First Federal of
On-line Electronic Services Agreement
This Agreement contains important information regarding your
rights and obligations as a user of First Federal of Northern Michigan’s (the
“Bank”) Online Banking service and Bill Pay service ("Services"). 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. We may also introduce new services for Online Banking 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 A COPY FOR YOUR
RECORDS.
Modifications to This Agreement
The Bank may modify the terms and conditions applicable to the Services from
time to time. We will notify you of any changes by mail or deliver a notice of
the modifications to you at 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 Electronic Services Agreement, you and the Bank agree to
comply with the requirements of the agreements applicable to each of your
Online Accounts. Your use of the Services 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
the 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 Bill Pay service.
"Online Banking" is the
Internet-based service providing access to your First Federal of Northern
Michigan account(s).
"Online Account" means any
First Federal of Northern Michigan account from which you will be conducting
transactions using the Services.
"Password" is the code you
set up that establishes your connection to the Services.
"We", "us",
"our", and "Bank" refer to First Federal of Northern
Michigan, which offers the Services and which holds the accounts accessed by
the Services.
"You" and "your"
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, your User ID and your
Password. You are responsible for obtaining, installing, maintaining, and
operating all equipment used for the 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.
Hours of Operation
Online Banking and Bill Pay services are available 24 hours a day, seven days a
week, except during special maintenance periods. For transaction purposes, the
Bank’s business days are Monday through Friday, excluding Federal holidays.
Online Banking Internal Transfer Cutoff Time
All Online Banking
transfer transaction requests received before the transfer cutoff time of 7:00 p.m. Eastern Standard Time on a business
day will generally be posted to your account on the same day. Transaction request received after the 7:00
p.m. cutoff time or which are requested on Saturdays, Sundays, or Federal
holidays that the Bank chooses to remain closed, will be processed on the next
business day.
Bill Pay Banking Transaction Cutoff Time
All Bill Pay
electronic or check requests received before the Bill Pay processing cutoff
time of 4:00 p.m. Eastern Standard Time
on a business day will be posted to your account on the same day. Bill Pay requests received after 4:00 p.m. on
business days or on Saturdays, Sundays or Federal holidays that the Bank
chooses to remain closed, will be processed on the 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 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) days of the
date it was sent, regardless of whether or not you sign on to the Service(s)
within that time frame.
If you send an e-mail message to the Bank, we will consider it
received on the following business day. You agree that the Bank will have a
reasonable amount of time, not to exceed 24-hours from the time considered
received, 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).
Protecting Your User ID and Password
When you register for Online Banking, you will be issued a password. You will be required to set up a new password
the first time you sign onto Online Banking. To be valid, your password is to
be between 6 and 10 characters in length and a combination of alpha-numeric
characters.
All transactions initiated with your password and User ID will be
attributed to you. You should treat your password with the same confidentiality
as your ATM personal identification number (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.
You may change your password at any time. For your protection,
your password will expire every 90 days.
ONLINE BANKING SERVICE
The Online Banking service allows you to view your account
information, print temporary statements, transfer funds between your checking
accounts, savings accounts, and money market accounts, transfer funds to make
loan payments, place stop payments, print statements and export information.
Transfers between your First
Federal of
One Time Transfers: One time transfer requests that you initiate prior to the Bank’s
night time processing on any business day will immediately be Memo Posted to
your account and processed during nightly processing. These funds will be available to clear any
debit items that may be presented against the account during overnight
processing and will be reflected in your account balance and history on the
next business day.
For one-time transfers that you schedule with a future date, the
transfer will be processed the evening of the scheduled transfer date during
nightly processing. These funds will be
available to clear any debit items that may be presented against the account
during that business day’s overnight processing. If the scheduled transfer date
is not a business day, the transaction will be processed on the first business
day following the scheduled transfer date.
Recurring Transfers: Recurring
transfers that you initiate through the online service are processed the evening
of each scheduled transfer date during nightly processing, and will be
reflected in your account balance and history on the following business day. If
the scheduled transfer date is not a business day, the transaction will be
processed on the first business day following the scheduled transfer date.
Online Banking Transaction Limitations
You may complete an unlimited number of transfers between checking accounts.
However, due to regulations that require us to limit pre-authorized transfers
(including Online Banking transfers), the following limitations apply for
savings and money market accounts:
Statement Savings account: You can make no
more than six (6) transfers per month by preauthorized transfer, automatic
transfer, telephone, or Online Banking.
