This page outlines the 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 informs you of your rights and obligations for the transactions listed.
Electronic Funds 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 to receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearinghouse (ACH) or other payment networks. 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 its policy. In all cases, the transaction will require you to provide the third party with your account information. This information can be found on your check as well as on a pre-printed deposit slip. Thus, you should only provide your account information (by telephone, internet, or another 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 the following examples:
- Preauthorized credits You may arrange 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 money market account(s).
- Electronic check conversion You may provide your check to a merchant or service provider who scans the check for the encoded bank and account information. The merchant or service provider uses this 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 initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.
ATM Transfers
Our ATM cards can be used at most ATM's throughout the country. You may access your account(s) by ATM using your ATM card and PIN to perform the following transactions:
- to make deposits to checking and/or savings account(s) tied to an ATM card.
- to make cash withdrawals from checking or savings account(s) tied to an ATM card. You may withdraw no more than $250.00 per business day.
- to transfer funds between accounts tied to an ATM card
- to obtain account balances for account(s) tied to ATM cards
Some of these services may not be available at all terminals.
Types of ATM/Debit Card Transactions
You may access your checking account(s) to purchase goods, to pay for services, and to obtain cash from a merchant, if the merchant permits, or from a participating financial institution.
Online Banking Transfers
You may access your accounts via the internet at www.cnbguymon.com to perform the following functions:
- to transfer funds between accounts
- to make payments from savings or checking account(s) to loan account(s) with us
- to obtain information about account balance(s) and account activity
Fees
We do not charge for direct deposits to any type of account. Except as indicated elsewhere, we do not charge for these electronic funds 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 obtain a receipt at the time you make any transfer to or from your account using one of our ATM's or point-of-sale terminals.
Preauthorized credits If you have arranged to have direct deposits made to your account at least once very 60 days from the same person or company, you may call us or may contact us to find out if the deposit has been made.
Periodic statements You will receive a monthly account statement from us for your checking account(s). You will receive a monthly account statement from us for your savings account(s) unless there are no electronic transfers in a particular month. Regardless, you will receive a savings statement at least quarterly.
Preauthorized Payments
Right and procedures to stop payment If you have told us in advance to make regular payments from your account, you can stop any of these payments. To do so, call or write us in time for us to receive your request at the latest 3 days before the payment is scheduled. We may also require you write your request and to return it to us within 14 days after you call. We will charge you $18.00 for each stop payment order you place on your account(s).
Notice of varying amounts f these regular payments vary in amount, the person or company you are paying will notify you 10 days before each payment to inform you of the withdrawal date and amount. You may choose instead to receive this notice only when the payment differs by more than a certain amount from the previous payment or when the amount falls outside certain limits that you set. Inform the person or company making the withdrawal if you prefer the latter option.
Liability for failure to stop payment of preauthorized transfer If you order us to stop one of these payments at least 3 business days before the transfer is scheduled and we fail to do so, we are liable for your losses and damages due to our error.
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, some exceptions exist. We are not liable in the following situations:
- if, through no fault of ours, you do not have enough money in your account to make the transfer.
- if you have an overdraft line and the transfer would then exceed the credit limit.
- if the ATM where you make the transfer does not have enough cash.
- if the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
- if circumstances beyond our control (such as fire or flood) prevent the transfer despite reasonable precautions that we have taken.
- 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 as permitted by law in the following situations:
- where the disclosure is necessary for completing transfers.
- in order to verify the existence and condition of your account for a third party such as a credit bureau or merchant.
- in order to comply with government agency or court orders.
- as explained in our Privacy Disclosure.
Unauthorized Transfers
Consumer liability Tell us at once if you believe your card and/or code has been lost or stolen. Calling us is the best way of minimizing your possible losses. You could lose all the money in your account plus your maximum overdraft line of credit. If you tell us within 2 business days, you may lose no more than $50 if someone uses your card and/or code without permission. If you believe your card and/or code has been lost or stolen and you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50 if someone uses 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 recover any money you lose 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 an extraordinary circumstance such as an extended trip or hospital stay prevents you from contacting us, we may extend the time periods.
Contact in the 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 immediately.
Online Banking Transfers
Consumer and bank liability applies in the manner outlined above for unauthorized electronic transfers perpetrated from your online banking account.
Error Resolution Notice
In case of errors or questions about your electronic transfers, call or write us as soon as you can if you think your statement or receipt is incorrect or if you need more information about a transfer listed on the statement or receipt. You must contact us no later than 60 days after we send you the first statement on which the problem or error appears. When you contact us, tell us your mane and account number. Describe the error or the transfer you are questioning, and explain as clearly as you an why you believe it is an error or why you need more information. 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.
Within 10 business days (20 business days if the transfer involves a new account) after you contact us, we will determine if an error occurred and will correct it promptly. If we need more time to investigate, we may take up to 45 days (90 days if the transfer involves a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to use the longer time frame, we will credit your account within 10 business days (20 business days if the transfer involves a new account) for the amount in question so that you will have the use of the funds 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 account owner already has an established account with us before this account is opened.
We will tell you the results of our investigation within 3 business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. If we find that no error occurred and we previously credited your account, you may be liable for charges made to your account during our investigation. We may honor charges made to your account for 5 business days after we notify you of our error resolution; however, you will be liable for those charges. You may ask for copies of the documents used in our investigation.
