Electronic Funds Transfer Agreement & Disclosures

This Agreement and Disclosure is made in compliance with federal law regulating electronic funds transfer (EFT) services. Electronic funds transfers are electronically initiated transfers of money involving an account at Citizens Bank of Kentucky. The following disclosures tell you your rights and responsibilities concerning the electronic funds transfers. In this Agreement, the words “you” and “your” mean those who sign as applicants or authorized user(s), the words “we”, “us”, and “our” mean Citizens Bank of Kentucky. The abbreviation “PIN” or word “code” means a personal identification number.


TELEPHONE BANKING SERVICES

Types of services: You may access certain transactions by telephone at (800) 811-8148 using a touch tone phone, your account numbers, and personal identification number (PIN) to:

  • Transfer funds from checking to savings
  • Transfer funds from savings to checking
  • Transfer funds from savings to savings
  • Transfer funds from checking to checking
  • Get checking or savings account information
  • Get loan account information
  • Get CD/IRA account information

ONLINE AND MOBILE BANKING SERVICES

Types of Services: You may access certain account(s) you maintain with us by computer or mobile device using your assigned user ID and password by accessing the online or mobile banking service. You may use the online or mobile banking service to perform the following:

  • Transfer funds between eligible accounts.
  • Obtain balance and transaction information on eligible accounts.
  • Make loan payments from your deposit accounts.*
  • Pay bills using the bill pay service.
  • Place stop payments on checks.*
  • Obtain copy of statement.*
  • Export transaction history to personal finance manager.*
  • Make deposits using mobile banking services.
  • Activate or deactivate your debit card with mobile banking services

*May be excluded from mobile banking services.

Limitations on Frequency and Amount:

  • For security purposes, there are limits on the frequency and amount of transfers you may make using our Online Banking service.

Fees and Charges for Online Service:

  • There is no fee for online banking with us. However, the standard bank fees disclosed to you in your Account disclosure will be charged when you open an account.

ATM SERVICE

Types of Transfers: You may use the automated teller machine (ATM) card and personal identification number (PIN) issued to you to initiate transactions at ATMs within the networks identified on your card and such other facilities as we may designate from time to time. Unless you specify a different account during ATM transactions, your Primary account will be used for your transactions. At present you may use your card to:

  • Withdraw cash from your checking or savings account.
  • Deposit funds to your checking or savings account.
  • Transfer funds between your deposit accounts.
  • Obtain balance and transaction information on deposit accounts.

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

Limitations on Frequency and Amount:

  • You may make 10 cash withdrawals from ATMs per day.
  • You may withdraw up to a maximum of $500.00 (if there are sufficient funds in your account) per day.

Fees and Charges for ATM transactions:

  • We do not charge for ATM transactions at the present time.

ATM 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).


DIRECT DEPOSIT

Types of Preauthorized Transfers: You may arrange for us to complete the following preauthorized transfers to your deposit accounts:

  • Accept direct deposits from your employer or other financial institutions to your checking or savings account.
  • Accept direct deposit from the U.S. Treasury to your checking or savings account.

Limitations on Frequency and Amount:

  • There are no limitations on frequency and amount of direct deposits to your account.

Fees and Charges:

  • There are no fees or charges for direct deposits.

PAY RECURRING BILLS ELECTRONICALLY (DIRECT DEBITS)

Types of Preauthorized Transfers: You may arrange for us to complete the following preauthorized transfers to or from your deposit accounts:

  • Pay certain recurring bills from your checking account.

Limitations on Frequency and Amount:

  • You can only pay recurring bills electronically (direct debits) to your checking account.

Fees and Charges:

  • Fees per debit apply as specified by account type.
  • We will charge $37.00 for each stop-payment order for preauthorized transfer.

DEBIT CARD/POINT OF SALE (POS) SERVICE

Types of Transactions: You may use the card and PIN issued to you for purchases from merchants who have agreed to accept the card at Point of Sale (POS) terminals within the networks identified on your card and such other terminals as the Bank may designate from time to time. Point of Sale (POS) transactions will be deducted from your Primary Account. Point of Sale (POS) transactions involving a refund will be credited to your Primary Account.

