External Transfer Service Agreement and Disclosure
This External Transfer Service Agreement and Disclosure supplements and constitutes a part of the Online Banking, Mobile Banking and Bill Pay Disclosure and Agreement (“Agreement”), and sets forth additional terms and conditions for use of the External Transfer Service. The Agreement remains in full force and effect and is supplemented by this External Transfer Service Agreement and Disclosure. To the extent there is a conflict between the terms of the Agreement and this External Transfer Service Agreement and Disclosure, the terms of the External Transfer Service Agreement and Disclosure will govern your use of the External Transfer Service. Further, by enrolling in the External Transfer Service, you agree that the terms of this External Transfer Service Agreement and Disclosure apply only to your use of External Transfer and do not apply to other products, services, or transactions under the Chambers Bank Online Banking, Mobile Banking and Bill Pay Disclosure and Agreement or any other Agreements you have entered into with Chambers Bank (the “Bank”, “us”, or “we”).
Within the Bank’s Online Banking Service, you may sign up for the option of transferring funds between your Chambers Bank personal checking account and certain personal deposit accounts at other financial institutions. You may only set up your Chambers Bank personal checking account for External Transfers. Any other linked accounts in your Online Banking service, such as loan accounts, savings accounts, retirement accounts, or business (non-personal) accounts, are not eligible for External Transfers.
For purpose of these disclosures, personal accounts are accounts used primarily for personal, family, or household purposes.
Account(s) Setup
You will need to set up and verify each of your non-Chambers Bank accounts that you wish to use for these transfers. You agree that you will only attempt to set up and verify personal accounts which you own individually or jointly and for which you have the authority to transfer funds. You should not set up any accounts for External Transfers that you do not own or for which you do not have authority to transfer funds.
Scheduling External Transfers and Cutoff Times
Transfers can be scheduled on either a one-time or recurring basis. Processing of one-time External Transfers may be initiated immediately or scheduled for initiation at a future date. The recurring transfer feature may be used when a set amount is transferred at regular intervals. For example, you may schedule a $100 transfer from an account you own at another financial institution to your Chambers Bank checking account every two weeks.
- An inbound transfer moves funds into an account at Chambers Bank from an account outside the Bank.
- An outbound transfer moves funds from an account at Chambers Bank to an account outside the Bank. International transfers are not supported.
The cutoff time for External Transfers is 6:00 pm CST. Any External Transfer initiated after this time or on a day that is not considered a business day will be considered as being initiated on the next business day. Future-dated or recurring External Transfers scheduled for a weekend or non-business day will be processed on the next business day.
External Transfers will appear as “In Process” until fully processed after the end of the third (3rd) business bay after the transfer is requested.
Transaction Limitations
External Transfers, both outbound and inbound, are subject to the following limitations: $900 per Transfer; $900 aggregate per business day; and $1,350 aggregate per day. Any External Transfer initiated after the cutoff time or on a day that is not a business day counts toward the applicable limit for the next business day.
Chambers Bank may change your dollar limits at any time. Any decrease will be subject to notice as required by law, but you agree that we may reduce your limits stated above or cancel the service without prior notice upon occurrence of a Disqualifying Event described below:
- Any of your deposit accounts with Chambers Bank are not current or not in good standing; or
- You have an overdraft, an over-limit item, or an item returned for insufficient funds with respect to any Chambers Bank deposit account during the current or three prior statement cycles.
Processing of Transfers
The Bank will process External Transfers on your behalf by means of the Automated Clearing House network pursuant to this Agreement and the rules of the National Automated Clearing House Association (NACHA). We can reject an External Transfer if it is not in compliance with the NACHA rules. Under NACHA rules, any credit to your Chambers Bank account or your account at a third-party financial institution shall be provisional until such credit has been finally settled by us or by the third-party financial institution holding your account. You acknowledge that you have received notice of this requirement and of the fact that if we do not receive final settlement for an External Transfer for any reason, we shall charge back the amount of such transfer from the account being debited or the account being credited, as applicable, or any other of your accounts or claim a refund from you.
You agree that you are authorized to initiate every inbound or outbound transfer you request in the amount requested. You also agree that your authority is operative at all relevant times including without limitation at the time you set up the transfer and at the time that we initiate the debit or credit to your Chambers Bank account.
You agree that you will have sufficient funds available in the designated deposit account to cover your payment obligations under this Agreement. In the event that there are not sufficient funds available in your deposit account to cover your payment obligation, you agree that we may offset, without prior notice or demand, any account held by you to the extent permitted by law. If the deposit account does not have sufficient available funds on the scheduled date, we may elect not to initiate one or more of the transfers. If we do elect to initiate the transfer, it may cause an overdraft in your account in which case you shall be liable for the overdraft and any overdraft fees, as set forth in the Terms and Conditions of Your Account and the Chambers Bank Fee Schedule.
You are solely responsible for the accuracy and completeness of External Transfer instructions provided to us. The Bank is not responsible for any errors in the External Transfer instructions or requests for cancellation or change to instructions provided by you to the Bank.
You agree that if an External Transfer request describes the receiver inconsistently by name and account number, payment of the External Transfer may be made on the basis of the account number even if it identifies a person different from the named receiver.
Cancellation of Transfer
Future-dated and recurring External Transfers can be edited or canceled prior to 6:00 pm CST on the business day before the business day the transfer is scheduled to be made. However, if the transfer is “In Process” or “Processed”, you can no longer edit or cancel it.
Availability of Funds Transferred
Funds transferred to a Chambers Bank account from an account outside the Bank will be available immediately once the funds are posted to the account. Contact the receiving institution to determine the availability of funds transferred from a Chambers Bank account to an account outside the Bank.
Account Reconciliation
Inbound and outbound External Transfers will be reflected on your periodic account statement issued by us. You agree to notify us promptly of any discrepancy between your records and the information reflected in your periodic statements. If you fail to notify us of any such discrepancy within the time period and manner set forth in the Terms and Conditions of Your Account and the Electronic Fund Transfers Disclosure, you will be precluded from asserting the discrepancy against the Bank.
Fees
Chambers Bank does not charge for External Transfers Service. If we process a transfer that overdraws your account, we may assess a fee for any such overdraft in accordance with the Terms and Conditions of your Account. Please see Chambers Bank’s Fee Schedule for the current Overdraft Fee amount.
Liability Limitation
You acknowledge and agree that you are personally responsible for your conduct while using the Online Banking Service including, but not limited to, External Transfers and agree to indemnify and hold Chambers Bank and its officers, directors, employees and agents harmless from and against any loss, damage, liability, cost or expense of any kind (including, but not limited to, reasonable attorneys’ fees) that we may incur in connection with a third-party claim or otherwise, in relation to your use of the Online Banking Service or the use of the Online Banking Service by anyone using your secure login profile or your violation of this Agreement, the Online Banking, Mobile Banking and Bill Pay Disclosure and Agreement (in its entirety) or any other Agreements you have entered into with Chambers Bank or the rights of any third party (including, but not limited to, privacy rights). Your obligations under this paragraph shall survive termination of this Agreement.
Termination of Service
Access to the External Transfer Service may be suspended or terminated at the discretion of Chambers Bank at any time. We may terminate your use of the Service, without written notice, in the event you breach any of the aforementioned Accountholder’s Warranties or otherwise use, or allow anyone else to use, this Service in a manner that may, in our judgement, be abusive, illegal, or unsafe and unsound. In the event of termination of the Services, you will remain liable for all transactions performed on your Account. Should you cancel your Online Banking Service through Chambers Bank, you will no longer have the ability to continue making transfers through the External Transfer Service.
Neither termination nor suspension will, in no way, affect your liability or obligations under this Addendum or the Agreement. Upon termination, by you or us, a new enrollment and approval may be required to reinstate the External Transfer Services and/or Online Banking Services.
Proprietary Rights
You acknowledge and agree that Chambers Bank and parties with whom it has contracted own all legal rights in and to the External Transfer Service. As such, you understand that you are only allowed to use External Transfer in the manner designated by this Agreement.
Rules and Regulations
This product is governed in addition to this Agreement by all rules, laws and/or regulations associated with your checking account, the Online Banking, Mobile Banking and Bill Pay Disclosure and Agreement, and the Electronic Funds Transfer Act and Disclosure.
By utilizing the External Transfer Service, you agree to the terms and conditions described herein this External Transfer Agreement and Disclosure and the Online Banking, Mobile Banking and Bill Pay Disclosure and Agreement. Chambers Bank recommends printing or retaining a copy of this, and all, Agreements and Disclosures for your records.