Revised
ATM FUNDING AGREEMENT
This Agreement ("Agreement") is made and entered into this 6TH of June
1997, between American ATM Corporation a Corporation (corporation, partnership,
sole proprietorship), whose principal place of business is located at 0000 X.
Xxxxx Xxxxxxx Xxxx Xxxxx, XX 00000 ("ATM OWNER"), and AMERICAN SECURITY BANK, a
bank chartered under the laws of the State of Louisiana ("FUNDING BANK").
WHEREAS, ATM OWNER is the owner and operator of Automated Teller Machines
("ATMs"); and
WHEREAS, FUNDING BANK and /or SPONSORED BANK has sponsored ATM OWNER into
NETWORK, as hereafter defined, pursuant to that certain Sponsorship Agreement
(the "Sponsorship Agreement") dated _______ by and between SPONSORED
BANK/FUNDING BANK and ATM OWNER; and
WHEREAS, ATM OWNER desires FUNDING BANK to advance cash to fund ATMs owned
by ATM OWNER and to provide other related services;
NOW, THEREFORE, in consideration of the premises, the premises net forth
below, and other good and valuable consideration, the receipt and sufficiency of
which hereby are acknowledged, the parties hereto agree as follows:
SECTION 1
Definitions
The following terms shall have the following meanings when used herein:
1. "Bylaws and Operating Regulations" shall have the same meaning as in
the Sponsorship Agreement.
2. "NETWORK" shall have the same meaning as in the Sponsorship Agreement.
3. "Regulation E" shall mean Regulation E governing Electronic Fund
Transfers, as promulgated by the Board of Governors of the Federal Reserve
System and as found at 12 CFR Section 205.1 et. seq.
4. "FUNDING BANK ATM Cash Account" shall mean the account maintained by
FUNDING BANK from which funds are disbursed to fund ATMs, as shown on Exhibit A
attached hereto.
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5. "ATM OWNER Settlement Account" shall mean the account maintained by ATM
OWNER and SETTLEMENT/SPONSOR BANK on behalf of FUNDING BANK into which the
NETWORK deposits funds collected on behalf of ATM OWNER, as shown on Schedule A
attached hereto.
6. "Prime Rate" shall mean the current prime rate (New York Prime) as set
forth on the first business day of the month following the Funding Month, as
hereafter defined.
7. "ATM OWNER's Money Market Account" shall mean the account maintained by
ATM OWNER at FUNDING BANK as shown on Exhibit A attached hereto.
SECTION 2
Funding of ATMs
Subject to the provisions contained herein, FUNDING BANK hereby
agrees to advance cash ("Advanced Funds") to fund ATMs owned by ATM OWNER, based
on financial soundness of said owner and/or a guarantor, insurance policies.
FUNDING BANK, at its sole discretion, will limit number of terminals to advance
funds and will not exceed 100 numbers of ATMs, not to exceed $4,000,000.00
dollars unless otherwise this Agreement contains addendum provisions. The ATM
OWNER and FUNDING BANK will contract (Tri-Party) with a Third Party Service
Provider, as hereafter defined, to stock such ATMs with advanced funds and
FUNDING BANK will employ an ATM Balancer, on behalf of ATM OWNER as hereafter
defined, to balance each ATM owned by ATM OWNER.
SECTION 3
Duties of ATM OWNER
3.1 Background Investigation. ATM OWNER shall cooperate in all respects
with the background investigation to be conducted by FUNDING BANK (or at FUNDING
BANK's behest), pursuant to Section 4.1 herein.
3.2 Applicable Rules. ATM OWNER shall abide by and operate in accordance
with all applicable rules and regulations set forth in the Bylaws and Operating
Regulations.
3.3. Notices to FUNDING BANK. ATM OWNER shall deliver to FUNDING BANK,
within three (3) business days of receipt, a copy of all notices or
correspondence it receives from any third party relating to network
sponsorship, the operation of the ATMs, the funding of the ATMs, or the
performance of this Agreement. ATM OWNER shall keep FUNDING BANK informed of the
location of each ATM and shall provide FUNDING BANK with such additional
information concerning the ATMs and the operations of ATM OWNER as may be
reasonably requested by FUNDING BANK.
3.4 Financial Statements. ATM OWNER shall deliver to FUNDING BANK, within
forty-five (45) days following the end of each fiscal year of ATM OWNER, a
balance sheet and income statement for such fiscal year, together with any
additional financial statements or information reasonably
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requested by FUNDING BANK. All financial statements shall be prepared in
accordance with generally accepted accounting principles.
3.5 Liability of ATM OWNER to FUNDING BANK. ATM OWNER acknowledges and
agrees that it is responsible for any and all obligations related to the funding
of ATM OWNER's ATMs which are imposed upon FUNDING BANK, whether by NETWORK or
others, under applicable laws and regulations.
3.6 Change of Ownership. ATM OWNER shall not sell or otherwise transfer
all or substantially all of its assets, nor shall a change in control of ATM
OWNER occur, without the prior written notification and consent of FUNDING BANK.
3.7 Handling of Physical Cash. ATM OWNER shall not have access, at any
time, to physical cash in ATM(s). Parties to replenish cash in ATM(s) as
reflected in Section 4.4.
3.8 Compliance with Regulations. ATM OWNER shall comply with all
applicable NETWORK regulations and all applicable state and federal regulations,
including Regulation E. ATM OWNER shall comply with all regulations of FUNDING
OWNER.
3.9 ATM Surcharges. ATM OWNER shall not charge customers or employees of
FUNDING BANK a surcharge for use of ATMs owned by ATM OWNER.
SECTION 4
Duties of FUNDING BANK
4.1 Background Investigation of ATM OWNER and Principals. FUNDING BANK
agrees to promptly begin conducing a background investigation of ATM OWNER
(including investigation of the financial responsibility of ATM OWNER) in
accordance with the requirements of NETWORK. Notwithstanding anything contained
herein to the contrary, FUNDING BANK shall have no further obligations under
this Agreement until such investigation is completed and FUNDING BANK determines
the results of the investigation to be satisfactory.
4.2 Notices. FUNDING BANK shall deliver to ATM OWNER a copy of all notices
or correspondence that it receives form NETWORK(s) or third party, relating to
FUNDING BANK's funding of ATM OWNER's ATMs, within ten (10) business days of
receipt of such notice or correspondence. FUNDING BANK will deliver all notices
of fees to ATM OWNERS via facsimile on the day of occurrence and will forward
originals via mail within three (3) business days.
4.3 Financial Statements. Within one hundred eighty (180) days following
the end of each fiscal year, FUNDING BANK shall deliver to ATM OWNER a copy of
the annual report of American Security Bank, the sole shareholder of FUNDING
BANK, or the annual report of its successor.
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4.4 Third-Party Service Provider. FUNDING BANK and ATM OWNER shall
contract with a Third Party Service Provider ("The Third Party Service
Provider") to replenish and stock ATM OWNER'S ATMs with cash pursuant to a
request from ATM OWNER (only the Third Party Service Provider shall have access
to physical cash in ATM's). FUNDING BANK may require an audit report from Third
Party Service Provider or ATM OWNER every one hundred twenty (120) days. ATM
OWNER shall bear expense incurred for the Third Party Service Provider, as
provided in Section 7.1 herein.
SECTION 5
Funding of ATMs and Settlement Funds
5.1 Funding of ATMs. When ATM OWNER wishes FUNDING BANK to provide Advance
Funds, ATM OWNER shall notify FUNDING BANK of the desired amount of Advanced
Funds by placing telephone call to a recorded telephone line maintained by
FUNDING BANK to record requests for electronic funds transfers. Within 48 hours
of the recording of ATM OWNER's request, FUNDING BANK shall provide the
requested Advance Funds to ATM OWNER by debiting the FUNDING BANK ATM Cash
Account and instituting, at the option of FUNDING BANK, one of the following
procedures: (i) FUNDING BANK may wire transfer the Advanced Funds through the
Federal Reserve Bank, which funds shall be picked up by the Third Party Service
Provider; (ii) FUNDING BANK may advance a lump sum to the Third Party Service
Provider for the Third Party Service Provider to keep in its vault from which
the Advanced Funds will be debited, and FUNDING BANK shall perform an audit of
these funds every one hundred twenty (120) days; or (iii) FUNDING BANK may
transmit the Advanced Funds by wire transfer to a correspondence account of
FUNDING BANK, which funds shall be picked up by Third Party Service Provider.
ATM OWNER shall pay a fee to FUNDING BANK for the Advanced Funds (the
"Funding Fee"). The Funding Fee shall be calculated as described in Section 7.4
herein.
5.2 Settlement Reimbursement of Funds. ATM OWNER shall reimburse FUNDING
BANK for all Advance Funds from funds deposited by NETWORK into the ATM OWNER
Settlement Account by electronically transferring the funds due to FUNDING BANK
to the FUNDING BANK ATM Cash Account. Settlement reimbursement of funds to
FUNDING BANK ATM Cash Account shall occur no later than three (3) business days
from the date of the credit to the ATM OWNER Settlement Account.
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SECTION 6
Terminal Balancing Services
6.1 Terminal Balancing Services by FUNDING BANK. FUNDING BANK shall hire,
train and supervise an individual (the "ATM Balancer") to provide Terminal
Balancing Services, by EFT FUNDING BANK. On a bi-weekly or weekly basis for each
terminal owned by ATM OWNER, the ATM Balancer will reconcile and review all
applicable reports to ensure that each ATM is in balance. The FUNDING BANK shall
provide ATM OWNER with a biweekly balancing status report (the "Balancing Status
Report") covering all ATMs owned by ATM OWNER. The ATM Balancer will be
responsible for clearing all discrepancies for each ATM in accordance with
NETWORK regulations and Regulation E. ATM OWNER shall be responsible for all
expenses relating to ATM Balancer and the ATM Balancing, including but not
limited to all balancing services and adjustments, Services, as described in
Section 7.2 herein.
6.2 Terminal Balancing by ATM OWNER. ATM OWNER shall provide FUNDING BANK
with a bi-monthly reconciliation report for each ATM funded by FUNDING BANK
which shall be used by ATM Balancer to prepare the Balancing Status Report.
SECTION 7
Expenses and NETWORK Interchange Fees
7.1 Expenses Related to Third-Party Service Provider. ATM OWNER shall be
responsible for all expenses related to the contract with the Third Party
Service Provider. FUNDING BANK shall electronically debit ATM OWNER's Money
Market Account for the amount of such expenses on the first business day, but
no later than the tenth business day, of the month following the month in which
the expenses occurred.
7.2 Expenses Related to ATM Balancer. ATM OWNER shall be responsible for
that percentage of all expenses related to the ATM Balancer, including but not
limit to full-time (annual salary, annual increases of 3-5%, insurance) and/or
peak-time personnel at a rate of $10.50 per hour. FUNDING BANK shall
electronically debit the ATM OWNER's Money Market Account for the amount of such
expenses on the first business day, but not later than the tenth business day,
of the month following the month in which the expenses occurred.
Should FUNDING BANK so choose, FUNDING BANK may revise the flat fee per
ATM to cover ATM Balancer Expenses. In the event that FUNDING BANK does so,
FUNDING BANK will provide ATM OWNER with thirty (30) days written notice of the
change.
7.3 Network Interchange Fees. If applicable, ATM OWNER shall be
responsible for, and reimburse FUNDING BANK for, all NETWORK Interchange Fees,
currently $.06 per transaction, charged to FUNDING BANK by the NETWORK.
SPONSORED BANK and/or FUNDING BANK shall
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electronically debit ATM OWNER's Money Market Account for the amount of such
fees on the first business day, but no later than the tenth business day, of the
month following the month in which the fees occurred.
7.2 Funding Fee. The Funding Fee shall be calculated as follows: the
average daily balance of all Advanced Funds provided by FUNDING BANK to ATM
OWNER in a particular month (the "Funding Month") shall be multiplied by Prime
+2, and this amount shall be multiplied by the number of days in the Funding
Month, then divided by 365. FUNDING BANK shall electronically debit the ATM
OWNER's Money Market Account for the amount of the Funding Fee on the first
business day, but no later than the tenth business day, of the month following
the Funding Month.
SECTION 8
Indemnification
8.1 Indemnification by ATM OWNER. ATM OWNER agrees to indemnify, defend
and hold harmless FUNDING BANK and its officers, directors, employees, agents
affiliates and assigns from and against any and all losses, costs, claims,
damages, fines, penalties, expenses (including attorney's fees) or liabilities
they may incur as a result of (i) any failure by ATM OWNER, or by any entity
that ATM OWNER controls or contracts with, to fulfill any of ATM OWNER's duties
or obligations under this Agreement or under the Bylaws and Operating
Regulations; (ii) FUNDING BANK's compliance with the terms of, or its duties
under, this Agreement, including contracting with third parties; (iii) any
failure to comply with applicable laws, rules or regulations; or (iv) otherwise
in respect of or resulting from FUNDING BANK's funding of ATM OWNER'S ATMs.
8.2 Indemnification by FUNDING BANK. FUNDING BANK agrees to indemnify and
hold harmless ATM OWNER and its officers, directors, employees, agents,
affiliates and permitted assigns from and against any and all losses costs,
claims, damages, fines, penalties, expenses (including attorneys' fees) or
liabilities they may incur arising out of any breach by FUNDING BANK of its
obligation to fund ATM OWNER's ATMS.
SECTION 9
Term and Termination of Agreement
9.1 Term. This Agreement shall become effective upon the execution of all
parties hereof, and unless sooner terminated as herein provided, shall terminate
six months from the date first set forth above. After the initial term, this
Agreement shall be subject to automatic successive renewals of one year each,
unless either party notifies the other party of its election to terminate the
Agreement at least three (3) months prior to the expiration of a term, unless
and until terminated pursuant to the remaining provisions of this Section.
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9.2 Right to Terminate Upon Breach. Any party shall have the right to
terminate this Agreement at any time if:
(a) Any other party breaches any of the provisions of this Agreement
and fails to cure such breach within thirty (30) days of receipt of written
notice thereof from either non-breaching party; or
(b) Any other party (i) becomes insolvent; (ii) fails to pay its
debts or perform its obligations in the ordinary course of business as they
mature; or (iii) becomes the subject of any voluntary or involuntary proceeding
in bankruptcy, liquidation, dissolution, receivership, attachment or composition
for the benefit of creditors and such proceeding is not dismissed within thirty
(30) days after the commencement of such proceeding, and the party terminating
this Agreement provides written notice thereof to such other party.
(c) If ATM OWNER and/or Representative of said Company has access to
physical cash as identified in Section 3.7, this will constitute an immediate
breach of contract. All advanced cash must be rendered back to FUNDING BANK upon
breach.
Termination shall become effective (i) under Subsection (a)
automatically upon the expiration of the cure period in the absence of a cure;
provided, however, that FUNDING BANK may in its sole discretion, extend any cure
period for breach described in Subsection (a) by any other party; and (iii)
under Subsection (b) immediately upon the non-terminating party's receipt of
notice of termination at any time after the specified event or the failure of
the specified proceeding to be timely dismissed.
9.3 Right to Terminate After Six Months. Six (6) Months after the
execution of this Agreement, any party may terminate this Agreement by giving
the other parties ninety (90) days written notice of such termination.
9.4 Right to Terminate by FUNDING BANK. Notwithstanding anything to the
contrary contained herein, FUNDING BANK shall have the right to terminate this
Agreement at any time in the event (a) any federal or state regulatory agency
with authority over FUNDING BANK requires or requests, in writing, that FUNDING
BANK terminate the Agreement, (b) the Board of Directors of FUNDING BANK or its
parent holding company determines that FUNDING BANK's continued performance
under the terms of this Agreement would constitute an unsafe or unsound banking
practice, and so certifies to ATM OWNER in writing, or (c) the Board of
Directors of FUNDING BANK or its parent holding company determines, upon review
of ATM OWNER's financial statements required to be furnished pursuant to Section
3.5 above, that ATM OWNER's financial condition exposes FUNDING BANK to
potential financial risks. Termination shall become effective under Subsection
(a) six (6) months after written notice unless, in the event of a "required"
termination, the regulatory agency requiring or requesting termination specifies
a termination date less than (6) six months after written notice, in which event
the termination shall become effective as required or requested by the agency.
Termination shall become effective under Subsections (b) and (c) thirty (30)
days after written notice to ATM OWNER.
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9.5 Effect of Termination. Notwithstanding anything to the contrary
contained herein, in the event of any termination of this Agreement, the
obligations of ATM OWNER under Section 7 and Section 8 for fees, expenses or
other obligations incurred prior to the effective date of termination, and the
obligations of ATM OWNER and FUNDING BANK under Section 8 for expenses or other
liabilities arising from or related to acts or omissions which occurred prior to
the effective date of termination, shall survive the termination of this
Agreement.
SECTION 10
General Provisions
10.1 Notices. All notices and requests in connection with this Agreement
shall be deemed delivered or given as of the day they are received and may be
addressed as designated below or to such other address as the party receiving he
notice requests by written notice to the other parties delivered in accordance
with this Section.
If to ATM OWNER:
with a copy to:
American ATM Corp.
Mori Xxxxx Xxxxxxxxxx
0000 X. Xxxxx Xxxxxxx
Xxxxx Xxxxx, XX 00000
If to FUNDING BANK: ELECTRONIC BANKING/MERCHANT SERVICES
CENTER, A DIVISION OF
AMERICAN SECURITY BANK
000 Xxxxxxxx Xxxxx, Xxxxx 000
Xxxxxxxxxxxxx, XX 00000
Attention: EFT ADMINISTRATION DEPARTMENT
With copy to:
Xxxxxx Xxxxxx, Esquire
AMERICAN SECURITY BANK
000 Xxxx Xxxx Xxxxxx
Xxxxx Xxxxxx, XX 00000
10.2. Changing Circumstances. The parties contemplate that opportunities
may arise for different or additional NETWORKS or other entities to be utilized
in the Debit Transactions
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contemplated hereby. The parties agree to negotiate in good faith in determining
whether to utilize such different or additional entities, and if the parties
shall so determine, to take such actions as shall be necessary to cause such
entity to be utilized as part of the Debit Transactions contemplated hereby.
10.3 Further Assurances. The parties hereto, from time to time after the
execution of this Agreement, without further consideration, shall execute and
deliver, as appropriate, such documents and take such actions as may be
reasonably necessary and proper to carry out and consummate more effectively the
transactions contemplated hereby, the FUNDING BANK shall, at its sole
discretion, modify and/or add operational procedures to ensure proficient
reconcilement of said transaction(s) as defined hereafter in Exhibit B
Amendment.
10.4 Authority. Each of the parties hereto represents and warrants to the
other parties that it has the requisite power and authority to enter into this
Agreement and to fully perform its obligations hereunder.
10.5 Entire Agreement. This Agreement constitutes the entire Agreement and
understanding of the parties hereto with respect to the subject matter hereof
and supersedes and terminates all other prior commitments, arrangements or
understandings, both oral and written, between the parties with respect hereto.