Money Market account: You can make no
more than six (6) transfers per month by pre-authorized transfer, automatic
transfer, telephone, or Online Banking. No more than three (3) of these
transfers may be made by check, draft, point of sale (POS), or check card
payable to third parties.
Exceeding the above transaction limits will result in a $10.00 per
excess transaction fee being assessed on your account. Exceeding the limits three times in a
consecutive 12-month period will result in your account being converted to a
NOW account.
Accounts that require more than one signature for withdrawal
cannot be set up for Online Banking Service.
BILL PAY SERVICE
Our Bill Pay service permits you to direct payments from your designated
Online Bill Pay account to third parties.
Your designated Bill Pay account(s) must be a checking account. Money
market accounts and savings accounts are not eligible accounts. We will automatically deduct any fee related
to this Service (if applicable) from your Bill Pay account each month.
After completing an application to establish Bill Pay, the process
for activating your account will take approximately one to three business days.
Bill Pay Banking
Limitations
Through the Bill Pay service, you can pay bills from your account
to businesses or individuals. All payments must be payable in U.S. dollars to a
payee with an address in the
Payments can only be initiated on business days. If the date you
schedule a payment to be initiated falls on a non-business day (Saturday,
Sunday, or Legal Federal Holiday), the payment will be initiated on the next
business day. Funds are withdrawn
from your Bill Pay account on the date you schedule the transaction to occur
(or the next business day if the scheduled date falls on Saturday, Sunday or
legal holiday that the Bank is closed).
The Bank’s Bill Pay service provider will then make the payment either
by transferring funds electronically to the payee, or by mailing the payee a cashier
check.
You may choose to schedule payments to recur in the same amount at
regular weekly, monthly, or bi-monthly intervals (a "fixed payment").
If a fixed payment is chosen, the bill will be paid automatically each billing
period. If the payment is not a fixed payment, it will be a "variable
payment". Variable payments are not made until you enter the amount of the
current bill. You may also change or skip payments that are fixed payments. However,
you must 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.
Payment Schedules
Bill Pay has one (1) processing deadline at 4:00 p.m. every business
day. The time recorded by the Bank’s
Online Banking service will serve as the official transaction time. When scheduling a payment through the Bill
Pay service, the transaction date should be at least 7 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. Once a
payment has been made for the first time, the method of payment (electronic or
check) will be indicated by the system. This will allow you to schedule your
payments to more closely match the due dates. Generally, electronic payments
are received by the payee within 3 business days and checks may take up to 7
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.
Bank’s Liability
The Bank is only responsible for exercising ordinary care in
processing and sending payments upon your authorization in accordance with this
Agreement. The Bank 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 funds
to make a payment as of the date the transfer or payment is attempted or
scheduled to be made, 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, please call your
local branch or (800) 498-0013 during normal bank hours of operation. Branch phone numbers are available by
clicking the “Contact Us” tab.
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 3:00 a.m. Eastern Time on the business day the transaction is
scheduled to be initiated in order to guarantee the payment is canceled in
time. There is no charge for payments that you cancel online.
If needed, you may also cancel a bill payment up to three (3)
business days before the payment is scheduled to be made by calling, visiting,
or writing your branch to request a stop payment be placed on the item. If you
call, we will also require you to confirm your stop payment order in writing
within 14 days after you call. If you choose to place a stop payment on an
item, you will be charged a fee for each stop payment order based on the fee
schedule in place at that time. Refer to the Stop Payment section of this
Agreement for additional information.
Online Banking and Bill Pay Fees
The Bank offers the benefits and convenience of both Online
Banking and Bill Pay services to you free of charge. Other service fees may
apply as disclosed in the information you received when you opened your
account.
Consumer's Liability For Unauthorized Transfers
If you think your password has been lost or stolen, immediately
change your password and call the Bank at (800) 498-0013. Phoning the Bank is
the best way to minimize your losses. If your password has been lost or stolen,
and you notify us within two (2) business days after you learn of the loss or
theft, you can lose no more than $50 if someone uses your password without your
permission. If you do NOT tell us within two (2) business days after you learn
of the loss or theft of your password, and we could have stopped someone from
using your password without your permission if you had told us, you could lose
as much as $500.
Also, if your statement shows transfers, withdrawals, or purchases
that you did not make or authorize, notify the Bank immediately. If you do not
notify us within 60 days after the first statement in which the unauthorized
transactions appear is sent to you, you may not recover any money lost after
the 60 days if we can prove that we could have stopped someone from taking the
money if you had notified us in time. If extenuating circumstances (such as a
long trip or hospital stay) delayed you from contacting the Bank, these time
periods will be extended. If you think your password has been lost or stolen or
that someone has transferred money from your account without your permission,
call then Bank at (800) 498-0013 during normal business hours, Monday through
Friday, excluding Federal Holidays. You can also write to us at:
First Federal of
Attn:
Deposit Operations
100 S.
Errors or Questions About Your Electronic Transfers
Telephone or write us at the phone number or address shown below,
as soon as you can, if you think an error has occurred on your account. We must
hear from you no later than 60 days after we sent you the FIRST statement on
which the error or problem appeared.
First Federal of
Attn:
Deposit Operations
100 S.
(989) 356-9041
Notification should include the following:
Your name and account number;
A description of the error or the
transfer you are unsure about, and a clear explanation as to why you believe it
is an error, or why you need more information; and
The dollar amount of the suspected
error and date on which it occurred.
If you notify us verbally, we will
require you to send us your complaint or question in writing within 10 business
days after we hear from you.
We will determine whether an error occurred within 10 business
days after we hear from you (20 business days for new accounts*) and will
correct any error promptly. If we need more time, however, we may take up to 45
days (90 days for point-of-sale transactions, foreign transactions, and
transactions on new accounts*) to investigate your complaint or question. If we
decide to do this, we will credit your account within 10 business days (20
business days for new accounts*) for the amount you think is in error, so that
you will have 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.
We will tell you the results of our investigation within three (3)
business days after completing it. If we decide that there was no error, we
will send you a written explanation. You may ask for copies of the documents
that we used in our investigation.
*An account is considered new if the electronic transfer occurs
within the first 30 days after the account is opened.
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 believe
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 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 in subparagraph 2 or 7 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.
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. You may place an immediate stop payment
through our Online Banking Service or you may call or write your branch in time
for us to receive your request three business days or more before the payment
is scheduled to be made. If you place your stop payment on-line or by calling
the Bank, we will also require you to confirm your stop payment order in
writing within 14 days after you call. Your account will be charged a fee for
each stop payment order based on the fee schedule in place at that time.
On-line and verbal stop payment orders will be in effect for 14
days, unless we receive written confirmation.
Written stop payment orders will be in effect for a period of six
months. After six months, the stop payment order will terminate and must be
renewed in order to continue in effect.
The Bank may pay any item that is presented following the lapse of any
stop payment order, and is not obligated to notify you when the stop payment
expires.
Stop payment orders on Automated Clearing House (ACH) items are in
effect for one time only. It is
important that you notify the company that is initiating the ACH, in writing,
to inform them that you are canceling their right to withdraw funds from your
account. The Bank may pay an ACH item
that is presented after the first stop payment has been exercised or if the
amount of the item is different from the amount of the stop payment that was
placed.
To cancel or change bill payments or transfers that you have initiated
through the Bill Pay service, refer to the previous section of this agreement
titled "Canceling or Changing a Scheduled Bill Payment."
Liability For
Failure To Stop Payment Of Pre-authorized Transfer
If you order us to stop a pre-authorized payment three business
days or more before the transfer is scheduled and we do not do so, we will be
liable for your losses or damages in accordance with the law.
Inactivity and Termination
The Bank may terminate your electronic 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 First Federal of Northern Michigan's
Online Banking service to access your accounts, or do not schedule a payment
through First Federal of Northern Michigan'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
reason, or for any other reason not mentioned in the previous paragraph.
If you wish to cancel the Online Banking and/or Bill Pay service,
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. When Bill Pay is terminated, any bill payments made through
Online Banking will also be terminated. Your final charge for the Bill Pay
service (if applicable) will be assessed at the end of your statement cycle.
You may notify us by one of the following methods:
Send a message through the Online
Banking site
Call your local branch or (800) 498-0013
during normal business hours
Write a letter and either send it to
the following address or deliver it to a bank employee at any First Federal of
Northern Michigan location:
First Federal
of
Attn: Deposit Operations Dept.
100 S.
Headings. Headings are used for referenced purposes
only and shall not be deemed a part of this Agreement.
Governing Law This Agreement is governed by the laws of