Your
Deposit
Account
Agreement
&
General Terms & Conditions
Electronic Transfers
Funds Availability
Effective August 12, 2024
Member FDIC
11
Frequently Asked Questions to Manage
Your Account:
What common terms should I be aware of?
Definitions 3
What happens if my account becomes overdrawn?
Liability for Charges and Overdrafts 4
Transaction Posting Order 4
Insufficient Funds and Overdrafts 7
Overdraft Handling 7
Overdraft Protection Plans 8
Will this Deposit Account Agreement ever change?
Changes to Our Agreement with You 14
How do I close my account?
Closing Your Account 14
How can I expect to receive statements and other account
communications?
Statements and Notices 14
How soon can I use my funds after making a deposit?
Funds Availability: Your Ability to Withdraw Funds –
All Accounts
Determining the Availability of a Deposit – All Accounts 18
Immediate Availability – All Accounts 18
Longer Delays May Apply 18
Retail Consumer, Business and Commercial Accounts 18
Wealth Management Accounts 18
Deposits at Automated Teller Machines – Retail Consumer, Business and
Commercial Accounts 19
Special Rules for New Accounts – Retail Consumer and Business
Accounts 19
Cashing Checks 19
Other Accounts 19
How do I report an error or fraud on an electronic transaction in
my account?
Electronic Fund Transfers for Consumer Customers 20
Electronic Fund Transfers for Business Customers 23
Table of Contents
Terms Applicable to all Accounts
This is an Agreement 3
Definitions 3
Privacy 3
Cellular Phone Contact Policy 3
Monitoring and Recording Communications 3
Waivers and Precedents 3
Applicable Law 3
Customer Identification Program Notice (USA PATRIOT Act) 3
Owner’s Authority 4
Authorized Access and Power of Attorney 4
You Cannot Transfer an Account 4
Change in Authorized Signers 4
Adjustments 4
Retention of Documents 4
Liability for Charges and Overdrafts 4
Transaction Posting Order 4
Deposits 5
Returned Deposited Items For Business Accounts Only 5
Check 21 5
Substitute Checks and Your Rights 5
Copies of Documents 6
Night Depository 6
Checks 6
Endorsement Standards 6
Insufficient Funds and Overdrafts 7
Overdraft Handling 7
Overdraft Protection Plans 8
Refusing Payment on Your Checks 9
Funds Transfers 10
Withdrawal Rights, Ownership of Account, and Beneficiary Designation 10
Pledges and Security Interests in Favor of Others 12
Accrual of Interest 12
Stop Payments 12
Dormant Accounts and Escheat 12
FDIC Part 370 Record-keeping 13
Consumer Electronic Check Re-presentment 13
Checking Accounts and “Subaccounts” 13
Telephone Transfers 13
Required Signatures 13
Changes to Our Agreement with You 14
Closing Your Account 14
Statements and Notices 14
Return of Cancelled Checks 15
Checks, Checking Accounts and Savings Accounts with Draft Access 15
Savings Accounts 15
Time Deposits 15
Limit of Liability 15
Electronic Messages and Agreements 15
Levies, Garnishments and Other Legal Process 16
Resolving Account Disputes and Adverse Claims 16
Increased Costs to Maintain Your Account 16
Consumer Report Disputes 16
Account Information 16
Setoff 16
Security Interest in Accounts 17
Security 17
Resolution of Disputes by Arbitration 17
Attorney’s Fees 18
Litigation Class Action Waiver 18
2
Funds Availability: Your Ability to Withdraw Funds – All Accounts
Determining the Availability of a Deposit – All Accounts 18
Immediate Availability – All Accounts 18
Longer Delays May Apply 18
Retail Consumer, Business and Commercial Accounts 18
Wealth Management Accounts 18
Deposits at Automated Teller Machines – Retail Consumer, Business and
Commercial Accounts 19
Special Rules for New Accounts – Retail Consumer and Business Accounts
19
Cashing Checks 19
Other Accounts 19
Additional Terms for Business Accounts
Unlawful Internet Gambling and Other Illegal Transactions 19
Deposit of Pre-Authorized Drafts 19
Earnings Credit 19
Waiver of Notification of Redeposited Checks 19
Facsimile Signatures 19
Deposits 19
Fraud Prevention Measures 20
Electronic Fund Transfers for Consumer Customers
Types of Transactions 20
Limits on Transfers 21
Fees 21
Using Your Card for International Transactions 21
Advisory Against Illegal Use 22
Documentation 22
Preauthorized Payments 22
Our Liability 22
Unauthorized Transactions and Lost or Stolen Cards 22
Consumer Liability for Unauthorized Transfers 22
Business Days 22
Confidentiality 23
Error Resolution Notice 23
Notice of ATM/Night Deposit Facility User Precautions 23
Electronic Fund Transfers for Business Customers
Account Access 23
Limits on Transfers 23
Fees 24
Using Your Card for International Transactions 24
Balance Requirements 25
Unauthorized Transactions and Lost or Stolen Cards and Security 25
3
TERMS APPLICABLE TO ALL ACCOUNTS
THIS IS AN AGREEMENT
Welcome to U.S. Bank and thank you for opening an account with us.
This Agreement provides the general rules that apply to the account(s)
you have with U.S.Bank (“us”) described herein. Additional rules will be
provided in:
1. disclosures we give you when you open your account for example
our Consumer Pricing Information, Business Pricing Information
and U.S. Bank Business Essentials® Pricing Information
disclosure(s) and other fee disclosures (All disclosures can be
obtained by stopping in a U.S.Bank branch or for the Consumer
Pricing Information only, call 800-872-2657 to request a copy);
2. disclosures that are applicable to additional products and services
(for example the Digital Services Agreement);
3. periodic statements;
4. user guides;
5. Consumer Privacy Pledge disclosure;
6. any appropriate means such as direct mail and notices on or with
your statement, including any statements or notices delivered
electronically; and
7. disclosures we give you about ATM and Debit Card Overdraft
Coverage (applicable to certain consumer accounts, refer to the
Insufficient Funds and Overdrafts section on page 7 for details).
These things, together, are an agreement between you and U.S.Bank.
Please read this carefully and retain it for future reference. This
disclosure is revised periodically, so it may include changes from
earlier versions.
By providing a written or electronic signature on a signature card or
other agreement or contract, opening, or continuing to hold an account
with us, you agree to the most recent version of this Agreement, which
is available to you at your local U.S.Bank branch, at www.usbank.com,
or by calling U.S.Bank 24-Hour Banking at a number listed on the last
page of this disclosure.
This Agreement represents the sole and exclusive agreement
between you and us regarding the subject matter described herein
and supersedes all previous and contemporaneous oral agreements
and understandings. If any terms of your signature card, resolution,
or certificate of authority are inconsistent with the terms of this
Agreement, the terms of this Agreement will control. Any other
variations to this Agreement must be acknowledged by us in writing.
If you have any questions, please call us. Our most commonly used phone
numbers are printed on the back of this disclosure.
DEFINITIONS
The following denitions apply in this Agreement except to the extent
any term is separately dened for purposes of a specic section.
• The words “we,” “our,” and “us” mean U.S. Bank National
Association (“U.S. Bank”). We are a national bank. We are owned by
U.S. Bancorp.
• U.S. Bancorp and U.S. Bank own or control other companies,
directly and indirectly. The members of this family of companies are
our “affiliates.” The words “you” and “your” mean each account
owner and anyone else with authority to deposit, withdraw, or
exercise control over an account. If there is more than one owner,
then these words mean each account owner separately, and all
account owners jointly.
• The term “account” means any savings, transaction (for example,
checking, NOW Account), and time deposit (for example,
certificate of deposit or CD) account or other type of account you
have with us, wherever held or maintained.
• An “owner” is one who has the power to deal with an account in his,
her or its own name. An “agent,” in contrast, is one whose power
to withdraw from an account comes from, or is on behalf of, the
owners. Authorized signers, designated corporate officers, trustees,
attorneys-in-fact, and convenience signers are examples of agents.
• Entities such as corporations, limited liability companies,
partnerships, estates, conservatorships, and trusts are not natural
persons, and can only act through agents. In such cases, it is the
“entity” that is the owner.
• “Personal accounts” are consumer accounts in the names of natural
persons (individuals). They are to be distinguished from “non-
personal accounts” which are accounts in the name of businesses,
partnerships, trusts and other entities.
• An “account cycle” or “statement cycle” represents the period of
time when your statement starts and ends. It’s approximately 30
days long but doesn’t necessarily align with the beginning and end of
the month and won’t end on a weekend or holiday.
Except where it is clearly inappropriate, words and phrases used in this
document should be interpreted so the singular includes the plural and
the plural includes the singular.
PRIVACY
Protecting your privacy is important to us. All information gathered from
you in connection with your account relationship will be governed by the
provisions of our privacy policies which are available online, within our
mobile app(s), or by calling us.
You authorize your wireless carrier to use or disclose information about
your wireless account and your wireless device, if available, to us or our
service provider for the duration of our relationship, solely to help us
identify you or your wireless device and to prevent fraud. See our privacy
policies to see how we treat your data.
CELLULAR PHONE CONTACT POLICY
By providing us with a telephone number for a cellular phone or other
wireless device, including a number that you later convert to a cellular
number, you are expressly consenting to receiving communications
— including but not limited to prerecorded or artificial voice message
calls, text messages, and calls made by an automatic telephone dialing
system—from us and our affiliates and agents at that number. This
express consent applies to each such telephone number that you
provide to us now or in the future and permits such calls for non-
marketing purposes. Calls and messages may incur access fees from
your cellular provider.
MONITORING AND RECORDING COMMUNICATIONS
You acknowledge and agree that we, or anyone acting on our behalf,
may monitor and/or record any communication between you and us, or
anyone acting on our behalf, for quality control and other purposes. You
also acknowledge and agree that this monitoring or recording may be
done without any further notice to you. The communication that may be
monitored or recorded includes telephone calls, cellular or mobile phone
calls, electronic mail messages, text messages, instant or live chat, or any
other communications in any form.
WAIVERS AND PRECEDENTS
Our Agreement with you gives us rights and duties. If we don’t take
advantage of all our rights all the time that does not mean we lose them.
For example:
• If we make funds available to you for withdrawal ahead of schedule,
that does not mean we have to do it again.
• If we pay a check that is more than your account balance, that does
not mean we have to do it again.
APPLICABLE LAW
Unless otherwise stated herein, your account and this Agreement will be
governed by federal law and, unless superseded by federal law, by the
law of the state in which your account is located. If you opened your
account in person, it is located in the state in which you opened it. If you
opened your account online, in the U.S. Bank Mobile App or by telephone
and you reside in a state in which we have a branch at that time (or reside
within 50 miles of a branch), it is located in the state in which the branch
is located. If you reside anywhere else, then your Account is located in
Minnesota.
CUSTOMER IDENTIFICATION PROGRAM NOTICE USA
PATRIOT ACT
To help the government ght the funding of terrorism and money
laundering activities, federal law requires all nancial institutions to
obtain, verify, and record information that identies 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 other identifying documents like a driver’s license or
documents showing your existence as a legal entity.
Existing customers
Even if you have been a customer of ours for many years, we may ask
you to provide this kind of information and documentation because we
may not have collected it from you in the past or we may need to update
our records.
4
Failure to Provide Information
If, for any reason, any owner is unable to provide the information
necessary to verify their identity, their account(s) may be blocked or
closed, which may result in additional fees assessed to the account(s).
OWNER’S AUTHORITY
Each owner of a personal account, or an agent for a non-personal account,
acting alone, has the power to perform all the transactions available to
the account. For example, each owner or agent can:
1. make withdrawals by whatever means are available for the
account;
2. make deposits by whatever means are allowed for the account;
3. obtain and release information about the account;
4. sign or authenticate any document in connection with the
account (for example, an owner can endorse a check payable to a
co-owner for deposit to a joint account);
5. give rights to others to access the account (for example, any
owner could grant a power of attorney to have access to the
account); and
6. close the account.
In addition, if you share ownership of an account with someone else
(for example, you have a joint or multi-party account), then each of
you can endorse items for deposit to the account on behalf of another
owner. If there is shared ownership of an account, it is the intention
of all owners that each of you has complete and separate access and
withdrawal rights to all the funds in the account irrespective of who
had deposited the funds in the account.
U.S. Bank makes no warranty or representation as to the suitability of any
deposit product outside the United States of America.
AUTHORIZED ACCESS AND POWER OF ATTORNEY
Each owner of your account is independently permitted to authorize
someone else to access your account. For example, the following persons
will have access to your account:
1. Any person listed on a signature card, resolution, or certificate of
authority as being authorized to make withdrawals or transfers, by
check or otherwise, from your account;
2. Any person that you authorize to make withdrawals or transfers
from the account by whatever means the account allows (for
example, pre-authorized withdrawals, wire transfers, ATM card,
or debit card transactions);
3. Any person you give rights to act on your behalf, such as a power
of attorney;
4. Any person to whom you make your checkbook or your checking
account number available for purposes of transacting business on
the account. We discourage this type of “authorization” because
it is possible that we will detect such transactions and treat them
as unauthorized. If you give any such person “authority,” we are
not responsible whether we honor the transactions or dishonor
them; and
5. Any person to whom you make your ATM card or debit card
personal identification number (PIN) available. Although we
discourage this practice, by allowing this type of “authorization,”
the person to whom you make your personal identification
number (PIN) available may be able to access all of your accounts
held with us by using the telephone, ATM, online or other banking
access channels. If you give any person such “authority,” we
are not responsible for actions they take with respect to your
accounts.
We will use the word “agent” to mean any person who you authorize
to act on your behalf, whether by following the process we require (for
example, by designating an authorized signer on a signature card), or on
your own (for example, by creating a power of attorney). If you name
such an agent:
1. we may require that you use forms we approve and require each
owner to sign the form to be effective;
2. the powers you give to your agent, and any limitations on those
powers, are between you and your agent, even if we have
express written notice of those powers. You understand and
agree that we have no duty or responsibility to monitor the acts
of your agent or ensure that the acts of your agent are for your
benefit. For example, if you only give your agent authority to
pay your bills and your agent exceeds that authority, we are not
responsible for that breach of authority;
3. you agree not to hold us responsible for any loss or damage you
incur as a result of us following instructions given to us by your
agent;
4. the owners of the account are responsible to us for any actions
of your agent, regardless of whether those actions exceed the
authority given or whether the agent is appointed by all the
owners or less than all the owners;
5. the agency will end if the owner dies and we have actual
knowledge of that death, or if there is more than one owner, the
agency will end after the death of the last owner and we have
actual knowledge of that death and, in either case, once we’ve
had reasonable opportunity to act on it;
6. the agency will end after the owner notifies us in writing to end
the agency and we have had a reasonable opportunity to act on it;
and
7. if you authorize any third person, such as a bookkeeping service,
an employee, or agent of yours to retain possession of or prepare
items, you agree to assume full responsibility for any errors or
wrongdoing performed or caused by such third person or any of
its agents or employees if we should pay any such item.
YOU CANNOT TRANSFER AN ACCOUNT
You may not transfer an account to someone else without our express
written permission. This does not limit your right to access your account
by any permissible means.
CHANGE IN AUTHORIZED SIGNERS
Any owner, including one of the owners of a joint account, may add
owners or authorized signers to an account; however, we have the right
to require the signature of all owners to make the change. Only under
special circumstances and subject to prior approval by us may an owner
remove another owner or authorized signer from an account.
No change in owners or authorized signers is eective until we have
received written notice of the change and have had adequate time to
approve and act on it.
ADJUSTMENTS
If we (or you, or you and us together) make an error on your account, we
can x the error without rst notifying you. For example, if:
• the dollar amount of your check is paid for the incorrect amount;
• a deposit is added incorrectly;
• we apply a deposit to the wrong account;
we can x the error without any special notice to you, though such a
correction will normally appear on your statement if the error and the
correction occur on dierent business days.
For accounts coded as Consumer and Business accounts, we may not
adjust for insignicant errors unless you request it. For all other account
types including Corporate and Commercial accounts, we may not adjust
for deposit errors of $50.00 or less unless we have agreed with you to a
lower adjustment amount.
RETENTION OF DOCUMENTS
You should retain your copy of deposit receipts and other documents
associated with your deposit(s). Should you claim that a deposit was
incorrectly credited, we may request a copy of your receipt or other
documents associated with your deposits.
LIABILITY FOR CHARGES AND OVERDRAFTS
All account owner(s) are responsible to repay to us any overdraft amount
and any overdraft fees charged to an account, no matter which owner
caused it or why, subject to rights under the Electronic Fund Transfers
Act. That repayment is due immediately, and we will take it from your
next deposit or whenever funds become available in your account. If
there is more than one owner, each owner is separately, and all owners
are jointly, responsible for an overdraft and any account fees. (This
means we can collect the total from any owner(s), on any of the owner(s)
accounts, but we won’t collect it more than once). For more information
on overdrafts please refer to the section titled Insufficient Funds and
Overdrafts.
We list the charges that you may incur on your account in separate pricing
information disclosures or agreements for your account.
TRANSACTION POSTING ORDER
We reserve the right to decide the order of the items we will pay and
which items will be returned (if any). Our posting order may not be the
same as the order in which you conducted a transaction and could result
in overdraft fees, if you do not have available funds at the time the item
is paid. Generally, we post the following three transaction types after the
close of each business day in the following order:
5
1. Deposits we receive before the daily cuto time will be posted before
any withdrawals. (Refer to our Cuto Time and/or Funds Availability
section for cuto time description.)
2. Your non-check withdrawals will be posted in date/time order, based
on the date and time associated with each transaction. A date and time
(if one is available) will be assigned to each transaction based on one of
the following: (1) when the transaction was preauthorized (for example a
debit card or ATM transaction was approved); or (2) when the transaction
was processed by U.S.Bank (for example an ACH, or bill pay transaction
for which there is no pre-authorization). If a date and time is not available,
these transactions are posted to your account after all transactions with
a valid date and time or check number are complete, and posted to your
account in order of amount, starting with the lowest transaction amount
rst (frequently referred to as low-to-high).
3. Your checks will be posted in check number order, starting with the
lowest number. (For example: on Monday we may receive and post
check #107; on Tuesday we may receive check # 102 and # 105, and
those would be posted on Tuesday in the order of lowest check number
(e.g.,#102) posting rst).
DEPOSITS
When you make a non-cash deposit to your account, we give you credit
for that deposit, but that credit is provisional (temporary). If the deposit
needs to be collected from another nancial institution, we must be
paid before the credit becomes nal. After a credit is nal it may still be
reversed if the funds cannot be collected. See the sections titled Returned
Deposited Items For Business Accounts Only and Funds Availability.
All deposit receipts are issued subject to our count and verication of
the items deposited. You should retain your copy of deposit receipts and
other documents associated with your deposit(s). Should you claim that a
deposit was incorrectly credited, we may request a copy of your receipt
or other documents associated with your deposit.
Foreign Currency: Deposits received in a foreign currency, whether
by check, foreign currency notes, wire-transfer, or otherwise, must be
converted to U.S. dollars prior to being deposited into your account.
U.S. Bank will convert your funds at an exchange rate established by
U.S.Bank and/or our foreign currency vendor on the business day when
such exchange is processed. Currency exchange rates are determined in
our sole discretion based on factors such as market conditions and risk,
economic and business factors. The exchange rate is an all-in rate which
includes our prot, fees, costs, and charges. Currency exchange rates
will be applied to these deposits without notice to you. You agree to this
procedure and accept our determination of the currency exchange rates.
Foreign currency conversions and verication of foreign currency notes
can take time and exchange rates uctuate at times signicantly. Foreign
currency notes that are determined to be counterfeit, outdated, or out
of circulation will be rejected for conversion and returned to U.S. Bank
as unacceptable, and U.S. Bank may reverse any provisional credit made
to your account when you deposited such items. You acknowledge and
accept all risk that may result from such uctuations, rejections and
returns. Your transaction is a retail transaction. Retail foreign exchange
conversion rates are dierent from the wholesale exchange rates for
large transactions between two banks as may be reported in The Wall
Street Journal or elsewhere. Exchange rates oered by other banks or
shown at other sources (including online sources) may be dierent from
our exchange rates. The exchange rate you are oered may be dierent
from, and likely inferior to, the rate paid by U.S. Bank to acquire the
underlying currency. The exchange rate may also be dierent from a rate
oered by U.S. Bank to a dierent customer, at a dierent time, for a
dierent transaction amount, or in a dierent payment channel (checks,
wire-transfers, etc.).
U.S.Bank sometimes relies on other nancial institutions or vendors in
the conversion process. In this event, the conversion and acceptance
of notes will be in accordance with the policies and procedures of that
bank or vendor and the funds will be converted at the exchange rate
determined by that bank or vendor. Any fees or charges assessed by that
bank or vendor will be passed on to you. Your nal credit will be adjusted
to reect that nal exchange rate and acceptance of notes less all fees
or charges.
Foreign Checks: Checks and other items drawn o a foreign nancial
institution, whether negotiable in a foreign currency or in U.S. dollars
may require special funds collection processing by us. As a result, funds
availability may be delayed. If you deposit such an item, you agree that
we may delay funds availability at our discretion until we are satised that
we have received nal payment of the item.
Deposits by Mail: Deposits you send by mail are considered deposited
on the business day it arrives at the bank. (See our Funds Availability
section.)
Cutoff Time: A deposit made after our daily cuto time on a business
day, or on a day we are not open for all forms of business, will be
considered deposited on the next full business day. (Refer to our Funds
Availability section for cuto time description.) The cuto time applies
to all accounts (savings, certicate of deposits, payments, etc.), not just
checking accounts.
Endorsement: If you make a deposit to an account and you fail to
endorse the item, we may add an endorsement on any item and you will
be responsible for the item as if you endorsed it yourself.
