DISCLOSURE REQUIRED BY FEDERAL LAW
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E-SIGN CONSENT AGREEMENT
By providing us with your consent, you acknowledge, understand and agree that:
- You are authorized and able to provide the consent for the account(s); and
- If you are opening a joint Account, each joint account holder has consented to the electronic provision of the initial disclosures, notices, terms and conditions related to opening account(s) at Quontic Bank.
The words “we,” “our,” and “us” mean Quontic Bank, affiliates, successors, and assigns.
The words “you” and “your” mean each applicant, account owner and anyone else with access to the account. If there is more than one owner, then these words mean each account owner separately, and all account owners jointly.
“Access Device” means any electronic device you use to access your account and view electronic documents. This includes, but is not limited to: a traditional computer such as a desktop or laptop computer; or a mobile device such as a tablet computer or a smartphone.
The word “eStatement” means communications, statements, notices and disclosures delivered electronically after account opening.
The word “electronic documents” initial disclosures, notices, terms and conditions related to opening account(s) at Quontic Bank, including but not limited to E-Sign Consent Agreement, Terms and Conditions Agreement, Funds Availability, Check 21, Electronic Funds Transfers, Privacy, and Truth and Savings Disclosures.
Scope of this Agreement
This Agreement applies to all initial and future disclosures, notices, statements and terms and conditions related to opening account(s) at Quontic Bank and during the lifetime of the account. This consent will remain effective until expressly withdrawn by you. Your consent means that we may provide documents electronically. With your consent, you also agree that we may contact you for general and required notifications regarding your account relationship via the email address supplied in your application.
By accepting and agreeing to this agreement, you agree to be bound by any and all laws, rules, regulations and official issuances applicable to electronic documents and eStatements now existing or which may hereafter be enacted, issued or enforced, as well as such other terms and conditions governing the use of other facilities, benefits or services that Quontic Bank may from time to time make available to you in connection with eStatements.
Quontic Bank has absolute discretion to make eStatements available to you. Further, Quontic Bank has the discretion from time to time and upon giving notice to you to modify, restrict, withdraw, cancel, suspend or discontinue eStatements without giving any reason and you understand that by using eStatements after any modification or change has been effected, you would have agreed to such modification or change.
Electronic Delivery of Documents
Electronic documents will be delivered herein and to you within the application process. You must read the entirety of electronic documents provided. You will then be asked to acknowledge your acceptance of the terms of the electronic documents by checking the box before you are able to submit your application. You agree that, in order to open the account, we will not provide you with paper copies. You are strongly encouraged to save and/or print the documentation for future reference.
The account(s) that you are opening will be automatically enrolled to receive eStatements. After account is approved and opened, you must sign-up for online banking at quonticbank.com. You understand that all statements, notices and disclosures during the lifetime of your account(s) will be eStatements which you will access through Quontic Bank’s Online Banking to obtain, review, print, and copy/download your periodic deposit account statements.
Your consent covers the periodic statements, notices and disclosures you are provided in connection with your Quontic Bank deposit account(s). Your consent also covers disclosures that are required with your account statements, including, but not limited to, the error resolution notice required by the Electronic Fund Transfer Act, as well as marketing information on products and/or promotions that Quontic Bank may provide to you electronically.
Joint Owners: If there is more than one owner on the account(s), any one or both of the joint owners may enroll to receive e-Statements and their access applies to both owners. As such, consent, or withdrawal of consent to receive electronic disclosures, records, or other information by any authorized party to the joint account, will be effective for all account holders.
When and Where to Find Your eStatement
By consenting to this agreement, you confirm that your Access Device meets the minimum specifications and requirements necessary to view and retain your electronic documents.
To access your electronic documents on a mobile device, you will need:
- A mobile device with any of the following operating systems: Android or iOS (iPhone).
- A data plan provided by your wireless carrier and an up-to-date mobile internet browser that is compatible with, and supported by, your operating system (e.g., Chrome or Safari).
- If you wish to view .pdf files on your mobile device, you will need software that accurately reads and displays .pdf files (such as the mobile version of Adobe Reader).
- A printer and/or storage device if you wish to print or retain any electronic documents.
- A computer with any of the following operating systems: Windows XP, Windows Vista, Windows 7 or higher, OS X (Apple Macintosh) or higher.
- An internet connection and an up-to-date internet browser that is compatible with, and supported by, your operating system (e.g., Microsoft Internet Explorer 8.0 or 9.0, Firefox, or Safari 6.0, with a minimum 128-bit encryption for accessing the internet).
- Software that accurately reads and displays .pdf files (such as Adobe Reader).
- A printer and/or storage device if you wish to print or retain any electronic documents.
Changes to system requirements
We will notify you if our hardware or software requirements change and whether that change creates a material risk that you would not be able to access or retain your electronic documents. Continuing the application process after receiving notice of the change is the reaffirmation of your consent to this Agreement.
Maintaining a Valid Email Address
It is your responsibility to provide us with true, accurate and complete e-mail address, contact, and other information related to this Agreement and your account(s), and to maintain and update promptly any changes in this information. You can update such information (such as your e-mail address) by contacting us via telephone at 800-908-6600 or by e-mail at cust[email protected].
It is important that you maintain a valid email address so that we may contact you regarding your account. You agree to maintain a valid email address and promptly notify us of any changes to your email address. You may update your email address during the application process or by contacting us using the contact information on our website.
Withdrawal of Your Application Consent
You may withdraw your consent during the application process. By declining or withdrawing this consent, you will be unable to proceed with the application process.
To withdraw your consent prior to completing your application, simply exit this session prior to accepting this Agreement. To withdraw your consent after you have already submitted your application, you must call us at 800-908-6600 or by e-mail at [email protected].
Any withdrawal of your consent will be effective only after we have a reasonable period of time to process your withdrawal.
Withdraw eStatement Consent
Requesting Paper Copies of Documents Presented Electronically At Application
You agree and understand that paper versions of the electronic documents may not be mailed unless you specifically request it. To request a paper copy of any disclosure, notice, or other document, contact us by using the contact information on our website. Copies of disclosures, service agreements, and account agreements will be mailed at no charge.
Obtaining a Paper Copy of Your eStatement
Multiple Access Devices
Your acceptance of this agreement on one Access Device constitutes your acceptance on all Access Devices you use. For example, if you view and accept this agreement on a mobile device, the terms of this Agreement will apply to electronic documents accessed on a traditional computer (or vice versa).
Additionally, by viewing and accepting this agreement on any Access Device, you are reasonably demonstrating your ability to access and view electronic documents and eStatements in the format that the services are provided on that Access Device and all subsequent Access Devices. If you change Access Devices (or use multiple Access Devices), it is your responsibility to ensure that the new Access Device meets the applicable system requirements and that you are still able to access and view electronic documents and eStatements on the subsequent Access Device. Continuing your application on other Access Devices is your reaffirmation of this Agreement.
Disclaimer of Warranty and Liability
The Bank will not be liable if you are unable to gain access to our website or Internet Banking system due to maintenance, computer failure, interruption in the availability of our service, delay in operation or transmission, computer virus, or any other causes out of the Bank’s control. We make no warranties or representations with respect to any Third Party Service Provider used to access your email notifications or e-Statements. You agree that the Bank will not be held liable for losses or damages arising from non-delivery, delayed delivery or misdelivery of e-mail notifications.
Change in Terms
The Bank reserves the right to make changes to the terms and conditions of this agreement at any time. You will be notified of any changes at least thirty (30) days prior to the effective date if the change(s) would result in an increase of fees or charges, increase of liability to you, or any increase to your responsibility for unauthorized transactions, unless prior notice is excused by law or is necessary to maintain the security of the system. The notice will be sent either electronically or via U.S. mail to your last known address on file at the Bank. By agreeing to this Agreement, you will be bound to any revisions to the terms and conditions.
Other Terms and Conditions
This agreement is in addition to the terms and conditions described in the Terms and Conditions, Mobile Banking Agreement, Online Banking Agreement and any other documentation which relates to your account(s) and was given to you at the time you opened your account(s) and during the lifetime of the account. The Bank also reserves the right to cancel, discontinue, suspend, or modify e-Statements and may revert back to paper statements at any time without giving any notice or reason. By agreeing to the E-Sign Consent Agreement, you will be bound by any current or future changes to the current regulation, laws and rules applicable to E-sign. You accept and agree to the terms and conditions in this agreement and furthermore agree not to use this service for any fraudulent or illegal activity.
Please contact us by using the contact information on our website if you have difficulties accessing or viewing electronic documents on your selected Access Device
You will be asked to acknowledge your acceptance of these terms and the below electronic document by checking the box before you are able to submit your application. In doing so, you are confirming that you meet the system requirements described above, that you have demonstrated your ability to receive, retain, and view electronic documents on your Access Device, and that you have an active and valid email address.
TERMS & CONDITIONS OF YOUR ACCOUNT
Please read carefully and retain it for future reference. By opening an account online, requesting an account or maintaining an account, you acknowledge that you have reviewed, understand and agree to be governed by this agreement and any other documents we give you pertaining to your account(s). This document, along with any other documents we give you pertaining to your account(s), is a contract that establishes rules which control your account(s) with us. Please retain it for future reference. If you open an account online or open or continue to use the account, you agree to these rules.
You will receive a separate schedule of rates, qualifying balances, and fees if they are not included in this document. If you have any questions, please call us at 1-800-908-6600.
This agreement is subject to applicable federal laws, the laws of the state of New York and other applicable rules such as the operating letters of the Federal Reserve Banks and payment processing system rules (except to the extent that this agreement can and does vary such rules or laws). The body of state and federal law that governs our relationship with you, however, is too large and complex to be reproduced here. The purpose of this document is to:
- Summarize some laws that apply to common transactions;
- Establish rules to cover transactions or events which the law does not regulate;
- Establish rules for certain transactions or events which the law regulates but permits variation by agreement; and
- Give you disclosures of some of our policies to which you may be entitled or in which you may be interested.
If any provision of this document is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect. We may permit some variations from our standard agreement, but we must agree to any variation in writing.
As used in this document the words “we,” “our,” and “us” mean the financial institution 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. However, this agreement does not intend, and the terms “you” and “your” should not be interpreted, to expand an individual’s responsibility for an organization’s liability. If this account is owned by a corporation, partnership or other organization, individual liability is determined by the laws generally applicable to that type of organization. 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 used in this document should be construed so the singular includes the plural and the plural includes the singular.
You agree, for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of charges. You authorize us to deduct these charges, without notice to you, directly from the account balance as accrued. You will pay any additional reasonable charges for services you request which are not covered by this agreement.
Each of you also agrees to be jointly and severally (individually) liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to this account. This liability is due immediately, and can be deducted directly from the account balance whenever sufficient funds are available.
You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft.
You will be liable for our costs as well as for our reasonable attorneys’ fees, to the extent permitted by law, whether incurred as a result of collection or in any other dispute involving your account. This includes, but is not limited to, disputes between you and another joint owner; you and an authorized signer or similar party; or a third party claiming an interest in your account. This also includes any action that you or a third party takes regarding the account that causes us, in good faith, to seek the advice of an attorney, whether or not we become involved in the dispute. All costs and attorneys’ fees can be deducted from your account when they are incurred, without notice to you.
We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn “on us”). Before settlement of any item becomes final, we act only as your agent, regardless of the form of indorsement or lack of indorsement on the item and even though we provide you provisional credit for the item. We may reverse any provisional credit for items that are lost, stolen, or returned. Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. We will treat and record all transactions received after our “daily cutoff time” on a business day we are open, or received on a day we are not open for business, as if initiated on the next business day that we are open. At our option, we may take an item for collection rather than for deposit. If we accept a third-party check for deposit, we may require any third-party indorsers to verify or guarantee their indorsements, or indorse in our presence.
Generally. Unless clearly indicated otherwise on the account records, any of you, acting alone, who signs to open the account or has authority to make withdrawals may withdraw or transfer all or any part of the account balance at any time. Each of you (until we receive written notice to the contrary) authorizes each other person who signs or has authority to make withdrawals to indorse any item payable to you or your order for deposit to this account or any other transaction with us.
Postdated checks. A postdated check is one which bears a date later than the date on which the check is written. We may properly pay and charge your account for a postdated check even though payment was made before the date of the check, unless we have received written notice of the postdating in time to have a reasonable opportunity to act. Because we process checks mechanically, your notice will not be effective and we will not be liable for failing to honor your notice unless it precisely identifies the number, date, amount and payee of the item.
Checks and withdrawal rules. If you do not purchase your check blanks from us, you must be certain that we approve the check blanks you purchase. We may refuse any withdrawal or transfer request which you attempt on forms not approved by us or by any method we do not specifically permit. We may refuse any withdrawal or transfer request which is greater in number than the frequency permitted, or which is for an amount greater or less than any withdrawal limitations. We will use the date the transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. In addition, we may place limitations on the account until your identity is verified.
Even if we honor a nonconforming request, we are not required to do so later. If you violate the stated transaction limitations (if any), in our discretion we may close your account or reclassify it as a transaction account. If we reclassify your account, your account will be subject to the fees and earnings rules of the new account classification.
If we are presented with an item drawn against your account that would be a “substitute check,” as defined by law, but for an error or defect in the item introduced in the substitute check creation process, you agree that we may pay such item.
See the funds availability policy disclosure for information about when you can withdraw funds you deposit. For those accounts to which our funds availability policy disclosure does not apply, you can ask us when you make a deposit when those funds will be available for withdrawal. We may determine the amount of available funds in your account for the purpose of deciding whether to return an item for insufficient funds at any time between the time we receive the item and when we return the item or send a notice in lieu of return. We need only make one determination, but if we choose to make a subsequent determination, the account balance at the subsequent time will determine whether there are insufficient available funds.
Overdrafts. You understand that we may, at our discretion, honor withdrawal requests that overdraw your account. However, the fact that we may honor withdrawal requests that overdraw the account balance does not obligate us to do so later. So you can NOT rely on us to pay overdrafts on your account regardless of how frequently or under what circumstances we have paid overdrafts on your account in the past. We can change our practice of paying overdrafts on your account without notice to you. You can ask us if we have other account services that might be available to you where we commit to paying overdrafts under certain circumstances, such as an overdraft protection line-of-credit or a plan to sweep funds from another account you have with us. You agree that we may charge fees for overdrafts. For consumer accounts, we will not charge fees for overdrafts caused by ATM withdrawals or one-time debit card transactions if you have not opted-in to that service. We may use subsequent deposits, including direct deposits of social security or other government benefits, to cover such overdrafts and overdraft fees.
Multiple signatures, electronic check conversion, & similar transactions. An electronic check conversion transaction is a transaction where a check or similar item is converted into an electronic fund transfer as defined in the Electronic Fund Transfers regulation. In these types of transactions, the check or similar item is either removed from circulation (truncated) or given back to you. As a result, we have no opportunity to review the check to examine the signatures on the item. You agree that, as to these or any items as to which we have no opportunity to examine the signatures, you waive any requirement of multiple signatures.
Notice of withdrawal. We reserve the right to require not less than 7 days’ notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. (The law requires us to reserve this right, but it is not our general policy to use it.) Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal.
OWNERSHIP OF ACCOUNT AND BENEFICIARY
Designation. These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds.
Individual account. This is an account in the name of one person.
Joint account – With survivorship (and not as Tenants In Common). This is owned by two or more persons. Deposits and any additions to the account are the property of the owners as joint tenants with right of survivorship. This means that we may release the entire account to any owner during the lifetime of all owners. We may honor withdrawal requests (including checks) from any owner during the lifetime of all owners. We may be required to release money in the account to satisfy a judgment against or other valid debt incurred by any owner. We may honor withdrawal requests (including checks) from any surviving owner after the death of any owner, and may treat the account as the sole property of the surviving owner(s). Unless an owner directs us by written notice not to honor the withdrawal request (including checks) of an owner we will not be liable for doing so. After we receive such a notice, we may require written authorization of any or all joint owners for any further payments or deliveries.
Joint account – No survivorship (as Tenants In Common). This is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship in any other person. We encourage you to agree and tell us in writing of the percentage of the deposit contributed by each of you. This information will not, however, affect the “number of signatures” necessary for withdrawal.
Unless otherwise provided, the rules in this section cover stopping payment of items such as checks and drafts. Rules for stopping payment of other types of transfers of funds, such as consumer electronic fund transfers, may be established by law or our policy. If we have not disclosed these rules to you elsewhere, you may ask us about those rules.
A stop-payment order must be given in the manner required by law and must be received in time to give us a reasonable opportunity to act on it. Because stop-payment orders are handled by computers, to be effective the order must precisely identify the number, date and amount of the item, and the payee. We will honor a stop-payment request by the person who signed the particular item, and, by any other person, even though such other person did not sign the item.
Generally, if your stop-payment order is given to us in writing it is effective for six months. Your order will lapse after that time if you do not renew the order in writing before the end of the six-month period. If the original stop- payment order was verbal your stop-payment order will lapse after 14 calendar days if you do not confirm your order in writing within that time period. We are not obligated to notify you when a stop-payment order expires. A release of the stop-payment request may be made only by the person who initiated the stop-payment order.
If you stop payment on an item and we incur any damages or expenses because of the stop payment, you agree to indemnify us for those damages or expenses, including attorneys’ fees. You assign to us all rights against the payee or any other holder of the item. You agree to cooperate with us in any legal actions that we may take against such persons. You should be aware that anyone holding the item may be entitled to enforce payment against you despite the stop-payment order.
A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties, to a maximum of six per month (less the number of “preauthorized transfers” during the month). Other account transfer restrictions may be described elsewhere.
AMENDMENTS & TERMINATION
We may change any term of this agreement. Rules governing changes in interest rates are provided separately in the Truth-in- Savings disclosure or in another document. For other changes, we will give you reasonable notice in writing or by any other method permitted by law. We may also close this account at any time upon reasonable notice to you and tender of the account balance personally or by mail. Items presented for payment after the account is closed may be dishonored. When you close your account, you are responsible for leaving enough money in the account to cover any outstanding items to be paid from the account. Reasonable notice depends on the circumstances, and in some cases such as when we cannot verify your identity or we suspect fraud, it might be reasonable for us to give you notice after the change or account closure becomes effective. For instance, if we suspect fraudulent activity with respect to your account, we might immediately freeze or close your account and then give you notice. You agree to keep us informed of your current address at all times.
Notice from us to any one of you is notice to all of you. If we have notified you of a change in any term of your account and you continue to have your account after the effective date of the change, you have agreed to the new term(s).
Your Duty to Report Unauthorized Signatures, Alterations and Forgeries. You must examine your statement of account with “reasonable care and promptness.” If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to do either of these duties, you will have to bear the entire loss. Your loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer. We lose these protections if you establish that we failed to exercise ordinary care in paying an item with an unauthorized signature or alteration.
You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance, exceed a total of 14 days from when the statement is first sent or made available to you.
You further agree that if you fail to report any unauthorized signatures, alterations or forgeries in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.
Your Duty to Report Other Errors. In addition to your duty to review your statements for unauthorized signatures, alterations and forgeries, you agree to examine your statement with reasonable promptness for any other error – such as an encoding error. You agree that the time you have to examine your statement and report to us will depend on the circumstances.
However, such time period shall not exceed 60 days. Failure to examine your statement and report any such errors to us within 60 days of when we first send or make the statement available precludes you from asserting a claim against us for any such errors on items identified in that statement and as between you and us the loss will be entirely yours.
Errors Relating to Electronic Fund Transfers or Substitute Checks (For consumer accounts only). For information on errors relating to electronic fund transfers (e.g., computer, debit card or ATM transactions) refer to your Electronic Fund Transfers disclosure and the sections on consumer liability and error resolution. For information on errors relating to a substitute check you received, refer to your disclosure entitled Substitute Checks and Your Rights.
If we are required for any reason to reimburse the federal government for all or any portion of a benefit payment that was directly deposited into your account, you authorize us to deduct the amount of our liability to the U.S. Government from the account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.
TEMPORARY ACCOUNT AGREEMENT
If this option is selected, this is a temporary account agreement. Each person who signs to open the account or has authority to make withdrawals (except as indicated to the contrary) may transact business on this account. However, we may at some time in the future restrict or prohibit further use of this account if you fail to comply with the requirements we have imposed within a reasonable time.
You each agree that we may (when permitted by law) set off the funds in this account against any due and payable debt you owe us now or in the future, by any of you having the right of withdrawal, to the extent of such persons’ or legal entity’s right to withdraw. If the debt arises from a note, “any due and payable debt” includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note.
This right of set-off does not apply to this account if prohibited by law. For example, the right of set-off does not apply to this account if: (a) it is an Individual Retirement Account or similar tax-deferred account, or (b) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect our rights under any consensual security interest), or (c) the debtor’s right of withdrawal only arises in a representative capacity, or (d) social security or supplemental security income payments are deposited directly into this account pursuant to an agreement with us which permits such direct deposit without presentation to you at the time of deposit. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of set-off.
We process items mechanically by relying solely on the information encoded in magnetic ink along the bottom of the items. This means that we do not individually examine all of your items to determine if the item is properly completed, signed and indorsed or to determine if it contains any information other than what is encoded in magnetic ink. You agree that we have not failed to exercise ordinary care solely because we use our automated system to process items and do not inspect all items processed in such a manner. Using an automated process helps us keep costs down for you and all account holders.
We may charge a fee for anyone that does not have an account with us who is cashing a check, draft or other instrument written on your account. We may also require reasonable identification to cash such a check, draft or other instrument. We can decide what identification is reasonable under the circumstances and such identification may be documentary or physical and may include collecting a thumbprint or fingerprint.
TRUNCATION, SUBSTITUTE CHECKS, & OTHER CHECK IMAGES
If you truncate an original check and create a substitute check, or other paper or electronic image of the original check, you warrant that no one will be asked to make payment on the original check, a substitute check or any other electronic or paper image, if the payment obligation relating to the original check has already been paid. You also warrant that any substitute check you create conforms to the legal requirements and generally accepted specifications for substitute checks. You agree to retain the original check in conformance with our internal policy for retaining original checks. You agree to indemnify us for any loss we may incur as a result of any truncated check transaction you initiate. We can refuse to accept substitute checks that have not previously been warranted by a bank or other financial institution in conformance with the Check 21 Act. Unless specifically stated in a separate agreement between you and us, we do not have to accept any other electronic or paper image of an original check.
REMOTELY CREATED CHECKS
Like any standard check or draft, a remotely created check (sometimes called a telecheck, preauthorized draft or demand draft) is a check or draft that can be used to withdraw money from an account. Unlike a typical check or draft, however, a remotely created check is not issued by the paying bank and does not contain the signature of the account owner (or a signature purported to be the signature of the account owner). In place of a signature, the check usually has a statement that the owner authorized the check or has the owner’s name typed or printed on the signature line. For example, if a person provides an account number in response to a telephone solicitation, the telephone solicitor can use the account number to issue a remotely created check to withdraw money from that account.
You warrant and agree to the following for every remotely created check we receive from you for deposit or collection: (1) you have received express and verifiable authorization to create the check in the amount and to the payee that appears on the check; (2) you will maintain proof of the authorization for at least 2 years from the date of the authorization, and supply us the proof if we ask; and (3) if a check is returned you owe us the amount of the check, regardless of when the check is returned. We may take funds from your account to pay the amount you owe us, and if there are insufficient funds in your account, you still owe us the remaining balance.
UNLAWFUL INTERNET GAMBLING NOTICE
Restricted transactions as defined in Federal Reserve Regulation GG are prohibited from being processed through this account or relationship. Restricted transactions generally include, but are not limited to, those in which credit, electronic fund transfers, checks, or drafts are knowingly accepted by gambling businesses in connection with the participation by others in unlawful Internet gambling.
ACH & WIRE TRANSFERS
This agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearing house association rules. These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. If we receive a payment order to credit an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.
Unless you make advance arrangements with us, we have no obligation to honor facsimile signatures on your checks or other orders. If we do agree to honor items containing facsimile signatures, you authorize us, at any time, to charge you for all checks, drafts, or other orders, for the payment of money, that are drawn on us. You give us this authority regardless of by whom or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen filed with us, and contain the required number of signatures for this purpose. You must notify us at once if you suspect that your facsimile signature is being or has been misused.
The automated processing of the large volume of checks we receive prevents us from inspecting or looking for special instructions or “restrictive legends” on every check. Examples of restrictive legends placed on checks are “must be presented within 90 days” or “not valid for more than $1,000.00.” For this reason, we are not required to honor any restrictive legend placed on checks you write unless we have agreed in writing to the restriction. We are not responsible for any losses, claims, damages, or expenses that result from your placement of these or other special instructions on your checks.
