ELECTRONIC FUNDS TRANSFER

 

This Part III contains important information about Bank’s automated banking services.  The term “Agreement,” when used in this Part, refers to this Depository Agreement and Bank’s Schedule of Fees.  The term “Card,” as used in this Part, refers to either the Bank Check Card or ATM Card, as applicable.  “Check Card” refers to Bank’s Check and Cash Card.  “Point-of-Sale Terminal” refers to a machine operated by a merchant that enables you to make an electronic fund transfer from your Account to the account of the merchant who is selling goods to you, in order for you to pay for the goods at the location of the merchant.  The terms “you” and “your” refer to all Account Holders and authorized users of any Account used in connection with automated banking services.  This Part serves as disclosure required by the Electronic Fund Transfer Act and contains important information about your rights and liabilities.  Your use of Bank’s automated banking services constitutes your consent and agreement to the terms and conditions contained in this Agreement.

 

This Part III, Section A, contains terms, conditions and disclosures which are applicable to all of our automated banking services, including the electronic transfer of funds by use of an ATM or a Check Card (including use through a Point-of-Sale Terminal or an ATM), direct deposit services, preauthorized transfers from an Account, telephone instruction, over the Internet, or by any other means of electronic access to funds transfers provided by Bank, or to any other use of a Card for purposes other than transfers.  Sections B through F contain information applicable only to Bank’s Automated Teller Machine and Point-of-Sale Terminal Services, ATM Card, Check Card, Direct Deposit Services and Internet Banking Services.  Certain information concerning charges applicable to these services is contained in our Schedule of Fees, which has been provided to you and is also available by written request or on our home page.

 

Business Days:

For purposes of these electronic funds transfer disclosures, out business days are Monday through Friday.  Holidays are not included.

 

Lost or Stolen ATM Cards or Check Cards:

To report a lost or stolen ATM or Check Card, call our 24-hour “hotline” immediately, toll free, at 866.ISN.BANK.

 

Liability for Unauthorized MasterCard Point of Sale Debit Card Transactions.    

Tell us AT ONCE if you believe your MasterCard point of sale debit card has been lost or stolen or of any unauthorized transactions.  Your liability for unauthorized use of your point of sale debit card with the MasterCard logo when it is used as a MasterCard point of sale debit card will not exceed (a) zero dollars ($0.00) if the conditions set forth below have been met, or (B) if those conditions have not been met, the lesser of fifty dollars ($50.00) or the amount of money, property, labor, or services obtained by the unauthorized use before notification to us.  Zero liability will apply only if (1) you report the loss or theft of your card within twenty-four (24) hours of discovering its lost or stolen; and (2) you can demonstrate that you have exercised reasonable care in safe-guarding your card from risk of loss or theft; and (3) you have not reported two or more incidents of unauthorized use to us within the preceding twelve (12) months; and (4) your account is in good standing.  These consumer liability limits apply only to United States issued MasterCard branded consumer cards.  If the transaction does not meet the conditions set forth above, these limits with respect to unauthorized transaction may be exceeded to the extent allowed under applicable law.  “Unauthorized use” means the use of your point of sale debit card by a person, other than you, who does not have actual, implied, or apparent authority for such use, and for which you receive no benefit.  To notify us of lost or stolen cards, or of unauthorized transaction, call or write to us at the telephone number or address set forth below.  This will help prevent unauthorized access to your account and minimize any inconvenience.

 

MasterCard is a registered trademark or MasterCard International Incorporated.

 

In addition to the limitations set forth above, the following limitations may be applicable to your accounts:

 

Liability for Unauthorized Transfers:

Tell us AT ONCE if you believe your MasterCard Check Card, ATM Card or Personal Identification Number (PIN) has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check.  Telephoning is the best way of keeping your possible losses down.  You could lose all the money in your account (plus your maximum overdraft line of credit).  If you tell us within two (2) business days after you learn of the loss or theft of your MasterCard Check Card, ATM Card or Personal Identification Number (PIN), you can lose no more than $50 if someone used your MasterCard Check Card, ATM Card or Personal Identification Number (PIN) without your permission.

