Electronic Funds Transfer Disclosure

Electronic Funds Transfers Your Rights And Responsibilities

The Electronic Funds Transfer Act, implemented by Regulation E, provides a basic framework establishing the rights, liabilities, and responsibilities of participants in electronic funds transfer (EFT) systems. Its primary objective is the protection of individual consumer rights in their dealings with these systems.

FineMark National Bank & Trust will comply with the Electronic Funds Transfer Act by establishing internal procedures that result in proper issuance of access devices, disclosure, limitations on customer liability, documentation of transfers, and error resolution procedures to ensure compliance with the requirements of the regulation.

The term "electronic funds transfer" refers to a transaction initiated through an electronic terminal, telephone, computer, or magnetic tape that instructs a bank either to credit or to debit a consumer's asset account. Examples include a consumer checking, savings, or money market account held by the bank and established by the consumer primarily for family, personal, or household purposes. The term "electronic terminal" includes point of sale terminals, automated teller machines, and cash dispensing machines. The consumer is usually issued a card or a code (known as "access devices"), or both, that may be used to initiate such transfers. FineMark Bank issues MasterCard Checkcards and personal identification numbers (PINs) to our customers to be used to electronically access their accounts.

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.

Initial Disclosures – Prior to the first electronic funds transfer or before a new EFT service is provided to a customer, we will provide the customer the following written disclosures:

  • A summary of the consumer's liability for unauthorized transfers
  • The telephone number and address of the person or office to be notified when the consumer believes that an unauthorized EFT has been or may be made
  • The bank's business days
  • The type of EFTs that may be made and any limitations on the frequency and dollar amount of these transfers. (If details on the limitations on frequency and dollar amount of transfers are essential to maintain the security of the system, they need not be disclosed.)
  • Any charges for EFTs or for the right to make transfers
  • A summary of the consumer's right to receive documentation of transfers
  • A summary of the customer's right to stop payment of a pre-authorized transfer and the procedure for initiating a stop payment order
  • A summary of the bank's liability to the customer for its failure to make or to stop certain transfers
  • Circumstances under which the bank, in the ordinary course of business, will disclose information to third parties concerning the customer's account
  • An error resolution notice meeting the requirements of the regulation

Exemptions – The following types of transfers are not covered by this policy:

  • Check guarantee or authorization services that do not directly result in a debit or credit to the consumer's account
  • Any transfer of funds for a consumer within a system that is used primarily to transfer funds between financial institutions or businesses. An example is a wire transfer of funds for a consumer through the Federal Reserve Communications System or other similar network.
  • Any transaction which has as its primary purpose the purchase or sale of securities or commodities regulated by the Securities and Exchange Commission or the Commodity Futures Trading Commission
  • Intra-institutional automatic transfers
    - Between the consumer's account and the bank itself
    - Between two accounts of the consumer within the bank
    - From the consumer's account to a family member's account within the bank
  • Certain incidental telephone initiated transfers not under a pre arranged plan contemplating periodic or recurring transfers
  • Trust accounts
  • Pre-authorized transfers to or from an account held at a financial institution with assets of $25 million or less

Electronic Fund Transfers Initiated By Third Parties - You may authorize a third party to initiate electronic funds transfers between your account and the third party’s account. These transfers to make or 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 payment networks. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third party transfers will require you to provide the third party with your account number and bank information. This information can 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 whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include, but are not limited to:

  • Pre-authorized credits. You may make arrangements for certain direct deposits to be accepted into your checking or savings account(s).
  • Pre-authorized payments. You may make arrangements to pay certain recurring bills from your checking or savings account(s).
  • Electronic check conversion. You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to pay for purchases or pay bills.
  • Electronic returned check charge. You may authorize a merchant or other payee to initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.

ATM Transfers – types of transfers and frequency and dollar limitations – You may access your account (s) by ATM using your MasterCard Check Card and personal identification number, to:

  • Get cash withdrawals from checking account(s)
  • Get cash withdrawals from Money Market or savings account(s)
  • Transfer funds from Money Market or savings to checking account(s)
  • Transfers funds from checking account to Money Market or savings account(s)
  • Get information about:
    - The account balance of your checking account(s)
    - The account balance of your savings or Money Market account(s)

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

Types of Debit Card Point-of-Sale Transactions – You may access your checking account(s) to purchase goods (in person) and pay for services (in person).

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

    * You may not exceed $1,000 in transactions per day.

Online Banking Computer Transfers – types of transfers – You may access your account(s) by computer through the internet by logging into our website at www.finemarkbank.com and using your access ID and password to:

  • Transfer funds from checking to checking
  • Transfer funds from checking to savings
  • Transfer funds from checking to Money Market
  • Transfer funds from savings to checking
  • Transfer funds from savings to savings
  • Transfer funds from savings to Money Market
  • Transfer funds from Money Market to Money Market
  • Transfer funds from Money Market to checking
  • Transfer funds from Money Market to savings
  • Transfer funds from line of credit to checking
  • Transfer funds from line of credit to savings
  • Transfer funds from line of credit to Money Market
  • Make payments from checking to loan account(s) with us
  • Make payments from checking to third parties (Bill Pay)
  • Make payments from savings to loan account(s) with us
  • Make payments from Money Market to loan account(s) with us
  • Get information about:
    - The account balance and history of checking account(s)
    - The account balance and history of savings account(s)
    - The account balance and history of Money Market account(s)

Fees

  • We do not charge for direct deposits to any type of account
  • We do not charge for pre-authorized payments from any type of account.

Except as indicated elsewhere, we do not charge for these electronic funds transfers.

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

Documentation

Our bank will provide a written receipt to our customers at the time of each electronic funds transfer that occurs at an electronic terminal. This receipt will include the following information:

  • The amount of the transfer
  • The calendar date the transfer was initiated
  • The type of transfer and account to or from which funds are transferred (unless the access device used can access only one account)
  • A number or code that uniquely identifies one of the following:
    a. The consumer
    b. The consumer's account
    c. The access device used
  • Identification or location of the terminal
  • The name of any third party to or from whom funds are transferred unless the name is provided in a non machine readable form

FineMark Bank will also provide documentation of transfers by providing our customers a periodic statement at appropriate time intervals. The following statement delivery time frames will be established according to the type and frequency of EFT access allowed or made to the customer's account:

  • A monthly statement will be provided to accounts in which an EFT has occurred
  • If no EFTs have occurred or the only EFTs are pre-authorized credits, a quarterly statement will be provided for non passbook accounts

All periodic statements issued to meet the documentation of transfer requirements of the regulation will contain the following items:

  • The amount of the transfer
  • The date the transfer was posted to the account
  • The type of transfer and account
  • The location of the terminal
  • The name of any third party to or from whom funds were transferred
  • The account number(s)
  • The total amount of any fees or charges assessed during the statement period for EFTs, the right to make EFTs, or for account maintenance
  • The beginning and ending balances
  • The address and telephone number to be used for inquiries or notice of errors
  • The telephone number to use in finding out whether a pre-authorized credit has been made as scheduled

Pre-authorized Payments 

In order for a customer to verify that a regularly scheduled (at least once every 60 days from the same payor) pre-authorized transfer to the customer's account has occurred; we will provide the customer with a readily available telephone number to use. This phone number will be included in the bank's initial Regulation E disclosures and on each periodic statement delivered.

Bank policy requires that all pre-authorized transfers to a customer's account will be credited as of the day the funds are received.

If the bank serves as the originator for pre-authorized transfers from a customer's account, it will verify that the customer pre-authorized the transfer in writing and was given a copy of this authorization.

  • 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 is how:
    Call or write us at the telephone number or address listed in this brochure 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 get it to us within 14 days after you call. We will charge you $30.00 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 will it be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
  • Liability for failure to stop payment of pre-authorized 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 know about the breakdown when you started the transfer.
  5. If circumstances beyond our control (such as fire 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 merchant; or
  3. In order to comply with government agency or court orders; or
  4. As explained in the separate Privacy Disclosure.

Unauthorized Transfers

a) Consumer liability.

In order to impose statutory liability on the consumer for unauthorized transfers, FineMark National Bank & Trust will ensure that your card and/or code are issued only:

  • After acceptance by the customer
  • After proper verification of the customer's identity
  •  If accompanied by a written disclosure that states the customer's liability for unauthorized use of the card, the telephone number and address of the bank (for reporting an unauthorized EFT that has been or may be made), and a list of our business days

*Generally. Tell us AT ONCE if you believe your card and/or code has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping 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 after you learn of the loss or theft of your card and/or code, 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, including those made by card, code or other means, 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 hospital stay) kept you from telling us, we will extend the time periods.

* Additional Limit on Liability for MasterCard® Checkcard. Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen MasterCard® Check Card. This additional limit on liability does not apply to ATM transactions or to transactions using your Personal Identification Number which are not processed by MasterCard®.

b) Contact in event of unauthorized transfer.

If you believe your card and/or code has been lost or stolen, call or write us at the telephone number or address listed in this brochure. You should also call the number or write to the address listed in this brochure if you believe a transfer has been made using the information from your check without permission.

Error Resolution Notice

In Case of Errors or Questions About Your Electronic Transfers, Call or Write us at the telephone number or address listed in this brochure, 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 send the FIRST statement on which the problem or error appeared.

  1. Tell us your name and account number.
  2. 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.
  3. 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 (5 business days for MasterCard® Check Card point-of-sale transactions and 20 business days if the transfer involved a new account) after we hear from you and will correct an 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 (5 business days for MasterCard® Check Card point-of-sale transactions and 20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of 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 was opened.

If it is determined that no error has occurred, the bank will:

  • Promptly (and within three business days of concluding the investigation, but no later than 10 business days from the error notification if the bank has not provisionally re-credited the customer's account) provide a written explanation of the findings and include the notice of the consumer's right to request the documents upon which the bank relied in making its determination
  • Upon debiting a provisionally credited amount, notify the customer of the date and amount of the debit and the fact that the bank will continue to honor checks and drafts to third parties and preauthorized transfers for five business days to the extent that they would have been paid if the provisionally re-credited funds had not been debited
  • In fact, honor checks or drafts to third parties or pre-authorized transfers for five business days after transmittal of the notice
  • Provide copies of documents used in the investigation upon request

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

FineMark National Bank & Trust
12681 Creekside Lane
Fort Myers, Florida 33919

Business Days: Monday through Friday
Excluding Federal Holidays

Phone: (239)461-5900

MORE DETAILED INFORMATION IS AVAILABLE UPON REQUEST

Subsequent Disclosures

In addition to the disclosures which are required prior to the first electronic funds transfer or when a new EFT service is provided to our customers, our bank will provide notification of any changes in a term or condition requiring disclosure. This notification will be provided at least 21 days before the effective date of the change. We will also provide the short form error resolution notice on each periodic statement delivered to our customers.

Record Retention

FineMark Bank will retain Regulation E compliance records for a two year period, unless there is an investigation, in which case the records will be retained until the investigation is completed.