Electronic Fund Transfer Disclosure
Disclosure of your Rights, Liabilities, and Responsibilities Under the Electronic Fund Transfer Act
Homestead Bank offers a number of services to its customers, which involve electronic fund transfers. These include transactions initiated with a transaction card (ATM card of VISA Check Card), telephone transfers initiated by using a personal identification number, Personal Computer (PC) using Online Banking on the Internet, bill payments by Personal computer using Online Banking on the Internet, direct deposit of Social Security benefits and other government payments, direct deposit of payroll, pre-authorized bill payments, transfers between financial institutions and telephone initiated requests for advances under certain credit programs. You may access your account(s) to purchase goods, pay for services, or get cash where a check (whether blank, partially completed or fully completed and signed) is presented at a Point of Sale terminal or is mailed to a merchant or other payee or lockbox and later converted to an Electronic Funds Transfer, and electronic returned check charges (some merchants or service providers initiate an electronic funds transfer to collect a charge if a check is returned for insufficient funds.). As a customer of the bank, you may make use of one or more of these services.
The following disclosures set forth some of the most important terms and conditions of these services as well as your rights and responsibilities with respect to these services. The “General Disclosures” apply to all electronic fund transfers services, and the disclosures set forth with respect to specific services apply only to those services.
1. Statements You Will Receive. You will receive a monthly statement for each account for any period during which there has been an electronic fund transfer. If no electronic fund transfers have taken place, you will receive a statement at least quarterly for any account to or from which electronic fund transfers can be made.
2. In Case of Errors or Questions About Your Electronic Transfers. If you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt, call or write us as soon as you can at the telephone number and address set forth in paragraph 8 below. We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared.
a) Tell us your name and account number.
b) Describe the error or transfer you are unsure about and explain as clearly as you can why you believe it is in error or why you need more information.
c) Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days.
If the suspected error involves an unauthorized transfer initiated by use of your Check Card, we will tell you the results of our investigation within five (5) business days. If we need more time, however, we may take up to forty-five (45) days [ninety (90) days if the suspected error involves a POS Transaction or a transfer that was not initiated within a State or if the suspected error occurred within thirty (30) days after the first deposit to the account] to investigate your complaint or question, but if we decide to do this, we will re-credit your account within five (5) business days so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing, we will not re-credit your account until we receive your information.
Your VISA debit card allows you to conduct transactions not requiring a PIN that are supported and routed via our PIN network of PULSE. An example of such a transaction would be a bill payment transaction. Your identity is verified using known information instead of the use of a PIN. These transactions are not covered by the provisions of the VISA cardholder agreement since these are non-VISA transactions. Your VISA debit card also allows you to initiate a PINless debit transaction routed via the VISA Network. An example of this type of transaction would be signing a receipt or providing a card number over the phone.
In all other cases, we will tell you the results of our investigation within ten (10) business days (twenty (20) business days if the suspected error involves an electronic fund transfer to or from an account within 30 days after the first deposit to the account was made) 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) business days (ninety (90) business days if the transfer involved a foreign initiated transaction; or occurred within 30 days after the first deposit to the account was made), to investigate your complaint or question. If we decide to do this, we will re-credit your account within ten (10) business days (twenty (20) business days if the transfer involved an account within 30 days after the first deposit to the account was made) for the amount you think is in error so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or questions in writing and we do not receive it within ten (10) business days, we may not re-credit your account.
We will tell you the results within three 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.
3. Your Liability for Unauthorized Transfers. If you believe your Card, Check Card or Personal Identification Number 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, TELL US AT ONCE. Telephoning is the best way of keeping your possible losses down. You may call or write us at the telephone number and address set forth in paragraph 8 of the General Disclosures, below. Your liability for unauthorized transactions by use of your Check Card will be as follows: Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen Check Card. This additional limit on liability does not apply to ATM transactions, to transactions using your Personal Identification Number, which are not processed by Visa, or to commercial cards.