 

If you do NOT tell us within two (2) business days after you learn of the loss or theft of your MasterCard Check Card, ATM Card or Personal Identification Number (PIN), and we can prove we could have stopped someone from using your MasterCard Check Card, ATM Card or Personal Identification Number (PIN) without your permission if you had told us, you could lose as much as $500.

 

Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once.  If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time.  If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

 

Business Days.  For purposes of these electronic funds transfer disclosures, our business days are Monday through Friday.  Holidays are not included.

 

Error Resolution Procedures:
If you fail to notify us, you can lose all the money in your Account. However, if you contact us within 2 business days after you learn of the loss or theft of your Check Card, ATM Card, or PIN, you can lose no more than $50. If you do not notify us within 2 business days, you could lose as much as $500. If any Account statement shows transactions that you did not make, and you fail to notify us in writing within 60 days after we mailed that statement to you, you may not get back any money you lost, after the 60 days if we can prove that we could have prevented the loss if you had told us in time. We may extend the time periods if extenuating circumstances (such as a long trip or a hospital stay) kept you from notifying us.

 

Important Exceptions:
If you are a business or other entity, which is not a natural person, this section on Your Liability for Unauthorized Transfers does not apply to Accounts held by you. You are solely responsible for the security of your PIN and all uses of your Cards. Any transaction made with your Cards is conclusively presumed to have been authorized by you. Also, while we will attempt to resolve any suspected errors with respect to your automated banking transactions as soon as possible, we are not bound by the time limits specified below under Error Resolution Procedures.

 

Error Resolution Procedures:
In the case of errors or questions about any of your automated banking transactions, please contact Bank as follows:

 

Write to:
ISN Bank
LibertyView Building
457 Haddonfield Rd
Cherry Hill New Jersey 08002

Or, call: 1-866-ISN-BANK at any time.

 

The above number may be called 24 hours a day, any day of the week. Bank must hear from you no later than 60 days after Bank sends you the FIRST statement on which the problem or error occurred. When you contact Bank, you must:

A. Give your name, Account number, and ATM Card or Check Card number, and
B. Describe the error or transaction in question, including the dollar amount of the suspected error, and explain clearly why you believe an error has occurred or why you need more information.

 

If you notify Bank orally, you must send your complaint or question to Bank in writing within 10 business days.

 

Bank will investigate your complaint or question and respond to you within 10 business days. Any errors will be corrected promptly. Bank retains the discretion, however, to take up to 45 calendar days to investigate your complaint or question. In that case, Bank will re-credit your Account within 10 days of receiving your complaint or question for the amount you think is in error so that you will have the use of your money during the time it takes Bank to complete its investigation. If you do not put your complaint or question in writing within 10 business days, however, Bank may not re-credit your Account.

 

For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.

 

If Bank decides that there was no error, Bank will send you a written explanation within three (3) business days after Bank finishes its investigation.  You may ask for copies of the documents that were used in Bank’s investigation.

 

Limitations on Transfers:
Federal banking regulations and Bank's policies restrict the number of transfers that you may make from Money Market and Savings Accounts. Transfers from any Money Market Account to third parties or to your other Account(s) at Bank may not exceed 6 per statement cycle. Of these 6 transfers, no more than 3 may be made by check. Restricted types of transfers include checks, pre-authorized transfers, debit cards, telephone transfers and transfers made through the Internet. The number of transfers made in person, at a branch or through an ATM are not restricted. If you exceed any of these limitations, we may assess a charge for each excess transaction and/or return the check or transfer unpaid. All such fees are outlined in Bank's Schedule of Fees. If you continue to exceed these limitations, we may close your Account or convert it to another type of Account which permits unlimited transfers.

 

Liability for Incomplete Transactions:
If Bank does not complete an electronic banking transaction on time or for the correct amount, it could be liable for your losses or other damages. However, Bank will not be liable:
A. If, through no fault of Bank's, you do not have enough money (available funds) in your Account to make the transaction;
B. If the ATM where you made the transaction did not have enough cash or other supplies;
C. If the ATM was not working properly and you knew about it when you started the transaction, or other equipment or software malfunctions occurred at the time you initiated the transaction;
D. If Bank did not receive a Direct Deposit instruction;
E. If the transfer involved an overdraft, or if there was a hold or alert on your Account, which prevented or restricted a transaction;
F. If an Account which may be accessed electronically became dormant (in which case Bank would have eliminated access to that Account);
G. If circumstances beyond Bank's control (such as power failure, fire or flood) prevent the transaction from occurring, despite reasonable precautions Bank has taken; or
H. If you did not provide Bank with the correct names or Account information for those persons or entities to whom you wished to direct payment.

