Personal Deposit Accounts. The following provisions apply to electronic fund transfers to or from personal deposit accounts (sometimes referred to as “consumer deposit accounts”). These transfers are governed by Regulation E, which implements the federal Electronic Fund Transfer Act. A personal deposit account is an account owned by a natural person and established primarily for personal, family or household purposes. Organizational Deposit Accounts Organizational deposit accounts are accounts established primarily for business purposes. When you open one of our organizational deposit accounts, you represent and agree to establish it primarily for authorized organizational purposes. Provisions below explaining a consumer’s liability for unauthorized transfers do not apply to organizational deposit accounts, although, as a matter of practice, we generally follow the error resolution procedures described in this Electronic Banking Disclosures section for organizational-purpose accounts. Please note we are not required to follow these procedures for organizational accounts and we may change our practice at any time without notice. Types of Transfers Account Access: You may use your ATM card or debit card to make the types of transfers described in the applicable card agreement. You may use our Online/Mobile Banking service to make the types of transfers described in the applicable service agreement. We may authorize or permit transfers in excess of your available balance or we may decline them. You may authorize someone to make direct deposits to your account.
Personal Deposit Accounts. Deposits to your account You may deposit funds to your accounts with us personally, by mail, electronic transfer, ATM, night depository or in a manner acceptable to us from time to time. We may credit to your account deposits made by any person on your behalf. All Instruments deposited must be made payable to you or to bearer. You authorize us to endorse in your name any instrument deposited without endorsement. That endorsement shall have the same validity as if made by you. We may not accept third party Instruments that bear a prior endorsement for deposit (because we may be unable to verify that endorsement). Our hold funds policy When you open a personal deposit account with us, we will advise you how our hold funds policy will impact you in your day-to-day banking. “Holding funds,” means that when you deposit a cheque through one of our branches, the automated teller machine, night depository or by mail/courier etc. you may not be able to access the funds from that deposit immediately. The reason we have a hold funds policy is that a cheque is not the same as cash - it is a “promise to pay” by one party to another party. If the first party doesn’t have sufficient funds in their account at another financial institution, or if the cheque is fraudulent, that other financial institution can refuse to pay the item, and return it unpaid to us. A hold period allows sufficient time for us to verify that the “promise to pay” can be carried out (i.e. that funds will be available from the other institution to pay the item). Cheque cashing is essentially a credit decision If we credit your account right away with the amount of the cheque or other instrument we are “granting you credit” for that amount until we can verify that the “promise to pay” can be carried out. If the “promise to pay” is broken we will need to recover the funds from you, as we would for any other loan given to you. If your deposit is subject to a “hold”, the full amount of the deposit will be reflected in your account balance right away however; your ability to access those funds will be restricted. You will be unable to withdraw money from the funds being held and we will not pay any of your cheques or pre-authorized debits from those funds until the funds are released at the end of the ”hold period”. Even where the “hold period” has elapsed and the funds have been released, it is not a guarantee that the cheque or instrument will be paid by the other financial institution. If we determine ...
Personal Deposit Accounts. The following provisions apply to electronic fund transfers to or from personal deposit accounts (sometimes referred to as “consumer deposit accounts”). These transfers are governed by Regulation E, which implements the federal Electronic Fund Transfer Act. A personal deposit account is an account owned by a natural person and established primarily for personal, family or household purposes.
Personal Deposit Accounts. This Electronic Banking Disclosures section explains provisions that apply to Electronic Fund Transfers to or from personal Deposit Accounts (sometimes referred to as ‘consumer Deposit Accounts’). A personal Deposit Account is an Account that is owned by a natural person and that is established primarily for personal, family, or household purposes. You may only use the Cards and Services for personal, family and household purposes, and may not use the Cards and the Services for any business or commercial purpose, including but not limited to making transfers or payments on behalf of any other person or entity. You agree that you must be at least 16 years of age to qualify for the Cards. Note: Regulation E does not apply to business deposit accounts. You agree to take full responsibility if your personal Deposit Accounts are being used for business or commercial purposes, and to reimburse us for any loss, costs or expenses we incur as a result of your use of the Cards and the Services for business or commercial purposes.