Your liability for unauthorized electronic funds transactions other than those initiated by use of your Check Card will be as follows: (a) (i) if you notify the bank within two (2) business days after you learn of the loss or theft of your Card or Personal Security Code, the lesser of $50 or the amount of unauthorized transactions that have occurred before you gave notice to the Bank or (ii) if you fail to notify the Bank within two (2) business days after you learn of the loss or theft of your Card or Personal Security Code, the lesser of $50 or the amount of the unauthorized transactions that occur within the two (2) business days and the amount of all unauthorized transactions occurring thereafter up to $500 if the Bank establishes that such transactions would not have occurred if you would have notified the Bank within that two (2) day period; and (b) if you fail to report an unauthorized electronic fund transactions appearing on your periodic statement within 60 days of its transmittal (i) the amount determined under (a) above for unauthorized transactions occurring before the statement is sent and up to 60 days following; and (ii) the full amount of unauthorized transactions occurring after the 60 day period and before you notify the Bank if the Bank establishes that such losses would not have occurred if you would have notified the Bank within the 60 day period.
If a good reason kept you from telling us, we may extend the time periods.
4. The Bank’s Liability for Incomplete Transfers. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will NOT be liable, for instance:
a) if, through no fault of ours, you do not have enough money in your account to make the transfer;
b) if, the money in your account is subject to legal process or other encumbrances restricting transfer;
c) if, the transfer would go over the credit limit on your overdraft line (if any);
d) if, the automated teller machine or the merchant where you are making the transfer does not have enough cash;
e) if, the terminal system was not working properly and you knew about the breakdown when you started the transfer; or
f) If circumstances beyond our control (such as fire or flood) prevent the transfer despite reasonable precautions that we have taken.
There may be other exceptions stated in our agreement with you.
5. Information We May Disclose to Third Parties. We may disclose information to third parties about your account or transfers you make:
a) where it is necessary for completing transfers;
b) in order to verify the existence and condition of your account for a third party, such as a credit bureau, clearinghouse or merchant;
c) in order to comply with a government agency or court order;
d) in response to a garnishment, levy or a subpoena; and
e) if you give us your written permission.
6. Charges. There are no charges for electronic fund transfers, except those described in paragraph 1 of Transaction Card Transactions. However, there may be transaction fees for your account activity, if your account is subject to such fees.
7. Business Days. Our business days (dates when we are open for carrying on substantially all business functions) are Monday through Friday. Holidays are not included.
8. How You May Contact Us. If you have any questions about your account, think there is an error on your account, have lost your Transaction Card or Personal Identification Number, think someone has transferred or may transfer money from your account without permission, or if you want to stop payment on automatic payments you have authorized from your account, or if you want to know whether an automatic payment you have authorized has been made, you can contact us by calling us or writing us at the following addresses:
|P.O. Box 2000
Cozad, NE 69130
|P.O. Box 27
407 West State Street
Albion, NE 68620
|P.O. Box 317
231 Center Street
Howells, NE 68641
|P.O. Box 458
202 East 7th
Lexington, NE 68850
|P.O. Box 508
1123 B Street
Schuyler, NE 68661
|P.O. Box 355
619 Grand St.
St. Paul, NE 68873
|P.O. Box 8
309 Center Avenue
Wolbach, NE 68882
You should also call the number or write the address listed above if you believe a transfer has been made using the information from you check without your permission.
1. Services. If you have arranged to have money deposited directly to your account on a periodic basis (such as social security benefits, other government payment, or your pay), these deposits will be made and reflected on your periodic statement, transfer may use the Automated Clearing House (ACH) or other payments network.
2. Advice of Deposit. If the direct deposits are made to your account at least once every sixty (60) days from the same person or company (such as the Social Security Administration or your employer) you can call us at set forth in paragraph 8 or our toll free Tele-Bank number 1-888-741-7337 to find out whether or not the deposit has been made.
1. Services. You may arrange to have certain payments (such as utility payments or insurance premiums) automatically deducted from your account, transfer may use the Automated Clearing House (ACH) or other payments network. Any such pre-authorized payments will be reflected on your periodic statement. There are no limits on the number of transfers you may make from your checking or checking with interest accounts; however, transfers from your savings or money market accounts count as pre-authorized transfers and, as such, are limited to six (6) pre-authorized transfers per account per statement cycle.
2. Stop Payment. You can stop any of these payments. Here’s how: call or write us at the telephone number and address set forth in paragraph 8 of the General Disclosures, above, in time for us to receive you request three (3) business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within fourteen (14) days after you call. The charge for this is identified on the Truth In Savings initial disclosure.
3. Bank’s Liability. If you order us to stop one of these payments three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your damages.
