Business Banking-Online

Online Agreement and Disclosure

 

 

Online Banking and Bill Pay Agreement and Disclosure

 

This Agreement contains important information regarding your rights and obligations as a user of Cooperative Bank’s Online Banking and 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 the 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.

 

The Bank offers the benefit and convenience of the Online Banking and Bill Pay Services to all checking account customers free of charge. If you would like the additional convenience of paying bills and others payments from your online accounts to third parties, you can sign up for the Bill Pay Service through the Bank’s Online Banking Service. Online Banking and Bill Pay Services are available at no additional charge.

 

Modifications to this Agreement
The 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 the Bank agrees 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’s" 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. The Bank 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
The Services 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, the Bank's business days are Monday through Friday, excluding holidays. All requests received after 5:00 p.m. on business days, Saturdays, Sundays, or holidays that the Bank chooses to remain closed, will be processed on the next business day, unless otherwise stated. Transfers between Cooperative accounts process immediately once the transaction is confirmed if during business hours, otherwise next business day.

 

Electronic Mail
You agree that  the 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 the 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 the 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).

 

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 Account  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 the 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
The 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 Services 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 the Bank’s Online Banking Service to access your accounts, or do not schedule a payment through the Bank’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 Services, you must notify the 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 the 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 9:00 a.m. and 5:00 p.m., Monday through Friday, excluding holidays or you can also write to us at:

 

Cooperative Bank Online

 Banking Service Center

PO Box 600

Wilmington, NC 28402-0600

 

Email:  ebanker@coop-bank.com or fax 910-442-4299

 

Online Banking Service
The Online Banking Service allows you to view your account information, check balances, account history, and transfer funds between your accounts, as applicable.  In addition, you may download transaction information to certain financial management software.

 

 

A completed registration is required to access the Service initially. You will need to complete an application online for personal accounts and a written application for business accounts Online Banking When your registration has been processed, you will receive an email confirming your application has been approved.  When you are ready to log in for the first time, you will use the Tax ID or Social Security number as User ID. Your password will be the last four digits of your Tax ID or Social Security number.  For added security, you will need to change your password the first time you log into Online Banking.

 

After completing the Business Online Banking Application you may either deliver to your local financial center or fax (910) 442-4299.

 

Protecting Your User ID and Password
Your User ID is your Tax ID # for business or Social Security # for personal accounts and may be changed within the “user settings” of the Bank’s Online Banking Service.  You may change your password at any time. It is strongly recommended you do not continue using your Tax ID or Social Security number as our User ID after logging on to the Online Banking Services.

 

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.

 

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 three to five business days.

 

Through the Bill Pay Service, you can pay bills from your business account, 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 United States. The Bill Pay Service reserves the right to restrict the types of payees to whom payments may be made. You may not use the Bill Pay Service to make payments for alimony, child support, or other court-ordered payments or for taxes or other governmental fees. Payments to these payees will be your sole responsibility if delayed or improperly processed or credited.

 

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.  The Bank’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 11:45 p.m. Eastern Time will be processed after 1:00 a.m. the next business day.  For all entries made using the service, the time recorded by the Bank’s Online Banking Service will serve as the official transaction time.

 

When scheduling an initial payment through the Bill Pay Service, the transaction date should be at least 10 business day’s priors 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 payments 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 changes reversed. 

 

The Bill Pay Service is only responsible for exercising ordinary care in processing and sending payments upon our 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 the changes to the payee’s address or account number, unless you have advised us of the change sufficiently in advance; or the failure of any payee to account for correctly or credit the payment in a timely matter;  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 for future payments until the NSF (non-sufficient funds) payments is resolved. A NSF fee of $35.00 will be charged to your account for each returned payment  by Cooperative Bank and Metavante our Bill Pay Service will charge a $25.00 NSF  fee for each returned Payment. 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 Services, 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 Service 1-800-823-7555, Monday through Friday between 8:00 a.m. and 12:00 p.m. or Saturday 9:30 a.m. and 6:00p.m.Eastern Time. Assistance on Sunday is not available at this time.

 

Canceling, Changing a Scheduled Bill Pay or a Stop 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. There is a fee or $30.00 for all Stop Payments.

 

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, and bill payment scheduled through Online Banking will also be terminated.  You may notify us by one of the following methods:

 

E-mail: ebanker@coop-bank.com

 

Call (800) 672-0443, 9:00 a.m. to 5:00 p.m., Monday through Friday.

 

Or by mail: 

Cooperative Bank

Online Banking Service Center

P O Box 600

Wilmington, NC 28402-0600

 

 

 

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: