Deposit Account Agreement and Disclosures
Introduction
This Deposit Account Agreement and Disclosures (the “Agreement”) provides the general rules applicable to the Account you have with Strategic Bank International Corp. Additional rules will be provided in the following, all of which are incorporated herein and made to form a part of this Agreement:
- Disclosures that are applicable to additional products and services (for example the Digital Services Agreement);
- Fee Schedule(s);
- Periodic account statements;
- User guides;
- Privacy Policy; and
- Any other disclosure or notice we give you in connection with the Account.
In this Agreement, the words "we", "us", "our", and “Bank”, refer to Strategic Bank International Corp. and the words "you" and “your" refer to each and every owner of the Account opened hereunder and every other person with authority to withdraw funds from such account or otherwise operate the account. The Bank and you may hereinafter be individually referred to as “Party” and collectively as “Parties”.
The Bank is:
- A corporation organized under the laws of the Commonwealth of Puerto Rico and operates as an International Financial Entity pursuant to a license issued by the Office of the Commissioner of Financial Institutions of Puerto Rico under Act No. 273-2012, as amended;
- Authorized, among other things, to accept deposits from persons that are not residents of Puerto Rico in checking accounts, including demand deposits and deposits of funds among banks, carry out certain banking transactions, and act as a clearinghouse in relation to financial contracts or financial instruments;
- Subject to compliance with all the US anti-money laundering laws and regulations, including the Bank Secrecy Act (BSA), Patriot Act, Anti-Money Laundering Act of 2020, and regulations issued thereunder, administered by the Financial Crimes Enforcement Network (FinCEN) and regulations issued by the US Treasury Department Office of Foreign Assets Control (OFAC);
- Not regulated by the Federal Deposit Insurance Corporation (FDIC) since its deposits are not insured by the FDIC or by any other government or private entity.
Please read this carefully and retain it for future and reference. This Agreement and the disclosures that form a part thereto are revised periodically, so they may include changes from earlier versions.
By providing your electronic signature or other agreement or contract opening, or continuing to hold an account with us, you agree to the most recent version of this Agreement, which is available to you at www.strategicbank.com.
This Agreement represents the sole and exclusive agreement between the Parties regarding the subject matter described herein and supersedes all previous and contemporaneous oral agreements and understandings. If any terms of your signature card, resolution, or certificate of authority are inconsistent with the terms of the Agreement, the terms of this Agreement will control.
Definitions
Account(s): means any savings, demand deposit accounts and time deposit (also referred herein as “Certificates of Deposit”) Account(s) or other type of Account(s) you have with us.
Business Accounts: means any account established for purposes other than personal, family, or household use. For example, an account established by a sole proprietor, corporation, a partnership, a limited liability company, or any other business entity.
Business Day: means a day (other than a Saturday or Sunday) on which banks in the Commonwealth of Puerto Rico are open for business (other than for the sole purpose of 24-hour electronic banking).
Commissioner: means the Office of the Commissioner of Financial Institutions of Puerto Rico.
Online Banking or System: means our system that allows you to access your Accounts and make transfers and payments through the Internet.
Our website: means any URL owned and operated by the Bank that we use to provide certain of our services to You.
Personal Accounts: means an Account in the name of a natural person established primarily for personal, family, or household purposes.
General Provisions
Effect of the Commonwealth of Puerto Rico and Federal Laws and Regulations. The deposit relationship between you and the Bank is primarily governed by this Agreement. The Agreement is governed by the laws of the Commonwealth of Puerto Rico, and the applicable laws and regulations of the United States (collectively “Applicable Laws”). In addition, this Agreement may be subject to applicable clearinghouse rules and regulations. If any terms of the Agreement conflicts with the Applicable Law, the terms of this Agreement will control to the extent Applicable Law may be modified by contract. In the event that this Agreement, or any of its provisions, or the performance of any provision, is found to be illegal or unenforceable under Applicable Law, the parties shall be excused from performance of such portions of this Agreement as shall be found to be illegal or unenforceable under the Applicable Law without affecting the validity of the remaining provisions of this Agreement; provided that the remaining provisions of this Agreement shall in their totality constitute a commercially reasonable agreement. Nothing herein shall be construed as a waiver of any party’s right to challenge the validity of such law. The Bank is under no duty to act on instructions or requests which the Bank reasonably believes may cause the Bank to be exposed to any civil or criminal liability.
Plain Language. We have written this Agreement in plain language. Where possible, we have avoided the use of legal jargon and, where appropriate, we have used examples to explain the larger ideas. The examples we use are not intended to be the only application of the rule we are explaining.
Identification Notice (USA Patriot Act). The USA Patriot Act is a federal law that requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account with them. To open an account, you will be asked to provide your name, a valid physical street address, a telephone number, a date of birth, Tax Identification Number (TIN) and other information that identifies each person who opens the account. You may also be asked to provide other personal and financial information that will allow us to identify you, including a driver’s license or other identifying documents. You acknowledge that the Bank may be required, from time to time, to adopt policies and procedures to address anti-money laundering and terrorist financing legal and compliance requirements. Additionally, you agree that we may pull a report from a consumer reporting agency on you as a new customer and may do so from time to time after the Account relationship has been established.
All deposit accounts are opened subject to our ability to verify your identity by requiring acceptable types of identification. We may validate the information you provide to us to ensure we have a reasonable belief of your identity. If we are not able to verify your identity to our satisfaction, we will not open your Account, or we may close the account if it was previously funded. We reserve the right not to open an account for anyone at our sole discretion. We may also limit the number of accounts that you have, at our sole discretion.
When you are opening the Account, you acknowledge that you are not undertaking or associated with any illegal or improper activity.
Credit Verification
1.______ By requesting to open an account with us, or by obtaining any other service from us, you (whether acting in a representative capacity or individually) agree that we may obtain credit information from consumer reporting agencies, and/or by any other means. You agree that we may obtain such information:
- (i) At the time you open the account;
- (ii) At any time you request any service, while your Account is open, or a service you are subscribed to is available;
- (iii) After your Account or service has been closed if you owe us any amounts related to your Account or service.
By applying for an account with the Bank, you expressly consent to permit the Bank to obtain credit information at the time of account opening and periodically thereafter. Credit information may be obtained from other financial institutions, or any other external source as permitted by law, including commercially available databases, consumer report and credit reporting agencies, to verify your credit information and identity, and to periodically update your information such as residential address, occupation, and place of work.
Services Offered by the Bank
Service Type. The Bank offers a variety of services and products. You and/or your company might be required to sign additional and different agreements in order to get access to any of the services and products the Bank offers. When you sign an agreement for an additional service, you accept terms, conditions, and fees applicable for each one of such additional services and products.
2.______Account Types
Demand Deposit/Checking Accounts. This is an account from which deposited funds can be withdrawn at any time, without advance notice. This account is available to both individual and business customers. Funds deposited in these accounts do not earn interest. A minimum balance must be maintained to have monthly service fees waived. See Fee Schedule for additional information regarding required minimum balance.
Client Alliance Demand Deposit/Checking Accounts. This is a demand deposit account that is available for customers who maintain aggregate deposits in excess of one million dollars. This type of account is available for both individual and business customers. The minimum balance must be maintained to have monthly service fees waived. See Fee Schedule for additional information regarding required minimum balance.
Savings Accounts. This is an account which is mostly intended to accept deposits and earn interest. We reserve the right to require seven days’ prior written notification for a withdrawal. This type of Account is available only for both individual and business customers. A minimum balance must be maintained to have monthly service fees waived. See Fee Schedule for additional information regarding required minimum balance.