We can refuse to accept any item or other type of deposit, for any reason,
or no reason, or impose conditions on a deposit. For example, we can
treat a deposit as an “inquiry” or take an item for “collection” instead of
deposit. We may also decline to accept a large cash deposit or require
you to make such a deposit at a location and time of our choosing.
RETURNED DEPOSITED ITEMS FOR BUSINESS ACCOUNTS
ONLY
The funds you deposit to your account are subject to normal collection
processes even after we make the funds available to you for withdrawal
(i.e., the check has “cleared”). If we do not collect the funds, or we need
to return the funds, your deposit will be reversed and become your
responsibility. Returned items are charged back to your account and a
Return Item Advice notice is mailed to the primary account address on le.
For example:
• The deposit amount of the check is recorded incorrectly to your
account. The person who wrote the check catches the error, and
reports it to their bank, who in turn reports it to us. We would reverse
the incorrect portion of the deposit and correct the mistake.
• A check you deposit has a forged endorsement. The person who
wrote the check notices the forgery and reports it to their bank, who
reports it to us. We would reverse the deposit and collection of the
check would become your responsibility.
There will be one fee posted for the sum of all Returned Deposited Item
fees returned within a single transaction as well as applicable overdraft
fees if sucient funds are not in your account to cover your items.
CHECK 21
Check processing is getting faster as banks begin to process checks
“electronically.” We are required by law to provide the notice in the
following section (SUBSTITUTE CHECKS AND YOUR RIGHTS), which
explains the dierences between your original check (which might not
be returned) and a substitute check, and your rights in the event the
substitute check causes a loss that would have been avoided if the
original check was still available.
SUBSTITUTE CHECKS AND YOUR RIGHTS
What is a substitute check?
To make check processing faster, federal law permits banks to replace
original checks with “substitute checks”. These checks are similar in size
to original checks with a slightly reduced image of the front and back
of the original check. The front of the substitute check states: “This is a
legal copy of your check. You can use it the same way you would use the
original check.” You may use the substitute check as proof of payment
just like the original check.
Some or all of the checks that are returned to you from us may be
substitute checks. This notice describes your rights you have when you
receive substitute checks from us. The rights in this notice do not apply
to original checks, photocopies of original checks, or to electronic debits
to your account. However, you have rights under other laws with respect
to those transactions.
What are my rights regarding substitute checks?
In certain cases, federal law provides a special procedure that allows
you to request a refund for losses you suer if a substitute check is
posted to your account (for example, if you think that we withdrew the
wrong amount from your account or that we withdrew money from
your account more than once for the same check). The losses you may
attempt to recover under this procedure may include the amount that
was withdrawn from your account and fees that were charged as a result
of the withdrawal (for example, overdraft fees).
The amount of your refund under this procedure is limited to the amount
of your loss or the amount of the substitute check, whichever is less. You
are also entitled to interest on the amount of your refund if your account
is an interest-bearing account. If your loss exceeds the amount of the
substitute check, you may be able to recover additional amounts under
other law.
If you use this procedure, you may receive up to $2,500.00 of your
refund (plus interest, if your account earns interest) within ten business
days after we received your claim and the remainder of your refund (plus
6
interest, if your account earns interest) not later than 45 calendar days
after we received your claim.
We may reverse the refund (including any interest on the refund) if we
later are able to demonstrate that the substitute check was correctly
posted to your account.
How do I make a claim for a refund?
If you believe that you have suered a loss relating to a substitute check
that you received and that was posted to your account, please call
U.S.Bank 24-Hour Banking (see last page for phone numbers) or write to
us at U.S.Bank, 60 Livingston Ave, EP-MN-WS5D, St. Paul, MN 55107.
You must contact us within 40 calendar days of the date that we mailed
(or otherwise delivered by a means to which you agreed) the substitute
check in question or the account statement showing that the substitute
check was posted to your account, whichever is later. We will extend
this time period if you were not able to make a timely claim because of
extenuating circumstances.
Your claim must include:
1. a description of why you have suffered a loss (for example, you
think the amount withdrawn was incorrect);
2. an estimate of the amount of your loss;
3. an explanation of why the substitute check you received is
insufficient to confirm that you suffered a loss; and
4. a copy of the substitute check or identifying information such
as the check number and the name of the person to whom you
wrote the check.
COPIES OF DOCUMENTS
We do not typically keep the original paper documents (like deposit
slips) associated with your account for a long time. We image most
of the documents that end up with us and destroy the paper originals.
Electronic images is one type of media that is used, but as technology
changes, there are and will be other imaging techniques. You agree that
such images will be sucient for all purposes.
See the section titled CHECK 21. To facilitate check imaging and
electronic check collection, it is important that you take care with the
transactions you create on paper. When completing a check, you must:
1. write clearly;
2. use black or dark blue ink in the date, pay to, amount, and
signature fields; and
3. use only the space provided for your part of a transaction. (See
the section on ENDORSEMENT STANDARDS.)
You agree to reimburse us for any losses and costs we incur as a result of
a poor check image caused by a deciency in the written check, whether
due to your failure to follow these guidelines or otherwise. You also
agree to reimburse us for any losses and costs we incur as a result of a
poor check image caused by a deciency in the written check that you
accepted and deposited as the payee.
NIGHT DEPOSITORY
If you arrange for night depository services, you must comply with the
following two rules and also comply with the rules in any separate night
depository agreement.
1. Use of Containers. Each deposit placed in the depository must
be contained in a sealed envelope, or in a bag or pouch that has
been approved or supplied by us. Deposits are only processed to
accounts held at U.S.Bank.
2. Care. You must take appropriate care when you put the container
in our night depository or other facility to make sure the container
is received by us.
Our responsibility for the security of the container and the
drawer or facility is to use reasonable care. This means we are
not automatically liable for just any loss, only for losses that result
from our own negligence, only to the extent we caused a loss,
and reduced by your contribution to any loss. In legal terms, we
are a “bailee” until the point:
• when we open the container and inventory its contents (if
that is what we are asked to do); or
• when you sign the receipt for or take custody of the container
(if we do not open the container).
CHECKS
Post-Dated Checks. We are not responsible to you if we pay a check
before its date, even if we have noticed that it is post-dated. If we, at
our option, refuse to pay a check because it is presented before its date,
you will have to pay, if applicable, the fee we charge for an overdraft.
If you want to be sure we do not cash it before its date, you must stop
its payment by following our rules for stop payments in the STOP
PAYMENTS section of this Agreement and follow our procedures for
revoking a stop payment request.
Stale-Dated Checks. A “stale-dated” check is one that is brought to us
for payment more than six months after its date. We may pay, or refuse
to pay, a check brought to us (“presented”) more than six months after its
date. The general rule is we will pay the check, however we may return
the check for insucient funds. In addition, the check would be subject
to an overdraft. If you do not want us to pay a stale-dated check, you
must place a stop payment order on the check.
Check Legends. We are not required to honor any legends or memos
you put on your checks, even if we are aware of them. By a “legend” or
“memo” we mean a message, such as “not valid for more than $50.00” or
“do not pay more than ten days after date” or “paid in full”.
Check Forms. Checks are sorted and copied by high speed equipment. If
you don’t buy your checks through us, you must get them approved by us
or we will not be responsible if your checks do not process correctly. See
the section titled COPIES OF DOCUMENTS for additional information on
inks and related issues.
Deposits of Checks at ATMs
We reserve the right to refuse to credit your account for ATM deposits
of the following items. If an item is refused the item or a substitute check
may be returned via mail to the primary account address.
1. All the check payees are not listed on the account;
2. Checks payable to a business and the business name is not
listed on the account. (Checks payable to a business must
be deposited into an account that includes the name of the
business on the associated account);
3. Improperly endorsed (for example, different endorser than
payee);
4. Restrictive wording (on the deposited item);
5. Post-dated (greater than one day after the ATM network
business day);
6. No date or incomplete date;
7. Altered in any way;
8. Photocopy of item;
9. Not signed by maker;
10. Traveler’s check with different counter signature;
11. Drawn on a foreign bank;
12. Missing the numeric amount and/or the written amount;
13. Numeric amount and written amount do not match;
14. No payee listed;
15. Federal tax refund checks not endorsed by payee or payees;
and
16. Any other instrument which is not a check or negotiable
instrument.
ENDORSEMENT STANDARDS
The payee of a check (the person to whom a check is payable) must sign
(endorse) the check on the back in the space shown in the picture. If a
check is transferred to someone else before it gets deposited or cashed,
that person (the transferee) may also be required to sign the check.
Every bank that handles a check on its way to the bank that is asked to
pay it also has to identify itself on the back of the check. The space for
those banks is to the right of the space shown for the payee and other
“holders” (see picture below).
When you endorse a check, you must:
1. clearly sign your name;
2. use black or dark blue ink if possible;
3. never use a faint color, like red, pink or any pastel, or a gel ink
(these do not copy well);
4. sign near the top of the space provided, or just below any other
signature in that space;
5. stay out of the area below the space for endorsers (most check
forms have a line separating the endorsement area); and
6. keep any stamp within the area set aside for handwritten
signatures.
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The picture on this page shows you the correct endorsement area.
FRONT OF CHECK
Bank Name
and Location
123456789 7654
Pay to the
or
der of
$
dollars
20
Name
Address, City, State
7654
BACK OF CHECK
Memo
Keep your endorsement
out of this area.
1
1
/2"
TRAILING EDGE
YOUR ENDORSEMENT MUST
BE WITHIN THIS AREA
Why is this important?
If your endorsement of a check, or the endorsement of someone from
whom you took the check, either:
1. causes a delay in a necessary notice to someone else, or
2. prevents someone from being identified quickly enough (and
therefore cannot get notice or cannot get it in time).
You will be responsible for the check and the loss that occurs because it
is not paid. It will then be up to you to try and recover from someone else
who might be liable.
INSUFFICIENT FUNDS AND OVERDRAFTS
“Account Balance” means the funds in your account, including
deposits and withdrawals made to date. Not all your transactions will
be immediately reected. As a result, only part of this balance may be
available for withdrawal.
“Available Balance” means the amount of money that can be withdrawn
at a point in time. The Available Balance will be less than the Account
Balance when there are pending transactions such as:
• Funds held from deposits: These funds have been deposited but
are not yet fully available for withdrawal or transfer. Once these
funds are available, they will be reflected in the Available Balance.
• Funds held for debit card authorizations: This reflects merchant-
authorized requests for payment, when the final charge has not
been submitted by the merchant. Debit card authorizations will
be reflected as pending transactions and/or will reduce your
Available Balance from the time we receive the authorization until
the merchant presents the item for payment. If the debit card
transaction has not been presented for payment within seven
business days, it may be removed from your pending transactions
and your Available Balance may no longer be reduced by the
authorization amount. Once the final charges have been received
and processed, they will be reflected in the Available Balance.
• Any other holds on funds in your account.
Note: The Available Balance does not reect every transaction you have
initiated or previously authorized. Items that may not be reected in your
Available Balance include, but are not limited to:
• Outstanding checks and authorized automatic withdrawals
(such as recurring debit card transactions, transfers, and
ACH transactions that we have not received for payment or
processing).
• The final amount of a debit card purchase. For example, we may
authorize a purchase amount from a restaurant or a gas station,
but the authorized amount may be different from the final charge.
Once a final charge has been received and processed, it will be
reflected in the Available Balance. (Please refer to “Debit Card
Transactions” subsection for more information about how these
situations are handled.)
• Scheduled bill payments that have not yet been processed.
• Debit card transactions that have been previously authorized but
not sent to us for payment from your account where we have
released the transaction authorization hold and the transaction is
sent for payment from your account at a later date.
“Insufficient funds” means your Available Balance is insucient to pay
the transactions you are attempting from that account.
Having insucient funds in your account could lead to returned items,
which refers to any withdrawal or transfer that we return because it
exceeds your Available Balance on a given day. Examples of withdrawals
that could be returned may include any checks, ACH transactions, online
or mobile bill payments, or any other debit from your account where we
return it because it is for more than the Available Balance you have in
your account at the time the transaction is presented to your account. We
reserve the right to pay an insucient funds withdrawal and overdraw
your account, which may result in an Overdraft Paid Fee. If we’ve paid
insucient funds items before, we are not required to do it in the future.
“Overdraft” means a transaction has caused the Available Balance on
an account to become a negative number. An overdraft can happen, for
example:
• by writing a check without enough money in your checking account
to pay the check, and we pay the item;
• by making a withdrawal from your account that exceeds your
Available Balance;
• by using your U.S. Bank Debit Card for payment without enough
money in your checking account to cover the amount authorized
or the amount paid to the merchant. If any debit card transaction
results in a negative Available Balance at the time it is presented for
payment;
• by making a deposit, withdrawing money based on the credit
received from that deposit, and then having that deposit reversed
because the deposited item is later returned to us unpaid;
• by withdrawing money from your account and not having enough
money left to pay any related charges posted to the account;
• when funds are credited to your account in error and you use the
funds, and the reversal of the credit results in an overdraft; or
• when fees such as monthly maintenance fees are charged, and you
do not have sufficient funds to cover.
Our Options: You do not have the right to withdraw funds that exceed
the Available Balance on your account. When an item of yours overdraws
an account, we can either pay or return the item. You cannot choose
which items we pay or return, except as identied in your selection of
“Overdraft Handling” (as identied later).
If we get a batch, or multiple batches, of such items in a day (for
example, checks, ATM purchase transactions, and debit card purchase
transactions typically come in batches), and if one, some or all of them
would overdraw the account if paid, we will post items in accordance with
the “Transaction Posting Order” section listed within this Agreement.
This may result in processing larger dollar items before smaller dollar
items, even though this would have the eect of reducing your Available
Balance more quickly.
Our Fees: We charge an Overdraft Paid Fee for each item or transaction
we pay that causes the Available Balance to become negative or occurs
while the Available Balance is negative on the account. Any Overdraft
Paid Fees are deducted from your account on the next business day. See
the current pricing information disclosure for information on fees and
how fees will be assessed. If you want to avoid the inconvenience and
extra expense of overdraft fees, refer to the sections titled “Overdraft
Handling” on page 7 and “Overdraft Protection Plans” on page 8 for
information.
There are some circumstances that can take your account into a negative
balance where we will not charge a fee, for example:
• If certain fees such as your monthly maintenance fee are the only
items that resulted in the negative balance.
• If the negative Available Balance is less than our threshold. See
your Consumer Pricing Information, Business Pricing Information or
U.S. Bank Business Essentials® Pricing Information disclosure(s) for
specific information. (All disclosures can be obtained by stopping in
a U.S.Bank branch or for the Consumer Pricing Information only, call
800-872-2657 to request a copy.)
Your responsibilities for overdrafts: If you have an overdraft on your
account (excluding consumer checking accounts), you must deposit
enough money into your account to pay both the overdraft amount and
the fees we charge. If you have an overdraft on your consumer checking
account only (excluding Safe Debit accounts), please refer to the section
titled “U.S.Bank Overdraft Fee Forgiven” on page 8 for more information.
If you share ownership of your account with someone else, you are
responsible for the overdraft, whether or not you personally caused the
overdraft or benefited from it.
OVERDRAFT HANDLING
Consumer Checking and Money Market Accounts:
Most U.S.Bank Consumer checking and money market accounts come
with Standard Overdraft Coverage. Under Standard Overdraft Coverage
we will authorize and pay overdrafts for these types of transactions at
our discretion:
• Checks and other transactions using your checking account number
• Automatic bill payments
• Recurring debit card transactions, for example setting up your debit
card to automatically pay a monthly gym membership. We rely on
the merchant to inform us if a debit card transaction is a one-time or
a recurring transaction.
8
If we pay these transactions into overdraft, we may charge an Overdraft
Paid Fee. See the Consumer Pricing Information disclosure for additional
details.
In addition to Standard Overdraft Coverage, you have the following
options outlined below.
ATM and Debit Card Overdraft Coverage:
Upon opening your U.S. Bank consumer checking or money market
account, or after your account is opened, you have the option to say ‘Yes’
or ‘No’ to ATM and Debit Card Overdraft Coverage.
If you say ‘Yes’
If you choose to say ‘Yes’, you allow U.S.Bank to authorize and pay ATM
and everyday debit card transactions (purchases made with your debit
card on a day-to-day basis) that may cause the Available Balance in your
account to become negative. If this happens and the negative Available
Balance is $50.01 or more, we may charge an Overdraft Paid Fee for each
item paid greater than $5.00.
If you say ‘No’
If you choose to say ‘No’, you do not allow U.S.Bank to authorize and
pay ATM and everyday debit card transactions into a negative Available
Balance. If we do not authorize and pay an overdraft your transaction will
be declined and you will not be charged a fee.
In limited circumstances, your ATM or everyday debit card transaction
may be processed, resulting in your Available Balance becoming negative.
These situations may include, but are not limited to:
• A debit card transaction is processed for more than the
preauthorized amount. For example, we may authorize a purchase
amount from a restaurant or a gas station, but the authorized
amount may differ from the final charge (Please refer to “Debit Card
Transactions” subsection for more information about how these
situations are handled.);
• A debit card transaction that obtained an authorization based on
a sufficient Available Balance in your account, but is sent to us for
payment later when your Available Balance is no longer sufficient to
cover the item;
In these situations, you will not be charged an Overdraft Paid Fee.
If you wish to discuss your options or change your account election
at any time, contact a local U.S.Bank branch, call U.S.Bank 24-Hour
Banking or visit usbank.com. Please be aware it may take up to three
business days to implement your request.
U.S. Bank Overdraft Fee Forgiven
All consumer checking accounts (excluding Safe Debit Accounts) are
eligible to have Overdraft Paid Fee(s) waived with qualifying deposits
(see below). The Overdraft Fee Forgiven period starts the first day your
Available Balance becomes negative and you were charged an Overdraft
Paid Fee(s). U.S. Bank will review your account for a fee waiver at 11
p.m. ET on the day we charged the Overdraft Paid Fee(s). In the event
your Available Balance at the end of the business day is or would be
overdrawn by $50.00 or less, we will not charge an Overdraft Paid Fee.
If your Available Balance* at 11 p.m. ET is $0 or more, the Overdraft Paid
Fee(s) charged will be waived.
*Excluding the Overdraft Paid Fee(s) and including immediate and same
day deposits.
If you have Overdraft Protection and your account becomes overdrawn
Overdraft Protection funds will be accessed (and applicable fees
charged) before the account is eligible for Overdraft Fee Forgiven.
Deposits that generally will qualify for Overdraft Fee Forgiven include:
• ACH and electronic deposits;
• Cash deposits;
• Wire transfers;
• ATM deposits at U.S. Bank ATM;
• Check deposits in branch;
• Internal transfers from another U.S. Bank account.
Deposits that generally will not qualify for Overdraft Fee Forgiven include:
• Mobile check deposit;
• Extended hold placed on a deposit;
• Deposits into new accounts opened less than 30 days where funds are
generally made available the fifth business day after the day of your
deposit.
Requested Return:
You may ask us to place your account in Requested Return status. When
you select this option, you are automatically choosing to say ‘No’ to ATM
and Debit Card Overdraft Coverage (refer to If you say ‘No’ for more
details). In addition, we will attempt to return items which would result
in an overdraft to your account such as checks, and automatic bill pay
transactions.
• Note that when you select Requested Return, you may be charged
fees by the merchant or service provider.
• Please understand we will not be able to return all items. If we
pay an item, for any reason, you will be charged the applicable
Overdraft Paid Fee (with the exception of ATM and everyday debit
card transactions). These situations include, but are not limited to:
recurring debit card transactions when a merchant had obtained
an authorization for the first instance, but did not obtain a new
authorization for subsequent occurrences (for example, a monthly
gym membership); or other transactions/adjustments that may
be processed in accordance with our Transaction Posting Order
resulting in an insufficient Available Balance (Refer to “Transaction
Posting Order” section listed within this Agreement). We rely on the
merchant to inform us if a debit card transaction is a one-time or a
recurring transaction.
If you wish to select Requested Return, contact a local U.S.Bank branch
or call U.S.Bank 24-Hour Banking (see last page for phone numbers).
Please be aware it may take up to three business days to implement
your request and items may or may not be returned during that time.
Business Options for Checking and Money Market Accounts
For Business Checking and Business Money Market accounts, we will
authorize and pay overdrafts for all types of transactions at our discretion.
If we pay these transactions into overdraft, we may charge an Overdraft
Paid Fee.
Requested Return
You may ask us to place your account in Requested Return status. When
choosing this option, we will attempt to return and/or decline items
which would result in an overdraft to your account.
• Note that when you select Requested Return, you may be charged
fees by the merchant or service provider.
• Please understand we will not be able to return all items. If we pay an
item, for any reason, you may be charged an Overdraft Paid Fee.
If you wish to request Requested Return, contact a local U.S. Bank
branch or call U.S. Bank 24-Hour Banking (see last page for phone
numbers). Please be aware it may take up to three business days to
implement your request and items may or may not be returned during
that time.
Other sections: While many other sections of this Agreement relate to
these issues, these sections are particularly appropriate:
• Setoff (page 16)
• Security Interest in Accounts (page 16)
• Funds Availability: Your Ability to Withdraw Funds - All Accounts
(page 18)
• Electronic Fund Transfers for Consumer Customers (page 20)
• Limits on Transfers (page 21)
• Electronic Fund Transfers for Business Customers (page 23)
OVERDRAFT PROTECTION PLANS
Consumer Overdraft Protection
U.S. Bank oers Overdraft Protection Plans to help you avoid the
inconvenience of having a check returned, and/or a debit card purchase
rejected, resulting in the expense of overdraft fees. These Overdraft
Protection Plans allow an eligible account to be linked to a U.S. Bank
Personal Checking Account(s) (“checking account(s)”) to cover overdraft
situations when the Available Balance is insucient to cover checks
presented for payment and/or Available Balance has been reduced due
to pending authorized debit card transactions, as specied in subsection
“Debit Card Transactions”.
U.S. Bank lets you choose which eligible accounts are linked to your
checking account for Overdraft Protection, and the order in which those
accounts are accessed to transfer funds to your checking account.
Some eligible accounts (e.g. depository accounts) do not have Overdraft
Protection Transfer fees, and if you have deposit and credit accounts
linked for Overdraft Protection, the rst Overdraft Protection Account
determines whether a fee is charged (if any).
You can choose to link up to three eligible U.S.Bank accounts to your
personal checking account for Overdraft Protection. Owner(s) who are
signers on the checking account must also be signers on the account(s)
linked for Overdraft Protection.
Eligible accounts include:
• U.S.Bank Savings Account or Money Market Account
• U.S.Bank Reserve Line of Credit
9
• U.S.Bank Credit Card
• A secondary U.S.Bank Personal Checking Account
• U.S.Bank Personal Line of Credit
• U.S.Bank Home Equity Line of Credit
• Other U.S.Bank Lines of Credit
If you have linked eligible accounts, and the negative Available Balance
in your checking account is or would be overdrawn by $5.01 or more,
the advance amount will transfer in multiples of $50.00. If the negative
Available Balance is or would be $5.00 or less, the amount advanced will
be $5.00. The Overdraft Protection Transfer Fee is waived if the transfer
is made from a deposit account or the negative Available Balance in your
checking account is $50.00 or less.
If the negative Available Balance in your checking account is caused by
monthly fees, such as a maintenance fee or statement/image fee only,
overdraft protection will not advance and no Overdraft Protection Transfer
Fees will apply. (For example, the account is overdrawn due to a Monthly
Maintenance Fee, overdraft protection will not advance. If additional
transactions post, overdraft protection will advance to cover the negative
Available Balance amount and an Overdraft Protection Transfer Fee may
be charged.) If the account linked for Overdraft Protection does not have
enough funds to cover the overdrawn amount, the current Available
Balance will still be transferred to reduce the overdrawn amount.
If there is more than one account linked for Overdraft Protection and
the Available Balance of the rst linked account is not enough to cover
the overdrawn balance, the next linked account will transfer funds in
multiples of $50.00 to cover the remaining overdrawn balance. When
multiple accounts are linked as Overdraft Protection, the rst account
funds are transferred from determines the amount of the Overdraft
Protection Transfer Fee (if any).
For each day an Overdraft Protection transfer occurs, a Bank fee will be
charged to the checking account that received the transfer. (Refer to the
Consumer Pricing Information disclosure Overdraft Protection Transfer
Fee for fee amount. This disclosure can be obtained by contacting a
U.S.Bank branch or calling 800-872-2657.) While no fee will be charged
to your U.S. Bank savings account or secondary checking account,
U.S. Bank Reserve Line of Credit, U.S. Bank Credit Card, U.S. Bank
Personal Line of Credit, or U.S.Bank Home Equity Line of Credit, for any
automated advance to cover an overdraft to your associated deposit
account, you will incur an interest charge according to the terms of your
agreement governing your credit account. Advances on a U.S.Bank Credit
Card Overdraft Protection Plan account are subject to the standard cash
advance interest rate, as well as the current cash advance fee. Please
refer to your U.S. Bank Reserve Line of Credit, U.S. Bank Credit Card,
U.S.Bank Personal Line of Credit or U.S.Bank Home Equity Line of Credit
for information regarding interest charges.
When the Bank accesses funds from an eligible line of credit or credit
card, these types of transfers may be subject to additional charges
such as annual fees. In addition, you may be subject to interest that will
accrue on the amounts advanced in accordance with your line of credit
or cardmember agreement.
Business Banking Overdraft Protection
U.S. Bank oers Overdraft Protection Plans to help you avoid the
inconvenience of having a check returned, and/or a debit card purchase
rejected, resulting in the expense of overdraft fees. These Overdraft
Protection Plans allow an eligible account to be linked to a U.S. Bank
Business Checking Account(s) (“checking account(s)”) to cover overdraft
situations when the Available Balance is insucient to cover checks
presented for payment and/or Available Balance has been reduced due
to pending authorized debit card transactions, as specied in subsection
“Debit Card Transactions”.
U.S. Bank lets you choose which eligible accounts are linked to your
checking account for overdraft protection. Only one deposit product
and one credit product may link to a business checking account. When
the checking account has a linked Business Reserve Line of Credit, the
system will automatically draw from that account rst, which may incur
a fee. If the checking account does not have a linked Business Reserve
Line of Credit and has both a credit product and a deposit product linked
as overdraft protection, the system will draw from the deposit product
rst, which will not incur a fee. Funds only draw from the credit product
(excluding Business Reserve Line of Credit) if the deposit product has
insucient available funds.
The name of the business on the business checking account must match
the name of the business on the business credit overdraft protection plan
account. The name(s) of the account signer(s) on the business checking
account may also be required to match the account signer(s) on the
business Overdraft Protection Plan account.
Eligible accounts include:
• U.S.Bank Business Savings or Money Market Account
• A secondary U.S.Bank Business Checking Account
• U.S.Bank Business Reserve Line of Credit
• U.S.Bank Business Credit Cards
• U.S.Bank Cash Flow Manager or Advantage Line
If you have a U.S.Bank Business Savings, Business Money Market account,
or secondary U.S.Bank Business Checking account linked as Overdraft
Protection, any automatic advances will be in $200.00 increments made
to cover the overdraft. Automated transfers from a U.S. Bank deposit
account are not assessed Overdraft Protection Transfer Fees.
If you have a U.S.Bank Business Reserve Line of Credit linked as overdraft
protection, any automatic advances will be in $200.00 increments made
to cover the overdraft. Please refer to your U.S.Bank Business Reserve
Line Agreement for information regarding interest charges.
U.S. Bank Business Credit Card linked as overdraft protection, any
automatic advances will be in $25.00 increments made to cover the
overdraft. Advances on a U.S. Bank Business Credit Card Overdraft
Protection Plan account are subject to the standard cash advance interest
rate, as well as the current cash advance fee.
When the Bank accesses funds from an eligible line of credit or credit
card, these types of transfers may be subject to additional charges such
as annual fees. In addition, you may be subject to interest that will accrue
on the amounts advanced in accordance with your line of credit or
Cardmember Agreement. Please refer to your Cardmember Agreement
for information regarding charges and fees.
Each time an overdraft protection transfer from a Business Reserve Line
or a U.S. Bank Business Credit Card automatically transfers funds to
the checking account, an Overdraft Protection Transfer Fee (daily fee)
applies. The transfer fee amount posts as a separate transaction to the
checking account.
Refer to the Business Pricing Information or U.S. Bank Business Essentials®
Pricing Information disclosure(s) for current fees. This disclosure can be
obtained by stopping in a U.S.Bank branch.
If you have a U.S.Bank Cash Flow Manager linked as overdraft protection,
any automatic advances will be in $100.00 increments made to cover
the overdraft. While no Overdraft Protection Transfer Fee is charged to
the Cash Flow Manager account for any automated advance to cover an
overdraft to your associated deposit account, you will incur an interest
charge according to the terms of your agreement governing your credit
account. Please refer to your U.S.Bank Cash Flow Manager agreement
for information regarding interest charges.
If the negative Available Balance is caused by a monthly maintenance
fee, service fee or statement/image fee only, overdraft protection will
not advance and no Overdraft Protection Transfer Fees will apply. (For
example, the account is overdrawn due to a Monthly Maintenance fee,
overdraft protection will not advance. If additional transactions post,
overdraft protection will advance to cover the negative Available Balance
amount and an Overdraft Protection Transfer Fee may be charged.) If
the account linked for Overdraft Protection does not have enough funds
to cover the incremental amounts listed above, the current Available
Balance will still be transferred to reduce the overdrawn amount. If there
is more than one account linked for Overdraft Protection and the Available
Balance of the rst linked account is not enough to cover the overdrawn
balance, the next linked account will transfer funds in the increments
listed in this section. In the event the Available Balance in the second
linked account does not have enough funds to cover the incremental
amount, the Available Balance will be transferred.
Business Overdraft Protection Agreements
U.S. Bank also oers certain business customers overdraft protection
through separate written agreement. The terms of such agreement shall
govern those Business Overdraft Protection Plans.
REFUSING PAYMENT ON YOUR CHECKS
You must ll in an amount (in words and numbers) correctly and clearly,
and sign your name on checks you write. You should ll in the date and
name a payee on your checks. If you don’t name a payee, anyone can
cash the check. If you fail to follow these rules, we may refuse to honor
your checks.
When a check you write is presented to us by another bank for payment,
we will generally accept the endorsements on the check, because if an
endorsement is missing or forged, we have rights against the other bank
that protect us. When a check of yours comes to us other than through
another bank, we might not cash it if we are not comfortable with the
endorsements on it or the identity of the person who presents it. This
is especially true with an endorsement in the name of a business entity.
10
We may require anyone who presents a check for payment in person
(other than an account owner presenting a check on his or her own
account) to:
• pay a fee to cash the check if applicable; and
• give a fingerprint or thumbprint, and identification, as a condition of
cashing a check.
If the presenter of the check refuses to comply with these requirements,
or complies but later asserts that these requirements infringed on their
legal rights, you understand and agree that imposing these requirements
will not be considered a “wrongful dishonor” of your checks.
FUNDS TRANSFERS
Unless we have entered into a specic written agreement with you that
provides otherwise, payment orders you give to us for the transfer of
funds out of the account by wire transfer or otherwise, and payment
orders we receive for the transfer of funds into the account, will be
governed by this section, subject to rights under the Electronic Fund
Transfers Act. In addition, your rights and obligations with respect to a
payment order, and our rights and obligations, will be governed by (a) any
separate written agreement with us; then (b) this section; and then, to the
extent not specied in a separate written agreement or this Agreement;
(c)by Article 4A of the Uniform Commercial Code (“UCC4A”) as enacted
in the state in which you have your account with us.
We reserve the right to refuse to accept any payment order. Payment
orders are accepted when they are executed by us. We may process any
payment order request (as well as any amendment or cancellation request
concerning a payment order) that we believe is transmitted or authorized
by you if we act in compliance with a security procedure agreed upon
by you and us. Such payment orders will be deemed eective as if made
by you, and you will be obligated to pay the amount of such orders,
even though they are not transmitted or authorized by you. Unless we
agree on another security procedure, you agree that we may conrm
the authenticity and content of a payment order (among other ways) by
placing a telephone call to you. If we cannot reach you, or if the payment
order is not conrmed or approved in the manner we require, we may
refuse to execute the payment order.
YOU AGREE THAT IF A PAYMENT ORDER OR CANCELLATION
THEREOF IDENTIFIES THE BENEFICIARY BY BOTH NAME AND AN
IDENTIFYING NUMBER, AND THE NAME AND NUMBER IDENTIFY
DIFFERENT PERSONS OR ACCOUNT HOLDERS, EXECUTION AND
PAYMENT TO THE BENEFICIARY OR CANCELLATION MAY BE MADE
SOLELY ON THE BASIS OF THE IDENTIFYING NUMBER. YOU ALSO
AGREE THAT IF A PAYMENT ORDER IDENTIFIES AN INTERMEDIARY
BANK OR THE BENEFICIARY’S BANK BY BOTH NAME AND AN
IDENTIFYING NUMBER AND THE NAME AND NUMBER IDENTIFY
DIFFERENT PERSONS, EXECUTION OF THE PAYMENT ORDER BY ANY
BANK MAY BE MADE SOLELY ON THE BASIS OF THE IDENTIFYING
NUMBER.
If we receive a funds transfer into any account you have with us, we are
not required to give you any notice of the receipt of the funds transfer.
The funds transfer will appear on your next periodic statement. To conrm
the completion of funds transfers, please contact us through U.S.Bank
24-Hour Banking (see last page for phone numbers), usbank. com or the
U.S.Bank Mobile App. Prior to the acceptance of an outgoing payment
order, the outgoing payment order may be cancelled, but may not be
amended or modied, if the beneciary’s bank is located within the
United States of America and the outgoing payment order is to be paid
in U.S. dollars. Other outgoing payment orders may not be cancelled,
amended or modied. We must receive your cancellation in a reasonable
time prior to the time we execute the outgoing payment order. Payment
orders sent by Fedwire will be subject to the Federal Reserve’s Regulation
J, and payment orders sent via other payment systems will be subject to
the rules of those systems. You agree that we may record all telephone
conversations and data transmissions received from, made for or made
on behalf of you pursuant to or in connection with a payment order.
SUBJECT TO RIGHTS UNDER THE ELECTRONIC FUNDS TRANSFER
ACT YOU AGREE THAT ALL ACTIONS AND DISPUTES CONCERNING
ANY PAYMENT ORDER, INCLUDING CANCELLATION OR
AUTHORIZATION RELATING THERETO, SHALL BE GOVERNED BY
UCC4A AND THIS AGREEMENT TO THE FULL EXTENT PERMITTED BY
LAW. FOR INFORMATION ON SUBMITTING A DISPUTE REGARDING
A PAYMENT ORDER, SEE THE STATEMENTS AND NOTICES SECTION
OF THIS AGREEMENT.
If an outgoing payment order in a foreign currency cannot be completed,
the exchange rate that will apply to any refund due you will be the
exchange rate in eect at the time on the day the refund is made.
Additional fees may be deducted from a payment order amount by other
banks involved in the funds transfer process.
We may route payment at our own discretion for each outgoing
wire transfer. A wire transfer is irrevocable once payment has been
transmitted to the beneciary’s bank. At your request, we may request
that the beneciary’s bank return funds previously transferred. However,
you acknowledge that the beneciary’s bank is under no obligation to
comply with this request.
WITHDRAWAL RIGHTS, OWNERSHIP OF ACCOUNT, AND
BENEFICIARY DESIGNATION
The following rules govern the ownership and withdrawal rights of
deposit accounts with the various titles given to them.
There are two primary issues that these rules control. The rst is
“withdrawal rights” and the second is “ownership.”
By “withdrawal rights” we mean who has access to the funds in the
account for all purposes. These withdrawal rights will control, for
example, whose instructions we must follow, whose checks we must pay,
and whose withdrawal requests we must honor. These withdrawal rights
do not control who actually owns the funds, as between multiple parties
to an account.
By “ownership” we generally mean who owns the funds in the account.
In particular, by selecting a particular ownership, you are expressing your
intention of how and to whom your interest in the funds in the account
should pass in the event of your death.
If you create a type of account, you retain the right to change or close
the account to the extent of the withdrawal rights you retain in your own
name.
We make no representations as to the appropriateness or eectiveness
of any particular ownership or beneciary designations. Our only
responsibility is to permit access to the account as provided by the
withdrawal rights. You must consult with your own attorney or nancial
advisor as to whether and how to eect any change in actual ownership
of funds in the account.
Individual Account. This is an account in the name of one person. Such
an account is also referred to as a “single ownership” account.
Withdrawal Rights. The holder of such an account is the only person
who has the right to withdraw from the account, unless we permit the
holder to designate an agent or attorney-in-fact to the account.
Ownership. The holder of such an account is presumed to be the
owner. Holding such an account, by itself, creates no additional
ownership rights nor survivorship rights (nor does such type of
ownership create or extinguish any community property rights). In
almost all instances this type of account will pass, on the death of the
owner, through the estate of the owner. (You must consult your own
estate planner to be sure.)
Agents and “Attorneys-in-Fact.” The owner of this type of account
can nominate an authorized signer or attorney-in-fact.
Joint Account - With Survivorship. If your account is opened as a joint
account, we will treat it as a joint account with right of survivorship unless
our account records demonstrate a dierent type of ownership. This is an
account in the names of two or more natural persons, with the following
features:
Withdrawal Rights. Each joint tenant has complete and separate
access to the funds and withdrawal rights, and each authorizes the
other(s) to endorse for deposit any item payable to the joint tenant.
Upon the death of any joint tenant, any surviving joint tenant will have
complete withdrawal rights to the balance of the account. If there is
more than one surviving joint tenant, such survivors remain as joint
tenants with right of survivorship with the same withdrawal rights
provided in this section.
Each joint tenant reserves the right to change the ownership of the
account to the extent of that owner’s withdrawal rights.
Ownership. Each joint tenant is presumed to “own” the funds in
proportion to that person’s net contribution to the account. Each
joint tenant intends upon his or her death that the funds owned by
such person will be owned by the survivor. If there is more than one
survivor, the “ownership” of the decedent’s funds will be shared
equally with such survivors.
Other Titles. In some states, it is advisable to add either “not as
tenancy in common” or “not as a tenancy by the entirety” or both to
insure the intention described above.
Agents and “Attorneys-in-Fact.” Any joint tenant can nominate
an authorized signer or attorney-in-fact who can hold all the same
withdrawal and deposit rights as the authorizing owner, except the
authorized signer or attorney-in-fact will not be an owner (a joint
tenant).
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Joint Account with Survivorship - Arizona. A Joint Account with
Survivorship in Arizona has a unique feature that will change the
“ownership” rights on the death of one of the joint owners if there is more
than one surviving joint tenant and one of the surviving joint tenants is the
surviving spouse of the deceased joint tenant.
Withdrawal Rights. This rule will not change the withdrawal rights to
the account on the death of a joint tenant; it only aects the actual
ownership of the account balance, which will only aect the survivors,
and will not aect our responsibilities under the account.
Ownership. If two or more parties survive and one is the surviving
spouse of the deceased party, the amount to which the deceased
party, immediately before death, was benecially entitled by law
belongs to the surviving spouse. If two or more parties survive
and none is the spouse of the decedent, the amount to which the
deceased party, immediately before death, was benecially entitled
by law belongs to the surviving parties in equal shares, and augments
the proportion to which each surviving party, immediately before the
deceased party’s death, was benecially entitled under law, and the
right of survivorship continues between the surviving parties.
Tenancy in Common Accounts. A Tenancy in Common account is
another form of joint account without the survivorship feature. A Tenancy
in Common account is also in the name of two or more individual owners.
Withdrawal Rights. Each joint tenant has complete and separate
access to the funds and withdrawal rights, and each authorizes the
other(s) to endorse for deposit any item payable to the joint tenant.
Until we receive notice of the death of any joint tenant, any tenant in
common will have complete withdrawal rights to the entire account
balance.
If more than one tenant in common survives the death of another
tenant in common, such survivors remain as tenants in common
between them.
Each tenant in common reserves the right to change the ownership of
the account to the extent of that owner’s withdrawal rights.
Ownership. Each tenant in common is presumed to “own” the funds in
proportion to that person’s net contribution to the account. However,
because of the extreme diculty in determining such proportions
over time, you agree that upon the death of one tenant in common,
the balance in the account at the time immediately before the death
of the tenant in common will be deemed to be owned in equal shares
between all tenants in common. After death and our receipt of notice
of such death, the decedent’s share will be set aside for the estate of
the decedent, and the survivor’s share in the account balance will be
at the disposal of the surviving tenant in common.
Other Titles. In some states this account is referred to as Joint
Tenancy WITHOUT Right of Survivorship.
Agents and “Attorneys-in-Fact.” Any tenant in common can
nominate an authorized signer or attorney-in-fact who can hold all the
same withdrawal and deposit rights as the authorizing owner, except
the authorized signer or attorney-in-fact will not be an owner (a tenant
in common).
Marital Account (Wisconsin). This account is an account established
by two persons in Wisconsin who claim to be husband and wife. This
account is, for such persons, the same as the Tenancy in Common
account described above.
Marital Account with P.O.D. Beneficiaries (Wisconsin). This account is,
rst, the same as a Wisconsin Marital Account (which is, in turn, the same
as a Tenancy in Common account described above).
Withdrawal Rights. During the lives of both parties to the marriage,
the withdrawal rights will be the same as for the Marital Account. The
beneciaries have no withdrawal rights until the death of one of the
marriage partners.
Ownership. Upon the death of one of the spouses, the surviving
spouse owns 50% of the funds on deposit, and the P.O.D. beneciary
named by the deceased party (if that beneciary is then surviving)
owns the other 50%. Each spouse can name his or her own beneciary.
If there is more than one beneciary who is named by a party who
survives, the shares of those beneciaries will be equal.
On the death of one of the marriage partners, the account will have
to be retitled and beneciary shares will have to be redeposited or
withdrawn.
Pay-on-Death Account. This is an account where one or more persons
create the account and name one or more living persons as beneciaries.
Frequently the account title is A.B. Pay-on-Death to C.D. beneciary.
Withdrawal Rights. The person who creates this type of account
retains complete withdrawal rights in such an account during his or
her lifetime and for his or her own benet. The named beneciary has
no withdrawal rights to the account during the lifetime of the creator
of the account. The owner can change or close the account, and
change beneciaries at any time.
On the death of the creator of the account, the beneciary (on
proof of death of the creator and proof of the identity as the named
beneciary), can withdraw the entire account balance. If there is
more than one beneciary who is named and survives the creator,
the surviving beneciaries acquire and can withdraw an equal share
with the other surviving beneciaries, without survivorship rights
between beneciaries. If a beneciary dies before the creator, neither
the beneciary’s estate nor heirs acquire anything on the death of the
owner.
If more than one person creates such an account, then such creators
have complete and separate withdrawal rights between them during
their joint lives, and the survivor of them will have complete withdrawal
rights upon the death of the other creator. Named beneciaries can
withdraw a share of the account balance only upon the death of the
last creator and only if such beneciaries are then alive (and upon
proof of the deaths of the creators and their own identity as the
named beneciaries). In eect, if more than one person creates this
type of account, with one or more beneciaries, the account has rst
all the incidents of a “Joint Account with Survivorship” and only after
there is but one joint tenant does the account have the incidents of a
“Pay-on-Death” account.
Ownership. The creator of this type of account is presumed to own
the funds during his or her lifetime and intends that ownership to pass
to the beneciary only upon his or her death and only if the named
beneciary survives him or her. If there is more than one creator, the
ownership between such creators is the same as that between joint
tenants with right of survivorship, with the same incidents upon the
death of a joint tenant.
If there is more than one beneciary who is named and survives the
creator(s), the creators intend his, her or their ownership rights to pass
to the then surviving beneciaries in equal shares, with no survivorship
rights between them.
Other Titles. This type of account has other names such as “Tentative
Trust,” “Totten Trust,” “In Trust For” and “Revocable Trust.” In states
where one of these trust accounts is recognized, the creators of such
accounts will be referred to as a “settlor” or “grantor.” Nevertheless,
all the incidents of such an account, the rights of the grantor(s) and
beneciaries are exactly the same as described for “Pay-on-Death”
accounts above. Only the names have been changed.
Revocable Trust or Pay-on-Death Account (not subject to the
Nonprobate Transfers Law of Missouri)
In Missouri, a Revocable Trust or Pay-on-Death account may include an
appendage to its title “not subject to the Nonprobate Transfers Law of
Missouri.” This appendage does not change the features of the account
as described above for Pay-on-Death accounts.
Registration in Beneficiary Form - Missouri
Adding the acronym LDPS (which stands for lineal descendants, per
stirpes) to a Revocable Trust or Pay-on-Death account in Missouri,
changes the rights of beneciaries of such accounts. LDPS designation
means that if a named beneciary of such an account dies before the
account owner, then the unnamed lineal descendants of that deceased
beneciary will acquire the share of the deceased beneciary on the
death of the owner per stirpes.
Accounts Established Under the Uniform Transfers to Minors Act or
Uniform Gifts to Minors Act (“UTMA/UGMA”)
An account established under a state’s UTMA/UGMA is controlled by a
custodian for the use and benefit of a “minor” beneficiary who owns the
funds. Only the custodian is authorized to act on the account, however,
we may disclose account information to the minor or their authorized
representative. If you are the custodian or successor custodian of an
account under a state’s UTMA/UGMA, you agree to comply with all
applicable laws, including those related to use of the funds. When the
minor reaches the age of termination under the applicable UTMA/UGMA
law, you must transfer any funds in the account to the minor. If you fail
to transfer funds to the minor as required, we may, at our sole discretion,
limit transactions on the account, contact the minor for instructions,
unless we receive prior written notice and supporting documentation
establishing that the minor has not reached the age of termination, or pay
remaining funds to the minor. You agree that it is your responsibility as
custodian to consult your own legal or tax advisor about the governing
state law.
12
Fiduciary Account
A duciary account is an account opened by or taken over by an executor,
administrator, personal representative, guardian, conservator, trustee,
or other duciary in such capacity. Any duciary named as a signer on
a duciary account shall be solely responsible for acting in accordance
with the terms of the applicable laws, will, court order or trust instrument
establishing and covering the duciary relationship, and we are not
responsible for examining, or insuring compliance with the provisions of
any such law or instrument.
Corporate, Partnership, Limited Liability Company and other
Organizational Accounts
These are accounts opened by any business organization or association.
We reserve the right to require the account holder(s) to furnish us with
such resolutions, agreements or documents as we may reasonably
request to evidence the authority of individuals to act on behalf of the
account holder(s). We will honor such an authorization until we receive
written notice of change from the governing body of the organization. It
is mutually agreed that the power and authority of each person named
as authorized to take action with respect to the account shall continue in
full force and eect until we receive actual written notice of revocation,
whether the same be brought about by dissolution of the account holder
or otherwise.
PLEDGES AND SECURITY INTERESTS IN FAVOR OF OTHERS
You cannot give a security interest or pledge your account to someone
other than us without rst getting our express written consent. We are
not required to give consent to a security interest or pledge to someone
else.
Unless we agree otherwise in a separate writing a security interest or
pledge to someone else must be satised or released before any right
to withdraw from the account can be exercised, including any right that
arises by surviving the death of an owner (for example, a surviving joint
tenant or beneciary of a pay-on-death account).
ACCRUAL OF INTEREST
We will begin to accrue interest on deposits drawn from other banks at
the time we get credit for the deposit in the collection process, which is
not necessarily the same time as the time we make funds available for
withdrawal.
If your account (for example a savings account) earns a variable rate
of interest, we can change that rate at any time without notice to you,
except as specically provided in writing in the account disclosure or
agreement. If the interest rate for your account(s) or the index or other
referenced rate upon which the interest rate for your account(s) is based,
is at any time less than zero percent, you agree to pay all amounts of
the negative interest or fees which we impose as compensation for the
negative interest rate.
You can nd out our current rates on accounts that earn interest in
our branches, from U.S.Bank 24-Hour Banking, or at usbank.com. The
telephone number is at the end of this disclosure.
STOP PAYMENTS
Unless otherwise provided, the rules in this section cover stopping
payment of items such as checks and drafts drawn on your account.
Rules for stopping payment on other types of transfers of funds, such
as consumer electronic fund transfers, are covered elsewhere in the
Electronic Fund Transfers for Consumer Customers section.
Here is what you must do to stop a payment:
ACH Check Conversion
An ACH Check Conversion is a transaction that starts as a paper check
that you give to a merchant. The merchant converts the check, using
the information on the paper, to send an electronic message to a bank
to immediately take the money from your account. The merchant is
required to post a notice about ACH Check Conversion in a prominent
and conspicuous location at the time of the transaction. You can stop
payment on an ACH Check Conversion only if it has not yet been
presented by the merchant.
Checks and drafts
If you want to stop payment of a check, you must use the stop-payment
tool in online banking or the mobile app, go to a U.S. Bank branch or call
U.S. Bank 24-Hour Banking (see last page for phone numbers). Writing
to us will take too much time and we will not have time to act on your
request before the check is paid. We may need the following information:
1. the account number the check is written on;
2. the dollar amount;
3. the check number.
This information must be exact and correct. If it is not, we will not be
responsible if the item is paid.
Who can stop a payment and for how long?
1. Any owner can stop payment of any check on the account
whether that owner wrote the check or not (and assuming the
item can still be stopped).
2. A stop payment order is effective for 24 months. You must renew
it prior to the expiration of the stop payment effective period or
the item could get paid. We will not notify you when the stop
payment effective period ends. Fees may be assessed for placing
a stop payment order.
3. You must give us sufficient notice so that we have a reasonable
period of time to act upon your request and verify that the item
has not been paid.
Effect of a stop payment
When you stop payment of a check, you may still be obligated to the
payee, and the payee may still have the right to collect on the check or
the underlying transaction. If we have to defend ourselves for letting you
stop payment on a check, you have to protect us by paying our expenses,
including our reasonable attorney’s fees.
What if we don’t stop payment?
We cannot stop payment of a check that has already been paid.
If you ask us to stop payment of a check and we pay it anyway, we gain
whatever rights the payee has against you. This means, if the check should
have been paid, or the payee has the right to collect from you anyway, we
can collect from you. Therefore, if we pay an item that should have been
stopped, before we recredit your account, you will have to prove to us
that by our payment you have suered a loss and the cause is our failure
to stop the payment.
What kinds of checks does this NOT apply to?
This section does not apply to items not drawn on your account, such
as teller’s checks, ocial (cashier’s) checks, and accepted checks
(e.g.,certied checks). We have no responsibility to honor your request
to stop payment of items not drawn on your account. If we agree to
stop payment on these items, we may require you to provide us with
additional security (for example, a bond or collateral) and you agree to
indemnify us for any damages and costs we incur as a result of stopping
payment of such items.
Fee
To stop a payment you must pay our fee, the amount of which is disclosed
in the pricing information disclosure or agreement for your account.
DORMANT ACCOUNTS AND ESCHEAT
A dormant account is an account that has been inactive. Generally,
subject to state law, “dormant” means there has been no deposit,
withdrawal or other communication from you about the account for the
period of time as follows:
1. after 12 months for a checking account;
2. after 24 months for a savings account
For security reasons, we may refuse a withdrawal or transfer from an
account we internally classify as dormant if we cannot reach you in a
timely fashion to conrm the transaction’s authorization.
We charge a dormant account fee, unless excluded by account type or
prohibited or restricted by state law. The dollar amount and frequency is
disclosed in our pricing information disclosure.
If your account has a zero balance, we reserve the right to close it. Any
accounts linked as overdraft protection will be de-linked as part of the
closure process. Refer to CLOSING YOUR ACCOUNT for additional
information.
Escheat is the term that is used to describe the process of transferring
an account balance to the state government after an account has been
dormant and if our attempts to contact you fail.
The time period after which funds must escheat to the state varies from
state to state. Once the funds are transferred to the state, you may be
able to recover the funds from the state itself, but not from us.
As permitted by the state, we may deduct the cost of required due
diligence from the balance of your account. This due diligence may
include rst class and certied mailings or public notices about your
account’s pending escheatment, as required by state law. Due diligence
fees are nonrefundable.
13
FDIC PART 370 RECORD-KEEPING
Record-keeping for All Accounts
FDIC Rule Part 370 may require us to collect certain information from you
in order to accurately calculate FDIC insurance coverage for your deposit
account. Failure to provide this information to us could result in the delay
of deposit insurance payments
Special Provisions for Third-Party Accounts
If you have opened a deposit account on behalf of the benecial owner(s)
of the funds in the account (for example as an agent, nominee, guardian,
executor, custodian or funds held in some other capacity for the benet
of others), those benecial owners may be eligible for “pass-through”
insurance from the FDIC. This means the account could qualify for
more than the standard maximum deposit insurance amount (currently
$250,000 per depositor in the same ownership capacity). If the account
has transactional features (such as check writing capabilities or the use
of debit cards), as dened in 12 C.F.R. 370.2(j), you as the account holder
must be able to provide a record of the interests of the benecial owner(s)
in accordance with 12 C.F.R. 370.5(a) and with the FDIC’s requirements
as specied below.
The FDIC has published a Deposit Broker’s Processing Guide that
describes the process to follow and the information you will need to
provide in the event U.S.Bank fails. That information can be accessed on
the FDIC’s website at https://www.fdic.gov/deposit/deposits/brokers/.
In addition, the FDIC published an Addendum to the Deposit Broker’s
Processing Guide, section VIII, which is a good resource to understand
the FDIC’s alternative recordkeeping requirements for pass-through
insurance and is accessible at the website above. The Addendum sets
forth the expectations of the FDIC for pass-through insurance coverage
of any deposit accounts, including those with transactional features.
The Addendum will provide information regarding the records you keep
on the benecial owners of the funds, identifying information for those
owners, and the format in which to provide the records to the FDIC upon
failure of U.S. Bank. You must be able to provide this information in a
timely manner in order to receive payment for the insured amount of pass-
through deposit insurance coverage as soon as possible. You have an
opportunity to validate the capability to deliver the required information
in the appropriate format so that a timely calculation of deposit insurance
coverage can be made. Please contact your account representative for
details on the validation process.
