External Loan Payment Service Agreement
Welcome to First Exchange Bank (hereafter referred to as “the Bank”, “we”, “us” or “our”). This Agreement and Disclosure Statement for External Loan Payment Services (the “Agreement”) sets forth the terms and conditions for use of our external loan payment services, as described herein. The customer (referred to as “you” or “your”) should read this Agreement carefully and keep an electronic or print a hard copy of it for your records. By using any processes we provide in order to establish your acceptance of this Agreement and/or other terms and conditions related to the Agreement, you acknowledge and agree that you are using an electronic signature to signify your intent to be bound, and you agree to do business with us and exchange information electronically, as provided in this Agreement and as we may direct. Each time you use any Service described in this Agreement, or allow any other person to use any Service in relation to any of your accounts or financial products or services, you are confirming your acceptance of the terms of this Agreement (including, but not limited to, the terms of that particular Service) that are in effect at that time.
II. Description of Services
With External Loan Payments, you may draft an account from another financial institution to pay a loan account at the bank. Once your account with us has terminated for any reason, you will have no further right or access to use the Service. Any customer who is authorized to view loan accounts using online banking are eligible for this service.
III. Transaction Limits.
We have the right, at any time, to set dollar limits on daily and monthly transactions. If you attempt to initiate a payment in excess of these limits, the system will not allow you the ability to continue. Our business days are Monday through Friday, excluding holidays. If the due date for your transfer falls on a weekend or a holiday, your transaction will begin processing the next business day. You understand that payments scheduled for the same day or next day may still take 2-3 business days to process and anything submitted after 2:30 PM EST will begin processing the following business day.
IV. Eligible Items.
You are able to submit payments to any loan, with credit to permissions, visible within your online banking.
Each transaction must have a valid routing number and full account number or debit card number when submitting the payment. We offer the External Loan Payment service as an added convenience to you. We have the right to terminate this agreement with no prior written notice. We may terminate this agreement based on but not limited to; NSF items, and receiving returned items via the Federal Reserve Bank.
VI. Receipt of Deposit
Any confirmation from us that we have received the file does not mean that the file contains no errors. We are not responsible for any files that we do not receive. Following receipt, we will process the deposit by processing the file. First Exchange Bank reserves the right, at our sole and absolute discretion, to reject any file for External Loan Payments into your loan account.
VII. Returned Payments.
Any credit to your loan account is provisional. If the original payment is dishonored, rejected or otherwise returned by the receiving bank for payment or are rejected or returned by any commitment for the collecting bank that is obtaining the draft payment, for any reason, including, but not limited to, issues relating to debiting funds, you agree that the provisional credit to the loan account will be reversed. You will reimburse us for all loss, cost, or expense caused by or relating to the processing of the returned item.
VIII. Your Warranties.
You make the following warranties and representations with respect to each payment:
- Each payment is a true and accurate account.
- The amount is accurate.
- You are an authorized signer on the account you have provided to us.
With respect to each payment, you make to us all representations and warranties that we make or are deemed to make to any party pursuant to law, regulation or clearinghouse rule.
IX. Compliance with Law.
You will use this system for lawful purposes and in compliance with all applicable laws, rules and regulations. You warrant that you will only transmit acceptable items for payments and in accordance with applicable laws, rules and regulations.
X. External Loan Payment Unavailability.
External Loan payment may be unavailable temporarily due to system maintenance or technical difficulties, including those of the internet service provider, cellular service provider and internet software. In the event that External Loan Payment is unavailable, you may make a payment at our banking offices or via phone at 304-534-7200.
XI. Your Responsibility.
You are solely responsible for the completeness, accuracy, validity and integrity of each External Loan Payment initiated. You are solely responsible if you, intentionally or unintentionally, submit fraudulent or incorrect transfer information to us or if External Loan Payment is used, by authorized or unauthorized persons, to submit fraudulent, unauthorized, inaccurate, incorrect or otherwise improper usage to us for processing.
XII. Accountholder’s Indemnification Obligation.
You understand and agree that you are required to indemnify us and hold us and our affiliates, officers, employees and agents, officers, employees, and agents harmless against any and all claims, suits, proceedings, actions, demands, damages, liabilities, costs, and expenses, including reasonable attorneys’ fees and expenses arising from your use of the Service and/or breach of this Agreement. You understand and agree that you are also required to indemnify our technology partners, including but not limited to Digital Insight (Digital Insight) and hold harmless Digital Insight, its affiliates, officers, employees and agents, officers, employees, and agents, from and against any third party claims, suits, proceedings, actions demands, liabilities, costs, and expenses, including to claims of another financial institution, business entity or governmental authority, and all losses, liabilities, damages, fines, penalties, costs and expenses, including court costs and reasonable attorney fees and expenses, arising from such claims, to the extent such claim is related to the Bank or your use of the Service or Digital Insight Applications, unless such claim directly results from an action or omission made by Digital Insight in bad faith. You understand and agree that this paragraph shall survive the termination of this Agreement.
DISCLAIMER OF WARRANTIES. YOU AGREE THAT YOUR USE OF THE EXTERNAL LOAN PAYMENT SERVICE AND ALL INFORMATION AND CONTENT (INCLUDING THAT OF THIRD PARTIES) IS AT YOUR RISK AND IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. WE DISCLAIM ALL WARRANTIES OF ANY KIND AS TO THE USE OF ANY OF THE EXTERNAL LOAN PAYMENT SERVICE, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. WE MAKE NO WARRANTY THAT THE EXTERNAL LOAN PAYMENT SERVICE WILL MEET YOUR REQUIREMENTS OR WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE. LIMITATION OF LIABILITY. YOU AGREE THAT WE WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER LOSSES INCURRED BY YOU OR ANY THIRD PARTY ARISING FROM OR RELATED TO THE USE OF, INABILITY TO USE, OR THE TERMINATION OF THE USE OF THE EXTERNAL LOAN PAYMENT SERVICE, REGARDLESS OF THE FORM OF ACTION OR CLAIM (WHETHER CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE), EVEN IF WE HAVE BEEN INFORMED OF THE POSSIBILITY THEREOF, EXCEPT AS OTHERWISE REQUIRED BY LAW.
XIII. Financial Information.
You must inform us immediately of such items as, but not limited to; your online banking credentials may have been compromised, any unauthorized or fraudulent items have posted to your loan accounts.
To contact the Bank for the above inquires, contact customer service at:
First Exchange Bank
1 Heritage Way
White Hall, WV 26554
Phone: (304) 534-7200
You agree to provide us any financial information we reasonably request during the term of this Agreement. You authorize us to review your history from time to time.
Using the information provided within the External Loan Pay service; I hereby authorize First Exchange Bank, to electronically debit my checking account, (and if necessary, to electronically credit my account to correct erroneous debits) at the institution provided (“Other Financial Institution or Other FI”), in order to make a payment on my First Exchange Bank loan as specified.