Online Banking Service Information
Bill Pay Service
Online Banking Services Agreement
This
Agreement contains important information regarding your rights and obligations
as a user of Cooperative Bank’s Online Banking and the Bill Pay Service
("Services"). The terms of this Agreement apply to all online users
equally unless otherwise indicated. It also describes the rights and
obligations of Cooperative Bank. By requesting and using one 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.
Modifications to this Agreement
Cooperative Bank
may modify the terms and conditions applicable to the Online Banking or Bill
Pay 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.
Other Agreements
In
addition to this Online Banking Services Agreement, you and Cooperative Bank
agree to comply with the requirements of the agreements applicable to each of
your Online Accounts. Your use of the Online Banking Service or the Bill Pay
Service 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 Online Banking Service and the Bill Pay Service.
"Online
Banking" is the Internet-based service providing access to your
Cooperative Bank account(s).
"Online
Account" means any Cooperative Bank account which you access using the
Services.
"Password"
or “PIN” are the codes you create that establish your
connection to the Services.
"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 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.
Access to Services
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 Online Banking and Bill Pay Services. 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.
Hours of Operation
Online Banking Service and Bill Pay Service are 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
Electronic Mail
You agree that Cooperative Bank may respond to you by electronic mail (e-mail)
with regard to any matter related to the Online Banking or Bill Pay Services,
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 or to
stop a payment that is scheduled to occur).
Online Banking and Bill Pay Fees
Online Banking and Bill Payment charges are in addition to any other monthly
service fees or per transaction fees that apply to your account as described in
our Personal Services and/or Business Services Brochure. Fees for each service are described in their
respective sections of this agreement.
Our Liability for Failure to Make
a Transfer
If we do not
properly complete a bill payment, or 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.
Inactivity and Termination
Cooperative Bank may terminate your online banking privileges (including the
Bill Pay Service) 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 Online Banking Service to access your accounts, or
do not schedule a payment through Cooperative's Bill Pay Service for any
consecutive three month period, we reserve the right to cancel your Service(s).
We will promptly notify you if we cancel your use of the Service(s) for this,
or for any other reason.
If you
wish to cancel the Online Banking and/or Bill Pay Service, you must notify
Cooperative Bank and provide your name, address, the service you are
discontinuing (Online Banking, Bill Pay, or both), and the effective date to
stop the service.
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 Online Banking Service Center at (800) 672-0443 between
Cooperative
Bank
Online
Email: ebanker@coop-bank.net
Online Banking Service
The Online Banking Service allows you to view your account information, check
balances as well as histories, and transfer funds between your accounts, as
applicable. In addition, you may
download transaction information to certain financial management software.
Transfers
between accounts that you initiate online are reflected immediately in your
account balance and detail once the transaction has been confirmed.
The
completion of a registration form is required to access the service initially. You may choose to register online or at one
of our financial center offices. After
processing your registration, you will receive a Financial Institution supplied
“Registration Key” from Cooperative Bank by mail. When you are ready to log in for the first
time, you will use your Social Security number as User ID. Your password will be the last four digits of
your Social Security number. Your registration key information will be entered,
and then you will be granted access to Online Banking. For added security, you will need to change
your password the first time you log into Online Banking.
Protecting Your User ID and
Password
Your User ID is your Social Security number and may be changed to an alternate
ID within the user settings of Cooperative Bank’s Online Banking Service. You may change your password at any time.
All
transactions initiated with your User ID and password will be attributed to
you. You should treat your password with the same confidentiality as your ATM
PIN and other personal financial information. You agree not to allow anyone to
gain access to your Online Banking or Bill Pay Account(s), or to let anyone
know your password used with these Services. You agree to assume responsibility
for all transactions conducted with your password and User ID, up to the limits
allowed by applicable law.
Online Banking Fees
Cooperative Bank offers the benefits and convenience of the Online Banking
Service to all consumer checking accounts free of charge. If you would like the
additional convenience of paying bills and other payments from your online
account to third parties, you can sign up for the Bill Pay Service through
Cooperative's Online Banking Service.
Please refer to the Online Bill Pay section of this agreement for
further information and applicable fees.
Online
Banking and Bill Payment charges are in addition to any other monthly service
fees or per transaction fees that apply to your account as described in our
Personal Services and/or Business Services Brochure. We will automatically deduct any fee related
to this Service (if applicable) from your Bill Pay account each month.
Bill Pay Service
The Bill Pay Service permits you to use your Internet-enabled device to direct
payments from your designated Online Bill Pay account to third parties you wish
to pay. You may designate only one Bill Pay account, and this account must be a
checking account. Money market accounts and savings accounts are not eligible
accounts. All payments you make will be deducted from the account that you
designate as your Bill Pay account. After completing the requested information
to establish Bill Pay Service, the process for activating your account will
take approximately five to seven business days.
