AARP Financial Inc. makes available the AARP Financial Savings Center brought to you by Waterfield Financial Services Inc. AARP and AARP Financial Inc. receive fees from Waterfield Financial Services Inc. for AARP's license of its intellectual property and AARP Financial Inc.'s oversight of the AARP Financial Savings Center. All Checking and Money Market Savings deposit products available through the Savings Center are offered by and will be opened and processed through
AARP Financial Inc., its parent and affiliates have no liability for the products and services provided by
A. Our Agreement. The following Terms and Conditions represent the agreement (the "Agreement") between You, Waterfield Financial Services, Inc., an Indiana corporation ("WFS") and Waterfield Bank, a federal savings bank ("WB") when You open a deposit account through the AARP Financial Savings Center.
B. Defined Terms. Words that begin with capital letters are defined throughout these Terms and Conditions. The defined terms are set forth in parentheses and quotation marks. All defined terms should be read and interpreted in these Terms and Conditions as defined. For example, when the term "You" is used, it means the person making the deposit who will be treated as the owner of the account. Any similar or possessive wording, such as "Your," also refers to You. We may also refer to You as the "Depositor."
C. How It Works. If You open a checking or money market savings account, You will be appointing WFS (also referred to in these Terms and Conditions as "us, "we," or "our") to act as Your agent ("Agent"). All accounts will be opened by WFS for You at WB. WB is a federal savings bank whose deposit accounts are insured to the extent permitted by federal law by the Federal Deposit Insurance Corporation (the "FDIC").
WB, an affiliate of WFS, has an agreement with us to act as our "Processing Bank." WB will provide checking and money market deposit products, deposit processing services, ATM, other transactions, administrative and customer care services on all accounts opened through the AARP Financial Savings Center (the "Services") in accordance with these Terms and Conditions, regardless of which Participating Bank (defined below) actually holds Your funds. We will pay WB a fee for these Services. Your deposit relationship will be with WB and all bank statements You receive will come from WB. As Your Agent, we may direct that WB transfer Your funds into a sub-account at one or more FDIC insured financial institutions who participate in the AARP Financial Savings Center Program (the "Participating Banks") at any time or from time to time in our discretion. WB may also act as a Participating Bank. See the FDIC INFO PAGE for a list of Participating Banks. WB has the procedures and controls in place to make sure that Your funds are directed only to a Participating Bank. You authorize and direct WB and each other Participating Bank to act in accordance with instructions given by WFS. Regardless of which Participating Bank actually holds Your funds, Your funds will always be covered by FDIC insurance at that Participating Bank to the maximum extent permitted by law. The name of the Participating Bank that holds Your funds will appear at the bottom of Your monthly account statement. You may contact Customer Service if You have any questions regarding a Participating Bank or if You do not want Your funds to be placed at any particular Participating Bank.
D. Interest Payments. When You select the deposit product You wish to use, You will receive the interest rate as noted on the AARP Financial Savings Center website for that particular product, as it is updated from time to time. WFS sets the interest rates for all deposit products on the AARP Financial Savings Center and is responsible for the payment of the interest earned on Your account. All interest that comes from the Participating Bank in which Your funds are held, will accrue in Your account at WB and will be federally insured to the extent permitted by law. If the interest earned on Your deposit product is not paid by a Participating Bank, that interest will not be covered by FDIC insurance and will be an obligation of WFS. The Participating Banks have agreed to pay WFS a fee for services rendered to You in connection with Your purchase of one or more deposit products. You hereby authorize WB to deduct and retain the amount of such fee from the interest received by WB on each of Your deposit products and to directly remit such amount to WFS on Your behalf. You acknowledge and agree that the amount of the fee may differ between each deposit product that is subject to the terms and conditions of this Agreement. Upon Your request, WB will inform You of the fee applicable to a particular deposit product (or a good faith estimate thereof).
E. Your Application. By submitting an application for any AARP Financial Savings Center product or service, You certify that everything You have stated in this application is correct and agree that WB may keep this application whether or not it is approved. By submitting an application, You authorize WB to obtain a consumer report and to check Your employment history as part of the review of Your application. You are also authorizing WB to obtain consumer reports in the future when updating, renewing, collecting, or extending Your account. You agree that any deposit accounts will be opened solely at the discretion of WB in accordance with the application guidelines set forth herein, and may be closed and Your funds returned to You for any or no reason. If You do not qualify for the account(s) You requested, WB may extend to You an offer for a different deposit product with different features from those selected at the time of Your application. All accounts processed by WB and or held at Participating Banks will be governed applicable federal law and regulation, and by the laws of the State of Maryland to the extent such law is not pre-empted by federal law. You understand that the use of these account(s) opened in connection with this offer, will constitute Your acceptance of, and subject You to, the terms and conditions that govern these account(s) as set forth below and on the WB Signature Card that You will sign.
F. Banking Online. We have established a number of procedures and state-of-the-art processes to safeguard Your personal and financial information. However, You understand that engaging in financial transactions on the internet is risky and can be subject to interference by malicious or fraudulent acts of third parties. Once Your application and other communications have reached our servers, we will be responsible for the security of that data. However, neither WFS nor WB can be responsible for technical, electrical, hardware, software or telephone failures of any kind, lost or unavailable connections, or failed, incomplete, or delayed computer transmissions in connection with Your transmission of an application or other data over the internet. WFS reserves the right, in its sole discretion, to cancel, terminate or suspend the use of online applications in whole or in part, for any reason, including, without limitation, the presence of viruses, bugs, non-authorized human intervention or other causes beyond our control. Our website policies are set forth on our WEBSITE AGREEMENT PAGE. If You submit an application You will be agreeing to such policies.
G. Finalizing Your Application. By confirming that You agree to these Terms and Conditions and our Website Agreement, Your application will be sent to WB for processing
You further agree that WB may act in reliance upon the signatures on the Signature Card(s) in the payment of funds and in the transaction of all other business related to Your account. By executing the Signature Card, You are acknowledging that Your account is subject to these Terms and Conditions, including all amendments thereto. Amendments to these Terms and Conditions, which may affect Your account, may be made by us from time to time and communicated to You by posting such changes on this website or by mailing such changes to You. (See Section III. S. "Notice," below). Your continuing use of the account after 30 days after any such posting or 30 days after the date we mail such changes to You, shall indicate Your acceptance of such changes. If You do not wish to accept any such amendment to these Terms and Conditions, You must close Your account within 30 days after such change(s) are posted on this website or are mailed to You. Copies of these Terms and Conditions, as amended from time to time, are provided (for viewing or printing from the AARP Financial Savings Center website) to You upon, and subsequent to, the opening of an account.
If
You do not agree to the above statements, please cancel
Your application now.
H. Your Warranties to Us and WB. You warrant and represent to us and to WB the following:
The information You are providing to us and to WB with is true, correct and complete. We are not obliged to take any steps to confirm or authenticate any instructions given by You and we will act on them without getting further confirmation.
You understand that if You provide us with incorrect information or if there is any error in Your instruction, once we are informed by You of such error, we will make all reasonable efforts to reverse or delete such instructions, but You accept full responsibility for losses resulting from any of Your errors, duplication, ambiguities or fraud in the information that You provide. In addition, if any information You provide is untrue, inaccurate, not current or incomplete, we may recover from You any costs or losses incurred as a direct or indirect result of the inaccurate or incomplete information.
You represent and warrant to us and to WB that You are of the age of majority in the State in which You live, are legally competent to enter into this contract, have the right to authorize and permit us to act as Your agent and transfer Your funds as herein described and to have WB open a deposit account for You.
You assure us that by disclosing the information to us and by authorizing us to use such information to deposit, transfer and return the funds, You are not violating any third party rights.
You agree to promptly update Your account records using the AARP Financial Savings Center if Your name, address, telephone number or e-mail address or other personal information changes.
You warrant that You will not use this website or the Services for any purpose that is unlawful or is not permitted, expressly or implicitly, by the terms of this Agreement or by any applicable law or regulation.
You represent and warrant to us and to WB that You will have enough money in Your accounts to make any funds transfer You request that we make on Your behalf through the AARP Financial Savings Center.
A. Tax ID No. Your Social Security Number ("SSN") or Taxpayer Identification Number ("TIN") must be supplied when opening an account.
B. Substitute W-9. Under penalties of perjury, You certify to us and to WB that:
The
IRS does not require Your consent to any provision of this document
other than the certifications required to avoid backup withholding.
For an explanation of this IRS form, You may refer to "Taxpayer Identification
Number and Certification on Form W-9," by clicking on this link to
the IRS website: www.irs.gov/pub/irs-pdf/fw9.
The following Terms and Conditions are applicable to all deposit accounts opened through the AARP Financial Savings Center:
A. Deposits and Collections. Items received for deposit or collection shall be subject to all agreements, federal law and regulation and the law of the State of Maryland (to the extent not pre-empted by federal law), and applicable automated clearing house rules. Minimum initial deposit amounts are set for all accounts. Additional deposits, with the consent of WB, may be made in any amount by delivery methods, including but not limited to, mail or wire. In receiving items for deposit or collection, WB acts only as Your collection agent and assumes no responsibility beyond the exercise of due care in a commercially reasonable manner. WB will not accept third party checks for deposit. Deposits received after the posted cut off time (4:00 p.m. Eastern Time) shall be deemed received the next business day, and all items are credited subject to final payment in cash or solvent credits. Deposits of checks or items returned to WB unpaid by the financial institution they were drawn on will be charged to Your account or be paid by You. If there are special fees for collecting deposits, You promise WB that You will pay them. Any credit given on items shall be subject to charge back upon nonpayment within the period allowed by law. A "hold" or "float" may be placed on such funds (see Funds Availability, below).
B. Withdrawals or Check Cashing. If You have a secure money market account, although You may normally make withdrawals from Your account at any time, under federal regulations WB can require You to give the bank 7 days prior notice of any withdrawal. Under federal regulations, You are limited to a total of no more than 6 withdrawals, including transfers and payments, in any monthly statement period by certain methods. However, if You receive quarterly statements, this period will be each calendar month ending on the last business day of the month. These methods are by preauthorized or automatic transfers and payments or by telephone agreement, order or instruction. A total of only 3 of these may be made by check, draft, debit card or similar order payable to third parties. WB does not necessarily offer any or all of these methods of withdrawal from Your account. If You exceed these limits, WB can refuse to permit the excessive withdrawal(s), terminate Your preauthorized, automatic, or third party transfer and payment privileges, convert Your account to a transaction account, stop paying interest on Your account, and/ or close Your account. However, You can make unlimited transfers, but only for the purpose of repaying loans and associated expenses at WB, for inter-account transfers in person at any branch office of WB, or at an ATM from Your money market demand account to Your other accounts held at WB, for cash or check withdrawals made in person, by mail, messenger, ATM or telephone (via check mailed to You).
C. Stale Dates and Post Dated Checks. WB can refuse to process or pay checks which are dated beyond the date of attempted negotiation (a "post dated check") or which are more than 6 months old ( a "stale dated check") unless the check has been certified. If a stale dated check is paid in good faith, Your account will be charged the amount of the check. You agree not to post date checks.
D. Overdrafts - Charges. WB may return a check or item issued against Your account that is ascertained to be drawn against insufficient funds, uncollected funds or otherwise not good or payable. If You write a check for more money than which is in an account, You will be overdrawn and WB may return the check unpaid. Because extra work is involved, You may be required to pay a fee for each check returned. You also may be required to pay a fee for each day Your account remains overdrawn.
E. Service and Maintenance Charges. For each account, whether active or not, You agree to pay such service and maintenance charges as WB imposes from time to time. You authorize WB to deduct or debit such charges (as well as any other fees and charges that are owed to WB) from Your accounts (whether such accounts are held by WB or by another Participating Bank). WB shall not be liable for any checks, drafts, notes, acceptances or other instruments that are dishonored because of insufficient funds resulting from the deduction or debiting of these charges. WB and WFS will post, advertise or otherwise notify You 30 days in advance via the AARP Financial Savings Center website on the RATES AND FEES PAGE or by mail, of any significant changes or new policies in regard to service and maintenance charges that may occur from time to time. See Section III. S., below.
F. Stop Payment of Check. You have the right to request a stop payment on any check not certified but drawn by You on an account. Stop payment may be placed on an official check when You sign an Indemnification Agreement to WB stating the item was lost, stolen or destroyed. Your request must be received in such a manner as to give WB reasonable time to act on the request and to notify all affected parties. WB reserves the right to charge a fee for this service and to require You to indemnify WB for any loss it may incur. You should understand that a stop payment may not be legally effective and cannot be honored if the check has been deposited, cashed or assigned by the payee. WB will not, and has no duty to, investigate the propriety or justification of a stop payment on a check and will be indemnified by You against all claims of any third party relating thereto.
G. Withdrawals -- Money Market Savings. Money can be withdrawn from a Money Market Savings Account by signing a withdrawal order or completing an authorization. This can be done by several methods, including but not limited to, mail or through the AARP Financial Savings Center website REQUESTS PAGE. Properly authorized telephone withdrawals may be honored as well, but WB reserves the right to refuse a telephone withdrawal request for any reason. Withdrawals may also be made by ATM card. See the RATES AND FEES PAGE for additional information regarding withdrawal limitations.
H. Tax Reporting. Interest income may be taxable to You. Interest will be reported to the Internal Revenue Service at the end of the calendar year. The earned amount will be reflected on Your IRS Form 1099 showing the account number and TIN or SSN of the primary Depositor.
I. Statements and Change of Address. Statements of account and other notices may be mailed periodically to Your last known address. Accordingly, You should advise WB of any change in address promptly. Customers are offered the option to receive both paper and electronic statements. The statement will reflect Your account record as maintained at WB and will be deemed correct unless within 30 days from the time WB mails the statement (unless a longer period is required by federal law), You notify WB of any errors or forgeries related to the statement of account. If the statement of account is returned for an incorrect address, further mailing may be suspended until WB receives a correct mailing address.
J. Dormant Accounts. Under applicable state law, the money in Your account will be considered abandoned and payable to the State of the last address we have for You in our records if a specified period of time has passed and You do not:
In addition, if You do not initiate activity in Your account for a substantial period of time, WB will treat Your account as being dormant. In that event, You agree that, unless prohibited by law, WB may charge dormant account fees on Your account in addition to other charges. In addition, WB may stop sending You periodic statements. It is important that Your address is kept current. If You do not receive a statement or notice of the interest paid on an account (such as an IRS Form 1099) at the end of the year, You should contact WB to verify it has the correct address on its records for Your accounts.
K. Right to Offset Monies Owed WB. If You owe WB money, then WB shall have the right to offset any account You have with WB and/or with any Participating Bank, including a multiple party account, to pay the debt except when prohibited by law.
L. Legal Proceedings - Liens. If You become involved in legal proceedings, the use of Your account may be restricted in the event WB is presented with appropriate documents from proper judicial or other authorities. Your account may also become subject to attachment or seizure to satisfy tax or other liens properly obtained.
M. Checks. Checks may be written only on forms that are acceptable to WB. WB reserves the right to refuse to process or pay a check written on any unacceptable form as well as checks drawn on acceptable forms which have been improperly completed or are incomplete.
N.
Closing Account. You can close an account at any time for
any reason upon written notice to WB. WB can also close (and You give
WFS the right to cause a Participating Bank to close) Your account at
any time. If WB does so, it will mail You a notice and a check for the
final balance to the last known address of record less any applicable
early closing fee. Closing a time deposit account by You prior to maturity
is subject to an interest penalty. Closing any account within 180 days
after date of opening may be subject to a service charge.
NOTE: It is also WB's policy to close without notice accounts maintaining
a zero balance for 90 days.
