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Bank-to-Bank Transfer Service Agreement

 

Within Online Banking you may separately enroll for the Bank-to-Bank Transfer service (“Service”). This Service allows you to transfer funds between your linked personal deposit accounts at MainStreet Bank and certain deposit accounts at other financial institutions. An inbound transfer moves funds into an account at MainStreet Bank. An outbound transfer moves funds from an account at MainStreet Bank to an account outside of MainStreet Bank. You will need to enroll each of your non-MainStreet Bank accounts that you wish to use for this Service. You agree that you will only attempt to enroll accounts for which you have the authority to transfer funds. All accounts requested to be used as part of this Service will be verified in accordance with MainStreet Bank procedures. The verification process must be completed by you prior to using the Service. You will have 7 days after enrolling an account to complete the verification process. Verification instructions are displayed to you during the enrollment process. If your Service instructions identify the beneficiary or a bank using both a name and a number, we may use the number only to execute your instructions, and are not responsible if the name and the number do not agree. Your obligation to pay the amount of the Bank-to-Bank Transfer to us is not excused in such circumstances.

Eligible Account Types for Transfers:

  • MainStreet Bank checking accounts, savings accounts, Money Market checking and Money Market savings accounts.
  • Checking accounts, savings accounts, Money Market checking and Money Market savings accounts held at a financial institution or credit union in the United States that are able to accept ACH transfers.
  • Investment and brokerage accounts from other institutions.

Please note: Per government regulation transfers from a Savings or Money Market account to another account or third party by preauthorized, automatic, or telephone transfer – including online banking transfers – are limited to six per month.

If you exceed the transfer limitations set forth in any statement period, your account will be subject to closure by the financial institution and may be subject to an excessive usage fee based on our current fee schedule for every outgoing transfer above the stated limit.

Ineligible Account Types for Transfers:

  • Individual Retirement Accounts (IRAs).
  • 401 K Accounts. • Custodial and/or Trust Accounts.
  • Certificate of Deposits (CDs) or other time-based accounts.
  • Loan Accounts (including credit card and equity accounts).

You may have other accounts that are ineligible for the Bank-to-Bank Transfer Service due to restrictions specific to your Financial Institution(s). If in doubt, you must contact the other financial institutions to verify if the accounts are eligible for the Bank-to-Bank Transfer Service. Funds requested to be transferred will be debited/credited to your MainStreet Bank account the business day following the day you initiate the transfer, provided you have met the bank’s cutoff time for submitting Bank-to-Bank transfers. In the case of a future dated or recurring transfer, these time limits will be the business day following the scheduled date of the transfer. The cutoff time for initiating transfers is 4:00 PM EST. Funds requested to be transferred will be debited/credited to the non-MainStreet Bank account according to the receiving bank’s availability and transaction processing schedule.

Request for immediate transfers of funds cannot be cancelled. Future dated and recurring transfers can be canceled on or before 4:00 PM EST on the day prior to the scheduled transfer date. If the transfer status is In Process, Pending, or Processed, you cannot cancel the transfer.

There is a $2.50 per transfer fee for the Service. Fees are subject to change. Transfers are subject to the following limits unless otherwise agreed upon by you and MainStreet Bank:

  1. Five inbound transfers per day not to exceed a total of $1,000
  2. Five outbound transfers per day not to exceed a total of $1,000

The above limits apply to the total of all Bank-to-Bank transfers of a specific type for all accounts enrolled in the Service. We may change your dollar limits and transfer limits at any time.

Unless specifically listed in this agreement, this Service is subject to the definitions and terms of the master Online Banking Services Agreement signed by you when opening your Online Banking account or any amendments thereto. A current copy of the Online Banking Agreement can be viewed by selecting “Info” from the menu bar within your Online Banking account.

By clicking on “I Agree” below, you agree to the terms of the Bank-to-Bank Service Agreement, including any future amendments or changes in terms. You also agree to the terms of the Online Banking Services Agreement, including any future amendments or changes in terms.

We may change this Bank-to-Bank Service Agreement at any time. For example, we may add, delete or amend terms or services. We will notify you of such changes by mail or by email. If you use the Bank-to-Bank Transfer Service after the effective date of a change, your use indicates that you agree with the changes.

In the event that we at any time incur a problem with your use of the Service, including without limitation, the inability to debit any of your Account(s) or to collect with respect to any of your Bankto-Bank Transfers as described above, and without limiting any other right or remedy that we may have under this Service or otherwise, we reserve the right to suspend your right to use the Service, immediately and without prior notice to you. You understand and agree that such action is reasonable for us to take in order to protect MainStreet Bank from loss. In the event of such suspension, you may request reinstatement of your Service by contacting us in writing at connect@mstreetbank.com, through the online banking secure email or by calling (703) 481-4589.

You agree to promptly update your registration records if your email address or other information changes. You may update your records, such as your email address, by selecting the “Edit Your Profile” section within online banking. You are responsible for the accuracy of all of the information you input, and agree that we may rely on the information you provide, without further verification, when processing transactions you initiate through the Service.

YOU AGREE THAT MAINSTREET BANK SHALL NOT BE LIABLE FOR ANY COSTS, FEES, LOSSES OR DAMAGES OF ANY KIND INCURRED AS A RESULT OF ANY INACCURACY, INCOMPLETENESS OR MISINFORMATION CONTAINED IN THE INFORMATION YOU HAVE PROVIDED TO US.

Your Service remains in effect until it is terminated by you or MainStreet Bank. You may cancel your Service at any time by notifying us of your intent to cancel in writing at connect@mstreetbank.com, through online banking secure email, or by calling (703) 481-4589, and your Service will be cancelled after MainStreet Bank has had a reasonable opportunity to act upon your cancellation request. You agree to use the Bank-to-Bank Transfer Service only for bona fide and lawful purposes. We may suspend or terminate your participation in the Service for any reason, at any time. We will try to notify you in advance, but we are not obligated to do so.

We shall have no obligation to honor any instruction, in whole or in part, that:

  • is or we reasonably believe is used for any illegal or improper purpose or activity;
  • exceeds the available funds in your account;
  • we have reason to believe may not be authorized by you;
  • involves funds subject to a hold, dispute or legal process;
  • would violate any law, rule or regulation applicable to us, the Bank-to-Bank Transfer Service, you or any other party that processes or receives the payment;
  • is not in accordance with any other requirement stated in these Terms and Conditions of the Bank-to-Bank Transfer Service or Online Banking Agreement, any other applicable agreement with us, or any of our policies, procedures or practices; or
  • for our protection or yours, we have reasonable cause not to honor.

We reserve the right to refuse to honor an instruction or suspend or terminate your Service, in whole or in part, at any time, with or without cause and with or without notice, and may immediately do so including, without limitation, if (a) we have reason to believe that your account has been compromised or mismanaged in any way, such as by unauthorized or erroneous use of your password; (b) we believe your Service is not being used for its intended, bona fide and lawful purposes under these Terms and Condition of the Bank-to-Bank Transfer Service or Online Banking Agreement; (c) you repeatedly overdraw your MainStreet Bank account; (d) your MainStreet Bank account is closed, access to your account is restricted for any reason, or if you do not use this Bank-to-Bank Transfer Service for a period of time after being notified by the Bank; or (e) following initial enrollment you do not use the Bank-to-Bank Transfer Service, after being further notified by the Bank, we may automatically suspend or terminate the Service, without further notice to you.

You understand and agree that, in order to provide the Service, it is necessary for MainStreet Bank to access other financial institutions’, credit unions’, and brokerage companies’ Web sites and data bases containing information regarding your accounts and financial relationships as designated by you (“Account(s)”), on your behalf, to retrieve information as requested or authorized by you. By using the Service, you agree to authorize MainStreet Bank to access such Account(s) to retrieve such information as requested or authorized by you, or for any other purpose authorized by this Agreement. You represent and warrant that the information you are providing us with is true, correct and complete. You represent and warrant to us that you have the right to authorize and permit us access to your Account(s), you assure us that by disclosing the information to us and by authorizing us to use such information to access your Account(s), and you are not violating any third-party rights. You hereby authorize and permit MainStreet Bank to use any information submitted by you to MainStreet Bank (such as account passwords and user names) to accomplish these purposes and to configure the Service to be compatible with the Account(s).

You understand and agree that at all times your relationship with each Account provider is independent of MainStreet Bank and your use of the Service. MainStreet Bank will not be responsible for any acts or omissions by the financial institution or other provider of any Account(s), including without limitation any modification, interruption or discontinuance of any Account(s) by such provider.

YOU AGREE THAT MAINSTREET BANK SHALL NOT BE LIABLE FOR ANY COSTS, FEES, LOSSES OR DAMAGES OF ANY KIND INCURRED AS A RESULT OF (1) MAINSTREET BANK’S ACCESS TO THE ACCOUNT(S); (2) MAINSTREET BANK’S RETRIEVAL OF OR INABILITY TO RETRIEVE INFORMATION FROM THE OTHER FINANCIAL INSTITUTION, CREDIT UNION, OR BROKERAGE COMPANY; (3) ANY INACCURACY, INCOMPLETENESS OR MISINFORMATION CONTAINED IN INFORMATION RETRIEVED FROM THE OTHER FINANCIAL INSTITUTION, CREDIT UNION, OR BROKERAGE COMPANY AND (4) ANY CHARGES IMPOSED BY THE PROVIDER OF ANY THIRD PARTY ACCOUNT.

As a condition of using the Service, you warrant to MainStreet Bank that you will not use the Service for any purpose that is unlawful or is not permitted, expressly or implicitly, by the terms of this Agreement or by any applicable law or regulation. You further warrant and represent that you will not use the Service in any manner that could damage, disable, overburden, or impair the Service or interfere with any other party’s use and enjoyment of the Service. You may not obtain or attempt to obtain any materials or information through any means not intentionally made available or provided for through the Service. You agree that these representations and warranties will remain in full force and effect even if this Agreement terminates for any reason.

Notify us at once if you believe another person has improperly obtained your Online Banking password. Also notify us at once if someone has transferred or may transfer money from your Bank deposit account without your permission, or if you suspect any fraudulent activity on your account. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit.)

Consumers: If your Online Banking password has been compromised and you tell us within two (2) business days after you learn of the loss or theft, you can lose no more than $50 if someone used your Online Banking password without your permission to access a Bank deposit account. If you do NOT tell us within two (2) business days after you learn of the loss or theft, and we can prove we could have stopped someone from taking money without your permission had you told us, you could lose as much as $500. Also, if your statement shows withdrawals, transfers, payments or purchases that you did not make or authorize, please notify us at once. If you do not notify us within sixty (60) days from the date the paper or online statement was sent to you, and we can prove that we could have stopped someone from taking money if you had told us in time, you may not get back any money lost after the sixty (60) days. If extenuating circumstances, such as a long trip or hospital stay, kept you from telling us, the time periods in this section may be extended.

The liability limits DO NOT APPLY to Business Accounts.

In Case of Errors or Questions About Your Electronic Transfers, Telephone us at (703) 481-4589 or write us at 727 Elden Street, Herndon, Virginia 20170 or email us a connect@mstreetbank.com, or via the online banking secure email as soon as you can.

If you identify any errors or discrepancies in your statement or transaction record, or if you need more information about a transaction listed on the statement or transaction record. We must hear from you no later than sixty (60) days after we have sent the FIRST paper or online statement on which the problem or error appeared. If you notify us verbally, we may require that you send us your complaint or question in writing within ten (10) business days.

When you tell us about the problem, please:

  • Tell us your name and account number •
  • Describe the error or the transaction you are unsure about, and explain why you believe it is in error or what additional information you need.
  • Tell us the dollar amount of any suspected error.
  • For a Bank-to-Bank Transfer, tell us the sending and receiving account numbers, date the Bank-to-Bank Transfer was initiated, and the transfer amount.
  • For a bill payment, tell us the checking account number used to pay the bill, payee name, date the payment was sent, payment amount, reference number, and payee account number for the payment in question.

We will determine if an error occurred and will tell you the results of our investigation within 10 business days (20 business days if the transfer was to or from an account within 30 days after the first deposit to the account was made) 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 or transaction involved a point-of-sale transaction, a foreign initiated transfer or a transfer to or from an account within 30 days after the first deposit to the account was made) to investigate your complaint or question. If we decide to do this, we will provisionally credit your account within 10 business days (20 business days if the transfer was to or from an account within 30 days after the first deposit to the account was made) 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(s) or questions(s) 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 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. We may revoke any provisional credit provided to you if we find an error did not occur.

If we do not complete a transfer to or from your Bank account on time, or for the correct amount, and/or to or from the account specified according to our Agreement with you, we will be responsible, as applicable, for returning any improperly transferred funds and/or for redirecting any misdirected funds to the proper account, and may be liable for your losses or damages. However, there are some exceptions. For example, we will not be liable:

  • If, through no fault of ours, you do not have enough available funds in your account to make a transfer, Bank-to-Bank Transfer, or bill payment.
  • If a legal order directs us to prohibit withdrawals from the account.
  • If your account is closed or if it has been frozen.
  • If the transfer or bill payment would cause your balance to go over the credit limit for any credit arrangement set up to cover overdrafts.
  • If you, or anyone you allow, commits any fraud or violates any law or regulation.
  • If any electronic terminal, telecommunication device or any part of the electronic fund transfer system was not working properly and you knew about the breakdown when you started the transfer or, in the case of a recurring transfer, at the time such transfer should have occurred.
  • If you have not provided us with complete and correct payment information, including without limitation the name, address, account number, and payment amount for the payee on a Bill Payment or external Bank-to-Bank Transfer.
  • If you have not properly followed the instructions for using MainStreet Bank’s Online Banking Center Services, including Bank-to-Bank Transfer and Bill Payment.
  • If circumstances beyond our control (such as fire, flood, computer system failure or improper transmission or handling of payments by a third party) prevent the transfer or bill payment, despite reasonable precautions taken by us. There may be other exceptions not specifically mentioned here.

We are not responsible for any Internet access, Internet Service Provider, financial software or other product or service relating to your computer or the World Wide Web or your telephone or telephone service. We are not responsible for any damage to your computer, software, modem, telephone or other property resulting from your use of the Service. Without limiting the generality of the wording above, we are not responsible for any loss, damage or injury resulting from an interruption in your electrical power or telephone service; the disconnecting of your telephone service by your telephone company or from deficiencies in your line quality; or any defect or malfunction of your computer, modem or telephone service.

By using the services offered through MainStreet Bank Online Banking, you acknowledge and agree that this Agreement sets forth security procedures for electronic banking transactions, which are commercially reasonable. You agree to be bound by instructions, whether authorized or unauthorized, which we implement in compliance with these procedures, unless you have given us prior notice of possible unauthorized use as described above (and we have had a reasonable opportunity to act on such notice).

You agree that we may send notices and other communications, including password confirmations, to the current address and/or e-mail address shown on our records, whether or not that address includes a designation for delivery to the attention of any particular individual. You further agree that MainStreet Bank will not be responsible or liable to you in any way if information is intercepted by an unauthorized person, either in transit or at your place of business.

You agree to keep your password secure and strictly confidential, providing it only to authorized signers on your account(s), and to instruct each authorized signer to whom you give your password that he or she is not to disclose it to any unauthorized person. You further agree to notify us immediately and select a new password if you believe that your password may have become known to an unauthorized person.

If we fail or delay in making a transfer pursuant to your instructions, or if we make a transfer in an erroneous amount which is less than the amount per your instructions, unless otherwise required by applicable law our liability shall be limited to interest on the amount which we failed to timely transfer, calculated from the date on which the transfer was to be made until the date it was actually made or you canceled the instructions. We may pay such interest either to you or the intended recipient of the transfer, but in no event will we be liable to both parties, and our payment to either party will fully discharge any obligation to the other. If we make a payment or transfer in an erroneous amount which exceeds the amount per your instructions, or if we permit an unauthorized transfer after we have had a reasonable time to act on a notice from you of possible unauthorized use as described above, unless otherwise required by law our liability will be limited to a refund of the amount erroneously transferred, plus interest thereon from the date of the transfer to the date of the refund, but in no event to exceed 60 days’ interest. If we become liable to you for interest compensation under this Agreement or applicable law, such interest shall be calculated based on the average federal funds rate at the Federal Reserve Bank in the district where the Bank is headquartered for each day interest is due, computed on the basis of a 360-day year.

UNLESS OTHERWISE REQUIRED BY LAW, IN NO EVENT WILL THE BANK BE LIABLE TO YOU FOR SPECIAL, INCIDENTAL, INDIRECT OR CONSEQUENTIAL DAMAGES INCLUDING, WITHOUT LIMITATION, LOST PROFITS OR ATTORNEYS’ FEES, EVEN IF WE ARE ADVISED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES.

Some jurisdictions do not allow the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the above limitations may not apply to you.

THE BANK-TO-BANK TRANSFER SERVICE AND RELATED DOCUMENTATION ARE PROVIDED “AS IS” WITHOUT ANY WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. WE SPECIFICALLY DISCLAIM ANY AND ALL IMPLIED WARRANTIES.

Some jurisdictions do not allow the exclusion of certain warranties. Accordingly, some of the above limitations may not apply to you.

You agree to indemnify and hold harmless MainStreet Bank, our subsidiaries and affiliates, successors and assigns, all officers and employees thereof, and our service providers (“Related Persons”), from any and all third party actions, claims, liability, and damages, and to be responsible for all expenses and costs (including, but not limited to, reasonable attorneys’ fees) caused by or arising from your connection to or use of the Service, your violation of these terms and conditions of the Bank-to-Bank Transfer Service Agreement or the Online Banking Agreement, or your infringement or violation of the rights of others. The obligations contained in the preceding sentence will continue after the Service is terminated. This section does not apply to any cost or damage attributable to MainStreet Bank’s or our Related Persons’ gross negligence or intentional misconduct.

You hereby authorize MainStreet Bank and our processing agents, to debit and credit entries to your eligible MainStreet Bank account(s) when you instruct us to electronically transfer funds to or from your eligible MainStreet Bank account(s) and other eligible account(s) held by you at another financial institution or brokerage company in the United States. You agree to comply with any applicable state or federal law in connection with your use of the Service and the fulfillment of its obligations under this Agreement. You further acknowledge that the Automated Clearing House (“ACH”) system may not be used in violation of, and that entries originated by you must comply with the laws of the United States, including sanctions laws administered by the Office of Foreign Asset Controls.

MainStreet Bank, Member FDIC, Equal Housing Lender
©2018 MainStreet Bank, All rights Reserved
info@mstreetbank.com · 703-481-4567

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