Through
the Bill Pay Service, you can pay bills from your account to businesses or
individuals, up to a maximum dollar amount of $9,999.99 per payment. All
payments must be payable in U.S. dollars to a payee with an address in the
Payments
can only be processed by the service on business days. If you schedule a
payment to be processed on a non-business day, the payment will be processed
the next business day. Funds are withdrawn from your Bill Pay account on the
scheduled processing date, or the next business day, as applicable. Cooperative's Bill Pay Service provider will
make the payment to the payee either by electronically transferring funds
(ACH), or by mailing a paper check.
Users may
choose to schedule payments to recur in the same amount at regular intervals (a
"recurring payment" such as a loan).
If a recurring payment is chosen, the bill will be paid automatically
each billing period. You may also change or skip recurring payments. You should
allow at least three (3) business days after we receive any change of
information you have given us about a payee to reflect this change in our
records. Users may schedule single payments to be made, which may have varying
amounts (such as utility and/or credit card bills). These payments will not be made until you
enter the amount of the current bill.
Any
online bill payment scheduled before
When
scheduling an initial payment through the Bill Pay Service, the transaction
date should be at least 10 business days prior to the date your payment is due.
The due date is the date shown on your invoice or provided in your agreement
with the payee, not taking into account any applicable grace period. Generally,
the payee receives electronic payments within three business days and checks
may take up to five business days to be received by the payee. If you do not
allow sufficient time for your payment to be received, you will be fully
responsible for all late fees, finance charges, or other action taken by the
payee. If you schedule your payment and follow all instructions provided but
the payment is not received by the payee in a timely manner, we will work with
the payee on your behalf to attempt to have any late fees or charges reversed.
The Bill
Pay Service is only responsible for exercising ordinary care in processing and
sending payments upon your authorization in accordance with this Agreement, and
will not be liable in any way for damages you incur if you do not have
sufficient funds in your Bill Pay account to make the payment on the processing
date; for delays in mail delivery; for changes to the payee's address or
account number, unless you have advised us of the change sufficiently in
advance; for the failure of any payee to account for correctly or credit the
payment in a timely manner; or for any other circumstances beyond the Bank's
control. Funds must be available in your Bill Pay account on the scheduled
payment date. If your Bill Pay account does not have sufficient collected funds
to make a payment as of the date the transfer or payment is attempted or
scheduled to be made, your Bill Pay account may be blocked from future payments
until the NSF (non-sufficient funds) payment is resolved. A NSF fee will be
charged to your account for each returned payment based on the fee schedule in
place at the time of the transaction. The Bank shall have no obligation or
liability if it does not complete a transfer or payment because there are
insufficient funds in your account to process a transaction.
For
questions regarding the Bill Pay Service, call 1-800-672-0443 between 9:00 a.m.
and 5:00 p.m. Eastern Time, Monday through Friday or you may contact Bill
Payment Services 1-800-823-7555, Monday through Friday between 8:00 a.m. and
12:00 p.m. or Saturday 9:30 a.m. and 6:00 p.m. Eastern Time. Assistance on Sunday is not available at this
time.
Canceling or Changing a Scheduled
Bill Payment
The best way to cancel or change a scheduled bill payment is to use the Online
Bill Pay Service. Payments must be changed or canceled online prior to 11:45
p.m. prior to the business day the transaction is scheduled to be processed in
order to guarantee the payment is changed or canceled in time. There is no
charge for editing payments online.
Online Banking and Bill Pay Fees
To sign up for the Cooperative’s Bill Pay Service, select Online Bill Pay from
the main screen of Online Banking, then complete the registration form. You may also decide to make application at
one of our financial center offices. You will receive confirmation in
approximately one week that your account has been enabled.
·
If
your designated Bill Pay account is a Simply Checking, Interest Checking,
Legend Banking or Prime of Life account, the Bill Pay Service is provided free
of charge with a limit of six (6) transactions per month. Additional transactions are available and
will be billed to you at $.50 each.
·
If
your designated Bill Pay account is a “Better Than
Free” or Strictly Military Account, Online Bill Pay will be free for the first 90 days. After the initial 90-day period, a
monthly fee of $4.95 (limit of six transactions per month) will be
automatically deducted from your account.
Additional transactions are available and will be billed to you at $.50
each.
Bill
Payment charges are in addition to any other monthly service fees or per
transaction fees that apply to your account as described in our Personal
Services and/or Business Services Brochure.
If you
wish to cancel the Bill Pay Service, you must notify Cooperative Bank and
provide your name, address, and the effective date to stop the service. When
Bill Pay is terminated, any bill payments scheduled through Online Banking will
also be terminated. Your final charge for the Bill Pay Service (if applicable)
will be assessed at the end of the next month as billing is in arrears. You may notify us by one of the following
methods:
E-mail: ebanker@coop-bank.net
Call
(800) 672-0443,
Or by
mail:
Cooperative
Bank
Online
June 1, 2003