 

Contact in Event of Unauthorized Transfer:

If you believe your MasterCard Check Card, ATM Card or Personal Identification Number (PIN) has been lost or stolen, call: 866.ISN.BANK or write: Customer Service, ISN Bank, 457 Haddonfield Road, Suite 100, Cherry Hill, NJ 08002.

 

You should also call the number or write to the address above if you believe a transfer has been made using the information from your check without your permission.

 

Transfer Types and Limitations:

 

1  Account access.  You may use your MasterCard Check Card, ATM Card or Personal Identification Number (PIN) to:

i.  Withdraw cash from your checking or savings account.

ii.  Make deposits to your checking or savings account.

iii. Transfer funds between your checking and savings account whenever you request.

iv.        Pay for purchases at places that have agreed to accept the MasterCard Check Card, ATM Card or Personal Identification Number (PIN).

v. Pay bills from your checking or savings account in the amounts and on the days you request.

 

2  Electronic check conversion.  You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to:

i.  Pay for purchases.

ii.  Pay bills.

 

3  Limitations on frequency of tranactions

Frequency of use limitations are imposed for security reasons and for the protection of your account.  They are not disclosed for this reason and may be changed at any time.  You will be denied the use of your ATM or Debit Card if:

A You exceed the daily ATM withdrawal or purchase limit;

B  You do not have sufficient available funds in your account;

C  You do not enter your correct PIN; or

D  You exceed the limit on the number of times you can use your card each day.

 

The receipt provided by the ATM or merchant terminal will notify you of the denial.   There is a limit on the number of such denials permitted, beyond which the machine may retain your ATM or Debit Card.  The number of attempts that will cause the retention of your ATM of Debit card is also not disclosed for security reasons.

 

4  Limitations on dollar amounts of transactions

i.  You may withdrawal up to $500 from ATM machines each day, using your MasterCard Check Card, ATM Card or Personal Identification Number (PIN).

ii.  You may buy up to $1,500 worth of goods or services each day, using your MasterCard Check Card, ATM Card or Personal Identification Number (PIN) in your point-of-sale transfer service.

 

Disclosure of Account Information to Third Parties:

In the ordinary course of business, and to the extent permitted by applicable law and regulation, Bank will disclose information about your Account or the transfers you make:

 

A Where it is necessary for completing transactions;

B  In order to verify the existence and condition of your Account and to provide a general range of balances for a third-party organization such as a credit bureau or merchant;

C  In order to comply with government agency or court orders;

D  In order to assist Bank in providing services Bank finds necessary or desirable, such as to a third-party company or consultant retained by Bank; or

E  If you give Bank permission.  Bank may also disclose information about your Account to its subsidiaries and affiliates in accordance with applicable law or regulation.

 

Changes in Terms:

Bank reserves the right to amend the terms and conditions applicable to your use of any automated banking services.  Unless applicable law requires otherwise, all such amendments will be binding upon you immediately after Bank gives you notice thereof.  Such notice may be given at Bank’s discretion (i) by mail; (ii) electronically, or (iii) by revising this agreement and making it available in the mail.  Bank will also mail you the most recent version of this Agreement upon your written request.  Any notice that is mailed is considered given 48 hours after Bank places it in the mail, postage-paid, for delivery to your address as shown on Bank’s record.  If a specific notice period or type of notice is required by applicable law, the revised terms will be binding on you in accordance with such law.

 

Preauthorized Electronic Fund Transfers:

A Telephone confirmation:  You may verify posting of a direct deposit or electronic transfer on the next business day after the deposit or transfer is scheduled to be made by calling Bank at 1.866.ISN.BANK.

B  Periodic statements: You will receive a monthly account statement documenting the date, amount and description of each transfer.

 

Stop Payment Procedures and Notice of Varying Amounts:

A Right to stop payment and the procedure for doing so:  If you inform Bank, in advance, to make automatic recurring payments out of your Account, you can stop any of these payments by calling Bank at 1.866.ISN.BANK, by the internet, or by writing Bank at 457 Haddonfield Road, Suite 100, Cherry Hill, NJ 08002.  Any written or internet material regarding stop payments should be sent to the attention of Bank’s Deposit Operations Department.  You must call or write in time for Bank to receive the request at least three (3) business days before the payment is scheduled to be made.  If you call, Bank will require that the request be put in writing and delivered within 14 days after the call.

B  Varying Amounts: Bank will not process any stop payment requests that are made for varying amounts.

C  Liability for failure to stop payment of preauthorized transfers:  If you order a stop payment at least three (3) business days before a transfer is scheduled and Bank does not stop payment, Bank will be liable for your loss or damages.

 

 

The following sets forth the terms and conditions governing your use of ATM and Point-of-Sale Terminal services.

 

Use of the Card and PIN:

You must have a valid ATM card or Check Card and a Personal Identification Number (PIN) to transact business at an ATM.  The use of the Card and corresponding PIN is restricted to the individual or business entity to which the Card has been issued.  You will respect the secrecy and confidentiality of your PIN and agree to guard its privacy by not disclosing it or making it available to any other person.  Bank is not responsible for any monetary loss if you have allowed someone else to use your Card or PIN even if their use exceeded your instructions.  You also agree not to keep your PIN with the Card or write your PIN on your card.  A Card with a PIN written on it will be confiscated and privileges may be revoked.  Transactions at an ATM by the use of the Card and your PIN shall be deemed to be transactions made or authorized by you, except as otherwise provided by law.

 

Transaction Business Days:

For ATM and Point-of-Sale Terminal transactions, Bank’s business days are Monday through Friday, excluding holidays.  Transactions made after 2:00 PM, ET, Monday through Friday or on Saturdays, Sundays and holidays will be posted on the next business day.

 

Liability:

You shall be liable for all withdrawals from your Account resulting from the authorized use of the Card.  You liability with respect to the unauthorized use of the Card shall be limited as provided in Section A of this Part III, Your Liability for Unauthorized Transfers.

 

Receipts:

You will receive a printed record after each successful ATM transaction.  In connection with the use of your Card to acquire goods or services, your copy of the sales slip will be your receipt.  Electronic fund transfer transactions will be reflected on your monthly statement.

 

Cancellation:

Bank has the right to revoke and/or cancel any ATM or Check Card service at any time and without notice.  You agree to return the Card to Bank promptly upon Bank’s request.  You acknowledge that Bank has the right to cause and ATM to retain your Card at any time without notice to you.  You shall have the right to revoke and/or cancel ATM or Check Card service or use of the Card for any and all Accounts at any time upon delivery to Bank of written notice of such cancellation.

 

 

This section contains terms, conditions and disclosures, which are applicable to the use of ATMs bearing the Cirrus or STAR logo to perform the transactions listed below.

 

Types of Transactions:

A Withdraw cash from your Account(s);

B  Transfer funds between your Accounts;

C  Determine the available balance in your Account(s);

D  Obtain a statement of your Account history at certain locations;

E  Purchase United States postage stamps at certain locations; or

F  Any additional services offered by the ATM.

 

Limitations:

You may withdraw up to $500 per calendar day, per ATM Card.  No withdrawals shall, in any event, exceed the available balance of the Account from which the withdrawals are made.  Transactions made by the use of the ATM Card with respect to the Account are subject to this Agreement, and to the applicable laws and regulations of the United States, the State of New Jersey and any agency thereof.

Fees:

You agree to pay any service charge applicable to your use of your ATM Card.  These charges are subject to change at any time.  A current list of charges can be found in Bank’s Schedule of Fees, which has been provided to you.  You also agree to pay the usual service charges imposed on your Account, including any fees for failing to maintain the specified minimum balance.  You may also be charges a withdrawal fee (sometimes called a “surcharge”) for cash withdrawals or other transactions completed at any ATM.  If applicable, this fee is charged by the financial institution which owns and operates the ATM and is beyond Bank’s control.  This charge will be in addition to any fees or charges Bank may impose.

 

 

This section contains terms, conditions and disclosures, which are applicable to the use of Bank Check Cards.

