Online Banking Agreement
WILLIAMSTOWN SAVINGS BANK ONLINE BANKING AGREEMENT
Please carefully read this disclosure because it addresses customer rights and obligations for these types of transactions. Please keep a copy of this document for your files.
As used in this disclosure, the words "we," "our," and "us" refer to Williamstown Savings Bank (WSB) and the words "you" and "your" mean the account holder(s) and anyone else with the authority to deposit, withdraw, or exercise control over the funds in the account. The headings in this document are for convenience or reference only and will not govern the interpretation of the provisions. Unless it would be inconsistent to do so, words and phrases in this document should be construed so the singular includes the plural and the plural includes the singular. This agreement supplements any other agreement or disclosure relating to your accounts, including the deposit account disclosure which contains account terms and conditions, and funds availability notices. All references to time of day in this agreement and disclosure refer to Eastern Standard Time.
Williamstown Savings Bank (WSB) Online Banking Service
Williamstown Savings Bank Online Banking is a consumer electronic banking service. You may access WSB Online Banking through Williamstown Savings Bank's web page on the Internet at www.williamstownsavings.com.
Designation of Primary Account
You understand that in order to use WSB Online Banking, you must have an established account with us. A checking account designated as "primary" account is required to conduct transactional activity such as making bill payments and transfers.
Equipment and Technical Requirements:
To access WSB Online Banking you will need an Internet service provider and we strongly recommend a modem with a minimum speed of 56K bps. You must use a browser that supports 128-bit Secure Sockets Layer (SSL) encryption security. SSL is the industry standard that provides secure access to online financial services from anywhere on the Internet using any current Internet browsers.
General Information About WSB Online Banking
You may use WSB Online Banking virtually any time, day or night, 7 days a week. However, WSB Online Banking may be temporarily unavailable due to periodic record updating, or technical difficulties. In addition, access to WSB Banking is made available pursuant to a license agreement by and between WSB and Online Resources & Communications Corporation (ORCC). Any interruption of service or access caused by ORCC will also prevent your use of the service. To utilize the services, you will need to enter your assigned Service Password and otherwise satisfy the system's security procedures. You have access to 40 viewable accounts (including certificates of deposit, IRA, and loan accounts) and up to 10 transactional statement accounts.
Transaction Procedures
Bill Payments and Transfers may be processed in three different transaction modes. They are as follows:
- Today: If you designate a Bill Payment or Transfer as a today transaction, the Scheduled Initiation Date will be the next business day. However, sufficient funds must be available on the day and at the time you request the today transaction. Today Bill Payments and Transfers may not be canceled for any reason once you have ended a WSB Online Banking session, as funds are immediately deducted from your designated account.
- Future: If you designate a Bill Payment or Transfer as a future transaction, you may request that the transaction be made on a future date that you may designate up to 364 days in advance of the Scheduled Initiation Date. Sufficient funds must be available by midnight of the night before the Scheduled Initiation Date, but will be deducted from your designated account on the Scheduled initiation Date. Future transactions may be canceled or changed until 12:00 midnight of the night before the Scheduled Initiation Date.
- Recurring: If you designate a Bill Payment or Transfer as a recurring transaction, you may request, and WSB will use, a Scheduled Initiation Date that reoccurs on a specified regular basis (i.e. weekly, biweekly, monthly, etc). You will designate a start and end date. Sufficient funds must be available by midnight of the night before the Scheduled Initiation Date but will be deducted from your checking account on the Scheduled Initiation Date. Recurring transactions may be canceled or changed until 12:00 midnight of the night before the Scheduled Initiation Date.
Bill Payments
1. Account Designation and Payees: Bill Payments you make through WSB Online Banking will be deducted from your designated transactional funding account. You may utilize WSB Online Banking service to make Bill Payments to up to 200 payees. Any payee you wish to pay through WSB must be payable in U.S. Dollars and located in the United States. Each payee must appear on the payee list you create with us and the account you are paying with must be in your name. You may not use WSB Online Banking to make payments to a federal, state or local governmental or tax unit, or to other categories of payee that we establish from time to time.
2. Processing: Funds will be taken out of your designated funding account on the Scheduled Initiation Date entered by you. In many cases, your Bill Payments are electronically delivered to the payee within two business days of the Scheduled Initiation Date. However, some payees are not set up to accept electronic payment. In these cases, a check will be sent, which may take five business days to process and deliver to the payee. WSB Online Banking provides an indication of how many days to allow for each payee you designate.
You must allow sufficient time (2 or 5 business days, as indicated) for WSB Online Banking to receive your request and process the Bill Payments so that the funds can be delivered to the payee before the payment due date, or for mortgage payments, on or before the due date (the due date shown on your invoice or provided in your agreement with the payee, not taking into account any grace period provided by the payee). If you do not allow sufficient time, you will assume full responsibility for all late fees, finance charges or other actions taken by the payee. If you schedule your payment with sufficient time, and the payment was not received by the payee, or was received late, WSB Online Banking Customer Service will assume responsibility.
WSB is responsible only for exercising ordinary care in making payments upon your authorization and for mailing or sending a payment to the designated payee. WSB is not liable in any way for damages you incur if you do not have sufficient funds in your account to make the payment on the processing date, if the estimate of time to allow for delivery to the payee is inaccurate, or due to delays in mail delivery, changes of merchant address or account number, the failure of any merchant to account correctly for or credit the payment in a timely manner, or for any other circumstances beyond the control of WSB.
WSB Online Banking Customer Service will automatically retry on the following business day, any bill payment or transfer that cannot be processed due to insufficient funds available in your account. The transaction will be retried again on the second business day. If it fails again due to insufficient funds, it will not be retried. At this point, you are responsible for either making alternate arrangements for the payment, or rescheduling the payment through WSB Online Banking.
Transfers
1. InterBank Transfers: Transfers between your account with Williamstown Savings Bank and accounts held at other financial institutions (Inter-Bank Transfers) are accomplished through an automated clearing house (ACH) debit against the account that funds are being transferred from and an ACH credit to the accounts that funds are being transferred to.
- Funds transferred to another financial institution from WSB may take up to two business days. This is referred to as a push transfer.
- Funds requested from another financial institution to WSB may take up to five business days. This is referred to as a pull transfer.
- Account Designation: In order to be accessible by WSB Online Banking, accounts maintained at the other financial institutions (foreign accounts) must be either a checking or a savings account and must be your accounts. You must provide the name of the financial institution, the account number, and a routing and transit-routing number. In most cases, you will need to submit a canceled or voided check or deposit slip.
- Funds Availability: Funds from InterBank transfers will be available for withdrawal in accordance with the funds availability policy of the institution(s) holding the account that received the funds. Generally, the account holding institution will receive the funds no later than four business days following the Scheduled Initiation Date. For today InterBank transfers made during a session, you must schedule the transaction as a today InterBank transfer before 3:00 p.m. on a WSB business day for the schedule Initiation Date to be that day. Otherwise, today InterBank transfers scheduled after 3:00 p.m., or on a weekend or holiday will have a Scheduled Initiation Date of, and thus will be initiated on, the following WSB business day.
- Transfer Between Two Financial Institutions Other Than WSB: To transfer funds between two financial institutions other than WSB, you must first transfer funds from one institution into a designated funding account at WSB and then Transfer funds from your WSB designated funding account to the second institution.
- The transfer limit on an InterBank Transfer via WSB Online Banking is $25,000.00 per transfer per day.
2. IntraBank Transfers are transfers among accounts within WSB.
- Account Designation: You may designate up to forty statement accounts at WSB between which you may transfer funds electronically through WSB Online Banking. All these accounts must be in your name.
- Funds Availability: Although you receive immediate provisional credit upon completion of your WSB Online Banking session for today Intra-Bank transfers made during the session, you must make transfers before 3:00 p.m. on a banking day for those funds to be posted on an account that day and to be available for non-WSB Online Banking transactions. Transfers designated as today made after 3:00 p.m. or on a weekend or holiday will have a Scheduled Initiation Date of, and thus will be initiated on, the following WSB business day.
- Transfers designated as future or recurring transactions will be processed by 9:00 a.m. of the scheduled initiation date for provisional credit (i.e. for WSB Online Banking Bill Payments, and cash withdrawals at ATMs) and will post and be available by the next day for payment of non-WSB Online Banking transactions. If the Scheduled Initiation Date falls on a weekend or holiday, the transfer will occur on the next banking day. Future-dated transfers may be changed or canceled until 12:00 midnight of the night before the processing date.
