This Online Access Agreement ("Agreement") for accessing your FAIRWINDS Credit Union accounts through FAIRWINDS Online explains the terms and conditions governing the online banking services and bill pay offered through FAIRWINDS Online. By using the FAIRWINDS Online Services, you agree to the terms and conditions of this Agreement.
This Article I, and Articles II, III, VIII and IX contain terms, conditions and provisions applicable generally to this Agreement and all products, services and relationships provided under, arising from or contemplated by this Agreement. Articles IV, V, VI and VII contain additional terms, conditions and provisions applicable to the wire transfer, commercial account electronic funds transfer (ACH), QuickBooks Direct Connect, and remote deposit services, respectively, offered by FAIRWINDS Credit Union.
As used herein, the terms "we," "us," "our," "FAIRWINDS" and "Credit Union" refer to FAIRWINDS Credit Union; "You" refers to the business entity which applies for and uses the FAIRWINDS Online Services, or any of them, or on behalf of which any of such service are used by any Authorized User; the term “Authorized User” refers to any individual or entity authorized by you or any person acting on your behalf to access account information and/or conduct any transaction on any of your FAIRWINDS Credit Union accounts through FAIRWINDS Online; “FAIRWINDS Online Services” means the wire transfer services provided pursuant to Article IV hereof, the electronic funds transfer (ACH) services provided pursuant to Article V hereof, the QuickBooks Direct Connect services provided pursuant to Article VI hereof, the remote deposit services provided pursuant to Article VII hereof, and all other products and services provided through use of FAIRWINDS Online; and the term "business days" means Monday through Friday, excluding Saturday, Sunday and Federal holidays.
FAIRWINDS Online can be used to access FAIRWINDS Credit Union accounts. Each of your accounts at FAIRWINDS is also governed by the applicable account disclosure statement and our Fee Schedule (herein together, the "Business Membership and Account Agreement").
II. Accessing Your FAIRWINDS Credit Union Accounts Through FAIRWINDS OnlineA. Requirements
To access your accounts through FAIRWINDS Online, you must have a FAIRWINDS Credit Union account and an Online user name and password. In addition, the first time you log on to FAIRWINDS Online, we will ask you to establish and answer certain security questions. We may ask you these questions and verify your answers when you subsequently log on to access your accounts through FAIRWINDS Online.
A business must be operating under a taxpayer identification number or the owner's Social Security Number to have access to these accounts.B. Electronic Mail (E-mail)
Sending electronic mail (Secure E-mail) through FAIRWINDS Online is a secure way to communicate with FAIRWINDS. Secure E-mail is provided for you to ask questions about your account(s) and provide general feedback. Secure E-mail is accessible after you sign on to a session of FAIRWINDS Online with your password. To ensure the security of your account information, we recommend that you use Secure E-mail when asking specific questions about your account(s).
You cannot use Secure E-mail to initiate transactions on your account(s). For banking transactions, please use the appropriate functions within FAIRWINDS Online or call 407.277.5045 / 1.800.443.6887.C. Fees
There are no monthly or transaction fees for accessing your account(s) through FAIRWINDS Online.
Fees may apply to individual services available through your FAIRWINDS Online account.D. New Services
FAIRWINDS Credit Union may, from time to time, introduce new online services. By using these services when they become available, you agree to be bound by these rules (as the same may be amended from time to time) governing your use of the services.E. Benefits of Using FAIRWINDS Online
With FAIRWINDS Online, you can manage your business accounts from your home or office on your personal computer. You can use FAIRWINDS Online to:
- View account balances and review transaction history.
- Transfer money between accounts.
- Send payments (e.g., payroll, customer refunds) or withdraw payments using ACH.
- Send money by Wire, Domestically or Internationally.
III. Terms and Conditions
The first time you access your FAIRWINDS Credit Union accounts through FAIRWINDS Online you agree to be bound by all the terms and conditions of this Agreement and acknowledge your receipt and understanding of this disclosure.A. Your Online Password
You will be given an Online Password that will give you access to your FAIRWINDS Credit Union accounts through FAIRWINDS Online. This password can be changed within FAIRWINDS Online using the options button. FAIRWINDS Credit Union will act on instructions received under your password. For security purposes, it is recommended that you change your password regularly, memorize your password and do not write it down. You are responsible for keeping your user name, password, member/account numbers and other account data confidential.B. Payment Account
Although there are no fees for accessing your accounts through FAIRWINDS Online, you may be asked to designate a payment account for selected services such as Bill Pay, Wire Transfer and Electronic Funds Transfer Service (ACH). You agree to pay promptly all fees and charges for services provided under this Agreement, and authorize us to charge the account that you have designated as the payment account or any other account for any such fees and charges.
If you close the payment account, you must notify FAIRWINDS Credit Union and identify a new payment account for the selected services. Additionally, if you close all FAIRWINDS Credit Union accounts, you must notify FAIRWINDS Credit Union Member Services to cancel the FAIRWINDS Online Services.
Your Online access may be suspended or canceled by FAIRWINDS, in our sole discretion and at any time without prior notice for any reason, including, without limitation, (1) your failure to access your FAIRWINDS Credit Union accounts through FAIRWINDS Online during any one hundred-eighty (180) day period, (2) all of your business accounts have been closed out, or (3) insufficient funds in one of your accounts. Please note that your bill payment information will be lost if your Online access is canceled. After suspension or cancellation, FAIRWINDS Online Services may be reinstated in our sole discretion. Reinstatement may be conditioned upon such terms as we may require in our sole discretion, including that sufficient funds be available in your accounts to cover any fees and other pending transfers or debits. In order to reinstate your services, you must call FAIRWINDS Credit Union Member Services at 407.277.5045 / 1.800.443.6887.
You agree to be responsible for any telecommunication charges incurred by accessing your FAIRWINDS Credit Union accounts through FAIRWINDS Online.
If you wish to cancel any of the FAIRWINDS Online Services offered through FAIRWINDS Online, please contact FAIRWINDS Credit Union Member Services at 407.277.5045 / 1.800.443.6887 or send us cancellation instructions in writing to FAIRWINDS Credit Union, Member Services, 3087 N. Alafaya Trail, Orlando, FL 32826.C. Our Liability
Except as specifically provided in this Agreement or where a different standard is required by law, you agree that neither we nor any of our service providers shall be responsible for any loss, property damage or bodily injury, whether caused by the equipment, software or FAIRWINDS Credit Union, or any direct, indirect, special or consequential, economic or other damages arising in any way out of the installation, use or maintenance of the equipment, software, the FAIRWINDS Online Services, or Internet browser or access software.D. Overdrafts: Order of Payments, Transfers, Other Withdrawals
If your account has insufficient funds to perform all electronic funds transfers (ATM withdrawals, pre-authorized transactions, FAIRWINDS Online transfers and bill payments, etc.) that you have requested for a given business day, then:
- Certain electronic funds transfers involving currency disbursement, such as ATM withdrawals, will have priority, and
- Electronic funds transfers initiated through FAIRWINDS Online may result in an overdraft of your account and may, at FAIRWINDS Credit Union’s discretion, be canceled.
In addition, you will be charged the same overdraft charges that apply to your account.E. Hours of Accessibility
You can access your FAIRWINDS Credit Union accounts through FAIRWINDS Online seven days a week, 24 hours a day. However, at certain times, some or all of FAIRWINDS Online Services may not be available as a consequence of system maintenance. You will be notified online when this occurs.
A transfer initiated through FAIRWINDS Online before 7:00 PM on a business day is posted to your account the same day. All transfers completed after 7:00 PM on a business day or on a Saturday, Sunday or banking holiday, will be posted on the next business day.F. Additional Terms and Conditions
Obtaining Account Balance and Transaction History - You can obtain balance and transaction history on all eligible accounts. Current balance and activity information is available as of the close of the previous business day.
Transferring Funds - The number of transfers from a savings account is limited as described in the Business Membership and Account Agreement. If a hold has been placed on deposits made to an account from which you wish to transfer funds, you cannot transfer the portion of the funds held until the hold expires.G. Limitations
For security and other reasons, FAIRWINDS may establish and impose daily and/or monthly limits or restrictions on the number, dollar amount or type of transfers or transactions that you can make using the FAIRWINDS Online Services. Daily and monthly limits on ACH debit and credit transactions and daily limits on wire transmittals are set forth at the end of this Agreement. We may establish and change these limits at any time in our sole discretion. In addition, additional limitations are described in this Agreement and may be set forth in other agreements we have with you, disclosures we have provided to you or applicable laws and regulations. We will have no liability to you or any other person if we reject or refuse to process any transfer or transaction that would exceed any of the limitations described in this paragraph.
IV. Wire Transfer Service
Unless defined otherwise, all terms in this Article IV shall have the meaning set forth in Article 4A of the Uniform Commercial Code and Subpart B of Federal Reserve Regulation J.A. Scope
- Terms and Conditions. You agree to submit wire transfer requests to FAIRWINDS in accordance with the terms and conditions of this Agreement. In all other respects, the terms and conditions of your Deposit Account Agreement with FAIRWINDS supplement this Agreement and apply to any such wire transfer request. If there is a conflict between these agreements, this Wire Transfer Agreement will control with respect to wire transfers.
- Service Description. You authorize FAIRWINDS to transfer funds from any account designated. Subject to the terms and conditions of this Agreement, FAIRWINDS will execute wire transfers in accordance with wire transfer requests from you and your Authorized Users. Funds must be available in the account specified in the wire transfer request at the time the wire transfer request is made. FAIRWINDS will not search for funds in accounts other than the one(s) specified in the wire transfer request.
