Terms of Use

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT – To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

AGREEMENT – This document, along with any other documents we give you pertaining to your account(s), is a contract that establishes rules which control your account(s) with us. Please read this carefully and retain it for future reference. If you sign the signature card or open or continue to use the account, you agree to these rules. You will receive a separate schedule of rates, qualifying balances, and fees if they are not included in this document.  If you have any questions, please call us.

This agreement is subject to applicable federal laws and the laws of the state of Minnesota and other applicable rules such as the operating letters of the Federal Reserve Banks and payment processing system rules (except to the extent that this agreement can and does vary such rules or laws). The body of state and federal law that governs our relationship with you, however, is too large and complex to be reproduced here. The purpose of this document is to:

1. summarize some laws that apply to common transactions;
2. establish rules to cover transactions or events which the law does not regulate;
3. establish rules for certain transactions or events which the law regulates but permits variation by agreement; and
4. give you disclosures of some of our policies to which you may be entitled or in which you may be interested.

If any provision of this document is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect. We may permit some variations from our standard agreement, but we must agree to any variation in writing either on the signature card for your account or in some other document. Nothing in this document is intended to vary our duty to act in good faith and with ordinary care when required by law.

As used in this document the words “we,” “our,” and “us” mean the financial institution and the words “you” and “your” mean the account holder(s) and anyone else with the authority to deposit, withdraw, or exercise control over the funds in the account. However, this agreement does not intend and the terms “you” and “your “should not be interpreted to expand an individual’s responsibility for an organization’s liability.  If this account is owned by a corporation, partnership or  other organization, individual liability is determined by the laws generally applicable to that type of organization. The headings in this document are for convenience or reference only and will not govern the interpretation of the provisions. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so the singular includes the plural and the plural includes the singular.

LIABILITY – You agree, for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of charges. You authorize us to deduct these charges, without notice to you, directly from the account balance as accrued. You will pay any additional reasonable charges for services you request which are not covered by this agreement.

Each of you also agrees to be jointly and severally (individually) liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to this account. This liability is due immediately, and can be deducted directly from the account balance whenever sufficient funds are available. You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft.   You will also be liable for our costs to collect the deficit as well as our reasonable attorneys’ fees, to the extent permitted by law, whether incurred as a result of collection or in any other dispute involving your account including, but not limited to, disputes between you and another joint owner; you and an authorized signer or similar party; or a third party claiming an interest in your account.

DEPOSITS – We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn “on us”). Before settlement of any item becomes final, we act only as your agent, regardless of the form of endorsement or lack of endorsement on the item and even though we provide you provisional credit for the item.  We may reverse any provisional credit for items that are lost, stolen, or returned.  Unless prohibited by law, we also reserve the right to charge back to your account the amount of any item deposited to your account or cashed for you which was initially paid by the payor bank and which is later returned to us due to an allegedly forged, unauthorized or missing endorsement, claim of alteration, encoding error or other problem which in our judgment justifies reversal of credit.  You authorize us to attempt to collect previously returned items without giving you notice, and in attempting to collect we may permit the payor bank to hold an item beyond the midnight deadline. Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them.  If you deliver a deposit to us and you will not be present when the deposit is counted, you must  provide us an itemized list of the deposit (deposit slip).  To process the deposit, we will verify and record the deposit, and credit the deposit to the account.  If there are any discrepancies between the amounts shown on the itemized list of the deposit and the amount we determine to be the actual deposit, we will notify you of the discrepancy.  You will be entitled to credit only for the actual deposit as determined by us, regardless of what is stated on the itemized deposit slip.  We will treat and record all transactions received after our “daily cutoff time” on a business day we are open, or received on a day we are not open for business, as if initiated on the next  business day that we are open.  At our option, we may take an item for collection rather than for deposit.  If we accept a third-party check for deposit, we may require any third-party endorsers to verify or guarantee their endorsements, or endorse in our presence.

WITHDRAWALS –

Generally – Unless clearly indicated otherwise on the account records, any of you, acting alone, who signs to open the account or has authority to make withdrawals  may withdraw or transfer all or any part of the account balance at any time. Each of you (until we receive written notice to the contrary) authorizes each other person who signs or has authority to make withdrawals  to endorse any item payable to you or your order for deposit to this account or any other transaction with us.

Postdated checks – A postdated check is one which bears a date later than the date on which the check is written. We may properly pay and charge your account for a postdated check even though payment was made before the date of the check, unless we have received written notice of the postdating in time to have a reasonable opportunity to act.  Because we process checks mechanically, your notice will not be effective and we will not be liable for failing to honor your notice unless it precisely identifies the number, date, amount, and payee of the item.

Checks and withdrawal rules – If you do not purchase your check blanks from us, you must be certain that we approve the check blanks you purchase.  We may refuse any withdrawal or transfer request which you attempt on forms not approved by us or by any method we do not specifically permit. We may refuse any withdrawal or transfer request which is greater in number than the frequency permitted, or which is for an amount greater or less than any withdrawal limitations.  We will use the date the transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations.  In addition, we may place limitations on the account until your identity is verified.  Even if we honor a nonconforming request, we are not required to do so later.  If you violate the stated transaction limitations (if any), in our discretion we may close your account or reclassify it as a transaction account.  If we reclassify your account, your account will be subject to the fees and earning rules of the new account classification.  If we are presented with an item drawn against your account that would be a “substitute check” as defined by law, but for an error or defect in the item introduced in the substitute check creation process, you agree that we may pay such item.

