Automatic Funds Transfers
We can make your loan payments automatically from your checking/savings account each month. Also, we can assist you with your personal finances by transferring from one checking/savings account to another on a regular basis or as needed basis.
Electronic Fund Transfers
Your Rights and Responsibilities
Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.
Types of Transfers and Limitations
You have arranged for us to accept certain direct deposits and/or pay certain recurring bills from your account. Transfers from a money market deposit account are limited to 6 pre-authorized, automatic or third-party transfers per monthly statement cycle. Transfers from a savings account to another account or to third parties by pre-authorized or automatic transfer are limited to 6 per monthly statement cycle.
We do not charge for direct deposits to any type of account. We do not charge for preauthorized withdrawals from any type of account, unless you exceed the transfer restrictions on the money market account and/or savings account. Then there will be a charge of $5.00 per excessive transaction.
Stop Payment Procedure & Notice of Varying Amounts.
- Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your account, you can stop any of these payments, Simply call or write us in time for us to receive your request 3 business days or more before the withdrawal is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after your call.
- Notice of varying amounts. If these regular payments may vary, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set).
Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
Disclosure of Account Information to Third Parties.
We will disclose information to third parties regarding your account or the transfers you make:
- when it is necessary for completing transfers,
- in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant,
- in order to comply with a governmental agency or court orders, or
Unauthorized Transfers and Liability Disclosures
If your statement shows transfers that you did not make or authorize, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days, if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time period. If you believe that someone has transferred or may transfer funds from your account without your permission, call The First National Bank of Ballinger at (325) 365-2525 or write to us at P. 0. Box 680, Ballinger, TX 76821. You call Bank of San Angelo at (325) 947-8400 or write to us at P.O. Box 62000, San Angelo, Texas 76904.
In case of errors or questions about your electronic transfers, call or write us as soon as possible if you think your statement or receipt is wrong or if you need more inforn1ation about a transfer listed on the statement or receipt. We must hear from you no later than 6p days after we sent you the FIRST statement on which the error or problem appeared. Include in the correspondence the following information: (1) Your name and account number (if any), (2) describe the error/transfer you are unsure about and explain why you believe it is in error and why you need more information and (3) dollar amount of the suspected error.
If you contact us orally, we may require that you send us your complaint or questions in writing within 10 business days. We will tell you the result of our investigation within 10 business days (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction or foreign-initiated transfer) to investigate your complaint or questions. If we decide to do this, we 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 have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. If we decide that there was no error, we will send you a written explanation within 3 business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.
Liability for Failure to Make Transfers
If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will NOT be liable for instance:
- If through no fault of ours, you do not have the funds available in your account to make the transfer.
- If circumstances beyond our control (such as flood or fire) prevent the transfer despite reasonable precautions that we have taken.
- There may be other exceptions stated in our agreement.