Fedwire Notice. In connection with your use of the Credit
Union’s wire transfer services, FAIRWINDS notifies you of the
- FAIRWINDS may use Fedwire when acting upon your request.
- Any subsequent Bank may use Fedwire when carrying out your wire transfer request.
- The rights and obligations of FAIRWINDS, any Bank and you in a wire transfer carried out through the use of Fedwire are governed by Federal Reserve Regulation J.
- Wire Transfer Requests. FAIRWINDS is authorized to accept wire transfer requests from any Authorized User. FAIRWINDS is also authorized to act upon such other directions and instructions relating to wire transfer requests, including the cancellation or amendment of prior wire transfer requests, as may be provided to FAIRWINDS from time to time by an Authorized User or as otherwise provided in this Agreement.
- Security Procedures. All wire transfers will be made in accordance with the Credit Union’s security procedures. The security procedures are established for the purpose of verifying that a wire transfer request or a communication amending or canceling a request is that of you or an Authorized User or detecting error in the transmission or content of the request or communication. Our security procedures are: (1) completion of the wire transfer request form; (2) requiring use of your Online Password to establish access to FAIRWINDS Online, in the case of a wire transfer request initiated through use of FAIRWINDS Online; (3) requiring the use of a onetime passcode issued by us for your use in completing the wire submission; and (4) photo identification for requests submitted in person. You agree the methods and procedures for authorization and authentication of wire transfer requests described in this Agreement constitute commercially reasonable security procedures under applicable law. You agree that a wire transfer request or a communication amending or canceling a request accepted by us in accordance with the security procedures set forth herein shall be effective as your order, whether or not the order is in fact authorized by you.
- Recording and Records. You authorize the Credit Union, at our discretion, to record electronically all telephone calls between the Credit Union and any person acting on your behalf, and to keep those recordings as long as the Credit Union considers it necessary. You assume the duty of obtaining required consents from all Authorized Users for these recordings. If the Credit Union's records about a wire transfer request are different from your records, the Credit Union's records will govern. The Credit Union's records include its written records and any tape recordings about wire transfers. You agree that in the event the recording is unintelligible or ambiguous, the Credit Union's understanding of the communication will control. You agree to indemnify and hold harmless the Credit Union against any liability the Credit Union may incur as a result of such recording.
Unless otherwise agreed to in writing, you must pay FAIRWINDS the amount of the wire transfer, plus any applicable fees, as stated in FAIRWINDS Fee Schedule, before FAIRWINDS will execute any wire transfer request. Additionally, any fees or charges either now or hereafter imposed on FAIRWINDS by the Federal Reserve or any other bank relating to the services provided by FAIRWINDS to you shall be added to the fees charged by FAIRWINDS effective the same day as such fees are imposed on FAIRWINDS.D. Cut Off Time for Receipt of Payment Order
All instructions for wire transfer requests must be received by FAIRWINDS prior to 4:00 PM, prevailing time at FAIRWINDS, on the business day the transfer is to be made. FAIRWINDS has no obligation to accept any wire transfer request instructions after these deadlines. FAIRWINDS may change the cut off times set forth in this paragraph at any time, without prior notice to you.E. Rejection of Wire Transfer
FAIRWINDS has the right, in its sole discretion, to reject any wire transfer request for an outgoing wire transfer for any reason including, but not limited to, insufficient funds or insufficient collected funds in the account specified, or incomplete or inaccurate wire instructions in the wire transfer request. You agree to indemnify and hold FAIRWINDS harmless from any and all liabilities, costs, and expenses FAIRWINDS may incur because of any such rejection. FAIRWINDS may notify you verbally, electronically or in writing if it rejects any request.F. Cancellation or Amendment of Wire Transfer Request
You may not be able to cancel or amend a wire transfer request after it is received by FAIRWINDS. However, FAIRWINDS may, at its discretion, use reasonable efforts to act on your request for cancellation or amendment of a wire transfer request. FAIRWINDS shall have no liability if such cancellation or amendment is not effected. Furthermore, you agree that FAIRWINDS shall incur no liability whatsoever to you or any third party in attempting to cancel or amend the wire transfer.G. Erroneous Requests
You understand that FAIRWINDS’ normal operating procedures are not designed to detect or prevent your errors in wire transfer requests. Errors include (but are not limited to) providing FAIRWINDS with the wrong name and/or wrong account number of the beneficiary; providing FAIRWINDS with the wrong name and/or wrong account number of the beneficiary bank or intermediary bank (if applicable); providing FAIRWINDS with an incorrect amount of a wire transfer request or instructing FAIRWINDS to initiate the same wire transfer request twice. FAIRWINDS shall have no liability to you for your errors in wire transfer requests.H. Reliance on Account Number and Bank Numbers
You understand that a wire transfer request may be processed and posted by FAIRWINDS and each bank handling the wire transfer request based on (a) the ACCOUNT NUMBER of the beneficiary and not by the name of the beneficiary, and (b) the identification number (such as FRD ABA routing number) of the beneficiary bank (and any specified intermediary bank) and not by the name of the beneficiary or any intermediate bank. The FEDERAL RESERVE DISTRICT AMERICAN BANKERS ASSOCIATION ("FRD ABA") routing number is the number assigned to each bank in the United States by the Federal Reserve System. It is your sole and exclusive obligation to make sure that the account number of the beneficiary and the identification number of the beneficiary bank (and any specified intermediary bank) are ABSOLUTELY, POSITIVELY correct. The credit union shall have no obligation to compare or otherwise ascertain that the name of a beneficiary agrees with the account number of the beneficiary or that the name of the beneficiary or any intermediary bank agrees with the identification number of the beneficiary or any intermediary bank, as the case may be, as provided by you.I. Restricted Funds Transfer
FAIRWINDS reserves the right to delay or not to accept wire transfer requests for beneficiaries located in certain foreign countries, beneficiaries listed on the Office of Foreign Asset Control (OFAC) lists from the Department of Treasury, or for any other reason related to the Executive Order of the President, Foreign Governmental Embargos/Sanctions, or any Directives of Governmental Authorities. You agree to comply and cooperate with any and all procedures related to any wire transfer request. Without in any way limiting the foregoing, you agree to provide us with a physical address for the beneficiary of any wire transfer and such other information as we may request.J. Account Statements
All wire transfers will be reflected on your periodic Credit Union statement. You should review each statement or other such Credit Union notice for any discrepancies in connection with wire transfers. If you believe a wire transfer is wrong, or if you need more information about a wire transfer, you must contact FAIRWINDS in writing upon discovery of the alleged error or within 14 days after you receive the first notice or statement which has a claimed discrepancy, whichever is earlier. Failure to do so will relieve FAIRWINDS of any obligation to pay interest on or otherwise compensate you for the amount of an unauthorized or erroneous wire transfer.K. Method Used to Make the Wire Transfer
FAIRWINDS may select any means for the transmission of funds which it considers suitable, including but not limited to FAIRWINDS own internal systems or Fedwire. FAIRWINDS is not responsible for performance failure as a result of an interruption in transfer facilities, labor disputes, power failures, equipment malfunctions, suspension of payment by another bank, refusal or delay by another bank to accept the wire transfer, war, emergency conditions, fire, earthquake or other circumstances not within FAIRWINDS control.L. Authorization Changes
Wires may be initiated only from the account numbers designated on the wire transfer request. Changes by you in any information supplied to FAIRWINDS or any changes in the designated account shall not be binding upon FAIRWINDS until FAIRWINDS has received actual written notice of the changes at the address of FAIRWINDS designated in Paragraph M of Article VIII hereof and has had reasonable time to implement them.M. Liability
- Duty of Reasonable Care. FAIRWINDS shall exercise good faith and reasonable care in processing your wire transfer requests. You shall similarly exercise good faith and reasonable care in observing and maintaining security procedures in communicating wire transfer requests to FAIRWINDS, and in reviewing credit union statements or notices for any discrepancies. You are responsible for ensuring the accuracy of wire transfer requests and FAIRWINDS has no duty whatsoever to verify the accuracy of wire transfer requests, nor will it be liable for losses or damages arising out of wire transfer requests containing erroneous information.
- Liability of Credit Union. FAIRWINDS shall be liable for your lost interest and expenses directly related to your wire transfer request if FAIRWINDS fails to exercise ordinary care. FAIRWINDS is not liable in any case for any special, indirect, exemplary or consequential damages (including lost profits) of any kind. Compensation for loss of interest of use of funds will be, at FAIRWINDS option, in the form of an adjustment to your account(s) to reflect the average balance on account analysis that would have resulted had no error or delay occurred, or by a direct credit to your account, not to exceed FAIRWINDS actual cost of funds for the period and amount in question. The adjustment will be computed on a daily basis.
- Your Liability. You shall be liable for any loss or damage resulting from your breach of this Agreement or to which your negligence contributes, or which results from unauthorized, fraudulent, or dishonest acts by your current and/or former Authorized User. Such liability includes instances when a current or former Authorized User conducts one or more wire transfers to your detriment.
V. Commercial Account Electronic Funds Transfer Service (ACH)A. General
You and FAIRWINDS agree to conduct all activities contemplated under this Article V in accordance with the Operating Rules of the National Automated Clearing House Association (NACHA), as amended from time to time, unless superseded by applicable federal or state law (e.g. Uniform Commercial Code Article 4A). Without in any way limiting the provisions of Article VIII, Paragraph H hereof, you recognize and agree that we may terminate or suspend all or any part of this Agreement upon your breach of or failure to comply with any of the NACHA Operating Rules.