This account may not be transferred or assigned without our prior written consent.
We may accept for deposit any item payable to you or your order, even if they are not indorsed by you. We may give cash back to anyone of you. We may supply any missing indorsement(s) for any item we accept for deposit or collection, and you warrant that all indorsements are genuine.
To ensure that your check or share draft is processed without delay, you must indorse it (sign it on the back) in a specific area. Your entire indorsement (whether a signature or a stamp) along with any other indorsement information (e.g., additional indorsements, ID information, driver’s license number, etc.) must fall within 1 1/2″ of the “trailing edge” of a check. Indorsements must be made in blue or black ink so that they are readable by the automated check processing equipment.
As you look at the front of a check, the “trailing edge” is the left edge. When you flip the check-over, be sure to keep all indorsement information within 1 1/2″ of that edge.
It is important that you confine the indorsement information to this area since the remaining blank space will be used by others in the processing of the check to place additional needed indorsements and information. You agree that you will indemnify, defend, and hold us harmless for any loss, liability, damage or expense that occurs because your indorsement, another indorsement, or information you have printed on the back of the check obscures our indorsement. These indorsement guidelines apply to both personal and business checks.
DEATH OR INCOMPETENCE
You agree to notify us promptly if any person with a right to withdraw funds from your account(s) dies or becomes legally incompetent. We may continue to honor your checks, items, and instructions until: (a) we know of your death or incompetence, and (b) we have had a reasonable opportunity to act on that knowledge. You agree that we may pay or certify checks drawn on or before the date of death or legal incompetence for up to ten (10) days after your death or legal incompetence unless ordered to stop payment by someone claiming an interest in the account.
Accounts may be opened by a person acting in a fiduciary capacity. A fiduciary is someone who is appointed to act on behalf of and for the benefit of another. This account may be opened and maintained by a person or persons named as a trustee under a written trust agreement, or as executors, administrators, or conservators under court orders. You understand that by merely opening such an account, we are not acting in the capacity of a trustee in connection with the trust nor do we undertake any obligation to monitor or enforce the terms of the trust or letters.
You agree that we may verify credit and employment history by any necessary means, including preparation of a credit report by a credit reporting agency.
LEGAL ACTIONS AFFECTING YOUR ACCOUNT
If we are served with a subpoena, restraining order, writ of attachment or execution, levy, garnishment, search warrant, or similar order relating to your account (termed “legal action” in this section), we will comply with that legal action. Or, in our discretion, we may freeze the assets in the account and not allow any payments out of the account until a final court determination regarding the legal action. We may do these things even if the legal action involves less than all of you. In these cases, we will not have any liability to you if there are insufficient funds to pay your items because we have withdrawn funds from your account or in any way restricted access to your funds in accordance with the legal action. Any fees or expenses we incur in responding to any legal action (including, without limitation, attorneys’ fees and our internal expenses) may be charged against your account. The list of fees applicable to your account(s) provided elsewhere may specify additional fees that we may charge for certain legal actions.
It is your responsibility to protect the account numbers and electronic access devices (e.g., an ATM card) we provide you for your account(s). Do not discuss, compare, or share information about your account number(s) with anyone unless you are willing to give them full use of your money. An account number can be used by thieves to encode your number on a false demand draft which looks like and functions like an authorized check. If you furnish your access device and grant actual authority to make transfers to another person (a family member or coworker, for example) who then exceeds that authority, you are liable for the transfers unless we have been notified that transfers by that person are no longer authorized.
Your account number can also be used to electronically remove money from your account. If you provide your account number in response to a telephone solicitation for the purpose of making a transfer (to purchase a service or merchandise, for example), payment can be made from your account even though you did not contact us directly and order the payment.
You must also take precaution in safeguarding your blank checks. Notify us at once if you believe your checks have been lost or stolen. If you are negligent in safeguarding your checks we will not be responsible for any losses you incur due to an alteration or forgery if we have paid the check in good faith and in accordance with reasonable commercial standards.
Unless required by law or we have agreed otherwise in writing, we are not required to act upon instructions you give us via facsimile transmission or leave by voicemail or on a telephone answering machine.
CLAIM OF LOSS
If you claim a credit or refund because of a forgery, alteration, or any other unauthorized withdrawal, you agree to cooperate with us in the investigation of the loss, including giving us an affidavit containing whatever reasonable information we require concerning your account, the transaction, and the circumstances surrounding the loss. You will notify law enforcement authorities of any criminal act related to the claim of lost, missing, or stolen checks or unauthorized withdrawals. We will have a reasonable period of time to investigate the facts and circumstances surrounding any claim of loss.
Unless we have acted in bad faith, we will not be liable for special or consequential damages, including loss of profits or opportunity, or for attorneys’ fees incurred by you. You agree that you will not waive any rights you have to recover your loss against anyone who is obligated to repay, insure, or otherwise reimburse you for your loss.
You will pursue your rights or, at our option, assign them to us so that we may pursue them. Our liability will be reduced by the amount you recover or are entitled to recover from these other sources.
EARLY WITHDRAWAL PENALTIES (and involuntary withdrawals)
We may impose early withdrawal penalties on a withdrawal from a time account even if you don’t initiate the withdrawal. For instance, the early withdrawal penalty may be imposed if the withdrawal is caused by our setoff against funds in the account or as a result of an attachment or other legal process. We may close your account and impose the early withdrawal penalty on the entire account balance in the event of a partial early withdrawal. See your notice of penalty for early withdrawals for additional information.
ADDRESS OR NAME CHANGES
You are responsible for notifying us of any change in your address or your name. Unless we agree otherwise, change of address or name must be made in writing by at least one of the account holders. Informing us of your address or name change on a check reorder form is not sufficient. We will attempt to communicate with you only by use of the most recent address you have provided to us. If provided elsewhere, we may impose a service fee if we attempt to locate you.
RESOLVING ACCOUNT DISPUTES
We may place an administrative hold on the funds in your account (refuse payment or withdrawal of the funds) if it becomes subject to a claim adverse to (1) your own interest; (2) others claiming an interest as survivors or beneficiaries of your account; or (3) a claim arising by operation of law. The hold may be placed for such period of time as we believe reasonably necessary to allow a legal proceeding to determine the merits of the claim or until we receive evidence satisfactory to us that the dispute has been resolved. We will not be liable for any items that are dishonored as a consequence of placing a hold on funds in your account for these reasons.
