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Electronic Funds Transfer

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Last Updated: November 26, 2007

ELECTRONIC FUNDS TRANSFER

(Regulation E)


West Bank, in compliance with state and federal laws and regulations, makes this disclosure to customers who engage in Electronic Funds Transfer (EFT) transactions. Depositor may conduct the following types of electronic funds transfer (EFT) transactions as governed by Regulation E: Pre-authorized credits/direct deposits, pre-authorized payments, telephonic transactions via the Bank's automated telephone banking system, debit card and ATM card transactions via automated teller machine (ATM), point of sale terminal or other electronic appliance, and online banking via personal computer and the Internet, comprise the majority of the electronic transactions available to the depositor. Primary functions available via both personal computer and the automated telephone system are funds transfers between West Bank accounts, loan payments to West Bank loan accounts, and inquiries regarding West Bank account transactions and account balances.

Electronic Checks

Your check can result in an electronic fund transfer when you have provided a check to a merchant or other payee in payment for goods or services. The merchant or other payee may capture information contained on the check and convert this information to an EFT, whether you, the merchant or other payee, or the bank retain the check.

  • You authorize a merchant or other payee to complete a one-time EFT when you receive notice that the transaction will be converted from a check and processed as an EFT, and the merchant completes the transaction.
  • When you present your check to a merchant or other payee, you may be asked to authorize the merchant or payee to electronically collect a fee if your check should be returned for insufficient funds. Collecting the fee in this manner is an electronic fund transfer.

Bill Payer And Bill-Payment Services

Payments under a bill-payment service available to you by computer or other electronic means are electronic fund transfers, unless all payments under the bill-payment service are made solely by check, draft or similar paper instrument drawn by the bank from your account.

ATM Card

The ATM card may be used to:

  • make deposits to your checking or savings accounts (in Iowa)
  • withdraw cash from your checking or savings accounts
  • transfer funds between your checking or savings accounts
  • make checking or savings account balance inquiries
  • pay for purchases or pay for services from your checking account at places that accept your ATM card

Debit Card

The Debit card may be used to:

  • purchase goods or services in person or by telephone.
  • receive cash from a participating merchant or financial institution
  • perform any transaction that may be performed with an ATM or credit card

Cash Withdrawal Limitations

You may withdraw no more than $500 in cash from your account each calendar day with your ATM card or Debit card. Funds deposited via ATM transaction will not be available for withdrawal until the business day following the day of deposit.

Purchase Limitations

The Bank reserves the right to set debit card purchase transaction limitations.

Fees

Fees for the use of EFT are outlined in the bank's product brochures. If an ATM is not operated by us, you may be charged a fee by the operator of the machine and/or by an automated transfer network.

Limitations on Frequency of Transfers

In addition to limitations on transfers elsewhere described, if any, the following limitations apply:

  • Transfers from a regular savings account to another account or to third parties by pre-authorized, automatic, or telephone transfer are limited to 6 per month with no transfers (or transactions) by check, debit card, or similar order to third parties.
  • Transfers from a money market savings account to another account or to third parties by pre-authorized, automatic, or telephone transfer are limited to 6 per statement cycle with no more than 3 by check or similar order to third parties with no transfers (or transactions) allowed by debit card or similar order payable to third parties.

For security reasons, there may be other limits on the transfers you can make.

DOCUMENTATION

Terminal Transfers

You can get a machine printed receipt upon the completion of a transaction at an ATM, point of sale, or debit card terminal.

Pre-Authorized Credits

If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, the person or company making the deposit will tell you every time they send the Bank the money, or you can call the Bank to find out whether or not the deposit has been made.

Periodic Statements

You will get a monthly account statement from the Bank for your checking account. You will get a quarterly account statement from the Bank for your savings account, unless there is electronic fund transfer activity in a particular month, and then a monthly statement will be generated.

PRE-AUTHORIZED PAYMENTS

Stop Payment

You can stop payment on any of the pre-authorized payments that you have arranged for the Bank to pay from your account by: Call or write the Bank at the telephone number or at the address listed in this brochure. Your request must be received 3 business days or more before the payment is scheduled to be made. If you call, the Bank will also require you to put your request in writing and get it to the Bank within 14 days after your call. If you request to stop one of these payments 3 business days or more before the transfer is scheduled, and the Bank does not do so, the Bank will be liable only for losses proximately caused by the transaction and to the extent provided in the Electronic Funds Transfer Act. The Bank may charge a fee associated with stop payment orders as outlined in the banking product brochures.

Notice of Varying Amount

If you have arranged to have a pre-authorized electronic funds transfer or payment made from your account, and the amount varies from the previous transfer, you have the right to receive from the person you are going to pay, notice of all varying transfers at least 10 days before the scheduled transfer date.

Confidentiality

The Bank may disclose information to third parties about your account or the transfers you make under the following conditions:

  • where it is necessary for completing the transfers; or
  • in order to verify the existence and condition of your account for a third party, such as a merchant or credit bureau; or
  • in order to comply with government agency or court orders; or
  • if you give the Bank written permission

Liability For Failure To Make Transfers

If the Bank does not complete a transfer to or from your account on time or in the correct amount according to the agreement with you, the Bank will be liable only for losses proximately caused by the transaction. However, there are some exceptions. The Bank will not be liable for instance:

  • If through no fault of the Bank, you do not have enough money in your account to make the transfer.
  • If the terminal or system was not working properly.
  • If the terminal where you are making the transfer does not have enough cash.
  • If circumstances beyond the Bank's control (such as fire or flood) prevent the transfer, despite reasonable precautions that had been taken.
  • There may be other exceptions stated in the agreement with you.