 

ATM Transactions:

Same as Section C – ATM Cards

 

Point-of-Sale Purchases:

Purchases of goods and services can be made with the Bank Check Card and PIN at any STAR or Cirrus accepted merchant location.  Payment for these purchases will be withdrawn from your Checking Account.  To avoid point-of-sale fees select the “pay by credit” option (just as you would for a credit card transaction), rather than the “pay by debit” option.  If you select the “pay by debit” option and enter your PIN, you may be responsible for any related point-of-sale fees.

 

Cash Withdrawals and MasterCard Purchases:

Your Check Card will be accepted at any STAR or Cirrus merchant location or any MasterCard member branch location.  You can use your Check Card and signature to make purchases at STAR or Cirrus merchant locations just as you would with a credit card, however, the cost of purchases will be withdrawn immediately from your Checking Account.  You can also use your Check Card and signature to make cash withdrawals at any MasterCard member bank branch.  You understand that using your Check Card is another way of accessing your Checking Account, and that the amount of these purchases will be withdrawn from your Checking Account.  You authorize Bank to debit or credit your Account as appropriate for the total amount of any sales draft, cash withdrawal slip or credit voucher originated by your proper use of the Check Card.  Each debit entry originated by your proper use of the Check Card will be handled like a check written on your Account.  Each credit entry arising out of a transaction originated by your proper use of the Check Card will be handled like a deposit to your Account.

 

Applicable to All Check Card Transactions:

The use of the Check Card to purchase goods and services at merchant locations or to withdraw cash will constitute a simultaneous withdrawal from and/or demand upon your Account, even though the transaction may not actually be posted to your Account until a later date.  Transactions will be posted to your Account in the order and with the same legal effect as checks drawn on the Account.  Any merchant honoring the Check Card may be required to obtain approval or authorization over a certain dollar amount.  This authorization will create a hold on your Account for the authorized amount.  Any hold placed on your Account may reduce the available funds in your Account so that other checks or transfers presented to Bank for payment may not be paid, other transfers may not be authorized, or other checks may not be approved.  You agree that Bank may take action and you agree to relieve Bank of any liability for placing a hold on the Account as stated.

 

Limitations:

You may withdrawal up to $500 from ATM machines each day, using your MasterCard Check Card, ATM Card or Personal Identification Number (PIN).  You may buy up to $1,500 worth of goods or services each day, using your MasterCard Check Card, ATM Card or Personal Identification Number (PIN) in your point-of-sale transfer service.  No withdrawals or purchases shall, in any event, exceed the available balance of the Accounts from which the withdrawals or purchases are made.  Transactions made by the use of the Check Card with respect to the Account are subject to this Agreement, and to the applicable laws and regulations of the United States, the State of New Jersey and any agency thereof.

 

Proper Use of the Check Card for Purchases and Cash Withdrawals:

Proper use of the Bank Check Card for purchases and cash withdrawals is defined as follows:

A Use at an ATM bearing the Cirrus or STAR logo;

B  Use at any Cirrus network merchant location; or

C  Use at any MasterCard merchant location.

 

Stop Payment and Return of Drafts:

You waive all rights to stop payment on any sales draft or cash withdrawal slip originated by proper use of your Check Card.  You also agree that Bank need not return with your Account Statement, the original, copy or facsimile of any sales draft or cash withdrawal slip originated by your use of your check card.

 

Fees:

You agree to pay any service charge applicable to your use of your Check Card.  These charges are subject to change at any time.  A current list of charges can be found in Bank’s Schedule of Fees, which can be found in Bank’s Truth in Savings Disclosure.  You also agree to pay the usual service charges imposed on your Account, including any fees for failing to maintain the specified minimum balance.  You may also be charged a withdrawal fee (sometimes called a “surcharge”) for cash withdrawals or other transactions completed at any ATM or Point-of-Sale Terminal.  If applicable, this fee is charged by the financial institution which owns and operates the ATM or Point-of-Sale Terminal and is beyond Bank’s control.  This charge will be in addition to any fees or charged Bank may impose.

 

 

Bank provides a pre-authorized credit service called Direct Deposit.  This service allows you to ask that recurring deposits which you designate, such as social security or payroll deposits, be deposited directly in your Account at Bank.

 

Service Charge:

We do not impose a fee for this service at this time; however, we reserve the right to impose a fee in the future and will notify you if we do so.