Digital Banking Agreement/Disclosure
Digital Banking Agreement and Disclosure
General Information
This Digital Banking Agreement and Disclosure (“Agreement”) sets forth your rights and responsibilities concerning the use of Homestead Bank’s Digital Banking Service. By using the Digital Banking Service, you agree to abide by the terms and conditions of this Agreement. This Agreement will be governed by and interpreted in accordance with federal laws and regulations, along with any State laws governing your use of this service.
Definitions
• You and Yours – Those who sign as applicants or each and all signers on an account.
• Account – any type of account of “yours” held at Homestead Bank
• Transaction – all debits or credits on an account, including withdrawals, deposits, and transfers
• Our, We, Us, and Bank – Homestead Bank
• Bank Business Day – Monday through Friday, excluding legal federal holidays.
Digital Banking Access
To use the Digital Banking Service, you must have at least one deposit or one loan account and access to the Internet. To utilize the Bank’s bill payment service, you must have at least one checking account. You will be required to register for online access at the bank’s website www.homestead.bank. Once you have completed the enrollment form, your application will be reviewed and notification of your approval status will be sent. You are solely responsible for the equipment and software you use to access the Digital Banking Service. The Bank is not responsible for the cost of upgrading your equipment and/or software to stay current with the Digital Banking Service. The Bank is not responsible for any antivirus or anti-spyware software you may have on your equipment.
You are allowed to request access only to accounts that you are an owner or authorized signer of. You are also responsible for maintaining available funds for any scheduled transactions.
If the sub-user feature is available, you will take full responsibility for any sub-users that you choose to add through your Digital Banking session. You will also be responsible for providing a copy of the Digital Banking and Bill Payment Terms & Conditions and any disclosures to the sub-users that you have added.
If you willing disclose your login credentials to another person, you accept full responsibility for any actions taken under your login on the digital banking system. This applies even if you did not specifically authorize a particular action.
You are responsible for promptly reviewing and responding to any messages that have been sent through our secure Digital Banking messaging system. They may contain important information about your account(s) or forms you have submitted.
Digital Banking Services
The following services are currently available:
• Perform account inquiries on deposit and loan accounts
• Obtain statement information and print copies of imaged checks, if you have signed up for this.
• Sort and search information by account, date, amount, check number, transaction type, etc.
• Transfer funds between your accounts
• Pay Bills
• View Check Images
• Export transaction information
• Mobile deposits with an approved device and our bank’s mobile app
• Set up email notifications
• Turn off and on your Visa debit card
• Make person-to-person real-time transfers to a recipient’s debit card
Please note that from time to time, we may offer and introduce new Digital Banking services. By using these services when they become available, you agree to be bound by the rules, concerning these services. We do not warrant that our Digital Banking Service or the Internet will be available on a specified date or time or that our Digital Banking Service or your Internet Provider will have the capacity to meet your demand during specific hours. The Bank will not be liable for any damage that you may suffer arising out of use, or inability to use, the service or products provided hereunder. In addition, the bank’s cutoff time for all transactions posted during a business day will be posted on the transfer screen. For transactions posted on a non-business day, the transaction will be processed on the next business day.
Balance Information
Balances shown online are updated nightly with transactions that posted to your account during the day. Therefore, these balances may not include all deposits or debits (checks, debit card purchases, ACH, etc.). We have a right to cancel transactions if sufficient funds are not available in your account. If a hold has been placed on deposits made to an account from which you wish to transfer funds, you cannot transfer the portion of the funds held until the hold expires.
Fees and Charges
There are no fees for our Digital Banking Service. However, fees, as described in the applicable account disclosure may apply. Please refer to your Fee Schedule provided at the time of your account opening. The Bank does reserve the right to change the fees or other terms described in this Agreement at any time. If any increases are made to any fees, we will notify you prior to the changes. Changes to fees applicable to specific accounts are governed by the applicable account disclosure statement.
Signatures and Multiple Signatures
Other agreements may exist which may require Homestead Bank to verify signatures on withdrawals or transfers. Homestead Bank can not verify signatures when you use Digital Banking. By accepting the Digital Banking and Bill Payment Terms and Conditions, you release Homestead Bank from any obligation to verify signatures, whether one or more, when you use Digital Banking. This provision shall control over any conflicting provision in your other agreements with Homestead Bank.
Security and Preventing Misuse of Your Information
Your role in preventing misuse of your account through Digital Banking Service is extremely important. Below are some suggestions to help protect yourself and your accounts;
• Keep your password for Digital Banking confidential at all times, the Bank should never ask you for your password.
• Install a good antivirus and anti-spyware software on your computer or mobile device and update them on a regular basis.
• Stay away from websites that seem suspicious.
• Please notify us immediately if you believe your password has been stolen or if you believe your computer, mobile device, or Digital Banking account has been compromised.
Terms and Conditions
The first time you access your account(s) through the Internet confirms your agreement to be bound by all of the terms and conditions of this Agreement, acknowledges your receipt and understanding of this disclosure, and reconfirms your agreement to the Deposit and/or Loan Agreement you received when you opened your account. The Bank agrees to make reasonable efforts to ensure full performance of the Digital Banking Service. The Bank will be responsible for acting only on those instructions sent through the Digital Banking Service that are actually received and cannot assume responsibility for malfunctions in communications not under its control that may affect the accuracy or timeliness of message sent. The Bank is not responsible for any losses or delays in the transmission of instructions arising out of the use of any Internet Service Provider or caused by any browser software (i.e. Internet Explorer). Any information you receive from the Bank can only be provided on a best-effort basis for your convenience and is not guaranteed. The Bank is not liable for any deficiencies in the accuracy, completeness, availability or timeliness of such information or for any investment or other decision made using this information. The Bank, any of its affiliates, or any of its respective officers, directors, employees or agents, are not responsible for any direct, indirect, special or consequential, economic or other damages arising in any way out of the installation, use or maintenance of the equipment or software. The Digital Banking Service and any related services are provided on an “as is” basis.
The Bank makes no express or implied warranties concerning the Digital Banking Service, including but not limited to, any warranties of merchantability, fitness for a particular purpose or non-infringement of third party proprietary rights unless, and then only to the extent, disclaiming such warranties is prohibited by law.
Termination
This Agreement will remain in effect until terminated by you or terminated or amended by the Bank.
Your Right to Terminate
You may cancel your Digital Banking Service at any time by providing a written, signed, and dated notice by U.S. Mail to, Homestead Bank, PO Box 2000, Cozad NE 68370 or by fax to (308) 784-2031 or by contacting your local branch. The Digital Banking Service will be terminated within one business day of receipt of proper notification.
Our Right to Terminate
You agree that we can terminate or limit your access to the Digital Banking Service for any of the following reasons:
• Your online account is inactive and has not been accessed within the last 180 days
• You or any authorized user of your password breached this or any other agreement with us
• We have reason to believe there is unauthorized use of your account or password
• You have violated any of the terms and conditions of your Deposit/Loan Agreement (for example excessive overdrafts on a deposit account)
• Upon reasonable notice, for any other reason at our sole discretion.
My use of Homestead Bank’s Digital Banking Service signifies that I have read and agree to the terms and conditions of the Electronic Fund Transfer Disclosure; which has been provided to me electronically by Homestead Bank.
BILLPAY - ELECTRONIC BILL PAYMENT AUTHORIZATION
The Digital Banking Bill Payment service (called Bill Pay) enables you to set up recurring payments, make one-time payments and track your payments to payees via your Homestead Bank checking account. There is no need to write checks and go to the post office. You can do this right from your home, office, or mobile device using the bank’s mobile app.
ELECTRONIC BILL PAYMENT AUTHORIZATION
I AUTHORIZE my Financial Institution (Homestead Bank) to post payment transactions on my checking account generated from the Digital Banking Bill Payment Service; called Bill Pay, to the checking account indicated on the form being sent electronically. I understand that I am in full control of my account. If at any time I decide to discontinue service, I will provide written notification to Homestead Bank. My use of Bill Pay signifies that I have read the terms and conditions of the Electronic Fund Transfer Disclosure; which has been provided to me electronically by Homestead Bank.
I UNDERSTAND that payments may take up to 10 business days to reach the vendor and that they will be sent either electronically or by check. Homestead Bank is not liable for any service fees or late charges levied against me. I UNDERSTAND the funds will be debited from my account on the Process Date for payments sent electronically. Payments sent by check will be converted to a draft check and will be debited from my account after the payee has deposited or cashed the item. I also UNDERSTAND the Estimated Arrival Date is only an estimate and Homestead Bank makes no guarantee the payment will be received by the payee on this date.
I UNDERSTAND that I may be Declined from Bill Pay after my account has been inactive for 180 days; without prior notification.
I UNDERSTAND that fees will be assessed for optional services through Bill Pay. These fees may be for Rush Payment Delivery and the applicable fees will be disclosed at the time I request such optional services.
I UNDERSTAND that any payments through this service must be payable in U.S. dollars to a payee located in the 50 United States and are limited to a transaction limit of $99,999.99. Lower transaction limits may apply for individual payees or payments initiated from a mobile device. I also UNDERSTAND that I may NOT make payments for alimony, child support, taxes or other governmental or court directed fees.
I UNDERSTAND that I am the owner or an authorized signer on the account requested for the Bill Pay service. I also UNDERSTAND that I am responsible for maintaining available funds for any scheduled transactions.
I UNDERSTAND that I am the owner or an authorized signer on any additional pay from accounts requested for the Bill Pay service. I also UNDERSTAND that I take full responsibility in determining the proper pay from account for each scheduled Bill Pay transaction and that I am responsible for maintaining available funds for any scheduled transactions.
I UNDERSTAND that I am responsible for promptly reviewing any messages shown in the Message Center in my Bill Pay account.
I UNDERSTAND any Secondary Account Holders I add through the Bill Pay system are only for the purpose of allowing them to contact the Bill Pay processor for support. It does not give them any authority on accounts held at Homestead Bank. I will be responsible for contacting Homestead Bank to request removal of any Secondary Account Holders I have added through the Bill Pay system.
I UNDERSTAND I am responsible for any changes or transactions scheduled by any sub-users I may have added to my Digital Banking or Bill Pay services.
I UNDERSTAND any changes made to accounts may be used to update our core system.
My use of Homestead Bank’s Digital Banking and Bill Payment services signify that I have read and agree to the terms and conditions of the Electronic Fund Transfer Disclosure; which has been provided to me electronically by Homestead Bank.
SPIN PERSON-TO-PERSON (P2P) SERVICE
The SPIN P2P Service (“SPIN”) allows you to make payments to third parties, by sending a text or email that instructs them to input their debit card number. You may use the SPIN Services through the Homestead Bank Digital Banking app on your mobile device or PC.
ELIGIBILITY – To be eligible to use the SPIN Service, you must be an owner or authorized signer on a consumer checking account at Homestead Bank and be a customer in good standing as defined by Homestead Bank.
TYPES OF ACCOUNTS – SPIN is only allowed for eligible Homestead Bank consumer checking accounts.
SENDING LIMITS – Limits are imposed on SPIN and are: $1,500 per single SPIN transfer, $1,500 per day, $5,000 per rolling 7-day timeframe, and $10,000 per a rolling 30-day timeframe. These limits are subject to change, without notice, as determined by Homestead Bank.
DEFAULT FUNDING SOURCES – Your Homestead Bank consumer checking account is the only source of funds for SPIN.
PROHIBITED USES – You agree that you will not use this service to send money to anyone to whom you are obligated for tax payments, court-ordered payments, fines, payments to loan sharks, gambling debts or payments otherwise prohibited by law. Homestead Bank reserves the right to suspend or terminate your use of the SPIN service if we believe you are using the service in a manner that exposes us to liability, reputational harm or brand damage.
You agree not to hold Homestead Bank liable for any damages resulting from a recipient’s decision not to accept a payment made through SPIN. You agree that you, and not Homestead Bank, will be responsible for resolving any payment dispute with any person to whom you send money through SPIN. When using SPIN, you agree to accept full responsibility for losses resulting from your errors or fraud in the information you provide. If any information you provide is untrue, inaccurate, not current or incomplete, without limiting other remedies, Homestead Bank reserves the right to recover from you any costs or losses incurred as a direct or indirect result of the inaccurate or incomplete information.
SPIN P2P SERVICE DISCLOSURE
This Addendum (“Addendum”) contains the terms governing your use of the SPIN Person-to-Person (P2P) Service (“SPIN”) as offered by Homestead Bank (“the Bank”). Please read this Addendum carefully. By agreeing to this Addendum or using the SPIN Service, you are agreeing to the terms of this Addendum. Not all services referenced in the Addendum may be available to any or all customers at this time. This Addendum includes, among other things:
• your agreement that each time you use the SPIN Service, you are authorizing and instructing us to send emails and text messages to the recipient on your behalf;
• your commitment to us that each person we send a text message or email on your behalf has given you permission for us to do so;
• our obligations to you;
• your obligations as a user of the SPIN Service;
• circumstances under which we may reverse or modify transactions or remove funds from your account;
• the ways in which we may send you notices and disclosures;
• your agreement with us to use binding arbitration for most disputes arising under this Addendum or concerning the SPIN Service and to waive the right to a trial by jury;
• your waiver of class-action rights;
• limitations on our liability to you;
Your agreement to these terms is essential to our agreement to provide the SPIN Service and our pricing of the SPIN Service.
In addition, in this Addendum:
• “Business Day” means Monday through Friday, excluding Saturday, Sunday and federal banking holidays for bank accounts and products and/or services, and U.S. stock exchange holidays for brokerage accounts.
• “Funding Account” means a transaction account that has been identified by the Bank as eligible to serve as a funding account for SPIN Transactions.
• “Eligible Card” means a U.S. issued Visa or Mastercard Debit Card.
• “Member” means an individual, business or government agency enrolled in the SPIN Service through the Bank.
• “Recipient” means an individual, business or government agency you pay using SPIN Service.
• “Participating Financial Institution” means any financial institution which is participating in, or cooperating with the SPIN Service. We are a Participating Financial Institution.
• “SPIN Transaction” means a transaction initiated through the SPIN Service to:
• transfer funds out of your Funding Account to a Recipient;
1. Overview of Transfer Service
a. The Network:
• We have partnered with the Visa Direct and MasterCard Send to enable a convenient way to transfer money between you and Recipients who have eligible accounts with another financial institution that partners with those same entities. Aliases such as email addresses or mobile phone numbers may be used to prompt a Recipient to provide eligible card data so that a transfer may take place.
b. Terms and Conditions of SPIN Service
Your use of the SPIN Service will be subject to this Addendum, and also to the following, which are considered part of this Addendum:
• the terms or instructions appearing on a screen when using the SPIN Service;
• our rules, procedures, and policies and the account agreements applicable to the SPIN Service and your Funding Account, as amended from time to time; and
• applicable state and federal laws and regulations.
Subject to all the terms and conditions of this Addendum, you may use the SPIN Service to engage in SPIN Transactions with other individuals or businesses who have an eligible Card.
The SPIN Service is an Online Financial Service. You agree that you are enrolling as a Member of the SPIN Service. You agree that you will only use the SPIN Service for SPIN Transactions entered into for lawful purposes. You will not use the SPIN Service to pay taxes or other amounts owed to government entities. You will not use the SPIN Service to pay court-ordered amounts such as alimony or child support.
2. Eligibility to use the SPIN Service
In order to use the SPIN Service, you must have an eligible Funding Account. For the SPIN Service offered directly through the Bank’s mobile application, eligible Funding Accounts and Deposit Accounts. In order to transfer funds out of your Funding Account to another individual or business, you must have an available balance in that account.
You agree that you will not use the SPIN Service to send money to anyone to whom you are obligated for tax payments, payments made pursuant to court orders (including court-ordered amounts for alimony or child support), fines, payments to loan sharks, gambling debts or payments otherwise prohibited by law.
We may, from time to time, introduce new features to the SPIN Service. When this happens, we will update our website to include them.
3. Registering an email address or phone number
As part of enrollment into the SPIN Service, your email address or phone number may be stored for the use of prompting to enter account information or notification that a transfer has been initiated.
4. Use of telephone calls, emails and text messages
A. Sending emails and text messages on your instruction
Each time you send money using the SPIN Service, you are also authorizing and instructing us to send emails and text messages to the recipient concerning the SPIN Transaction. You agree that these emails and text messages are sent on your behalf. You represent and warrant to us that for each person you instruct us to send emails and text messages, you have received permission from that person for us to do so. Please note:
• Each time you initiate a SPIN Transaction, you are authorizing and instructing us to send both an initial email or text message to the recipient and, at our discretion, a follow-up or reminder message with respect to the same SPIN Transaction.
• These emails and text messages may identify you by name and may state that we are sending them on your behalf and according to your instructions.
B. Communicating with you
You agree that we may from time to time make telephone calls, send emails and text messages to you in order to:
• notify you of SPIN Transactions, or
• service your accounts,
You agree that we may call using prerecorded/artificial voice messages or send text messages and, for both calls and text messages, may also use automatic telephone dialing systems. We may call you and send messages to you at any email address, telephone number, or mobile phone number you have provided to:
• us,
• any other Participating Financial Institution,
• a Recipient.
You represent and warrant to us that you are the owner or have the delegated legal authority to act on behalf of the owner to use and control each such email address, telephone number or mobile phone number you have provided to any of these persons for use with the SPIN Service. You further acknowledge and agree that:
• You are responsible for any fees or other charges that your wireless carrier may charge for any related data, text or other message services, including without limitation for short message service. Please check your mobile service agreement for details or applicable fees.
• You will immediately notify us if any email address or mobile phone number you have registered for use in the SPIN Service is (i) surrendered by you, or (ii) changed by you.
• In the case of any messages that you may send through us, either that we may send or may send on your behalf, to an email address or mobile phone number, you represent that you have obtained the consent of the recipient of such emails or automated text messages to send such emails or text messages to the recipient. You understand and agree that any emails or text messages that we send on your behalf may include your name.
• Your wireless carrier is not liable for any delay or failure to deliver any message sent to or from us including messages that you may send through us, that we may send, or may send on your behalf.
• To cancel text messaging from us, send STOP when prompted. For help or information regarding text messaging contact our customer service number. You expressly consent to receipt of a text message to confirm your “STOP” request.
In the event you ever withdraw this consent, and notwithstanding that withdrawal, you expressly authorize us to use any of the methods described above to send you messages confirming your instructions sent to us via text message, including a confirmation from us in the event you withdraw your consent.
C. Declining to use an email address or telephone number
We may, in our sole discretion and for any reason, decline at any time to accept or use, or to continue to accept or use, any specific email address or telephone number provided to us by any person.
5. Fees you will pay and mode of payment
A. Fees for the Transfer Service
Fees may apply to your use of the SPIN Service. Any fee you will be charged will be disclosed before you initiate a SPIN Transaction. Depending on the types of accounts and services you keep with us, fees may be waived.
We may change the fees that apply to the SPIN Service, and the circumstances under which the fees may be waived, at any time for any reason. We will give you reasonable notice of such change as required by law.
B. Mode of payment
The Funding Account used for the SPIN Transaction will be the account from which fees for the SPIN Service will be paid. You authorize us to collect the fees from your Funding Account.
6. Accessing your Funding Account; terminating access
A. Gaining access
You authorize us to provide access to your Funding Account through the SPIN Service to initiate and complete SPIN Transactions.
To access the SPIN Service, you must have a username, a password, and the required hardware and software to use internet banking or the mobile application. You must also comply with any other security procedures and policies we may establish from time to time as provided in online user agreement.
You must provide all telephone and other equipment, software (other than any software provided by us), and services necessary to access the SPIN Service.
Not all types of accounts are eligible for SPIN Transactions. We reserve the right to decline the use of any account as a Funding Account that we believe may present a risk to you and/or us.
B. Terminating access
In the event (i) you violate any terms of this Addendum, (ii) there are unauthorized or fraudulent transactions related to your Funding Account, or use of the SPIN Service, or (iii) we incur problems with your use of the SPIN Service, you agree that we may suspend or terminate your access to the SPIN Service at any time.
We may, in our sole discretion, at any time and without prior notice to you or other SPIN participants, suspend or terminate:
• the SPIN Service, or
• your ability to send funds through a SPIN Transaction.
C. Application of this Agreement after reinstatement
In the event your access to the SPIN Service is terminated or suspended for any reason and then later reactivated or reinstated, you agree that this Agreement, or any revised or amended version of this Agreement in effect at the time of reactivation or reinstatement, will continue to apply to your SPIN Transactions and use of the SPIN Service.
7. Privacy; authorization to use information; obligation to update contact information
A. Commitment to privacy
We are committed to protecting your privacy. Except as otherwise provided in this Addendum, all information gathered from you in connection with using the SPIN Service will be governed by the U.S. Consumer Privacy Notice and Digital Privacy and Cookies Policy.
B. Use of personal information to identify you and process SPIN Transactions
You authorize each Participating Financial Institution to use the email addresses and telephone numbers that are associated with you to process and route SPIN Transactions to and from your Funding Account.
In particular, if you:
• receive notice of a SPIN Transaction via any email address or via text message at any telephone number, and
• authorize or accept completion of the SPIN Transaction, then
You are also authorizing all Participating Financial Institutions to associate that email address or telephone number with you and with your Funding Account.
You agree that we may provide information about you to:
• any Recipient you contact, communicate with, or send funds to, using the SPIN Service, and
• any Recipient’s Financial Institution, or any other person, engaged in processing, facilitating, or delivering SPIN Transactions to which you are a party.
The information we provide may include your name, address, telephone number, and email address. You irrevocably waive any provision of our U.S. Consumer Privacy Notice which would prevent us from providing this information in connection with any SPIN Transaction to which you are a party.
C. Additional provisions concerning use of information
You agree that we may obtain such additional information as we deem reasonably necessary to insure that you are not using our SPIN Service in violation of law, including, but not limited to, laws and regulations designed to prevent “money laundering” or the transfer of funds to or from persons or organizations whose accounts are blocked under regulations of the Office of Foreign Asset Control (OFAC) of the United States Treasury Department.
You understand that in order to complete fund transfers using the SPIN Service, it may be necessary for us to communicate with other financial institutions and other participants in the SPIN Service concerning the SPIN Transactions. You agree that we may use, copy, modify, update, display, and distribute to other persons any information or data you provide to us for the purpose of processing SPIN Transactions or providing the SPIN Service, and you give us a license to do so.
You authorize us and other Participating Financial Institutions to use information you provide to us, and information concerning your SPIN Transactions in order to:
• initiate and complete SPIN Transactions, and
• provide ancillary and supporting services to facilitate your SPIN Transactions and use of the SPIN Service.
Your authorization includes, but is not limited to, providing such information to:
• Recipients to whom you send funds using the SPIN Service,
• Recipient’s Financial Institutions, and
• any intermediary or service that is in any way facilitating or processing the SPIN Transaction.
We may also disclose information to third parties about your account or the transfers you make in order to process your transactions or to verify the existence and condition of your account. The third parties may include transactions processors, clearinghouses, credit bureaus and merchants.
Each time you use the SPIN Service, you represent and warrant to us that:
• you have the right to authorize us to access your Funding Account to effect fund transfers or for any other purpose authorized by this Addendum,
• you are not violating any other person’s rights when you provide us information and instruct us to initiate or complete a fund transfer, and
• all the information you provide to us is true, current, accurate, and complete.
We will maintain audit logs that track your access, view, and use of electronic data in connection with your use of the SPIN Service. These audit logs may include, but are not limited to, detailed information about your transactions and communication with other SPIN Service participants.