Client Alliance Savings Accounts. This is a savings account that provides the following additional benefits: free unlimited incoming and outgoing transfers, preferred interest rates. This type of Account is available for both individual and business customers. A minimum balance must be maintained to have monthly service fees waived. See Fee Schedule for additional information regarding required minimum balance.
3.______Account Ownership.
When you open an Account, you may choose one of several types of ownership. The Account type you select will depend on how many people will sign on to the Account, how (or whether) they will share an interest in the Account, and the purposes for which the Account will be used. The type of Account ownership you select will be reflected in your Account opening documents. The types of ownership in deposit Accounts that we offer include, but are not limited to, the following:
Solely Owned Account. An Account in the name of only one person, either natural or legal person. Funds in the Account may be paid only to or on the order of (i) that individual, or someone to whom that individual has given a power of attorney or as otherwise may be required or permitted by law, or (ii) in the case of a legal person, the person or persons authorized or designated by said legal person to carry out transactions in the Account.
Joint Account. An Account in which two (2) or more natural persons are registered as account owners. Such ownership is joint and several. This means that each owner has complete control over all funds in the Account and may make deposits and withdrawals, place a stop payment order, and make special arrangements related to the Account, including the closing of the Account. Likewise, each account owner is authorized to endorse payment orders for deposit, if the payment order is payable to the order of any of the account owners. For avoidance of any doubt, each co-owner acts as the agent of each other co-owner and the Bank may act and rely on the instructions of one co-owner without liability to any other co-owner. For example, any co-owner may without the consent of the others: (i) add additional persons as co-owners, (ii) obtain information about the Account, including transaction conducted by other co-owner, (iii) pledge the Account as security or as collateral for any debt with the Bank, (iv) close the Account. The Bank may use the funds in a joint Account to cover any: (i) rights of set-off, levy, attachment, garnishment or other valid legal process or court order relating to the interest of any one or more of the account owners; or (ii) requests from a trustee in bankruptcy, receiver in any state or federal insolvency proceeding, or the duly authorized insolvency representative of any one or more of the Account owners. We are not required to determine net contributions from each Account Owner.
Representative payee or legal custodian. You may open an account in the name of another called a beneficiary, by providing the required legal documents. We are not required to determine whether any withdrawals or transfers from the account are for the benefit of the person in the name of whom the account was opened.
Ownership of Joint Accounts upon Death. Generally, in the event of death of a joint account holder, the surviving account holder shall immediately notify the Bank. The Bank freezes any funds pursuant to Applicable Law. The distribution of the account balance shall be subject to the provisions of the Applicable Law, specifically to laws regulating estate and inheritance tax, regardless of the name(s) appearing in the Account.
Commercial Accounts Generally. The Bank requires that if you are a legal entity to provide us with a resolution of authority specifying the names and signature of the persons authorized to act on your behalf with respect to the Account. You agree to notify the Bank of any change in authority. The Bank may rely on the written authorization until such time as the Bank is informed of changes in writing and has had a reasonable time to act upon the notice. You agree to indemnify, defend and hold the Bank harmless for any liability, including attorney’s fees and costs it incurs if the authority does not exist or is abused. You agree to be responsible for the actions or omissions of authorized signers. You acknowledge your obligation to properly monitor all activities involving the Account. We will not be liable for any breach of duty arising from a transaction by someone you authorized to act on your behalf in the account. The authority of each authorized signer of the entity shall be binding upon you and each of your owners until written notice of revocation of such authority from one (1) of the authorized signers has been received by the Bank and the Bank has had a reasonable opportunity to act on the notice.
4.______Fees/Service Charges
All fees and service charges are determined by the Bank, and you acknowledge that any and all such fees and charges are not based solely upon the cost of a particular service or product to the Bank. All fees and service charges will be made in accordance with the most current Fee Schedule applicable to your Account and your deposit relationship with the Bank. The Fee Schedule that applies to your Account is part of this Agreement and is a binding contract between you and the Bank. if you get access to other products and services a special fee schedule might be applicable for such products and services.
The fees applicable to your Account and the services and Products may be amended from time to time.
You agree to pay any fees that apply to your Account.
Fees applicable to your Account will be automatically debited from your Account. For this purpose, you hereby authorize us to debit from the Account the amount of service fees due hereunder. If there are not enough funds in your Account to cover the amounts you owe us, we may overdraw any of your Account, without being liable to you. You agree to pay immediately all fees, overdrafts and other amounts you owe us.
When the Bank calculates an account balance or combined balance to determine whether a fee applies to your Account, the Bank may use the balance it determines is in each Account. The Bank may ignore accrued interest and funds subject to hold of any type.
5.______STATUS OF THE ACCOUNTS AND TRANSFER OF THE ACCOUNT
Inactive Accounts. An Account will be deemed Inactive, if you have not initiated any activity or contacted the Bank for a period of twelve consecutive (12) months. The period of time shall be subject to change from time to time at the discretion of the Bank. You may keep an account in active status by contacting the Bank periodically.
Dormant Accounts. An Account will be deemed dormant if you have not had any activity or contact for a period of five (5) years. The period of time shall be subject to change from time to time at the discretion of the Bank. Pursuant to Puerto Rico Act 36-1989, as amended (“Act 36”), the Bank is required to transfer the money in dormant accounts for which there has not been any activity or expressed interest for a term of five (5) years. Therefore, if for a period of five (5) years you have not: (i) initiated any transaction in the Account; (ii) communicated in writing to the Bank or replied to the Bank’s contact attempts in connection with the Account; or (iii) demonstrated in any form your interest in having the Account in the Bank, then the Bank will be required pursuant to Act 36 to transfer the funds in Your Account to the Commissioner. Your Account will be closed after the transfer of the funds to the Commissioner as required under Act 36. Any claims regarding the funds in the Account must be directed to the Commissioner after such funds have been transferred to the Commissioner.
Account Conversions. We may either close or convert your Account to another type of account when we consider it appropriate or necessary to do so. Your Personal Account may not be used for business purposes. We might determine that your Personal Account is being used for business purposes and convert the account to a Business Account.
- Other factors we might consider for converting your Account is when we detect:
- TheAccount has a business name and/or shows a business name;
- Routine account activity is consistent with a business (such as excessive withdrawals, large numbers of deposit Items or change order requests,); or
- Incoming and outgoing wires come or go to a business or legal entity name.
- Upon conversion of your Account, the Bank will charge fees at the rates set by the Bank for the type of account to which your Account was converted.
- If we convert your Account, we will send you information about your new Account.
Transfer or Change of Ownership. Your Account is not transferable. If ownership is intended to be transferred or changed in any manner, the Bank will require that the existing Account be closed, and a new Account opened.
6.______CLOSING OF THE ACCOUNTS
Closing of Accounts. You may close the Account at any time upon twenty (20) Business Days’ advance written notice. Closing Your Account may be subject to certain fees as set forth in the Fee Schedule applicable to your Account. In our sole discretion, we reserve the right to close your Account and terminate this Agreement at any time for any reason or for no reason at all. Closing your Account will not release you from any accrued fees, liability for items or penalties for early withdrawal. If the Bank decides to close your Account, with or without a reason, it is entitled to revoke any provisional credit it may have given for any uncollected item(s) deposited by you in your Account or place a “hold” on funds provisionally credited to your Account for such uncollected item(s). If the Bank decides to close your Account, the Bank will send you notice within ten (10) days after the effective date it closes the Account. We will send you any positive collected account balance to you at your last known address as reflected in our account records after deduction therefrom (i) any fees, service charges and/or accrued interest due and owing, and/or (ii) any amounts subject to the Bank’s exercise of its right of set-off, and/or foreclosure of the Bank’s security interest in the Account or in any funds deposited therein. After the effective date of the closing of the Account, the Bank has no obligation to accept deposits or to pay or process any checks, drafts, withdrawal or transfer documents, or other items. As an example only, we may close your Account if, among others, you have chronic overdrafts, you don’t pay fees, there is a number of returned items the Bank in its sole discretion considers inappropriate, you participate in internet gambling, you do not take reasonable precautions to guard against fraud or improper access to your Account, or we feel it is necessary to close the Account in order to avoid violations of laws or regulations
Internet Gambling. The Bank does not offer accounts to businesses that participate in internet gambling, nor will the Bank knowingly process any transaction relating to internet gambling (i.e. wagers, bets, etc.).
7.______GENERAL TERMS ANDCONDITIONS APPLICABLE TO DEPOSIT ACCOUNTS
Federal Deposit Insurance. Funds on deposit in Accounts aren’t insured by the Federal Deposit Insurance Corporation (FDIC), or any other agency of the Puerto Rico or U.S. Government.
Deposits. Deposits may be made electronically or by other methods the Bank makes available from time to time. The Bank does not assume responsibility for your deposits until the receipt of such deposit is acknowledged. You must clearly identify the account to which you wish the funds deposited. You authorize the Bank to supply any missing endorsement in order to facilitate its status as a “holder in due course.” You agree to reimburse the Bank for any loss it incurs because an item was not endorsed exactly as drawn. You agree that the Bank may refuse to accept for deposit or to process any check, draft, payment order, withdrawal or transfer document, or other item that is presented in a form that cannot be processed and/or photographed using the equipment that the Bank regularly uses in its normal operations. The Bank is not required to, but may, inquire about either the source or ownership of any funds received for deposit to your Account. We reserve the right to refuse any credit for deposit into your Account. With regards to items received for deposit or collection, the Bank acts only as your collecting agent and assumes none of your responsibilities beyond the exercise of ordinary care. All credits to the Account are only provisional and are subject to final payment and to receipt by the Bank of proceeds of final payment in cash or solvent credit, free from claims, rights of set-off, and/or other chargeback rights. The Bank may forward items to correspondents for handling and shall not be liable for any default or negligence of any correspondent. Items and their proceeds may be handled by any correspondent in accordance with (i) any general banking usage, (ii) any accepted industry standard, and (iii) any other lawful means or practice. Under the Operating Rules of the National Automated Clearing House Association (NACHA), which are applicable to Automated Clearing House (ACH) transactions involving your Account, we are not required to notify you of an ACH credit nor will do so. However, we will continue to notify you of the receipt of ACH credits in your regular account statement.
Withdrawals. The Bank reserves the right to require written notification at least seven (7) calendar days before the withdrawal or transfer of any funds in your interest-bearing checking accounts and/or your savings account. The Bank reserves the right to debit from your Account any amount resulting from a fraudulent scheme or transaction, as determined by the Bank. The Bank does not have to honor debits from your Account if at the time they are processed the balance in your Account is not enough or you do not have available balance in your Account to cover them. In these cases, the Bank will impose a fee for returned debit or transaction, as specified in the Fee Schedule, and any other attachment and/or document provided. If the Bank honors such debits when your Account has insufficient or unavailable balance to cover them, it will cause an overdraft in your Account that may be subject to the fee stated in the Fees Schedule, and in accordance with the provisions of the notification of overdraft services and any other attachment and / or document provided at the opening of the Account. If the Bank decides to allow an overdraft in your Account, we will have no obligation to allow subsequent overdrafts, nor will have the obligation to notify you when no subsequent overdrafts will be allowed. You agree to immediately deposit the amount that is sufficient to cover the overdraft and the corresponding fee or the Bank may, at its sole discretion, debit such amounts from the existing funds in any Accounts that you have in the Bank. You agree that the Bank has no obligation to create an overdraft balance on your Account. Therefore, you shall not expect the Bank to pay any transaction that overdrafts your Account and the Bank shall not be liable to you for any loss, suffered by you caused directly or indirectly by the nonpayment of any of your instruction caused by the insufficiency of funds in your Account.
Authorized Signature. Each registered signature is an authorized signature for transacting all business with respect to your Account. For the payment of funds and for other purposes relating to any Account you have with the Bank, we are authorized to recognize such signature, but will not be liable to you for refusing to honor your items or other signed instructions if we have a reasonable doubt as to whether a signature appearing on such items or instructions is genuine.
Online Banking. The Bank offers Online Banking service. This service permits you to perform several transactions using your computer and/or mobile device subject to the terms and conditions applicable to said service. A copy of the Bank’s Digital Services Agreement may be accessed at stratergicbank.com
Statements. You will get a periodic electronic statement for your Account. You are responsible for notifying us if you change your email address. If we do not have a valid email address for you, we cannot notify you when your statement and notices are available. Please refer to the Digital Services Agreement for additional details.
Your Duty to Examine Your Statements. You are responsible for promptly examining and reconciling your statement and all items (or images thereof), for each statement period and for reporting any irregularities to the Bank immediately upon discovery of an error. Unless otherwise provided for electronic funds transfers, you must notify us of any irregularity within sixty (60) days from the date of the statement. You further agree that, without regard to care or lack of care by either you or the Bank, if you do not discover and report in writing an unauthorized signature or alteration on the face or back of an item within one year from the time either the statement or the items are made available to you, you are precluded from asserting such unauthorized signature or alteration against the Bank. In addition to all other defenses allowed by law, you agree that the Bank is relieved of any and all potential liability for any and all subsequent forgeries, unauthorized signatures or endorsements or alterations by the same wrongdoer if you do not notify the Bank of the first such irregularity within fourteen (14) days after the date of the Account statement describing the first irregular item with reasonable particularity. You further agree that if you fail to immediately notify the Bank of any error and/or irregularity with respect to an item and/or statement of your Account as set forth above, you shall be expressly deemed to have failed to exercise ordinary care in the handling and safekeeping of your Account.
Minimum Balances. The minimum opening deposit and minimum balance requirements to avoid the monthly service charge are set out in the Fees Schedule and any other schedule and/or document provided at the opening of the Account. Please refer to these documents and the other applicable provisions of this Agreement. Regarding the calculation of the minimum balance to determine service charges, the Bank uses the average monthly balance for some accounts. The average monthly balance is determined by adding the daily balances of the Account during the monthly cycle and dividing the sum by the total days in the cycle. For other accounts, the minimum balance of each day is taken, and the monthly service charge is applied if this balance is less than the minimum required during the monthly cycle. Refer to the Fees Schedule and any other schedule and / or document provided for the information of each account.
Interest. The interest rate and Annual Percentage Yield (APY) in effect on the date you opened this Account appear in the Fees Schedule and any other schedule and / or document provided. Some Accounts have a variable interest rate based on market conditions and vary at the Bank’s discretion. The Bank may change interest rates, annual percentage yield (APY), interest periods and the dates on which interest payments are credited to your variable interest Account without prior notice. We use the Daily Balance method to calculate interest in your Account. The Daily Balance method applies a daily periodic interest rate to the balance deposited in your Account. The daily periodic rate is 1/365 of the interest rate applicable to your Account, except when the year is leap that the periodic rate will be 1/366. Interest accrues daily and is capitalized and credited to your Account monthly on the last day of your Account cycle.
When Interests Begin to Accumulate. Deposits will begin to accrue interest from the day the funds are deposited into your Account.
What Happens If the Account is Closed Before Interest is Credited. The Bank will not pay interest for the days of the cycle in which the Account is closed. Also, the Bank will not charge service fees for the monthly cycle in which the Account was closed.
CommonTerms and Conditions Applicable to All Certificates of Deposit.
Agreement. When renewing the Account, we will record in our files the renewal date, the current interest rate and the expiration date applicable to said renewal, as well as any additional deposit you make as stipulated in this Agreement. All renewal information and any other modifications contemplated herein will be understood as incorporated in the disclosures of your certificate of deposit that you originally received, and it will be understood as amended in this way. Our records will be considered true and correct except in cases of manifest error.
Maturity. This Account shall mature on the date stated on the certificate disclosures. In the event the maturity date falls on a weekend or Bank holiday, the maturity date will be the next business day. However, the maturity date for any renewal of this Account will be adjusted automatically to reflect the original length of the term of the Account.
Interest Accrued. Deposits will begin to earn interest on the day funds are deposited.
Grace Period. Our certificates of deposit are automatically renewable upon maturity unless you direct us otherwise. You may withdraw all or a portion of the amounts in your Account without penalty during a grace period of five (5) calendar days after maturity. In the event of any withdrawal upon maturity, interest will accrue and be paid until the day prior to such withdrawal.
Minimum Balances. Certificates of Deposit require a minimum opening deposit as set forth in the certificate disclosures and any other attachment or document applicable. The opening balance must be maintained to earn the interest rate and Annual Percentage Yield and to keep the Account open. However, the Bank reserves the right to negotiate the minimum opening deposit amounts and the expiration terms at the time of opening the Account. The Bank will not allow any reduction to the balance of this Account before its expiration.
Interest and Renewal. The interest rate and Annual Percentage Yield on the date you opened this Account are displayed on the certificate disclosures and in any other applicable document. If the term of your Account is one year or less, interest will not compound during the term and will be credited at maturity. If the term of your Account exceeds one year, interest is accrued and paid annually on the anniversary date, as applicable to the type of certificate opened. We use the Daily Balance method to calculate the interest on your Account. This method applies a daily periodic rate to the balance in the Account each day. The daily periodic rate is 1/365 of the interest rate applicable to your Account. Unless you otherwise direct us, the Account will be automatically renewed upon maturity for the same term as is reflected in the Certificate. The renewal interest rate on your Certificate will be the rate offered by the Bank at the time of renewal. If you direct us not to renew your Account, interest will not be paid on the Account after the maturity date.
Interest and Renewal in Leap Year. The daily periodic rate of 1/365 will apply during a leap year if the maturity date is before February the 29th. If the opening or renewal date of the certificate is before February the 29th, the periodic rate will be 1/366 if the term of the certificate includes February 29th.
Additional Deposits to Automatically Renewable Accounts. You may make additional deposits to this Account during the grace period, which is five (5) calendar days after maturity.
Terms and Conditions Applicable to Commercial Accounts
You are responsible for notifying the Bank immediately in writing of any change in the Authorized Signatories in the Account or the limit of its authority and complying with the procedure established for it. The Bank is not responsible for transactions made in your Account by persons authorized by you who are not duly designated as signatories in the Account. Until such notification has been received, the Bank may accept, without further investigation, any declaration, instruction, or representation made or issued by the Authorized Signatory.
You agree to pay any transfer of funds, as well as any loss or damage, direct or indirect, if the transfer is initiated by instructions that include the current access codes or applicable means of identification, even if the transfer has not been initiated by the Signatory Authorized.
You affirm that you have established security procedures that are commercially reasonable. You acknowledge that the purpose of security procedures is to verify the authenticity of the transaction to minimize the risk of fraud by unauthorized access.
You affirm that you have established and will maintain those internal procedures and controls that are necessary to avoid unauthorized transactions. The Bank will not be responsible for any transactions arising from events that occur because of your failure to comply with your internal processes to avoid fraud or unauthorized transactions, among others.
If you suspect that unauthorized persons have had access to your Account, you must notify the Bank immediately, followed by a written confirmation.
8.______DISCLAIMER OF WARRANTIES
You represent and warrant to us that:
FAILURE TO PROTECT YOUR HARDWARE AND SECURITY CREDENTIALS MAY ALLOW AN UNAUTHORIZED PARTY TO ACCESS THE ONLINE BANKING SERVICE AND TRANSMIT AN ELECTRONIC INSTRUCTION. ALL USES OF THE ONLINE BANKING SERVICE THROUGH YOUR SECURITY CREDENTIALS WILL BE DEEMED TO BE USES AUTHORIZED BY YOU AND BE BINDING UPON YOU. YOU ASSUME THE ENTIRE RISK FOR THE FRAUDULENT OR UNAUTHORIZED USE OF YOUR SECURITY CREDENTIALS. YOU AGREE TO (i) EXERCISE RESPONSIBLE BEHAVIOR WHEN USING THE ONLINE BANKING SERVICE, (ii) FOLLOW THE INSTRUCTIONS AND RECOMMENDATIONS THAT WE PROVIDE YOU WITH RESPECT TO THE ONLINE BANKING SERVICE, AND (iii) USE MAXIMUM CAUTION IN PROTECTING YOUR HARDWARE AND SECURITY CREDENTIALS FROM UNAUTHORIZED ACCESS. YOU AGREE TO NOTIFY US IMMEDIATELY IF YOU BECOME AWARE OF ANY LOSS OR THEFT OF, OR ANY UNAUTHORIZED USE OF THE ONLINE BANKING SERVICE, THE ELECTRONICALLY DEPOSITED ITEM, OR YOUR SECURITY CREDENTIALS.
WITHOUT LIMITING ANY OTHER WARRANTY DISCLAIMERS SET FORTH HEREIN, YOU UNDERSTAND AND ACKNOWLEDGE THAT THE SERVICES AND ALL INFORMATION AND CONTENT (INCLUDING THAT OF THIRD PARTIES) ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE BANK DISCLAIMS ALL WARRANTIES OF ANY KIND AS TO THE USE OF THE SERVICES, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. WE MAKE NO WARRANTY THAT THE SERVICES (i) WILL MEET YOUR REQUIREMENTS, (ii) WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE, (iii) THE RESULTS THAT MAY BE OBTAINED FROM THE SERVICES WILL BE ACCURATE OR RELIABLE, AND (iv) ANY ERRORS IN THE SERVICES OR TECHNOLOGY WILL BE CORRECTED. YOU RECOGNIZE AND ACCEPT THAT THE USE OF THE SERVICES AND ALL INFORMATION AND CONTENT THEREIN IS AT YOUR OWN RISK.
9.______ FUNDS TRANSFERS ONLINE
Introduction
If requested by you, and agreed to by the Bank, you may initiate domestic and international wire through the Bank’s online banking platform or through other methods determined by the Bank. The Bank may accept and process any and all Wire Transfer Requests that have been initiated in compliance with the applicable Security Procedures.
You agree to submit Wire Transfer Requests to the Bank in accordance with the terms and conditions of this Agreement.
In connection with your use of this service, the Bank hereby notifies you of the following: (i) the Bank may use Fedwire (as defined below) when acting upon your Request; (ii) Any subsequent bank may use Fedwire when carrying out your Request; (iii) The rights and obligations of the Bank and you in a Wire Transfer intended to carry out your Request, any part of which is carried out through the use of Fedwire, are governed by Fedwire Regulation.
