You may make transfers from your personal checking, statement savings or money market account(s) to your personal checking, statement savings, money market, club or loan account(s).

  • You may direct us to pay bills from your personal checking account to payees you have specified.

Refer to our Online Banking and Bill Payment agreement for further details regarding online banking and bill payment services.

ELECTRONIC CHECK CONVERSION

You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to pay for purchases or to pay bills.

LIMITATIONS ON TRANSACTIONS

TRANSACTION LIMITATIONS - VISA CHECK CARD

CASH WITHDRAWAL LIMITATIONS - You may withdraw up to $700.00 through use of ATMs in any one day. You may make up to 10 withdrawals of cash through use of ATMs in any one day.

POINT OF SALE LIMITATIONS - You may buy up to $2,500.00 worth of goods or services in any one day through use of our Point of Sale service. You can use our Point of Sale service for up to 20 transactions in any one day.

OTHER LIMITATIONS

Bill Payment transactions may not exceed $10,000.

We reserve the right to impose limitations for security purposes at any time.

Federal Regulation limits the number of electronic funds transfers you may make out of your money market account or statement savings account to a total of 6 per statement cycle. These limits are applicable to pre-authorized transfers you may have arranged with a third party, telephone transfers, Online Banking transfers you make, and purchases made with your Visa Check Card. These transfer restrictions do not apply to automatic loan payments made to the Bank from your account, or to withdrawals or transfers made at an ATM.

NOTICE OF RIGHTS AND RESPONSIBILITIES

The use of any electronic fund transfer services described in this document creates certain rights and responsibilities regarding these services as described below.

RIGHT TO RECEIVE DOCUMENTATION OF YOUR TRANSFERS

TRANSACTION RECEIPTS. Depending on the location of an ATM, you may not be given the option to receive a receipt if your transaction is $15.00 or less. Upon completing a transaction of more than $15.00, you will receive a printed receipt documenting the transaction (unless you choose not to get a paper receipt). These receipts (or the transaction number given in place of the paper receipt) should be retained to verify that a transaction was performed. A receipt will be provided for any transaction of more than $15.00 made with your Visa Check Card at a Participating Merchant. If the transaction is $15.00 or less, the Participating Merchant is not required to provide a receipt.

PERIODIC STATEMENTS. If your account is subject to receiving a monthly statement, all EFT transactions will be reported on it. If your account is subject to receiving a statement less frequently than monthly, then you will continue to receive your statement on that cycle, unless there are EFT transactions, in which case you will receive a monthly statement. In any case you will receive your statement at least quarterly.

PREAUTHORIZED DEPOSITS. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company:

- you can call us at 732-560-1700 to find out whether or not the deposit has been made.

PASSBOOK ACCOUNTS. If the only type of electronic fund transactions are preauthorized deposits you will not receive a statement for your Passbook account. If you bring your Passbook to us, we will record any electronic deposits that were made to your account since the last time you brought in your Passbook. You will not receive a periodic statement noting these transactions on your Passbook account.

RIGHTS REGARDING PREAUTHORIZED TRANSFERS

RIGHTS AND PROCEDURES TO STOP PAYMENTS. If you have instructed us to make regular preauthorized transfers out of your account, you may stop any of the payments. To stop a payment, call us at:

732-560-1700

or write to:

Somerset Savings Bank
PO Box 220
Bound Brook NJ 08805

We must receive your call or written request at least three (3) business days prior to the scheduled payment. If you call, please have the following information ready: your account number, the date the transfer is to take place, to whom the transfer is being made and the amount of the scheduled transfer. If you call, we will require you to put your request in writing and deliver it to us within fourteen (14) days after you call.

NOTICE OF VARYING AMOUNTS. If you have arranged for automatic periodic payments to be deducted from your checking or savings account and these payments vary in amount, you will be notified by the person or company you are going to pay ten days prior to the payment date of the amount to be deducted. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.

OUR LIABILITY FOR FAILURE TO STOP PREAUTHORIZED TRANSFER PAYMENTS. If you order us to stop one of the payments and have provided us with the information we need at least three (3) business days prior to the scheduled transfer, and we do not stop the transfer, we will be liable for your losses or damages.

YOUR RESPONSIBILITY TO NOTIFY US OF LOSS OR THEFT

If you believe your Visa Check Card or PIN or internet banking access code has been lost or stolen, call us at:

732-560-1700 (M - F 8:30 a.m. and 4:30 p.m.)

or write to:

Somerset Savings Bank
PO Box 220
Bound Brook NJ 08805

After hours call the Card Holder Call Center at 800-472-3272 to report a lost or stolen Visa Check Card.

You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission.

CONSUMER LIABILITY

Tell us at once if you believe your Visa Check Card or PIN or internet banking access code has been lost or stolen or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. If you tell us within two (2) business days after you learn of the loss or theft of your Visa Check Card or PIN, you can lose no more than fifty dollars ($50) if someone used your Visa Check Card or PIN without your permission. If you do not tell us within two (2) business days after you learn of the loss or theft of your Visa Check Card or PIN and we can prove we could have stopped someone from using your Visa Check Card or PIN without your permission if you had given us notice, you can lose as much as five hundred dollars ($500).

Also, if your statement shows transfers you did not make, including those made by card, code, or other means, tell us at once. If you do not tell us within sixty (60) days after the statement was transmitted to you, you may not receive back any money you lost after the sixty (60) days, and therefore, you could lose all the money in your account (plus your maximum overdraft line of credit, if applicable), if we can prove that we could have stopped someone from taking the money had you given us notice in time. If a good reason (such as a long trip or hospital stay) keeps you from giving the notice, we will extend the time periods.

ILLEGAL USE OF VISA CHECK CARD.

You agree not to use your Visa Check Card for any illegal transactions, including internet gambling and similar activities.

IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR TRANSACTIONS

In case of errors or questions about your electronic fund transfers, call us at:

732-560-1700

or write to:

Somerset Savings Bank
PO Box 220
Bound Brook NJ 08805

or use the current information on your most recent account statement.

Notification should be made as soon as possible if you think your statement or receipt is wrong or if you need more information about a transaction listed on the statement or receipt. You must contact Somerset Savings Bank, SLA no later than 60 days after it sent you the first statement on which the problem or error appears. You must be prepared to provide the following information:

  • Your name and account number.

  • A description of the error or transaction you are unsure about along with an explanation as to why you believe it is an error or why you need more information.

  • The dollar amount of the suspected error.

If you provide oral notice, you will be required to send in your complaint or question in writing within ten (10) business days.

We will determine whether an error occurred within ten (10) business days (twenty (20) business days for new accounts) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days (ninety (90) days for new accounts and foreign initiated or Point of Sale transfers) to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) business days (twenty business (20) days for new accounts) for the amount which you think is in error, so that you will have the use of the money during the time it takes to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your account. The extended time periods for new accounts apply to all electronic fund transfers that occur within the first thirty (30) days after the first deposit to the account is made, including those for foreign initiated or Point of Sale transactions.

We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.

You may ask for copies of the documents that we used in our investigation.

LIABILITY FOR FAILURE TO COMPLETE TRANSACTION

If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages as provided by law. However, there are some exceptions. We will NOT be liable, for instance:

  • If through no fault of ours, you do not have enough money in your account to make the transfer.

  • If the transfer would result in you exceeding the credit limit on your line of credit, if you have one.

  • If the electronic terminal was not working properly and you knew about the breakdown before you started the transfer.

  • If circumstances beyond our control (such as fire or flood, computer or machine breakdown, or failure or interruption of communications facilities) prevent the transfer, despite reasonable precautions we have taken.

  • If we have terminated our Agreement with you.

  • When your Visa Check Card has been reported lost or stolen or we have reason to believe that something is wrong with a transaction.

  • If we receive inaccurate or incomplete information needed to complete a transaction.

  • In the case of preauthorized transfers, we will not be liable where there is a breakdown of the system which would normally handle the transfer.

  • If the funds in the account are subject to legal action preventing a transfer to or from your account.

  • If the electronic terminal does not have enough cash to complete the transaction.

There may be other exceptions provided by applicable law.

CHARGES FOR TRANSFERS OR THE RIGHT TO MAKE TRANSFERS

The following fees and charges may be imposed on your account:

Over Limit Activity Charge, per transaction over the limit of 6 per statement cycle on statement savings and MMDA accounts:  $5.00
Lost Debit Card Fee:  $5.00
Stop Payment Charge for a preauthorized transfer:  $25.00
ATM/Debit Card Activity Charge, per PIN based POS transaction:  $0.35

We will refund the full amount of any fee charged to you for use of an ATM not owned by us. ISA fees are not considered surcharges. See additional provisions section.

DISCLOSURE OF ACCOUNT INFORMATION

You agree that merchant authorization messages transmitted in connection with Point of Sale transactions are permissible disclosures of account information, and you further agree to release Somerset Savings Bank, SLA and hold it harmless from any liability arising out of the transmission of these messages.

We will disclose information to third parties about your account or electronic fund transfers made to your account:

1. Where necessary to complete a transfer or to investigate and resolve errors involving the transfer(s); or

2. In order to verify the existence and condition of your account for a third party such as a credit bureau or merchant; or

3. In order to comply with government agency or court orders; or

4. With your consent.

DEFINITION OF BUSINESS DAY

Business days are Monday through Friday excluding holidays.

AMENDING OR TERMINATING THE AGREEMENT

We may change this agreement from time to time. You will be notified at least 30 days before a change will take effect if it will cause you an increase in costs or liability or it will limit your ability to make electronic fund transfers. No notice will be given if the change is necessary for security reasons. We also have the right to terminate this agreement at any time.

NOTICE OF ATM SAFETY PRECAUTIONS

SAFETY PRECAUTIONS FOR ATM TERMINAL USAGE. Please keep in mind the following basic safety tips whenever you use an ATM:

  • Have your Visa Check Card ready to use when you reach the ATM.

  • Have all of your forms ready before you get to the machine. Keep some extra forms (envelopes) at home for this purpose.

  • If you are new to ATM usage, use machines close to or inside a financial institution until you become comfortable and can conduct your usage quickly.

  • If the ATM facility is equipped with a door, close the entry door before conducting your transaction.

  • If using an ATM in an isolated area, take someone else with you if possible. Have them watch from the car as you conduct your transaction.

  • Do not use ATMs at night unless the area and machine are well-lighted. If the lights are out, go to a different location.

  • If someone else is using the machine you want to use, stand back or stay in your car until the machine is free. Watch out for suspicious people lurking around ATMs, especially during the times that few people are around.

  • When using the machine, stand so you block anyone else's view from behind.

  • If anything suspicious occurs when you are using a machine, cancel what you are doing and leave immediately. If going to your car, lock your doors.

  • Do not stand at the ATM counting cash. Place withdrawn cash securely upon your person before exiting the ATM facility. Check that you received the right amount later in a secure place, and reconcile it to your receipt then.

  • Keep your receipts and verify transactions on your account statement. Report errors immediately. Do not leave receipts at an ATM location.

  • Direct complaints concerning ATM security to 732-560-1700 if we own or operate the ATM, or if we do not own or operate the ATM, to the institution operating the ATM at the telephone number found on or near the ATM, or the New Jersey Department of Banking at (609) 292-1102.

ADDITIONAL PROVISIONS

Your account is also governed by the terms and conditions of other applicable agreements between you and Somerset Savings Bank, SLA.

You agree not to reveal your PIN to any person not authorized by you to access your account.

Visa Check Cards which have not been activated, or have not had a monetary transaction in the past 12 months, will not be re-issued at their expiration date.

A three-business day hold will be placed on your account for the amount of all Visa Check Card pre-authorization requests. This hold will be released when the transaction posts to your account.

Currency Conversion - When you use your card with the Visa logo at a merchant that settles in currency other than US dollars, the charge will be converted into the US dollar amount. The currency conversion rate used to determine the transaction amount in US dollars is a rate selected by Visa from a range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa itself receives, or the government-mandated rate in effect for the applicable central processing date, in each instance, plus or minus any adjustment determined by the issuer. The conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or the posting date.

IMPORTANT ADDITIONAL FEE NOTICE:  Visa charges an International Service Assessment Fee on all international transactions. Therefore, transactions completed with your Visa Check card, whether POS or ATM withdrawal will be subject to an International Service Assessment (ISA) Fee of 1.00% of the transaction amount when there is a currency conversion. If there is no currency conversion (the transaction is completed in the same currency as your country as cardholder), the ISA Fee will be 0.800% of the transaction amount. ISA fees are not surcharges and as such are not refundable.

Visa Account Updater helps to reduce the number of declined transactions as a result of changes to your Visa Check Card information. This service will automatically update your card on file (COF) information with participating merchants that process recurring payments such as subscriptions, memberships, utility payments, etc.  The service will automatically update your card number, CVV code and expiration date, reducing declined transactions due to expired cards, lost or stolen cards, or other card-related changes reducing your need to personally update your new card information with them if you Opt In for the service. You have the right to Opt Out of the service at any time by simply contacting any of our branch offices and advising them that you do not wish to have your COF information automatically updated.