ELECTRONIC FUND TRANSFERS
YOUR RIGHTS AND RESPONSIBILITIES 

Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account.  Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed.  You should keep this notice for future reference.

Electronic Funds Transfers Initiated By Third Parties – You may authorize a third party to initiate electronic funds transfers between your account.  These transfers to make or receive payment may be one-time occurrences or may recur as directed by you.  These transfers may use the Automated Clearing House (ACH) or other payments network.  Your authorization to the third party to make these transfers can occur in a number of ways.  In some cases, your authorization can occur when the merchant posts a sign informing you of their policy.  In all cases, the transaction will require you to provide the third party with your account number and bank information.  This information can typically be found on your check, as well as on a deposit or withdrawal slip.  Thus, you should only provide your bank and account information (whether over the phone, the Internet, or via some other method) to trusted third parties who you have authorized to initiate these electronic funds transfers.  Examples of these transfers include, but are not limited to:

  • Preauthorized credits – You may make arrangements for certain direct deposits to be accepted into your checking or savings account(s).
  • Preauthorized payments – You may make arrangements to pay certain recurring bills from your checking or savings account(s).
  • Electronic check conversion – You may provide your check to a merchant or service provider who will scan the check for the encoded bank and account information. The merchant or service provider will then use this information to convert the transaction into an electronic funds transfer.  This may occur at the point of purchase, or when you provide your check by other means such as by mail or drop box.
  • Electronic returned check charge – Some merchants or service providers will initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.

Telephone Banking Telephone Transfers – types of transfers, charges –  You may access your account by telephone 24 hours a day at (888) 887-5757 using your personal identification number, a touch tone phone, and your account numbers to:

  • Transfer funds from checking account to checking account
  • Transfer funds from checking account to savings account
  • Transfer funds from savings account to checking account
    –there is a charge of $1.00 per transfer in excess of six during a quarter
  • Transfer funds from savings account to savings account
    –there is a charge of $1.00 per transfer in excess of six during a quarter
  • Make payments from checking account to loan accounts with us
  • Make payments from savings account to loan accounts with us
    — there is a charge of $1.00 per transfer in excess of six during a quarter
  • get information about:
    • the account balance of checking account(s)
    • deposits to checking accounts
    • withdrawals from checking accounts
    • the account balance of savings account(s)
    • deposits to savings account(s)
    • withdrawals from savings account(s)

 

ATM Transfers – types of transfers and charges – You may access your account(s) by ATM using your SmartChek and personal identification number (PIN), to:

  • get cash withdrawals from checking account(s) with a debit card
    –there will be a charge applied by ATMs we do not own or operate
  • get information about:
    • the account balance of your checking account(s) a debit card is linked to

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

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

Point-of-Sale Transactions – dollar limitations – Using your card:

The Bank of Delight has different levels of transaction limits it may apply to customers’ cards. All cards will be defaulted to not exceed $1,000.00 in transactions per day.

*Please see your cardholder agreement for additional information relating to the use of your SmartChek.

 

FEES

We do not charge for direct deposits to any type of account.
We do not charge for preauthorized payments from any type of account.
*Except as indicated elsewhere, we do not charge for these electronic fund transfers.

ATM Operator/Network Fees – When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).

You will be charged $5.00 for a new PIN or for replacement of a lost card. Personalized debit cards will be charged $5.00.

DOCUMENTATION

Terminal Transfers – You can get a receipt at the time you make any transfer to or from your account using one of our automated teller machines or point-of-sale terminals.

Preauthorized Credits – If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at (870) 379-2293 in Delight, at (870) 887-2661 in Prescott, or at (870) 406-3501 in Gurdon to find out whether or not the deposit has been made.

Periodic Statements – You will receive a monthly account statement from us for your checking account(s).  You will receive a quarterly account statement from us for your savings account(s).

PREAUTHORIZED PAYMENTS

Right to stop payment and procedure for doing so – If you have told us in advance to make regular payments out of your account, you can stop any of these payments.  Here’s how:

  • Call or write us at the telephone number or address listed below in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and send it to us within 14 days after your call.
  • We will charge a fee of $25.00 for each stop payment order you give.

Notice of varying amounts – If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be.  (You may choose instead to receive this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set).

Liability for failure to stop payment of preauthorized transfer – If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

FINANCIAL INSTITUTION’S LIABILITY

Liability for failure to make transfers – If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages.  However, there are some exceptions.  We will not be liable, for instance:

  1. If, through no fault of ours, you do not have enough money in your account to make the transfer.
  2. If you have an overdraft line and the transfer would go over the credit limit.
  3. If the automated teller machine where you are making the transfer does not have enough cash.
  4. If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
  5. If circumstances beyond our control (such as fire, storm or flood) prevent the transfer, despite reasonable precautions that we have taken.
  6. There may be other exceptions stated in our agreement with you.

CONFIDENTIALITY

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

  1. where it is necessary for completing transfers; or
  2. in order to verify the existence and condition of your account for a third party, such as a credit bureau; or
  3. in order to comply with government agency or court orders; or
  4. when you authorize the Bank to disclose any account information; or
  5. for any other situation as explained in the separate Privacy Disclosure.

UNAUTHORIZED TRANSFERS

  1. Consumer liability
    • Generally – Tell us AT ONCE if you believe your card and/or code has been lost or stolen. Telephoning is the best way of keeping your possible losses down.  You could lose all the money in your account (plus your maximum overdraft line of credit).  If you tell us within 2 business days, you can lose no more than $50 if someone used your card and/or code without your permission.  (If you believe your card and/or code has been lost or stolen, and you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50 if someone used your card and/or code without your permission).If you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could lose as much as $500.

      Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time.

      If a good reason (such as a long trip or a hospital stay) kept you from telling us, we may extend the time periods.

    • Additional Limits on Liability for MasterCard©-branded Debit Card when used for point-of-sale transactions – You will not be liable for any unauthorized transactions using your MasterCard©-branded Debit Card, when used for point-of-sale transactions, if:
      • You can demonstrate that you have exercised reasonable care in safeguarding your card from the risk of loss or theft;
      • You have not reported to us two or more incidents of unauthorized use within the prior twelve-month period; and
      • Your account is in good standing.

      If any of these conditions are not met, your liability is the lesser of $50 or the amount of money, property, labor, or services obtained by the unauthorized use before notification to us. “Unauthorized use” means the use of your debit card by a person, other than you, who does not have actual, implied, or apparent authority for such use, and from which you receive no benefit. This additional limitation on liability does not apply to PIN-based transactions or transactions not processed by MasterCard.

  2. Contact in event of unauthorized transfer – If you believe your card and/or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone number or address listed below.

ERROR RESOLUTION NOTICE

In case of errors or questions about your Electronic Transfers, call or write us at the telephone number or address listed below, as soon as you can.  If you think your statement or receipt is wrong, or if you need more information about a transfer listed on the statement or receipt, we must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

  • Tell us your name and account number (if any).
  • Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
  • Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 business days (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly.  If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question.  If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is the error, so that you will have the use of the money during the time it takes us to complete our investigation.  If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account.  Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.

We will tell you the results within 3 business days after completing our investigation.  If we decide that there was no error, we will send you a written explanation.

You may ask for copies of the documents that we used in our investigation.