P. Assignment of Account - Savings Account. You may not assign or transfer any interest in any account or any other type of savings plan offered by WB unless You obtain WB's prior written consent. The balance reflected in Your statement of account is for Your guidance and is not to be taken as correct unless verified by the books of WB.
Q. Account Types (Ownership).
Personal Accounts
Individual
Accounts
If
You open and maintain an account in Your name only, even though a designation
as "agent" or "trustee" may be added, WB will consider
it as an individual account or individual ownership. Payment after Your
death may be made to Your Personal Representative or heirs and
shall be subject to the applicable laws relating to devise and descent,
including laws relating to inheritance and succession taxes.
Joint
Accounts
Joint
account ownership is established at the time the account is opened..
WB must be supplied with all signatures within 30 days of account opening
or the account reverts to an individual account. After the account is
established and the Signature Card is on file, ownership cannot change
during the life of the account without the written consent of all
owners. NOTE: The death of an accountholder or a court order is considered
an exception to this policy.
Multiple
Party Accounts
Multiple Party Accounts are accounts in which more than one individual has an interest, contingent interest, or authority to act at any one time. Such accounts may be JOINT ACCOUNTS (all persons named in the account are "owners"), POD/ITF ACCOUNTS ( "owners" have a current interest with the other individuals named as beneficiaries, ITF or POD payees to receive the amount remaining in the account if any, upon death of the last surviving original owner; hence, Payable On Death/POD/In Trust For/ITF), or TRUST ACCOUNTS (all named Trustees possess the authority to act and are fiduciaries for the beneficiaries of the trust). All joint owners, original owners and POD/ITF payees, Trustees and beneficiaries must be named on the account title. Any or all of the "owners" or Trustees of these accounts may make deposits and withdrawals from the account. Each joint owner, original owner or trustee appoints the other as his or her attorney-in-fact with the power to deposit to, or withdraw from, the account or endorse any check, draft, note or other instrument payable to the other joint owner, original owner or trustee of the account for deposit to the account. WB also has the right to endorse any checks or drafts, or other orders of payment made payable to any of the owners or trustees and deposit the same into the respective account. Rights of survivorship exist between joint owners. Payment to a surviving owner shall be subject to the applicable laws relating to inheritance and succession taxes, including any rules and regulations pertaining thereto. Upon the death of the last survivor of all persons named on the account, including beneficiaries or POD/ITF payees, the funds remaining on deposit will be paid to the duly authorized Personal Representative or upon proper proof of no such representative to the heirs-at-law entitled thereto.
Fiduciary
Accounts (Including Trust Accounts)
If You are a fiduciary, affixing Your signature on the Signature Card certifies that You are authorized to execute the signature on the card in the capacity so stated. You also agree to furnish documents or agreements as shall be needed or requested by WB to evidence its capacity and authority relating to the opening and maintenance of the account.
Custodian
Accounts - Uniform Transfers to Minors
You
may make a transfer of money to a minor (child under the age of 18)
and name a custodian, usually a parent, to assume the responsibility
of making deposits and withdrawals for the minor's use. This account
will be construed according to the provisions of the Uniform Transfers
to Minors Act under Maryland law.
R. Special Requirements. WB will not honor any requests, instructions or directions from You or on Your behalf with respect to multiple signature or multiple authorization requirements for access to Your account or for any other matters with respect to Your account (referred to as "special requirements"). WB may allow any of the persons designated as authorized signers on the Signature Card or other records WB maintains for this account to sign checks or other items to withdraw funds or otherwise to authorize transactions or other matters with respect to this account. WB is not bound by any special requirements, whether or not WB knows about them or whether or not You include them in Signature Cards, resolutions, or other documents provided by or delivered to us in connection with this account. WB has no duty to monitor Your account for compliance with any special requirements. WB has no liability for not complying with any special requirements.
S. Notice. The provisions applicable to Your account may be revised or amended at any time and, when required by law, WB will provide 30 days notice prior to the change. Notice of the change will be mailed to the last known address or email address of record provided by You or will be posted on the AARP Financial Savings Center website and/or included in Your statements of account. All such changes will become effective when posted on the AARP Financial Savings website or 5 business days after mailing or emailing, unless otherwise required by law and You will be deemed to have agreed to such terms if You have not notified WB of Your objection and closed Your account that is subject to the change within 5 business days after the date of posting, mailing or emailing. The amount of any fees charged by WB in connection with Interest Checking and Money Market Savings accounts are set forth in a separate schedule available at the AARP Financial Savings Center website RATES AND FEES PAGES. WB, upon 30 days' notice prior to the effective date, may adjust this fee schedule. You may contact customercare@aarpsavings.com to have a written copy of the Rates and/or Fees pages mailed to you. Any provision to the Terms and Conditions that is changed due to bank regulatory authority requirements shall be effective immediately upon posting on the AARP Financial Savings Center website without further notice. Your account will be subject to all provisions of the Maryland Uniform Commercial Code, agreements between WB and any correspondents or collecting depository institutions, the Signature Card that You have signed, and any rules and regulations concerning Services, Accounts or Fees which have been or may be adopted by WB.
To contact WB in writing, please direct inquiries to this institution in care of:
Waterfield Bank
P.O. Box 1245
Indianapolis, IN 46206-1245
T. Severability. In the event any one or more of the provisions of this Agreement shall for any reason be held to be invalid, illegal or unenforceable, the remaining provisions shall remain valid and enforceable.
U. Information Authorization. You agree that WB reserves the right to obtain and retain financial information regarding Your account from a merchant or financial institution to resolve payment-posting problems.
V. Disputes. In the event of a dispute with WB or WFS, You and WB agree to resolve the dispute by looking to this Agreement. You agree that this Agreement, as it is amended from time to time in the future, is the complete and exclusive statement of the agreement between You, WFS and WB which supersedes any proposal or prior agreement, oral or written, and any other communications between You, WFS and WB relating to the subject matter of this Agreement. If there is a conflict between what one of WB's or WFS' employees says and the terms of this Agreement, the terms of this Agreement shall control. You agree that You will resolve any dispute or claim You have under this Agreement by means of binding arbitration under the rules of commercial arbitration of the American Arbitration Association ("AAA") to be heard in Orange County, California, by a single qualified independent arbitrator selected by the AAA.
W. Assignment. You may not assign this Agreement to any other party. WB or WFS may assign this Agreement to any successor or other person or entity or to any future, directly or indirectly, affiliated company. WB may also assign or delegate certain of its rights and responsibilities under this Agreement to independent contractors or other third parties without Your knowledge or consent.
X. No Waiver. Neither WFS nor WB shall be deemed to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by an authorized representative of WFS or WB as applicable. No delay or omission on the part of WB in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Y. Captions. The captions of all of the sections of these Terms and Conditions are for convenience only and shall not control or affect the meaning or construction of any of the provisions for this Agreement.
Z. Governing Law. This Agreement shall be governed by federal law, where applicable, and by the laws of the state of Maryland.
End of "Terms and Condition of Accounts."
The following information is a disclosure of WB's policy regarding the availability of the funds You deposit into Your checking and Secure Money Market account with WB. The policy is to make funds from Your deposits available to You according to the type of deposit You make.
The term "check" as used in this policy does not include a non-cash item, an item payable in medium other than United States money, or a check drawn on or payable through a bank's office located outside the United States. Deposits of these items are outside of the scope of this policy.
A. Your Ability to Withdraw Funds from Your Account. Funds from Your deposits generally will be available to You on the first business day, second business day, or fifth business day after WB receives Your deposit. If there is a delay in the availability of Your funds, You may not withdraw the funds in cash and the funds will not be used to pay checks You have written.
B. Determining the Availability of a Deposit. The length of any delay is counted in business days from the day of Your deposit. Every day is a business day except Saturdays, Sundays and federal holidays. If You make a deposit before 4 p.m. Eastern time on a business day when WB is open, WB will consider that day to be the day of Your deposit. However, if You make a deposit after the applicable cut-off time, or on a day that WB is not open, WB will consider that the deposit was made on the next business day WB is open. Finally, if You mail WB a deposit and WB receives Your deposit on a business day when WB is open, WB will consider the deposit made on the business day WB receives Your deposit. However, if WB receives Your deposit that You mailed to WB when WB is not open, WB will consider that the deposit was made on the next business day WB is open.
The length of the delay varies depending on the type of deposit and is explained in the following chart:
| Description of Deposit | When Funds Can Be Withdrawn by Cash or Check | |
| Wire Transfers, ACH Deposits. | Same day. | |
| US Treasury checks that are payable to You; checks drawn on WB. | The first business day after the business day of deposit. | |
| State and Local government checks that are payable to You; cashier's, certified, and official or teller's checks that are payable to You or WB; Federal Reserve Bank checks, Federal Home Loan Bank checks, and postal money orders, if these items are payable to You or WB. | The first business day after the business day of the deposit. | |
| The first $100 of a day's deposits of other checks (i.e., the local and nonlocal checks below). | The first business day after the business day of deposit. | |
| Local checks.* | $100 on the first business day after the business day of deposit; remaining funds on the second business day after the business day of deposit. | |
| Nonlocal checks*
*To see whether a check is a local or a nonlocal check, look at the first four digits of the routing number on the check. [Some checks are marked "payable through" and have a four or nine-digit number nearby. For these checks, use this four-digit number (or the first four digits of the nine-digit number), not the routing number on the bottom of the check, to determine if these checks are local or nonlocal.] Once You have determined the first four digits of the routing number, the chart below will show You when the funds from the check will be available. If You deposit both categories of checks, $100 from the checks will be available on the first business day after the business day of Your deposit, not $100 from each category of check. |
$100 on the first business day after the business day of deposit; remaining funds on the fifth business day after the business day of deposit. | |
| First
four digits from Routing number |
When funds are available | When funds are available if a deposit is made on a Monday |
| Local
Numbers 0220 0223 0410 0412 0420 0421 0422 0423 0430 0432 0433 0434 0440 0441 0442 0515 0519 2420 2421 2422 2423 2442 2515 2519 0720 0724 0740 0749 0813 0830 0839 0863 2740 2813 2830 2839 2863 |
$100
on the first business day after the business day of Your deposit.
Remaining funds on the second business day after the business day of Your deposit. |
Tuesday
Wednesday |
| All other Numbers | $100
on the first business day after the business day of Your deposit.
Remaining funds on the fifth business day after the business day of Your deposit. |
Tuesday
Monday of following week |
C. Longer Delays May Apply. Funds You deposit by check may be delayed for a longer period under the following circumstances:
D. Substitute Checks and Your Rights. 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 WB may be substitute checks. This notice describes the rights You have when You receive substitute checks from WB. 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.
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 WB withdrew the wrong amount from Your account or that WB 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 of Your refund (plus interest if Your account earns interest) within 10 business days after WB receives Your claim and the remainder of Your refund (plus interest if Your account earns interest) not later than 45 calendar days after WB receives Your claim. WB may reverse the refund (including any interest on the refund) if it later is able to demonstrate that the substitute check was correctly posted to Your account.
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:
Waterfield Bank
P.O. Box 1245
Indianapolis, IN 46206-1245
You must contact WB within 40 calendar days of the date that it 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. WB will extend this time period if You were not able to make a timely claim because of extraordinary circumstances.
Your claim must include:
The following disclosure applies to all accounts opened through the AARP Financial Savings Center and held by WB:
A. Interest Rates. Interest rates are determined by WFS, not WB. Rates are quoted weekly for all accounts where applicable. Interest rates and annual percentage yields may change at any time solely at WFS's discretion without prior notice to You. The current interest rate(s) and annual percentage yield(s) on the various accounts and minimum balances to earn each rate, are shown on the AARP Financial Savings Center current RATES AND FEES PAGE. The interest rate being paid on Your account(s) is shown on Your monthly statement.
B. Compounding of Interest. Compounding is determined by the type of account opened and interest payment method chosen.
C. Interest Paid. WB will compute the interest that will be paid to You. To determine the interest earned for that day. WB uses the daily balance method of computing interest, which applies a daily periodic rate of 1/365th to the full collected amount of principal in the account each day, less the amount of any items for which WB has not begun to accrue interest as described below. WB then adds together the interest earned for each day in the statement period to determine the amount of interest to pay You for that statement period. Interest begins to accrue on Your account no later than the business day WB receives credit for the deposit of non-cash items, such as checks.
End of "Truth-in-Savings Disclosure."
The following discussion describes the features of the various types of accounts offered by WB, which is subject to change, from time to time.
A. Personal Accounts
1. Free Checking Account Features:
Customers with negative balances for over 5 calendar days will be charged a daily fee until sufficient funds are deposited to bring the balance positive.
Please see our RATES AND FEES PAGES for current specifics.
You will be provided a monthly statement. charge. Addressed, pre-stamped envelopes are supplied for mail-in deposits. Wire transfers are also accepted as well as direct deposits from Your employer or funds originator.
WB's policy is to return check images.
For customers who do not qualify for a checking account, WB reserves the right to offer a Money Market account or a special savings account.
2. Interest Checking Account Features.
Please see our RATES AND FEES PAGES for current specifics.
Interest rates and annual percentage yields may change at any time solely at the WFS's discretion. You will be provided a monthly statement. Addressed, pre-stamped envelopes are supplied for mail-in deposits. Wire transfers are also accepted as well as direct deposits from Your employer or funds originator.
WB's policy is to return check images. Interest is calculated daily on the day's ending collected balance and is paid to You by crediting the account monthly on the date the statement of account is prepared. The rate of interest on Your account is determined by WFS, and may vary during the life of the account while the method of calculation, the compounding and the payment of interest on Your account are determined by WB.
For customers who do not qualify for a checking account, WB reserves the right to offer a Money Market account or a special savings account.
3. Money Market Account Features.
Please see our RATES AND FEES PAGES for current specifics.
Interest is accrued daily and compounded monthly based on the ending daily collected principal balance. Interest rates and annual percentage yields may change at any time solely at WFS's discretion. A penalty may be imposed if Your account exceeds the pre-authorized transfer limit. You will be provided a monthly statement to your mailing address or to your email address if you have elected to receive electronic statements.. Pre-stamped envelopes addressed to WB are supplied for mail-in deposits. Wire transfers are also accepted as well as direct deposits from Your employer or funds originator. A total of 6 pre-authorized transfers are permitted per cycle period. For accounts granted check writing privileges, if the 3 check limit per cycle period is exceeded, a penalty may be imposed. The account could be closed or changed to a transaction account (checking account) or regular savings account, if the above withdrawal limits have been exceeded 3 cycles within a 12 cycle period. WB reserves the right to deny ATM Card and check writing privileges when applicable. Online Bill Pay and Debit Cards are not available for Money Market Accounts.
The interest rate is determined by WFS and may vary during the life of the account, while the method of calculation, compounding and payment of interest on Your account are determined by WB. Interest rates are tiered and based on competitive rates. For specific details please see the AARP Financial Savings Center website.
4. High Yield Money Market Savings Account Features.
Please see our RATES AND FEES PAGES for current specifics.
Interest is accrued daily and compounded monthly based on the ending daily collected principal balance. Interest rates and annual percentage yields may change at any time solely at WFS's discretion. You will be provided a monthly statement to your mailing address or to your email address if you have elected to receive electronic statements. Pre-stamped envelopes addressed to WB are supplied for mail-in deposits. Wire transfers are also accepted as well as direct deposits from Your employer or funds originator.
The interest rate is determined by WFS and may vary during the life of the account, while the method of calculation, compounding and payment of interest on Your account are determined by WB. Interest rates are tiered and based on competitive rates. For specific details please see the AARP Financial Savings Center website.
End of "Account Features."
This Electronic Funds Transfer ("EFT") Disclosure covers all EFTs You can make to or from Your account, regardless of the Service You use on the AARP Financial Savings Center website. Examples of EFTs include direct deposit of funds, ATM deposits, point of sale transactions, and automated transfers.
A. Direct Deposit. With proper authorization, Social Security benefits and other types of pay or benefits may be directly deposited to Your savings or checking account.
B. Automatic Transfers. Automatic transfers may be made between Your accounts at WB as permitted by federal banking regulations or any other governing body having jurisdiction over WB or as permitted by rules as adopted by WB. A fee may be assessed for this service.
C. Notice of Varying Amounts. If Your account is set up for automatic payments or deposits through the ACH ("Automated Clearing House") network or similar service, it is the originator's responsibility to notify You of any changes in the payment amount required.
D. Right to Stop Payment. If You have arranged in advance to make regular payments out of an account, You can stop payment on these pre-arranged payments by written request, or from the REQUESTS PAGE of the ARRP Financial Savings Center website. Stop payment requests must be received 3 business days or more prior to the next scheduled payment.
E. Liability for Failure to Make Transfers. If WB does not complete a transfer to or from Your account on time or in the correct amount or fails to stop a pre-arranged payment according to an agreement with You, WB may be liable for Your losses or damages. There are, however, exceptions. For instance, WB will not be liable:
If we do not provide a funds transfer instruction on time, if we cause an incorrect amount to be removed from Your account or if we cause funds from Your account to be transferred to any account other than Your account or the recipient's account specified in the applicable funds transfer instruction, we will be responsible for returning the improperly transferred funds and/or for directing any misdirected funds to the proper account or intended recipient's account. We are liable only for any losses and damages arising from any actions which are beyond the agent authority granted by You to WFS, our gross negligence or willful misconduct or if we breach a representation or warranty set forth on this website. However, our liability to you is limited. See "Limits of WFS's Responsibilities" below.
F. Payment Not Final Until Received. Credit given by WB to You with respect to an ACH credit entry or similar electronic credit is provisional until WB receives final settlement. You are hereby notified and agree that WB is entitled to a refund of the amount credited to You in connection with such entry, i.e., non-settlement, and the party making payment to You, i.e., the originator of the entry, via such entry shall be deemed to have not paid You the amount of such entry.
G. Next Day Notice. Under the operating rules of the National Automated Clearing House Association ("NACHA") which are applicable to ACH transactions involving Your account, WB is not required to give next day notice to You of receipt of an ACH item, and WB will not do so. However, WB will notify You of the receipt of payments in the periodic statements provided to You.
H. Choice of Law. WB may accept on Your behalf payments to Your account which have been transmitted through one or more Automated Clearing Houses and Your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of Maryland and applicable federal law as provided by the operating rules applicable to ACH transactions involving Your account.
I. Limits on EFTs. EFTs may be made only to persons with a U.S. payment address. EFTs may also be made to persons located in the Armed Forces postal codes. You may not make an EFT of alimony, child support, taxes, or other governmental fees or court-directed payments.
J. Statements, Receipts. You will receive a receipt when You initiate an electronic fund transfer at any electronic terminal (e.g., at the ATM) if required by law. Also, Your electronic funds transfers will be indicated on the periodic statements WB provides or makes accessible to You for the accounts with WB that are involved in the transaction. In any case, a statement will be provided at least quarterly for accounts not classified by WB as inactive. WB may also provide or make accessible to You statement information electronically or by some other means. You agree to notify WB promptly if You change Your address or if You believe there are any errors or unauthorized transactions on any statement or in any statement information.
K. Verifying Certain Electronic Deposits. If You have arranged to have preauthorized recurring electronic deposits made to any of Your accounts at least once every 60 days from the same person or company, You may call toll free 1-866-421-5806 to find out whether or not the deposit has been made. We will ask You for reasonable identification prior to releasing any information.
L. Notice for Varying Amounts. If You have arranged for preauthorized recurring electronic payments that may vary in amount to be made from any of Your accounts, the person or company You are going to pay will tell You, at least 10 days before each payment is scheduled to be made, 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.
M. Disclosure of Information to Others. WB may disclose information about Your accounts with it as follows:
See WB's separate "Customer Information Privacy Notice" for more information about how WB uses customer information and Your choices regarding such use.
N. In Case of Errors or Questions About Your Electronic Transfers. If You believe Your account statement or an electronic fund transfer receipt is wrong, if You have a question or need more information about an electronic fund transfer or believe WB made an error in processing an electronic fund transfer, You should telephone, use Secure Bank Mail (accessible on the AARP Financial Savings Center's toolbar) or write a letter to WB. WB must hear from You no later than 60 days after You receive the FIRST statement on which the problem or error appeared.
Contact WB at:
Waterfield Bank
P.O. Box 1245
Indianapolis, Indiana 46206-1245
You should:
If You orally contact WB, WB may require that You send WB the complaint or question in writing within 10 business days after such oral contact or receipt of requested information. WB will tell You the results of its investigation within 10 days after the first contact from You and will correct any error promptly. If WB needs more time, however, it may take up to 45 days to investigate any complaint or question. If WB decides to do this, it will provisionally credit Your account within 10 business days for the amount You thinks is in error, so that You will have the use of the money during the time it takes WB to complete the investigation. If WB asks You to put the complaint or question in writing and WB does not receive it within 10 business days, it may not credit Your account. For errors involving new accounts, point-of-sale, or foreign initiated transactions, WB may take up to 90 days to investigate Your complaint or question. For new accounts, WB may take up to 20 business days to credit Your account for the amount You think is in error.
WB will tell You the results of its investigation within 3 business days after completing the investigation. If WB decides that there was no error, WB will send You a written explanation. You may ask for copies of the documents that WB used in its investigation.
O. Your Liability for Unauthorized Electronic Funds Transfers (Consumer Accounts Only). This section applies only to transactions from consumer accounts.
If You tell WB within 2 business days after You learn of the loss or theft of Your access codes involving a consumer account, You can lose no more than $50.00 if someone used them without Your authority.
If You do NOT tell WB within 2 business days after You learn of the loss or theft of Your access codes, and WB can prove that it could have stopped someone from using them without Your authority if You had told WB, Your liability is limited to $500.00.
Also, if Your statement for a consumer account shows payments covered by this Agreement that You did not make or authorize, tell WB at once. If You do not tell WB within 60 days after the statement was mailed to You, You may not get back any money lost after the 60 days if WB can prove that it could have stopped someone from taking the money if You had told WB in time.
If a good reason (such as a long trip or hospital stay) kept You from telling WB, WB will extend the time periods for a reasonable period of time.
P. Notify WB Immediately for Unauthorized Transactions or Lost or Stolen PIN. Tell WB AT ONCE if You believe Your Personal Identification Number ("PIN") has been lost, stolen or otherwise compromised or used without Your authorization. Be sure to keep Your PIN to Yourself; this number is an important means of protection for You. Do not write it on Your personal computer or any computer materials, or any other access device. Never lend it to anyone. Contact WB immediately if You believe that an unauthorized person has obtained access to Your PIN. The telephone is the fastest way to alert WB that someone may be using Your PIN without permission. You may call WB at 1-866-421-5806. You could lose all the money in so make sure that you contact Customer Care immediately.
If you cannot telephone, write WB at the following address:
Waterfield Bank
P.O. Box 1245
Indianapolis, Indiana 46206-1245
Q. Limits of WFS's Responsibilities. In connection with the Services, WFS is acting at all times as Your agent with respect to any interactions with the Processing Bank and any Participating Bank or any third parties. We will act pursuant to Your instruction, which incorporates by reference the Terms and Conditions of the AARP Financial Savings Center. If Your instructions are, in our sole judgment, incomplete, contradictory or confusing, we may take no action and seek Your further instruction, clarification, consent or a court order, and we will not be liable to You in that event.
As part of the Services, when we interact with other financial institutions on Your behalf we may use transfer and security procedures agreed between us and the other financial institution. You agree that Your transfer instructions constitute authorization for us to complete the transfer, regardless of the actual process used. We may authorize any financial institution at which You have an account to accept funds and transfer instructions without verifying the instructions under the established security procedures. We may authorize such financial institutions to charge and debit Your accounts based solely on these communications.
If funds transfer instructions identify a bank or beneficiary by name and account number, the relevant financial institution may execute those instructions by reference to the number only, even if the number does not correspond to the name. You understand that such financial institutions may not investigate discrepancies between names and numbers. In addition, You agree that we have no responsibility to investigate discrepancies between names and numbers.
We have other limitations on our liability to You under other provisions of these Terms and Conditions. We urge You to read the Terms and Conditions carefully so You understand them before You agree to them.
ALL SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. NEITHER WB NOR WFS CAN ASSURE YOU THAT ANY FILES OR OTHER DATA YOU DOWNLOAD FROM THIS WEBSITE WILL BE FREE OF VIRUSES, DESTRUCTIVE ELEMENTS OR CONTAMINATION. EXCEPT AS EXPRESSLY SET FORTH ON OUR WEBSITE OR IN THIS AGREEMENT, WB AND WFS DISCLAIM ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS.
WB AND WFS MAKE NO WARRANTY OR REPRESENTATION REGARDING THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE SERVICES, OR THAT THE SERVICES WILL MEET ANY USER'S REQUIREMENTS, BE UNINTERRUPTED, TIMELY, SECURE OR ERROR FREE.
NEITHER WB NOR WFS WILL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES OF ANY KIND RESULTING FROM THE USE OF OR THE INABILITY TO USE THE SERVICES, INCLUDING DAMAGES FOR LOSS OF PROFITS, USE, DATA OR OTHER INTANGIBLES, EVEN IF WB OR WFS HAD BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
R. Business Days. Our business days are Monday through Friday. Federal holidays are not business days.
S. Non-proprietary ATMs. When You initiate an electronic fund transfer or make a balance inquiry at an ATM that is not owned or operated by Waterfield Bank, a fee may be imposed. Also, a fee may be charged by the network used to complete the transaction. For more information about ATM fee reimbursements, see the ATM FEE REIMBURSEMENTS PAGE.
End of "Electronic Funds Transfer (EFT) Disclosure."
The following agreement in this Section VIII (the "Agreement") represents the terms and conditions governing the Bill Pay Service and is between Online Resource Corporation ("ORCC") as the provider of the Bill Pay Service, and You as a user of the Bill Pay Service. Any references to "we", "us" or "our" in this Section VIII means ORCC, and any references to "You", "Your" or "Yours" includes You and any person authorized by You to access the Bill Pay Service. WB's role in connection with the Bill Pay service is to act, at times, as servicer of the Bill Pay Service.
You may direct WB to make payments from Your checking account to third parties ("payees") whom You have selected in advance to receive payment if You subscribe to the Bill Payment Service (the "Service"). You may make payments through the Service to any business, merchant, or professional that generates a bill or invoice for products or services provided to You on Your behalf and that has an address the Service can verify ("Business Payee"). You may also make payments through the Service to individuals, family, or friends for non-business purposes ("Individual Payees"). Although You will not be asked to designate Your payees as "Business" or "Individual" when You enter them on the Service, the Service reserves the right, in the Service's sole discretion, to determine at any time into which category a payee falls. Payments may be made only to payees with a U.S. payment address. Payments may also be made to payees located in the Armed Forces postal codes but they are not covered under the Bill Payment Guarantee. You may not make a payment of alimony, child support, taxes, or other governmental fees or court-directed payments through the Service.
A. Using the Service. To use the Service, You must provide information online to WB that identifies Your payees. You must provide sufficient information about a payee to permit WB to properly direct a payment and permit the payee upon receipt of a payment to identify You as the payment source. If You have any questions regarding the Bill Payment Service or ever need assistance with the Bill Payment process, You can contact a Bill Payment Customer Service Representative at 1-888-503-1175. Representatives are available 7 days a week, 24 hours a day.
B. Types of Bill Payments. You will be able to set up the following types of bill payments:
1. Single Payment. You may schedule a payment to be made one time to a payee. The payment may be scheduled to be made at a future date or on the next business day (a "Next Day Payment") that You enter the payment information on the Service. A Next Day Payment must be scheduled by 12:00 p.m. Eastern Time on a business day in order for the payment to be initiated (deducted from Your account) on the next business day.
2. Recurring Payment. You may schedule payments to payees to be automatically initiated in a fixed amount on the same date every month to a fixed payee for a fixed period of time. These payments may be weekly, bi-weekly, semi-monthly, monthly, quarterly, semi-annually and annually. Weekly payments can be set up to occur on any business day of the week. Monthly payments can be set up to occur on any day of the month. Those payments set up for the 29th, 30th or 31st day of the month will be processed on the first business day that follows the end of the month for those months with less than the required number of days. Semimonthly payments can be set up to occur on any two days of the month. As for monthly payments, if the process date is invalid or falls on a non-business day, then the Bill Payment Service will process the request on the earliest possible date after the original date has passed. Recurring payments will start on the first valid date after the date that they are entered onto the system. Payments set up with a recurring processing date that matches the current date may not be processed with today's date.
C. Scheduling Payments. Before scheduling a payment to a payee, the payee must be set up on the Service. To set up a payee:
To electronically schedule a payment:
You will be provided a confirmation number for each payment You schedule using the Service. This number is available on the Payment History screen under the Payments menu if You need to refer to it in the future. The confirmation number will help the Service resolve any questions You may have concerning Your transactions. You may not schedule duplicate payments. A duplicate payment is one that is scheduled to be made to the same payee on the same day for the same amount. A duplicate payment is different from a Recurring Payment, which is scheduled for the same day of different months. You also may not schedule multiple single payments to the same payee. A single payment to a payee must be initiated (deducted from Your account) before an additional single payment can be scheduled to the same payee. For security reasons, You may not schedule any one payment over $25,000 to any one payee on the same business day. This amount may be changed by ORCC at any time.
D. Multiple Payments. You may schedule multiple payments to different payees by selecting the "Multiple Payments" option from the Payments menu.
E. Delivery of Your Payments. You may schedule payments to be initiated on the day after You enter the payment information, on a future date or on the same date each month, subject to the restrictions in this Agreement. Although You can enter payment information through the Service 24 hours a day, 7 days a week, payments can be "initiated" only on business days. The date on which the payment is to be "initiated" is the date on which funds are to be deducted from Your account. This date is referred to as the Process Date in this Agreement. After funds are withdrawn from Your account, the Service may remit Your payments by mailing Your payee a check drawn on an account WB maintains for this purpose, by electronic funds transfer or by other means. Because of the time it takes to transmit Your payment to the payee, they will not receive payment on the Process Date (the date You instructed WB to deduct the funds from Your account). Therefore, in order to provide sufficient time for payments to be received by Your payee, the Process Date should be a date at least 2 business days before the bill's actual due date for Business Payees (electronic) payments and 5 business days for individual (check) payments. WB will not be responsible for any loss You may incur as a consequence of late payment if Your Process Date was not at least 2 business days prior to the bill's actual due date or 5 business days for check payments.
F. Payment Guarantee. The Payment Guarantee covers late fees and finance charges for properly scheduled payments. Payments should be scheduled for 2 or 5 business days prior to the Due Date, excluding grace periods that may be extended by the payee. Mortgage payments should be scheduled on or before the Due Date, excluding grace periods. Although the bill payment service cannot guarantee the actual delivery or posting date of the payment, fees incurred for late delivery will be covered under this guarantee if the payee is unable to remove the fees for any reason. For more information about the "Payment Guarantee", go to the FAQs in Online Help.
