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Electronic Fund Transfer Disclosure

ELECTRONIC FUND TRANSFERS
YOUR RIGHTS AND RESPONSIBILITES

Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed.

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 a deposit or withdrawal slip. Thus, you should only provide your financial institution and account information (whether over the phone, the internet, or other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include, but are not limited to:

  • Preauthorized credits - You may make arrangements for certain direct deposits (for example, from: U.S. TREASURY, ABC COMPANY, SOCIAL SECURITY ADMINISTRATION, ETC) to be accepted into your checking, savings or NOW, SUPER NOW, MONEY MARKET ACCOUNTS.
  • Preauthorized payments - You may make arrangements to pay certain recurring bills from your checking, savings or NOW, SUPER NOW, MONEY MARKET Accounts.
  • Electronic check conversion - You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to pay for purchases or pay bills.
  • Electronic return check charge - You may authorize a merchant or other payee to initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.

24 HOUR TELEPHONE BANKING transactions - types of transactions - You may access your account by telephone using your account number(s), personal identification number (PIN), touch tone phone and SIGNED AGREEMENT ON FILE WITH BANK AND CHANGE OF AUTO-ASSIGNED PIN PRIOR TO USE to:

  • transfer funds from checking to savings
  • transfer funds from checking to checking
  • transfer funds from savings to checking
  • transfer funds from savings to savings
  • get balance information about checking, savings, certificate of deposit or Loan Information
  • get withdrawal history about checking or savings
  • get deposit history about checking or savings
  • get transaction history

You may access your account for telephone transactions at the following number(s) and during the following hours:

  • (800) 808-8026 (24 Hours)

Debit Card ATM transactions - types of transactions - You may access your account(s) by ATM at NYCE, CIRRUS, PULSE, MASTERCARD, MAESTRO, VISA, PLUS, NOVUS, AMERICAN EXPRESS using your Debit Card and your personal identification number (PIN) (as applicable) to:

  • withdraw cash from checking or savings
  • transfer funds from checking to checking
  • transfer funds from checking to savings
  • transfer funds from savings to savings
  • transfer funds from savings to checking
  • get balance information about checking or savings
  • We reserve the right to limit use of the VISA/MASTERCARD CHECK CARD by account holders and/or restrict access without notice to account holders

Some of these services may not be available at all terminals.

Debit Card point-of-sale transactions - types of transactions - You may access your checking account(s) by debit card to do transactions that participating merchants will accept including:

  • Purchase goods in person, by phone, or online
  • Pay for services in person, by phone, or online
  • Get cash from a participating merchant or financial institution

Currency Conversion - Disclosure for transactions processed through VISA/MASTERCARD®:

A 1% Currency Conversion Fee will be assessed on International transactions where VISA/MASTERCARD® has performed a currency conversion function.

This fee will be based on a rate selected by VISA/MASTERCARD® from the range of rates available in wholesale currency markets for the applicable central processing date, which may vary from the rate VISA/MASTERCARD® itself receives, or the government mandated rate in effect for the applicable central processing date.

Disclosure for transactions processed through Cirrus:

A 20% (twenty basis points) Currency Conversion Fee will be assessed on International transactions where Cirrus has performed a currency conversion function.

This fee will be based on either a government mandated exchange rate, or a wholesale exchange rate selected by Cirrus and the rate used will be the applicable rate on the day the transaction was processed, which may differ from the date of the transaction or when it was posted to the cardholder's account.

An 80% (eighty basis points) Cross Border Fee will be assessed on International transactions whether or not a currency conversion function was performed by Cirrus.

Advisory Against Illegal Use - You agree not to use your card(s) for illegal gambling or other illegal purposes. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located.

Fees

  • We do not charge for direct deposits to any type of account.
  • We do not charge for preauthorized payments from any type of account.
  • We will charge you $28.00 for each stop payment order you request.
  • We will charge you $8.00 to replace a lost or stolen Bank of Gibson City VISA/MASTERCARD ® Check Card.
  • We will charge you $8.00 to issue a new PIN for your Bank of Gibson City VISA/MASTERCARD ® Check Card.
  • A surcharge of $3.00 will be assessed at our ATM machines for all cash withdrawal transactions NOT MADE WITH A BANK OF GIBSON CITY VISA/MASTERCARD CHECK CARD.
  • Overdraft/NSF fees will not be waived if your transaction results in a negative account balance.

Except as indicated elsewhere, we do not charge for these electronic fund 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).

Limitations on frequency of transfers - In addition to those limitations on transfers elsewhere described, if any, the following limitations apply to your savings and HI-FI account(s):

During any calendar month or statement cycle of at least four weeks, you may not make more than six withdrawals or transfers to another account of yours or to a third party by means of preauthorized or automatic transfer or telephone order of instruction. No more than three of the six transfers may be made by check, draft, debit card (if applicable) or similar order to a third party. If you exceed the transfer limitations set forth above in any statement period, your account will be subject to closure by the financial institution.

Security limitations - For security reasons, there are other limits on the number of transfers you can make using our point-of-sale transfer service.

Online Banking transactions - types of transactions: You may access certain account(s) you maintain with us by computer using your assigned user ID and password by accessing the online banking service. You may use the online banking service to perform the following functions:

  • Transfer Funds between Eligible Accounts.
  • Obtain Balance Information on Eligible Accounts.
  • Review Transactions on Eligible Accounts.
  • Make Loan Payments.
  • Stop Payment Requests.
  • Online Bill Payment.
  • Order Checks.

Documentation

Terminal transfers - You can get a receipt at the time you make any transfer to or from your account using one of our automated teller machines or point-of-sale terminals. However, you may not get a receipt if the amount of the transfer is $15 or less.

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:

  • The person or company making the deposit will tell you every time they send us money.
  • You can call us at (217) 784-4233 to find out whether or not the deposit has been made.

Periodic statements - You will get a monthly account statement from us for your checking account(s).

You will get a monthly account statement from us for your savings account(s), unless there are no transfers in a particular month. In any case, you will get a statement at least quarterly.

Preauthorized Payments

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 is how: Call us or write us at the telephone and address listed in this disclosure in time for us to receive your request three business days or more before the payment is scheduled to be made. If you call, we may require you to put your request in writing and get it to us within 14 days after you call.

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.)

Liability for failure to stop payment of preauthorized transfer - If you order us to stop one of these payments three 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:

  1. If, through no fault of ours, you do not have enough money in your account to make the transfer.
  2. If you have an overdraft line and the transfer would go over the credit limit.
  3. If the automated teller machine where you are making the transfer does not have enough cash.
  4. If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
  5. If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
  6. There may be other exceptions stated in our agreement with you.

Confidentiality

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 or you 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. AS DICLOSED IN OUR SEPARATE PRIVACY POLICY BROCHURE, OR IF YOU GIVE US WRITTEN PERMISSION PRIOR TO RELEASE OF INFORMATION.

Unauthorized Transfers

(a) Consumer liability. (1) Generally, tell us AT ONCE if you believe your card and/or code has been lost or stolen. 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 two business days, you can lose no more than $50 if someone used your card and/or code without your permission. (If you believe your card and/or code has been lost or stolen, and you tell us within two business days after you learn of the loss or theft, you can lose no more than $50 if someone used your card and/or code without your permission.)

If you do NOT tell us within two 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, 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.

(2) Additional Limit on Liability for VISA/MASTERCARD ® card. Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen VISA/MASTERCARD card. This additional limit on liability does not apply to ATM transactions, to transaction using your Personal Identification Number, which are not processed by VISA/MASTERCARD, or to commercial cards.

(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 in this disclosure. You should also call the number or write to the address listed in 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 in the disclosure, 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 days.

We will determine whether an error occurred within 10 business days (five business days if the transfer involved a point-of-sale transaction and 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 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 (five business days if the transfer involved a point-of-sale transaction and 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. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before the account is opened.

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.
If you have inquiries regarding your account, please contact us at:

Bank of Gibson City
BOOKKEEPING DEPARTMENT
804 S. Sangamon Ave.
P.O. Box 311
Gibson City, IL 60936-0311
BUSINESS DAYS: Monday, Tuesday, Wednesday, Thursday and Friday
Holidays are not included.
PHONE: (217) 784-4233