If you would like to receive a paper copy of this Agreement, please send us an e-mail at mybank@bankshenandoah.com.
This Online Banking and Bill Pay Agreement (this Agreement) states the terms and conditions for online banking and bill pay services offered by Bank Iowa (BI). When you use, or you permit any other person(s) to use, online banking and bill pay, you agree to the terms and conditions of this Agreement. These terms and conditions are in addition to those that apply to any accounts you have with BI. This Agreement is an addendum to the existing Loan and/or Deposit Account Agreement that you received when opening your account, as amended from time to time.
As used in this Agreement, "you" or "your" refers to each person(s) subscribing to, using or accessing online banking and bill pay; "we," "us" or "our" refers to BI or any agent, independent contractor, designee or assignee BI may, in its sole discretion, involve in the provision of online banking and bill pay.
In the event that you experience a problem with your online banking ID (ID) or password, or believe that they have been lost, stolen or compromised, please contact BI by calling 712.246.1311 or sending us an electronic message using online banking.
To gain access to bill pay, you must sign on to online banking by entering your ID and password on BI's web page. Select "Bill Payment" from any screen.
To use bill pay, you must provide information online to us to identify your payees. You can search the extensive database for existing payees or set up a new payee. You must provide sufficient information about a payee to permit us to properly direct a payment and permit the payee upon receipt of a payment to identify you as the payment source. You do this by filling in all required fields with accurate information, as directed by the bill pay screen messages. By providing us with the names and account information of those payees to whom you wish to direct payment, you authorize us to follow the payment instructions that we receive through the payment system. When we receive a payment instruction, you authorize us to debit your payment account and remit funds to the payee on your behalf.
You will be able to set up the following types of bill payments:
You will be provided a confirmation number for each payment you schedule using bill pay. This number is available on the "Scheduled Payments" screen prior to the scheduled payment date and on the "Payment History" screen, if you need to refer to it in the future. The confirmation number will help us resolve any questions you may have concerning your transactions.
You may schedule duplicate payments. A duplicate payment is one that is scheduled to be made to the same payee on the same date for the same amount as a previously scheduled payment. A duplicate payment is different from a recurring payment. A recurring payment is scheduled for the same amount to the same payee on a recurring schedule.
All payments you make will be deducted from the account that you designated for that payment. Any payments you wish to make must be payable in U.S. dollars to a payee located in the continental United States. We reserve the right to restrict types of payees to whom payments may be made from time to time. You should not use bill pay to make payments to settle securities purchases, payments to interest bearing accounts, tax payments, or court-ordered payments. Payments for these payees will be your sole responsibility if delayed or improperly processed or credited, regardless of fault. Payments for illegal activities are prohibited.
While it is anticipated that most transactions will be processed and completed on the next business day after your scheduled payment date and arrive approximately three to five business days after your selected scheduled payment date, it is understood that due to circumstances beyond our control, particularly delays in handling and posting payments by slow responding payees or financial institutions, some transactions may take a day or even a few days longer to be credited by your payee to your account. For this reason, it is necessary that all scheduled payment dates selected by you be no less than five business days before the bill's due date if paid by check and three business days before the bill's due date if paid by electronic funds transfer, not the late date and/or a date in the grace period. Payment instructions entered after the cutoff time or on non-business days will be considered entered in bill pay on the next business day.
For recurring payments, this means you must allow additional time for months in which weekends or holidays reduce the number of business days between the recurring payment date and the bill's due date. If you properly follow the procedures described herein, and we fail to send a payment according to the payment instructions received, we will bear responsibility for late charges (up to a maximum of $50 per scheduled payment per business payee.) In any other event, including but not limited to, choosing a scheduled payment date less than five business days before the bill's due date if paid by check and three business days before the bill's due date if paid by electronic funds transfer, the risk of incurring and the responsibility for paying all late charges or penalties shall be borne by you.
We will use our best efforts to make all your payments properly. However, we shall incur no liability if we are unable to complete any payments initiated by you through bill pay because of the existence of any one or more of the following circumstances:
Provided none of the foregoing five exceptions are applicable, if we cause an incorrect amount of funds to be removed from your payment account or cause funds from your payment account to be directed to a payee which does not comply with your payment instructions, we shall be responsible for correcting the misdirected transaction. We will bear responsibility for late charges (up to a maximum of $50 per scheduled payment per business payee.)
A bill payment is a "scheduled payment" starting from the time you enter payment instructions until the payment is "processed." A bill payment is processed starting at the cutoff time on the scheduled payment date. You may cancel or edit any scheduled payment (including recurring payments) by following the directions within bill pay. There is no charge for canceling or editing a scheduled payment. A canceled payment will not appear on your payment history.
We may not have a reasonable opportunity to act on any stop payment or cancellation order given after a payment is processed. If you desire to cancel or stop any payment that has been processed, you must also call the bank at 712.246.1311. If you call, we may also require you to present your request in writing within 14 days after you call. Although we will make every effort to accommodate your request, we will have no liability for failing to do so. Stop payment requests will be accepted only if we have a reasonable opportunity to act on such requests. Stop payment requests sent to us via email or in any other manner may not reach us in time for us to act on your request. The charge for each stop payment order will be the then current charge for such service, as amended from time to time.
Once your scheduled bill payment is processed, we will relay your payment information to a third party vendor, who in turn will remit payment to your payee by one of the following means, at the vendor's sole discretion: (1) by electronic funds transfer; or (2) by mailing your payee a check drawn on your personal account. Electronic funds transfers will be withdrawn from your account on the scheduled payment date. Payments by check will be withdrawn from your account when the check is presented to the bank for payment from your account.
We may assess a fee for any bill payment request drawn against insufficient funds in your payment account. You will reimburse us for any fees imposed by BI as a result of the return, and you will reimburse us for any fees we incur in attempting to collect the amount of the return from you.
We must hear from you within 60 days after you receive the first statement or notification in which the error or problem appeared. Please include the following information:
We will determine whether an error occurred within 10 business days (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 (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. An account is considered a new account for 30 days after the first deposit is made, if you are a new customer.
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.
BI may amend or change this Agreement (including applicable fees and service charges) by sending you written notice by email or by regular mail sent to your address as it appears on your account records. You agree that BI may also send you future notices and disclosures about your accounts with BI by email, where permitted by law. Any use of the online banking and bill pay after we send you a notice of change will constitute your agreement to such change(s). Further, we may, from time to time, revise or update the programs, services and/or related material, which may render all such prior versions obsolete. Consequently, we reserve the right to terminate this Agreement as to all such prior versions of the programs, services and/or related material, and to limit access to online banking and bill pay more recent revisions and updates.
We shall not be deemed to have waived any of our rights or remedies hereunder unless such waiver is in writing and signed by us. No delay or omission on our part 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.
We refer you to the Agreement that you received when opening your loan and/or depository account, as amended, for additional terms and conditions and disclosures that apply to your accounts with BI, as this Agreement is an addendum to such Loan and/or Deposit Account Agreement.