10.6 Modification. This Agreement may not be modified or amended except by
an instrument in writing executed by each of the parties hereto.
10.7 Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Georgia.
10.8 Severability. The provisions of this Agreement are severable and the
invalidity of one or more provisions shall not be deemed to invalidate the
reminder of this Agreement.
10.9 Enforcement. If any action at law or in equity is necessary to
enforce the terms of this Agreement, the prevailing party shall be entitled to
reasonable attorney's fees, costs and expenses in addition to any other relief
to which such prevailing party may be entitled.
10.10 Headings. The descriptive headings of this Agreement have been
inserted for convenience and shall not be deemed to limit or otherwise affect
the construction of any provision hereof.
10.11 Waiver. None of the provisions of this Agreement shall be deemed to
have been waived by any act or acquiescence on the part of any party or their
agents or employees, and may be waived only by instruments in writing signed by
an authorized officer of the respective party. No waiver of any provision of
this Agreement shall constitute a waiver of any other provision or of the same
provision on another occasion.
10.12 Assignment. Neither party may assign this Agreement without the
prior written consent of the other party.
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10.13 Indemnification by ATM OWNER and GUARANTOR. ATM OWNER and GUARANTOR
agree jointly and severally to indemnify, defend and hold harmless
SETTLEMENT/SPONSOR BANK and FUNDING BANK and its officer, directors, employees,
agents, affiliates and assigns from and against any and all losses, costs,
claims, damages, fines, penalties, expenses (including attorney's fees) or
liabilities they may incur as a result of (i) any failure by ATM OWNER, or by
any entity that ATM OWNER controls or contracts with (including Merchants), to
fulfill any of ATM OWNER's duties under this Agreement, or under the Bylaws and
Operating Regulations; (ii) any failure by ATM OWNER, or by any entity that ATM
OWNER controls or contracts with (including Merchants), to fulfill any of ATM
OWNER's duties under any provision of processing services for Terminals; (iii)
any failure by a Merchant to fulfill any of its duties under the Merchant
Agreements, the Agreement between SETTLEMENT/SPONSOR BANK and FUNDING BANK and
the Merchant or pursuant to the Bylaws and Operating Regulations; (iv) any
failure by PROCESSOR to fulfill its obligations with respect to Debit
Transactions contemplated hereby: (v) any failure to comply with applicable
laws, rules or regulations; or (vi) otherwise in respect of or resulting from
SETTLEMENT/SPONSOR BANK and FUNDING BANK's sponsorship of ATM OWNER. It is the
understanding and agreement of the parties to this Agreement that
SETTLEMENT/SPONSOR BANK and FUNDING BANK, having only undertaken to act as a
sponsor for ATM OWNER into the REGIONAL NETWORK, shall not be liable for any
acts or omissions on the part of ATM OWNER or any third party (including
Merchants), whether with respect to Debit Transactions generated through
Terminals or otherwise.
10.14 Indemnification by SETTLEMENT/SPONSOR BANK and FUNDING BANK.
SETTLEMENT/SPONSOR BANK and FUNDING BANK agree to indemnify and hold harmless
ATM OWNER and its officers, directors, employees, agents, affiliates and
permitted assigns from and against any and all losses, costs, claims, damages,
fines, penalties, expenses (including attorneys' fees) or liabilities they may
incur arising out of any breach by SETTLEMENT/SPONSOR BANK and FUNDING BANK of
its obligation to sponsor ATM OWNER into REGIONAL NETWORK under this Agreement.
10.15 Notification of Liens and Default. ATM OWNER agrees to notify
FUNDING BANK of the name and address of any bank or entity which holds, now or
at any time during the term of the Agreement, of the existence of any liens or
security interests affecting any ATM units funded pursuant to this Agreement,
and of any event of default occurring at any time during the term of this
Agreement. ARM OWNER does further hereby give permission to FUNDING BANK to
notify any such lienholder of the existence of its funds in any ATM unit subject
to such lien.