You represent and agree further that transactions originated by you or on your behalf under this Agreement shall comply with United States laws, including, without limitation, the Office of Foreign Assets Control (OFAC) enforced sanctions and you shall not act on behalf of, or transmit funds to or from, any party subject to such sanctions.
The parties involved with the Electronic Transfers Service are the following:
- You - the Originator of the electronic credit or debit.
- Your Payee/Drawer - the recipient of the electronic credit or debit.
- Us - the Originating Depository Financial Institution acting on your behalf.
- The Receiving Depository Financial Institution - the Financial Institution acting on behalf of your Payee/Drawer.
- National Automated Clearing House Association - the electronic clearing house network. A copy of the NACHA rules may be obtained at nachaoperatingrulesonline.org.
You authorize FAIRWINDS to originate entries on your behalf to your payees/drawers pursuant to the terms of this Agreement. You acknowledge and agree the types of ACH entries you can initiate and we will process are limited to the following: Prearranged Payment and Deposit Entries (PPD) and Corporate Credit or Debit Entries (CCD). You agree each entry shall be made using authorization forms and formats as shall be specified by us consistent with the NACHA rules. You agree we may, in our sole discretion, use third-party providers in transmitting your entries pursuant to this Agreement. We will inform you of the conditions under which a third-party provider will be utilized upon request.B. Preauthorization
You will obtain authorization from your Payee/Drawer to electronically deposit or withdraw money from its checking and/or savings account prior to initiating an electronic transaction in accordance with NACHA Rules.
You shall immediately furnish such authorizations and documents to FAIRWINDS upon request.
Each transaction thereafter shall be made pursuant to such authorization, and you shall initiate no transaction after such authorization has been revoked or the arrangement between you and such Payee/Drawer has terminated.
You shall retain Payee/Drawer's authorizations and other documents related to the transaction for a period of two years after their expiration.C. Notification of First Transaction
You will submit a notification to FAIRWINDS for delivery to the Receiving Depository Financial Institution at least ten (10) calendar days before initiating an authorized entry to your Payee/Drawer's account. You will also initiate a new notification when any change is made to the Payee/Drawer’s account number, financial institution or individual identification number.
Notification records will be processed in the same manner as live dollar transactions, and may be submitted to the Credit Union on either a separate or combined transaction file.
In the event that notification is rejected or returned for any reason, you agree that you will not initiate any live entries until the problems are resolved and another notification has been accepted.D. Authorized Signatures
Utilizing web page input, you will supply FAIRWINDS with the names and signatures and/or user identification numbers of those persons authorized to conduct electronic funds transfer transactions on your behalf. Notwithstanding the foregoing, you hereby authorize all Authorized Users to conduct electronic funds transfer transactions on your behalf, whether or not you have supplied the name and signature or user identification number of any such Authorized User to us.E. Procedure for Transmittal Summary
You will provide FAIRWINDS with a Transmittal Summary containing authorized electronic credit or debit transactions. If you desire same day processing and settlement of the electronic credit or debit transactions included within a Transmittal Summary, the Transmittal Summary must be received by FAIRWINDS via Cash Management System no later than 4:00 PM Eastern Time on the effective date. Otherwise, the Transmittal Summary must be received by FAIRWINDS via Cash Management System no later than 4:00 PM Eastern Time on the business day prior to the effective date. Each Transmittal Summary and related ACH entry shall be in accordance with the format specifications set forth in Appendix Three to the NACHA rules.
You must maintain collected funds on deposit for the amount of debits initiated against your account. You authorize FAIRWINDS, in its discretion, to debit your account or place an administrative hold on collected funds on deposit in an amount equal to the debits to be initiated against your account pursuant to any transaction file. You acknowledge and agree the said debit or hold, as the case may be, shall be made at the time we begin processing the transaction file. In the event any entry with respect to which any such debit or hold has been made is not effectuated and settled, for any reason, the debit shall be returned or the hold released, as the case may be. You acknowledge and agree further that, in the event collected funds are not on deposit in an amount equal to the debits to be initiated against your account pursuant to any transaction file at the time we begin processing such transaction file, the transaction file will be rejected. We will provide electronic notice to you of the rejection of any transaction file and the steps you must take to resend the file. In the event collected funds are debited from your account or on deposit in an amount equal to the debits to be initiated against your account pursuant to any transaction file at the time we begin processing such transaction file, we will provide electronic notice to you of the processing of the transaction file.
Funds for incoming electronic transfers will be credited to your account on the transmission date. Funds for properly initiated debit entries that are completed will generally be made available to you on the settlement date for the entry. You acknowledge that ACH payments are provisional. Accordingly, we may credit funds to your account prior to final settlement of the funds transfer. You agree that, if we do not receive final settlement, we are entitled to a refund from you of amounts credited. You authorize us to take such amounts from any of your accounts.G. Processing Delays
In the event FAIRWINDS is unable to process a transaction file for any reason, FAIRWINDS will use its best efforts to notify you or an Authorized User, but will have no responsibility for processing delays caused by its failure not to provide such notice.H. Erroneous Entries
If you discover that an entry was initiated in error, you may originate a reversing entry to correct the error. The reversing entry must be provided to us in sufficient time for the reversing entry to be transmitted to the financial institution to which the erroneous entry was sent within 5 banking days of the settlement date of the erroneous entry. FAIRWINDS will utilize reasonable efforts on your behalf to correct the entry, but reversal or correction is not guaranteed. In all such cases, it will be your responsibility to notify your affected customers that an entry was made in error.
You recognize and agree, if any entry describes the receiver incorrectly or inconsistently by name and account number, the RDFI (or us, in connection with an on-us entry) may rely and make payment solely on the basis of the account number provided by you, even if the account number identifies a person other than the designated receiver, and such payment shall not excuse your obligation to make payment with regard to the entry.I. Returned Transactions
FAIRWINDS will notify you by telephone, mail or e-mail when advised of any rejected transaction. You agree to accept any returned electronic funds transfer transaction.J. Resolution of Errors; Notification of Change
Errors recognized by the Receiving Depository Financial Institution and identified as such through a Notification of Change (“NOC”) to FAIRWINDS will be referred to you for resolution, except for NOCs we refuse as provided in the NACHA Operating Rules. FAIRWINDS will utilize its best efforts to assist you in the correction of any errors. You must make corrections within 6 banking days of your receipt of the NOC information or before the next transaction is initiated, whichever occurs later. Your failure to make corrections may result in fines and penalties.K. Fee Schedule
Fees for the Electronic Funds Transfer Service will be charged to your account at FAIRWINDS. FAIRWINDS reserves the right to amend the fee schedule from time to time, upon 30 days prior written notice to you.
Fees for other banking services will be in accordance with FAIRWINDS’ published fee schedule.L. Security Procedures
Our security procedures are: (1) acknowledgment and acceptance of the online agreement form and/or amendment; (2) acknowledgement of daily and monthly limits approved (3) requiring use of your Online Password to establish access to FAIRWINDS Online, in the case of an ACH transaction initiated through use of FAIRWINDS Online; (4) requiring the use of a onetime passcode issued by us for your use in completing the ACH batch submission. Unless we permit you to establish a different security procedure, you agree that the security procedures set forth herein are commercially reasonable verification of payment orders and other electronic funds transfers. If we permit you to establish a different security procedure, you agree that procedure is a commercially reasonable method of verifying electronic funds transfers. You agree that, if we accept a payment order or other electronic funds transfer in good faith and in compliance with our security procedures, the payment order or other electronic funds transfer is effective as your order or transfer, as the case may be, whether or not authorized by you.
You agree to take commercially reasonable steps to secure the access devices (PCs, mobile devices, etc.) that will be utilized to perform online transactions, including but not limited to ACH transactions. Commercially reasonable steps shall include maintaining current antivirus protection or other similar available software to prevent the hijacking of your access devices, maintaining appropriate passwords and password security, and implementing any other reasonable procedures or policies to secure usage of the devices that will be used to access FAIRWINDS Online.
You can limit or restrict the authority granted Authorized Users with respect to ACH transactions through FAIRWINDS Online. Moreover, dual and triple control capabilities are available to you such that you can require action by up to three Authorized Users in order to submit a payment order or electronic funds transfer transaction through FAIRWINDS Online. For example, you can require that an ACH file created by one Authorized User be reviewed and released by another Authorized User. We strongly encourage you to take advantage of these security and control capabilities.
