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Electronic funds transfers disclosures

Peoples Bank 24 Express ATM, Check Card or Online Banking

As a customer of Peoples Bank, 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 you should know about Electronic Funds Transfers.

Types of electronic transfers you may make

If you have a Peoples Bank ATM, check card and Personal Identification Number (PIN), or you have online banking and a passcode, your checking, NOW, Money Market and/or savings account may be coded to allow you to use your card at any of our Peoples Automated Teller Machines (ATMs) or use online banking any time of day to:

  • Withdraw cash from your accounts
  • Make deposits to your accounts
  • Transfer funds between your accounts
  • Obtain account balance information
  • Perform Bill Payments

Limitations on dollar amounts of transactions

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 Plus 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 VISA logo to debit your primary checking account to pay for purchases. If your check card is used at those merchants that accept VISA 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 VISA cards in a total aggregate amount of $1,000 per day, not to exceed $3,000 in a 3-day period.

Your check card dollar amount limitations are further limited by the available balance in your accounts and line 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.

Online banking

You may request to be able to access your accounts via the Peoples Bank Online Banking website. You will be able to:

  • Access account balances and histories
  • Transfer funds between accounts (account restrictions may apply such as with Money Market and savings accounts)
  • Pay bills if you enroll in the Bill Payment services (checking accounts only - no Money Market)
  • If you are approved for external transfers you may transfer money from Peoples Bank to your account at another bank
  • Other services over the Internet.

Direct deposits and withdrawals

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.

Other electronic funds transfers

“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, who converts the check into electronic funds transfer. This conversion is done at a point-of-sale terminal by electronically scanning and capturing the Magnetic Ink Character Recognition (MICR) encoding on the check. The terminal will capture the routing, account, serial numbers, 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.

Charges for electronic transfers

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.

If you use a non-Peoples Bank ATM, you may be charged a fee by the owner of the ATM, or by any national, regional or local network used to complete the transaction. This fee is to be disclosed prior to confirming the transaction. You may be charged a fee for a balance inquiry even if you do not complete a funds transfer.

Documentation of your electronic transfers:

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 on 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:

  • Calling Customer Service at 877-802-1212 Monday through Friday from 8:00 am to 7:00 pm,
  • Verifying through online banking 24 hours a day 7 days a week, or
  • Call PeoplesTouch at 828-464-5030 24 hours a day 7 days a week.

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.

Unauthorized transfers

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. 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, and if we can prove that we could have stopped someone from taking the money had you told us in time, you may not get back any money you lost after sixty (60) calendar days. If a good reason kept you from telling us, we may extend this time period.

(c) Additional limits on liability for Peoples Bank 24 Express 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 24 Express 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.

Disputes against merchants

Any claims concerning property or services purchased with a check card must be resolved by you directly with the merchant or seller who accepted the check card, and any claim or defense that you assert will not relieve you of your obligation to pay us for the total amount of the sales slip.

How to get in touch with us

If you believe that your Peoples Bank 24 Express 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, 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:
Peoples Bank
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 VISA credit card lost or stolen, please call 800-444-6938.

Our business days

Our business days are Monday through Friday (not including bank holidays).

Your right to stop payment of preauthorized transfers:

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. To do so, call us, send a secure message via online banking, or write us at the telephone number or address listed in this disclosure in time for us to receive your request 3 business days or more before the payment is scheduled to be made. 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 24 Express 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 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 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.)

Our liability for failure to make transfers:

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:

  • If through no fault of ours, you do not have enough available money in your account to make the transfer;
  • If the transfer would go over the credit limit on your overdraft line;
  • If the terminal or online banking was not working properly and you knew about the breakdown when you started the transfer;
  • If the ATM where you are making the transfer does not have enough cash;
  • If circumstances beyond our control prevent the transfer despite reasonable precautions that we have taken;
  • If the merchant refuses to accept your VISA check card.

There may be other exceptions stated in our agreements with you.

Disclosure of information about your accounts to other parties

We will disclose information to third parties about your account or the transfers you make only:

  • when it is necessary for completing transfers;
  • to verify the existence and condition of your accounts for a third party (such as a credit bureau or merchant);
  • to comply with governmental agencies or court orders;
  • for marketing purposes to offer products and services to you including marketing by our affiliates or joint marketing purposes;
  • for our affiliates everyday business purposes;
  • or if you give us written permission.

In case of errors or questions about electronic transfers:

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:

  • telephone us at 828-466-1765 or 877-802-1212 (Monday through Friday 8:00 am to 7:00 pm);
  • send a secure message through online banking;
  • or write:
    Peoples Bank
    P. O. Box 467
    Newton, NC 28658-0467
  • 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:

    1. Tell us your name and account number;
    2. Describe the error or transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information;
    3. Tell us the dollar amount of the suspected error.

    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 was initiated at a POS Terminal by non-electronic means 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. We may also withhold provisional credit, to the extent allowed under applicable law, 10 additional days, if the circumstances or account history warrants the delay. 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.

    If the transfer occurred at a POS Terminal by non-electronic means or if an electronic transfer was initiated outside of the United States, the provisions of the above paragraph will apply except that we shall have “twenty (20) business days” to act whenever “5 or 10 business days” is stated and the reference to “45 days” is replaced with “90 days”.

    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.

    Other terms, conditions, and agreements

    Any person who requests, signs, uses, authorizes the use of, or requests validation a Peoples Bank 24 Express ATM or Check Card becomes a Peoples Bank “Cardholder” and agrees with Peoples Bank with respect to that ATM or check card, or as applicable will include online banking (“OLB User”), to the following terms, conditions and agreements:

    1. Normal service charges which we impose on all Checking, NOW, Money Market, and savings accounts will apply to transactions made through the use of our ATM, check card, or online banking. Further, if any ATM, check card or online banking transaction results in an automatic advance from your Peoples Bank Redi-Advantage Account, then Cardholder may incur FINANCE CHARGES as described in the separate agreements for those additional services.

    2. The ATM or check card may only be used in connection with Peoples Express 24 Automated Teller Machines to make withdrawals from, deposits into, or transfers between Cardholder’s checking account, NOW Account, Money Market Account, or Statement Savings Account or to obtain balance information. Transactions made through the use of an ATM or check card are subject to all of the terms and conditions, and rules and regulations contained in the Peoples Bank Checking Account, NOW Account, Money Market Account, or Statement Savings Account Agreements and Disclosure Statements to Cardholders. The ATM or check card may also be used at participating Automated Teller Machines as previously described.

    3. The Cardholder or OLB User will choose a confidential Personal Identification Number (PIN) or passcode which will enable customer to identify himself when using the ATMs or point-of-sale terminals. The ATM or check card and the PIN are provided for the Cardholder's and OLB User’s use and protection; at all times the Cardholder and OLB User will use them and the ATM or online banking as instructed and for the purposes authorized by Peoples Bank and will not make or permit any unauthorized use thereof. CARDHOLDER AND/OR OLB USER AGREES NOT TO REVEAL THE PIN OR PASSCODE IN ANY MANNER TO ANY UNAUTHORIZED PERSON OR TO WRITE OR RECORD IT ON THE CARD OR IN ANY OTHER PLACE ACCESSIBLE TO ANY UNAUTHORIZED PERSON. Bank will assess a fee for a new PIN for an ATM or check card.

    4. All transactions made through the use of the ATM or check card or online banking by any person other than the Cardholder or OLB user shall be deemed transactions authorized by the Cardholder or OLB user if such person was furnished or given access to the ATM or check card, and/or PIN by the Cardholder, or passcode by the OLB user or some other authorized user.

    5. The Cardholder and/or OLB User authorizes Bank to charge their Peoples Bank checking, NOW, Money Market, or savings accounts for all authorized transactions arising from the use of the ATM or check card or online banking. Cardholder and/or OLB User agrees not to use the card or online banking (or allow it to be used) to make any withdrawal, transfer or payment from any Peoples Bank checking, NOW, Money Market, or savings accounts which results in an overdraft on said account, except when and as authorized by agreement by Bank and Cardholder and/or OLB User. Cardholder and/or OLB User further agrees to assume responsibility for all authorized transactions arising from the use of the ATM or check card or online banking.