Cash Withdrawals – We recommend you take care when making large cash withdrawals because carrying large amounts of cash may pose a danger to your personal safety.  As an alternative to making a large cash withdrawal, you may want to consider a cashier’s check or similar instrument.  You assume full responsibility of any loss in the event the cash you withdraw is lost, stolen, or destroyed.  You agree to hold us harmless from any loss you incur as a result of your decision to withdraw funds in the form of cash.

Multiple signatures, electronic check conversion, and similar transactions – An electronic conversion transaction is a transaction where a check or similar item is converted into an electronic fund transfer as defined in the Electronic Fund Transfers regulation.  In these types of transactions the check or similar item is either removed from circulation (truncated ) or given back to you.  As a result we have no opportunity to review the signatures or otherwise examine the original check or item. You agree that as to these or any items as to which we have no opportunity to examine the signatures, you waive any requirement of multiple signatures.

Notice of withdrawal – We reserve the right to require not less than 7 days notice in writing before each withdrawal from an interest-bearing account other than a time deposit or demand deposit, or from any other savings account as defined by Regulation D. (the law requires us to reserve this right, but it is not our general policy to use it.) Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal.

UNDERSTANDING AND AVOIDING OVERDRAFT AND NONSUFFICIENT FUNDS (NSF) FEES-

Generally – The information in this section is being provided to help you understand what happens if your account is overdrawn.  Understanding the concepts of overdrafts and nonsufficient funds (NSF) is important and can help you avoid being assessed fees or charges.  This section also provides contractual terms relating to overdrafts and NSF transactions

An overdrawn account will typically result in you being charged an overdraft fee or an NSF fee.  Generally, an overdraft occurs when there is not enough money in your account to pay for a transaction, but we pay (or cover) the transaction anyway.  An NSF transaction is slightly different.  In an NSF transaction, we do not cover the t transaction.  Instead, the transaction is rejected and the item or requested payment is returned.  In either situation, we can charge you a fee.

Determining your available balance –  We use the “available balance” method to determine whether your account is overdrawn, that is, whether there is enough money in your account to pay for a transaction.  Importantly, your “available” balance many not be the same as your account’s “actual” balance.  This means an overdraft or an NSF transaction could occur regardless of your account’s actual balance.  Your account’s actual balance (sometimes called the ledger balance) only includes transactions that have settled up to that point in time, that is, transactions (deposits and payments) that have posted to your account.  The actual balance does not include outstanding transactions (such as checks that have not yet cleared and electronic transactions that have been authorized but which are still pending).  The balance on your periodic statement is the ledger balance for your account as of the statement date.  As the name implies, your available balance is calculated based on the money “available” in your account to make payments.  In other words, the available balance takes transactions that have been authorized, but not yet settled, and subtracts them from the actual balance.  In addition, when calculating your available balance, any “holds” placed on deposits that have not yet cleared are also subtracted from the actual balance.  For more information on how holds placed on funds in your account can impact your available balance, read the subsection titled “A temporary debit authorization hold affects your account balance.”

Determining your account balance –  For interest bearing-accounts, we use the “available balance” method, less the accrued interest for that statement period.  For non-interest bearing accounts, we use the “available balance” method.

Overdrafts –  You understand that we may, at our discretion honor withdrawal requests that overdraw your account.  However, the fact that we may honor withdrawal requests that overdraw the account balance does not obligate us to do so later.  So you can NOT rely on us to pay overdrafts on your account regardless of how frequently or under what circumstances we have paid overdrafts on your account in the past.  We can change our practice of paying, or not paying, discretionary  overdrafts on your account without notice to you.  You can ask us if we have other account services that might be available to you where we commit to paying overdrafts under certain circumstances, such as an overdraft protection line-of-credit or a plan to sweep funds from another account you have with us.  You agree that we may charge fees for overdrafts.  For consumer accounts, we will not charge fees for overdrafts caused by ATM withdrawals or one-time debit card transactions if you have not opted-in to that service.  We may use subsequent deposits, including direct deposits of social security or other government benefits to cover such overdrafts and overdraft fees.

Nonsufficient funds (NSF) fees – If an item drafted by you (such as a check) or a transaction you set up (such as a preauthorized transfer) is presented for payment in an amount that is more than the amount of money available in your account, and we decide not to pay the item or transaction, you agree that we can charge you an NSF fee for returning the payment.  Be aware that such an item or payment may be presented multiple times and that we do not monitor or control the number of times a transaction is presented for payment.  You agree that we may charge you an NSF fee each time a payment is presented if the amount of money available in your account is not sufficient to cover the payment, regardless of the number of times the payment is presented.

Payment types – Some, but not necessarily all, of the ways you can access the funds in your account include debit card transactions, automated clearing house (ACH) transactions, and check transactions.  A debit card transaction might be authorized by use of a PIN< a signature, or a chip.  An example of an ACH transaction is a preauthorized payment you have set up on a recurring basis.  All these payment types can use different processing systems and same may take more or less time to post.  This information is important for a number of reasons.  For example, keeping track of the checks you write and that timing of the preauthorized payments you set up will help you to know what other transactions might still post against your account.  For information about how and when we process these different payment types, see the “Payment order of items” subsection below.

Balance Information- Keeping track of your balance is important.  You can review your balance in a number of ways including reviewing your periodic statement, reviewing your balance online, accessing your account information by phone, or coming into the branch.