You also agree to establish, implement, and update, as appropriate, commercially reasonable policies, procedures, and systems with respect to the initiation, processing, and storage of entries that are designed to (i) protect the confidentiality and integrity of Protected Information (hereinafter defined) until its destruction; (ii) protect against anticipated threats or hazards to the security or integrity of Protected Information until its destruction; and (iii) protect against unauthorized use of Protected Information that could result in substantial harm to a natural person. As used in this paragraph, “Protected Information” means non-public personal information, including financial information, of a natural person used to create, or contained within, an entry or any related addenda record. You agree further that all Banking information, as defined in Section 1.7 of the NACHA rules, that you transmit to us shall be encrypted in a manner exceeding the standards of NACHA rules Section 1.7 or transmitted through FAIRWINDS Online. You agree to comply with our reasonable requests related to compliance with NACHA Rules Section 1.7, Secure Transmission of ACH Information Via Unsecured Electronic Networks.M. Audit and Investigation
You agree that we may at any time, and from time to time, audit and investigate your compliance with the terms and conditions of this Agreement and the NACHA Operating Rules. Such audit and investigation may include, without limitation, (i) evaluation of your capacity to perform your obligations under this Agreement and the NACHA Operating Rules, (ii) assessment of the nature of your electronic funds transfer activity and the risks presented by such activity. You agree to cooperate with any such audit and investigation and permit us access, upon reasonable notice, to any and all of your books and records necessary, in our reasonable judgment, to conduct such audit and investigation. We shall have no obligation for your costs and expenses in connection with any such audit and investigation.N. Our Liability
You understand and agree we may rely solely on information, representations and warranties provided by you pursuant to this agreement, we have no duty to ascertain the correctness of any information provided, and we have no responsibility for the accuracy or completeness of any such information. You agree further we shall not be liable for your acts or omissions (including, without limitation, the amount, accuracy, timeliness of transmittal or authorization of any entry received from you) or those of any other person, including, without limitation, our ACH Operator, and Federal Reserve Bank, any RDFI, or any receiver. No such person shall be deemed our agent. Without in any way limiting the foregoing, you agree we shall have no responsibility for any delay by our ACH Operation or any RDFI in processing any entry.O. Indemnification
You agree that you shall be liable for, and to indemnify and hold harmless us from and against, all fines, penalties and other liabilities which may be imposed on us or you by anyone, including NACHA under its National System of Fines, relating to your use of the electronic funds transfer (ACH) services provided pursuant to this Agreement. You agree further to indemnify and hold harmless us from and against all losses or costs we may incur arising from your breach of any representation or warranty set forth herein. You agree we may, in addition to exercising other remedies available to us, collect any such fines, penalties, liabilities, losses or costs by debiting any of your accounts with us or by setting off such amounts against any amounts owed to you.
VI. Direct ConnectA. General
The Direct Connect Service enables you to access certain of your FAIRWINDS accounts through QuickBooks or Quicken personal finance software (“QuickBooks”). Through QuickBooks, you may view balance and transaction information for your FAIRWINDS accounts, download financial information from those accounts, and submit Bill Pay transactions or internal transfers between those accounts. You are responsible for separately purchasing QuickBooks or Quicken software. FAIRWINDS makes no warranties and accepts no liability for such software.
This Article VI sets forth the terms and conditions applicable to your use of the Direct Connect Service. These terms and conditions are in addition to the Business Membership and Account Agreement and all other agreements and disclosures that apply to your accounts. In the event of a conflict between the provisions of this Article VI and those of the Business Membership and Account Agreement or other agreements or disclosures, the provisions of this Article VI shall govern.B. Requirements
To use the Direct Connect Service, you must (a) be an individual at least 18 years of age or a legally- formed entity; (b) have a postal mailing address in the United States and a valid and active e-mail address; (iii) have a valid eligible account with FAIRWINDS.; and (iv) be a United States resident. Other restrictions may apply.C. Fees
Fees for our Direct Connect Service are set forth in our Service Charge Schedule. Fees for the Direct Connect will be charged to your account at FAIRWINDS and will be assessed monthly whether or not you have used the Direct Connect Service during that month. FAIRWINDS reserves the right to amend the fee schedule from time to time, upon 30 days prior written notice to you.D. Security
Our security procedure is requiring use of your Online Password to establish access to FAIRWINDS Online through QuickBooks. Unless we permit you to establish a different security procedure, you agree that the security procedure set forth herein is a commercially reasonable verification of verifying that a transaction conducted through the Direct Connect Service is that of you or an authorized user. If we permit you to establish a different security procedure, you agree that procedure is a commercially reasonable method of verifying authorization to conduct a transaction on your behalf. You agree that a transaction (including, without limitation, a Bill Pay or funds transfer transaction) conducted in accordance with the security procedures set forth herein shall be effective as your transaction, whether or not in fact authorized by you.
You are solely responsible for actions of persons who are authorized to use QuickBooks to access your accounts, including the initiation of Bill Pay or internal transfers and the downloading of financial information through FAIRWINDS Online. If you grant access to a person to the Online Banking module in QuickBooks, you shall be deemed to authorize that person to initiate Bill Pay transactions, transfer funds, and view and download account information.E. Reporting Unauthorized Transactions
If you believe an unauthorized transaction has been made from your account or someone is accessing your accounts through the Direct Connect Service, contact us IMMEDIATELY at 407.277.5045 to minimize your possible losses.F. Account Access
Through the Direct Connect Service, you may download and view basic account information such as transaction history and account balances of your connected accounts. Account information is updated throughout a business day. Some account information and account activity may not be available for use.G. Transfers Between Accounts
- Transfers. Using the Service, you may request an internal transfer of funds between eligible checking, savings and money market Accounts. If an internal transfer request is submitted on a Business Day prior to that Business Day’s cut-off time, then transferred funds will be available in the transferee Account on the following Business Day. Otherwise, the transferred funds will be available in the transferee Account by the second Business Day following your submission of the transfer request. Credit cards and check reserve lines are not part of the transfer service.
- Cancellation. You may only cancel or edit your account transfer instruction before your transfer begins processing. Once we have begun processing a transfer it cannot be cancelled or edited, therefore a stop payment request (as described below) must be submitted.
- Transfer Limitations. Internal transfers between your linked Accounts may be subject to transfer limits within your Software. You may request transfers only if sufficient funds are available in the relevant Account on the day you request the transfer. You agree not to initiate a transaction that will cause your Account balance to go below zero. We are not required to complete any such transaction, but if we do, you must pay us upon request the amount of any resulting negative balance. If an Account becomes overdrawn or draws on an overdraft protection plan, the applicable fees disclosed in and governed by your Deposit Account Agreement or that plan shall apply. You must maintain available balances in Accounts from which you order transfers.
- Transfer Documentation. Details of your transfers will be available through the Direct Connect Service using your software and will also be listed on your regular account statements.
- Authorization. When you use the Service to make transfers from credit accounts, you agree that we may take any action required to obtain cash advances on your behalf, including charging your linked credit account without your signature. Each transfer made from a credit account is treated as a cash advance from that account and is subject to the terms of your Cardmember or other agreement.
In using the Service to make payments, YOU MAY ONLY STOP PAYMENTS AS PROVIDED IN THIS ARTICLE VI. We are entitled to a reasonable period to act upon any stop payment request and may not have an opportunity to act on any stop payment request after a payment has been processed. The charge for each stop payment request will be the current charge for such service as set out in the applicable fee schedule. Our ability to process a stop payment request will depend on the payment method and whether or not final payment has been made.Electronic Payments
If your payment is made electronically, you have NO RIGHT TO STOP PAYMENT. (If the payment has not yet begun processing, you may be able to cancel the payment by logging in to your account or by calling us at a number at the end of this Agreement.)Paper Payments
If the payment is made by a paper check issued on your behalf, and the paper check is still outstanding, it may be possible to stop the payment of this item by logging in to your account or by calling us at a number listed at the end of this Agreement.
If the payment is made by a paper check issued on your behalf, and we have already paid the check, then it is not possible to stop the payment of the item.Preauthorized Payments
To stop a preauthorized recurring payment or transfer, call us at a number listed at the end of this Agreement. You must call in time for us to receive your request and to be able to act upon it, which in the case of preauthorized recurring payments, is at least three Business Days before the transfer is scheduled to occur. We may also require you to put your request in writing and forward it to us within 14 days after you call.
If you order us to stop a preauthorized recurring payment at least 3 Business Days before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
VII. Remote Deposit Service
This Article VII governs your use of our Remote Deposit Service (the "RDS") through desktop computer, mobile device, or otherwise. The terms and conditions in this Article VII are in addition to the Business Membership and Account Agreement. In the event of a conflict, the terms and conditions of this Article VII shall supersede the terms and conditions of the Business Membership and Account Agreement with respect to the deposits made through the RDS. Deposits made through other channels continue to be governed by the Business Membership and Account Agreement.A. Definitions
As used in this Article VII:
"Account" means your deposit account with us to which you are authorized to make a deposit using a Remote Device.
"Application" means a delivery channel for various services, information, and other functions that can be added to a Remote Device.
"Application Agreement" means the agreement governing the use of the Application you must download to your Remote Device in order to use the Service.
"Check 21" means the Check Clearing for the 21st Century Act.
"Image" means the electronic image of the front and back of an Item, in addition to other required information, as specified by us, in the format we specify.
"Image Replacement Document" or "IRD" means a substitute check, as defined in Check 21.
An "Item" is an original: check, cashier’s check, official check, U.S. Treasury check, or any other payment instrument, drawn on a financial institution within the United States and payable in U.S. currency that is payable to you. Items are deemed to be "items" under the Uniform Commercial Code and "checks" under The Expedited Funds Availability Act and Regulation CC.
"Remote Device" means any device acceptable to us from time to time that provides for the capture of images from Items and for transmission through the clearing process. Supported devices are subject to change without prior notice to you.
Capitalized terms not defined above shall have the meaning set forth elsewhere in this Agreement.B. RDS
Pursuant to the terms of this Article VII, you may use the RDS to deposit Items to your Account by creating an Image of the Item using a Remote Device and transmitting that Image to us for deposit. You may transmit Images to us only from a Remote Device located in the United States.
You agree to endorse any item transmitted through the RDS with your signature and adding the restrictive endorsement “For Remote Deposit Only, FAIRWINDS Credit Union account #______” or as otherwise instructed by us, prior to transmission of the Item. You agree to follow any and all other procedures and instructions for use of the RDS as we may establish from time to time. You agree we may, in our sole discretion and without prior notice to you, reject Items not endorsed as set forth herein or as otherwise established by us from time to time.
You acknowledge and agree you will not deposit checks that are issued by you or any of your affiliates drawn on accounts of you or any of your affiliates, checks prohibited by security procedures or in violation of applicable laws and/or regulations, or any check that you suspect or should know to be fraudulent or not authorized by the legal owner of the account on which the check is drawn.C. Hardware and Software Requirements.
You agree to transmit an Image to us using only a Remote Device authorized by us for your use to transmit Images. We may, but are not required to, reject Images that you transmit to us with an unapproved Remote Device or by other means to which we have not given our consent.
You are responsible for the security of the Remote Device and for allowing its use only by individuals authorized by you. You agree to implement and maintain specific internal security controls to protect the Remote Device and customer information. We may require that you implement and maintain additional specific controls, and we may notify you of those controls and amend them from time to time.
You are responsible for all costs of using the RDS and operating the Remote Device, including, but not limited to, telephone and internet service charges.
You are responsible for maintaining the system capacity and connectivity required for use of the RDS. WE MAKE NO WARRANTIES OR REPRESENTATIONS WITH RESPECT TO ANY TELECOMMUNICATIONS AND/OR INTERNET SERVICES, OR SERVICES PROVIDED BY A THIRD PARTY, EXPRESS OR IMPLIED, AND SPECIFICALLY DISCLAIM ANY AND ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY AND ALL IMPLIED WARRANTIES OF QUALITY, CAPABILITIES, OPERATION, PERFORMANCE, SUITABILITY, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
We grant you a non-exclusive, nontransferable, object-code only, limited license to use (a) the RDS Software in executable form only on a single self-contained server or computer, (b) our website and (c) any associated read-only documentation provided by us only for your internal business purposes in utilizing the RDS. The foregoing rights to use the RDS Software and our website shall be subject to the following restrictions: (a) you shall not copy, reproduce, translate, modify, or adapt the RDS Software or the website; (b) you shall not use the RDS Software or the website on, or allow others to use the RDS Software on a server not approved by us in writing; (c) you shall not sell, lease, rent, sublicense, distribute, or otherwise transfer the RDS Software or website in any manner; (d) you shall not decompile, disassemble, reverse translate, or otherwise reverse engineer any portion of the RDS Software or the website; and (e) you shall not modify or add anything to the RDS Software or the website including, without limitation, any virus, malware, spyware, poison pill, or any other destructive programming or code. You acknowledge that the RDS Software, the website, and all copies thereof made by you hereunder, are our exclusive property and title to the above shall at all times remain with us or our assignee. You acknowledge you have no rights in the RDS Software or the website except those expressly granted by this Agreement. Further, we shall own all right, title and interest, including copyright, in and to all upgrades, new releases (as these terms are defined below), solutions, designs, improvements, derivatives and modifications developed in relation to the RDS Software and the website even if such solutions, designs, improvements, derivatives or modifications are requested or suggested by the you. You will make best efforts to protect the RDS Software and the website from any use, reproduction, publication, disclosure, or distribution that is not specifically authorized by this Article VII. You will not: (i) transmit or share identification or password codes to persons other than Authorized Users; (ii) permit the identification or password codes to be cached in proxy servers and accessed by individuals who are not Authorized Users; or (iii) permit access to the RDS Software or the website through a single identification or password code being made available to multiple users on a network. You shall not remove, alter, cover, or distort any copyright, trademark, or other proprietary rights notice placed by us in or on the RDS Software or the website and shall ensure that all such notices are reproduced on all authorized copies of the RDS Software made by you. You understand and agree that all of your rights hereunder in any way related to the RDS Software and the website shall immediately terminate upon termination or expiration of this Agreement for any reason. You understand and agree we may deactivate or otherwise terminate the RDS Software or the website on any of your equipment upon termination or expiration of this Agreement without your further consent and without notice to you.
You warrant that all communications from you to us, including, without limitation, all electronic communications through the RDS Software or the website and all other electronic communications will (a) comply with all applicable laws and regulations and (b) be free from all viruses, malware, spyware, poison pills, and any other destructive programming or code.D. Image Quality.
You are responsible for the image quality of any Image that you transmit. If an Image that we receive from you or for deposit to your Account is not of sufficient quality to satisfy our image quality standards as we may establish them from time to time, we may reject the Image without prior notice to you.
Each Image must include the front and back of the Item and the following information must be clearly readable: amount, payee name, drawer signature, date, check number, account number, routing and transit number, MICR (Magnetic Ink Character Recognition) line, and any endorsement or other information written on the check.E. Processing Images.
You authorize us to process any Image that you send us or convert an Image to an Image Replacement Document. You authorize us and any other bank to which an Image is sent to handle the Image or IRD.F. Limits.
We may establish limits on the dollar amount and/or number of Items or deposits permitted to be deposited by you through use of the RDS from time to time. If you attempt to initiate a deposit in excess of these limits, we may reject your deposit. If we permit you to make a deposit in excess of the established limits, such deposit will still be subject to the terms of this Article VII, and we will not be obligated to allow such a deposit at other times.G. Deposit of other items; deposits when RDS not available.
You agree that you will not use the RDS to deposit anything not meeting the definition of an Item. If you use the RDS to transmit anything that is not an Item, or if for any reason we are not able to recognize something transmitted as an Item, we may reject it without prior notice to you. You agree to make those deposits through other channels that we offer, such as at a Credit Union branch, ATM, or mail. You further agree to use such other channels when the RDS may not be available.H. Returned Items.
You are solely responsible for any Item for which you have been given provisional credit, and any such Item that is returned or rejected may be charged to your Account or any other account in your name. You acknowledge that all credits received for deposits made through the RDS are provisional, subject to verification and final settlement. Any Item that we return to you will be returned in the form of an Image or an IRD.I. Handling of Transmitted Items.
You agree not to allow an Item to be deposited or presented for payment more than once to the extent that it could result in the payment of the Item more than once. You will not allow the transmission of an Image of or information with respect to an Item that has already been presented to us or to any bank by any other means. You will not allow transmission of an Image of or information with respect to an Item that has already been transmitted through the RDS. If an Image of or information with respect to an Item has been transmitted to us or to any other bank, you will not allow the Item to be subsequently presented by any other means. If any Item is presented or deposited more than once, whether by Image or by any other means, we may, at our discretion, reject it or return it and charge it against your Account without prior notice to you.
For any Image or information with respect to an Item which you have transmitted, you shall be responsible for preventing the transmission of another Image of the Item or presentment of the Item by any other means. You agree to retain the Item for at least sixty (60) calendar days from the date of the Image transmission and thereafter destroy any Item of which you have transmitted an Image.J. Cooperation with Investigations.
You agree to cooperate with us in the review or investigation of any transactions, poor quality transmissions or claims, including, without limitation, by providing, promptly upon request and without further cost, any originals or copies of Items in your possession and your records relating to Items and transmissions.K. Payment Processing.
- Item Processing
At our sole discretion, we may process the Images you send to us electronically through other financial institutions, or we may create Image Replacement Documents that will be processed through traditional check processing methods. If you send us Images that are incomplete, that fail to satisfy our image quality requirements, or otherwise do not allow us to meet the requirements of Check 21 or any image exchange agreement that would cover our further electronic transmission of Images that you send us, or we are otherwise unable to process Images that you send us, we may charge the Images back to your account. You agree to be bound by any clearinghouse agreements, operating circulars, and image exchange agreements to which we are a party.
- Receipt of Items
We reserve the right to reject any Image or Item transmitted through the RDS, at our discretion, without liability to you. We are not responsible for Images we do not receive or for Images that are dropped during transmission. You shall be responsible for verifying our receipt of an Image or Item transmitted through the RDS by verifying that deposits have been posted to the appropriate accounts. If we send you a confirmation that we have received an Image or Item and accepted your deposit, the confirmation does not mean that the transmission was complete or error free.
- Funds availability
If an Image you transmit through the RDS is received and accepted before 6:00 p.m. Eastern Time Monday through Friday or before 1:00 p.m. Eastern Time on Saturday (provided any such day is a business day on which we are open and except for early closing days of Christmas Eve and New Year’s Eve), we consider that day to be the day of your deposit. Otherwise, we will consider that the deposit was made on the next business day we are open. You agree, however, that Items transmitted through the RDS are not subject to the funds availability requirements set forth in the “Funds Availability Policy Disclosure” section of our Member Handbook or Regulation CC of the Federal Reserve Board. Nevertheless, we will generally make the first $200 of a day’s total deposits available by the first (1st) business day after the day of your deposit and the remainder available by the second (2nd) business day after the day of your deposit. We reserve the right to delay availability up to 60 days from the date we receive payment for Items transmitted through the RDS.
You agree to notify us of any suspected errors regarding Items deposited through the RDS as soon as possible, and in no event later than 60 days after the applicable Credit Union account statement is sent to you. Unless you notify us within 60 days, such statement regarding all deposits made through the RDS shall be deemed correct, and you are prohibited from bringing a claim against us for such alleged error.