G. Modifying or Deleting Payments - Single Payments, you may modify or delete a single payment up until 12:00 p.m. Eastern Time on the business day before the process date. To modify or delete a single payment:
You will receive a confirmation number when Your payment has been modified or deleted. The confirmation number will help WB resolve any questions You may have concerning Your transactions. For payment changes, this number is available on the Payment History screen under the Payments menu if You need to refer to it in the future. If You have deleted a payment, please write the number down when You receive it. A deleted payment will not appear on Your Payment History.
H. Recurring Payment. You may modify or delete a recurring payment up until 12:00 p.m. Eastern Time on the business day before the payment date. To modify or delete a recurring payment:
Payment modification can be made to dollar amount, date, frequency, and memo description, however NOT to vendor, payment type or payment method fields. If You selected delete, You will be asked to confirm Your instruction to delete by selecting yes or no. You will receive a confirmation number when Your payment has been modified or deleted. The confirmation number will help us resolve any questions You may have concerning Your transactions. For payment changes, this number is available on the Payment History screen under the Payments menu if You need to refer to it in the future. If You have deleted a payment, please write the number down when You receive it. A deleted payment will not appear on Your Payment History.
I. WB's Responsibility to You. WB will be responsible for Your actual losses if they were directly caused by WB's failure to:
However, WB will not be responsible for Your losses if:
J. Canceling Bill Payment Service. You may cancel Your use of the Service at any time by sending an electronic message (see below) or request to WB, or call the Customer Service Center (see Section VIII. O., below). If You notify WB by telephone, WB may request that You put Your request in writing. WB cannot cancel the Service until all pending payments have cleared. If You have pending payments and do not want to wait for them to clear, You may individually delete these future payments. You will not receive a refund of any service fee earned if You cancel. WB may cancel the Service, in whole or in part, at any time without prior notice. Cancellation shall not affect Your liability or obligations under this Agreement or Your obligations to Your payees.
K. Equipment. You are responsible for obtaining, installing, maintaining and operating all computer hardware and software necessary for the Bill Payment Service. WB will not be responsible for any errors or failures from the malfunction or failure of Your hardware or software or electrical or communications systems.
L. Online Bill Payment Fees - Personal Banking. Please see the FEES PAGE on the AARP Financial Savings Center website for current specifics concerning Bill Payment Fees.
M. Online Bill Payment Fees - Business Banking.
Please see the FEES PAGE on the AARP Financial Savings Center website for current specifics concerning Bill Payment Fees.
N. Changes in Terms/Fees. We may change the Bill Payment Service and the terms and conditions, including fees, set forth in this Agreement at any time. You will be notified of any such change as required by applicable law, either by mail or by an electronic message. You understand that by using the Bill Payment Service after a change becomes effective You have agreed to it.
O. Electronic Messages. Because normal internet e-mail transmissions may not be secure, You agree to contact WB electronically only through Secure Bank Mail, accessible on the AARP Financial Savings Center's toolbar. You also agree to receive communications regarding Your account electronically to the email address You provide and will not attempt to circumvent receiving any messages. You are deemed to have received any electronic messages sent to You when they are made available to You. You may print a copy of such communications using the "print" function of Your software, or You may request that WB mail You a paper copy of such communication by contacting WB at:
Waterfield Bank
P.O. Box 1245
Indianapolis, IN 46206-1245
P. Electronic Funds Transfer (EFT) Act. The Electronic Funds Transfer Act provides consumers with certain rights and responsibilities with respect to certain transfers, called "Electronic Funds Transfers." Before You complete Your first bill payment, You must read Section VII of these Terms and Conditions (the Electronic Funds Transfer (EFT) Disclosure section) above, which is incorporated herein by reference, which explains Your rights and responsibilities under the Electronic Funds Transfer Act.
Q. Notify WB Immediately for Unauthorized Transactions or Lost or Stolen PIN. Tell WB AT ONCE if You believe Your Personal Identification Number ("PIN") has been lost, stolen or otherwise compromised or used without Your authorization. Be sure to keep Your PIN to Yourself; this number is an important means of protection for You. Do not write it on Your personal computer or any computer materials, or any other access device. Never lend it to anyone. Contact WB immediately if You believe that an unauthorized person has obtained access to Your PIN. The telephone is the fastest way to alert WB that someone may be using Your PIN without permission. You may call WB at 1-877-204-5019. You could lose all the money in Your account so make sure that You contact Customer Care immediately.
If You cannot telephone, write WB at the following address:
Waterfield Bank
P.O. Box 1245
Indianapolis, Indiana
Notifying WB Quickly Limits Your Responsibility!
R. Business Days. WB's normal business days are Monday through Friday, except for federal holidays.
S. Account Statements. Except as noted elsewhere in these Terms and Conditions, You will receive a monthly account statement for Your deposit accounts, showing, among other things, Your bill payments.
T. Limit of WB's Responsibility. WB agrees to make reasonable efforts to ensure full performance of the Bill Payment Service. WB will be responsible for acting only on those instructions sent through the Bill Payment Service which are actually received and cannot assume responsibility for malfunctions in communications facilities not under WB's control that may affect the accuracy or timeliness of messages You send. Neither WB nor any affiliate of WB (including, but not limited to, WFS) is responsible for any losses or delays in transmission of instructions arising out of the use of or caused by any browser software. Neither WB nor any affiliate of WB is responsible should You give incorrect instructions or if Your payment instructions are not given sufficiently in advance to allow for timely payment or delays in mail service.
Any information You receive from WB is believed to be reliable. However, it can only be provided on a best-efforts basis for Your convenience and is not guaranteed. Neither WB nor any Bank affiliate of WB is liable for any deficiencies in the accuracy, completeness, availability or timeliness of such information or for any investment or other decision made using this information.
Neither WB nor its affiliates is responsible for any computer virus or related problems which may be attributable to services provided by any internet service provider.
U. Severability. In the event any one or more of the provisions of this Agreement with ORCC shall for any reason be held to be invalid, illegal or unenforceable, the remaining provisions shall remain valid and enforceable.
V. Information Authorization.
You agree that the Service reserves the right to obtain financial information regarding Your account from a merchant or financial institution to resolve disputes or payment posting problems.
W. Disputes. In the event of a dispute regarding the Service, You and the Service agree to resolve the dispute by looking to this Agreement. You agree that this Agreement is the complete and exclusive statement of the agreement between You and ORCC which supersedes any proposal or prior agreement, oral or written, and any other communications between You and ORCC relating to the subject matter of this Agreement. If there is a conflict between what one of WB's employees says and the terms of this Agreement, the terms of this Agreement shall control. You agree that You will resolve any dispute or claim You have under this Agreement by means of binding arbitration under the rules of commercial arbitration of the American Arbitration Association ("AAA") to be heard in Orange County, California, by a single qualified independent arbitrator selected by the AAA.
X. Assignment. You may not assign this Agreement to any other party. Both ORCC and/or WB may assign this Agreement to any successor, or other person or entity or to any future, directly or indirectly, affiliated company. WB may also assign or delegate certain of its rights and responsibilities under this Agreement to independent contractors or other third parties without Your knowledge or consent.
Y. No Waiver. Neither ORCC nor WB shall not be deemed to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by such party. No delay or omission on the part of such party in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
Z. Captions. The captions of Sections hereof are for convenience only and shall not control or affect the meaning or construction of any of the provisions for this Agreement.
AA. Governing Law. This Agreement shall be governed by the laws of the State of Maryland and, where applicable, by federal law.
End of "Bill Pay Terms and Conditions."
A. General.
1. Terms and Conditions. The following agreement in this Section IX (the "Agreement") represents the terms and conditions governing the Money HQ Service and is between Online Resource Corporation ("ORCC") as provider of the Money HQ Service, Waterfield Financial Services, Inc., Your agent and You as a consumer of the Money HQ Service. Any references to "we", "us" or "our" in this Section IX includes ORCC or any agent, independent contractor, designee, or assignee that ORCC involves (which may include WFS but shall not include WB) in the provision of the Money HQ Service, and any references to "You", "Your" or "Yours" includes You and any person authorized by You to access the Money HQ Service. WB's role in connection with the Money HQ service is that of servicer. To use the Money HQ Service You must be at least eighteen (18) years old and be a resident of the United States.
This Agreement includes the information and obligations as set forth below. Please review to ensure that You understand the full scope of rights and responsibilities associated with the Money HQ Service.
2. Acceptance. You must click on the "I Agree" button below in order to be eligible to use the Money HQ Service. If You do not agree to all of the terms of this Agreement, click on the "I Disagree" button or close the browser window. If You do not click on the "I Agree" button, You will not be bound by this Agreement and You will not incur any fees or obligations with respect to the Money HQ Service.
When You click on the "I Agree" button, You will complete an application to receive the Money HQ Service, and will indicate Your acceptance of this Agreement. At that time, this Agreement will represent a legally binding agreement between You and us. We may reject Your application for any reason, and if we do, the legally binding agreement between You and us will be terminated, and neither party will have any obligation under this Agreement.
3. Changes. At any time we will have the right to change the terms of this Agreement, but we must notify You of any material change through the communication methods listed below. If You continue to use the Money HQ Service after we notify You of any change, that will be deemed to constitute Your acceptance of the changes to this Agreement and You will thereby agree to be bound by the amended Agreement.
In addition, we may make changes to the types and features of the Money HQ Service. At the time any new features are offered, we may evaluate Your suitability for those new features, and if we determine that You are not eligible, then those new features or services will not be made available to You. If You are not eligible, You will not be subject to any fees or obligations under those new features or services. We reserve the right to charge additional fees for the use of the any additional features that we may introduce. You are responsible for paying all fees associated with Your continued use of the Money HQ Service.
4. Electronic Communications. The Money HQ Service is an electronic, internet based-service. This Agreement will be entered into electronically, and all communications associated with this Agreement and the Money HQ Service may be provided by electronic means and will be considered to be "in writing", including:
Although we may provide communications to You in paper format at any time, You agree that we are under no obligation to do so. You should print a paper copy of this Agreement and any electronic communications that are important to You and retain the copy for Your records.
5. Delivery of Communications. Communications to You may be posted on the pages of the Money HQ Service website, another website disclosed to You or delivered to the e-mail address You provide to us. Any electronic communication sent by e-mail will be deemed to have been sent and received by You when our e-mail server directs the e-mail message to the appropriate e-mail address, whether or not You received the e-mail.
If any communication is sent in paper form by traditional mail, it will be deemed to have been sent when postmarked and will be deemed to have been received no later than 5 business days (defined below) after it was postmarked.
6. Canceling Money HQ Service. You may cancel Your use of the Service at any time by sending an electronic message or request to WB, or call WB. If You notify WB by telephone, WB may request that You put Your request in writing. WB cannot cancel the Service until all pending payments have cleared. If You have pending payments and do not want to wait for them to clear, You may individually delete these future payments. You will not receive a refund of any service fee earned by us if You cancel. WB may cancel the Service, in whole or in part, at any time without prior notice. Cancellation shall not affect Your liability or obligations under this Agreement or to Your payees.
7. Money HQ Features. The Money HQ Service is the next generation of on-line personal finance management. With our fully interactive Money HQ service (the "Money HQ Service") You may perform any of the following functions:
Some of these features may not be available, or may have limited functionality, due to limits of applicable law, our ability to obtain on-line financial information from other financial institutions, and the terms and conditions contained in the agreements governing Your existing account .
8. Aggregation of Online Financial Accounts. You may use Your Money HQ Service to consolidate, organize and present certain information from Your bank accounts at and with third parties such as other banks, credit unions, brokerages, credit card providers, billers, and other sources of financial information ("Information Providers") on secure web pages. For each of Your registered accounts on the Service You will need to provide Your User ID, password and/or personal information numbers ("PINs") so that we can retrieve Your account information. Based upon Your setup instructions for each account, the information can be retrieved on a daily, on-login or on-demand basis.
9. Funds Transfers. You may use Your Money HQ to make transfers between one of Your bank accounts and one of Your accounts at another financial institution. You may also use the Service to send money from one of Your Bank accounts to another person by email, whether the recipient's account is held at WB or another financial institution.
10. Presentment of Bills. You may use Your Money HQ Service to consolidate, organize and present bill information from other service providers that offer on-line account information. Based upon our capability to access and aggregate online financial account information about Your service provider accounts, a summary of Your bill will be displayed on Your Money HQ Service if the account has an amount due greater than zero and the due date is in the future or a limited number of days in the past.
11. Alerts. You may use Your Money HQ Service to create email alerts about Your on-line financial information. The alerts may be based upon going above or below a balance threshold or a due date for a bill.
12. Setup of the Service. To begin using Your Money HQ Service, there are some preliminary legal and informational requirements that need to be completed. If You have any questions regarding the Money HQ Service or need assistance in setting up Your service, You may contact a Customer Service Representative at 888-503-1175. Representatives are available 7 days a week, 24 hours a day.
13. Account Information. It is necessary for us to access third party Websites and databases containing information regarding Your accounts and financial relationships to provide certain of the features included in the Money HQ Service. We regard Your privacy and security with the utmost importance, and we are absolutely committed to safeguarding any information that You share with us.
14. Test Transactions. Once You are approved for the Money HQ Service we may verify the accounts that You add to the Money HQ Service for transfers from time to time. We may use one or a combination of two methods to verify account ownership.
You authorize us to validate the accounts through the use of a test transfer, in which one or more low value payments will be both deposited to and deducted from the account. The test deposit will always occur before the test deduction, and the deduction will always be of the same or lesser amount as the deposit, so that the balance in any of Your accounts will never be less than the actual balance. Once the test transfer is complete we may ask You to access Your accounts to tell us the amount of the test deposit or deduction or any additional information reported by Your financial institution with this test transfer.
We may also verify accounts through requiring the entry of information You ordinarily use to access the account provider's Website, or by requiring You to submit proof of ownership of the account.
15. Privacy and Security. You can see a full description of our privacy and security policies by clicking on the "Privacy Policy" and "Security Policy" links on the help page for the Money HQ Service. As is more fully described in the "Security Policy" link, we have multiple levels of security that have been designed especially for us and all of Your personal and financial information will be placed on a secure portion of our website. We do not use any persistent "cookies" on the browser to store any personal information.
As discussed in more detail in the "Privacy Policy," we will only disclose information to third parties about Your account or the transfer You make:
16. Errors and Corrections. We must rely on the information provided by You to provide the Money HQ Service, and other financial institutions and service providers rely on that information as well. If You provide us with incorrect information or if there is any error in Your instruction, we will make all reasonable efforts to reverse or delete such instructions, but we may not be able to do so.
17. Schedule of Fees. For each next day transfer, You will be assessed an additional fee of $7.95. This fee will be debited from Your account at the time of transfer.
18. Payment Authorization. You authorize us to deduct all applicable fees that You incur for the Money HQ Service ("Fees") from Your primary account held with WB. The monthly service fee and any standard transfer fees will be deducted from Your account at the end of each month. For next day transfers, the fee will be deducted from the account You are transferring funds from at the time of the transfer. In the event that an insufficient or uncollected funds return occurs in connection with a funds transfer and we cannot collect the fee, we reserve the right to deduct the uncollected amount from Your other accounts. To effect this collection, You authorize us to debit any of Your accounts held with us. If You do not have sufficient funds in Your accounts with us to pay for any Fees or any other amounts when they become due, You authorize us to select any means necessary to collect the Fees. You understand that to effect the collection of Fees or other amounts we may utilize electronic funds transfer networks to deduct the amount from any of Your accounts connected to the Money HQ Service from which You are authorized to transfer funds.
