As a customer of Peoples Bank (“Bank”, “we”, “our” or “us” ), several services are available to you which allow you, or some other person authorized by you, to electronically transfer money to or from your personal checking, NOW, Money Market and savings accounts. Here are some important things our customer (“you” or “your”) should know about Electronic Funds Transfers.
If you have a Peoples Bank ATM or check card (“Check Card”) and Personal Identification Number (“PIN”), or you have online banking and a passcode, your checking, NOW, Money Market and/or savings accounts may be coded to allow you to use your card at any of our Peoples Bank Automated Teller Machines (“ATMs”) or use online banking any time of day to:
ATM and Check Card Services. You may also use your ATM or Check Card to withdraw cash from your checking account, NOW Account, Money Market Account and/or savings account at Peoples Bank ATMs or at certain other banks’ ATMs which are tied to Peoples Bank terminals through the Star, Cirrus and Maestro Networks. Other transactions may be available at such ATMs in the future. There is a limit of $610.00 per day of total cash withdrawals.
You may use your Check Card at any merchant Point-of-Sale (POS) terminal displaying the MasterCard® logo to debit your primary checking account to pay for purchases. If your Check Card is used at those merchants that accept MasterCard® cards, your checking account will be debited for the amount of your purchase. You may also use your Check Card to pay for goods or services at merchants who accept MasterCard® cards in a total aggregate amount of $2,500 per day.
Your Check Card dollar amount limitations are further limited by the available balance in your accounts and lines of credit (if any). The available balance in the application accounts may be debited immediately or it may be reduced by the amount of any transactions from which any merchant has received authorization from us, even if the documentation evidencing the transaction has not yet been received and processed by us. (Merchants are not required to obtain authorization for all transactions.) You should treat all banking card transactions as immediate withdrawals from your account and reflect them as such in your personal records.
You may request to be able to access your accounts via the Peoples Bank Online Banking website. You will be able to:
You may authorize certain third parties to electronically transfer money to your account (your salary or government benefits, for example) or from your account (to pay recurring bills, for example) on a periodic basis.
Electronic check conversions (i.e., “E-check” transactions) and payments made under a computer or electronic bill-payment plan are electronic funds transfers. “E-checks” may be a regular paper check that the consumer supplies to a payee (such as a utility company or a gas station), who converts the check into electronic funds transfer. This conversion is done either in the back office of the payee (for example, by a utility company) or at a point-of-sale terminal by electronically scanning and capturing the Magnetic Ink Character Recognition (MICR) encoding on the check. The back office equipment or point-of-sale terminal will capture the routing number, account number, serial number, and the amount will be entered. This information from your check becomes an electronic check, and the funds will be deducted from your account electronically.
You will pay normal fees related to the services you utilize whether the transfers are initiated electronically or by written order. These fees are disclosed in the Truth in Savings Disclosure and Schedule of Fees delivered to you as a supplement of this disclosure. The fees are subject to change at the option of Peoples Bank. You will be notified of changes by Peoples Bank through delivery of a mailing prior to the changes which will set forth the fees to be charged.
We do not charge for ATM transactions at ATMs owned by us. If you use an ATM that is not operated by us, you may be charged a fee by the operator of the machine and/or by an automated transfer network. You may be charged a fee for a balance inquiry even if you do not complete a funds transfer. These “foreign” ATM fees are to be disclosed prior to confirming the transaction. We may also charge you a fee for accessing an ATM not owned by us. Please refer to Schedule of Fees for details.
Periodic Account Statements. Your electronic transfers will be described on the account statements you receive periodically. Every month you will receive account statements for your checking, NOW and Money Market accounts. You will receive an account statement for your savings account every month during which there was an electronic transfer. Otherwise, you will receive a statement quarterly for your savings account.
Terminal Receipts. You can get a receipt any time you make a transaction to or from your account using ATMs, Point of Sale (POS) terminals or other merchant terminals. You may not get a receipt from POS Terminals or other merchant terminals if the transaction is $25.00 or less or $50.00 or less if at a discount store, grocery store or supermarket.
Confirmation of Direct Deposits. If you have arranged to have direct deposits made to your account at least once every 60 days by the same person or company, you can determine whether any such deposit has been made by:
Please remember that Peoples Bank cannot credit your account with a deposit until we have received funds from the person, government agency or company making the deposit.