4. Notice of Payment. If these regular payments vary in amount, the person you are going to pay will tell you ten (10) days before each payment, when it will be made and how much it will be. (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.) If you want to know whether an automatic payment has been made you can call or write us at the telephone number and address set forth in paragraph 8 of the General Disclosures above.
You may access your account(s) to purchase goods, pay for services, or get cash where a check (whether blank, partially completed or fully completed and signed) is presented at a Point of Sale (POS) terminal or is mailed to a merchant or other payee or lockbox and later converted to an Electronic Funds Transfer. 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: a) Pay for purchases b) Pay bills.
Transaction Card Transactions
1. Currency Conversion. When you use your VISA-branded debit card at a merchant that settles in currency other than U.S. dollars, the charge will be converted into the U.S. dollar amount. The currency conversion rate used to determine that transaction amount in U.S. dollars is either: (a) a rate selected by VISA from the range of rates available in wholesale currency markets for the central processing date, which is a rate that may vary from the rate VISA itself receives; or (b) the government-mandated rate in effect for the 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 posting date. International transactions that involved currency conversion will be charged a fee of 1% of the transaction amount in U.S. Dollars. Cross Border Fee: If you use your VISA debit card for international transactions a 0.80% (80 basis points) Cross Border Fee will be assessed on all single currency international transactions.
2. Use of Your Transaction Card. You may use your ATM Card (“Card”) or your VISA Check Card (“Check Card”) along with your Personal Identification Number to conduct the following transactions (“Terminal Transactions”):
a) withdraw cash from your checking or savings accounts;
b) make deposits to your checking or savings account;
c) transfer available funds between your checking and savings accounts whenever you request;
e) pay for purchases at places that have agreed to accept ATM or VISA check card
f) pay bills directly by telephone from your checking or savings account in the amounts and on the days you request
g) inquire about the balance in your checking or savings account;
Some of these services may not be available at all terminals. You may also use your Check Card to pay for purchases from merchants who have agreed to accept the Check Card (“POS Transactions”). The Check Card can be used for POS Transactions at merchants that accept VISA credit cards and the Card and Check Card can be used for POS Transactions at merchants that accept INTERLINK transactions.
There is no ATM usage fee for using Homestead Bank, or any of their branch terminals. However, if you use your Card or Check Card at a foreign terminal (a terminal other than Homestead Bank’s) there will be a $1.50 ATM foreign usage fee for each transaction. A transaction is defined as a withdrawal, deposit, transfer or inquiry. There is no usage fee when you use your Check Card to pay for purchases from merchants who have agreed to accept your Check Card (“POS” Transactions”).
There is no limit on the number of times you may use your Card or Check Card; however, you may only withdraw up to a total of $505 of available funds from all terminals each calendar day and purchases through POS Terminals are limited to the lesser of $1,500 or the available balance in your account. If you use your Card or Check Card at a terminal to overdraw your checking account and activate an overdraft checking plan (if you have this service), your overdraft will be limited to the amount of your overdraft checking plan or $1,500; whichever is less, in a calendar day. If you have no overdraft checking plan and if a transaction when completed, would cause the account to be overdrawn, the Bank may, but is not required to, complete the transaction. There may be additional limitations imposed on the number or amount of transactions for security reasons.
You agree not to use your card(s) for illegal gambling or other illegal purpose. Display of a payment card logo, for example, by an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located.
3. Receipts and Statements. You will get a receipt at the time you make any transfer to or from your account in connection with Terminal or POS Transactions. You will also receive a monthly statement for each account for any period during which there has been an electronic fund transfer. In any case, you will receive a statement at least quarterly.
4. Regarding ATM fees by others. If you use an automated teller machine that is not operated by us, you may be charged a fee by the operator and/or the automated transfer network. You may be charged a fee for a balance inquiry even if you do not complete a fund transfer.
You will be responsible for all Terminal and POS Transactions which you initiate. You may also be responsible for Terminal and POS Transactions initiated by any person to whom you have furnished your Card or Check Card and/or Personal Security Code. You will be also be responsible for Terminal and POS Transactions initiated by you or any other person if you receive a benefit from the transaction or if any transaction is initiated by you or you and others with the intent to defraud the Bank.
The Card or Check Card is the property of the Bank and must be surrendered on demand. The Bank may at any time cancel or terminate the privilege to use the Card or Check Card. Cancellation, termination, or expiration of this privilege shall not effect your then existing liability to the Bank.