Limitations on Frequency and Amount

  • You may purchase up to a maximum of $1,500.00 worth of goods and services per day, exclusive of ATM withdrawals.
  • You may make 25 purchases per day.
  • ATM and everyday debit card (POS) transactions that will be paid through your checking account will be paid prior to check transactions. If no funds are available, a service charge for non-sufficient funds will be applied to the account. We reserve the right to take your account balance into the negative to pay overdrafts and to charge the non-sufficient funds fee for the transaction. Future deposits will be used to repay the negative balances until satisfied. You agree to pay all overdrafts, negative balances and service charges resulting from debits, POS, ATM transactions and checks upon demand. Unless you authorize the Bank to pay overdrafts for ATM and everyday Debit Card (POS) transactions, those transactions will be declined and you will not be charged an overdraft fee. Merchants and others who honor the Debit Card may give credit for returns and adjustments, and they do so by initiating a credit to the Bank, which will credit the amount to your checking account. Debit card transactions are instantaneous. After you have entered a transaction with your Debit card, it is NOT possible to stop payment on the transaction.

FEES AND CHARGES

  • Fees per debit apply as specified by account type.

Other EFT Transactions. You may access certain account(s) you maintain with us by other EFT transaction types as described below:

Electronic Check Conversion.You may authorize a merchant or other payee to make a one-time electronic payment from your account using information from your check to pay for purchases or pay bills. Electronic check conversion is a payment process in which a merchant or other payee (after obtaining your authorization) uses your check to gather routing, account, and check number information to initiate a one-time EFT. When information from your check is used to make an electronic funds transfer, funds may be withdrawn from your account as soon as the same day you make your payment. This type of EFT transaction involving a consumer account is covered by the Electronic Funds Transfer Act and this disclosure. A description of the transaction will appear on your statement.

Re-presented Check Transactions and Fees. You may authorize a merchant to electronically collect a fee associated with the re-presentment of a check that is returned due to insufficient or unavailable funds. The resulting fee transaction, if debited as an EFT from a consumer account is covered by the Electric Funds Transfer Act and this disclosure. When a merchant re-presents a check electronically, that transaction is not covered by the Electronic Funds Transfer Act or this disclosure. A description of the transaction will appear on your statement.

OVERDRAFT CHARGES FOR ATM AND EVERYDAY DEBIT CARD TRANSACTIONS (POINTOF SALE): ): We will not charge you an overdraft fee if insufficient funds are available to pay for your ATM and everyday debit card transactions (POS) unless you have authorized us to pay overdrafts on your ATM and everyday debit card transactions (POS).


The following limitations may be applicable to your account, except as provided by law:

Liability for Unauthorized VISA Point of Sale Debit Card Transactions. Tell us AT ONCE, if you believe your VISA point of sale debit card has been lost or stolen or of any unauthorized transactions. Your liability for unauthorized VISA point of sale debit card transactions and ATM transactions through VISA and Plus that take place on the VISA system is Zero dollars ($0.00). We may require you to provide a written statement regarding claims of unauthorized VISA point of sale debit card transactions.

These provisions limiting your liability do not apply to VISA commercial credit cards; and apply only to cards issued in the United States. With respect to unauthorized transactions, these limits may be exceeded to the extent allowed under applicable law (see Liability for Unauthorized Transfers paragraph below) only if we determine that you were negligent or fraudulent in the handling of your account or point of sale debit card. For specific restrictions, limitations, and other details see your Cardholder Agreement. To notify us of lost or stolen cards, or of unauthorized transactions, call or write to us at the telephone number or address set forth below. This will help prevent unauthorized access to your account and minimize any inconvenience.