Notwithstanding the foregoing, you agree to promptly notify us in writing of any error in connection with the RDS and any discrepancies between any records maintained by you and any notice you receive from us with respect to the RDS and you shall provide us with any information we may reasonably request in connection therewith. You agree that fourteen (14) days is a reasonable time for you to notify us of errors or discrepancies, unless any other agreements, laws, rules, or regulations provide for a shorter period. We shall have the right to correct the amount in the data field for any Item that has an incorrect amount to be consistent with the image of the Item. Notwithstanding the foregoing, if we at any time discover that the legal amount of the Item is different than the amount that has been credited to your Deposit Account, we will make the necessary adjustment to the Deposit Account to correct the discrepancy.L. Fees.
You are responsible for paying the fees for use of the RDS as we may change them from time to time. We may change the fees for use of the RDS at any time pursuant to the provisions of Article VIII, Paragraph D below. You authorize us to deduct any such fees from any account in your name.M. Representations and Warranties
You make the following representations and warranties to us:
- You and any user you authorize will use the RDS only for lawful purposes and in compliance with all applicable rules and regulations and with our reasonable instructions, rules, policies, specifications, and operating procedures and will not violate any law of any country or the intellectual property rights of any third party.
- You will use the RDS to transmit and deposit Images of Items only.
- You will transmit only Images of Items acceptable for deposit through the RDS and will handle Items as agreed herein.
- You are a person authorized to enforce each Item or are authorized to obtain payment of each Item on behalf of a person entitled to enforce an Item.
- Items submitted for deposit through use of the RDS are valid Items and you will reimburse and indemnify us for all loss, damage, and expenses, including reasonable attorney’s fees, incurred in defending any allegation that such Items are invalid or fraudulent.
- Items have not been altered.
- Each Item bears all required and authorized endorsements.
- Each Item has been endorsed as "For Remote Deposit Only, FAIRWINDS Credit Union account #______.”
- All of the warranties set forth in Section 4-207 of the Uniform Commercial Code.
- All Images accurately and legibly represent all of the information on the front and back of the Item.
- You will not use the RDS to transmit or deposit any Item, (i) payable to any person or entity other than you, (ii) drawn or otherwise issued by you or any other person on any of your accounts or any account on which you are an authorized signer or joint account holder, (iii) which you know or should know to be fraudulent, altered, unauthorized, or missing a necessary endorsement, (iv) that is a substitute check or image replacement document, (v) that is drawn on an institution located outside of the United States, (vi) that is not payable in United States currency, (viii) that is dated more than 6 months prior to the date of deposit, or (ix) that is created by you purportedly on behalf of the maker, such as a remotely created check.
- No depositary bank, drawee, drawer, or endorser will receive presentment or return of, or otherwise be charged for, a substitute check, the original check, or a paper or electronic representation of a substitute check or the original check such that that person will be asked to make a payment based on a check that it already has paid.
- You will use the RDS in the manner required by this Agreement.
- You understand that acceptance of the Application Agreement is required for use of the RDS.
- You, if acting on behalf of a small business entity, are fully authorized to execute this Agreement.
- You are not engaged in any business that would result in your being or becoming a “money service business” as defined in the Federal Bank Secrecy Act and its implementing regulations.
- All information you provide to us is accurate and true.
You shall be deemed to have repeated each of the foregoing representations and warranties each time you transmit an Image through use of the RDS
You represent and warrant to us, as of the date this Agreement is entered into and at the time the RDS is used or performed, that: (a) you are validly existing and in good standing under the laws of the jurisdiction of your organization; (b) you have all requisite power and authority to execute and deliver, and to perform your obligations under, this Agreement and the RDS; (c) you have duly authorized and executed this Agreement and this Agreement constitutes your legal, valid, and binding obligation; and (d) any consent or authorization of any governmental authority or third party required to be obtained by you in connection with this Agreement or the RDS has been obtained.
You represent and warrant further that: (a) you are solvent and in good standing in the State of your organization; (b) it is not your present intent to seek protection under any bankruptcy laws; (c) your Items are currently and were at the time of their creation, bona fide and existing obligations of your customers, free and clear of all security interests, liens, and claims whatsoever of third parties; (d) you are not now nor have you ever been declared in default of the contracts or agreements relating to the payment represented by the Items; (e) the documentation under which the Items are payable authorize the payee to charge and collect the monies owed; and (f) all Items and all documents and practices related to them comply with all applicable federal and state laws. Moreover, without in any way limiting the foregoing, you represent, warrant and agree that, with respect to each Item deposited through the RDS: (a) the Item is not subject to a defense or claim in recoupment of any party that can be asserted against you; (b) you have no knowledge of any insolvency proceeding commenced with respect to you, or in case of an unaccepted Item, the drawer; (c) any returned Item is enforceable against you and the drawer of the Check; (d) the Item is not considered a deposit until its transmission through the RDS is received at Credit Union; and (e) you shall be deemed to have repeated each of the foregoing representations and warranties by the processing of each Item through the RDS.
You covenant and agree: (a) you will allow us to review and inspect during reasonable business hours, and you will supply, all financial information, financial records, and documentation regarding you, your business and Items that we may request; (b) the Items submitted by you are valid Items, and you will reimburse and indemnify us for all loss, damage, and expenses, including reasonable attorneys’ fees, incurred in defending such transactions as invalid or fraudulent Items; and (c) in the event of the commencement of any proceeding under any bankruptcy or insolvency laws by or against you, you will not oppose or object to any motion by us seeking relief from the automatic stay provisions of such laws.N. Indemnification.
In addition to the indemnifications and limitations on liability contained in the Business Membership and Account Agreement and Paragraph C of Article VIII hereof , you hereby indemnify and hold harmless us and each of our directors, officers, employees, agents, successors, and assigns (“Indemnitees”) from and against all liability, loss, and damage of any kind (including attorneys’ fees and other costs incurred in connection therewith) incurred by or asserted against such Indemnitee in any way relating to or arising out of (a) the RDS, (b) any Image, Item or IRD, (c) any failure by you to comply with the terms of this Agreement or breach by you of any representation or warranty contained herein, (d) any failure by you to comply with applicable laws and regulations, or (e) any acts or omissions of you or any third party. This paragraph shall survive the termination of this Agreement for any reason.O. Intellectual Property
This Agreement does not transfer to you any ownership or proprietary rights in the RDS, the Remote Device or any associated software or any part thereof. We or our agents retain all intellectual property rights, title and interest in and to the RDS, Remote Device and any associated software.
Neither you nor any user you authorize will (a) sell, lease, distribute, license or sublicense the RDS; (b) modify, change, alter, translate, create derivative works from, reverse engineer, disassemble or decompile the RDS or any part of it in any way for any reason; (c) provide, disclose, divulge or make available to or permit use of the RDS by any third party; (d) copy or reproduce all or any part of the RDS; or (e) interfere, or attempt to interfere, with the RDS in any way.P. Termination
We may terminate or suspend the RDS, or your use of the RDS, immediately and at any time with or without notice to you. You may terminate your use of the RDS at any time by giving notice to us. Your notice will not be effective until we receive your notice of termination and we have had a reasonable time within which to act upon it. Notwithstanding termination, any Image transmitted through the RDS shall be subject to this Article VII. You agree that, in addition to any other rights we may have with respect to your Accounts, we may hold and use funds in any Account following termination of the RDS for such time as we reasonably determine that any Item processed by us prior to termination may be returned, charged back or otherwise a cause for any loss, liability, cost, exposure or other action for which we may be responsible.Q. Force Majeure
We shall be excused from failing to act or delay in acting if such failure or delay is caused by legal constraint, interruption of transmission, or communication facilities, equipment failure, war, emergency conditions or other circumstances beyond our control. Also, we may cause the RDS to be temporarily unavailable to you, with or without prior notice, for site maintenance, security or other reasons. In the event of any of the foregoing failure or delays, you acknowledge you may instead deposit directly with the Credit Union any original Items for processing and presentment provided such original Items have not been previously imaged and processed through the RDS.R. Use of Your Geolocation
We reserve the right, at our sole discretion, to obtain your geolocation through your Remote Device and use such location information for fraud prevention and other purposes. We may choose to capture either your current location or the last location stored on your Remote Device. You consent to our obtaining and use of your location. Before we obtain your location, we will present you with an on-screen notice alerting you that we will capture your location. If, when presented with this location consent notice, you do not consent to our obtaining and using your location information, you should immediately discontinue your use of the RDS.S. Amendment
We may change this Article VII at any time. We may add new terms and conditions and we may delete or amend existing terms and conditions. We generally send you advance notice of the change. If a change is favorable to you, however, we may make the change at any time without advance notice. If you do not agree with the change you may discontinue using the RDS. However, if you continue to use the RDS, your continued use shall be deemed your acceptance of and agreement to the change.
VIII. General Terms
The provisions of this Article VIII apply to all Articles of, and all services subject to, this Agreement, as the same may be amended from time to time.A. Authorized Users
You and your system administrators acting on your behalf will designate your Authorized Users through the User Setup function on FAIRWINDS Online and assign user identifications to those Authorized Users. You and your system administrators can change your Authorized Users at any time. We recommend that you, as a security precaution, restrict the number of system administrators with the ability to change Authorized Users. You hereby approve and ratify any and all acts committed by any system administrator or other person with access to the User Setup function on FAIRWINDS Online. Any designation of an Authorized User by any system administrator or other person with access to the User Setup function on FAIRWINDS Online shall constitute a designation by you.