Telephone Transfers Using Our Tele-Bank Service:
1. Services. You may use your Personal Identification Number to transfer funds between your accounts at our bank when using our Tele-Bank Service (888-741-7337), The transfer amount is limited to the available balance in your transfer account. There are no limits on the number of transfers you may make from your checking or checking with interest accounts; however transfers from your Savings and Money Market Accounts count as pre-authorized transfers and, as such, are limited to six (6) pre-authorized transfers per account per statement cycle. There are no transfer fees for using our Tele-Bank Telephone Banking Service; however, there may be transaction fees for your account activity, if your account is subject to such fees.
2. Receipts and Statements. You will not receive a receipt for this electronic transfer of funds when you use our Tele-Bank Telephone Banking Service; however, you will receive a monthly statement for each account involved in the transfer of funds.
Online Banking on the Internet:
1. Services. You must apply via the Internet at www.homesteadbank.com for this service. Once you are approved and set up for this service, you may use your Personal Computer (PC), a User ID and a password through an Internet connection to obtain your account balances and transaction information. You may also view activity on your accounts and transfer money between your accounts. However, transfers from your Savings and Money Market Accounts are considered preauthorized transfers and preauthorized transfers on these accounts are limited to six (6) per Savings Account per month and six (6) per Money Market Account per monthly statement cycle. You may also sign up through Online Banking on the Internet for the Bank's bill payment service. After you have signed up for the bill payment service (individuals only), you may use your PC to electronically direct us to make payments from your designated checking account to third parties whom you have selected in advance to receive payments. You may make payments to any business, merchant, professional or individual. Payments can only be made to payees with addresses in the United States. You may not make payments for alimony, child support, taxes or other governmental or court directed fees. Payments may be made in any amount less than $10,000 per payee and less than 20,000.00 per day. Payments are posted against your designated account's available balance, plus the available balance in your Insta Cash (overdraft protection), if any. You cannot make two payments to the same payee on the same payment date.
2. Fees. There is no charge for Online Banking .
3. Confirmation of Scheduled Payments. The bill payment system will provide you with a confirmation number that appears in the message bar for each payment or group of payments you schedule. Please print and retain the confirmation number, it will help us resolve any questions you may have concerning your transactions. If you do not provide us with the confirmation number you may not receive credit for any charges assessed because a transfer did not post.
4. Delivery of Payments. You can use your PC to schedule payments 24 hours a day, 7 days a week. However, payments can only be initiated on banking business days (Monday through Friday, except holidays). If a payment is scheduled to occur on a non-business day, the payment will be initiated on the next business day. In order to provide sufficient time for payments to be received by your payees, the transaction date for each payment must be at least ten (10) banking business days prior to the date your payment is due, excluding any applicable grace periods. Payments will be sent electronically unless that is not possible, then payments will be sent by check.
5. Cancellation of Bill Payments. You may use your PC to cancel a payment or a recurring bill payment online at no cost. Payments may be canceled online up to 2:00 p.m. Central Time the banking business day before your payment is scheduled to be initiated. However, you may also stop payment up to three (3) banking business days before your payment is scheduled to be initiated by calling the telephone number forth in paragraph 8 of the General Disclosures or calling the bill payment customer service at 866-305-1014. If you call to stop a payment, the charge for this is identified on the Truth In Savings initial disclosure.
6. Recurring Payments. You may schedule fixed amount recurring payments to payees. If the scheduled date ("Transaction Date") is on a non-business day, your payment will be initiated the following business day. Be sure to schedule your recurring payment at least ten (10) business days before your payment due date.
7. Statements. All of your bill payments, transfers and bill payment fees will appear on your monthly checking account statement as descriptive entries.
Disclosures Regarding Electronic "Wholesale Credit" Transactions Subject to Uniform Commercial Code 4A
Credit given by us to you with respect to an automated clearing house (ACH) credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e. the originator of the entry) shall not be deemed to have paid you in the amount of such entry.
Notice of Receipt of Entry:
Under the operating rules of the National Automated Clearing House Association (NACHA), which are applicable to ACH transactions involving your account, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statement we provide to you.
Choice of Law:
We may accept on your behalf payments to your account which have been transmitted through one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of Nebraska, unless it has been otherwise specified in a separate agreement that the law of some other state shall govern.