    6. At times when the Cardholder or OLB User may not be able to access the accounts through a Peoples 24 Express ATM or online banking, withdrawals from and deposits to Cardholder's and/or OLB User’s account may be made at a Peoples Bank teller station or through Peoples Touch.

    7. All withdrawals, deposits, transfers and payments resulting from the use of the ATM or check card or online banking are subject to verification and adjustment by Bank.

    8. Cardholder and /or OLB User shall immediately notify Bank if he suspects or discovers that the ATM or check card or passcode has been lost or stolen, or that some unauthorized person has used or is about to use the ATM or check card or passcode. Cardholder and/or OLB User shall give complete cooperation to Peoples Bank in its attempt to recover the ATM or check card from authorized card users or block access to online banking and shall assist in the prosecution of such persons.

    9. Cardholder agrees that the ATM or check card is the property of Peoples Bank and the card may be revoked at any time, with or without notice. Any revoked card must be surrendered to Peoples Bank.

    10. The use of online banking may be revoked by Peoples Bank with due cause.

    11. Bank may assess a fee to replace lost ATM or check cards.

    12. Peoples Bank shall not be liable to Cardholder for damages other than for the actual amount of any error arising from any mechanical failure of the Peoples Bank 24 Express ATM or any participating ATM.

    13. The ATM or check card or online banking will be closed/deactivated if not used within any six (6) month period.

    14. Peoples Bank may amend, modify or rescind this Agreement at any time, and from time to time, upon giving twenty-one (21) days advance written notice to the Cardholder and/or OLB User. (If disclosure of the change would jeopardize the security of the system or account, advance written notice may not be given.) Such amendment, modification or rescission shall be binding upon Cardholder and/or OLB User as fully as though expressly agreed to by him.

    Further conditions, terms and agreements for Peoples Bank 24 Express Check Cards:

    1. When you use the check card to pay for goods or services at a merchant or POS transaction, you agree:
      1. That such use, whether or not you have signed any sales authorization, will constitute a simultaneous withdrawal from and/or demand from your checking account, even though the transaction may not actually be posted to that account.

      2. The merchant may be required to obtain an authorization from us for any transaction over a certain dollar amount. The available balance in your checking account will be reduced by the amount of the transaction for which the merchant has received authorization from us, even if the documentation evidencing the transaction has not yet been received and processed by us. When the documentation has cleared through us, the “hold” placed on your account for the amount of the transaction will be released and your checking account will be debited for the amount of the transaction. (You agree to release us from liability based upon failure to authorize subsequent transfers and/or failure to pay other items drawn on your checking account because the processing of a previously authorized transaction may not be completed.)

    2. Charges made in Foreign Currency. If you incur a charge in a foreign currency, the charge will be converted by VISA International into a United States dollar amount, using the procedures in the Operating Regulations in effect at the time the transaction is processed. Those procedures currently provide for either a wholesale market rate of the government-mandated rate in effect one day prior to the processing date increased by one percent. Because of fluctuations in foreign exchange rates, the conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or posting date. In addition, your account could be charged a pass-through assessment fee for foreign transactions.

    Electronic Funds Transfer Disclosure revised 7/2013

Peoples Bank Funds Availability Policy

Our policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written.

For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 5:00 P.M. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 5:00 P.M. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

If you make a deposit at an ATM before 3:00 P.M. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit at an ATM after 3:00 P.M. or on a day we are not open, we may consider that the deposit was made on the next business day we are open.

If we cash a check for you drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.

Longer delays may apply

In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $200 of your deposits, however, may be available on the first business day.

If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.

If you will need the funds from a deposit right away, you should ask us when the funds will be available.

In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

  • We believe a check you deposit will not be paid.
  • You deposit checks totaling more than $5,000 on any one day.
  • You redeposit a check that has been returned unpaid.
  • You have overdrawn your account repeatedly in the last six months.
  • There is an emergency, such as failure of computer or communications equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day of your deposit.

Special rules for new accounts

If you are a new customer, the following special rules may apply during the first 30 days your account is open. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day’s total deposits of cashier’s, certified, teller's, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.

Funds from all other check deposits will be available on the 7th business day after the day of your deposit.

Funds Availability Policy revised 7/2011

Peoples Bank Online Banking Legal Disclaimer

This Agreement describes your rights and obligations as a user of the Online Banking service or the Bill Payment service (“Services”). It also describes the rights and obligations of Peoples Bank. Please read this Agreement carefully. By requesting and using one of these Services, you agree to comply with the terms and conditions of this Agreement.

Definitions

The following definitions apply in this Agreement. “Online Banking”or “Online Services” are the Internet-based services providing access to your accounts; “Online Account” means any deposit or loan account from which you will be conducting transactions using a Service; your “Login ID” and “Password” will be codes that you select at account opening and the initial sign-on that establishes your connection to the Service. “Time of day” references are to Eastern Standard Time or Eastern Daylight Time, as applicable. The terms “we”, “our” and “us” refer to Peoples Bank which offers the Services and which holds the accounts accessed by the Services

Access to Services

Peoples Bank will provide online instructions on how to use the Online Banking service or Bill Payment service through the Help functions available at the site. You will gain access to your Online Accounts through the use of your Internet-enabled device, your Internet Service Provider, your login ID and your Password.

Use of your Security Password

You agree not to allow anyone to gain access to the Services or to let anyone know your Password used with the Services. You agree to assume responsibility for all transactions up to the limits allowed by applicable law.

If your Password has been lost or stolen

If your Password has been lost or stolen, call Peoples Bank Customer Service immediately at 877-802-1212 8:00 a.m. through 7:00 p.m. (Eastern Time), Monday through Friday. Telephoning the bank is the best way of minimizing your losses. If you believe your Password has been lost or stolen and you tell us within two 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 business days after you learn of the loss or theft of your Password, and we can prove we could have stopped someone from using your Password without your permission if you had told us, you could lose as much as $500.

Banking Transactions with Online Banking or the Peoples Bank Cash Manager

In addition to viewing account information, you may use Online Banking or the Business Cash Manager to conduct the following transactions:

  1. Transfer funds among your checking accounts, savings accounts and money market accounts. Make loan or line of credit payments. NOTE: Because regulations require Peoples Bank to limit pre-authorized transfers (including Online Banking transfers), the following limitations apply:
    1. Statement or e.Statement Savings account. You can make no more than six transfers per statement period by pre-authorized or automatic transfer or by telephone or online services.
    2. Money Market Deposit Account. You can make no more than six transfers per statement period including pre-authorized or automatic transfers, telephone transfers, online services, check or debit card.
  2. New services may be introduced for online services from time to time. Peoples Bank will make these new services available online. By using these services when they become available, you agree to be bound by the rules made available to you online concerning these services.

Bill Payment Service

The Bill Payment service permits you to use your Internet-enabled device to direct payments from your designated online Bill Pay Account to third parties you wish to pay. Your Bill Pay Account must be a checking account. Through the Bill Payment service, you can pay bills from your Bill Pay Account to businesses or individuals.

All payments you make will be deducted from the account that you designate as your Bill Pay Account for the Bill Payment service. Any payments you wish to make through this service must be payable in U.S. dollars to a payee located in the continental United States. We reserve the right to restrict types of payees to whom payments may be made using the Service from time to time. You should not use the Bill Payment service to make payments to settle securities purchases, payments to interest bearing accounts, tax payments, or court ordered payments. Payments for these payees will be your sole responsibility if delayed or improperly processed or credited.

Funds must be available in your Bill Pay Account on the scheduled payment date. If the date you schedule a payment to be initiated falls on a non-business day (Saturday, Sunday or holiday), funds must be available in your Bill Pay Account the following business day (e.g., Monday). After funds are withdrawn from your Bill Pay Account to make a payment, we may make the payment either by transferring funds electronically to the payee or by mailing the payee a check.

You may choose to schedule payments to recur in the same amount at regular weekly, bi-weekly or monthly intervals (a &lquo;recurring payment”). If a recurring payment is chosen, the bill will be paid automatically each billing period. If the payment is not a recurring payment, it will be a “one-time payment.” One-time payments do not recur and are not made until you enter the payee and amount of the current bill and submit the payment. You may change payments that are recurring payments; however, you must allow at least three (3) business days after we receive any change to information you have given us about a payee to reflect the change in our records.

When you create a new payee in the Bill Payment service, it has a temporary status until we have had sufficient time to set up the account, and for your business payees, verify information about your account. You should schedule a payment to a new payee at least ten (10) business days before any payment due date, to allow us time to set up the payee and verify information about your account with the payee.

For all subsequent payments, you agree to allow at least five (5) business days between the date you schedule a payment to be initiated and the payment due date (that is, the due date shown on your invoice or provided in your agreement with the payee, not taking into account any applicable grace period). If you do not, 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, and the payment is not received by the payee in a timely manner, a representative of Peoples Bank will work with the payee on your behalf to have any late fees or charges reversed.

Peoples Bank is only responsible for exercising ordinary care in processing and sending payments upon your authorization in accordance with this Agreement. We 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 correctly account for or credit the payment in a timely manner, or for any other circumstances beyond the control of Peoples Bank.

If the session during which you schedule a payment or transfer ends by 4:00 p.m., Peoples Bank will consider it to have been received on that day. Otherwise, it will be considered received on the following business day. For all entries made using the service, the time recorded by the Online Banking service controls.

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, the transfer or payment will be canceled and no further attempt will be made by us to make the transfer or payment. Peoples 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. In all cases, you are responsible for either making alternate arrangements for the payment or rescheduling the payment through the Service. In the case of recurring payments, only the payment currently scheduled will be canceled. Recurring payments scheduled for future dates will not be affected.

The way to cancel or change a payment is to use the Service. Payments must be changed or canceled using the Service prior to 4:00 p.m. on the business day prior to the date that the transaction is scheduled to be initiated. If you ask us to cancel a payment after it is issued and we agree to do so, we may charge you a stop payment fee. Stop payment orders, whether oral, written, or electronic, will be in effect for a period of six months. After six months, any stop payment will terminate and must be renewed in order to continue in effect. Peoples Bank may pay any item that is presented following the lapse of any stop payment order.

Electronic Mail

If you send Peoples Bank an electronic mail message, it will be deemed to have received it on the following business day. We must have a reasonable time to act on your e-mail.

You should not rely on electronic mail if you need to communicate with us immediately - for example, if you need to report an unauthorized transaction from one of your accounts or if you need to stop a payment that is scheduled to occur.

You agree that we may respond to you by electronic mail with regard to any matter related to the Service, including responding to any claim of unauthorized electronic funds transfer that you make. Any such electronic mail sent to you by the bank shall be considered received within three (3) days of the date sent by us, regardless of whether or not you sign on to the Service within that time frame.

Other Agreements

In addition to this Agreement, you and Peoples Bank agree to be bound by and comply with the requirements of the agreements applicable to each of your Online Accounts. Your use of the online services or the Bill Payment service is your acknowledgment that you have received these agreements and intend to be bound by them. You should review other disclosures received by you when you open your accounts at the bank including the charges that may be imposed for electronic funds transfers or the right to make transfers listed in the fee schedules accompanying those disclosures and the fee schedules available in each product description on the web site.

Hours of Operation

The Services are typically available 24 hours a day, seven days a week, except during special maintenance periods. For purposes of transactions, Peoples Bank's business days are Monday through Friday, excluding holidays. All online service transaction requests received after 4:00 p.m. on business days and all transactions which are requested on Saturdays, Sundays or holidays on which the bank chooses to remain closed, will be processed on the next business day. Peoples Bank's business day begins at 8:00 a.m.

Modifications to this Agreement

Peoples Bank may modify the terms and conditions applicable to either Service from time to time by making the new terms and conditions available at our web site. The revised terms and conditions shall be effective at the earliest date allowed by applicable law. We may send any notice to you via electronic mail and you will have been deemed to have received it three days after it is sent. We reserve the right to terminate this Agreement and your use of the Services in whole or in part at any time without prior notice.

Errors and Questions

In case of errors or questions regarding an online service or Bill Payment transaction, call Peoples Bank's Customer Service at 877-802-1212 or write us at:
Peoples Bank Customer Service
P.O. Box 467
Newton, NC 28658

For more information, refer to the Electronic Funds Transfer Disclosure found on our website or that you received when you opened your account.

Our liability for failure to make a transfer

If we do not properly complete 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 the amount of any losses or damages incurred by you and resulting directly from such failure. We will not be liable in the following instances:

  1. If through no fault of ours, you do not have enough money in your account to make the transfer.
  2. If circumstances beyond our control (such as fire, flood, power outage, equipment or technical failure or breakdown) prevents the transfer, despite reasonable precautions that we have taken.
  3. If there is a hold on your account, or if access to your account is blocked, in accordance with banking policy.
  4. If your funds are subject to legal process or other encumbrance restricting the transfer.
  5. If your transfer authorization terminates by operation of law.
  6. If you believe someone has accessed your accounts without your permission and you fail to notify Peoples Bank immediately.
  7. If you have not properly followed the scheduling instructions on how to make a transfer included in this Agreement.
  8. If we have received incomplete or inaccurate information from you or a third party involving the account or transfer.
  9. 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 account agreement, a credit 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. In no event shall we 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 8 above shall occur, we shall 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.

Inactivity; Termination

You are responsible for complying with all the terms of this Agreement and with the terms of the agreement governing the accounts which you access using electronic banking services. We can terminate your electronic banking privileges (including the Bill Payment service) under this Agreement without notice to you if you do not pay any fee required by this Agreement when due or if you do not comply with the agreement governing your deposit or loan accounts or your accounts are not maintained in good standing.

We may convert your account to inactive status if you do not sign on to the Service or have any transaction scheduled through the Service during any consecutive 60 day period. If your account is considered inactive, you must contact us to have the Service activated before you will be able to schedule any transaction through the Service.

To cancel the Online Banking and/or Bill Payment service, you must notify Peoples Bank and provide your name; address; whether you are discontinuing Online Banking, Bill Payment or both; and the effective date to stop the service. When Bill Payment is terminated, any prescheduled bill payments made through Online Banking will also be terminated. Your final charge for the Bill Payment service will be assessed at the end of your statement cycle. You may notify us by one of the following methods:

  1. By sending an e-mail to Peoples Bank,
  2. By calling Peoples Bank,
  3. By writing a letter and either sending it to the following address:
    Peoples Bank Customer Service
    P.O. Box 467
    Newton, NC 28658

Governing Law

This Agreement is governed by the laws of the State of North Carolina and applicable federal law.

USA Patriot Act Disclosure

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT

To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

What this means for you:
When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

No Bounce Advantage

No Bounce Advantage is an overdraft privilege service where an automatic No Bounce limit is assigned to some account types and is available either one month after the account is opened or after the account has been open for 12 months and your relationship has been reviewed. The checking accounts that offer a No Bounce Advantage limit are:

Student Checking $100.00
Free Checking $300.00
Senior Checking $300.00
Peoples Bank Rewards Checking $750.00
Investment Checking $750.00
MAX Money Market Account $750.00

The Bank is not obligated to pay any insufficient items (NSFs). However, if you maintain your account(s) in good standing, you make regular deposits and you don’t have too many overdrafts, we may approve reasonable overdrafts up to your No Bounce Advantage limit as a non-contractual courtesy.

Our No Bounce Advantage overdraft protection will provide you the assurance you need for those times the cash in your checking account may run a little short. Ideally you wouldn't want to overdraw your checking account. No Bounce Advantage can protect you when a situation presents itself or if an honest mistake is made in the checkbook register and save you from merchant fees or possible damage to your credit. You can have the peace of mind of knowing your checks and other debits will be honored and avoid the embarrassment one little mistake could cause. We feel confident you will want to have the assurance that No Bounce Advantage overdraft protection will provide you. If overdrafts exceed the limit assigned to your account, it may result in checks or other debits being returned to the payee and an insufficient funds charge per item being assessed to your account.