Funds availability –   Knowing when funds you deposit into your checking account will be made available for withdrawal is another important concept that can help you avoid being assessed fees or charges.  Please see our funs availability disclosure for information on when different types of deposits will be made available for withdrawal.  For those accounts to which our funds availability policy disclosure does not apply, you can ask us when you make a deposit when those funds will be available for withdrawal.  An item may be returned after the funds from the deposit of that item are made available for withdrawal.  In that case, we will reverse the credit of the item.  We may determine the amount of available funds in your account for the purpose of deciding whether to return an item for insufficient funds at any time between the times we receive the item and when we return the item or send a notice in lieu of return.  We need only make one determination, but if we choose to make a subsequent determination, the account balance at the subsequent time will determine whether there are sufficient available funds.

A temporary debit authorization hold affects your account balance –   On debit card purchases, merchants may request a temporary hold on your account for a specified sum of money when the merchant does not know the exact amount of the purchase at the time the card is authorized.  The amount of the temporary hold may be more than the actual amount of your purchase.  Some common transactions where this occurs involve purchases of gasoline, hotel rooms, or meals at restaurants.  When this happens, our processing system cannot determine that the amount of the hold exceeds the actual amount of your purchase.  This temporary hold, and the amount charged to your account will eventually be adjusted to the actual amount of your purchase, but it could be three calendar days, or even longer in some cases, before the adjustment is made.  Until the adjustment is made, the amount of funds in your account available for other transactions will be reduced by the amount of the temporary hold.  If another transaction is presented for payment in an amount greater than the funds left after the deduction of the temporary hold amount, you will charged an NSF or overdraft fee according to our NSF or overdraft fee policy.  you will  be charged the fee even if you would have had sufficient funds in your account if the amount of the hold had been equal to the amount of the purchase.

Payment order of items –  The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented.  The payment order can affect the number of items overdrawn or returned unpaid and the amount of the fees you may have to pay.  To assist you in managing your account, we are providing you with the following information regarding how we process those items.   Our policy is to process Debit Card Transactions first, by dollar amount – smallest to largest on the day they are processed.  We process ACH Transactions, Online Banking Transactions, Bill Pay Transactions and Preauthorized Transfers second, by dollar amount – smallest to largest on the day they are processed.  We process Checks and Similar Items and On Us Items third, by dollar amount – smallest to largest on the day there are processed.    If a check, item or transaction is presented without sufficient funds in your account to pay it, you will be charged an NSF or overdraft fee according to our NSF or overdraft fee policy.  We will not charge you a fee for paying an overdraft of an ATM or one-time debit card transaction if this is a consumer account and you have not opted-in to that service.  The amounts of the overdraft and NSF fees are disclosed elsewhere, as are your rights to opt in to overdraft services for ATM and one-time debit card transactions, if applicable.  We encourage you to make careful records and practice good account management.  This will help you to avoid creating items without sufficient funds and potentially incurring the resulting fees.

OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION – These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds.

Single-Party Account  – Such an account is owned by one party.

Multiple-Party Account – Parties own account in proportion to net contributions unless there is clear and convincing evidence of a different intent.

RIGHTS AT DEATH –

Single-Party Account – At the death of a party, ownership passes as part of the party’s estate.

Multiple-Party Account With Right of Survivorship –  At death of party, ownership passes to the surviving party or parties.

Multiple-Party Account without right of survivorship –  At death of party, deceased party’s ownership passes as part of deceased party’s estate.

Single-Party Account With Pay-on-Death Designation – At death of the party, ownership passes to the designated pay-on-death beneficiaries and is not part of the party’s estate.

Multiple-Party Account With Right of Survivorship and Pay-on-Death Designation – At death of last surviving party, ownership passes to the designated pay-on-death beneficiaries and is not part of the last surviving party’s estate.

BUSINESS, ORGANIZATION AND ASSOCIATION ACCOUNTS – Earnings in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy.  You represent that you have the authority to open and conduct business on this account on behalf of the entity. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the entity.

STOP PAYMENTS – Unless otherwise provided, the rules in this section cover stopping payment of items such as checks and drafts.  Rules for stopping payment of other types of transfers of funds, such as consumer electronic fund transfers, may be established by law or our policy.  If we have not disclosed these rules elsewhere, you may ask us about those rules.  We may accept an order to stop payment on any item from any one of you. You must make any stop-payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it before our stop-payment cutoff time. Because stop-payment orders are handled by computers, to be effective, your stop-payment order must precisely identify the number, date and amount of the item, and the payee. You may stop-payment on any item drawn on your account whether you sign the item or not.  Your stop-payment order is effective for six months if it is given to  us in writing or by another type of record (Generally a “record” is information that is stored in such a way that it can be retrieved and can be heard or read and understood – you can ask us what type of stop-payment records you can give us).  Your order will lapse after that time if you do not renew the order in writing before the end of the six-month period.  If the original  stop-payment order was oral your stop-payment order will lapse after 14 calendar days if it is not confirmed in writing or by another type of record within that time period.  We are not obligated to notify you when a stop payment order expires.    If you stop-payment on an item and we incur any damages or expenses because of the stop payment, you agree to indemnify us for those damages and expenses, including attorneys’ fees.  You assign to us all rights against the payee or any other holder of the item.  You agree to cooperate with us in any legal actions that we may take against such  persons.  You should be aware that anyone holding the item may be entitled to enforce payment against you despite the stop payment order. Our stop-payment cutoff time is one hour after the opening of the next banking day after the banking day on which we receive the item. Additional limitations on our obligation to stop payment are provided by law (e.g., we paid the item in cash or we certified the item).

TELEPHONE TRANSFERS – A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties, to a maximum of six per month (less the number of “preauthorized transfers” during the month). Other account transfer restrictions may be described elsewhere.