B. Authorizations.
1. Access. In order for us to provide the Money HQ Service, we will request certain information from You (such as user IDs, passwords, account numbers) regarding Your accounts and financial relationships that You designate to be part of the Money HQ Service ("Third Party Accounts"). In addition, we will need to access third party Websites and data bases containing information regarding Your Third Party Accounts to perform certain of the Money HQ Services. You authorize us to:
2. Agency. For as long as You are using the Money HQ Service, You grant us a limited power of attorney and appoint us as Your true and lawful attorney-in-fact and agent, with full power of substitution and resubstitution, for You and in Your name, place and stead, in any and all capacities, in connection with Your accounts at Waterfield Bank, any Participating Bank, and any Third Party Accounts. As Your agent, You grant us the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with the Money HQ Service, as fully to all intents and purposes as You might or could do in person. You understand that we may provide certain of Your information to third parties in connection with providing the Money HQ Service, such as may be required to verify funds transfer instructions.
3. Joint Accounts. If any of the accounts that You register under the Money HQ Service is a joint account, You confirm that Your joint account holder has consented for You to use that account with the Money HQ Service. We will end Your use of the Money HQ Service if any joint account holder notifies us that:
4. Additional Information. We may obtain such additional information as we deem reasonably necessary to insure that You, or persons to whom You may transfer funds, are not using the Money HQ Service in violation of applicable law, including laws and regulations designed to prevent "money laundering" or the transfer of funds to or from persons or organizations whose accounts are blocked under regulations of the Office of Foreign Asset Control ("OFAC") of the United States Treasury Department.
C. Terms Specific to Funds Transfers.
1. General Limitations. We reserve the right to decline to affect any funds transfer, to submit any funds transfer instructions or orders or to carry out change or cancellation requests. Some of the funds transfer services may not be available at all times. For example, the Money HQ Service will process requests for transfers Monday through Friday, excluding holidays that we observe ("Business Days"). Please ensure that You have sufficient funds to affect any funds transfers from Your accounts; if You lack sufficient funds we can refuse to complete the transfer. We may at any time decline to affect any funds transfer that we believe may violate applicable law. In addition, not all types of accounts are eligible for funds transfer because of legal limitations and restrictions imposed by the institution providing the account. Be sure to check with Your financial institution for restrictions regarding transfers among Your retirement (401k, IRA, etc.), savings, trusts, loans, custodial, business, corporate and other account types. We are not responsible for any costs or losses incurred from fund transfers that are not permitted under such restrictions by the provider of Your account or those imposed by applicable law.
2. Transfers Subject to the Rules of the Accounts. All funds transfers under the Money HQ Service are subject to the rules and regulations governing the relevant accounts. There may be rules that limit the number or dollar amount of permitted transfers, and we will not be responsible for any consequences that occur if You attempt to make transfers in excess of those limits. You agree not to use the Money HQ Service to effect any funds transfers from or to an account that are not allowed under the rules or regulations applicable to such accounts, including rules or regulations designed to prevent the transfer of funds in violation of the rules and regulations of the OFAC.
3. Money HQ Service Transfer Limits. In general, the Money HQ Service does not limit the number of funds transfers You may make, but does limit the dollar amount that may be transferred in a single transfer or that may be transferred in a set period of time. For security and risk management reasons, from time to time we may modify the limits to the frequency or amount of transfers You can make using the Money HQ Service. In any event, funds transfers in excess of the then-applicable limits will not be completed.
4. Transfer Process. To complete a funds transfer between accounts at different financial institutions we utilize electronic funds transfer networks to debit (deduct from) one of Your accounts and credit (deposit to) another of Your accounts or an account of the intended transfer recipient. To transfer funds, we deduct the amount to be transferred from the source account and then wait for a customary period of time before depositing the transfer into the destination account, to be certain that the debit (deduction) will not be returned. This means that, under most circumstances, transferred funds will not be available to the recipient for the period during which we are waiting for the debit to "clear", usually 3 or 4 Business Days. If the debit side (deduction) fails or is returned for any reason (insufficient funds, for example), we will be entitled to cancel the transaction and not complete the transfer. Because we don't always wait for confirmation before completing a funds transfer, it is possible for the debit side (deduction) of the transfer to fail or be returned and the credit side (deposit) to have already been released. If that occurs, You authorize us to revoke the transfer, if possible, or to separately deduct the amount of the transfer from the transfer destination account. If the funds transfer was sent to an account outside of Your control, You authorize us to deduct the amount from any of Your accounts that is attached to the Money HQ Service.
You understand and agree that in the event we are unable to execute Your funds transfer request utilizing electronic funds transfer networks, we may utilize other established payment mechanisms in order to complete Your funds transfer instructions, such as wire transfer or check.
If You have requested a funds transfer from one of Your accounts to a third person recipient, You must provide us with a true, correct, and current email address for that person. We will contact the recipient and request certain information, such as the account number and financial institution into which the funds are to be transferred. If the recipient fails to provide adequate information, we will notify You and cancel the transfer.
5. Suspension and Reinstatement of Funds Transfer Service. We may suspend Your right to use the funds transfer features of the Money HQ Service, immediately and without prior notice to You. We may need to take this action to protect ourselves from financial loss, for example if You request funds transfers when You have insufficient funds to cover the transfer. In the event of such suspension, You may request reinstatement of Your service by contacting WB. We reserve the right in our sole discretion to grant or deny reinstatement of Your use of the funds transfer features of the Money HQ Service. In the event we agree to reinstate You, we reserve the right to initially reinstate Your Service subject to restrictions that otherwise would not apply, such as lower per-transaction and monthly dollar limits. Based upon Your subsequent usage of the Money HQ Service, we may thereafter rescind some or all of those limitations.
6. Electronic Funds Transfer (EFT) General Disclosure. The Electronic Funds Transfer Act provides You with certain rights and responsibilities with respect to certain transfers, called "Electronic Funds Transfers." Before You register for Money HQ, You must read this Electronic Funds Transfer (EFT) Disclosure located in Section VIII of the Terms and Conditions, (which is incorporated herein by reference) which explains Your rights and responsibilities under the Electronic Funds Transfer Act.
7. Notify WB Immediately for Unauthorized Transactions or Lost or Stolen PIN. Tell WB AT ONCE if You believe Your Personal Identification Number ("PIN") has been lost, stolen or otherwise compromised or used without Your authorization. Be sure to keep Your PIN to Yourself; this number is an important means of protection for You. Do not write it on Your personal computer or any computer materials, or any other access device. Never lend it to anyone. Contact WB immediately if You believe that an unauthorized person has obtained access to Your PIN. The telephone is the fastest way to alert WB that someone may be using Your PIN without permission. You may call WB at 1-877-204-5019. You could lose all the money in Your account so make sure that You contact Customer Care immediately. If You cannot telephone, write WB at the following address:
Waterfield Bank
P.O. Box 1245
Indianapolis, IN 46206-1245
D. Your Warranties. You warrant and represent that the information You are providing us with is true, correct and complete. We are not obliged to take any steps to confirm or authenticate any instructions given by You and, assuming they are permitted under the Money HQ Service, we will act on them without getting further confirmation.
You understand that if You provide us with incorrect information or if there is any error in Your instruction, once we are informed by You of such error, we will make all reasonable efforts to reverse or delete such instructions, but You accept full responsibility for losses resulting from any of Your errors, duplication, ambiguities or fraud in the information that You provide. In addition, if any information You provide is untrue, inaccurate, not current or incomplete, we may recover from You any costs or losses incurred as a direct or indirect result of the inaccurate or incomplete information.
You agree not to impersonate any person or use a name that You are not authorized to use. You represent and warrant to us that You have the right to authorize and permit us access to Your Third Party Accounts. You assure us that by disclosing the information to us and by authorizing us to use such information to access Your Third Party Accounts, You are not violating any third party rights.
You agree to promptly update Your registration records if Your e-mail address or other information changes. You agree to update Your records, such as Your e-mail address, using the Money HQ Service through the Profile section of the Service.
You warrant that You will not use the Money HQ Service for any purpose that is unlawful or is not permitted, expressly or implicitly, by the terms of this Agreement or by any applicable law or regulation. You further warrant and represent that You will not use the Service in any manner that could damage, disable, overburden, or impair the Money HQ Service or interfere with any other party's use and enjoyment of the Money HQ Service.
You represent and warrant to us that You have enough money in the applicable accounts to make any funds transfer You request that we make on Your behalf through the Money HQ Service.
E. Our Liability.
If we do not provide a funds transfer instruction on time, if we cause an incorrect amount to be removed from an account or if we cause funds from an account to be transferred to any account other than the account or recipient's account specified in the applicable funds transfer instruction, we shall be responsible for returning the improperly transferred funds and/or for directing any misdirected funds to the proper account or intended recipient's account.
We are liable only for any losses and damages arising from our gross negligence or willful misconduct or if we breach a representation or warranty to You. However, our liability to You is limited. See "Limits of Our Responsibilities" below.
F. Limits of Our Responsibilities.
In connection with the Money HQ Service, WFS is acting at all times as Your agent with respect to any interactions with third parties. Your relationship with each Third Party Account provider is independent of us, and You are ultimately responsible for any actions that we take on Your behalf while providing the Money HQ Service. We have no control over, and will not be responsible for, any acts or omissions by the financial institution or other provider of any Third Party Account.
We are not liable for any costs, fees, losses or damages of any kind incurred as a result of:
As part of the Money HQ Service, when we interact with other financial institutions on Your behalf we may use transfer and security procedures agreed between You and the other financial institution or those agreed between us and the other financial institution. You agree that Your transfer instructions constitute authorization for us to complete the transfer, regardless of the actual process used. We may authorize any financial institution at which You have an account to accept funds and transfer instructions without verifying the instructions under the established security procedures. We may authorize such financial institutions to charge and debit Your accounts based solely on these communications.
If funds transfer instructions identify a bank or beneficiary by name and account number, the relevant financial institution may execute those instructions by reference to the number only, even if the number does not correspond to the name. You understand that such financial institutions may not investigate discrepancies between names and numbers. In addition, You agree that we have no responsibility to investigate discrepancies between names and numbers.
You are responsible for ensuring timely payment of all bills. We are not responsible for the accuracy of Your electronic bill(s); we only present the information we receive or retrieve from the party that is billing You. Any discrepancies or disputes regarding the accuracy of Your electronic bill summary or detail must be addressed with the party billing You. This Agreement does not alter Your liability or obligations that currently exist between You and any party whose bills You pay using the Money HQ Service.
EXCEPT AS EXPRESSLY SET FORTH ON OUR WEBSITE OR IN THIS MONEY HQ SERVICE AGREEMENT, WE DISCLAIM ALL WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING NON-INFRINGEMENT OF THIRD PARTY INTELLECTUAL PROPERTY RIGHTS.
WE MAKE NO WARRANTY OR REPRESENTATION REGARDING THE RESULTS THAT MAY BE OBTAINED FROM THE USE OF THE MONEY HQ SERVICE, THE ACCURACY OR RELIABILITY OF ANY INFORMATION OBTAINED THROUGH THE MONEY HQ SERVICE, THE ACCURACY OF ANY INFORMATION RETRIEVED BY US FROM ANY ACCOUNTS OR THAT THE MONEY HQ SERVICE WILL MEET ANY USER'S REQUIREMENTS, BE UNINTERRUPTED, TIMELY, SECURE OR ERROR FREE.
WE WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR PUNITIVE DAMAGES OF ANY KIND RESULTING FROM THE USE OF OR THE INABILITY TO USE THE MONEY HQ SERVICE, INCLUDING DAMAGES FOR LOSS OF PROFITS, USE, DATA OR OTHER INTANGIBLES, EVEN IF WE HAD BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
G. Service Discontinuation.
We may discontinue the Service, with or without notice, without liability to You, any other user or any third party. We reserve the right, subject to applicable law, to terminate Your right to use the Service at any time and for any reason.
You may terminate Your use of the Money HQ Service at any time by contacting WB. Once Your use of the Money HQ Service has been terminated for any reason, You will have no further right or access to use the Money HQ Service, and thereafter we will not be responsible for performing or maintaining any feature of the Money HQ Service on Your behalf for any reason.
Once You notify us that You wish to cease using the Money HQ Service as provided in this Agreement and we have a reasonable opportunity to act on that notice, the limited power of attorney created by this Agreement is automatically revoked.
H. Additional Terms and Conditions. The following additional terms and conditions apply to the Money HQ Services:
1. Indemnification. You agree to indemnify, defend and hold us harmless from any and all third party claims, liability, damages and/or costs (including, but not limited to, attorney 's fees) arising from Your use of the Money HQ Service; our reliance on the information, instruction, license and/or authorization provided by You under or pursuant to this Agreement; or Your violation of this Agreement.
2. Business Days. WB's normal business days are Monday through Friday, except for federal holidays.
3. Account Statements. Except as otherwise noted in these Terms and Conditions, You will receive a monthly account statement for Your deposit accounts, showing, among other things, Your Money HQ transactions.
4. Limit of WB's Responsibility. WB agrees to make reasonable efforts to ensure full performance of the Money HQ Service. WB will be responsible for acting only on those instructions sent through the Money HQ Service which are actually received and cannot assume responsibility for malfunctions in communications facilities not under WB's control that may affect the accuracy or timeliness of messages You send. Neither WB nor any affiliate of WB (including but not limited to, WFS) is responsible for any losses or delays in transmission of instructions arising out of the use of or caused by any browser software. Neither WB nor any affiliate of WB is responsible should You give incorrect instructions or if Your payment instructions are not given sufficiently in advance to allow for timely payment or delays in mail service.
Any information You receive from WB is believed to be reliable. However, it can only be provided on a best-efforts basis for Your convenience and is not guaranteed. Neither WB nor any affiliate of WB is liable for any deficiencies in the accuracy, completeness, availability or timeliness of such information or for any investment or other decision made using this information.
Neither WB nor its affiliates is responsible for any computer virus or related problems which may be attributable to services provided by any Internet service provider.
Neither WB nor any affiliate of WB is responsible for any indirect, special, incidental or consequential damages arising in any way out of the use of the Money HQ Service. The maximum liability of WB and its affiliates for direct damages (in tort, contract or otherwise) arising in any way out of the use of the Money HQ Service shall be $50.
5. Severability. In the event any one or more of the provisions of this Agreement shall for any reason be held to be invalid, illegal or unenforceable, the remaining provisions shall remain valid and enforceable.
6. Disputes. In the event of a dispute regarding the Service, You and ORCC agree to resolve the dispute by looking to this Agreement. You agree that this Agreement is the complete and exclusive statement of the agreement between You and ORCC which supersedes any proposal or prior agreement, oral or written, and any other communications between You and ORCC relating to the subject matter of this Agreement. If there is a conflict between what one of WFS's or WB's employees says and the terms of this Agreement, the terms of this Agreement shall control. You agree that You will resolve any dispute or claim You have under this Agreement by means of binding arbitration under the rules of commercial arbitration of the American Arbitration Association ("AAA") to be heard in Orange County, California, by a single qualified independent arbitrator selected by the AAA.
7. Assignment. You may not assign this Agreement to any other party. We, WFS and WB may assign this Agreement to any successor, other person or entity or to any future, directly or indirectly, affiliated company. WFS and WB may also assign or delegate certain of WFS and/or WB's rights and responsibilities under this Agreement to independent contractors or other third parties without Your knowledge or consent.
8. No Waiver. Neither ORCC, WFS nor WB shall be deemed to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by such party. No delay or omission on the part of such party in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.
9. Governing Law. This Agreement shall be governed by federal law, and where applicable, by the laws of the State of Maryland.
End " Money HQ Terms
and Conditions."