Applicable Law
The Bank sends outgoing and receives incoming Wire Transfers through a correspondent bank that may use Fedwire (the funds transfer system owned and operated by the Federal Reserve Banks or other provider). All fund transfers are governed by this Agreement (see your rights under the Electronic Funds Transfer Act and Regulation E in the Disclosure Section of this Agreement), Subpart B of Regulation J of the Federal Reserve Board, USA Patriot Act, Bank Secrecy Act, Anti-Money Laundering Act, Office of Foreign Assets Control (OFAC) regulations, and all other applicable federal, state and local laws and regulations. You agree not to initiate or receive a Wire Transfer payment order in violation of any applicable federal, state or local law.
Additional Security Procedures
The Bank and you shall agree to use security procedures as may be established by the Bank regarding Wire Transfer Services, including, if Bank deems it appropriate under the circumstances, the implementation of a dual control environment in your business operations related to Wire Transfer authorizations and confirmations.
You agree to be bound by any Wire Transfer instruction and payment order sent in your name that is processed by the Bank in compliance with the agreed security procedures whether or not such instruction or payment order was actually authorized by you. If the Bank reasonably deems that changes in security procedures are immediately necessary to reduce the risk of an unauthorized funds transfer, the Bank may initiate such changes immediately and give notice to you as soon as practicable. You and your Authorized Users shall maintain the highest possible level of confidentiality regarding security codes, test code procedures, tokens, other security devices and other aspects of these security procedures and will take all steps necessary to prevent access to them by unauthorized persons.
Routing/Time Deadlines
The Bank may use means and routes that, in its own discretion, it considers suitable for each outgoing Wire Transfer. The Bank will establish and notify you of the cut off time after which the Bank will not credit incoming wires to your account. Incoming wires received after the Bank’s established cutoff time or on any non-Business Day will be considered received on the next Business Day.
Wire Transfer Payment Orders
You may give instructions for an outgoing wire via the means and manner agreed to between the parties.
You will supply to the Bank any information the Bank may reasonably request regarding any outgoing Wire Transfer , including, without limitation, the amount, originating Accounts, date of transfer, the beneficiary’s name, account number, purpose, physical address, the name and routing number of the beneficiary’s financial institution, such additional information as the Bank may reasonably request and, if necessary, further evidence of any Authorized User’s authority to transfer funds.
In submitting any outgoing Wire Transfer instruction through the System, you bear sole and exclusive responsibility to verify that the information set forth in such order is authentic and accurate. The Bank assumes no responsibility for detecting or reporting any error in the data supplied by you and shall not be liable to you for any information provided by you with respect to a Wire Transfer instruction.
The order in which the Bank processes Wire Transfer instructions is determined solely by the Bank. You do not have the right to cancel, adjust or revoke any Wire Transfer instruction after it has been received by the Bank, provided, however, that the Bank will make a reasonable effort to act on such a request by you. You understand that the receiving institution is under no legal obligation to comply with this request.
The Bank may reject a Wire Transfer instruction (i) if such Wire Transfer instruction is not initiated in accordance with the applicable security procedures, (ii) if there is any inconsistency between a Wire Transfer instruction and information previously supplied to the Bank, (iii) (iv) if there are insufficient collected funds in your specified Account to fund the Wire Transfer payment order, (v) if you fail to provide descriptive purpose of Wire Transfer, (vi) if you fail to provide the Beneficiary’s physical address or (vii) if the Bank has other reasonable grounds not to honor the Wire Transfer instruction. The Bank may also reject an incoming Wire Transfer if it has reasonable grounds, at the Bank’s discretion, to do so.
RecurrentWire Transfer Instructions
You may program a recurrent Wire Transfer instruction, upon providing the Bank with the necessary information to execute the recurrent Wire Transfer. Such information includes the dollar amount, the frequency of the order and the day of week or month when the Wire Transfer payment order is to be executed.
You may terminate a recurrent Wire Transfer instruction at any time by notifying the Bank in writing. The termination will be effective, upon receipt by the Bank and reasonable time for the Bank to act on such notice.
Wire Transfer Notifications
Wire Transfer Notifications to you for outgoing Wire Transfer, incoming Wire Transfers, or Wire Transfer payment order rejections will be done through our online banking notification services or by telephone.
International Wire Transfers
Wire Transfers across country borders are customarily done by the Bank through a correspondent. Any fee, commission or charges assessed by the correspondent shall be passed on to you. Payments of Wire Transfers in a foreign country are subject to the laws of the foreign country involved. The Bank assumes no liability for delays, non-delivery or other events resulting from causes beyond the Bank’s control. In refunding unexecuted Wire Transfer instructions, the Bank shall be liable to you only to the extent it receives payment from the correspondent financial institution processing the Wire Transfer. Cancellation of a Wire Transfer involving other than domestic currency is subject to any rate exchange loss as determined by the Bank. You agree to settle any canceled Wire Transfer instruction to the Bank at the then current applicable foreign currency buy rate. You agree and acknowledge that transactions in certain countries are prohibited by law. The Bank shall not be liable for any penalties, fines, losses, damages or any cost or expense associated with transactions performed to or from such prohibited countries or for incomplete transactions.
OFAC Block and Rejection
If the Bank obtains a partial or total match with a name on the OFAC lists, the Bank will require additional information to rule out the prospective client’s name inclusion in the OFAC Lists prior to proceeding with the transaction. If the prospective client’s name is confirmed to be on the OFAC lists, then the transaction will be rejected or the funds blocked, depending on the nature of the transaction.
10.______CERTAIN LEGAL MATTERS
Limitation of Actions. If you have a claim against the Bank related to your Account or the terms of this Agreement, you must commence legal action within one (1) year after the event upon which such claim is based, unless otherwise provided by Applicable Law.
Liability. You agree that: (i) the Bank shall not be liable for any damages unless such damages are the direct result of the Bank’s gross negligence or willful misconduct; and (ii) the Bank shall not be liable for indirect, special, or consequential damages regardless of the form of action and even if the Bank has been advised of the possibility of such damages.
Death or Incompetence of Depositor. The Bank has the right to pay and follow the instruction of the signer of the Account if the Bank is not legally informed about any physical or mental status of the owner and/or signers of the Account, neither event revokes the Bank’s authority to accept, pay, or collect items until the Bank knows of the fact of death or an adjudication of incompetence (by court order) and it has reasonable opportunity to act on such knowledge before the Bank acts on an instruction.
Power of Attorney. You may wish to appoint an agent (an attorney-in-fact) to conduct transactions on your behalf. This can be done by presenting to us a general or a specific Power of Attorney (“POA”) in form and substance satisfactory to us and such additional information that will allow us to identify your agent as we may request. We must approve the form used for a POA before we recognize the appointment made therein. We may continue to honor the transactions of the agent until we have received written notice of the termination of authority, or your death and we have had a reasonable opportunity to respond to such notice or knowledge. You and your estate agree not to hold us responsible, for any loss or damage you may incur as a result of our following instructions given by your agent acting under a valid POA. We have no duty or agreement to monitor or ensure that the agent is acting for your benefit.
Legal Process and Set off Against Your Account. The Bank will comply with any notice of garnishment, attachment, levy, injunction, or other legal process relating to your Account that appears to be valid and not prohibited by Federal or State law or regulation. The Bank will not be liable to you for any sums it may be required to pay because of such legal process, and the Bank may refuse to pay or release any amounts from your Account until an appropriate court has settled any issues with respect to the legal process. If the Bank incurs any expenses in responding to legal processes which are not otherwise reimbursed, including without limitation reasonable attorneys’ fees and costs, it may charge such expenses to your Account(s.) Any legal process against your Account will be subject to the Bank’s security interest and right of setoff. In the event of any legal process or exercise of the Bank’s right of setoff, the Bank will not be responsible for determining ownership or rights to the funds in a joint account and may treat all funds in such account as being owned exclusively by the party subject to the legal process, security interest or setoff. The Bank will assess against your Account a fee authorized by law in connection with any legal process served on Us, regardless of whether the process is subsequently released.
Notices. The Bank may inform you of changes affecting your rights by a notice to you. Changes affecting your rights may be posted on our website, sent electronically and reflected on your statement. Any written notices sent by the Bank to you will be effective when sent to the email address shown in the Bank’s records. For any Account with more than one owner, we may send notices to any one of the owners, but the change will be effective for all owners. Any written notice which you send to the Bank will not be effective until received by the Bank and we have had a reasonable opportunity to act on your notice.
Consumer Reporting Agency Reports. By applying for a new Account, you authorize the Bank to obtain credit reports about you from credit reporting bureaus for the purpose of (i) considering your account application, or (ii) any other legitimate business purpose. We may report information about your Account to credit reporting bureaus. Late payment, missed payments, or other defaults on your Account may be reflected in your credit report.
Security/Fraud. It is your responsibility to protect the Account numbers and electronic access devices that the Bank provides to you. You should not divulge your Account information to anyone. An Account number can be used by thieves to create an unauthorized use of your balances.
If you furnish your access device and grant actual authority to make transfers to another person (for example, a family member, friend, or co-worker) who then exceeds that authority, you are liable for the transfers until we have been notified in writing that transfers by that person are no longer authorized and we have had a reasonable time to act on your notice.
Your Account number can also be used to electronically withdraw money from your Account. If you provide your account number in response to a telephone solicitation for the purpose of making a transfer (for example, the purchase of a service or merchandise) payment can be made from your account even though you did not contact us directly and order the payment.
You must also take precaution in safeguarding your blank checks, your Passwords, or any type of instrument, device or code used to get access to your funds. Notify us at once if you believe your checks or any of the instruments, devices or codes have been lost or stolen. As between you and us, if you are negligent in safeguarding any of those, you must bear the loss entirely unless we failed to use ordinary care and we substantially contributed to the loss.
We reserve the right to place a hold on your Account if we suspect irregular, fraudulent, unlawful or other unauthorized activity involving your Account, or we assert a right to funds in your Account or we are faced with conflicting claims to funds in your account. We may attempt to notify you of such a hold, but we are not required to provide notice prior to placing the hold. You agree that we may maintain such a hold until all claims against you, us or to the funds held in your Account, whether civil or criminal in nature, have been resolved fully to our sole satisfaction.
You are encouraged to observe the following safety precautions in connection with your Account:
Individual Customers:
- Remember to review and reconcile your statements as soon as you receive them
- If a problem is discovered, you should report it to the Bank immediately
- Destroy checks you do not intend to use
- Never sign a blank check
- Never give your password to another person
- Never include your Account number, banking passwords, or taxpayer identification number in an email message
- Do not provide the information above over the telephone unless you are sure you are speaking with a Bank employee
- Shred confidential mail, receipts, and other personal documents when you are finished with them
Business Customers:
- Note each of the consumer precautions above
- Separate bank account responsibilities. For example, the individual responsible for reconciling your bank statements should be different from the individual that issues checks and/or the individual instruct a payment should be different from the individual release the payment
- You should track the arrival of account statements and report late or missing statements promptly to the Bank
- Have a third person periodically review the reconciliation of your Accounts to deter embezzlers
Customer’s Waiver of Notice. By providing your electronic signature, you waive any notice of nonpayment, dishonor or protest regarding any items credited to or debited against your Account. For example, if an item which you deposited is dishonored and returned to the Bank, the Bank does not need to notify you of the dishonor.
Waiver of Rights by the Bank. The Bank reserves the right to waive the enforcement of any of the terms of this Agreement with respect to any transaction or series of transactions. Any waiver must be in writing and the Bank’s delay in enforcing any rights will not be considered a waiver unless a written waiver is signed by the Bank. Any such waiver will not affect the right of the Bank to enforce any of its rights with respect to other customers, or to enforce any of its rights with respect to later transactions with You. The fact that the Bank on any given occasion may enforce or waive its rights does not obligate it to enforce or waive similar rights in the future, nor will any enforcement or waiver be sufficient to modify the terms and conditions of this Agreement.
Modification of Agreement by the Bank. The Bank may amend this Agreement at any time by giving you previous notice of any amendment to Your last known email address Amendments will be effective on the date listed in the notice, or as otherwise required by Applicable Law. You may obtain a copy of an updated Agreement by requesting us to email you a copy or by accessing [Include]. Use of your Account after receipt of such notice will be deemed acceptance of the amendment by you.
11.______LITIGATION
Informal Efforts. In the event of a dispute involving the interpretation of this Agreement or the exercise of rights under this Agreement, the parties shall meet informally and use their best efforts to negotiate a resolution of the dispute under Applicable Law.
Venue. Any court action or legal proceeding arising out of or relating to this Agreement shall be brought in the state courts of the Commonwealth of Puerto Rico or in the United States Court for the District of Puerto Rico. Each party consents to the jurisdiction of such Commonwealth of Puerto Rico state or federal court in any such action or legal proceeding and waives any objection to laying of venue of any such action or legal proceeding in such state or federal courts of the Commonwealth of Puerto Rico. You and we agree that any claim filed in court will be brought on an individual basis only. You and we agree not to participate in any class action, private attorney general action, or other representative action for any claim filed in court by any party
Waiver of Right to Jury Trial. YOU AGREE TO WAIVE THE RIGHT TO A JURY TRIAL.
Indemnity. If you ask the Bank to follow instructions that the Bank reasonably believes might expose it to any claim, action, suit, expense, liability or damages, whether directly or indirectly, the Bank may refuse to follow your instructions or may require a bond or other protection, including your agreement to indemnify, defend and hold the Bank harmless from such loss before honoring your instructions. An example of the kind of protection which the Bank might ask for would be your promise to defend the Bank against such exposure and to pay all legal fees and costs associated with the defense of any claim made against the Bank.
Attorney’s Fees and Costs. In the event either party brings a legal action to enforce its rights under this Agreement, the prevailing party shall be entitled to payment by the other party of its reasonable attorney’s fees and costs, including fees on any appeal. In addition, the Bank reserves the right to recover attorney’s fees and costs the Bank incurs when the Bank reasonably determines that the assistance of an attorney is needed in connection with any Account dispute or litigation involving this Agreement or an Account, or when assistance is needed to collect any amounts you are obligated to pay the Bank.
Bank Contact. You may contact Strategic Bank International Corp. by calling in at 1-(787) 523-1090or by contacting US at support@strategicbank.com.
12.______PRIVACY NOTICE
Customer Privacy. The privacy and security of our customers’ personal information is important to us.
Please see the Bank’s “Privacy Policy” available on our website at www.strategicbank.com .
DISCLOSURES
I. DISCLOSURE OF ELECTRONIC FUNDS TRANSFER SERVICES APPLICABLE TO INDIVIDUAL ACCOUNTS
REGULATION E
As a consumer who uses electronic funds transfer (EFT) services, you have certain rights and responsibilities. These rights and responsibilities are defined by the Electronic Fund Transfer Act (“the Act”), 15 U.S.C. 1693, et seq., and Regulation E of the Federal Reserve Board (“the Regulation”). One requirement of the Act and the Regulation is that all financial institutions comply with the requirement of making certain disclosures to all EFT users. Please refer to the Digital Services Agreement for additional disclosures and conditions regarding our Online Banking Services.
IF YOU USE ANY OF THE EFT SERVICES REFERRED TO BELOW, PLEASE READ THE CORRESPONDING SECTIONS CAREFULLY. EVEN IF YOU USE ONLY ONE OF OUR EFT SERVICES, PLEASE BE SURE TO READ THE SECTION ENTITLED “GENERAL INFORMATION” IN THIS DISCLOSURE OF ELECTRONIC FUND TRANSFER SERVICES - REGULATION E.
Electronic Banking Services Available
A. Automatic Payments (Electronic Fund Transfers and Pre-Authorized Transfers)
This section applies if you have coordinated making certain automatic payments from one of your Accounts, such as insurance premiums, or pre-authorized transfers into an account, including automated payments using our Bill Payment Service.
Our Payment Services
Through this service, you request the Bank to debit from your Account a certain amount designated by you, for the processing of automatic payments to creditors designated by you. This service is available through our Online Banking service, provided you are subscribed to this service. All payments made through this service before 5:00 p.m. of any Business Day will be reflected in your Account the same day. Transactions conducted after 5:00 p.m. during any Business Day or made on a Saturday, Sunday, or bank holiday, will be reflected in your Account on the next Business Day. Please refer to the Additional General Terms and Conditions that apply to our Bill Payment Service contained in this Agreement.
Your Right to Stop a Payment
If you have arranged in advance to make regular payments from your Account, you can stop any of these payments. Here is how:
Call or write to your account representative so that the Bank receives your request at least three (3) business days before the payment is scheduled. When you call us, we may also require you to submit your request in writing within fourteen (14) calendar days of your call. The fee for each order of suspension will be the one that applies at the time the suspension is requested, as established in the Fee Schedule and in any other schedule and/or document provided by us.
If you suspend a pre-authorized payment to another party, the Bank will not make additional automatic payments to that party until you provide us with a new written authorization.
Responsibility for Not Suspending the Payment of a Preauthorized Transfer by You
If you order the Bank to suspend one of these payments at least three (3) Business Days before the date the transfer is scheduled and the Bank does not suspend it, the Bank will be liable to you for the losses or damages established by the law. The Bank will not be liable for such losses or damages when you do not order the suspension of payments with the anticipation established in this paragraph.
How to Verify Transfers to an Account
If you have arranged for the same person or company to make direct deposits to one or more accounts at least once every 60 days, please access your online banking account.
B. Additional Terms and Conditions Applicable to Our Electronic Payment Service
Payments
When you use our automatic payment services, you authorize the Bank to follow the payment instructions. When you initiate a payment, you authorize the Bank to debit your Account. You must always maintain enough funds to cover payments.
Bill Payment
This service allows you to use your checking account to make bill payments to businesses or other creditors. When you use the Bill Payment service you authorize the Bank to follow the payment instructions allowed under this Agreement, as required by you.
The creditor is selected from the list provided by the Bank. In addition, you can register a creditor by specifying your Account number with the creditor and any other information we may require.
When you initiate a payment, you authorize the Bank to debit your Account on a specific day,, and issue the funds to the creditor in your name. You must always keep enough funds to cover payments that are going to be debited from your designated Account under the service.
Payment Instructions
The Bank will begin to process the payment instructions between two and three business days before the date designated as the payment date, depending on the payment. It is your responsibility to coordinate the payments so that they are made on time and that the creditor receives the payment no later than the due date.
In case of payments to other institutions, you must give instructions or designate a date at least seven working days before the due date of the payment, not including the grace days, otherwise, the Bank will not be responsible or guarantee that payment can be processed, transferred or sent before the due date.
The Bank will not be liable for late fees or any type of penalty imposed by the creditor, nor for damages or inconveniences of any nature suffered by you as a result of payments made after the due date, if such delay in payment is attributable to a late notification from you. The Bank will only be liable for late charges if the payment has been coordinated as indicated in this Agreement and the Bank’s actions resulted in non-compliance with this Agreement.
There are three types of payments:
Non-Recurring Payment
One Time payment that will be debited from your Account on the same date you make the transaction.
Recurring Payment
You can select the frequency of the payment (weekly, every two weeks, monthly, twice a month, quarterly, annually). These payments must be for the same amount.
Future Payments
One Time payment to be made? You must inform us the exact amount and the specific date.
You can request that a payment be sent only once or automatically on a recurring basis. We reserve the right to limit the frequency and dollar amount of transactions from your Account. Any change to the payable amount must be made at least 10 days before the effective day of the payment. The payment adjustment will not be effective until the Bank receives and processes the change notification. The Bank will not be responsible for discrepancies in the fixed payments made before receiving and processing the change notification described above.
Recurring payments that occur on weekends or federal holidays will be processed the next business day after the weekend or legal public holidays.
Payment Method
The Bank will debit your Account within 24 hours of receiving your payment instructions or whenever the Bank deems appropriate to complete the payment according to your instructions.
Payment Limitations and Payment History
For security reasons, the Bank may limit the monetary amount or number of transactions allowed in the Bank’s Pay by Phone. You will be able to see all the payments that have been processed individually. The System will keep track of all payments made by you for the past twelve (12) months.
Payments Not Allowed
You agree not to use the Bank’s Bill Payment service to make tax payments, or make payments related to court orders. You agree that if you attempt to make payments for taxes or court-ordered payments, the Bank will not be responsible for such payment. The bill payment guarantee that applies in relation to any late payment charge is voided when any of these types of payments are processed or scheduled in the service.
Payment Cancellation
To cancel a payment, you must access the Online Banking service and follow the instructions provided on the payment service screens. Payments with future dates may be canceled before 5:00 p.m. of the third business day before the date scheduled for delivery.
Alternate Method
The easiest and most convenient way to cancel a payment is through the method described above. However, you may request to cancel a scheduled or recurring payment by calling your account representative.
We must receive your request at least three (3) business days before the payment is scheduled for processing. If you call, we may also require you to put your request in writing within 14 days after you call. If you call or write to cancel a payment that is pending, you will be charged for a stop payment fee in accordance with the Agreement. If you attempt to cancel a payment in accordance with the above instructions and we do not do so, the Bank will be liable for your losses or damages.
Limitation of Liability: the Bank will not be liable to you:
If for any reason not attributable to the Bank, you do not have enough funds in your Account to make the payment (the payment may be declined if you do not have sufficient funds to cover it).
The Electronic Payment service is not working properly, and you are aware or have been advised by the Bank about the malfunction before you execute the transaction.
You have not provided the Bank with the correct payment information, or the correct name, address, phone number, or account information of the creditor; and/or
Circumstances beyond our control, such as fire or flood, impede the transfer, despite reasonable precautions taken by the Bank.
The list of examples described above is intended to illustrate circumstances under which we will not be responsible for not making a transfer, without it being understood that it includes all the circumstances in which we would not be responsible.
C. General Information
Disclosure of Account Information. It is our general policy to treat your Account information with strict confidentiality. In most cases, we require a subpoena, summons, search warrant, court order, or your authorization before disclosing information to third parties about your Accounts or transfers made by you. However, we may disclose such information in connection with your transactions and in other circumstances we deem necessary and appropriate to provide you our services. For more information, refer to the Privacy Policy provided at the opening of the Account and available at www.strategicbank.com.
Our Liability for Not Making Transfers. If the Bank does not complete a transfer to or from an Account in time or for the correct amount as agreed with you, we will be liable for such damages as provided by law. However, there are exceptions. The Bank will not be liable in situations such as:
If, through no fault of ours, you do not have enough money in the Account to make the transfer.
If the transfer causes you to exceed the credit limit on any overdraft line you may have.
If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
If other agreements between us provide other exceptions.
The list of examples described above is intended to illustrate circumstances under which we would not be responsible for not making a transfer without it being understood that it includes all the circumstances in which we would not be responsible.