Stopping or Modifying WSB Online Banking Authorized Payments
Payments designated as today transactions cannot be stopped, canceled, or changed once your WSB Online Banking session is terminated. Except as stated below, in order to request a stop payment or change a WSB Online Banking transaction designated as future or recurring you must use WSB Online Banking and follow the instructions provided to you. You must cancel the payment or transfer using WSB Online Banking by 12:00 midnight of the day before the scheduled processing day.
You understand that we will only accept a verbal or written notice to stop an Online Banking transaction if it relates to a payment designated as recurring and only if the notice is received at WSB Online Banking Customer Service (at the address and phone number listed under the "Errors or Questions" section of this Agreement and Disclosure) no later than three calendar days before the scheduled date of the payment or transfer. If you call, we may also require you to put your request in writing and get it to us within fourteen days after you call. The notice must detail whether the cancellation applies to only one of the recurring transactions, or all transactions in the recurring stream. You understand that your written notice will only be accepted at the address and phone number listed in the Errors and Questions section of this document.
If you request a cancellation of a transaction as set forth above and you do not do so, you will be liable for the damages caused as explained in the Errors and Questions section of this document.
Authorization To Charge Accounts
You authorize us to charge your designated account(s) for any transactions accomplished through the use of WSB Online Banking, including the amount of any Bill Payment or Transfer that you make, and any charges for the service. You understand that in adding a payee or maintaining a payee list, even if no payments are scheduled, you are electing to use the full Home Banking and Bill Payment service and therefore will be charged accordingly. You authorize us to process Bill Payments and to transfer funds according to the instructions we receive if the instructions are received from you through WSB Online Banking. You authorize us to initiate any reversing entry or reversing file, and to debit your accounts at WSB or elsewhere, in order to correct any mistaken credit entry. You understand that if a Bill Payment or Transfer request describes the beneficiary inconsistently by name and account number, execution of the request will occur on the basis of the account number, even if it identifies a person different from the named beneficiary. Further, WSB and other financial institutions to which a Bill Payment or Transfer is forwarded may rely on any other account, even if the identification number is different than the identification number at the financial institution named by you. Your obligation to pay the amount of the Bill Payment or Transfer to WSB is not excused in such circumstances.
Account Information; Electronic Notice
You may check the balance(s) of the WSB accounts that are linked by access through WSB Online Banking. (NOTE: the balance figure may not reflect recent transactions, and may include funds that are not subject to immediate withdrawal). You may get a listing of transactions posted to your primary checking account since your last monthly statement, and may get general account information for all accounts linked by access through WSB Online Banking.
Fees
- Monthly Service Fee - There is no charge for you to access your account information online to view up to forty account balances or transfer funds between ten selected transaction accounts at Williamstown Savings Bank. We will charge you a monthly service fee for use of WSB Online Banking Bill Payment Option. The amount of the fee is set forth in the separate schedule of service charges. We will automatically deduct the service fee from your primary checking account on your statement cycle date. Please refer to our separate fee schedule for additional information about fees.
- Transaction Fees - If the deposit account from which the payment or transfer is made is charged per-item fees for excess debit transactions, such as Limited Checking accounts, a fee will be charged for each WSB Online Banking payment or transfer in excess of the specified limit. The transaction fee may not apply to other accounts. The amount of this fee, and specific types of accounts that are excluded from this fee, are set forth in the WSB Statement of Fees.
- Applicable to all Fees and Charges - If you do not have sufficient funds in your account on the date the fee or charge is payable, you authorize us to automatically deduct the payment from your account as soon as funds are available.
Security Procedures
A Service Password will be assigned to you for security purposes. You will be required to change this password with your initial access to your account on-line. At all times, keep your Service Password confidential and never disclosed it to third parties. You are responsible for the safekeeping of the Service Password. You agree not to disclose or otherwise make the Service Password available to anyone not authorized to sign on your accounts.
You represent that you have considered the security procedures of the WSB Online Banking services and find that the security procedures are commercially reasonable for verifying that a Bill Payment, Transfer or other communication purporting to have been issued by you is, in fact, yours. In reaching this determination, you have considered the size, type and frequency of Bill Payments, Transfers or other communications that you anticipate issuing to WSB.
If the WSB Online Banking security procedures are not, in your judgment, commercially reasonable, you must inform us within 30 days. If the size, type and frequency of your Bill Payments and Transfers change, and the result is that the WSB Online Banking security procedures cease to be commercially reasonable, you must also inform us of this within 30 days.
