Advantage Bank Deposit Account Disclosure
Please read through this Deposit Account Disclosure carefully. It contains information about the laws and regulations that affect your account with us. Please call us if you have any questions about the information presented here. In this disclosure, "we ", "our", or "us" means the financial institution and "you" and "your" means the accountholder(s). You will note that a separate listing of fees and conditions applicable to your account has been provided with this disclosure.
When you open your account with us and continue to use your account after we have notified you of changes applicable to your account, you are agreeing to pay the applicable fees and let us collect these fees from your account balance.
This disclosure generally addresses state and federal laws that govern our deposit relationship with you. Additionally, this disclosure and the separate fee schedule will provide you with disclosures required by these federal laws:
- Electronic Fund Transfer Act - Regulation E
- Expedited Funds Availability Act - Regulation CC
- Truth in Savings Act - Regulation DD
The combination of the above-required disclosures and other information in this disclosure lets us establish the basis on how your deposit transactions will be handled. In some cases, state or federal law allows variations from that law by agreement between you and us. Any such agreement must be in written form and be signed by you to acknowledge the variation.
GENERAL AGREEMENT - As used herein, the terms "you " and "your " refer to the accountholder(s) (whether joint, individual or other entity). "We", "our" or "us" means the financial institution whose name appears on this disclosure. The following terms and conditions will govern your account with us. Your agreement with us also includes any other separate documents or notices executed and/or issued to establish and/or maintain the account opened when you received this disclosure and agreement from us.
Additionally, by your signing of the signature card executed when you opened your account with us, you agree that this account shall be subject to all of our rules and regulations, all applicable state and federal banking laws, recognized banking practices and customs, Clearinghouse regulations, the Uniform Commercial Code, laws regulating transfers at death, estate taxes and other succession taxes, and our fee schedule.
PROMISE TO PAY - You promise to pay us any charges incurred on this account and agree that we may deduct these charges, when earned, directly from your account balance. These charges may be for services you request which are not listed in this agreement or separate fee schedules. You also promise to pay us for any expenses incurred due to attachment, garnishment, or levy upon your account. These may also be deducted directly from your account balance. You agree to be jointly and severally liable for any negative balance in your account ("indebtedness") that would result from charges or overdrafts, whether caused by you or any other person authorized to withdraw from this account. This would include costs we incur to collect the amount of the negative balance including, to the extent permitted by law, our reasonable attorney's fees. This indebtedness may be charged to any account solely in your name or in your name as well as the name of another or others.
TYPE OF ACCOUNT OWNERSHIP - This section explains the applicable rules of this account that depend on the type of account ownership this account has. The type of account ownership is specified on the front of the signature card. You understand that if this account is set up as a joint account or trust account, you have instructed us as to the proper title of the account and that we assume no legal responsibility to inform you as to how the creation of that type of account ownership affects your legal interest in the account. If you have any questions as to the legal effects of such account types, you will consult your own attorney and have sole responsibility as to the legal effects of the creation of the account or how it is maintained with us. The law governing the ownership rights of such accounts shall be the law of Ohio.
INDIVIDUAL ACCOUNT - If this account is an Individual Account, your signature is shown on the front side of the signature card and we are authorized to act without further inquiry in accordance with writings bearing that signature.
JOINT ACCOUNT - If this account is joint, with survivorship or tenants by the entirety, you agree that upon your death, the balance in the account (subject to any previous pledging of the account that we have agreed to) will belong to any survivor(s), as long as each such survivor is authorized to sign on the account, we may treat the account as an individual account. If there are two or more survivors, they will own the balance in the account as joint tenants with the right of survivorship.
We will act in accordance with writings bearing any one or more of the accountholders' signatures shown on the signature card executed when you opened your account with us, in any manner in connection with this account unless it is indicated that more than one signature is required in all matters related to this account, or we have received separate written notice from an accountholder that the signatures of all accountholders are to be required.
TRUST AND PAYABLE-ON-DEATH ACCOUNTS - Except as such an account may be varied by a separate agreement: (1) the person opening a Trust or Payable-on-Death Account (called the "settlor") may withdraw all or any portion of the account balance during his lifetime; (2) any named beneficiary acquires the right to withdraw from the account only if and when he survives the settlor; and (3) if more than one beneficiary is named and survives, the interest of such surviving beneficiaries shall be in equal shares between the survivors.
TRUST ACCOUNT THAT USES A SEPARATE TRUST AGREEMENT - If this section of the disclosure applies, a separate trust agreement executed with this account will determine the terms and conditions of the trust.
If this is a trust account and two or more accountholders create the account, (the Trustees) you will own the account jointly with the right of survivorship. The beneficiary or beneficiaries will only be able to withdraw from this account in accordance with the separate trust agreement described above. If there is more than one beneficiary named on this account and they meet the requirements as specified in the trust agreement, the beneficiaries will own the account in equal shares, without the right of survivorship. The Trustees who create this account may change beneficiaries; change account types or withdraw any or all of the account at any time unless a separate trust agreement indicates otherwise. As a Trustee, you warrant that all deposits and withdrawals will be made for the benefit of the beneficiary. You agree to comply with all applicable laws as to your actions as trustee for the account.