D. Changes to email addresses and telephone numbers
You agree that you will notify us immediately in the event of a change to any email address or telephone number that has been provided to us and is associated with you. You may instruct us to change any email address or telephone number we associate with the SPIN Service at any time. Address and telephone number changes may be initiated:
• at your request;
• if we receive notice of change to your email address or telephone number from any Participating Financial Institution or any common carrier; or
• if we receive information from another party in the business of providing correct contact information that the email address or telephone number in our records no longer is associated with you.
We may continue to rely on any email address or telephone number that has been provided to us until you notify us of a change. We may act on any instruction purportedly made on your behalf within a reasonable time after we receive such instruction.
8. Power of attorney
For as long as you are using the SPIN Service, you give to us a limited power of attorney and appoint us as your true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for you and in your name, place and stead, in any and all capacities, to access the Funding Account, complete fund transfers as described above, with full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with completing fund transfers, including verifying the content and authenticity of any fund transfer instruction for the purposes of security procedures applicable to Funding Account, as fully to all intents and purposes as you might or could in person. Once we have actual knowledge that you wish to cease using the SPIN Service as provided in this Addendum and have a reasonable opportunity to act on such knowledge, this limited power of attorney is automatically revoked; provided, however, that any act done by us in good faith before we have actual knowledge of the termination by you and have a reasonable opportunity to act on such knowledge shall be deemed to be authorized by you. This limited power of attorney shall not be affected by your subsequent incapacity.
You understand and agree that your relationship with each person to whom you send money to, or receive money from, is independent of the Bank and your use of the SPIN Service. We will not be responsible for any acts or omissions by these persons.
YOU ACKNOWLEDGE AND AGREE THAT WHEN THE BANK IS EFFECTING A FUND TRANSFER FROM OR TO ANY OF YOUR ACCOUNTS, WE ARE ACTING AS YOUR AGENT, AND NOT AS THE AGENT OR ON BEHALF OF ANY THIRD PARTY. You agree that the Bank, its affiliates, service providers, and partners shall be entitled to rely on the authorization, agency, and power of attorney granted by you in this Addendum.
9. Limitation of Liability
YOU AGREE THAT NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, WE SHALL NOT BE LIABLE FOR ANY COSTS, FEES, LOSSES OR DAMAGES OF ANY KIND INCURRED BY YOU AS A RESULT OF (1) OUR ACCESS TO THE ACCOUNTS; (2) OUR ABILITY OR INABILITY TO DEBIT AND/OR CREDIT THE ACCOUNTS IN ACCORDANCE WITH YOUR FUNDS TRANSFER INSTRUCTIONS; (3) ANY INACCURACY, INCOMPLETENESS OR MISINFORMATION CONTAINED IN THE INFORMATION RETRIEVED ON THE ACCOUNTS; (4) ANY CHARGES IMPOSED, OR ACTIONS TAKEN, BY ANY OTHER FINANCIAL INSTITUTION; (5) ANY FUNDS TRANSFER LIMITATIONS SET BY OTHER FINANCIAL INSTITUTIONS; AND/OR (6) LIABILITY ARISING FROM THE RECEIPT OR NON-RECEIPT OF THIRD PARTY NOTIFICATIONS SENT TO TRANSFER FUNDS RECIPIENTS’ EMAIL ADDRESSES OR CELL PHONE NUMBERS PROVIDED TO US.
We shall have no liability to you for any such transfers of money, including without limitation, (i) any failure, through no fault of us to complete a transaction in the correct amount, or (ii) any related losses or damages. We shall not be liable for any typos or keystroke errors that you may make when using the Service.
YOU AGREE THAT YOU, NOT WE, ARE RESPONSIBLE FOR RESOLVING ANY PAYMENT OR OTHER DISPUTES THAT YOU HAVE WITH ANY PERSON YOU SEND MONEY TO USING THE SERVICE.
10. Your fund transfers to others
A. Types of fund transfers
We may from time to time make available additional or new features to the SPIN Service. You will be approved or declined for any such additional service at our sole discretion and additional terms and conditions may apply. We may at any time decline any SPIN Transaction that we believe may violate applicable law.
You represent and warrant to us that:
• all SPIN Transactions you initiate are for your own account, and not on behalf of another person,
• you are not receiving any fee or compensation from any other person in return for initiating a SPIN Transaction, and
• you are authorized by the recipient to make funds transfers to the Recipient’s account at the Recipient’s Financial institution.
B. Sending Money; Debits by Participating Financial Institutions
You may send money to a recipient at your initiation. You understand that use of this SPIN Service by you shall at all times be subject to (i) this Addendum, and (ii) your express authorization at the time of the transaction for us or another Participating Financial Institution to initiate a debit entry to your Funding Account. You understand that when you send the payment, you will have no ability to stop it.
In most cases, when you are sending money, the transfer will occur in minutes; however, there are circumstances when the payment may take longer. For example, in order to protect you, us, and the other Participating Financial Institutions, we may need additional time to verify your identity or the identity of the person receiving the money. You understand and acknowledge that a person to whom you are sending money and who is not registered, may fail to complete the request for account information required to complete the transaction, or otherwise ignore the payment notification, and the transfer may not occur.
The money may also be delayed or the transfer may be blocked to prevent fraud or comply with regulatory requirements. We have no control over the actions of recipients, other Participating Financial Institutions or other financial institutions that could delay or prevent your money from being delivered to the intended Member.
C. Frequency of Transfer Transactions
We do not limit the number of transfers you may make; however, you may not make transfers in excess of the number of fund transfers allowed by the rules governing the applicable accounts. We may from time to time for security and risk management reasons modify the limit, the frequency, and the dollar amount of transfers you can make using the Transfer Service. The limits on the frequency and dollar amount of transfers are solely for the protection of the Bank.
D. Dollar amount of Transfer Transactions
You may not make transfers in excess of limits prescribed by the bank for security purposes and/or in compliance with network operating rules. The amount of money you can send will vary based on the type of Funding Account you use, your recipient and the transaction history for each recipient. Transfers from a Funding Account may be made up to a daily aggregate dollar limit of $1,500.
Transfer limits applicable to Recipients are governed by the Recipient’s Financial Institution’s transfer service agreements.
We reserve the right to change from time to time the dollar amount of transfers you are permitted to make using the SPIN Service. For example, in the event that your use of the SPIN Service has been suspended and reinstated, you understand and agree that your use of the SPIN Service thereafter may be subject to lower dollar amount limitations than would otherwise be permitted by us. All transfer limits are subject to temporary reductions to protect the security of customer accounts and/or the SPIN Service. Your transfer limits may vary from those of other Members, depending upon criteria we establish from time to time.
E. Transfer Transactions subject to the rules of the Funding Account
All SPIN Transactions are subject to the rules and regulations governing your Funding Account. You agree not to initiate any payments from an account that are not allowed under the rules or regulations applicable to that account, including, without limitation, rules or regulations designed to prevent the transfer of funds in violation of OFAC regulations. You agree that any SPIN Transaction to a Recipient’s account which is not with a Participating Financial Institution will also be governed by the NACHA Operating Rules and any applicable card network rules (e.g. Visa or Mastercard).
F. Transfer Transaction descriptions
We may, in our sole discretion, permit you to add a description or comment concerning the SPIN Transaction that will be transmitted to the recipient. You agree that if we permit you to add a description or comment concerning the payment to your recipient that you will not include inappropriate or abusive language, messages or content in the description or comment. You agree that we may monitor the contents of the description or comment, and may delete or edit the message if we believe any of the content is inappropriate or abusive, in our sole and absolute discretion.
G. Failure or rejection of Transfer Transactions
We do not make any representation or warranty that any particular SPIN Transaction can be completed, or that it can be completed within a particular period of time. Any estimate we may provide concerning the completion date for the SPIN Transaction is only an estimate, and is not binding on us. You understand and agree that we have no control over the actions of Recipient’s, or of other financial institutions (including Recipient’s Financial Institutions), that may prevent a SPIN Transaction from being completed, or may delay its completion. You understand and agree that we may not be able to complete a SPIN Transaction if:
• the Recipient does not enroll in or register with the SPIN Service;
• the Recipient does not complete the necessary steps in provided needed information to complete the transfer; or,
• the Recipient does not register with the SPIN Service the specific email address or telephone number you have provided to us for them.
Upon learning that a SPIN Transaction to transfer funds from your Funding Account to a Recipient cannot be completed for any reason, we may make a reasonable effort to complete the payment again. If the fund transfer is not completed, we may try to notify you to contact your intended recipient but are not required to do so.
If you do not have enough money in your Funding Account to make a fund transfer, we may reject your request to initiate the fund transfer.
We reserve the right to decline or cancel any payment instructions or orders or to carry out change or cancellation requests. We may, in our sole discretion, decline to initiate or complete a SPIN Transaction for any reason. We may, in our sole discretion, accept instructions from any Recipient or a Recipient’s Financial Institution to block your attempts to use the SPIN Service to initiate SPIN Transactions with that Recipient or customers of that institution.
H. Authorization for fund transfer and suspense of funds
You agree that each payment instruction you give us is an authorization to make a funds transfer on your behalf. You authorize us to withdraw the funds from your Funding Account immediately upon receiving your instruction for the SPIN Transaction and to place the funds in a suspense account pending completion of the SPIN Transaction. You understand and agree that in the case of a SPIN Transaction to a person who has not yet enrolled in the SPIN Service, or if your Funding Account has been open for less than thirty days, we may hold your funds in the suspense account for up to fifteen business days before either returning the funds to you or sending them to the recipient.
You also agree that the Member’s Financial Institution receiving the funds for a SPIN Transaction may hold those funds for a reasonable period of time while attempting to identify a Deposit Account for a Recipient who has either:
• not yet enrolled in the SPIN Service;
• not yet identified a Deposit Account, or
• closed the recipient’s prior Deposit Account but still has other accounts open with the Recipient’s Financial Institution.
You understand that the Recipient’s Financial Institution receiving the funds may require a Recipient to manually accept each funds transfer you send to the Recipient. If the Recipient does not accept the funds transfer within the time frame set by the Recipient’s Financial Institution, the funds will be returned to you. You understand and agree that we have no control over whether or not the Recipient’s Financial Institution will require manual acceptance, or how long the Recipient’s Financial Institution will hold the funds before returning them.
You authorize us to act as your agent in receiving and processing any return of funds as we deem appropriate.
I. No right to cancel or stop a Transfer Transaction
Transfer Transactions that are in process cannot be cancelled or stopped. You agree that you, and not we, will be responsible for resolving any payment dispute with any Recipient to whom you send money through a SPIN Transaction.
11. Electronic Fund Transfer Provisions applicable to consumers
A. Applicability
The provisions in this Section 13 apply only to electronic fund transfers that debit or credit a consumer's checking, savings, or other asset account and are subject to the Federal Reserve Board's Regulation E (an "EFT"). The terms and conditions applicable to EFTs that debit or credit a brokerage account are set forth in your brokerage account agreement, and not in this Addendum. The Bank may, when applicable, rely on any exceptions to the provisions in this Section 13 that are contained in Regulation E. All terms not otherwise defined in this Addendum which are defined in Regulation E will have the same meaning when used in this Section 13.
B. Unauthorized EFTs
You must tell us AT ONCE if you believe that your password has been lost or stolen, or if you believe that an EFT has been made without your permission. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit)
A scammer may call, email, or text you, pretending to be from the bank, and ask for information that allows them to access your account. If you receive a one-time passcode you didn’t request, don’t give the passcode to anyone who contacts you for it. Likewise do not share any information with an unsolicited caller who may be inquiring about out of bank authentication information. Scammers may tell you there is an urgent fraud situation to attempt to trick you into quickly acting. Hang up on suspicious calls immediately, even if they appear to be from the bank. Scammers sometimes use technology to "spoof" phone numbers, so it appears the call is originating from the bank. If you have any concerns that the call might not be legitimate, call the bank at the number found on your account statement. Scammers may make unusual requests for sending or transferring money. Fraudsters may contact you to pretend to help you with an ongoing fraud situation. To reverse it, they suggest you transfer money "to yourself" when, in fact, the account you transfer money to belongs to the scammer. This could cause you to lose money or even become unknowingly involved in a crime. The bank will never call you to request that you transfer money to yourself or any other third party using SPIN P2P.
C. In case of errors or questions about your EFTs
In case of errors or questions about your EFT, telephone us at the number on the back of your card or the number listed on the statement for your account, as soon as you can, if you think your statement is wrong or if you need more information about a transfer listed on the statement.
We must hear from you no later than 60 days after the date we send the first statement on which the problem or error appeared:
• Tell us your name and account number (if any)
• 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
• Tell us the dollar amount of the suspected error
If you tell us orally, we may require that you send your complaint or question in writing within 10 Business Days. We will determine whether an error occurred within 10 Business Days after we hear from you and will correct any error promptly. If we need more time to conduct our investigation, however, we will notify you of our need for an extension, which may take up to 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 Business Days 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.
For errors involving new accounts or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. We will tell you the results within three Business Days after completing our investigation. If we decide that there was no error, you will be notified.
D. Documentation
You have the right to find out whether an EFT was credited or debited to your account. We will send you a monthly statement if there is an EFT in a particular month unless you have opted out of receiving such documents.
14. Transfer Transaction history
Your SPIN Transactions will appear in the online transaction history and in the periodic statements for your Funding Account.
15. Your Responsibility for Errors
You understand that we must rely on the information provided by you and you authorize us to act on any instruction, which has been or reasonably appears to have been sent by you, to submit fund transfer instructions on your behalf. You understand that financial institutions receiving the fund transfer instructions may rely on such information. We are not obliged to take any further steps to confirm or authenticate such instructions and will act on them without getting further confirmation. You agree to accept full responsibility for losses resulting from any of your errors, duplication, ambiguities, or fraud in the information that you provide. You agree not to impersonate any person or use a name that you are not authorized to use. If any information you provide is untrue, inaccurate, not current or incomplete, without limiting other remedies, we reserve the right to recover from you any costs or losses incurred as a direct or indirect result of the inaccurate or incomplete information.
16. Miscellaneous
Subject to the terms of this Addendum, the SPIN Services are generally available 24 hours a day, seven days a week with the exception of outages for maintenance and circumstances beyond our or any authorized third party’s control. Live customer service generally will be available Monday through Friday during regular bank hours of operations, excluding US bank holidays.
My use of Homestead Bank’s Digital Banking and SPIN P2P Transfer services signify that I have read and agree to the terms and conditions of the Electronic Fund Transfer Disclosure ; which has been provided to me electronically by Homestead Bank.