AMENDMENTS AND TERMINATION – We may change any term of this agreement. Rules governing changes in interest rates are provided separately in the Truth-in-Savings disclosure or in another document. For other changes, we will give you reasonable notice to you  and tender of the account balance personally or by mail.  Items presented for payment after the account is closed may be dishonored.  When you close your account you are responsible for leaving enough money in the account to cover any outstanding items to be paid from the account.  Reasonable notice depends on the circumstances, and in some cases such as when we cannot verify your identity or we suspect fraud, it might be reasonable for us to give you notice after the change or account closure becomes effective.  For instance, if we suspect fraudulent activity with respect to your account, we might immediately freeze or close your account and then give you notice.  If we have notified you of a change in any term of your account and you continue to have your account after the effective date of the change, you have agreed to the new term(s).

NOTICES – Any written notice you give us is effective when we actually receive it, and it must be given to us according to the specific delivery instructions provided elsewhere, if any.  We must receive it in time to have a reasonable opportunity to act on it.  If the notice is regarding a check or other item, you must give us sufficient information to be able to identify the check or item, including the precise check or item number, amount, date and payee.  Written notice we give you is effective when it is deposited in the United States Mail with proper postage and addressed to your mailing address we have on file.  Notice to any of you is notice to all of you.

STATEMENTS- Your duty to report unauthorized signatures, alterations and forgeries – You must examine your statement of account with “reasonable promptness.” If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to do either of these duties, you will have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer.

You agree that the time you have to examine your statement and report to us will depend on the circumstance, but will not, in any circumstance, exceed a total of 30 days from when the statement is first sent or made available to you.

You further agree that if you fail to report any unauthorized signatures, alterations, forgeries in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.

Your duty to report other errors –  In addition to your duty to review your statements for unauthorized signatures, alterations and forgeries, you agree to examine your statement with reasonable promptness for any other error or problem – such as an encoding error or an unexpected deposit amount.  Also, if you receive or we make available either your items or images of your items, you must examine them for any unauthorized or missing endorsements or any other problems. You agree that the time you have to examine your statement and items and report to us will depend on the circumstances.  However, such time period shall not exceed 60 days.  Failure to examine your statement and items and report any such errors to us within 60 days of when we first send or make the statement available precludes you from asserting a claim against us for any such errors on items identified in that statement and as between you and us the loss will be entirely yours.

Errors relating to electronic fund transfers or substitute checks – For information on errors relating to electronic fund transfers (e.g., on-line, mobile, debit card or ATM transactions) refer to your Electronic Fund Transfers disclosure and the sections on consumer liability and error resolution.  For information on errors relating  to a substitute check you received, refer to your disclosure entitled Substitute Checks and Your Rights.

ACCOUNT TRANSFER – This account may not be transferred or assigned without our prior written consent.

DIRECT DEPOSITS – If we are required for any reason to reimburse the Federal Government for all or any portion of a benefit payment that was directly deposited to your account, you authorize us to deduct the amount of our liability to the Federal Government from the account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.

TEMPORARY ACCOUNT AGREEMENT – If the account documentation indicates that this is a temporary account agreement. Each person who signs to open the account or has authority to make withdrawals  (except as indicated to the contrary) may transact business on this account. However, we may at some time in the future restrict or prohibit further use of this account if you fail to comply with the requirements we have imposed within a reasonable time.

SETOFF – We may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt  any of you owe us now or in the future.  If this account is owned by one or more of you as individuals, we may set off any funds in the account against a due and payable debt a partnership owes us now or in the future, to the extent of your liability as a partner for the partnership debt.  If your debt arises from a promissory note, then the amount of the  due and payable debt will be the full amount we have demanded, as entitled under the terms of the note, and this amount may include any portion of the balance for which we have properly accelerated the due date.

This right of setoff does not apply to this account if prohibited by law. For example, the  right of setoff does not apply to this account if: (a) it is an Individual Retirement Account or other tax-deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect our rights under any consensual security interest), or (c) the debtor’s right of withdrawal only arises in a representative capacity, or (d) setoff is prohibited by the Military Lending Act or its implementing regulations. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff.

AUTHORIZED SIGNER (individual Accounts only) –  A single individual is the owner.  The authorized signer is merely designated to conduct transactions on the owner’s behalf. The owner does not give up any rights to act on the account, and the authorized signer may not in any manner affect the rights of the owner or beneficiaries, if any, other than by withdrawing funds from the account.  The owner is responsible for any transactions of the authorized signer.   We undertake no obligation to monitor transactions to determine that they are on the owner’s behalf.

The owner may terminate the authorization at any time, and the authorization is automatically terminated by the death of the owner.  However, we may continue to honor the transactions of the authorized signer until: (a) we have received written notice or have actual knowledge of the termination of authority, and (b) we have a reasonable opportunity to act on that notice or knowledge.  We may refuse to accept the designation of an authorized signer.

RESTRICTIVE LEGENDS OR ENDORSEMENTS-  The automated processing of the large volume of checks we receive prevents us from inspecting or looking for restrictive legends, restrictive endorsements or other special instructions on every check.  Examples of restrictive legends placed on checks are ” must be presented within 90 days” or “not valid for more than $1,000.00.”  The payee’s signature accompanied by the words “for deposit only” is an example of a restrictive endorsement.  For this reason we are not required to honor any restrictive legend or endorsement or other special instructions placed on checks you write unless we have agreed in writing to the restriction or instruction.  Unless we have agreed in writing we are not responsible for any losses, claims, damages, or expenses that result from your placement of these restrictions or instructions on your checks.

PAYMENT ORDER OF ITEMS –The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented.  The payment order can affect the number of items overdrawn or returned unpaid and the amount of the fees you may have to pay.  To assist  in managing your account we are providing you with the following information regarding how we process those items.  Our policy is to process Debit Card transactions first, by dollar amount – smallest to largest on the day  they are processed.  We process ACH transactions Online Banking Transactions, Bill Pay Transactions, and Preauthorized Transfers second, by dollar amount – smallest to largest on the day they are processed.  We process Checks & Similar Items and On Us items third, by dollar amount – smallest to largest- on the day they are processed.

If a Check, item or transaction is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item for insufficient funds (NSF).  We will not charge you a fee for paying an overdraft on an ATM or everyday debit card transaction if this is a consumer account and you have not opted-in to that service. The amounts of the overdraft and NSF fees are disclosed elsewhere, as are your rights to opt in to overdraft services for ATM and everyday debit card transactions, if applicable. We encourage you to make careful records and practice good account management.  This will help you to avoid creating items without sufficient funds and potentially incurring the resulting fees.

FACSIMILE SIGNATURES –  Unless you make advance arrangements with us, we have no obligation to honor facsimile signatures on your checks or other orders.  If we do agree to honor items containing facsimile signatures, you authorize us at any time to charge you for all checks, drafts, or other orders for the payment of money, that are drawn on us.  You give us this authority regardless of by whom or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen filed with us and contain the required number of signatures for this purpose.  You must notify us at once if you suspect that your facsimile signature is being, or has been misused.

CHECK PROCESSING – We process items mechanically by relying solely on the information encoded along the bottom of the items.  This means that we may not individually examine all of your items to determine if the item is properly completed, signed and endorsed or to determine if it contains any information other than what is encoded in magnetic ink.  You agree that we have exercised ordinary care if our automated processing is consistent with general banking practice, even though we do not inspect each item.  Because we do not inspect each item, if you write a check to multiple payees, we can properly pay the check regardless of the number of endorsements unless you notify us in writing that the check requires multiple endorsements.  We must receive the notice in time for us to have a reasonable opportunity to act on it and you must tell us the precise date of the check, amount, check number and payee.  We are not responsible for any unauthorized signature or alteration that would not be identified by a reasonable inspection of the item.  Using an automated process helps us keep costs down for you and all account holders.

CHECK CASHING – We may charge a fee for anyone that does not have an account with us who is cashing a check, draft or other instrument written on your account.  We may also require reasonable identification to cash such a check, draft or other instrument.  We decide what identification is reasonable under the circumstances and such identification may be documentary or physical and may include collecting a thumbprint or fingerprint.

ENDORSEMENTS – We may accept for deposit any item payable to you or your order, even if they are not endorsed by you.  We may give cash back to any one of you.  We may supply any missing endorsement(s) for any item we accept for deposit or collection, and you warrant that all endorsements are genuine.

To ensure that your check or share draft is processed without delay, you must endorse it (sign it on the back) in a specific area.  Your entire endorsement (whether a signature or a stamp ) along with any other endorsement information (e.g. additional endorsements, ID information, driver’s license number, etc.) must fall within 1 1/2″ of the “trailing edge” of a check.  Endorsements must be made in blue or black ink, so that they are readable by automated check processing equipment.  As you look at the front of a check, the “trailing edge” is the left edge.  When you flip the check over, be sure to keep all endorsement information within 1 1/2″ of that edge.  It is important that you confine the endorsement information to this area since the remaining blank space will be used by others in the processing of the check to place additional needed endorsements and information.  You agree that you will indemnify, defend, and hold us  harmless for any loss, liability, damage or expense that occurs because your endorsement, another endorsement or information you have printed on the back of the check obscures our endorsement.

These endorsement guidelines apply to personal and business checks.

DEATH OR INCOMPETENCE- You agree to notify us promptly if any person with a right to withdraw funds from your account(s) dies or is adjudicated (determined by the appropriate official) incompetent.  We may continue to honor your checks, items, and instructions until: (a) we know of your death or adjudication of incompetence, and (b) we have had a reasonable opportunity to act on that knowledge.  You agree that we may pay or certify checks drawn on or before the date of death or adjudication of incompetence for up to ten (10) days after your death or adjudication of incompetence unless ordered to stop payment by someone claiming an interest in the account.

FIDUCIARY ACCOUNTS – Accounts may be opened by a person acting in a fiduciary capacity.  A fiduciary is someone who is appointed to act on behalf of and for the benefit of another.  We are not responsible for the actions of a fiduciary.  Including the misuse of funds.  This account may be opened and maintained by a person or persons named as a trustee under a written trust agreement, or as executors, administrators, or conservators under court orders.  You understand that by merely opening such an account, we are not acting in the capacity of a trustee in connection with the trust nor do we undertake any obligation to monitor or enforce the terms of the trust or letters.

CREDIT VERIFICATION – You agree that we may verify credit and employment history by any necessary means, including preparation of a credit report by a credit reporting agency.

LEGAL ACTIONS AFFFECTING YOUR ACCOUNT – If we are served with a subpoena, restraining order, writ of attachment or execution, levy, garnishment search warrant, or similar order relating to your account (termed “legal action” in this section) we will comply with that legal action.  Or, in our discretion, we may freeze the assets in the account and not allow any payments out of the account until a final court determination regarding the legal action.  We may do these things even if the legal action involves less than all of you.  in these cases, we will not have any liability to you if there are insufficient funds to pay your items because  we have withdrawn funds from your account or in any way restricted access to your funds in accordance with the legal action.  Any fees or expenses we incur in responding to any legal action  (including, without limitation, attorneys’ fees and our internal expenses) may be charged against your account.  The list of fees applicable to your account(s) provided elsewhere may specify additional fees that we may charge for certain legal actions.

ACCOUNT SECURITY –

Duty to protect account information and methods of access – It is your responsibility to protect the account numbers and electronic access devices (e.g., an ATM card) we provide you for your account(s).  Do not discuss, compare, or share information about your account number(s) with anyone unless you are willing to give them full use of your money.  An account number can be used by thieves to issue and electronic debit or to encode your number on a false demand draft which looks like and functions like an authorized check.  If you furnish your access device and grant actual authority to make transfers to another person (a family member or coworker, for example) who then exceeds that authority, you are liable for the transfers unless we have been notified that transfers by that person are no longer authorized.

Your account number can also be used to electronically remove money from your account and payment can be made from your account even though you did not  contact us directly and order the payment.

You must also take precaution in safeguarding your blank checks.  Notify us at once if you believe your checks have been lost or stolen.  As between you and us, if you are negligent in safeguarding your checks, you must bear the loss entirely yourself or share the loss with us (we may have to share some of the loss if we failed to use ordinary care and if we substantially contributed to the loss).

Positive Pay and other fraud prevention services – Except for consumer electronic funds transfers subject to Regulation E, you agree that if we offer you services appropriate for your account to help identify and limit fraud or other unauthorized transactions against your account, and you reject those series, you will be responsible for any fraudulent or unauthorized transactions which could have been prevented by the services we offer.  You will not be responsible for such transactions if we acted in bad faith or to the extent our negligence contributed to the loss.  Such services include positive pay or commercially reasonable security procedures.  If we offered you a commercially reasonable security procedure which you reject, you agree that you are responsible for any payment order, whether authorized or not, that we accept in compliance with an alternative security procedure that you have selected.  The positive pay service can help detect and prevent check fraud and is appropriate for account holders that issue: a high volume of checks, a lot of checks to the general public, or checks for large dollar amounts.

TELEPHONIC INSTRUCTIONS – Unless required by law or we have agreed otherwise in writing, we are not required to act upon instructions you give us via facsimile transmission or leave by voice mail or on a telephone answering machine.

MONITORING AND RECORDING TELEPHONE CALLS AND CONSENT TO RECEIVE COMMUNICATION- We may monitor or record phone calls for security reasons to maintain a record and to ensure that you receive courteous and efficient service.  You consent in advance to any such recording.  We need not remind you of our recording before each phone conversation.

To provide you with the best possible service in our ongoing business relationship for your account we may need to contact you about your account from time to time by telephone, text messaging or email.   However, we must first obtain your consent to contact you about your account because we must comply with the consumer protection provisions in the Federal Communications Act of 1991 (TCPA) CAN-SPAM Act and their related federal regulations and orders issued by the Federal Communications Commission (FCC).   (a)  Your consent is limited to this account, and as authorized by applicable law and regulations.  (b) Your consent does not authorize us to contact you for telemarketing purposes (unless you otherwise agree elsewhere).

With the above understandings, you authorize us to contact you regarding this account throughout its existence using any telephone numbers or email addresses that you have previously provided to us or that you may subsequently provide to us.  This consent is regardless of whether the number we use to contact you is assigned to a landline, a paging service, a cellular wireless service, a specialized mobile radio service, other radio common carrier service or any other service for which you may be charged for the call.  You further authorize us to contact you through the use of voice, voice mail, and text messaging, including the use of pre-recorded or artificial voice messages and an automated dialing device. If necessary, you may change or remove any of the telephone numbers or email addresses at any time using any reasonable means to notify us.

CLAIM OF LOSS – If you claim a credit or refund because of a forgery, alteration, or any other run authorized withdrawal, you agree to cooperate with us in the investigation of the loss, including giving us an affidavit containing whatever reasonable information we require concerning your account, the transaction, and the circumstances surrounding the loss.  You will notify law enforcement authorities of any criminal act related to the claim of lost, missing, or stolen checks or unauthorized withdrawals.  We will have a reasonable period of time to investigate the facts and circumstances surrounding any claim of loss.  Unless we have acted in bad faith, we will not be liable for special or consequential damages, including loss of profits or opportunity, or for attorneys’ fees incurred by you. You agree that you will not waive any rights you have to recover your loss against anyone who is obligated to repay, insure, or otherwise reimburse you for your loss.  You will pursue your rights or, at our option assign them to us so that we may pursue them.  Our liability will be reduced by the amount you recover or are entitled to recover from these other sources.

EARLY WITHDRAWAL PENALTIES (and involuntary withdrawals) – We may impose withdrawal penalties on a withdrawal from a time account even if you don’t initiate the withdrawal.  For instance, the early withdrawal penalty may be imposed if the withdrawal is caused by our setoff against funds in the account or as a result of an attachment or other legal process. We may close your account and impose the early withdrawal penalty on the entire account balance in the event of a partial early withdrawal.  See your notice of penalty for early withdrawals for additional information.

ADDRESS OR NAME CHANGES – You are responsible for notifying us of any change in your address or your name.  Unless we agree otherwise, change of address or name must be made in writing by at least one of the account holders.  Informing us of your address or name change on a check reorder is not sufficient.  We will attempt to communicate with you only by use of the most recent address you have provided to us.  If provided elsewhere, we may impose a service fee if we attempt to locate you.

RESOLOVING ACCOUNT DISPUTES – We may place an administrative hold on the funds in your account (refuse payment or withdrawal of the funds) if it becomes subject to a claim adverse to (1) your own interest; (2) others claiming an interest as survivors or beneficiaries of your account; or (3) a claim arising by operation of law.  The hold may be placed for such a  period of time as we believe reasonably necessary to allow a legal proceeding to determine the merits of the claim or until we receive evidence satisfactory to us that the dispute has been resolved.  We will not be liable for any items that are dishonored as a consequence of placing a hold on funds in your account for those reasons.

WAIVER OF NOTICES – To the extent permitted by law, you waive any notice of non-payment, dishonor or protest regarding any items credited to or charged against your account.  For example, if you deposit a check and it is returned unpaid or we receive a notice of nonpayment, we do not have to notify you unless required by federal Regulation CC or other law.

ACH AND WIRE TRANSFERS – This agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment.  We may rely on the number even if it identifies a financial institution, person or account other than the one named.  You agree to be bound by automated clearing house association rules.  These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A0403(a) of the Uniform Commercial Code.  If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited.  Credit entries may be made by ACH.  If we receive a payment order to credit an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.

UNLAWFUL INTERNET GAMBLING NOTICE – Restricted transactions as defined in Federal Reserve Regulation GG are prohibited from being processed through this account or relationship.  Restricted transactions generally include, but are not limited to, those in which credit electronic fund transfers, checks, or drafts are knowingly accepted by gambling businesses in connection with the participation by others in unlawful internet gambling.

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ELECTRONIC FUND TRANSFERS
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 you your rights and obligations for the transactions listed. You should keep this notice for future reference.

Electronic Fund Transfers 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. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third party transfers 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 transfers include, but are not limited to:

• Preauthorized credits. You may make arrangements for certain direct deposits to be  accepted into your checking or saving 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 authorize  a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to pay for purchases or pay bills.
• Electronic returned check charge.  You may authorize a  merchants or other payee to initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.

ATM Transfers – types of transactions and frequency and dollar limitations – You may access your account(s) by ATM using your debit card and personal identification number to:

                  get cash withdrawals from checking account(s) with a debit card

                   you may withdraw no more than $250.00 per day

                   you may make no more than one withdrawal per day

Some of these services may not be available at all terminals.

Types of Debit Card Point-of-Sale Transactions – You may access your checking account(s) to purchase goods (in person or by phone), pay for services (in person or by phone), and get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that participating merchant will accept.

 Point-of-Sale Transactions – frequency and dollar limitations and charges -using your card:

               you may make no more than ten transactions per day

               you many not exceed $400.00 in transactions per day in combination with ATM withdrawals

               the charge for your card (whether or not the card is used in the period ) is $2.00 per month

Advisory Against Illegal Use.  You agree not to use your card(s) for illegal gambling or other illegal purpose.  Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located.

Termination –  You may terminate the electronic fund transfer agreement by written notice to us.

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.
• There is a $10.00 initial set-up charge for your debit card.
•  $15.00 replacement fee per card lost or destroyed card  (not attributable to fraud)
• Please refer to our separate fee  schedule for additional information about fees.

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).

 

PERSONAL INTERNET BANKING

Internet Banking Computer Transfers – types of transfers – You may access your account(s) by computer by internet access to www.fsbkiester.com and using your access ID and passcode, to:

• transfer funds from checking to checking
• transfer funds from checking to savings
• transfer funds from savings to checking
• transfer funds from savings to savings
• make payments from checking to loan account(s) with us (if permitted by us)
• make payments from checking to third parties (Bill Payment)
• make payments from savings to loan account(s) with us (if permitted by us)
• get account information

Basic Service – No charge

Bill Pay, including 6 bill payments a month – No charge

Starting with 7th bill payment a month .65 per payment with be charged

DOCUMENTATION

• Terminal transfers. You can get a receipt at the time you make any transfer to or from your account using an automated teller machine or point-of-sale terminal.  However, you may not get a receipt if the amount of the transfer is $15 or less.
• Preauthorized credits. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at 1-507-294-3621 (or call toll free 1-877-294-3621) 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 accounts.
  You will get a monthly account statement from us for your savings accounts, unless there are no transfers in a  particular month. In any case, you will get a statement at least quarterly.

PREAUTHORIZED PAYMENTS

• Right to stop payment and procedure for doing so. If you have authorized regular payments out of your account, you can stop any of these payments. Here is how:
  Call or write us at the telephone number or address listed elsewhere in these terms, 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 will 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 transfer. If you order us to stop one of these payments 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 government agency or court orders; or
4. as explained in the separate Privacy Disclosure.

UNAUTHORIZED TRANSFERS

(a) Consumer liability. (1) Generally. Tell us at once if you believe your card and/or code 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). We will be liable for all unauthorized transfers unless the unauthorized transfers was due to the loss or theft of your card and/or code.  If due to the loss or theft of your card and/or code, and you notify us within 60 days of when the unauthorized transfer appears on the statement you can lose no more than $50 if someone used your card and/or code without permission.

If you do NOT notify us within 60 days after the unauthorized transfer appears on your statement, and we prove that we could have stopped someone from using your card and/or code without your permission if you had told us within 2 days of when you discover the loss or theft of your card and/or code, you could lose as much as $500 for unauthorized transfers that appear on the statement.

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.

• Additional Limit on Liability for Debit Card,  You will not be liable for any unauthorized transactions using your Debit Card if: (i) you can demonstrate that you have exercised reasonable care in safeguarding your card from the risk of loss or theft, and (ii) upon becoming aware of a loss or theft, you promptly report the loss or theft to us.

(b) Contact in event of unauthorized transfer. If you believe your card and/or code has been lost or stolen, call or write us at the telephone number or address listed elsewhere in these terms.  You should also call the number or write to the address listed in these terms if you believe a transfer has been made using the information from your check without your permission.

RIGHT TO BRING CIVIL ACTION

   You may bring a civil action against any person violating any provision of Minnesota Statues 47.69 (governing consumer privacy and unauthorized withdrawals).

  If you prevail in such an action, you may recover the greater of you actual damages or $500.  you may also be entitled to recover punitive damages, your court costs and reasonable attorney’s fees.

TIME NEEDED TO COMPLETE TERMINAL TRANSACTIONS

    Withdrawals made at a terminal will normally be completed and charged to your account the next day.

POINT-OF-SALE TRANSACTIONS

   Payment for goods or services made in this manner shall not affect any of the rights, protections, or liabilities in existing law concerning a cash or credit sale made by means other than through the use of a terminal.

   You cannot reverse a point-of-sale transaction.

ERROR RESOLUTION NOTICE

In Case of Errors or Questions About Your Electronic Transfers, Call or Write us at the telephone number or address listed elsewhere in these terms, 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 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 may 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 (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 days if 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.

Global Innovations Bank
101 – 105 N Main, P.O. 240 , Kiester, MN 56051

Business Days: Monday through Friday

Excluding Federal Holidays

Phone 507-294-3621 or 1-877-294-3621

MORE DETAILED INFORMATION IS AVAILABLE ON REQUEST

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YOUR ABILITY TO WITHDRAW FUNDS

This policy statement applies to “transaction” accounts.  Transaction accounts, in general are accounts which permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us.  Checking accounts are the most common transaction accounts.  Feel free to ask us whether any of your other accounts might also be under this policy.

Our policy is to make funds from your cash, checks and electronic direct deposits available to you on the same day we receive your deposit.  At that time, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 2:00 P.M. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 2:00 P.M. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

LONGER DELAYS MAY APPLY

Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you on the same day we receive  your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $225 of your deposits, however, will be available on the same day.

If we are not going to make all of the funds from your deposit available on the same day we receive your deposit, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.

Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

We believe a check you deposit will not be paid.

You deposit checks totaling more than $5,525 on any one day.

You redeposit a check that has been returned unpaid.

You have overdrawn your account repeatedly in the last six months.

There is an emergency, such as failure of computer or communications equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.

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TRUTH-IN-SAVINGS DISCLOSURE

REGULAR CHECKING ACCOUNT

Fees:

A service charge of $3.00 will be charged each statement cycle.  If you are 18 or younger, there is no service charge, and if you are over 62 the service charge fee is $1.00.

A per item fee of $.07 will be charged for each transaction.

NOW CHECKING ACCOUNT

Rate Information – Your interest rate and annual percentage yield may change.  Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account

Compounding and crediting frequency – Interest will be compounded every month.  Interest will be credited to your account every month.

Minimum balance to open the account – You must deposit $500.00 to open this account.

Minimum balance to avoid imposition of fees – A service charge  fee of $5.00 will be imposed each statement cycle if the average daily balance for the monthly statement cycle falls below $500.00.  The average daily balance is calculated by adding the principal in the account of each day of the period and dividing that figure by the number of days in the period.

Average Daily balance computation method – We use  the average daily balance method to calculate the interest on your account.  This method applies a periodic rate to the average daily balance in the account for the period.  The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.  The period we use is the monthly statement cycle.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items ( for example, checks).

Fees:

A maintenance fee of $1.00 will be charged each month.   Service fee if balance below 500.00 is 5.00

A per item fee of $.10 will be charged for each item in excess of 24 during a cycle.  This fee will apply if the average daily balance for the monthly statement cycle falls below $500.00.

SAVINGS ACCOUNT

Rate Information – Your interest rate and annual percentage yield may change.

Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every quarter. Interest will be credited to your account every quarter.

Minimum balance to open the account – You must deposit $50.00 to open this account.

Minimum balance to avoid imposition of fees – A service charge fee of $1.00 will be imposed every statement cycle if the balance in the account falls below $50.00 any day of the cycle.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

Transfers from a Regular Savings account to another account or to third parties by preauthorized, automatic transfer are limited to six per monthly statement cycle with no transfers by check, draft, debit card, or similar order to third parties.

 MONEY MARKET SAVINGS ACCOUNT

Rate Information – Your interest rate and annual percentage yield may change.

Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every quarter. Interest will be credited to your account every quarter.

Minimum balance to open the account – You must deposit $2,500.00 to open this account.

Minimum balance to avoid imposition of fees – A maintenance fee of $1.00 will be imposed every statement cycle if the balance in the account falls below $50.00 any day of the month.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).

Transaction limitations:

Transfers from a Money Market Savings account to another account or to third parties by preauthorized or automatic transfer are limited to six per monthly statement cycle with no transfers by check, draft, debit card, or similar order to third parties.  If you exceed the transaction limitations, your MMSA account will convert to a regular savings account.

CHRISTMAS CLUB ACCOUNT

Balance of this account will be mailed out one time a year (November).

Rate Information – Your interest rate and annual percentage yield may change.

Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded annually. Interest will be credited to your account annually.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).

 NO WITHDRAWALS ARE ALLOWED FROM THIS ACCOUNT

COMMON FEATURES

Overdraft Fee Transaction categories- The categories of transactions for which an overdraft fee may be imposed are those by any of the following means: check, in-person withdrawal, ATM withdrawal, or other electronic means.

Please refer to our separate fee schedule for additional information about charges.

Checking printing………(fee depends on style and quantity of check ordered)

We may require not less than 7 days’ notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty.  See your notice of penalty for early withdrawal.