CORPORATE, PARTNERSHIP OR OTHER ORGANIZATION ACCOUNTS - We require that a separate resolution or agreement be executed with us by the governing body of the partnership or organization stating who is authorized to act on behalf of that entity. We will honor that resolution or agreement until we receive written notice of a change from them.
DEPOSITS - Even though we may credit your account immediately upon your making a deposit, you understand that, except for cash deposits, we accept any other item as a collecting institution and we may handle the collection of any such item in accordance with our usual practices. In cashing or accepting these items for deposit or collection, we act only as your collecting agent and assume no responsibility beyond the exercise of due care. We will accept deposits subject to our final verification of cash and checks and may make adjustments for any errors.
We, or any of our correspondents, may send items subject to collection, directly or indirectly to any institution, depository, payor or drawee in accordance with our usual practices and may accept checks, drafts or credits as conditional payment. We will not be liable for default or negligence of our correspondents or forwarding agents, or for losses in transit. Each correspondent or forwarding agent shall be liable only for its own negligence.
Any non-cash items deposited to this account (including items drawn "on us") may be given provisional credit only until collection of the item is final. We are not responsible for transactions initiated by mail or outside depository until we actually record them. All transactions received after our "daily cut-off time" on a business day, or received on a day in which we are not open for business, will be treated and recorded as if initiated on our next following business day.
CHECK SAFEKEEPING - With Check Safekeeping, we retain your canceled checks and do not return them with your Account statement. If you select Check Safekeeping, or if your Account is available only with Check Safekeeping, you agree that your canceled checks will not be returned in your statement and that the original canceled checks may be destroyed after a reasonable period of time as determined by us. You agree that by maintaining the original check or a copy thereof on your behalf, we have otherwise in a reasonable manner made the check available to you. You may request a copy of any canceled check and a service charge may be imposed for each copy provided. If for any reason we cannot return a copy of your check or satisfy your needs through other means, you agree that we will not be liable for more than the face amount of the check or your actual damages, whichever is less.
WAIVER OF PROTEST, DISHONOR, NONPAYMENT - We will not be liable for nonpayment of checks because of insufficient funds in your Account resulting from the deduction of special charges or service fees.
Your liability as an endorser will not be released if we obtain verification of any deposited check. We may charge back to the Account any item at any time whether returned or not and whether or not the item or a copy can be returned to you.
WITHDRAWALS - Unless otherwise indicated on the signature card executed when you opened your account with us, any accountholder that signs that card may withdraw or transfer any or all of the account balances at any time on forms that we have approved. Even if we honor withdrawal requests, which overdraw the finally collected balance in your account, this will not obligate us to do so in the future. You understand that any withdrawals may be subject to a service charge as disclosed in our fee schedule and you will not attempt to withdraw more than the amount available to you in your account.
We are not liable, unless required by law, for non-payment of checks or requested transfers unless your check or transfer is drawn against collected funds that have been credited to your account at the opening of business on the day of presentment, nor will we be liable for payment of postdated checks. We will also not be liable for the nonpayment of any checks or requested transfers which result from there being insufficient funds in your account caused by our deducting special charges or fees as listed in our fee schedule or other special charges or fees authorized by this agreement.
We may pay checks or honor requested transfers without inquiry as to the circumstances of issue or application of proceeds. We neither have a duty nor shall we be liable for payment of any check or transfer contrary to a notice of any special memoranda or time limit of payment placed on any check or transfer by you.
We reserve the right to refuse any withdrawal or transfer, which is for an amount less than any minimum withdrawal amount or exceeds any frequency limitation. If you attempt to repeatedly abuse these limitations, we reserve the right and may be forced to close your account. For purposes of applying these limitations, we will use the date a transaction is completed by us (instead of the day you initiate it).
We also reserve the right to require at least seven days written notice before any withdrawal or transfer from an interest bearing account (does not apply to time deposits).
ACCOUNT TRANSFER OR ASSIGNMENT - You may not assign or transfer this account without our written consent. We are not responsible for the validity of that assignment or transfer even though we consent to it.
STOP PAYMENTS - You may request us not to pay an authorized payment or check, which you have written. To do so, you must advise us of your account number, the date, stop payment number and amount of the payment, and the name of the payee. You must confirm this request in writing within 14 days. Stop payments, when done in writing, are in effect for six months, unless renewed, in writing. You will be charged the fee for the stop payment request that is applicable at the time of the request. Each renewed stop payment will be treated as a new request and another fee will be charged. You agree to hold us harmless and indemnify us for any and all expenses and liability, which we might incur if we pay an item, on which you have requested a stop payment, provided that we have exercised ordinary care. You also agree that if we return any other item drawn by you (or do not make a requested transfer) due to insufficient funds, which situation is caused because we have paid an item (or made a transfer) on which you had requested a stop payment, you will not hold us liable for such action.
