Internet Banking Agreement
This Agreement covers your and our rights, obligations and liability when you bank with us over the internet. Whenever the words "you" and "your" are used in this Agreement, they refer to each account holder who has the authority to access an account at Biscayne Bank over the internet and each other individual who is similarly authorized by an account holder. Whenever the words "we", "us" and "our" are used, they refer to Biscayne Bank and its successors and assigns.
PLEASE READ THESE PROVISIONS CAREFULLY BEFORE YOU USE THE SYSTEM FOR THE FIRST TIME. YOU WILL BE DEEMED TO HAVE AGREED WITH THESE PROVISIONS THE FIRST TIME YOU USE THE SYSTEM.
1. What is Internet Banking? Internet banking is a system designed to enable consumers of banking services to access information in their bank accounts and to perform banking transactions from personal computers and other internet access devices in their homes or offices, or on the road. The keyword for the consumer is convenience. However, along with the convenience come certain risks and certain responsibilities and the primary purpose of this Agreement is to inform you of those risks and your and our responsibilities. You should not sign up for internet banking unless you understand and are willing to accept the risks and your responsibilities. It is worth restating the capitalized words from above: Once you sign up, you will be deemed to have agreed to assume the risks and responsibilities outlined in this Agreement, along with all of the other provisions of this Agreement.
You are responsible for all transactions you authorize using the internet banking system. Remember, "you" means anyone who is listed on the account and anyone else who is authorized to access the account by the listed individuals. Anyone who properly logs in and who enters an approved password will be deemed to be so authorized. This is an important point and it will be repeated later in this Agreement. It is vitally important that everyone in possession of access codes take appropriate measures to safeguard the codes. No doubt you have heard the expression "Write your own check". Well, everyone with access codes will be able to write his or her own check.
ONE SERVICE THAT WE OFFER OVER THE INTERNET - WIRE TRANSFERS - PRESENTS SUCH FUNDAMENTAL RISKS THAT WE ASK ALL USERS OF THIS SERVICE TO DOWNLOAD, PRINT, COMPLETE, SIGN AND FAX BACK TO US THE RIDER TO THIS AGREEMENT BEFORE WE WILL AUTHORIZE THE SERVICE FOR YOU.
Via internet banking, you will find that you are able to perform many common banking activities from your desktop, laptop or tablet computer or your smartphone. Currently, we offer all of the services listed in section 8 through our internet banking system. Some of these services involve "electronic fund transfers" and are governed by the federal law known as the Electronic Fund Transfers Act (EFTA). More on the EFTA is provided in section 2.
2. The Electronic Fund Transfers Act. If you are a natural person (as opposed to a corporation or other business) resident in the United States and the account which is accessed through the internet is established primarily for personal, family or household purposes, you are covered by the Electronic Fund Transfers Act (the "EFTA"). If this describes you, then the provisions of paragraph A describe your limits of liability for an unauthorized "electronic fund transfer". If you are not covered by the EFTA or if you do not engage in an "electronic fund transfer," the provisions of paragraph B describe your limits of liability. For a discussion of your and our responsibility and limits of liability for matters other than unauthorized "electronic fund transfers" please refer to section 3. An "electronic fund transfer" is a transfer of funds initiated through, among other things, a computer for the purpose of authorizing a bank to debit or credit an account. Examples of electronic fund transfers are ATM and POS (point of sale) transactions, bill payments and wire transfers.
A. Your Responsibility if you are Covered by the EFTA. You should notify us immediately at (305) 447-5050 if you believe a password has been taken or used without permission. Telephoning us right away will help to reduce your possible losses. To the extent a transaction is an electronic fund transfer, you can lose no more than $50 if you notify us within two business days of discovering any unauthorized use of your account or your password. However, you can lose as much as $500 if you do not notify us within two business days of discovering the unauthorized use and we can prove that we could have prevented the unauthorized use had we been notified. Further, if you do not report unauthorized transactions that appear on any of your periodic statements within 60 days after such statements are mailed or electronically transmitted to you, you risk unlimited losses on transactions made after the 60 day period if we can prove that we could have prevented the unauthorized use had we been notified within the 60 day period. If a good reason (such as a long trip or a hospital stay) kept you from letting us know, we will extend the time periods.
B. Your responsibility if you are not covered by the EFTA. We will make every effort to prevent any unauthorized use of the internet banking system. However, unless your liability is capped as provided in paragraph A, your liability for losses resulting from unauthorized transactions is unlimited regardless of when you might notify us of the unauthorized transaction. Unless you and the transaction are covered by paragraph A, we will be responsible for your losses resulting from unauthorized transactions only if our willful misconduct was the direct and primary cause of the loss. THE REMAINING PROVISIONS OF THIS AGREEMENT APPLY REGARDLESS OF WHETHER YOU ARE COVERED BY THE EFTA.
3. Changes and Interruptions in Services and Other Situations that Cause Damage, Injury or Loss; Limitations on our Liability. We may, on a regular basis, perform maintenance on the system. This maintenance may result in interrupted service or errors in service. We may also need to add or delete services from time to time or change the parameters of an existing service. We will not be responsible to you for any damage, injury or loss which you may suffer as a result of any deletion or change. Whether the damage, injury or loss is due to one of these reasons or some other reason, neither we nor any of our officers, directors, employees or agents will be liable to you for any damage, injury or loss which you may suffer, including, without limitation, a failure or error in your computer, a failure or error in the communications link between your computer and our website or negligence on our part in executing your instructions (except to the extent expressly provided otherwise in section 2 of this Agreement relating to unauthorized electronic fund transfers). This limitation on our liability and that of our directors, officers, employees and agents extends to any damage, injury or loss you may suffer, regardless of whether it is direct or indirect, incidental, special or consequential and extends to any damage, injury or loss even if we are informed of its possibility in advance. By enrolling in our internet banking system, you agree to accept the risks of its use and the allocation of responsibility and liability between you and us outlined in this Agreement. WE MAKE NO WARRANTY TO YOU WHATSOEVER REGARDING THE INTERNET BANKING SYSTEM OR ANY ELEMENT OR PART THEREOF. THIS DISCLAIMER EXTENDS TO ALL IMPLIED WARRANTIES AS WELL, INCLUDING IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR USE OR PURPOSE.
6. Reporting Unauthorized Transactions. If you suspect that an unauthorized transaction in your account has occurred or your password has been taken or used without your permission, call us at (305) 447-5050 or fax us at (305) 447-5051 or write us at 2601 South Bayshore Drive, 6th Floor, Coconut Grove, FL 33133 Attn: Compliance Officer.
7. Hours of Operation, Time Periods and Posting of Transactions. You can access the system 24 hours a day, seven days a week, except during any special maintenance periods. Except for certain activity that is posted in real time during a banking day, balance and activity information in an account is as of the end of the previous banking day. "Banking days" are Monday through Friday except federal bank holidays. Please keep in mind that time differences between us and you will vary depending on whether Daylight Savings Time is in effect. Other than transfers of a type that are posted in real time, transfers initiated via the internet before 3:00 pm ET on a banking day will generally be posted to your account that same day. If you attach great importance to a particular transfer or payment, check with your account officer beforehand as to when the activity will be posted.
If the date you schedule a bill payment falls on a non-banking day, your account will be debited on the previous banking day. You may cancel or edit any scheduled payment (including recurring payments) within the system. However, once the system has begun processing a payment it cannot be cancelled or edited. Keep in mind that the date of the debit and the date of the payment are different and they also vary depending on whether the payment is to be made by electronic fund transfer or by check (the system designates how the payment will be made). If the payment is to be made by electronic fund transfer, you should allow 3 banking days for the payment to be received by the payee. If the payment is to be made by check, you should allow up to 8 banking days for the payment to be received by the payee. Regardless of how much time you allow, you alone are responsible for any loss or liability that results from the failure of any payment to arrive on or before the date it is due.
A. Description of Available Services. The following services are available via our internet banking system:
i. Transferring money between accounts at Biscayne Bank; ii. Authorizing money to be transferred from an account at Biscayne Bank to an account at another financial institution. These transfers are processed using the wire network of the Federal Reserve System; iii. Authorizing a stop payment order; iv. Viewing checks, account histories and periodic statements; v. Checking account balances; vi. Ordering new checks; vii. Changing your address; viii. Contacting us by e-mail; (ix) Downloading account information to your personal financial management software using, among others, Intuit Quicken® and Intuit QuickBooks®; and (x) Paying bills.
B. Limits on the Frequency and Amount of Transfers. The only limits on the frequency and amount of transfers that you can authorize are those contained in your deposit agreement that apply to your particular type of account. For example, if the account you access is a money market account, you will be limited to six transfers in any calendar month. We suggest you read your deposit agreement again to familiarize yourself with the restrictions which apply to your account.
C. Multiple Users with Authority to make Transfers. Our internet banking system identifies transfers based on the login ID of the user who initiates the transfer. THE VIEW POSTINGS SCREENS IN THE TRANSFER MENUS DO NOT REFLECT TRANSFERS IN THE SAME ACCOUNT MADE BY MULTIPLE USERS USING DIFFERENT LOGIN IDS UNTIL THE FOLLOWING BUSINESS DAY. SINCE YOU ARE RESPONSIBLE FOR ALL TRANSFERS IN YOUR ACCOUNT, IF THERE ARE MULTIPLE USERS WITH DIFFERENT LOGIN IDS, YOU SHOULD INFORM THEM OF ANY TRANSFERS, AND VICE VERSA, TO AVOID THE OCCURRENCE OF AN OVERDRAFT TO THE ACCOUNT.
9. Fees. You may incur long distance telephone charges if your call to your internet service provider is long distance or you use a private network connection that requires a long distance call. There is currently no fee for using our internet banking system. However, your account will be charged the usual published fees depending on the service you request. For example, if you place an order for a stop payment using the system, your account will be charged the usual stop payment fee.
10. Periodic Statements. You will be mailed periodic statements for your account with the regularity provided for in your deposit agreement (unless you have a “hold mail” agreement in place or have an “on us” address, in which case you will be deemed to have received your periodic statements on the last day of each calendar month) . In addition to reflecting your other account activity, the statements will include any transfers authorized by you through your use of the internet banking system and any fees associated with those transfers.
11. Stop Payments. As noted in paragraph 8.A. above, stop payment orders are a service offered through our internet banking system. However, stop payment orders may only be initiated for checks you have written from the account, not checks you have authorized to be issued through the system. Online stop payment requests are processed on the next banking day. The order must identify the payee, the check number, the amount and the date of the check. The notice requirements contained in your deposit agreement will apply to any stop payment orders you may send to us over the internet.
12. Our Responsibility. We, or a third party acting as our agent, are responsible for completing electronic fund transfers on time according to your properly entered and transmitted instructions. However, there are exceptions. For example, we will not be liable:
i. If you do not have adequate money in an account to complete a transaction from the account, or if that account has been closed. ii. If you do not properly follow the instructions on how to initiate a transaction. iii. If you do not give complete, correct instructions so that a transaction can be initiated. iv. If a transfer from an account exceeds a credit limit (such as an overdraft line) or is prohibited by court order. v. If we or our agent reasonably believe that a transaction may be unauthorized and, based on that belief, we do not complete the transaction. vi. If your computer terminal or the software or the transmission is not working properly and the problem should have been apparent to you when you attempted to authorize a transaction over the internet.
vii. If circumstances arise beyond our reasonable control that prevent us or our agent from completing an authorized transaction, such as a telecommunication outage or a natural disaster. viii. If you are not covered by the EFTA and any loss you incur did not result directly from our willful misconduct. These are only examples of the types of events that could insulate us from liability to you. Other examples may be provided in your deposit agreement with us and still other examples might arise depending on the circumstances.
13. Electronic Fund Transfer Error Resolution.
A. If You Are Covered by the EFTA. If you are covered by the EFTA as described in paragraph 2.A, the following provisions cover your rights and responsibilities if you believe an error has occurred or you have a question concerning an electronic fund transfer. If you are not covered by the EFTA, please refer to paragraph 13.B. Contact us at the numbers or address listed in section 5 above as soon as you can if you think your statement is wrong or if you need more information about a transaction listed on the statement. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared. To report an error, you must provide us with the following information: i. Your name and account number; ii. Describe the suspected error or the nature of the problem or the additional information you need; and iii. Tell us the dollar amount of the suspected error. If you tell us in person or by telephone or e-mail, we may require that you send us your complaint or question in writing within 10 business days. We will tell you the results of our investigation within 10 business days after we hear from you and we will correct any error promptly (20 days may apply to a new account, determined as an account in which the alleged error occurred within 30 days after the first deposit). If we need more time, however, we may take up to 45 days to investigate your complaint or question (90 days may apply if the alleged error resulted from a point of sale transaction, was a foreign initiated transaction or occurred in a new account as determined above). If we decide to do this, we will credit your account within 10 business days (20 days for new accounts) for the amount you think is in error, so that you will 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 during the investigation. We will tell you the results within 3 business days after completing our investigation. 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.
B. If You Are Not Covered by the EFTA. If you are not covered by the EFTA (refer to paragraph 2A), we will endeavor to follow the same procedures outlined in paragraph 13.A. However, we will not be accountable to you for any failure on our part to meet the deadlines set forth in paragraph 13.A and we will not be obligated to credit your account for any disputed amount until the alleged error is resolved.
14. Copyright. Our internet banking system is protected by U.S. and international copyright law and is the property of Biscayne Bank and its licensors. You may not modify, publish, transmit, participate in the transfer or sale of, reproduce, create new works from, distribute, perform, display, or in any way exploit any of the content of the internet banking system, including our website, in whole or in part. Trademarks, service marks, logos, graphics, sounds and images on the website may not be reproduced or distributed without our consent, which shall not be presumed unless it is expressly set forth in writing. You may not use the system or any information available through the system in any manner that would be illegal under federal, state or local law or ordinance.
15. A Word about Changes in Services and other Amendments to this Agreement. When we are required by law to do so, we will give you notice in writing about a change in service or other type of amendment to this Agreement. We will also post notices of changes on our website or inform you of changes by e-mail. Except for changes which we must notify you about in writing, changes will take effect when they are posted on our website (or when we indicate in our posted notice that they will take effect). Changes which we notify you about in writing will take effect no fewer than 30 days after the date of our notice. Your continued use of our internet banking system following the effective date of a change will constitute your agreement to the change. Changes in the published fees for services you request over the internet (for example, changes in stop payment and wire transfer fees) are not considered amendments to this Agreement and will take effect as provided in your account agreement.
16. Third-Party Websites. Our website may provide links to other websites which are not under our control. We are not responsible for the reliability or accuracy of any information contained on these sites. These links are merely provided as a convenience to you and you should not assume that the presence of a link on our website constitutes an endorsement or recommendation of that website by us.
17. Termination of Agreement.
A. Termination by You. You may terminate this Agreement and your internet access at any time by providing us with posted or faxed notice. The termination will take effect within 3 banking days after we receive your notice. You will be responsible for all fees and charges relating to activity occurring in your account prior to the effective date of termination. In addition, you will have continuing responsibility for any loss or liability for which you are responsible under the terms of this Agreement and which resulted from acts or omissions that occurred prior to the date of termination.
B. Termination by Us. We have the right to terminate this Agreement and your internet access upon reasonable notice to you for any reason or for no reason at all. In addition, we have the right to terminate this Agreement without prior notice to you if (i) you have insufficient funds (taking into consideration any overdraft line) in your account, (ii) you close your primary account without designating a new primary account, (iii) you conduct no internet banking activity for 360 consecutive days or (iv) we suspect unauthorized activity has been conducted in your account. .
18. Severability. If any provision of this Agreement is void or unenforceable in any jurisdiction, the ineffectiveness or unenforceability will not affect the validity or enforceability of the affected provision in any other jurisdiction or any other provision in that or any other jurisdiction.
19.Waiver. We may waive any term or provision of this Agreement as it relates to you at any time or from time to time, but any such waiver shall not be deemed a waiver of the term or provision in the future. No waiver may be enforced against us unless it is in writing and signed by us. No waiver to which we may agree with one customer shall be enforceable as such for the benefit of any other customer.
20. Assignment. We may assign some or all of our rights and delegate some or all of our duties under this Agreement to a company affiliated with us or to any other party.
21. Venue. Any action at law or in equity, or other judicial proceeding concerning the enforcement or interpretation of this Agreement or any provision of this Agreement shall be instituted only in the Florida courts in and for Miami-Dade County or the federal courts located therein.
22. Governing Law. The terms and conditions of this Agreement shall be governed by and construed in accordance with the laws of the State of Florida, without regard to Florida's conflict of laws provisions, and, to the applicable extent, the laws of the United States of America.
23. Attorneys' Fees. In any action or proceeding to enforce or seek the construction of a provision of this Agreement, the prevailing party in the action or proceeding shall be entitled to recover its court costs and attorneys' reasonable fees (including those of its paralegals) at all administrative, trial and appellate levels.
24. Your Deposit Agreement. This Internet Banking Agreement (including any rider relating to wire transfers), supplements the “Terms and Conditions of Your Account” (your “Deposit Agreement”). If a matter is not specifically addressed in this Internet Banking Agreement but it is addressed in the Deposit Agreement (for example, the topic of Resolving Claims), the matter will be deemed to apply to this Internet Banking Agreement as fully as if the matter were fully set forth herein. To the greatest extent possible, the provisions of this Internet Banking Agreement and the Deposit Agreement will be read in harmony with each other, but, in the event of an irreconcilable conflict, the provisions of the Deposit Agreement will control.
25. Interpretation. For the convenience of our customers, we may translate this Agreement and our website text into a language(s) other than English. Even though you may read this Agreement in a language other than English, only the English version will control the meaning or interpretation of any provision of this Agreement.
To complete your online enrollment, visit our website at www.biscaynebank.com. Click on ‘Enroll’ in the box headed ‘Online Banking & Cash Management’.