WAIVER OF NOTICES
You waive any notice of non- payment, dishonor or protest regarding any items credited to or charged against your account.
Fiduciary Account includes but not limited to Escrow, Trusts, and Custodial accounts
If additional review is required, International ACH transactions will not be available to you until it passes final verification.
FUNDS AVAILABILITY POLICY DISCLOSURE
PURPOSE OF THIS DISCLOSURE
The information here describes our policy of holding deposited items in a transaction account before funds are made available to you for withdrawal. This is our Funds Availability Policy. In summary, our policy is to make your funds available on the next Business Day after the day of deposit. Please refer to the section DETERMINING THE AVAILABILITY OF YOUR DEPOSIT for the complete policy.
For the purposes of this disclosure, the terms “you”/”your” refer to the customer and the terms “our”/”we”/”us” refer to QUONTIC BANK.
Generally, transaction accounts are accounts which would permit an unlimited number of payments by check to third persons, and also an unlimited number of telephonic and preauthorized transfers to third persons or other accounts you may have with us.
DETERMINING THE AVAILABILITY OF YOUR DEPOSIT
The length of the delay varies depending on the type of deposit and is explained below. When we delay your ability to withdraw funds from a deposit, you may not withdraw the funds in cash, and we will not pay checks you have written on your account by using these funds. Even after we have made funds available to you and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
When we delay your ability to withdraw funds, the length of the delay is counted in Business Days from the day of your deposit. The term “Business Day” means any day other than a Saturday, Sunday or federally declared legal holiday, and the term “Banking Day” means that part of any Business Day on which we are open to the public for carrying on substantially all of our banking functions.
If you make a deposit before 5:00 p.m. on a Business Day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 5:00 p.m. or on a day that we are not open, we will consider the deposit made on the next Business Day we are open.
- Cash (if made in person to an employee of QUONTIC BANK*)
- Wire transfers
- U.S. Treasury checks (if payable to you and deposited into your account)
- U.S. Postal Service Money Orders (if payable to you and deposited into your account, and the deposit is made in person to an employee of QUONTIC BANK*)
- Federal Reserve Bank or Federal Home Loan Bank checks (if payable to you and deposited into your account, and the deposit is made in person to an employee of QUONTIC BANK*)
- State or Local Government checks (if the checks are payable to you, deposited into your account, the deposit is made in person to an employee of QUONTIC BANK and you request next day availability from the teller or customer service representative.*)
- Cashier’s, Certified, or Teller’s checks if the checks are payable to you, deposited into your account, the deposit is made in person to an employee of QUONTIC BANK and you request next day availability from the teller or customer service representative.*.*)
- Checks drawn on us
*If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available no later than the next Business Day after the day of your deposit. Other Check Deposits. Funds from all other check deposits will be available on the next Business Day after the day of your deposit. The first $225.00 of your deposits, however, will be available on the first Business Day after the day of deposit.
CASE-BY-CASE DELAYS — In some cases, funds from deposits of local checks may not be made available to you according to the preceding schedule. Funds may not be available until the second business day after the day of your deposit. The first $225.00 of your deposit, however, will be available on the first business day. If we are not going to make all of the funds from your deposit available according to the preceding schedule, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the next business day after we receive your deposit. If you will need the funds from the deposit right away, you should ask us when the funds will be available.
HOLDS ON OTHER FUNDS FOR CHECK CASHING
If we cash a check for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
HOLDS ON OTHER FUNDS IN ANOTHER ACCOUNT
If we accept for deposit a check that is drawn on another financial institution, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.
LONGER DELAYS MAY APPLY
Funds you deposit by check may be delayed for a longer period under the following circumstances:
a) if we believe a check you deposit will not be paid;
b) if you deposit checks totaling more than $5,525.00 on any one day;
c) if you redeposit a check that has been returned unpaid;
d) if you have overdrawn your account repeatedly in the last six months; or
e) if an emergency condition arises that would not enable us to make the funds available to you, such as the failure of computer or communications equipment.
We will notify you if we delay your availability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the fourth Business Day after the day of your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.
DEPOSITS AT AUTOMATED TELLER MACHINES
If you make a deposit at an automated teller machine (ATM) that is owned and operated by us before 4:00 p.m. on a Business Day that we are open, we will consider the deposit made that day. However, if you make a deposit at an ATM that is owned and operated by us after 4:00 p.m. or on a day that we are not open, we will consider the deposit made on the next Business Day we are open.
ADDITIONAL ATM INFORMATION
ATM deposits are only accepted at our Astoria Branch location. The first $225.00 of any deposit made will be available on the business day we receive the deposit. Funds from the cash deposits will be available on the first business day after the day of deposit. Funds from check deposits will be available on the second business day after the day of deposit.
ADDITIONAL DEPOSIT INFORMATION - NEW ACCOUNT RULES
Special rules apply during the first 30 days after an account is opened. An account is not new if the customer has had another transaction account at the bank for more than 30 days. If the customer has had authorization only to sign on a corporate account and then opens a new consumer account, it is considered a new account for purposes of Regulation CC.
Funds from cash will be available on the first business day after the day of deposit. Funds from a day’s total deposit of cashier’s, certified, teller’s, travelers, and federal, state, and local government checks will be available on the first business day after the day of deposit if the checks are payable to you, deposited into your account, the deposit is made in person to an employee of QUONTIC BANK and you request next day availability from the teller or customer service representative.*
Funds from all other check deposits for new accounts will have $225.00 available on the first business day after the day of deposit and the balance on the ninth business day after the day of deposit. Subsequent deposits will be available under the terms as otherwise stated in this Funds Availability Policy for accounts that are not new.
IMPORTANT INFORMATION ABOUT YOUR CHECKING ACCOUNT
Substitute checks & your rights
What is a substitute check?
To make check processing faster, federal law permits banks to replace original checks with “substitute checks.” These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: “This is a legal copy of your check. You can use it the same way you would use the original check.” You may use a substitute check as proof of payment just like the original check.
Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions.
What are my rights regarding substitute checks?