You agree that any Authorized User may transact any business on your behalf on any of your FAIRWINDS Credit Union accounts through FAIRWINDS Online. Subject to the express provisions of this Agreement and except as prohibited by applicable law, you agree that you are responsible for and bound by all transactions on your FAIRWINDS Credit Union accounts initiated or made through FAIRWINDS Online. Without in any way limiting the foregoing, you agree that any person or entity allowed by you to use FAIRWINDS Online will be an Authorized User and you are responsible for all transfers and transactions initiated or authorized by that person or entity, as the case may be. You agree that you have duly authorized each Authorized User to use FAIRWINDS Online and to act on your behalf with regard to the use of and conducting any transaction through use of FAIRWINDS Online. You hereby approve and ratify any and all acts committed by any Authorized User. Use of FAIRWINDS Online by any Authorized User shall constitute your use.B. Consumer Protection Inapplicable
You acknowledge, represent and warrant that all accounts that can be accessed under this Agreement are not accounts established primarily for personal, family or household purposes and that your use of the FAIRWINDS Online Services, or any of them, is not primarily for personal, family or household purposes. Accordingly, the provisions of the Electronic Fund Transfer Act, as amended (15 U.S.C. 1693 et seq.), Federal Reserve Regulation E, as amended (12 C.F.R. 205), and any other laws or regulations intended for the protection of or governance of transactions involving consumers or consumer accounts do not apply to any service transactions affecting your accounts.C. Exclusion of Warranties; Limitation of Liability; Indemnity
YOU EXPRESSLY UNDERSTAND AND AGREE THAT YOUR USE OF THE FAIRWINDS ONLINE SERVICES, OR ANY OF THEM, AND ALL INFORMATION AND CONTENT (INCLUDING THAT OF THIRD PARTIES IS AT YOUR SOLE RISK. THE FAIRWINDS ONLINE SERVICES ARE PROVIDED ON AN "AS IS" AND "AS AVAILABLE" BASIS. EXCEPT AS EXPRESSLY SET FORTH IN THIS AGREEMENT, WE EXPRESSLY DISCLAIM ALL WARRANTIES OF ANY KIND RELATING TO THE FAIRWINDS ONLINE SERVICES, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NONINFRINGEMENT, AND ANY IMPLIED WARRANTIES ARISING FROM COURSE OF DEALING OR COURSE OF PERFORMANCE.
WE MAKE NO REPRESENTATION OR WARRANTY THAT THE FAIRWINDS ONLINE SERVICES, OR ANY OF THEM, WILL MEET YOUR REQUIREMENTS OR EXPECTATIONS OR THAT THE FAIRWINDS ONLINE SERVICES, OR ANY OF THEM, WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE. WE FURTHER DISCLAIM ANY REPRESENTATION OR WARRANTY THAT ANY ERRORS IN TECHNOLOGY WILL BE CORRECTED. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU FROM US OR THROUGH OR FROM YOUR USE OF ANY OF THE FAIRWINDS ONLINE SERVICES WILL CREATE ANY WARRANTY OR REPRESENTATION NOT EXPRESSLY STATED IN THESE TERMS.
WE MAKE NO WARRANTY, EITHER EXPRESS OR IMPLIED, TO YOU REGARDING YOUR PC OR RELATED EQUIPMENT OR SOFTWARE (INCLUDING, WITHOUT LIMITATION, FINANCIAL SOFTWARE), OR YOUR INTERNET SERVICE PROVIDER OR ITS EQUIPMENT, INCLUDING BUT NOT LIMITED TO, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
YOU AGREE THAT NEITHER WE NOR ANY OF OUR OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES, AGENTS, LICENSORS OR THIRD PARTY SERVICE PROVIDERS WILL BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY HARMS, INJURIES OR CLAIMS FOR DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES, EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES AND REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING, WITHOUT LIMITATION, NEGLIGENCE), STRICT LIABILITY OR OTHERWISE, RESULTING OR ARISING IN ANY WAY IN WHOLE OR IN PART FROM (a) THE USE OF, THE INABILITY TO USE, OR THE TERMINATION OF THE USE OF THE FAIRWINDS ONLINE SERVICES, OR ANY OF THEM, (b) THE COST OF OBTAINING SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY PRODUCTS, DATA, INFORMATION OR SERVICES PURCHASED OR OBTAINED, OR MESSAGES RECEIVED, OR TRANSACTIONS ENTERED INTO, THROUGH OR FROM USE OF ANY OF THE FAIRWINDS ONLINE SERVICES, (c) UNAUTHORIZED ACCESS TO OR ALTERATION OR LOSS OF YOUR TRANSMISSIONS OR DATA, (d) STATEMENTS OR CONDUCT OF ANY OTHER PERSON USING OR ACCESSING THE FAIRWINDS ONLINE SERVICES, OR ANY OF THEM, (e) ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS OR LINE OR SYSTEM FAILURE, (f) THE INSTALLATION, USE, OR MAINTENANCE OF ANY HARDWARE OR SOFTWARE (INCLUDING, WITHOUT LIMITATION, ANY FINANCIAL SOFTWARE) OR OTHER EQUIPMENT AND/OR (g) ANY OTHER MATTER RELATING TO ANY OF THE FAIRWINDS ONLINE SERVICES OR YOUR USE OF ANY THEREOF. WITHOUT IN ANY WAY LIMITING THE FOREGOING, YOU AGREE FURTHER THE CREDIT UNION SHALL NOT BE LIABLE FOR ANY DAMAGES OTHER THAN THOSE CAUSED SOLELY AND DIRECTLY BY ITS GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, AND ITS LIABILITY SHALL IN NO EVENT EXCEED THE LESSER OF YOUR ACTUAL DAMAGES OR THE TOTAL IN FEES YOU PAID FOR THE USE OF THE APPLICABLE FAIRWINDS ONLINE SERVICE DURING THE SIX-MONTH PERIOD PRIOR TO THE SUPPOSED ACT OF GROSS NEGLIGENCE OR WILLFUL MISCONDUCT.
YOU AGREE TO INDEMNIFY, HOLD HARMLESS AND DEFEND US, OUR OFFICERS, DIRECTORS, EMPLOYEES, AFFILIATES, AGENTS, LICENSORS AND SERVICE PROVIDERS FROM AND AGAINST ANY AND ALL THIRD PARTY CLAIMS, LIABILITY, DAMAGES, EXPENSES AND COSTS (INCLUDING, BUT NOT LIMITED TO, REASONABLE ATTORNEYS FEES AND COSTS) CAUSED BY OR ARISING FROM YOUR USE OF THE FAIRWINDS ONLINE SERVICES, OR ANY THEREOF, OR THE USE OF THE FAIRWINDS ONLINE SERVICES, OR ANY THEREOF, BY ANY OF YOUR AUTHORIZED USERS OR ANY OTHER PERSON WHOM YOU HAVE PERMITTED TO USE THE FAIRWINDS ONLINE SERVICES, OR ANY THEREOF, YOUR BREACH OF THIS AGREEMENT, YOUR INFRINGEMENT, MISUSE OR MISAPPROPRIATION OF ANY INTELLECTUAL PROPERTY OR OTHER RIGHT OF ANY PERSON OR ENTITY, AND/OR YOUR COMMISSION OF FRAUD OR ANY OTHER UNLAWFUL ACTIVITY OR CONDUCT.D. Changes to Charges, Fees or Other Terms
We reserve the right to change the charges, fees, procedures or other terms described or set forth in this Agreement. However, when changes are made to any fees or charges, we will notify you Online, or send a notice to you at the address shown on our records, or send you an electronic mail message (E-mail). The notice will be posted or sent at least thirty (30) days in advance of the effective date of any additional fees for Online transactions, or of any stricter limits on the type, amount or frequency of transactions or any increase in your responsibility for unauthorized transactions, unless an immediate change is necessary to maintain the security of the system. If such a change is made, and it can be disclosed without jeopardizing the security of the system, we will provide you with electronic or written notice within thirty (30) days after the change. As always, you may choose to accept or decline changes by continuing or discontinuing the accounts or services to which these changes relate. We also reserve the option, in our business judgment, to waive, reduce or reverse charges or fees in individual situations. Changes to fees applicable to specific accounts are governed by the Business Membership and Account Agreement, applicable disclosures and FAIRWINDS’ published fee schedule.E. Disclosure of Account Information
You understand that in addition to information furnished pursuant to legal process, some information about your accounts may automatically be disclosed to others. For example, the tax laws require disclosure to the government of the amount of the interest you earn, and some transactions, such as certain large currency and foreign transactions, must be reported to the government. FAIRWINDS may also provide information about your account(s) to persons or companies FAIRWINDS believes would use the information for reasonable purposes, such as when a prospective creditor seeks to verify information you may have given in a credit application or a merchant calls to verify a check you have written. In addition, FAIRWINDS routinely informs a credit bureau when accounts are closed by FAIRWINDS because they were not handled properly. FAIRWINDS may also seek information about you from others, such as a credit bureau, in connection with the opening or maintaining of your account. You authorize these transfers of information.F. Questions or Error Correction on FAIRWINDS Online Transactions
In case of questions or errors about FAIRWINDS Online funds transfers through FAIRWINDS Online involving your account, if you think your statement or transaction record is wrong or if you need more information about a transaction listed on the statement or transaction record, as soon as you can:
- Contact FAIRWINDS Credit Union by electronic mail (E-mail).
- Fax FAIRWINDS Credit Union at 407.658.7937.
- Telephone FAIRWINDS Credit Union at 407.277.5045 / 1.800.443.6887.
- Write FAIRWINDS Credit Union at Member Services, 3087 N. Alafaya Trail, Orlando, FL 32826.
You agree that your business is not engaged in unlawful internet gambling or any other illegal activity and agree not to use any of your accounts, access devices or services for unlawful internet gambling or other illegal activities. If at any time after account inception FAIRWINDS Credit Union determines that the account(s) reflects any of the above listed activities, we reserve the right to close the account(s) and revoke your membership.H. Termination
This Agreement may be terminated in the following circumstances:
- Either party may terminate this Agreement with or without cause by giving 30 days prior written notice. Such termination shall not affect transfers made prior to receipt and implementation of the termination notice.
- Notwithstanding any provision hereof to the contrary, FAIRWINDS may terminate this Agreement and your access to FAIRWINDS Online immediately, without prior notice to you, for any reason, including, without limitation, if FAIRWINDS deems itself insecure, you have breached this Agreement, or FAIRWINDS becomes aware of information which may indicate illegal or improper transactions. Promptly following any such termination, we will provide notice of the termination to you or an Authorized User by telephone, with written notification thereafter,
- The parties recognize and agree that any such termination may require a period of time to complete.
This Agreement and the rights, duties, and liabilities of the parties hereunder shall be governed by and construed under the domestic laws of the State of Florida (without giving effect to principles of conflicts of law), including, without limitation, as to Article IV, the Uniform Commercial Code Article 4A as in effect in Florida and as amended from time to time. Notwithstanding the foregoing, with respect to the provisions of Article IV hereof, if any part of a wire transfer involves the use of Fedwire, the rights and obligations of FAIRWINDS and Member regarding that wire transfer are governed by Regulation J of the Federal Reserve Board.J. Waiver
FAIRWINDS or you may delay exercising rights hereunder without losing them. Any waiver or partial exercise of one right is not a waiver of other rights or the same right at another time.K. Entire Agreement; Validity
This Agreement contains the entire understanding of the parties and supersedes any previous discussions, proposals or agreements, oral or written, if any, between the parties with respect to the subject matter of this Agreement, and there are no warranties, understandings, agreements or representations, express or implied, not specified in this Agreement. You and FAIRWINDS agree that should any term or condition of this Agreement become invalidated, the other terms and conditions not so invalidated will continue in full force and effect. Both parties agree that all warranties, indemnities, representations, acknowledgments, understandings and agreements contained herein will survive the performance of any obligations imposed herein and will survive the termination of this Agreement.L. Assignment
This Agreement will be binding upon and will inure to the benefit of the successors and assigns of both parties. You may not assign or otherwise transfer this Agreement to any party without FAIRWINDS prior written consent. FAIRWINDS may assign this Agreement or any or all of our rights and duties hereunder in our sole discretion without notice to you, except such notice as may be required by applicable law.
The terms and condition of your Account Agreement with FAIRWINDS are hereby incorporated by reference. If any inconsistency exists between such agreement and these terms and conditions, this Agreement will control but only to the extent necessary. This Agreement supersedes any prior Agreement between you and FAIRWINDS relating to the services subject to and to be provided under this Agreement, as the same may be amended from time to time.M. Address of FAIRWINDS
For all purposes of this Agreement, our address is:FAIRWINDS Credit Union
3087 N. Alafaya Trail
Orlando, FL 32826
N. Other General Terms; Other Agreements
In addition to this Agreement, you agree to be bound by and will comply with the requirements of the Business Membership and Account Agreement, other applicable agreements between you and us, applicable disclosures we have provided to you, FAIRWINDS rules and regulations, the rules and regulations of any funds transfer system to which FAIRWINDS belongs, and applicable State and Federal laws and regulations. We agree to be bound by them also.
IX. Protecting Your AccountsA. Preventing Misuse of Your Account
Your role is extremely important in the prevention of any wrongful use of your account. You must promptly examine your statement upon receipt. If you find that your records and ours disagree, you must immediately call FAIRWINDS Credit Union Member Services at (407.277.5045 / 1.800.443.6887.
Taking Care of Your Online Password - The password that is used to gain access to FAIRWINDS Online should also be kept confidential. For your protection, we recommend that you change your Online Password regularly. It is recommended that you memorize this Online Password and do not write it down. We also recommend that you limit the number of system administrators or other persons with the ability to access the User Setup function of FAIRWINDS Online and designate or change Authorized Users.
You are responsible for keeping your password, member numbers and other account data confidential. If you believe that your Online Password may have been lost or stolen, or that someone has transferred or may transfer money from your account without your permission, notify FAIRWINDS Credit Union Member Services at once at 407.277.5045 / 1.800.443.6887.B. Unauthorized Transactions in Your FAIRWINDS Credit Union Accounts
Notify us immediately if you believe another person has improperly obtained your Online Password. Also notify us if someone has transferred or may transfer money from your account without your permission, or if you suspect any fraudulent activity on your account. Only reveal your member number to a legitimate entity for a purpose you authorize (such as your insurance company for automatic payments). To notify us, call FAIRWINDS Credit Union Member Services at 407.277.5045 / 1.800.443.6887, or write FAIRWINDS Credit Union, Member Services, 3087 N. Alafaya Trail, Orlando, FL 32826.C. Security Procedures
We are committed to the fight against financial fraud and unauthorized activity. We may require you to follow a security procedure to execute a payment order or certain electronic funds transfer transactions. Certain of our security procedures are described in this Agreement. We will notify you of any change in the security procedures you are required to follow. Unless we permit you to establish a different security procedure, you agree that the security procedures contained in the Credit Union's policies are commercially reasonable verification of payment orders and other electronic funds transfers. If we permit you to establish a different security procedure, you agree that procedure is a commercially reasonable method of verifying electronic funds transfers. You agree to comply promptly with our reasonable requests and investigations regarding actual or potential breaches of security.
You agree to take commercially reasonable steps to secure the access devices (PCs, mobile devices, etc.) that will be utilized to perform online transactions, including but not limited to ACH transactions. Commercially reasonable steps shall include maintaining current antivirus protection or other similar available software to prevent the hijacking of your access devices, maintaining appropriate passwords and password security, and implementing any other reasonable procedures or policies to secure usage of the devices that will be used to access FAIRWINDS Online.
You can limit or restrict the authority granted Authorized Users with respect to wire transfers and ACH transactions through FAIRWINDS Online. Moreover, dual and triple control capabilities are available to you such that you can require action by up to three Authorized Users in order to submit a payment order or electronic funds transfer transaction through FAIRWINDS Online. For example, you can require that an ACH file created by one Authorized User be reviewed and released by another Authorized User.
You agree to be proactive in the prevention of fraud and unauthorized activity with regard to your accounts. Without limiting the generality of the foregoing, you agree to implement those of the following strategies which you deem appropriate for your organization:
Online fraud prevention strategies:
- Initiate money movement transactions from stand-alone PCs that are not enabled for e-mail or Web browsing.
- Use trusted Web sites. Always access the FAIRWINDS Business Banking Suite and FAIRWINDS Business Mobile service through our trusted Web address or mobile apps. Sign on to the FAIRWINDS Business Banking Suite through fairwinds.org, never through a link in an e-mail or text message. The FAIRWINDS Business Mobile app is available through the Apple iTunes App Store and the Android Market.
- Protect your network. Identify trusted Web sites for your business and block access to any Web address that is not relevant to your employees’ business needs.
- Scan for viruses frequently and update antivirus and antispyware software and firewalls regularly.
- Do not respond to an e-mail, phone call, or text message expressing an urgent need for you to update your information, activate an account, or verify your identity by calling a phone number or submitting information on a Web site. Report these phishing attempts to your relationship manager or [email protected]
- Train your employees never to give out their online banking access credentials (IDs, passwords).
- Implement dual control on all online payment transactions and self-administration services. Dual control requires a second level of approval to release online payment transactions and make self-administration user changes.
Electronic payment fraud prevention strategies:
- Never use an unknown Wi-Fi connection or public PC to access your account.
- Return unauthorized ACH debits to your accounts promptly. Know the time limits for returns.
- Use repetitive payment templates to prevent modification of key fields, such as beneficiary information.
- Sign up for the Alerts to receive text or e-mail notifications alerting you of electronic debits from your accounts.
Check-fraud prevention strategies:
- Investigate claims in which a customer claims to have paid a bill but your files show no record of the payment. A dishonest employee could have intercepted the check.
- Shred unused or outdated check stock before disposing of it.
- Lock up blank checks, check stock, and signature stamps. Require two keys to open the lock.
- Apply dual custody to check issuance: assign one employee to create checks, and another to verify the checks.
- Keep internal check issue files and online check registers up to date at all times, including intraday.
- Use separate accounts for check payments and for ACH and wire payments.
- Replace check payments with more secure ACH, wire, and card payments.
General fraud prevention strategies:
- Reconcile your bank accounts daily.
- Know your employees. Perform credit checks and background checks of all new employees who have access to your accounts, account records, or cash. Telephone at least three references to verify an applicant’s information.
- Know your vendors. Require all changes to vendor payment account numbers to be made in writing on the vendor’s letterhead and verified with a call to the vendor’s telephone number in your files.
- Keep authorizations up to date. When an authorized signatory or approver on your accounts leaves your company, notify your bank immediately to remove the employee name from all authorizations. Conduct an annual audit of all bank signature cards, funds transfer agreements, access codes, and other authorizations to ensure they are current.
We strongly encourage you to take advantage of these security and control capabilities.
We recommend you print a copy of this Agreement for your records.