Documents
Periodic Statements
You will receive a monthly account statement for each Account you have with the Bank.
In case of errors or doubts about your electronic transfers
If you think that your Account statement or transfer record is incorrect or if you need more information about them, email or call us as soon as possible.
You must communicate your claim to the Bank no later than sixty (60) days after we send you the account statement in which the problem or error first appeared.
Include your name and the account number subject to the error or problem.
Describe the nature and dollar amount of the error in the transfer in question and explain as clearly as possible the reason why you think there is an error or why you need more information.
If you claim us in person or by telephone, we may require that you send us your complaint or question in writing within ten (10) business days. We will give you the results of our investigation within ten (10) business days from the date of your claim or question and will correct any error promptly. However, if we need more time, we may take up to forty-five (45) calendar days to investigate your complaint or question. If we do the latter, we will issue a provisional credit for the disputed amount within ten (10) business days If the disputed transaction occurred at a point-of-sale (POS) terminal, we could take up to twenty (20) business days to investigate your claim. If we do the latter, we will issue a provisional credit to the Account within twenty (20) business days of receiving your written claim. If we need additional time to do the investigation and the error occurred outside of a state, territory or possession of the United States, we could take up to ninety (90) days to complete our investigation.
If you submit your claim after 60 days receiving the account statement in which the problem or error first appeared, you may be liable for some part of your claim.
If we determine that there was no error, we will send you a written explanation within three (3) business days of completing our investigation. If we issued a provisional credit to your Account and determined that there was no error, we may reverse the amount of that credit. If we find that the error did occur, we will correct it within one (1) business day from that determination and any provisional credit made as a result of your claim will then remain in your Account.
II. UNLAWFUL INTERNET GAMBLING ENFORCEMENT ACT (UIGEA)- REGULATION GG
All financial institutions are required to comply with the Unlawful Internet Gambling Enforcement Act (UIGEA). The purpose of the Act is to prohibit transactions related to Unlawful Internet Gambling (UIG) through commercial accounts.
Unlawful Internet Gambling is defined as placing, receiving, or otherwise knowingly transmitting a bet or wager by any means which involves the use, at least in part, of the Internet where such bet or wager is unlawful under any applicable Federal or State law in which the bet or wager is initiated, received or otherwise made.
The Act establishes that commercial customers shall not engage in transactions related with UIG. Among the transactions prohibited there are:
Credit or the proceeds of credit extended, related to UIG.
An electronic funds transfer, or funds transmitted by or through a money transmitting business or the proceeds of an electronic funds transfer or money transmitting service, related to UIG.
Any check, draft or similar instrument that is drawn by or on behalf of any person related to UIG.
III. EXPEDITED FUNDS AVAILABILITY ACT- REGULATION CC
Your Availability to Withdraw Funds
Federal regulations affect the availability of funds in some of your- Bank accounts. We may delay the availability of funds that you deposit in your Account as permitted by federal regulations. During the delay, you may not withdraw the funds in cash, and we will not use the funds to pay checks or orders that you have written. In certain cases, funds may be available on the same day or on the next business day after the day of your deposit.
Same day availability
Funds deposited through electronic funds transfers will be available on the same business day the deposit is effective.
Next Day Availability
- Funds from the following deposits will be available on the first business day after the day of receipt of the deposit:
- Wire Transfers
- Checks drawn from the Bank’s accounts
- United States Treasury Checks
- Checks from the Federal Reserve Bank, Federal Home Loan Bank and Postal Money Orders
- State and local government checks, manager’s checks, and Travelers Checks.
Major Delays that May Apply
- Funds deposited by check to your Account may be delayed for a longer period under the following circumstances:
- Deposits of one or more checks that aggregate total more than $5,525 in the same day.
- Ifwebelieve that a check you deposited in your Account may not be paid.
- Ifyou redeposit a check that has been previously returned unpaid.
- Ifyou have repeatedly overdrawn your Account in the last six months.
- If there is an emergency such as an earthquake, hurricane, or a failure in the Systems or communications equipment.
- Wewill notify you if we delay the availability of funds for any of these reasons, and let you know when the funds will be available. Depending on the type of check you deposit, the funds will usually be available no later than the eighth business day after the deposit date.
New Accounts. If you are a new customer, the following special rules may apply during the first 30 days from the Account opening.
- Funds from direct electronic deposits to your Account will be available the same day we receive the deposit. Wire transfers and the first $5,525 of certified checks; official bank checks; traveler’s checks; US Treasury, Federal Reserve Bank and Federal Home Loan Bank checks; money orders; federal and state government checks deposited during the same day will be available the next business day after the day of deposit if deposits are be payable to you . The excess of $5,525 will be available on the ninth business day after the day of your deposit. Funds from all other checks deposited will be available on the eight-business day after the day of deposit.
- AnAccount is not considered a new Account if each customer on the Account has had, within 30 days before the Account is established, another account at the bank for at least 30 calendar days.
Withholding Other Funds- Other Accounts.
If you deposit a check drawn against another bank, we may make the deposit funds available for immediate withdrawal but delay your ability to withdraw an equivalent amount of funds that you have deposited in another account with us. The funds in the other account would not be available for withdrawal until the term of delay established in this disclosure is fulfilled according to the type of check you have deposited.
Other Terms
The Bank reserves the right to take appropriate actions, in accordance with this Agreement, to recover all funds paid to you or on your behalf from checks or other deposits which are not finally collected.
Questions About Our Policy. Please refer to the Funds Availability Policy at www.strategicbank.com.
IV. USA PATRIOT ACT, BANK SECRECY ACT, ANTI-MONEY LAUNDERING ACT
All financial institutions are required to comply with the records that identify all persons who open accounts and reporting requirements set forth in the Bank Secrecy Act and related laws and regulations. The purpose is to prohibit and actively pursue the prevention of money laundering and any activity that facilitates money laundering or the funding of terrorist or criminal activities.
V. OFFICE OF FOREIGN ASSETS CONTROL (OFAC)
Division of the Department of the US Treasury that administers and implements sanctions to the enemies and other persons of interest for the United States.
OFAC publishes a list with information of Designated Persons or Countries with economic sanctions including: countries with a government structure engaged in activities related to the production and proliferation of weapons of mass destruction; specifically “designated” persons such as international terrorists, drug traffickers and organizations that may represent a threat to the security, economy, and safety of the United States.
All financial institution are required to filter, against the OFAC list, the name of future clients or beneficiaries of transactions (including individuals, company names, corporations, etc.) in transactions including, but not limited to: wire transfers, ACH, c, account opening and other transactions, regardless of the amount of the transaction.
This means that if the Bank obtains a partial or total match with a name on the OFAC list, The Bank will require additional information to rule out its inclusion in the OFAC List prior to being allowed to proceed with the transaction, reject the transaction, or block the funds subject to the transaction. Furthermore, if the transaction involves or requires the participation of another financial institution, the possibility exists that the other financial institution requests additional information if they determine that a possible match also exists and the Bank will obtain the information that had been requested.
Eventuality of Disruption of Operations
The Bank is committed to providing the highest level of uninterrupted service and support to our customers. However, we recognize the potential of certain uncontrollable events that could cause varying degrees of disruption to our normal business processes. These could be an event such as a severe storm that adversely affects the ability of our staff to report to work, or an event such as an electrical blackout that affects an entire region or a manmade disaster in which such occurrences are outside the Bank’s control. In every case, the Bank will act in a diligent and committed manner in support of the prompt re-establishment of client’s services, in compliance with the established policies and procedures in case of such eventualities.