Ownership of Site; Agreement to Terms of Use
These Terms and Conditions of Use (the "Terms of Use") apply to the AARP Financial Savings Center website located at www.aarpsavings.com, and all associated sites linked to www.aarpsavings.com (the "Site") by Waterfield Financial Services, Inc., its subsidiaries and affiliates ("WFS"). The Site is the property of WFS and its licensors. BY USING THE SITE, YOU AGREE TO THESE TERMS OF USE; IF YOU DO NOT AGREE, DO NOT USE THE SITE.
WFS reserves the right, at its sole discretion, to change, modify, add or remove portions of these Terms and Conditions, at any time. It is Your responsibility to check these Terms and Conditions periodically for changes. Your continued use of the Site following the posting of changes will mean that You accept and agree to the changes. As long as You comply with these Terms and Conditions, WFS grants You a personal, non-exclusive, non-transferable, limited privilege to enter and use the Site.
Content
All text, graphics, user interfaces, visual interfaces, photographs, trademarks, logos, sounds, music, artwork and computer code (collectively, "Content"), including but not limited to the design, structure, selection, coordination, expression, "look and feel" and arrangement of such Content, contained on this website is owned, controlled or licensed by or to WFS, and is protected by trade dress, copyright, patent and trademark laws, and various other intellectual property rights and unfair competition laws.
Except as expressly provided in these Terms and Conditions, no part of this website and no Content may be copied, reproduced, republished, uploaded, posted, publicly displayed, encoded, translated, transmitted or distributed in any way (including "mirroring") to any other computer, server, website or other medium for publication or distribution or for any commercial enterprise, without WFS's express prior written consent.
You may use information on WFS products and services purposely made available by WFS for downloading from this website, provided that You (i) do not remove any proprietary notice language in all copies of such documents, (ii) use such information only for Your personal, non-commercial informational purposes and do not copy or post such information on any networked computer or broadcast it in any media, (iii) make no modifications to any such information, and (iv) make no additional representations or warranties relating to such documents.
You may not use any "deep-link", "page-scrape", "robot", "spider" or other automatic device, program, algorithm or methodology, or any similar or equivalent manual process, to access, acquire, copy or monitor any portion of this website or any Content, or in any way reproduce or circumvent the navigational structure or presentation of this website or any Content, to obtain or attempt to obtain any materials, documents or information through any means not purposely made available through this website. We reserve the right to bar any such activity.
Access
You may not attempt to gain unauthorized access to any portion or feature of this website, or any other systems or networks connected to this website or to any WFS or WB server, or to any of the Services offered on or through this website, by hacking, password "mining" or any other illegitimate means.
You may not probe, scan or test the vulnerability of this website or any network connected to this website, nor breach the security or authentication measures on this website or any network connected to this website. You may not reverse look-up, trace or seek to trace any information on any other user of or visitor to this website, or any Customer of WFS, including any account not owned by You, to its source, or exploit this website or any service or information made available or offered by or through this website, in any way where the purpose is to reveal any information, including but not limited to personal identification or financial information, other than Your own information, as provided for by this website.
You agree that You will not take any action that imposes an unreasonable or disproportionately large load on the infrastructure of this website or on WFS's or WB's systems or networks, or on any systems or networks connected to this website or to WFS or WB.
You agree not to use any device, software or routine to interfere or attempt to interfere with the proper working of this website or any transaction being conducted on this website, or with any other person's use of this website.
You agree not to forge headers or otherwise manipulate identifiers in order to disguise the origin of any message or transmittal You send to WFS or WB on or through this website or any service offered on or through this website. You agree not to pretend that You are, or that You represent, someone else, or impersonate any other individual or entity.
Use
You may not use this website or any Content for any purpose that is unlawful or that is prohibited by these Terms and Conditions or by applicable law or regulation, or to solicit the performance of any illegal activity or other activity which infringes the rights of WFS, WB or others.
Additional terms and conditions may apply to the use and purchase of goods or services and to specific portions or features of this website, all of which terms are made a part of these Terms and Conditions by this reference. You agree to abide by such other terms and conditions, including where applicable representing that You are of sufficient legal age to use or participate in such service or feature. If there is a conflict between these Terms and Conditions and the terms posted for or applicable to a specific portion of this website or for any service offered on or through this website, the latter terms shall control with respect to Your use of that portion of this website or the specific service.
WFS's obligations, if any, with regard to its products and services are governed solely by the agreements pursuant to which they are provided, and nothing on this website should be construed to alter such agreements.
Each of these policies may be changed from time to time and, unless otherwise noted herein, are effective immediately upon posting such changes on this website.
Accounts
Certain features or services offered on or through this website may require You to open an account (including setting up a user ID and password). You are entirely responsible for maintaining the confidentiality of Your account information, including Your password, and for any and all activity that occurs under Your account. You agree to notify WB immediately of any unauthorized use of Your account or password, or any other breach of security. However, You may be held liable for losses incurred by WFS, WB or any other user of or visitor to this website due to someone else using Your user ID, password or account.
You may not use anyone else's user ID, password or account at any time without the express permission and consent of the holder of that user ID, password or account. Neither WFS nor WB can or will be liable for any loss or damage arising from Your failure to comply with these obligations.
Privacy
Our Privacy Policy applies to use of this website, and its terms are made a part of these Terms and Conditions by this reference. To view the Privacy Policy, click here Additionally, by using this website, You acknowledge and agree that internet transmissions are never completely private or secure. You understand that any message or information You send to this website may be read or intercepted by others, even if there is a special notice that a particular transmission (for example, password information) is encrypted.
Links
This website may contain links to other independent third-party Websites ("Linked Sites"). These Linked Sites are provided solely as a convenience to our visitors. Such Linked Sites are not under our control, and neither WFS nor WB is responsible for, and does not endorse, the content of such Linked Sites, including any information or materials contained on such Linked Sites. You will need to make Your own independent judgment regarding Your interaction with these Linked Sites.
Our Rights
WFS reserves the right to do any of the following, at any time, without notice: (i) to modify, suspend or terminate operation of or access to this website, or any portion of this website, for any reason; (ii) to modify or change this website, or any portion of this website, and any applicable policies or terms; and (iii) to interrupt the operation of this website, or any portion of this website, as necessary to perform routine or non-routine maintenance, error correction, or other changes.
Although this website is accessible worldwide, persons who do not have residence in the United States of America may not utilize the Services offered on this website. WFS reserves the right to limit, in its sole discretion, the provision and quantity of any feature, product or service to any person or geographic area. Any offer for any feature, product or service made on this website is void where prohibited. If You choose to access this website from outside the United States, You do so on Your own initiative, at Your own risk and You are solely responsible for complying with applicable local laws.
Your Other Agreements
You agree to indemnify and hold WFS and WB and their respective officers, directors, shareholders, predecessors, successors in interest, employees, agents, subsidiaries and affiliates, harmless from any demands, loss, liability, claims or expenses (including attorneys' fees), made by any third party due to or arising out of or in connection with Your use of this website.
WFS may disclose any information we have about You (including Your identity) if we determine that such disclosure is necessary in connection with any investigation or complaint regarding Your use of this website, or to identify, contact or bring legal action against someone who may be causing injury to or interference with (either intentionally or unintentionally) our rights or property, or the rights or property of WB or of visitors to or users of this website, including Customers. We reserve the right at all times to disclose any information that WFS deems necessary to comply with any applicable law, regulation, legal process or governmental request. We also may disclose Your information when we determine that applicable law requires or permits such disclosure, including exchanging information with other companies and organizations for fraud protection purposes, subject to the terms of our Privacy Policy.
You acknowledge and agree that WFS may preserve any transmittal or communication by You with WFS or WB through this website or any Service offered on or through this website, and may also disclose such data if required to do so by law or if we determine that such preservation or disclosure is reasonably necessary to (i) comply with legal process, (ii) enforce these Terms and Conditions, (iii) respond to claims that any such data violates the rights of others, or (iv) protect the rights, property or personal safety of WFS, WB, their employees, users of or visitors to this website, and the public, subject to the terms of our Privacy Policy.
You agree that we may, in our sole discretion and without prior notice, terminate Your access to this website and/or block Your future access to this website if we determine that You have violated these Terms and Conditions or other agreements or guidelines which may be associated with Your use of this website. You also agree that any violation by You of these Terms and Conditions will constitute an unlawful and unfair business practice, and will cause irreparable harm to WFS, for which monetary damages would be inadequate, and You consent to WFS obtaining any injunctive or equitable relief that WFS deems necessary or appropriate in such circumstances. These remedies are in addition to any other remedies we may have at law or in equity.
You agree that WFS may, in its sole discretion and without prior notice, terminate Your access to this website, for cause, which includes (but is not limited to) (i) requests by law enforcement or other government agencies, (ii) a request by You (self-initiated account closures), (iii) discontinuance or material modification of this website or any service offered on or through this website, or (iv) unexpected technical issues or problems.
If WFS does take any successful legal action against You as a result of Your violation of these Terms and Conditions, WFS will be entitled to recover from You, and You agree to pay, all reasonable attorneys' fees and costs of such action, in addition to any other relief granted to WFS. You agree that WFS will not be liable to You or to any third party for termination of Your access to this website as a result of any violation of these Terms and Conditions.
You agree that all matters relating to Your access to or use of this website, including all disputes, will be governed by the laws of the United States and by the laws of the State of Maryland without regard to its conflicts of laws provisions. You agree to the arbitration provisions in the Terms and Conditions and, if not so covered by such provisions, to the personal jurisdiction by, and venue in, the state and federal courts in Montgomery County, Maryland, and waive any objection to such jurisdiction or venue. Any claim by You under these Terms and Conditions must be brought within 1 year after the cause of action arises, or such claim or cause of action is barred. No recovery may be sought or received for damages other than out-of-pocket expenses, except that the prevailing party will be entitled to costs and attorneys' fees. In the event of any controversy or dispute between WFS or WB and You arising out of or in connection with Your use of this website, the parties shall attempt, promptly and in good faith, to resolve any such dispute. If we are unable to resolve any such dispute within a reasonable time (not to exceed thirty (30) days), then, if the dispute is not covered by the arbitration provisions of these Terms and Conditions, either party may submit such controversy or dispute to mediation. If the dispute cannot be resolved through mediation, then, if the dispute is not covered by the arbitration provisions of these Terms and Conditions, the parties shall be free to pursue any right or remedy available to them under applicable law.
You agree not to use or export or re-export any Content or any copy or adaptation of such Content, or any product or service offered on this website, in violation of any applicable laws or regulations, including without limitation United States export laws and regulations.
If any of the provisions
of these Terms and Conditions are held by a court or other tribunal
of competent jurisdiction to be void or unenforceable, such provisions
shall be limited or eliminated to the minimum extent necessary and replaced
with a valid provision that best embodies the intent of these Terms
and Conditions, so that these Terms and Conditions shall remain in full
force and effect. These Terms and Conditions constitute the entire agreement
between You, on the one hand, and WB and WFS, on the other hand, with
regard to Your use of this website, and any and all other written or
oral agreements or understandings previously existing between You and
WFS with respect to such use are hereby cancelled. WFS will not accept
any counter-offers to these Terms and Conditions, and all such offers
are hereby categorically rejected. Our failure to insist on or enforce
strict performance of these Terms and Conditions shall not be construed
as a waiver by WFS or WB of any provision or any right it has to enforce
these Terms and Conditions, nor shall any course of conduct between
WFS or WB and You or any other party be deemed to modify any provision
of these Terms and Conditions. These Terms and Conditions shall not
be interpreted or construed to confer any rights or remedies on any
third parties.
End of "Website Agreement"
The AARP Financial Savings Center is brought to you by Waterfield Financial Services Inc. All Certificate of Deposit products and services will be processed through Reliance Trust Company, one of the leading investment firms in the country with clients in all states and several countries. Reliance Trust Company is a Special Participating Institution in the Certificate of Deposit Account Registry Service (CDARS) which allows account holder funds to be placed in CDs at multiple participating depository institutions in increments of less than $100,000 so that both principal and interest are eligible for FDIC protection up to $5 million per depositor.
CD Account Features
CD Terms & Conditions
A Reliance Preferred Deposit Custody Account™ will be opened with your initial CD deposit which will then be invested into CD accounts in accordance with the following terms and conditions.
The following information provides you with important details you should know about Reliance Preferred Deposit Custody Account™ at Reliance Trust Company (the "Account"). When you sign an enrollment form, open an additional account or use any of our services, you agree to be bound by these Terms and Conditions. The words "you" and "your" refer to each person who opens an Account. The words "our," "us," "we" and "Reliance Trust" refer to Reliance Trust Company. The words "Terms and Conditions" refer to this information as it may be amended from time to time as herein provided. Please read this information carefully and keep it with your personal financial records.
Account Opening
To open your Account you must submit a check drawn on your checking account for the initial deposit to your Account, authorize an electronic transfer of funds from your checking account, or initiate a wire transfer. You agree that Reliance Trust may obtain credit information about you from one or more credit reporting agencies.
Rate of Interest
We will endeavor to obtain a competitive rate of interest on all FDIC-insured deposit accounts in which funds in your Account are deposited from time to time. However, no assurances can be provided that the interest rates available at the time of opening your Account will continue to be available or that rates earned on funds deposited in your Account will be higher than other rates that may be available in the market.
Withdrawals
You can make a withdrawal from your Account through electronic funds transfer from your Account to another Reliance Trust account or a linked account by calling or writing Customer Service. Upon your direction, a withdrawal from your Account will be affected by a check written to the Account holder and mailed to the address on file with Reliance Trust for mailing statements for the Account or by electronic transfer to the Linked Account. All disbursements will be made no later than the Business Day following Reliance's receipt of your disbursement instructions.
Limitations on Withdrawals and Transfers from Your Account
Banks in which funds are deposited reserve the right to require that Reliance Trust provide at least seven (7) days' prior notice before withdrawal of funds. If a bank exercises that right, we similarly will delay disbursement of funds from the Account. In addition, due to banking regulations we are not permitted by such banks to make more than six (6) transfers and withdrawals, or a combination of such transfers and withdrawals, from your Account per calendar month, no more than three (3) of which withdrawals and transfers may be made by check, draft, or similar order made by us and payable to you or third parties. If you exceed this limit, we may be required to close your Account and disburse all balances held in the Account and all interest earnings to you in order to comply with our agreements with the depository banks.
Early Withdrawal Penalties
If an Account is invested in a certificate of deposit ("CD") and withdrawn before the maturity date, a penalty will be imposed by the financial institution that issued the CD and will be charged to your Account. An early withdrawal penalty may invade principal. No penalty will be charged for early withdrawal of a CD upon the death of the Account holder.
Limitations on FDIC Insurance
FDIC insurance of deposit accounts at any bank is generally limited to $100,000 for individual accounts and $100,000 per account owner for joint accounts. Bank deposits held on your behalf in the Account will be aggregated with other deposit accounts (if any) which you hold in the same ownership right and capacity in the bank or banks in which funds held in the Account are deposited. You should consider such limitations in determining the amount to be deposited in the Account, as any amount in excess of these limitations may not have the benefit of full FDIC insurance coverage in the event such bank should become insolvent or encounter other financial difficulty.
Termination of Financial Advisor
You may direct us, in writing, to terminate the relationship of your Financial Advisor to your Account, in which event the Financial Advisor will no longer provide servicing for the Account, will no longer receive compensation for such servicing, will no longer be permitted to direct disbursements from the account, and will no longer be provided with duplicate Account statements (if previously authorized).
Instructions
We may refuse to follow any of your instructions that in our sole judgment are illegal or would expose us to potential liability. Alternatively, we may require adequate security or invoke other security measures to protect us from all losses and expenses incurred if we follow your instructions. You agree to reimburse us for any damages, losses, liabilities, expenses and fees (including, but not limited to, reasonable attorneys' fees) that we incur in connection with your Account if we take an action in accordance with your or what purports to be your oral, written or electronic instructions.
Change of Address
You must notify Customer Service of any change of address in writing or as otherwise permitted by us. Any notice we mail to you at the last address on our records will be binding on you.
Change in Terms/Waiver of Terms
We can change these Terms and Conditions and add new Terms and Conditions at any time upon not less than thirty (30) days prior written notice to you mailed to the address on file with Reliance Trust for mailing statements for the Account. Changes and new Terms and Conditions will be binding upon you and your Account as of their effective date. We may change these Terms and Conditions without notice to you when necessary to conform to Federal or state law. Notice of such changes, additions or termination will be provided as required by law. We have the right to waive any of our rights under this agreement with respect to any transaction without obligating ourselves to treat future transactions in the same way.
Assignment
No Account or part of an Account may be pledged, assigned, given as a gift, or otherwise transferred to a third party without our prior written consent.
Compliance with Laws and Regulations
Your Account is subject to both Federal law and the law of the State of Georgia. Your Account is also subject to the rules and regulations of our supervisory authorities (together with Federal and Georgia law, the "Applicable Laws"). If there is a conflict between these Terms and Conditions and the Applicable Laws, these Terms and Conditions will be deemed to have been changed to the extent necessary to comply with the Applicable Laws. If any provision of these Terms and Conditions is declared to be invalid, unenforceable, or illegal, that provision will not affect the validity of any other of these Terms and Conditions.
Lien and Set-Off
We have a continuing lien on, and under this agreement you grant us a consensual security interest in, all of your deposits as security for any and all debts or obligations you owe us as borrower or otherwise, whether due or to become due. We may at our option at any time and without notice to you use all or any part of the money from your Account ("set-off"), whether an individual or joint Account, to pay any debt you owe to us of whatever kind and however arising. The set-off shall be a lawful and valid payment by you.
Levies, Attachments, and Other Court Process: If we receive a levy, attachment, or other court process against you or any party to the Account, we may refuse to permit withdrawals or transfers from your Account until the legal process is dismissed or satisfied. Any levy, attachment, or other court process will be subject to our right of set-off and security interest. You are responsible for any losses, costs, or expenses we incur as a result of any dispute or legal proceeding involving your Account.
Claims on the Custodial Account: If we receive a claim against the funds in your Account, or if we know of or believe that there is a dispute as to the ownership or control of funds in the Account, we may, in our discretion, place a hold on your Account and refuse to pay out any funds from your Account until we are satisfied that the dispute is settled, close the Account and send the balance to the named Account holder(s), continue to rely on the current Account records, require a court order to act, or take any other action which we feel is necessary to protect us. We will not be liable to you for taking any such action.
Death or Incapacity: If you die or are declared legally incompetent we can continue to accept and collect items deposited to your Account until we know of your death or adjudication of incompetence and have a reasonable opportunity to act.
Notices: Any notice that you give to us will be effective when it is actually received by us. Any notice that we give to you will be effective when it is electronically transmitted or deposited in the United States mail, as applicable, and addressed to you at your statement mailing address or electronic mail address. Notice to any one owner of an Account is notice to all owners of the Account.
Jury Trial Waiver: YOU AGREE TO GIVE UP YOUR RIGHT TO A TRIAL BEFORE A JURY. Subject to applicable law, you and we each agree to waive the constitutional right to a trial before a jury. Our disputes will be resolved either through arbitration or in the courts, in either case without any jury. . Notwithstanding anything else in this agreement, the decision of whether to use arbitration or the courts is solely the decision of the consumer.
Limitation of Our Liability: We will make all reasonable efforts to give you access to your Account and current and complete Account information. However, you agree that we will not be responsible for any interruption in service or loss caused by an event which is beyond our control, including, but not limited to, natural disasters, acts of terror, wars, riots, strikes, computer failure or loss of power, communication, or transportation facilities. We will not be responsible for any losses or damages, including direct damages, resulting from the use of the Account, unless such losses or damages are caused by our lack of good faith or failure to exercise ordinary care. In no event will we be responsible for indirect, special or consequential losses or damages of any kind.
You and Reliance Trust Company (referred to in this agreement as "we" and "us") are entering into this agreement to set forth the terms and conditions under which we will assist you from time to time in placing your funds in time deposits with depository institutions (each an "Insured Institution") whose accounts are insured by the Federal Deposit Insurance Corporation ("FDIC"). Through an arrangement with Promontory Interfinancial Network, LLC ("Promontory"), we will endeavor to place your funds in time deposits ("CDs") issued by Insured Institutions through Promontory's Certificate of Deposit Account Registry Service®, or CDARS®, in principal amounts that, when aggregated with interest to accrue over the term of the CD, will not exceed the Standard Maximum Deposit Insurance Amount ("SMDIA") for deposits of one depositor at one Insured Institution (currently $100,000). Although certain "self-directed" retirement accounts, such as IRAs, may be eligible for coverage under a higher FDIC insurance limit (currently $100,000) for deposits of one depositor at one Insured Institution, CDs for these retirement accounts will be placed using CDARS only in amounts that will not exceed the SMDIA. We will also act as your custodian with respect to your CDs. Funds held in your account with us pending placement through CDARS or resulting from payments on CDs are not insured by the FDIC.
CDARS is a proprietary process owned by Promontory that allocates orders submitted by participating financial institutions on dates specified by the Network. On each "Order Date" member institutions submit orders requesting that Promontory allocate funds for their customers to Insured Institutions that are willing to accept deposits through CDARS. On the "Order Allocation Date" Promontory allocates orders submitted on the Order Date. CDARS offers different types of transactions through which funds may be placed with Insured Institutions. We will place your funds through a CDARS One-Way(SM) in which we receive a fee from one or more Insured Institutions that receive deposits through CDARS with respect to the corresponding Order Date for which your order was submitted to Promontory.
This agreement sets forth important information about the placement process. By signing this agreement you agree to be bound by its terms each time that you submit funds to us for placement. Please read it carefully. Some of the features of the CDs and the placement process are:
Section 1. Your Relationship With Us
(a) Agency & Custodial Relationship
We have entered into a contract with Promontory pursuant to which we will use CDARS to assist us in endeavoring to place your funds at Insured Institutions that have also entered into contracts with Promontory. Pursuant to our contract with Promontory, we will adhere to Promontory's policies and procedures in placing your funds.
We will act as your agent in connection with the placement of your funds in CDs and as your custodian with respect to your CDs acquired using CDARS. We have entered into an agreement with The Bank of New York to act as our sub-custodian with respect to the CDs for which we are acting as your custodian. No physical certificates evidencing the CDs will be issued. Each CD for which we act as your custodian will be recorded on the records of the Insured Institution that issues the CD in the name of our sub-custodian, will be recorded on the records of the sub-custodian in our name, and will be recorded on our records in your name, all in a manner that will permit you CD to be insured by the FDIC to the same extent as if you held it directly with the Insured Institution.. You will receive from us a written confirmation of the issuance of your CDs and periodic account statements that will reflect your ownership of your CDs. The confirmation of CD issuance and the account statement(s) will be the only evidence that you will receive of your ownership of the CDs. You should retain the confirmation and the account statement(s) for your records.
All payments with respect to your CDs are automatically credited to your account with us. You can enforce your rights in the CDs through us. You may not transfer the CDs directly to another financial intermediary. At your election, you may dismiss us as custodian, and your ownership of a CD may be recorded in your name on the books of the Insured Institution that issued the CD. If you choose to have the CD maintained in your name on the books of the Insured Institution that issued the CD, you will be able to enforce your rights in the CD directly against that Insured Institution.
(b) Fees
You will not pay a fee in connection with your placement of funds. When we place your funds through CDARS, we and Promontory will receive a fee from one or more Insured Institutions receiving deposits through CDARS in respect of that Order Date. We may, in our discretion, waive some or all of our fee, and Promontory may, in its discretion, waive some or all of its fee. We and Promontory may receive different fees from different Insured Institutions in connection with the same transaction Promontory may offer us and our employees non-cash incentives in connection with our placement of funds through CDARS.
(c) Limits on Placements
Although we, through our arrangement with Promontory, will endeavor to place your funds, on a particular Order Allocation Date the Promontory may not be able to allocate orders in a way that results in the placement of some or any of your funds. The allocation process utilized by Promontory may reflect considerations of federal and state law, funding needs of Insured Institutions, economic conditions, Promontory's objectives or other factors determined by Promontory in its sole discretion. If any of your funds cannot be placed, the unplaced funds will be returned to you. You may ask us to resubmit unplaced funds for placement through CDARS on another day on which Promontory performs its allocation service.
(d) Each CD Will Be an Obligation of the Issuer
Each CD will be a deposit obligation of the Insured Institution that issued the CD and will not be, either directly or indirectly, our obligation or an obligation of Promontory. Your CD will not be issued until the issuing Insured Institution receives and accepts your funds.
(e) APY
If you are not a "consumer" for purposes of the Truth-in-Savings Act ("TSA"), or if our communication with you in connection with your placement of funds through CDARS is not an "advertisement" for purposes of TSA, we are not obligated to provide you with an annual percentage yield ("APY") on your CDs.
(f) Mutual Institution Voting Rights
If a CD is issued to you by an Insured Institution in the mutual form of organization ("mutual institution") for funds placed for you through CDARS, you may receive through us a notice of a meeting of the depositor members of that mutual institution. Because your CD is identified on the books of the mutual institution in the name of the sub-custodian and not in your name, you will not be entitled to attend the meeting or vote by proxy. Under agreements that we have entered into with the sub-custodian that holds your CDs in its name on your behalf, the sub-custodian will forward meeting notices to us (for delivery to you) but it will not attend the meeting or vote by proxy.
It is possible that the mutual institution also may send notice of its intention to convert to a stock institution, and provide for priority, non-transferable subscription rights for depositor members of the mutual institution to purchase stock in the conversion. Because of the nature of our agreement with the sub-custodian, your CD will be identified on the books of the mutual institution in the name of the sub-custodian, your CD will be identified on the books of the mutual institution in the name of the sub-custodian and not in your name, and thus, you will not be entitled to exercise any subscription right to purchase the stock, or to vote on the conversion. The sub-custodian, which will own the subscription right, also will not purchase any stock in the conversion.
Accordingly, if you wish to receive meeting notices directly, attend meetings and vote (to convert from the mutual to stock form of ownership, form a mutual holding company or otherwise) with respect to a CD you have acquired from a mutual institution through CDARS, or wish to receive subscription rights in the event the mutual institution converts from mutual to stock form, you will have to dismiss us as custodian prior to the applicable record date (a date usually at least a year in advance from the date the mutual institution's board of directors adopts a plan of conversion) and have your ownership of the CD recorded in your name directly on the books of the mutual institution that issued the CD.
Section 2. Promontory
Promontory is not your agent and is responsible solely to us for performing the services for which we have retained it. Promontory uses the proprietary process included in CDARS to allocate orders submitted on a specified Order Date by Insured Institutions to other Insured Institutions that are willing to accept deposits through CDARS.
On an Order Allocation Date, Promontory uses the CDARS allocation process to propose placements of funds with Insured Institutions wishing to receive funds, subject to your approval as set forth in the procedures set forth in Section 3 of this agreement ("Placement Procedures"). CDs for funds placed through CDARS will be issued to you on the business day immediately following the Order Allocation Date (the "Settlement Date"). A "business day" means any day other than a Saturday, a Sunday or a day on which banks in New York, New York are authorized or required by law or regulation to close.
On any Order Date Promontory may receive commitments from Insured Institutions wishing to receive funds through a CDARS transaction. Based on these commitments, Promontory communicates to us the maximum amount of funds that can be submitted for placement through CDARS in each CD maturity on that Order Date.
As set forth above, we and Promontory each will receive a fee when we place your funds through CDARS, and we or Promontory may waive all or part of this fee. Any fees received by us or Promontory will not change the terms that have been offered to you for your CDs. In addition to the fees payable to it, Promontory may realize profits or incur losses in connection with the placement of your funds at one or more of the Insured Institutions on the terms you have selected.
Section 3. Placement Procedure
(a) Order Dates & Terms of CDs
Each time you notify us that you wish to place funds through CDARS, we will inform you of (i) the available Order Dates, (ii) interest rates, maturities and payment terms available on each Order Date, (iii) whether early withdrawal of the CDs is available and whether any penalties (and processing fees, if applicable) will be imposed on you for early withdrawal, and (iv) any limits with respect to placing funds.
The terms and conditions available for CDs may change from time to time. Each CD issued by an Insured Institution will have a principal amount that, when aggregated with interest to accrue during the term of the CD, will not exceed the FDIC insurance limit. You may obtain information about the terms of the CDs made available through CDARS on an Order Date at www.CDARS.com/terms.
Interest on your CDs will compound daily. Payment options may vary based on the maturity of the CD. You may have the option with some CDs to choose between monthly payments of interest and payment of interest at maturity or other available interest payment terms. In addition, depending on the terms and conditions of a particular CD, you may be able to change the payment terms of the CD during the term of the CD. If you choose to have interest paid to you during the term of the CD, you may not be able to re-invest the interest you are paid at an interest rate as favorable to you as the interest rate paid on the CD.
Each CD will earn interest from the day your funds are deposited at the Insured Institution that issues the CD up to, but not including, the day your CD matures. If the date on which a payment with respect to a CD is due is not a business day, that payment will be made on the next business day.
(b) List of Insured Institutions
Each time you notify us that you desire to place funds through CDARS, you may obtain from us a list of Insured Institutions at which your funds may be placed. Not all of these Insured Institutions may be available to issue CDs with respect to an Order Date, and, before the list is provided to you, we may have designated some Insured Institutions as ineligible to receive funds from our customers. You should review the list provided to you and inform us of the name(s) of any Insured Institution(s) at which you do not want to make a deposit, for any reason. At your option, you may also provide us with the names of Insured Institutions not then on the list at which you do not want to make a deposit. Once you have informed us of the name of an Insured Institution at which you do not want to make a deposit, your funds – whether submitted for placement through CDARS at the time you sign this agreement or in the future – will not be placed at that Insured Institution until you notify us in writing that funds may be placed in the Insured Institution. (For your convenience, at the time you sign this agreement you may indicate to us on Schedule 1 the names of Insured Institutions at which you do not want to make a deposit.) Upon your request, we will obtain from Promontory the list it maintains of Insured Institutions at which you do not wish to make a deposit. As set forth below, you are responsible for monitoring your deposits at each Insured Institution for purposes of FDIC insurance coverage.
(c) Request for Placement of Funds
When you request that we place your funds through CDARS, we will submit to Promontory a request for placement of your funds ("an Order"), including the Order Date, the amount of funds to be placed and the terms (including interest rate and APY) of the CDs you are seeking. The Order will be in a form established by Promontory. In order for us to submit an Order, you must provide us with all information required by Promontory no later than the time specified in paragraph 1 of Schedule 2.
(d) Approval of Proposed Placements
We will not know the name(s) of Insured Institution(s) at which your funds will be placed at the time we submit an Order for your funds. On each Order Allocation Date for which we submitted an Order for your funds, we will make available to you a list of the names of the Insured Institutions at which your funds are proposed to be placed, the proposed deposit amount at each Insured Institution and the names of proposed alternate Insured Institutions at which your funds may be placed. You may obtain that list from us on the Order Allocation Date at or after the time specified in paragraph 3 of Schedule 2, and, at any time prior to the time specified in paragraph 4 of Schedule 2, you may notify us of the name or names of any of the proposed or proposed alternate Insured Institutions at which you do not want to make a deposit. Although you may direct us not to place funds at a proposed or alternate proposed Insured Institution, you cannot direct us to place funds at a specific Insured Institution or specify the amount to be placed at any Insured Institution.