You understand that we may accept a stop payment request from any of the joint owners of the account regardless of who signed the check or transfer request.
AMENDMENTS AND ALTERATIONS - You agree that we may change the terms of this agreement at any time by mailing or delivering a notice 30 days in advance of the change, to your address as listed in our records. In either event, the changes will be binding upon you if you or any other party to the account make a deposit or withdrawal after the 30-day notice period. Our ability to change the terms of the agreement includes the right to increase or decrease fees, minimum balance or deposit requirements or any other term or condition to which your account is or may be subject to. Our agreement with you may be changed without notice to the extent permissible in complying with any law or regulation of any appropriate banking authority. Notice sent from us to any accountholder will be considered notice to all accountholders. You agree to notify us promptly of any address change on your part.
CLOSING THE ACCOUNT - You may withdraw all collected funds in the account at any time. We can close the account at any time by sending you a check for the collected balance in our possession and giving you notice that we have done so. When we refuse to accept deposits or credits to the account, we will not be liable to you for doing so.
We reserve the right to refuse an account for any reason including a derogatory credit report or past financial history but excluding the reasons of race, color, religion, sex, marital status, age other than the age of majority or national origin.
STATEMENTS - On certain types of accounts, we will provide you with a periodic statement showing account activity, fees charged and if applicable, interest rate information. You agree to promptly examine each statement and all canceled checks (if returned) and to notify us of any discrepancies, including, but not limited to, forgeries, alterations or improper charges within sixty days after we mail the statements to you. If you do not notify us within the period, you cannot assert the forgeries or alterations against us even if we are unable to show the loss due to your failure, and, you cannot assert any other forgeries or alterations by the same perpetrator on items paid by us after the above time period. We lose this protection if we do not exercise due care in paying an item or transfer with a forged signature or alteration unless you fail to notify us of the problem within 60 days of when we sent your statement and items to you.
You are also obligated to report any other account problems such as (but not limited to) an erroneous statement or passbook entry or missing signature within this 60 day period or you will lose your right to assert the problem against us.
SET OFF - By signing the signature card, each accountholder agrees that if you owe us any money, either directly or indirectly, we may use (without prior notice) the funds in the account as payment upon such debt owed to us. This right of set off applies to any accountholder with the right of withdrawal, to the extent of the person's or legal entity's right to withdraw.
This right of set off does not apply to this account if it is exempt from execution, the debt is created by a consumer credit transaction under a credit card plan or the debtor's right of withdrawal arises only in a representative capacity.
DORMANT ACCOUNTS - OHIO - For all accounts other than QUALIFIED RETIREMENT PLAN (QRP) Accounts If for a 5-year period, (1) there have been no deposits or withdrawals made to or from your account; (2) a passbook or other type of evidence of account has not been presented for crediting interest; (3) no writings have been sent to us regarding your account; (4) you have not indicated an interest in the account as reflected by any information on file with us, all funds remaining in your account become the property of the state after notice is sent to the Accountholder's last known address on our records. You must apply to the state for the return of your funds after the 5-year period.
For QRP Accounts - If for a 3-year period after the date of final distribution, all funds remaining in your account become the property of the state after notice is sent to the Accountholder's last known address on our records. You must apply to the state for the return of your funds after the 3-year period.
DORMANT ACCOUNTS - KENTUCKY - If for a 7 year period, (1) there have been no deposits or withdrawals made to or from your account; (2) a passbook or other type of evidence of account has not been presented for crediting interest; (3) no writings have been sent to us regarding your account; (4) you have not indicated an interest in the account as reflected by any information on file with us, all funds remaining in your account become the property of the state after notice is sent to the Accountholder's last known address on our records. You must apply to the state for the return of your funds after the 7-year period.
DIRECT DEPOSIT - If, in connection with a direct deposit plan, we deposit any amount into this account which should have been returned to paying entity for any reason, you are authorizing us to deduct this amount from your account or from any other account you have with us, without prior notice, and at any time. We may also use any other legal remedy to recover the amount of our liability to that entity.
PREAUTHORIZED, AUTOMATIC AND TELEPHONE TRANSFERS - Transfers of funds from this account to another with us either by a written agreement that you have executed with us, or by use of your personal identification number (PIN) by the same persons and under the same conditions as generally applicable to withdrawals, by written order, preauthorized or automatic transfer or telephonic agreement, order or instructions. The number of transfers, withdrawals or combination of transfers and withdrawals from passbook savings accounts, statement savings accounts and money market deposit accounts is restricted to a maximum of six per month or statement cycle of at least four weeks, less any preauthorized electronic funds transfers or checks issued. No more than three of the six transfers may be made by check, draft, debit card or similar order and payable to third parties.
EFFECTIVE APPLICABLE LAWS AND REGULATIONS - You understand that if any of the provisions of this agreement are found to be in violation of, or restricted by any applicable federal, state or local law, regulation or ordinance, such violation or restriction shall not affect the other provisions of this agreement, and this agreement shall remain in full force and effect.
