Please read the privacy statement and Interbank Transfers agreement below..... Click on I Agree and Submit at the end of the documents to complete the application. By submitting this application, all terms are accepted by the customer.
Interbank Transfer Origination Agreement
The Customer has requested that the Financial Institution permit it to initiate entries to accounts maintained at the Financial Institution and other financial institutions by means of the Automated Clearing House (the "ACH") operated by the Upper Midwest Automated Clearing House Association, Inc. ("UMACHA"). The Financial Institution has agreed to do so on the terms of this Agreement.
Now, therefore, the Customer and the Financial Institution agree as follows:
Transmission of Entries; Security Procedures. The Customer will transmit all debit and credit entries to the Financial Institution at the location, on or before the deadlines, described when setting up Interbank Transfers. The Customer and the Financial Institution will comply with the security procedures described in customer's original Online Banking Services Agreement. The Customer authorizes the Financial Institution to transmit all entries received by the Financial Institution from the Customer in accordance with the terms of this Agreement and to credit or debit such entries to the specified accounts.
Financial Institution Obligations. In a timely manner and in accordance with the Interbank Transfer Agreement, the Financial Institution will process, transmit, and settle for the entries received from the Customer which comply with the terms of the Agreement, including the security procedures.
Warranties. The Customer warrants to the Financial Institution all warranties the Financial Institution is deemed by the agreement to make with respect to entries originated by the Customer. Without limiting the foregoing, the Customer further warrants and agrees that (a) each entry is accurate, is timely, and that the party is authorized on the accounts that will be credited or debited, and otherwise complies with the Interbank Transfer Agreement; (b) each debit entry is for a sum which, on the settlement date with respect to it will be owing to the Customer from the party and that the party is authorized to conduct transactions on the account that will credited or debited, is for a sum specified by such party to be paid to the Customer, or is a correction of a previously transmitted erroneous credit entry; (c) the Customer has complied with all pre-authorization requirements of the Interbank Transfers Agreement; (d) the Customer will comply with the terms of the Electronic Funds Transfer Act, if applicable, or Uniform Commercial Code Article 4A - Bank Deposits and Collections if applicable, and shall otherwise perform its obligations under this Agreement in accordance with all applicable laws and regulations. The Customer shall indemnify the Financial Institution against any claim made, loss, liability or expense (including attorneys' fees and expenses incurred in defense of any claim or otherwise) resulting from or arising out of any breach of any of the foregoing warranties or agreements.
Provisional Credit. The Customer acknowledges that the agreement make provisional any credit given for an entry until the Financial Institution crediting the account specified in the entry receives final settlement. If the Financial Institution does not receive final settlement, it is entitled to a refund from the credited party and the originator of the entry shall not be deemed to have paid the party.
Settlement. The Customer will maintain an account with the Financial Institution at all times during the term of this Agreement. The Customer will maintain in the account as of the applicable settlement date immediately available funds sufficient to cover all credit entries initiated by it. The Customer authorizes the Financial Institution to debit its account on the applicable settlement date in the amount of each entry.
Cancellation or Amendment. The Customer shall have no right to cancel or amend any entry/file after its receipt by the Financial Institution. However, the Financial Institution shall use reasonable efforts to act on a request by the Customer to cancel an entry/file before transmitting it to the ACH or crediting an on-us entry. The Financial Institution shall have no liability if it fails to effect the cancellation and the Customer shall indemnify the Financial Institution's attorneys' fees and expenses incurred in defense of any claim or otherwise resulting from or arising out of any failure to effect the cancellation.
Rejection of Entries. The Financial Institution shall reject any entry, including an on-us entry, which does not comply with the requirements of this Agreement and may reject any entry if the Customer is not otherwise in compliance with the terms of the Agreement. The Financial Institution shall notify the Customer by telephone/mail (means) of such rejection no later than the business day such entry would otherwise have been transmitted by the Financial Institution to ACH or, in the case of an on-us entry, its effective entry date.
Notice of Returned Entries. The Financial Institution shall notify the Customer by telephone/mail (means) of the receipt of returned entry from the ACH no later than one business day after the business day of such receipt. The Financial Institution shall have no obligation to retransmit a returned entry if the Financial Institution complied with the terms of this Agreement with respect to the original entry.
Notification of Change. The Financial Institution will notify the Customer of all notification of changes received no later than 2 business days after the receipt of the entries by either mail, fax, transmission, etc. The Customer agrees to make the changes submitted within 6 banking days of the settlement date of the original entry or before the next "live" entry, whichever is later. If the Notification of Change is incorrect the company will generate a refused notification of change and deliver it to the Financial Institution.
Reversals. The Customer may initiate a reversing entry or file of entries as permitted. In doing so the customer warrants that for file reversals, it has initiated the file(s) within 5 banking days of the original files(s) and within 24 hours of discovery of the error. For reversing entries, they must be initiated within 5 banking days of the original entry and the account holder of the reversing entry must have been notified of the reversal, and the reason for the reversal, no later than the settlement day of the reversal. For both reversing entries and files, the Customer indemnifies all parties of the transaction(s) from and against any claim, demand, loss, liability, or expense.
Periodic Statement. The periodic statement issued by the Financial Institution for the Customer's account will reflect entries credited and debited to the Customer's account. The Customer agrees to notify the Financial Institution within a reasonable time not to exceed thirty (30) days after the Customer receives a periodic statement of any discrepancy between the Customer's records and the information in the periodic statement.
Fees. The Customer agrees to pay the Financial Institution for services provided under the Agreement in accordance with the schedule of charges attached to this Agreement. The Financial Institution may change its fees from time to time upon notice to the Customer.
Liability. The Financial Institution shall be responsible only for performing the services expressly provided for in the Agreement, and shall be liable only for its gross negligence or willful misconduct in performing those services. In no event shall the Financial Institution have any liability for any consequential, special, punitive or indirect loss or damage which the Customer may incur or suffer in connection with this Agreement and from any claim, demand, loss or judgment made or obtained against Financial Institution by any third party as a result of transactions or events arising from or associated with this Agreement. The Customer shall indemnify and hold the Financial Institution harmless. In addition, the financial institution shall be excused from failing to act or delay in acting in such failure or delay is caused by legal constraint, interruption of transmission or communications facilities, equipment failure, war, emergency conditions, or other conditions beyond the financial institutions control.
Inconsistency of Name and Account Number. The Customer acknowledges that, if an entry describes the receiver inconsistently by name and account number, payment of the entry may be made on the basis of the account number even if it identifies a person different from the named receiver.
Acknowledgment That Entries May NOT be Initiated in Violation of the Laws of the United States. The Customer acknowledges that it will not generate transactions that violate the laws of the United States, including the sanction laws administered by OFAC.
Fines for Non-Compliance With the Rules. If a fine is assessed against the financial institution it will be the responsibility of the Customer to pay the fine unless the parties determine the fine was caused by an improper action by the financial institution.
Miscellaneous. The Financial Institution may amend the terms of the Agreement from time to time by notice to the Customer. Either party may terminate this Agreement upon ten (10) days' written notice to the other. The Financial Institution shall have no obligation to transmit entries if the Customer is in default of any of its obligation under this Agreement, including the obligation to pay the Financial Institution for each credit entry. The Financial Institution shall be entitled to rely on any written notice believed by it in good faith to be signed by the Customer whose names and signatures are authorized on the account. This Agreement shall be governed by and construed in accordance with the law of the state in which the Financial Institution is located.
PRIVACY STATEMENT - Printable Copy
By clicking 'I agree and Submit' the Customer is signing this agreement, the Customer agrees that (1) it wishes to obtain the above Services from the bank;(2) the information contained in the above agreement is accurate as of the date listed below;(3) Customer will be bound by the terms of this agreement; and (4) Customer has received, reviewed and agrees to be bound by its Terms. The person clicking 'I agree and submit' below certifies that he/she (a) is an authorized signor on the accounts listed in the application above and (b) has the authority to bind customer to this agreement. Unless otherwise authorized by customer, Bank shall apply all Services to all Accounts.
I have read the above agreement and
do hereby agree to abide by its terms and conditions.