FOREIGN CURRENCY TRANSACTIONS: If you make a transaction in currency other than U.S. dollars, VISA will convert the transaction into a U.S. dollar amount. A 1% Currency Conversion Fee will be assessed on International transactions where VISA or PLUS has performed a currency conversion function. This fee will be based on a rate selected by VISA/PLUS from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate VISA/PLUS itself receives, or the government mandated rate in effect for the applicable central processing date. A .80% (80 basis points) Cross Border Fee will be assessed on all single currency international transactions.

A .20% (twenty basis points) Currency Conversion Fee will be assessed on International transactions where Cirrus, MasterCard or Maestro has performed a currency conversion function. This fee will be based on either a government mandated exchange rate, or a wholesale exchange rate selected by Cirrus, MasterCard, or Maestro and the rate used will be the applicable rate on the day the transaction was processed, which may differ from the date of the transaction or when it posted to the cardholder’s account. A .90 (90 basis points) Cross Border Fee will be assessed on all International transactions whether or not a currency conversion function was performed by Cirrus, MasterCard, or Maestro effective June 9, 2014.

VISA is a registered trademark of Visa International.

In addition to the limitations set forth above, the following limitations may be applicable to your accounts:

Liability for Unauthorized Transfers.Tell us AT ONCE if you believe your card, ATM PIN, POS card or PIN, or online banking PIN 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 our possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within two (2) business days after you learn of the loss or theft of your card or code, you can lose no more than $50.00 if someone used your card or code without your permission. If you do NOT tell us within two (2) business days after you learn of the loss or theft of your card or code, and we can prove that we could have stopped someone from using your card or code without your permission if you had told us, you could lose as much as $500.00. 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 sixty (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. If you believe that your card or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call 866-462-2265, or write us at CITIZENS BANK OF KENTUCKY, 620 BROADWAY, PAINTSVILLE, KY 41240. You should also call the number or write this address if you believe a transfer has been made using the information from your check without your permission,

Illegal Transactions. You may not use your ATM, POS, or Debit Card, or other access device for any illegal or unlawful transaction, and we may decline to authorize any transaction that we believe poses an undue risk of illegality or unlawfulness. Notwithstanding the foregoing, we may collect on any debt arising out of any illegal or unlawful transaction.

Business Days. For purposes of these electronic funds transfer disclosures, our business days are Monday through Friday. Holidays are not included.

Stop Payments on ATM, POS, or Debit Card Transactions. You may not place a stop payment order on any ATM, POS, or debit card transaction.


DOCUMENTATION

Periodic Statement.

  • You will get a monthly account statement from us on your checking or money market accounts.
  • You will get a monthly account statement from us on your savings account, unless there are no transactions in a particular month. In any case you will get a statement quarterly or monthly if combined with a checking, NOW, or money market account.

Terminal Receipt.You can get a receipt at the time you make a transfer to or from your account using an ATM or POS terminal. However, receipts for transactions of $15.00 or less may not always be available.

Direct Deposits. If you have arranged to have direct deposits made to your account at least once every sixty (60) days from the same person or company, you can call us at (866)462-2265 to find out whether or not the deposit has been made.


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:

  • If, through no fault of ours, you do not have enough money in your account to make the transfer.
  • If the money in your account is subject to legal process or other claim restricting such transfer.
  • If the transfer would go over the credit limit on your overdraft line.
  • If the ATM where you are making 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 transaction.
  • If circumstances beyond our control (such as fire or flood) prevent the transaction, despite reasonable precautions that we have taken.
  • There may be other exceptions stated in our agreement with you.

ERROR RESOLUTION NOTICE

In Case of Errors or Questions about Your Electronic Transfers. Telephone us at (866)462-2265, or write us at Citizens Bank of Kentucky, 620 Broadway, Paintsville, KY 41240 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 sixty (60) days after we sent the FIRST statement on which the problem or error appeared.

  • Tell us your name and account number (if any).
  • 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.
  • 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 ten (10) business days.

We will determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty five (45) days to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) business days 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 ten (10) business days, we may not credit your account.

If a notice of error involves an electronic funds transfer that occurred within thirty (30) days after the first deposit to the account was made, the error involves a new account. For errors involving new accounts, point of sale debit card transactions, or foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. For new accounts, we may take up to twenty (20) business days to credit your account for the amount you think is in error.

We will tell you the results within three (3) 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.

If a notice of error involves unauthorized use of your point of sale debit card with the VISA logo when it is used as a VISA point of sale debit card, we will provide provisional credit within five (5) business days after you notify us instead of within ten (10) or twenty (20) business days. We may withhold providing this accelerated provisional credit, to the extent allowed under applicable law, if the circumstances or account history warrants the delay.


CONFIDENTIALITY

We will disclose information to third parties about your account or the transfers you make:

  • To complete transfers as necessary;
  • To verify the existence and condition of your account upon the request of a third party, such as a credit bureau or merchant; or
  • To comply with government agency or court orders; or
  • If you give us your written permission.

PERSONAL IDENTIFICATION NUMBER (PIN)

The ATM PIN or POS PIN issued to you is for your security purposes. The numbers are confidential and should not be disclosed to third parties or recorded on the card. You are responsible for safekeeping your PIN(s). You agree not to disclose or otherwise make your ATM PIN or POS PIN available to anyone not authorized to sign on your accounts.


NOTICES

All notices from us will be effective when we have mailed them or delivered them to your last known address on our records. Notices from you will be effective when received by us at the telephone number or the address specified in this Agreement. We reserve the right to change the terms and conditions upon which this service is offered. We will mail notice to you at least twenty one (21) days before the effective date of any change, as required by law. Use of this service is subject to existing regulations governing your account and any future changes to those regulations.


ENFORCEMENT

In the event either party brings a legal action to enforce this Agreement or collect amounts owing as a result of any Account transaction, the prevailing party shall be entitled to reasonable attorney’s fees and costs, including fees on any appeal, subject to any limits under applicable law.


TERMINATION OF ATM AND POS SERVICES

You agree that we may terminate this Agreement and your use of the ATM Card or POS services, if:

  • You or any authorized user of your ATM PIN or POS card or PIN breach this or any other agreement with us;
  • We have reason to believe that there has been an unauthorized use of your ATM PIN or POS card or PIN:
  • We notify you or any other party to your account that we have cancelled or will cancel this Agreement. You or any other party to your account can terminate this Agreement by notifying us in writing.

Termination of service will be effective the first business day following receipt of your written notice. Termination of this Agreement will not affect the rights and responsibilities of the parties under this Agreement for transactions initiated before termination.


PREAUTHORIZED ELECTRONIC FUNDS TRANSFER

Stop Payment Rights. If you have told us in advance to make regular electronic funds transfers out of your account(s), you can stop any of these payments. Here’s how: Call us or write to us at the telephone number or address set forth above, in time for us to receive your request three (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 fourteen (14) days after you call. We will charge you $37.00 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, ten (10) days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.

Liability for Failure to Stop Payment of Preauthorized Transfers. If you order us to stop one of these payments three (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.


OTHER PROVISIONS

There may be a delay between the time a deposit is made and when it will be available for withdrawal. You should review our Funds Availability Policy to determine the availability of the funds deposited at ATMs. We reserve the right to refuse any transaction which would draw upon insufficient funds, exceed a credit limit, lower an account below a required balance, or otherwise require us to increase our required reserve on the account.


OTHER UNAUTHORIZED ELECTRONIC TRANSFERS

You should also call CITIZENS BANK OF KENTUCKY at (866)462-2265 and ask for the Account Operations Center as soon as you can if you believe a transfer has been made using information from your check without your permission. You also may write us at CITIZENS BANK OF KENTUCKY, 620 Broadway, Paintsville, KY 41240 if you believe a transfer has been made using information from your check without your permission. The same notification time limits as previously disclosed in this notice as well as the same error resolution procedures as previously disclosed apply to this type of unauthorized electronic transfer.