A transaction is considered “unauthorized” if it is initiated by someone other than you (the account owner) without your permission and you receive no benefit from the transaction. A transaction is not considered “unauthorized” if you furnish the card, card number, PIN, Passcode or other identifying information and expressly or implicitly give that individual authority to perform one or more transactions, and the person then exceeds that authority. An electronic funds transfer would not be “unauthorized” if it was initiated with fraudulent intent by you or by any person acting in concert with you. An electronic funds transfers may not be “unauthorized” if we conclude that the facts and circumstances do not reasonably support a claim of unauthorized use.
(a) Contact in event of unauthorized transfer. Tell us immediately if you believe your card, PIN, or passcode has been lost or stolen or that someone has transferred or may transfer money from your account without your permission. You could lose all the money in your account (plus your maximum overdraft line of credit). Telephoning is the best way of keeping possible losses to a minimum. You may also send a secure message through online banking or write us at the address in this disclosure.
(b) Liability for Unauthorized Transactions appearing on a periodic statement. If your statement shows transfers that you did not make, tell us at once. If you do not tell us within sixty (60) calendar days after the statement was mailed to you, you may not get back any money you lost after the sixty (60) calendar days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we may extend this time period.
(c) Additional limits on liability for Peoples Bank ATM or Check Cards. Unless you have been grossly negligent or have engaged in fraud or illegal transactions, you will not be liable for any unauthorized transactions associated with your lost or stolen Peoples Bank ATM or Check Card. If you have transactions showing on your periodic statement that were not made or authorized by you, you must call or write us within 60 days after the statement was mailed to you.
(d) Consumer liability regarding online banking.If you tell us within 2 business days after you learn of the loss or theft of your passcode or other access means for online banking, you can lose no more than $50.00 if someone uses them without your permission.
If you do not tell us within 2 business days after you learn of the loss or theft and we can prove we could have stopped someone from using it if you had told us, you could lose as much as $500.00.
If you believe that your Peoples Bank ATM or Check Card, or online banking passcode or access information has been lost or stolen or that someone has transferred or may transfer money from your accounts without permission, (including if you believe a transfer has been made using the information from your check without your permission), call us during business hours at 828-466-1765 or 877-802-1212, send a secure message through online banking, or write to us at:
P.O. Box 467
Newton, NC 28658-0467
To report your card lost or stolen after business hours please call 800-523-4175.
If you need to report your Peoples Bank MasterCard® debit card lost or stolen, please call 800-444-6938.
Our business days are Monday through Friday (not including bank holidays).
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 contact us in writing, by phone or online banking within 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call. Please refer to the Schedule of Fees for the amount we will charge you for each stop payment order you request.
POS Transactions. A stop payment will not be accepted on any preauthorized transactions using your Peoples Bank ATM or Check Card. Cardholder is responsible for charges.
Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer or payment is scheduled, and we do not do so, we will be liable for your losses or damages.
Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay will tell you 10 days before each payment when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
If we do not complete a transfer or payment to or from your account on time in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions for which we will not be liable, for instance:
There may be other exceptions stated in our agreements with you.
We will disclose information to third parties about your account or the transfers you make only:
If you think your periodic statement or an ATM or Check Card receipt is wrong, or if you need more information about a transfer listed on your statement or receipt:
We must hear from you no later than sixty (60) days after we send the FIRST statement on which the problem or error appeared. When you call or write us:
If you tell us orally, we may require that you send us your complaint or question in writing, within ten (10) business days.
Unless the transfer in question involved a new account, was initiated at a Point-of-Sale (POS) Terminal, or was initiated outside of the United States, we will tell you the result of our investigation within ten (10) business days (five (5) business days for POS transactions) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will provisionally recredit your account within ten (10) business days (five (5) business days for a POS transaction) for the amount you think is in error so that you have the use of the money during the time it takes us to complete the investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not provisionally recredit your account.
For errors involving new accounts, Point of Sale, or foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. For new accounts, we may take up to twenty (20) business days to credit your account for the amount you think is in error. If we decide that there was no error, we will send you a written explanation within three (3) business days after we finish our investigation and we will charge the amount of the transaction back to your account. You may ask for copies of the documents used in our investigation.
Any person who requests, signs, uses, authorizes the use of, or requests validation with regard to a Peoples Bank ATM Card or Check Card (either of which, a “Card”) becomes a Peoples Bank “Cardholder” and agrees to the following terms and conditions:
Electronic Funds Transfer Disclosure revised 3/23/2017