There is no cost associated with the No Bounce Advantage privilege unless you use it. You can have this service removed from your account by calling 828-466-1765 or Toll Free 877-802-1212. If you use the service, the insufficient funds (NSF) fee is $35.00 for each item. An insufficient balance can result from the payment of checks, electronic funds transfers or other withdrawals and payments authorized by you, the return of unpaid items you have deposited, bank service charges or the deposit of items not yet collected in accordance with the Funds Availability Policy.The amount of any overdraft plus the $35.00 per item fee is due and payable on demand. You should bring your account to a positive balance as soon as possible within 30 days. If your account is not brought to a positive balance within 30 days, checks or other debits may be returned unpaid and you will receive a letter outlining your options. We may suspend your account and take steps to recover the funds.

You can access your No Bounce Advantage limit at the following points but it will not be reflected in your available balance:

  • Teller
  • Writing a check
  • 24 Express Check/Debit Card
  • ATM Withdrawals
  • ACH-Auto Debit

You can also access your No Bounce Advantage limit through Internet Banking and it will be reflected separately from the available balance at this access point.

You will be mailed a notice whenever items are paid using the No Bounce Advantage overdraft privilege showing the amount, the check number (if applicable) and the insufficient fund fee so you will know the amount to subtract when balancing your checkbook.

While it is always best to maintain your account in a manner where overdrafts do not occur, sometimes accidents do happen. In addition to No Bounce Advantage, Peoples Bank offers Redi-Advantage Overdraft Line of Credit at an annual percentage rate of 17% (subject to change without notice and subject to credit approval) and a Savings Overdraft program at a cost designated on the current Schedule of Fees for customers that maintain a savings account in good standing with Peoples Bank.

No Bounce Advantage

Customer Overdraft policy

An insufficient balance can result from several events, such as (1) the payment of checks, electronic funds transfers or other withdrawal requests; (2) payments authorized by you; (3) the return of unpaid items deposited by you; (4) bank service charges; or (5) the deposit of items which, according to the bank’s Funds Availability Policy, are treated as not yet available or finally paid. We are not obligated to pay any item presented for payment if your account does not contain sufficient funds.

However, if you maintain your account(s) in good standing, we may approve your overdrafts within your current available No Bounce Advantage limit as a non-contractual courtesy. Your account is in good standing if you (1) demonstrate responsible account management—such as making regular deposits to bring your account to a positive end-of-day balance at least once every 30 days (including the payment of all bank fees and charges); (2) avoid excessive overdrafts suggesting the use of No Bounce Advantage as a continuing line of credit; and (3) there are no legal orders, levies or liens against your account.

In addition, based upon our review of your account management, if we determine you may be using No Bounce Advantage as a regular line of credit by creating excessive overdrafts, we may suspend the privilege without any prior notice. In the normal course of business, we pay ATM and Debit Card transactions first in chronological order, checks that you have written are paid in check number order, and all other transactions are paid from the lowest amount to the highest amount. We reserve the right to change the order of payment without notice to you if we suspect fraud or possible illegal activity affecting your account.

You may opt out of the privilege at any time, but you are responsible for any overdrawn balances at the time of opting out. Normally, we will not approve an overdraft for you in excess of the predetermined amount assigned to your account type. So as not to exceed your limit, please note that the amount of the overdraft plus the bank’s paid item NSF fee of $35 per item will be deducted from the overdraft limit.

We may refuse to pay an overdraft for you at any time even though we may have previously paid overdrafts for you. You will be charged a returned item NSF fee of $35 for each item returned. You will be notified by mail of any non-sufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdraft plus our paid item NSF fee of $35 and/or a returned item NSF fee of $35 that you owe us shall be due and payable upon demand. If there is an overdraft paid by us on an account with more than one owner on the signature card, each owner and agent, if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdraft plus our paid item NSF fee of $35.

No Bounce Advantage should not be viewed as an encouragement to overdraw your account. As always, we encourage you to manage your finances responsibly. If you would like to have this service removed from your account, please call 828-466-1765 or 877-802-1212. You can get more information about managing your account at www.fdic.gov/consumers/overdraft/index.html.

Please note that your No Bounce Advantage limit will not be reflected in your balances provided through Internet Banking.

LIMITATIONS: No Bounce Advantage is a non-contractual courtesy that is available to individually/jointly owned accounts in good standing for personal or household use. Peoples Bank reserves the right to limit participation to one account per household and to discontinue this service without prior notice.

Revised 9/1/2011