10.16 Signature of Guarantor. Pursuant to Paragraph 10.13, and in addition
to the signature of the Guarantor on the Funding Agreement, the personal
signature of the Guarantor is added below, agreeing to all terms of the Funding
Agreement.
10.17 Settlement from Settlement Account. SPONSORED BANK (Colonial Bank)
agrees to the reimbursement of funds schedule and terms set forth in Paragraph
5.2.
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IN WITNESS WHEREOF, the parties have signed this Agreement as of the date
first above written.
ATTEST: ATM OWNER:
AMERICAN ATM CORP.
/s/ [ILLEGIBLE] By: /s/ [ILLEGIBLE]
Witness ---------------------------
Title: President
-----------------------
Corporate Seal
Sworn to and subscribed GUARANTOR: (personally)
Before me this 7th day of
June, 1997. By:
---------------------------
Title:
/s/ [ILLEGIBLE] ------------------------
------------------------- ------------------------
Notary Public
NOTARY SEAL - [ILLEGIBLE]
My commission Expires:
ATTEST:
-------------------------
Witness
Swore to and subscribed
Before me this __ day of
____, 199_.
-------------------------
Notary Public
My Commission Expires:
ATTEST: FUNDING BANK:
AMERICAN SECURITY BANK
By: /s/ [ILLEGIBLE] By: /s/ Xxxxxx Xxxxxxx
---------------- ---------------------------
Title: EFT Manager Title: AVP of Operations
Corporate Seal
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EXHIBIT A
ATM OWNER'S MONEY MARKET ACCOUNT
NETWORK(S):
HONOR
CIRRUS
PLUS
Master Card
Visa
American Express
INSURANCE POLICIES:
Commercial Crime Coverage Policy # CCP 0030463
ATM Property Insurance Policy # BW-59384
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SCHEDULE A
ATM TRANSACTION FEES
**Advanced Funds Fee of Prime Rate +2(1st Day of Calendar Month based on
New York Prime Rates)
ATM Balancer Salary Reimbursement at $15.00 per hour
Overtime Fees @ Time and a Half of Current Hourly Rate (as outlined in
Section 7.2) ATM Adjustments at Expense or Income (over & short amounts)
Third Party Service Provider Fees at Cost of Carrier (as outlined in
Section 7.1)
Wire Transfers - $15.00 outbound
Wire Transfer Settlement Wires - $3.50
EFT research fee per item (ACH, Wire Transfers, ATMs etc.) - $10.00 per
item
Interchange Network Fees $.06 per transaction (if applicable)
ACH Original (if applicable) - $18.00
ACH Return Items - $2.85 item
Fees apply if applicable
**Prime Rate will never fall below 7%
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Revised
EXHIBIT B
ATM SETTLEMENT ACCOUNT NUMBER: 00-0000-0
AMENDMENT
ATM FUNDING OPERATING PROCEDURES/POLICY
(Section 10.3)
1. There is a ten to fifteen business day advance notice to fund new
terminals.
2. Funds must not be transferred between terminals. You must provide us with
bi-monthly reconcilement report(s) for each of your terminals.
3. Excess funds, at the end of each of your courier's balancing periods, must
be returned to ASB (i.e., Cash must not be stock piled with your courier).
To return these funds the following steps must be taken:
A. Wire funds to AMERICAN SECURITY BANK ABA Number 000000000 for
further credit to your settlement account number.
B. Fax your wire notification(s) to the Electronic Banking
Department at (000) 000-0000, listing amount of funds wired.
This should include a breakdown of amounts by terminal.
Please note: It is imperative that you adhere to the above policies. Failure to
do so may result in a breach of agreement.
FUNDING BANK: ATM OWNER:
AMERICAN SECURITY BANK American ATM Corp.
____________________________ By: [ILLEGIBLE], President
-----------------------------------
Date: June 7, 1997
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