In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).
The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.
If you use this procedure, you may receive up to$2,500.00 of your refund (plus interest if your account earns interest) within 10 business days after we received your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after we received your claim.
We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.
How do I make a claim for a refund?
If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at:
Astoria, NY 11106
You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances.
Your claim must include:
- A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect);
- An estimate of the amount of your loss;
- An explanation of why the substitute check you received is insufficient to confirm that you suffered a loss; and
- A copy of the substitute check or the following information to help us identify the substitute check: Such as the check number, the name of the person to whom you wrote the check, and/or the amount of the check.
ELECTRONIC FUND TRANSFERS
YOUR RIGHTS AND RESPONSIBILITIES
The Electronic Fund Transfers we are capable of handling for consumers are indicated below, some of which may not apply to your account. Some of these may not be available at all terminals. Please read this disclosure carefully because it tells you your rights and obligations for these transactions. You should keep this notice for future reference.
TYPES OF TRANSFERS, FREQUENCY AND DOLLAR LIMITATIONS
- Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your checking and/or savings account(s).
- Preauthorized payments. You may make arrangements to pay certain recurring bills from your checking and/or savings account(s).
b) ATM transfers
You may access your account(s) by ATM using your debit or ATM card and personal identification number to:
- Make deposits to checking accounts
- Make deposits to savings accounts
- Get cash withdrawals from checking accounts you may withdraw no more than 500.00 per day
- Get cash withdrawals from savings accounts you may withdraw no more than $500.00 per day
- Transfer funds from savings to checking
- Transfer funds from checking to savings
- Get checking account(s) information
- Get savings account(s) information
c) Point-of-sale transactions
Using your card you may access your checking account (s) to do the following:
- Purchase goods in person, by phone, by the computer;
- Pay for services in person, by phone, by the computer; or
- Get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.
- You may not exceed more than $ 1000.00 in transactions per day.
(d) Computer transfers
You may access your account(s) by computer by online banking (OLB) and using your OLB credentials to:
- Transfer funds from checking to savings,
- Transfer funds from savings to checking,
- Make payments from checking to loan accounts with us,
- Get checking account(s) information, or
- Get savings account(s) information.
(e) Mobile banking transfers
You may access your account(s) by Web-enabled cell phone by Quontic Mobile application and using your online banking credentials to:
a) Transfer funds from checking to savings
b) Transfer funds from savings to checking
c) Get checking account(s) information
d) Get savings account(s) information
e) You may be charged access fees by your cell phone provider based on your individual plan. Web access is needed to use this service. Check with your cell phone provider for details on specific fees and charges.
(f) Electronic Fund Transfers initiated by third parties
You may authorize a third party to initiate electronic fund transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third party transfers will require you to provide the third party with your account number and financial institution information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your financial institution and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers.
In addition to those limitations on transfers elsewhere described, if any, the following limitations apply:
- Transfers or withdrawals from a SAVING or MONEY MARKET account to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card or similar order to a third party, are limited to 6 per statement cycle.
- If you exceed the transfer limitations set forth above, your account shall be subject to closure.
We do not charge for Electronic Funds Transfers.
ATM Operator/Network Fees – When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).
a) Terminal transfers
You can get a receipt at the time you make a transfer to or from your account using a(n) automated teller machine or point-of-sale terminal. You may not get a receipt if the amount of the transfer is $15 or less.
b) Preauthorized credits
If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at the telephone number listed below to find out whether or not the deposit has been made.
a) Right to stop payment and procedure for doing so
If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here’s how:
Call or write us at the telephone number or address listed in this disclosure, in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call. We charge $20.00 for each stop payment.
b) Notice of varying amounts
If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
c) Liability for failure to stop payment of the preauthorized transfer.
If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
FINANCIAL INSTITUTION'S LIABILITY
Liability for failure to make transfers
If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
- If, through no fault of ours, you do not have enough money in your account to make the transfer.
- f the transfer would go over the credit limit on your overdraft line. • If the automated teller machine where you are making the transfer does not have enough cash.
- If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
- If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
- There may be other exceptions stated in our agreement with you.
We will disclose information to third parties about your account or the transfers you make:
(1) where it is necessary for completing transfers; or
(2) in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
(3) in order to comply with government agency or court orders; or
(4) if you give us written permission.
a) Consumer liability
Tell us at once if you believe your card and/or code has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. 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). If you tell us within 2 business days after you learn of the loss or theft of your card and/or code, you can lose no more than $50 if someone used your card and/or code without your permission. Also, if you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could lose as much as $500. Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time period.
CONSUMER LIABILITY FOR UNAUTHORIZED TRANSACTIONS INVOLVING MASTERCARD® DEBIT CARD. The limitations on your liability for unauthorized transactions described above generally apply to all electronic fund transfers. However, different limitations apply to certain transactions involving your card with the branded card. If you promptly notify us about an unauthorized transaction involving your card and the unauthorized transaction took place on your Mastercard® branded card, including any PIN-based ATM or Pont Of Sale transactions, zero liability will be imposed on you for the unauthorized transaction. In order to qualify for the zero liability protection, you must have exercised reasonable care in safeguarding your card from the risk of loss or theft and, upon becoming aware of such loss or theft, promptly reported the loss or theft to us. If the conditions set forth above have not been met, you may be liable for unauthorized transactions to the extent allowed under applicable law. Mastercard ® is a registered trademark of Mastercard International Incorporated.
An account is considered a new account for 30 days after the first deposit is made if you are a new customer.
We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.
b) Contact in event of unauthorized transfer
If you believe your card and/or code has been lost or stolen, call or write us at the telephone number or address listed at the end of this disclosure. You should also call the number or write to the address listed at the end of this disclosure if you believe a transfer has been made using the information from your check without your permission.
ERROR RESOLUTION NOTICE
In Case of Errors or Questions About Your Electronic Transfers, Call or Write us at the telephone number or address listed below, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
1. Tell us your name and account number (if any).
2. 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.
3. Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.
We will determine whether an error occurred within 10 business days (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new account) 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. An account is considered a new account for 30 days after the first deposit is made if you are a new customer.
We will tell you the results within three business days after completing our investigation. It we decide that there was no error, we will send you a written explanation.
You may ask for copies of the documents that we used in our investigation.
Point of Sale
If you perform a transaction with the Mastercard logo in a currency other than U.S. dollars, Mastercard International Inc. will convert the charge into a US dollar amount.
Astoria, New York 11106
Monday – Friday 8:30am – 5pm
Friday 8:30am – 6pm
Not including bank holidays
Phone Number: 1-800-908-6600
Email: [email protected]
WHAT DOES QUONTIC BANK DO WITH YOUR PERSONAL INFORMATION?
Financial companies choose how they share your personal information. Federal law gives consumers the right to do some but not all sharing. Federal law also requires us to tell you how we collect, share and protect your personal information. Please read this notice carefully to understand what we do.
The types of personal information we collect and share depend on the product or service you have with us. This information can include:
All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Quontic Bank chooses to share; and whether you can limit this sharing.
REASONS WE CAN SHARE YOUR PERSONAL INFORMATION
DOES QUONTIC BANK SHARE?
CAN YOU LIMIT THIS SHARING?
For our everyday business purposes— such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus.
For our marketing purposes— to offer our products and services to you
For joint marketing with other financial companies
We do not share
For our affiliates’ everyday business purposes— information about your transactions and experiences
We do not share
For our affiliates’ everyday business purposes— information about your creditworthiness
We do not share
For non-affiliates to market to you
We do not share
Call 1-800-908-6600 or go to www.quontic.com
WHAT WE DO
How does Quontic Bank protect my personal information?
To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Quontic Bank collect my personal information?
We collect your personal information, for example, when you:
Why can’t I limit all sharing?
Federal law gives you the right to limit only ◦Sharing for affiliates’ everyday business purposes—information about your creditworthiness
Companies related by common ownership or control. They can be financial and non-financial companies. Quontic Bank does not share with our affiliates.
Companies not related by common ownership or control. They can be financial and non-financial companies. Quontic Bank does not share with non-affiliates so they can market to you.
A formal agreement between non-affiliated financial companies that together market financial products or services to you. Quontic Bank does not jointly market.
Rates and Fees. Please refer to our separate Schedule of Fees for additional information about fees and charges. Please refer to our separate Rate Sheet for current interest rate and annual percentage yield information (“APY). The Rate Sheet and Schedule of Fees are incorporated as part of this disclosure and link provided on this application submission page.
Our rights to terminate your account. We may close your account at any time. We will notify you if we do so. We may refuse to pay any check presented to us for payment after our notice.
Additional information regarding your account. The below disclosures are for personal accounts. Personal means an account opened in the name of one person only or more than one person in joint tenancy. If you have any questions, please feel free to call us at (800) 908-6600.
Note. Current rates may also be obtained by calling us at (800) 908-6600.
QUONTIC MAX SAVINGS ACCOUNT
VARIABLE RATE INFORMATION. Please refer to our separate rate sheet for the current interest rate and annual percentage yield information.
DETERMINATION OF RATE. At our discretion, your interest rate and annual percentage yield may change on your account at any time without notice.
FREQUENCY OF RATE CHANGES. We may change the interest rate on your account at any time.
LIMITATIONS ON RATE CHANGES. There are no maximum or minimum interest rate limits for this account.
COMPOUNDING AND CREDITING. Interest will be compounded daily and will be credited to the account every 1 month(s). If you close your account before interest is credited, you will receive the accrued interest.
MINIMUM BALANCE REQUIREMENTS. No minimum amount needed to open this account. A minimum daily balance of $1.00 is required. No maintenance fees apply. You must maintain a minimum balance stated for the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement. Please refer to our separate rate sheet for the current interest rate and annual percentage yield information.
PROCESSING ORDER. All credit transactions are processed first. Debits, or withdrawals, from your account will be processed as follows: electronic items such as Preauthorized transactions then checks. The items are processed from highest to lowest within each category.
BALANCE COMPUTATION METHOD. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.
ACCRUAL ON NON-CASH DEPOSITS. Interest begins to accrue on the business day you deposit noncash items (for example, checks).
TRANSACTION LIMITATIONS. Account has a daily funds transfer limit of $500,000 credit and $500,000 debit. You may make no more than six preauthorized withdrawals, automatic or telephonic transfers, and similar transactions from your account per month or statement cycle. You will be contacted in the event you exceeded the transaction limitations and your account may be changed to a transactional account. There is a $10.00 excess transaction fee for every transaction over six for preauthorized withdrawals, automatic or telephonic transfers, or similar transactions from your account per account statement cycle. ATM/Debit Card and checks will not be issued for this account.
FUNDS AVAILABILITY FOR QUONTIC MAX SAVINGS ACCOUNTS AMENDMENT: No special rules apply for Quontic Max Savings accounts during the first 30 days after an account is opened. Funds from cash will be available on the first business day after the day of deposit. Funds from a day’s total deposit of cashier’s, certified, teller’s, travelers, and federal, state, and local government checks will be available on the first business day after the day of deposit if the checks are payable to you, deposited into your account, the deposit is made in person to an employee of QUONTIC BANK, and you request next day availability from the teller or customer service representative. Funds from all other check deposits will have $225.00 available on the first business day after the day of deposit and the balance by the third business day after the day of deposit. The other terms, restrictions and parameters set for in the Funds Availability Policy disclosure remain in full force and effect.
ACCOUNT FEES AND CHARGES. Refer to our fee schedule provided to you with this disclosure for information about fees or charges associated with your account. A fee schedule will be provided to you at the time you open an account, periodically when fees or charges change, and upon request.
PAPERLESS COMMUNICATIONS. You must be a paperless customer, which means that while this account is open you’ll need to be actively enrolled (i.e. applied and confirmed) in Quontic Bank Online Banking, maintain a valid email address and agree to receive electronic delivery of all statements, disclosures and other communications. After account is approved and opened, you must enroll for Quontic Bank Online Banking at quonticbank.com. Each month you will receive an email notifying you that your electronic statement is available to you online. You will be able to review, copy, download, or print your electronic statement by accessing your Quontic Bank Online Banking account at quonticbank.com. Please contact us if you have any questions on electronic statements and/or how to enroll into Quontic Bank Online Banking.
OBTAINING A PAPER COPY OF YOUR ELECTRONIC STATEMENT. If you would like to receive a paper copy of your electronic statements, you may contact any branch of the Bank by any mode of communication.