CD's Electronic Funds Transfer
YOUR RIGHTS AND RESPONSIBILITIES
Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells your rights and obligations for the transactions listed. You should keep this notice for future reference.
Electronic Funds Transfer Initiated by Third Parties.
You may authorize a third party to initiate electronic funds transfers between your account and the third party's account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearinghouse (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. In some cases, your authorization can occur when the merchant posts a sign informing you of their policy. In all cases, the transaction will require you to provide the third party with your account number and bank information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your bank and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic funds transfers. Examples of these include, but are not limited to:
- Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your checking or savings account(s).
- Preauthorized payments. You may make arrangements to pay certain recurring bills from your checking or savings account(s).
- Electronic check conversion. You may provide your check to a merchant or service provider who will scan the check for the encoded bank and account information. The merchant or service provider will then use the information to convert the transaction into an electronic funds transfer. This may occur at the point of purchase, or when you provide your check by other means such as by mail or drop box.
- Electronic returned check charge. Some merchants or service providers will initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.
Automated (24 Hour Customer Service) Telephone Transfers - types of transfers.
You may access your account by telephone using your personal identification number, a touch tone phone, your account numbers, and your social security number, to:
- transfer funds from checking to money market
- transfer funds from money market to checking
- get information about:
- the account balance of checking accounts
- the recent deposits to checking accounts
- the recent withdrawals from checking accounts
- the account balance of savings accounts
- the recent deposits to savings accounts
- the recent withdrawals from savings accounts
- the account balance of money market accounts
- the recent deposits to money market accounts
- the recent withdrawals from money market accounts
- rates, particular checks, a range of checks, balance and interest for certificates and loan interest, payments and activity.
ATM Transfers
Types of transfers frequency and dollar limitations - You may access your account(s) by ATM using your ATM card or VISA® Check Card and personal identification number, to:
- make deposits to checking, money market, or savings account(s) with an ATM/VISA® Check Card
- get cash withdrawals from checking, money market, or savings account(s) with an ATM/VISA® Check Card
- you may withdraw no more than $605.00 per day
- transfer funds from money market to checking or savings account(s) with an ATM/VISA® Check Card
- transfer funds from checking to money market or savings account(s) with an ATM/VISA® Check Card
- transfer funds from savings to money market or checking account(s) with an ATM/VISA® Check Card
get information about: - the account balance of your checking, savings, or money market accounts with
- an ATM/VISA® Check Card
You may make no more than 10 transactions per day with your VISA® Check Card. Some of these services may not be available at all terminals.
Cash Advances:
Using your ATM/VISA®Check Card you may not exceed $605.00 per day. Types of ATM Point-of-Sale Transactions - You may access your checking, money market, or savings account(s) to purchase goods (in person) or pay for services (in person). Point-of- Sale Transactions - dollar limitations - Using you ATM card for point-of-sale:
you may not exceed $605 in transactions per day (ATM withdrawals included)
Types of VISA® Check Card Point-of-Sale Transactions
You may access your checking or money market account(s) to purchase goods (in person, online, or by phone), pay for services (in person, online, or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.
Point-of-Sale Transactions - dollar limitations and charges - Using your VISA® Check Card for point-of-sale:
- you may not exceed $2,500 in transactions per day
- see separate fee schedule for any charges
Please also see Limitations on frequency of transfers section regarding limitations that apply to point-of-sale transactions.
Internet Banking Computer Transfers - types of transfers and charges - You may access your account(s) by computer by Internet access to www.ashevillesavingsbank.com or www.ashevillesavings.com and using your personal identification number, to:
- transfer funds from checking to checking, savings or money market
- transfer funds from savings to checking, savings or money market
- transfer funds from money market to checking, savings or money market
- make payments from checking, savings and money market to loan accounts with us
- make payments from checking and money market to third parties
- See fee schedule for any charges
get information about:
- the account balance of checking accounts
- the account balance of savings accounts
- the account balance of money market accounts
- the account balance of loan accounts
FEES
- We do not charge for direct deposits to any type of account.
- We do not charge for preauthorized payments from any type of account.
Except as indicated elsewhere, we do not charge for these electronic fund transfers
ATM Operator/Network Fees. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).
DOCUMENTATION
- Terminal Transfers. You can get a receipt at the time you make any transfer to or from your account using one of our automated teller machines or point-of-sale terminals.
- Preauthorized credits. If you have arranged to have direct deposit made to your account at least once every 60 days from the same person or company, the person or company making the deposit may tell you every time they send us the money.
- Preauthorized credits. If you have arranged to have direct deposit made to your account at least once every 60 days from the same person or company, you can call us at (828) 254-7411 or (800) 222-3230 to find out whether or not the deposit has been made.
- Periodic statements.
- You will get a monthly account statement from us for your Checking, Interest Checking, Money Market and Savings Accounts.
- If the only possible electronic funds transfers to or from your Statement Savings or Junior accounts are preauthorized credits, you will get a quarterly statement from us.
PREAUTHORIZED PAYMENTS
- Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments of your account, you can stop any of these payments. Here is how:
- Call or write us at the telephone number or address listed in this brochure in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.
- Please refer to our separate fee schedule for the amount we will charge you for each stop payment order you give.
- Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay may tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
- Liability for failure to stop payment of preauthorized transfers. If you order us to stop one of these payments and provide us with the exact amount of the payment 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
FINANCIAL INSTITUTION'S LIABILITY
Liability for failure to make transfers. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
(1) If, through no fault of ours, you do not have enough money in your account to make the transfer.
(2) If you have an overdraft line and the transfer would go over the credit limit.
(3) If the automated teller machine where you are making the transfer does not have enough cash.
(4) If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
(5) If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
(6) There may be other exceptions stated in our agreement with you.
CONFIDENTIALITY
We will disclose information to third parties about your account or the transfers you make:
(1) where it is necessary for completing transfers; or
(2) in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
(3) in order to comply with the government agency or court orders; or
(4) as explained in the seperate Privacy Disclosure.
UNAUTHORIZED TRANSFERS
(a) Consumer liability.
(1) Generally, Tell us AT ONCE if your believe your card and/or code has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus the maximum overdraft line of credit). If you tell us within 2 business days, you can lose no more than $50 if someone used you card and/or code without your permission. (If you believe your card and/or code has been lost or stolen, and you tell use within 2 business days after you learn of the loss or theft, you can lose no more than $50 if someone used your card and/or code without your permission.)
If you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could lose as much as $500.
Also, if your statement shows transfers that you did not make, 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.
(2) Additional Limits on Liability for VISA® Check Card. Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen VISA® Check Card. This additional limit on liability does not apply to ATM transactions, to transactions using your Personal Identification Number (PIN) which are not processed by VISA®, or to commercial cards.
VISA® cards may not be used for any illegal transactions.
(b) Contact in event of unauthorized transfer. If you believe your card and/or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone number or address listed in this brochure.
ERROR RESOLUTION NOTICE
In Case of Errors or Questions About Your Electronic Transfers, Call or Write us at the telephone number or address listed in this brochure, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the same statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
(1) Tell us your name and account number (if any).
(2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
(3) Tell us the dollar amount of the suspected error.
If you tell us orally, we will require that you send us your complaint or question in writing within 10 business days.
We will determine whether an error occurred within 10 business days (5 business days for VISA® Check Card point-of-sale transactions and 20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (5 business days for VISA® Check Card point-of-sale transactions and 20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.
We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.
You may ask for copies of the documents that we used in our investigation.
ASHEVILLE SAVINGS BANK, S.S.B
OPERATIONS DEPARTMENT
P.O. BOX 652
ASHEVILLE, NORTH CAROLINA 28802
Business Days: Monday through Friday
Excluding Federal Holidays
Phone: (828) 254-7411 or (800) 222-3230
MORE DETAILED INFORMATION IS AVAILABLE ON REQUEST
