Business Banking-Online
Online
Agreement and Disclosure
This Agreement contains important information regarding
your rights and obligations as a user of Cooperative Bank's Business
Banking-Online ("Services"). The terms of this Agreement apply to all
users equally unless otherwise indicated. It also describes the rights and
obligations of Cooperative Bank. By requesting and using any of these Services,
you agree to comply with the terms and conditions of this Agreement. New
services may be introduced from time to time. By using any new service, you
agree to be bound by the rules that will be made available to you concerning
the service. Please read this Agreement carefully and keep this copy for your
records. You may also refer to our Electronic Funds Transfer Agreement for more
information.
Other Agreements
In addition to this Online Agreement and Disclosure,
you and Cooperative Bank agree to comply with the requirements applicable to
each of your Online Accounts. Your use of Business Banking-Online is your
acknowledgment that you have received these agreements and intend to be bound
by them. You should also review all other disclosures you received when you
opened your accounts with Cooperative Bank, including the disclosed fees that
may be imposed on your account(s).
Definitions
The following definitions apply in this
Agreement:
"Services" refers to the Business
Banking-Online service provided by Cooperative Bank.
"Online Banking" is the Internet-based
service providing access to your Cooperative Bank business account(s).
"Online Account" means any Cooperative
Bank business account which you may access using the Services.
"Password", "PIN" or “Access
Codes” are the codes you create that establish your connection to the Services.
“User Name” or “User ID” means the Business
Customer Code, which is issued by Cooperative Bank.
“Security Administrator” is the person
designated by your business who shall be responsible for performing
administrative tasks in connection with the business’ use of Business
Banking-Online.
"We", "us", "our",
and "Bank" refer to Cooperative Bank, which offers the Services and
which holds the accounts accessed by the Services.
"You", "your" and
"Customer" refer to each business account holder.
"Business day" means Monday
through Friday, excluding Saturday, Sunday, and federal banking holidays.
"Time of day" references are to Eastern
Standard Time or Eastern Daylight Time, as applicable.
Description of Services
Business Banking-Online allows you to view your
business account information, check balances as well as histories, and transfer
funds between your business accounts, as applicable. Transfers between accounts
that you initiate online are reflected immediately in your account balance and
detail once the transaction has been confirmed.
In addition, you may download transaction
information to certain financial management software.
Access to Business Banking-Online
You can gain access to your online accounts
through the use of your Internet-enabled device, your Internet Service
Provider, and applicable IDs and passwords.
You are responsible for obtaining, installing, maintaining, and
operating all equipment used for the Business Banking-Online. Cooperative will
not be held responsible for any error or failure caused by the malfunction of
your computer or other Internet-enabled device or any incompatibility with the
Services.
Your business is required to complete an
application form to gain Internet access to your business accounts. This application will declare a designated
Security Administrator who shall be responsible for the following:
·
Serve as our main contact for receipt of
information relating to the use of Business Banking-Online
·
Receive information regarding initial
access to Business Banking-Online
·
Maintaining User Name and Passwords
·
Perform administrative tasks in
connection with the use of Business Banking-Online
·
Supervising the overall security of your
system and accounts
·
Setting up and modifying communication
settings
·
Other activities as may be required from
time to time
All actions by your Security Administrator with
respect to accessing your Accounts through Business Banking-Online shall be
deemed to be authorized by you. Your use
of Business Banking-Online is your acknowledgment that the security procedures
described herein are reasonable and acceptable to you.
Should the business find it necessary to change
the Security Administrator, written notice shall be delivered to the Business
Banking-Online Department immediately. The
Business is solely responsible for maintaining the security of their accounts.
Reliance on Your Instructions
All transactions initiated with your company
User ID and password, or by persons authorized by you, will be attributed to
you. You will be solely responsible for the use by anyone who utilizes your
correct User ID and password. The Bank
will have no duty to further verify the identity of any system user with a
valid access code. When a User signs on
to Business Banking-Online, you authorize us to follow the instructions we
receive relating to your Accounts and to charge and credit your
Accounts according to those instructions.
Except to the extent prohibited by applicable
law or regulation, we may rely and act on any instructions, and you will be
deemed to have expressly authorized any Business Banking-Online transaction,
1) initiated by you, at your direction, or with
your consent (whether express or implied), 2) initiated by a User, 3) initiated
by an Agent with respect to any Account or by anyone acting with authority from
you (express or implied), 4) which results in the transfer of funds between
Accounts, even if subsequent transfers out of the accounts benefit someone
else, 5) initiated under your Access Codes, 6) which is to or for your benefit
(for example, the payment of a debt for which you are partially or fully
liable), or 7) which you contend is unauthorized, unless you cooperate fully
with us in our investigation of the transaction, and assign to us your right of
recovery against the wrongdoer if we reconstitute your Account, and cooperate
fully with us in the recovery of any loss we sustain and the prosecution of any
wrongdoer. Any person initiating the foregoing transactions will be deemed to
be authorized, even if the person exceeds your authorization, except to the
extent prohibited by applicable law or regulation. All such instructions will
be considered as having been given to us directly by you and shall have the
same authority as your written signature in authorizing us to comply with the
instructions. Any requirement of verifying two signatures does not apply to
transactions initiated or made via Business Banking-Online. We are not required
to separately verify any instruction given under your Access Codes, although we
reserve the right to require separate verification for any reason.
You are required to tell
us AT ONCE if you believe your Access Codes have been lost, stolen, or used
without your authority, or if you suspect an unauthorized transaction or other discrepancy.
Telephoning is the best way of keeping your possible losses down. Call our
Online Customer Service Department at 1- 800- 672-0443.
WE WILL NOT BE LIABLE FOR
OUR RELIANCE AND ACTION ON ANY UNAUTHORIZED INSTRUCTIONS OR ON INSTRUCTIONS
FROM AN UNAUTHORIZED PERSON UNTIL WE HAVE BEEN NOTIFIED IN ACCORDANCE WITH THIS
PARAGRAPH AND HAVE HAD A REASONABLE TIME (NOT LESS THAN TWENTY-FOUR (24) HOURS)
TO ACT ON SUCH NOTICE. For security reasons, and without liability to you, we
reserve the right to suspend or cancel your Access Code(s) or your Business
Banking-Online access if we suspect your Access Code(s) has been compromised,
even without notice from you.
Hours
of Operation
Business Banking-Online is available 24 hours a
day, seven days a week, except during special maintenance periods. We will make
every effort to advise you when the services may be down for an extended
period.
For transaction purposes, Cooperative Bank's
business days are Monday through Friday, excluding holidays. All requests received
after
Our
Liability for Failure to Make a Transfer
If we do not properly 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 resulting directly from
such failure in accordance with the law. However, there are some exceptions.
For example, we will not be liable in the following instances:
·
If, through no fault of ours, you do not
have enough money available (collected funds) in your account to make the
transfer.
·
If circumstances beyond our control (such
as fire, flood, power outage, equipment or technical failure, or breakdown)
prevent the transfer, despite reasonable precautions that we have taken.
·
If there is a hold on your account, or if
access to your account is blocked in accordance with banking policy.
·
If your funds are subject to legal
process or other encumbrance restricting the transfer.
·
If you know or should have known that
someone has accessed your accounts without your permission, and you fail to
notify us immediately.
·
If you have not properly followed the
scheduling instructions included in this Agreement on how to make a transfer.
·
If we have received incomplete or
inaccurate information from you or a third party involving the account or
transfer.
·
If we have a reasonable basis for
believing that unauthorized use of your password or account has occurred, or
may be occurring, or if you default under this Agreement, the Deposit
Agreement, or any other agreement with us, or if we or you terminate this
Agreement.
There may be other exceptions stated in this
Agreement and in other agreements with you. Please note that the law limits our
liability, and we will only be liable for certain kinds of losses and damages.
In no event shall Cooperative Bank be liable for damages in excess of your
actual loss due to our failure to complete a transfer, and we will not be
liable for any incidental or consequential damages.
If any of the circumstances listed above shall occur,
we will assist you with reasonable efforts in taking appropriate corrective
action to reprocess the transactions that may not have been completed, or to
correct incorrect transactions that have been processed.
Business Banking-Online Fees
Cooperative Bank offers the benefits and
convenience of Business Banking-Online
to all business
accounts at no charge.
Inactivity
and Termination
Cooperative Bank may terminate your online
banking privileges without notice to you if you do not comply with this
Agreement or other agreements governing your accounts. Your Service may also be
terminated without notice if your accounts are not maintained in good standing,
or if you do not pay any applicable fees required by this and other agreements.
If you do not sign on to Cooperative's Business
Banking-Online to access your accounts for any consecutive three month period,
we reserve the right to cancel your Services. We will promptly notify you if we
cancel your use of the Service for this, or for any other reason.
If you wish to cancel the Business
Banking-Online, you must notify Cooperative Bank and provide your business
name, address, and the effective date to stop the service.
Electronic
Mail
You agree that Cooperative Bank may respond to
you by electronic mail (e-mail) with regard to any matter related to the
Business Banking-Online, including responding to any claim of unauthorized
electronic funds transfer that you make. Any e-mail sent to you by Cooperative
Bank will be considered received by you within three (3) calendar days of the
date it was sent, regardless of whether or not you sign on to the Service(s)
within that time frame.
It is your responsibility to inform Cooperative
Bank of a change in your e-mail address, and the Bank will have no liability
for the non-receipt of an e-mail notification that is returned due to an
invalid address.
E-mail messages sent to Cooperative Bank will be
considered received on the following business day. You agree that the Bank will
have a reasonable amount of time to act on your e-mail message.
You may not use e-mail to initiate transactions
on your account(s). You also should not rely on e-mail if you need to
communicate with the Bank immediately (for example: to report an unauthorized
transaction from one of your accounts).
Modifications
to this Agreement
Cooperative Bank may modify the terms and
conditions applicable to the Business Banking-Online Services from time to
time. We will notify you of any changes by mail to the address shown on our
account records, or by sending you an electronic mail message (e-mail). The
revised terms and conditions will be effective at the earliest date allowed by
applicable law. We are not required to give you prior notice where an immediate
change is necessary to maintain or restore the security of our system. We
reserve the right to terminate this Agreement and your use of the Services, in
whole or in part, at any time.
Contacting
Cooperative Bank
If you have questions about your account or
about the Services provided, you may contact your
nearest financial center or the number listed below. If you think there have
been unauthorized transactions against your account, please notify us
immediately.
Questions regarding unauthorized transfers or
errors can be directed to the
Cooperative Bank
Email: ebanker@coop-bank.net
After
completing the Business Banking Application
you may either deliver to your local financial center, fax to
(910) 251-3677, or mail to the above address: