|
ELECTRONIC FUND TRANSFERS
YOUR RIGHTS AND RESPONSIBILITIES
Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.
Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your checking or savings account(s).
Preauthorized payments. You may make arrangements to pay certain recurring bills from your money market, checking, or saving account(s).
Tele-Bank Telephone Transfers - types of transfers - You may access your account by telephone 24 hours a day at 1-888-547-2060, ext. 101# using your personal identification number, a touch tone phone, and your account numbers, to: transfer funds from checking to savings transfer funds from savings to checking transfer funds from savings to savings make payments from checking to loan accounts with us make payments from savings to loan accounts with us get information about:
- the account balance of checking accounts
- the last five deposits from checking accounts
- the last ten withdrawals from checking accounts
- the account balance of savings
- the last five deposits of savings accounts
- the last ten withdrawals from savings accounts
Please also see Limitations on frequency of transfers section regarding limitations that apply to telephone transfers.
Instant Cash Card ATM Transfers - types of transfer and dollar limitations - You may access your account(s) by ATM using your Instant Cash card and personal identification number or Instant Cash & Check card and personal identification number, make deposits to checking account(s), make deposits to savings account(s), get cash withdrawals from checking or savings accounts(s), - the dollar limits will be disclosed in writing at card issuance, transfer funds from savings to checking account(s), transfer funds from checking to savings account(s), get information about:
- the account balance of your checking account(s).
- the account balance of your savings account(s)
Some of these services may not be available at all terminals.
Please also see Limitations on frequency of transfers section regarding limitations that apply to ATM transfers.
Types of Instant Cash & Check Card Point-of-Sale Transactions - You may access your checking account(s) to purchase goods (in person or by phone), pay for services (in person or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that you can do with a credit card (that a participating merchant will accept with a credit card).
Point-of-Sale Transactions - dollar limitations - Using your card:
* the dollar limits will be disclosed in writing at card
issuance
Please also see Limitations on frequency of transfers section regarding limitations that apply to debit card transactions.
Limitations on frequency of transfers. In addition to those limitations on transfers elsewhere described, if any, the following limitations apply: Transfers from a money market account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to six per month with no more than three by check, draft, or similar order to third parties. Transfers from a savings account to another account or to third parties by preauthorized, automatic, or telephone transfer are limited to four per month with no transfers by check, debit card, or similar order to third parties.
Termination
* You may terminate the electronic fund transfer
agreement by written notice to us.
* We may terminate the electronic fund transfer
agreement by written notice to you.
FEES
* We do not charge for direct deposits to any type of
account.
* We do not charge for preauthorized payments from any
type of account.
* We charge $1.50 each month for Instant Cash and
Instant Cash & Check card if your account is set up to
use ATMs. Except as indicated elsewhere, we do not
charge for these electronic fund transfers.
NOTICE 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 of the machine and/or by an automated transfer network.
DOCUMENTATION
Terminal transfers. You can get a receipt at the time you make any transfer to or from your account using one of our automated teller machines or point-of-sale terminals.
Preauthorized credits. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, the person or company making the deposit will tell you every time they send us the money.
Preauthorized credits. 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 218-568-4473 or 1-888-547-2060, ext. 101# to find out whether or not the deposit has been made.
Periodic statements. You will get a monthly account statement from us for your checking accounts. You will get a monthly account statement from us for your savings accounts, unless there are no transfers in a particular month. In any case, you will get a statement at least quarterly.
PREAUTHORIZED PAYMENTS
Right to stop payment and procedure 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 or write us at the telephone number or address listed in this disclosure in time for us to receive your request 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 14 days after you call.
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. (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.
Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
FINANCIAL INSTITUTION'S LIABILITY
Liability for 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 be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
(1) If, through no fault of ours, you do not have enough
money in your account to make the transfer.
(2) If you have an overdraft line and the transfer would go
over the credit limit.
(3) If the automated teller machine where you are making
the transfer does not have enough cash.
(4) If the terminal or system was not working properly and
you knew about the breakdown when you started the
transfer.
(5) 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.
CONFIDENTIALITY
We will disclose information to third parties about your account or the transfers you make:
(1) where it is necessary for completing transfers; 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) if you give us written permission.
UNAUTHORIZED TRANSFERS
(a) Consumer liability. (1) Generally. Tell us at once if you believe your card and/or code has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all of the money in your account (plus your maximum overdraft line of credit). We will be liable for all unauthorized transfers unless the unauthorized transfer was due to the loss or theft of your card and/or code. If due to the loss or theft of your card and/or code, and you notify us within 60 days of when the unauthorized transfer appears on the statement you can lose no more than $50 if someone used your card and/or code without permission.
If you do NOT notify us within 60 days after the unauthorized transfer appears on your statement, and we prove that we could have stopped someone from using your card and/or code without your permission if you had told us within 2 days of when you discovered the loss or theft of your card and/or code, you could lose and much as $500 for unauthorized transfers that appear on the statement.
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 prove that we could have stopped someone from taking the money if you had told us in time.
If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.
(2) Additional Limits on Liability for Instant Cash & Check card, when used for point-of-sale transactions. 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 Instant Cash & Check card, when used for point-of-sale transactions, if you report the loss of theft of your card within 2 business days, your liability is the lesser of $50 or the amount of money, property, labor, or services obtained by the unauthorized us before notification to us.
(b) Contact in event of unauthorized transfer. If you believe your card and/or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone number or address listed in this disclosure.
RIGHT TO BRING CIVIL ACTION
You may bring a civil action against any person violating any provision of Minnesota Statute 47.69 (governing consumer privacy and unauthorized withdrawals). If you prevail in such an action, you may recover the greater of your actual damages or $500. You may also be entitled to recover punitive damages, your court costs and reasonable attorney's fees.
TIME NEEDED TO COMPLETE TERMINAL TRANSACTIONS
* Withdrawals made at a terminal will normally be
completed and charged to your account the next
business day if the withdrawal is made before 6:00
P.M.
* Deposits made at a terminal will normally be credited to
your account the next business day if the deposit if
made before 6:00 P.M.
* Transfers between accounts will normally be completed
the next business day if the transfer is made before
6:00 P.M.
POINT-OF-SALE TRANSACTIONS
Payment for goods or services made in this manner shall not affect any of the rights, protections, or liabilities in existing law concerning a cash or credit sale made by means other than through the use of a terminal. You cannot reverse a point-of-sale transaction.
ERROR RESOLUTION NOTICE
In Case of Errors of Questions About Your Electronic Transfers, Call or Write us at the telephone number or address listed in this disclosure, 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.
(1) Tell us your name and account number (if any)
(2) 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.
(3) 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 10
business days. We will determine whether an error
occurred within 10 business days (5 business days
for Instant Cash & Check card point-of-sale
transactions and 20 business days if the transfer
involved a new account) after we hear from you and
will correct any error promptly. If we need time,
however, we may take up to 45 days (90 days if the
transfer involved a new account, a point-of-sale
transaction, or a foreign-initiated transfer) to
investigate your complaint or question. If we decide
to do this, we will credit your account within 10
business days (5 business days for Instant Cash &
Check card point-of-sale transactions and 20
business days if the transaction involved a new
account) 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 question in
writing and we do not receive it within 10 business
days, we may not credit your account. Your account
is considered a new account for the first 30 days
after the first deposit is made, unless each of you
already has an established account with us before
this account is opened. 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.
LAKES STATE BANK
31113 FRONT STREET, P.O. BOX 366
PEQUOT LAKES, MINNESOTA 56472
PHONE: 218-568-4473
|