Depositor Responsibilities

Notify the Bank at once if you believe your ATM card, Debit card or Personal Identification Number (PIN) has been lost, stolen, disclosed or compromised, or if someone has transferred or may transfer money from your account without your permission. To minimize possible losses, call the Bank at once. The Bank's customer service hours are Monday through Friday (8:00 am - 5:00 pm) or Saturday (8:00 am - noon). After normal banking hours, you can report your loss directly to Shazam Inc. at 1-800-383-8000. You may also write to:

West Bank
1601- 22nd Street
West Des Moines, IA 50266
Attn: Customer Service Department

If you notify the Bank within 2 business days, you can lose no more than $50.00, if someone used your card or PIN without your permission. The Bank's business days are Monday through Friday (holidays excluded). Saturday, Sunday, and Monday are considered one business day. If you do not notify the Bank within 2 business days after you learn of the loss or theft of your card or PIN, and the Bank can prove they could have stopped someone from using your card and/or PIN without your permission if you had told the Bank, you could lose as much as $500.00. If a good reason such as a long trip or hospital stay has kept you from notifying the Bank, the time periods will be extended. Also, if your statement shows transactions that you did not make, tell the Bank at once. If you fail to notify the Bank within 60 days after the statement's mailing, and the Bank could have stopped further loss with timely notice, you may not be entitled to recover the losses incurred after 60 days. A customer's privilege of engaging in electronic banking activities with the Bank may be canceled without notice at any time. Your ATM card and Debit card remain the property of the Bank and must be surrendered to the Bank upon demand.

SPECIAL RULES FOR DEBIT CARDS

Additional Limits on Liability when used for Point of Sale Transactions

You will not be liable for any unauthorized transactions using your debit card when used for point of sale transactions, if:

  • You report the loss or theft of the card within 24 hours of when you discover the loss or theft;
  • You can demonstrate that you have exercised reasonable care in safeguarding your card from the risk of loss or theft;
  • You have not reported to the Bank two or more incidents of unauthorized use within the prior twelve-month period;
  • And your account is in good standing.

If any of these conditions are not met, your liability will be the lesser of $50.00 or the amount of money, property, labor, or services obtained by the unauthorized use before notification to the Bank. "Unauthorized Use" means the use of your debit card by a person, other than you, who does not have actual, implied, or apparent authority for such use, and from which you receive no benefit. If the transaction is processed directly through the MasterCard Network, the 24-hour notice requirement is eliminated, but all other terms and conditions must be met as outlined above.

Multi-currency Conversion Rates

If you effect a transaction with your MasterCard debit card in a currency other than U.S. dollars, MasterCard International Incorporated will convert the charge into a U.S. dollar amount. MasterCard International will use its currency conversion procedure, which is disclosed to institutions that issue MasterCard cards. Currently the currency conversion rate used by MasterCard International to determine the transaction amount in U.S. dollars for such transactions is a government mandated or wholesale rate selected by MasterCard International from the range of rates available in wholesale currency marketing for the applicable central processing date, plus one-percent.

Error Resolution Notice

In case of errors or questions about your electronic transfers, call or write the Bank at the telephone number or address listed in this brochure, as soon as you can, if you think your statement or receipt is wrong, or it you need more information about the transfer listed on the statement or receipt. The Bank must hear from you no later than 60 days after the Bank sent the FIRST statement on which the problem or error appeared.

  • Tell the Bank your name or account number
  • Describe the error or transfer you are unsure about, and explain as clearly as you can, why you believe it is an error or why you need more information.
  • Tell the Bank the dollar amount of the suspected error. If you tell the Bank orally, the Bank will require your complaint or question to be submitted in writing within 10 business days.

The Bank will determine whether an error occurred within 10 business days (20 business days if transfer involved a new account) after the Bank hears from you and will correct any error promptly. If the Bank needs more time, however, the Bank may take up to 45 days (90 days if the transfer involved a new account, a point of sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If the Bank decides to do this, the Bank will credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes the Bank to complete the investigation. The Bank will ask you to put the complaint or question in writing, and if the Bank does not receive it within 10 business days, the Bank may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless you already have an established account with the Bank before this account is opened. The Bank will tell you the results within 3 business days after completing our investigation. If the Bank decides that there was no error, the Bank will send you a written explanation. You may ask for copies of the documents that were used in the Bank's investigation.

CHANGE IN TERMS

The Bank reserves the right to change these terms and conditions without prior notice to you if such change is immediately necessary to maintain or restore the security of the Bank's electronic funds transfer system or a customer's account. The Bank will, however, notify you in writing at least 21 days prior to the effective date of any change that would result in greater cost or liability for you or decreased access to your account.

WARNING: Do not keep your PERSONAL IDENTIFICATION NUMBER (PIN) WITH YOUR CARD. Memorize the (PIN) and destroy any written record of it. Anyone with both your CARD and your PIN has access to your money.

EQUAL HOUSING LENDER
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www.westbankiowa.com
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515-222-0314 or Toll Free at 1-866-815-7858
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