If you eliminate one or more of the proposed or proposed alternate Insured Institutions from the list, or if one or more of them becomes unavailable for placement for any reason, your funds will be placed at the Insured Institutions that were not eliminated. If a sufficient number of proposed and proposed alternate Insured Institutions are eliminated or become unavailable so that not all of your funds can be placed, only as much of your funds will be placed as can be deposited at the remaining Insured Institutions in CDs with principal amounts that, when aggregated with interest to accrue during the term of the CDs, will not exceed the SMDIA. Your remaining funds will not be placed. In such case, we will inform you of the amount of your funds that will not be allocated on the Order Allocation Date, and you may request that we resubmit an Order for your unplaced funds on another Order Date by repeating the procedure outlined above.
If in connection with any placement of your funds using CDARS, you eliminate a proposed or proposed alternate Insured Institution in accordance with the above procedures, funds that you subsequently submit for placement will not be placed in that Insured Institution until you notify us otherwise in writing.
(e) Your Consent to Placement
Your funds will not be placed unless you have consented to their placement. You will be deemed to have consented to the placement of your funds at the proposed or proposed alternate Insured Institutions as of the time specified in paragraph 4 of Schedule 2 if by that time you:
(f) Time by Which We Must Have Your Funds; Settlement of Transactions
Unless we have made other arrangements, each time that you agree to a placement of funds under this agreement you also agree that, by the time specified in paragraph 5 of Schedule 2, you will have in an account with us immediately available funds, which under applicable law are irreversible and are not subject to any lien, claim or encumbrance, equal to the amount of funds you have informed us that you are seeking to place. On the Settlement Date, your funds will be deposited at Insured Institutions, payments to be made in connection with the placement of CDs will be made, and the CDs will be issued.
(g) Additions and Early Withdrawal
No additions may be made to any CD. Insured Institutions impose a penalty on withdrawal of a CD prior to its maturity. However, no penalty will be charged for early withdrawal upon the death of an individual who is the sole account holder of the CD. This exception applies to an individual who is the named account holder as well as an individual who is the sole current mandatory or discretionary income beneficiary of a trust, including the sole current beneficiary of a unitrust or annuity trust. Written verification acceptable to the Insured Institution that issued the CD may be required in such an event. For a CD with a term of 4 or 13 weeks, the early withdrawal penalty is equal to 28 or 90 days respectively, of simple interest calculated at the CD rate. The penalties for early withdrawal of 4 or 13 weeks CDs are equivalent to substantially all of the interest that would have been earned over the full term and will invade principal. For a CD with a term of 26 weeks or longer, the early withdrawal penalty is equal to simple interest calculated at the CD rate for approximately half the number of days in the full term. The penalties for early withdrawal of CDs with a term 26 weeks and longer are equivalent to half of the interest that would have been earned over the full term and may invade principal. The current schedule of products available and applicable early withdrawal penalties may be viewed at www.CDARS.com\terms.
Pursuant to the Internal Revenue Code of 1986, as amended, the beneficiary of an Individual Retirement Account ("IRA") (but not a Roth IRA) may incur a penalty if the beneficiary does not begin making withdrawals from the IRA after age 70-1/2. A CD held in an IRA is not eligible for early withdrawal without penalty simply because the beneficiary must withdraw the CD to avoid a tax penalty.
Early withdrawal of a CD may be made only in whole, not in part. You may request early withdrawal by contacting us, at which time you may specify which of your CDs you would like us to withdraw. If you choose not to specify which of your CDs to withdraw, early withdrawals will be using an automated process that generates random selections based on amounts of the CDs. In general, early withdrawal proceeds will be available to you two business days after we receive your early withdrawal request.
Neither we nor the Promontory will advance funds in connection with early withdrawals, and early withdrawal proceeds will not be available to you until they are paid to us by the Insured Institution that issued the CD being withdrawn.
(h) Automatic Resubmission
The CDs will mature on the date shown on the confirmation of CD issuance. If your CD maturity preference is automatic resubmission, we will resubmit the principal, or the principal and any unpaid accrued interest for placement in new CDs, unless you notify us as described below that you do not want us to do so. If we resubmit the funds, they will be placed in new CDs at the interest rate that applies to CD deposits of that amount and term through the AARP Savings Center at the time of resubmission, in accordance with the procedure described in Section 3 (i) below.
(i) Automatic Resubmission Procedures
Near the time for maturity of your CDs we will notify you (i) that your CDs are scheduled to mature on a specified date; (ii) how you may learn the interest rate that will be paid on the resubmitted funds; and (iii) how you may decline resubmission of your funds by timely notice to us. The procedures for review and approval of proposed placements as prescribed in Section 3 (e) above will apply to the placement of your resubmitted funds.
(j) No Physical Certificates
As set forth in Section 1, no physical certificate evidencing a CD will be issued. You should not purchase a CD through CDARS if you need to take physical possession of a certificate.
Section 4. Important Considerations
(a) Compare Features
You should compare the rates of return and other features of a CD to other available investments before deciding to purchase CDs using the CDARS service. The rates paid with respect to CDs may be higher or lower than the rates on deposits available directly from the Insured Institutions that issue the CDs through CDARS or on other investments available through us.
(b) Buy & Hold
CDs are most suitable for purchasing and holding to maturity. Early withdrawal of CDs may be available, but may be subject to substantial penalties.
(c) Insolvency of an Insured Institution
In the event an Insured Institution approaches insolvency or becomes insolvent, the Insured Institution may be placed in a regulatory conservatorship or receivership in which the FDIC is typically appointed as conservator or receiver. The FDIC may thereafter pay off the CDs issued by that Insured Institution prior to maturity or transfer the CDs to another insured depository institution. If the CDs are transferred to another institution, you may be offered a choice of retaining the CDs at a lower interest rate or having the CDs paid off. See Section 5 below, "FDIC Insurance Information."
(d) Reinvestment Risk
If your CD is paid prior to maturity as a result of the issuing Insured Institution's insolvency or a voluntary early withdrawal (see Section 3(h) above, "Additions and Early Withdrawal"), you may not be able to reinvest your funds at the same interest rate that you received on the original CD. Neither we nor Promontory is responsible to you for any losses you may incur as a result of a lower interest rate on an investment replacing your CD.
(e) Investment Restrictions
If you are subject to restrictions with respect to the placement of funds in depository institutions, it is your responsibility to determine whether the placement of your funds by using CDARS satisfies those restrictions. When placing funds for deposit through CDARS, a depositor may be required by law or policy to place funds only using a CDARS Reciprocal Transaction, in which the institution placing the funds for deposit using CDARS is an Insured Institution that will receive matching funds for deposit in an amount equal to the amount of funds that was placed by the depositor using CDARS. Because we are not an Insured Institution and will only allocate your funds for deposit using CDARS One-Way Transactions, not a CDARS Reciprocal Transaction, you may not be eligible to have us place your funds through CDARS.
(f) SEC Investor Tips
The Securities and Exchange Commission periodically publishes tips for investors in various financial products, including CDs, on its website. You may access these investor tips at www.sec.gov.
Section 5. FDIC Insurance Information
(a) Deposit Insurance Coverage
In general, all accounts and deposits that you maintain with an Insured Institution in the same insurable capacity (whether you are acting directly or through an intermediary) would be aggregated for purposes of the applicable FDIC insurance limit. Insurable capacities include individual accounts, joint accounts and individual retirement accounts. A tax identification number is not evidence of, and does not establish, an insurable capacity that is separate from another tax identification number used by the same person or entity. Upon request, we will provide you with a copy of the FDIC brochure "Your Insured Deposits – FDIC's Guide to Deposit Insurance Coverage." You may also obtain information about deposit insurance coverage by contacting the FDIC, Office of Consumer Affairs, by letter (550 17th Street, N.W., Washington, D.C. 20429), by telephone (877-275-3342, 800-925-4618 (TDD) or 202-942-3100), or by e-mail (dcainternet@fdic.gov), or by visiting the FDIC website at www.fdic.gov. You may wish to seek advice from your own attorney concerning FDIC insurance coverage of deposits held in more than one capacity.
FDIC deposit insurance coverage applies to the principal and accrued interest on all CDs and other deposit accounts maintained by you in the same insurable capacity at a single Insured Institution. The records maintained by the Insured Institution, us and our sub-custodian regarding ownership of CDs will be used to establish your eligibility for federal deposit insurance payments in respect of CDs issued through CDARS. In addition, you could be required to provide certain documentation to the FDIC before insurance payments would be released to you.
(b) Government Unit Deposits
The requirements for deposit insurance coverage of the deposits of the United States government, state, county and municipal governments and their political subdivisions, the District of Columbia and the Commonwealth of Puerto Rico are specifically set forth in regulations of the FDIC (12 C.F.R. 330.15). In general, such deposits will be insured up to the SMDIA and individual departments and political subdivisions within a governmental unit may be eligible for separate insurance if certain requirements are met. The use of separate tax identification numbers by different departments or political subdivisions of the same governmental unit will not by itself cause the deposits of such departments or political subdivisions to be eligible for separate FDIC insurance.
It is the obligation of each governmental entity to determine whether the requirements for deposit insurance have been met. Neither we, Promontory, nor the Insured Institutions issuing CDs to you are responsible for uninsured losses resulting from placement of funds that are not eligible for deposit insurance.
(c) Deposit Insurance Payments
In the event that deposit insurance payments become necessary for your CDs, the FDIC is required to pay the original principal amount plus accrued interest to the date of the closing of the relevant Insured Institution, as prescribed by law, subject to the limits on FDIC deposit insurance coverage. No interest is earned on deposits from the time an Insured Institution is closed until insurance payments are received. We will notify you if we receive any payments from the FDIC with respect to your CDs.
As an alternative to a direct deposit insurance payment from the FDIC, the FDIC may transfer the insured deposits of an insolvent institution to a healthy institution. Subject to insurance verification requirements and the limits on FDIC deposit insurance coverage, the healthy institution may assume your CDs under their original terms or offer you a choice between either receiving payment of the CDs or maintaining the deposits at a different rate. We will advise you of your options in the event of a deposit transfer.
As with all federally insured deposits, if it becomes necessary for federal deposit insurance payments to be made on the CDs, there is no specific time period during which the FDIC must make the insurance payments available. Neither we nor the Network will be obligated to make any payments to you in satisfaction of a loss you might incur as a result of (i) a delay in insurance payouts applicable to a CD, (ii) your receipt of a decreased interest rate on an investment replacing a CD that is repaid prior to its scheduled maturity, or (iii) payment in cash of the principal and accrued interest of a CD prior to maturity in connection with the liquidation of an Insured Institution or the assumption of all or a portion of its deposit liabilities. Also, neither we nor Promontory will be obligated to advance funds to you prior to payment from the FDIC.
Section 6. Responsibility to Monitor Deposits at Insured Institutions; Publicly Available Information
Funds we submit for placement on your behalf on any Settlement Date are placed in CDs at enough different Insured Institutions to prevent the principal amount and any interest to accrue over the term of each CD placed on that Settlement Date from exceeding the FDIC insurance limit. It is your responsibility, however, to monitor the total amount of deposits that you hold with each Insured Institution in order for you to determine the extent of FDIC deposit insurance coverage available to you on deposits at that Insured Institution, including the CDs issued through CDARS. See Section 5 above, "FDIC Insurance Information," for more information on FDIC insurance coverage. The Insured Institution at which a deposit is made is responsible for the full amount deposited with it, and neither we nor Promontory is responsible for any insured or uninsured portion of any CD or any other deposit.
Publicly available financial information concerning the proposed and proposed alternate Insured Institutions can be obtained by you at the website of the National Information Center of the Federal Reserve System maintained at www.ffiec.gov/nic/. Neither we nor Promontory guarantees the financial condition of any Insured Institution or the accuracy of any publicly available financial information about the Insured Institution.
Section 7. Confidentiality of Information
We may provide your name, tax identification number and other pertinent identifying information to Promontory, our sub-custodian, and other parties providing services in connection with the placement of your funds and the issuance and holding of your CDs. We may also release such information to (i) an Insured Institution that has issued a CD to you, but only to the extent necessary to comply with any applicable law, rule or regulation or a judicial order and (ii) the FDIC in connection with a claim for deposit insurance on your CD. You hereby consent to the release of that information to and its use by (a) Promontory, our sub-custodian, and other parties providing services in connection with the placement of your funds and the issuance and custodying of your CDs, (b) Insured Institutions that have issued CDs to you to the extent necessary to comply with any applicable law, rule, regulation or judicial order, and (c) the FDIC in connection with a claim for deposit insurance on your CDs. The information will not be disclosed to Insured Institutions except as set forth herein and will not be used by Promontory, our sub-custodian, or any other parties to whom we release the information for any other purpose except as set forth herein or directed by you. Nothing in this section shall be deemed to prevent us from disclosing information to a third party if permitted or required by law.
Section 8. Disputes
Any disputes arising out of or in connection with this agreement will be governed by the dispute resolution, arbitration, choice of law, venue, waiver of jury trial, and costs related to dispute provisions, if any, contained in your client agreement with us. Your client agreement is the Reliance Trust Company Account Application. Notwithstanding anything else in this agreement, the decision of whether to use arbitration or the courts is solely the decision of the consumer.
Section 9. Miscellaneous
Any information we are required to deliver to you pursuant to this agreement may be given to you by mail, facsimile or other electronic transmission.
This agreement:
We may amend this agreement or any related document prospectively by modifying or rescinding any of its existing provisions or by adding any new provisions at any time by sending written notice of the amendment to you. We may provide written notice of an amendment to this agreement by means of a letter, an entry on your account statement or other means. Any amendment will be effective as of the date established by us in the written notice of the amendment, subject to applicable law, provided that any amendment may not become effective until ten days after the written notice has been sent by us.
This agreement is not assignable, in whole or in part, by either party except by operation of law or as required by law.
The headings in this agreement are inserted for convenience and identification only, and are not intended to describe, interpret, define or limit the scope or intent of this agreement or any clause hereof.
Schedule 1. Names of Insured Institutions at which you do not want to make a deposit
Schedule 1 is a part of your CD Application and provides you with a place to indicate to us the name(s) of Insured Institution(s) at which you do not want to make a CD deposit. Once you have provided us with the name(s) of the excluded Insured Institution(s), no CD deposit funds will be placed at that Insured Institution until you notify us in writing that funds may now be placed in the Insured Institution previously listed as excluded.
If your CD funds are placed in an Insured Institution at which you already have deposits, the new and existing deposits will be aggregated in applying the FDIC insurance limit. To prevent this from occurring, you can exclude Insured Institutions at which you already have deposits from receiving your CD funds. If you wish to exclude such Insured Institutions, or any other Insured Institutions, please provide their names and other information as requested in Schedule 1 of the CD Application.
Schedule 2. Important Times and Deadlines in connection with the Placement of Your Funds
This schedule contains important times and deadlines with respect to the placement of your funds. These times may change from time to time or on any particular Order Date or Order Allocation Date (which are currently the same business day), and we will inform you of any change in times, as applicable, before you submit your funds for placement. You may also obtain information about any changes to times set forth in paragraphs 2, 3, and 4 below or about any scheduling change resulting in the Order Allocation Date taking place on the business day immediately following an Order Date.
CDARS & Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.
Waterfield Bank is not affiliated with nor has any liability for the third-party products and services offered by Reliance Trust Company.
Disclosures WBAARPFSC 12.06.2008