You agree to cooperate fully with us and the FDIC in connection with
determining the insured status of funds in such accounts at any time. In
the event of failure of U.S. Bank, you agree to provide the FDIC with the
information described above in the required format within 24 hours of
the failure of U.S. Bank. As soon as the FDIC is appointed, a hold may
be placed on your account so that the FDIC can conduct the deposit
insurance determination; that hold will not be released until the FDIC
obtains the necessary data to enable the FDIC to calculate the deposit
insurance. You understand and agree that your failure to provide the
necessary data to the FDIC may result in a delay in receipt of insured
funds and legal claims against you from the benecial owners of the funds
in the account. If you do not provide the required data, your account
may be held or frozen until the information is received, which could
delay when the benecial owners could receive funds. Notwithstanding
other provisions in this Agreement, this section survives after a receiver
is appointed for us, and the FDIC is considered a third-party beneciary
of this section.
CONSUMER ELECTRONIC CHECK REPRESENTMENT
If you write a check on a personal account that we return unpaid because
of insucient or uncollected funds, the depositor of the check or the
depositor’s bank may resend (“re-present”) the check to us electronically.
That is, the depositor or the depositor’s bank may send us an electronic
instruction (“electronic re-presented check”) to charge your account in
the amount of the check.
Our Handling of Electronic Re-presented Checks. If we receive an
electronic re-presented check from the depositor or the depositor’s
bank, we will pay or return the electronic re-presented check as if the
original paper check were being re-presented to us. The section titled
“Electronic Fund Transfers” will not apply to any electronic re-presented
check.
Ineligible or Unauthorized Electronic Re-presented Checks. For an
electronic re-presented check to be charged to your account, all of the
following must be true:
• the electronic re-presented check must relate to a paper check
drawn on a personal account that we returned unpaid because of
insufficient or uncollected funds;
• the paper check must not have contained an unauthorized signature
or an alteration and must not have been a counterfeit;
• you must not have placed a stop payment on the paper check after
we returned it unpaid but before it was collected electronically;
• the paper check must have been less than $2,500.00 in amount;
• the paper check must have been dated 180 days or less before the
date on which the electronic re-presented check is sent to us;
• the electronic re-presented check must be for the face amount of
the paper check only and may not include any collection fee charged
by the depositor, the depositor’s bank, or a collection agency;
• the payee of the paper check must have given you notice that,
if we returned the paper check unpaid because of insufficient or
uncollected funds, the fee could be collected electronically; and
• the electronic re-presented check must have been sent to us no
more than twice after the first time we returned the paper check,
or no more than once after the second time we returned the paper
check.
You may have the right to reverse any ineligible or unauthorized
electronic re-presented check that we charged to your account. If you
want to reverse an electronic re-presented check because you placed a
stop payment on the paper check to which the electronic re-presented
check relates after we returned the paper check unpaid but before it was
collected electronically, you must notify us within 15 days after we send
or make available to you the periodic statement that reects payment of
that electronic re-presented check. If you want to reverse an electronic
re-presented check for any other reason, you must give us an ACH Claim
Form within 15 days after we send or make available to you the periodic
statement that reects payment of that electronic re-presented check.
An ACH Claim Form may be obtained by contacting U.S.Bank 24- Hour
Banking or a local U.S.Bank branch. In your claim form, you must declare
and swear under oath that the electronic re-presented check was
ineligible or unauthorized. If we receive your notice or claim form within
the 15-day period, we will recredit your account with the amount of the
charge but will not be responsible for any other damages associated with
the transaction.
Stop Payment.
If you wish to stop payment of any electronic re- presented
check, you must follow the procedures contained in the rules for stopping
payment of checks, not the procedures contained in the rules for stopping
payment on electronic loan or bill payments.
CHECKING ACCOUNTS AND “SUBACCOUNTS”
For regulatory accounting purposes we may designate two sub-accounts
for a checking account; one sub-account is a savings (non-transaction)
account and the other is a checking account. Checks and other third-party
transfers are paid from the checking (transaction) account. As necessary,
we transfer funds from the savings sub-account to the checking sub-
account automatically. You cannot access the savings sub-account
directly. This accounting device does not aect either the appearance or
the operation of your checking account in any way.
TELEPHONE TRANSFERS
If you have more than one account with us, including a credit card or
open-end loan account, you can transfer funds between your accounts
by telephone. You will need to have a PIN, and enter your account
numbers, and other qualications, but if you meet them,
1. you can transfer funds between your accounts by calling our
24-hour phone banking (see last page of this disclosure for phone
numbers), and
2. telephone transfers may be made by the same account owners/
signers and usually under the same conditions as generally
applicable to withdrawals made in writing or by other means.
A transfer made by telephone is not immediately completed. It may take
as long as one business day for us to verify the transaction and make the
transfer. Consumer customers are assigned or can choose a PIN when
requesting an ATM or Debit Card. Consumer customers without a debit
card or ATM card can request a PIN by speaking to a 24-Hour Banking
representative at 800-872-2657. A form is sent by 24-Hour Banking to
the customer for completion and must be mailed back to the address on
the form. A conrmation letter is mailed to the customer once the PIN
has been established.
REQUIRED SIGNATURES
Signature Comparison. We process certain items mechanically, based
on information encoded on checks and other transaction items, and we
are not required to examine items and debits drawn on your account. We
collect your signature to obtain your agreement to the rules we establish
for your account, but this does not create any responsibility on our part to
verify signatures on items and other charges to your account.
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Number of Signatures. You agree that if you
1. require the signatures of two or more persons to open an account;
2. have an account in which more than one signature is required to
complete a transaction;
3. authorize someone to transact some but not all transactions on
your account;
4. authorize someone to transact business on your account for
limited purposes and no others; or
5. use checks that require two or more signatures,
such arrangements are strictly between you and the other person(s) you
authorize, whether we have notice of your arrangement (including in a
form we provide you) or not. You cannot assert a claim against us for
permitting a transaction so long as any one of the owners or authorized
persons sign or initiate the transaction, even if a person exercises more
authority than you have given.
CHANGES TO OUR AGREEMENT WITH YOU
We may change any term of this Agreement or add a new one as long
as it does not violate applicable law. We will give you reasonable notice
in writing, electronically, or by any other method permitted by law. You
agree that in any event 30 days written or electronic notice prior to the
eective date of any change is reasonable. Any notice to one account
owner constitutes notice to all account owners.
If we notify you that the terms of your account have changed, and you
continue to have your account after the eective date of the change, you
have agreed to the new terms. For consumer customers, rules governing
changes in interest rates are provided for separately in the Truth-in-
Savings disclosure(s) or in another document.
If your account was originally with a prior nancial institution, the terms
of this Agreement supersede any prior agreements, representations, or
understandings you may have had with that prior nancial institution.
In the event that we change the Resolution of Disputes by Arbitration
provision set forth herein, any such changes will not apply to (1) pending
arbitration, or (2) arbitrations commenced under the rules of the arbitration
forum and the terms of this Agreement, between the time that reasonable
notice is sent as set forth in this section and the eective date of any change.
CLOSING YOUR ACCOUNT
If you intend to close your account:
This section does not apply to an active time deposit (or certificate of
deposit) account.
If you intend to close your account with us, you should tell us; simply
transferring all the money in your account and reducing your account
balance to $0.00 is insucient notice and may result in additional fees
charged to your account.
If you close your account,
1. you are still responsible for transactions you arranged for,
including those that arrive after the account is closed;
2. you should pay special attention to pre-authorized electronic
deposits to your account and payments from that account; you
should reroute the deposits to another account and make other
arrangements for the payments, with us and the other institutions
involved;
3. you should not close your account until most of the transactions
you arranged for have been cleared, and you should leave enough
funds to clear them and the fees that might be due; and
4. if it is an interest-bearing account, accrued interest will not be
paid.
If your account is closed and you have a debit or ATM card associated
with the account, you will need to either:
1. close the associated card; or
2. select a new account to be linked to your card.
If you do not designate a new account, the bank will automatically assign
your ATM/debit card to a new account from any eligible account where
you are an owner/ joint owner. If there are no eligible accounts the card
will be closed.
How the account closure works:
For consumer checking, savings and money market accounts, when you
request an account closure, your account will be placed in a ‘pending
closure’ status for a period of 10 business days. During this 10 business
day ‘pending closure’ period, we will allow pending deposits to be
cleared and/or post to your account and we will allow pending debit
card transactions that you authorized prior to initiating closure to be
cleared and/or post to your account. Your debit card will be declined and
transactions will no longer be approved when the account is in ‘pending
closure’ status. Once your account is fully closed, transactions will not
be allowed to post to the account except under limited circumstances.
For example, transactions may be processed after closure if necessary
for fraud investigations, transaction dispute claims, merchant credits, or
deposit adjustments due to errors.
We can close your account:
We can close your account, ATM or debit card for any reason or for no
reason at all. If we close your account, we will send you notice within
ten days after closing and/or indicate the closure on your next account
statement. We will send the collected account balance to you at your last
known address as reected in our account records. At our sole discretion
we may, but are not required to, withhold a sucient sum to cover any
outstanding items and likely fees. If we withhold any money for such
contingencies, we will refund that to you after we are satised that no
further withholding is necessary.
If your account is closed for any reason, you authorize us to re-open your
account to process any transactions authorized prior to account closure,
or for other purposes consistent with applicable law.
As part of the account closure, any accounts linked to the Checking
Account as overdraft protection will be de-linked. If a U.S.Bank Reserve
Line of Credit is linked as overdraft protection to a Checking Account
that is closed for any reason, the Reserve Line will also be closed, and you
must repay any remaining balance according to the monthly payment
coupon included in your future periodic statements.
STATEMENTS AND NOTICES
Statements. We will periodically make available to you a paper or
eStatement of your checking or savings account. These statements show
the transactions that occurred in the time period covered by the statement.
If you elect not to review your statement, you are still responsible for
having access to the information provided in the statement. At our option,
a statement will not be produced in any statement period in which service
charges, fees, reversals, refunds or interest are the only transactions on
the account. When other activity exists, such as a deposit or withdrawal,
a statement will be available to you and will include all transactions which
have occurred since the last statement (this includes any service charges,
fees, reversals, refunds or interest that occurred since the last available
statement). At a minimum, all accounts will receive an annual statement.
Regardless of how frequently a statement is made available, monthly
service charges and other account fees will continue to be deducted
from the account. In addition, applicable interest will continue to accrue
and be paid periodically as disclosed in the product pricing information
disclosure.
Combined Statements. If you have multiple accounts with us, we may at
any time automatically combine your accounts on a single, easy-to-read
monthly statement. We will only combine statements for accounts that
have common ownership (meaning at least one owner is common across
multiple accounts) and the same address and Social Security Number.
If you prefer to continue receiving separate statements, please contact
U.S. Bank within 30 days of receiving your combined statement.
You may reach us by calling one of the numbers listed on the back
of this disclosure, sending a letter to U.S. Bank, 60 Livingston Ave,
EP-MN-WS5D, St. Paul, MN 55107, or sending a secured email by
logging on to usbank.com and selecting “Contact Us”. Please include
the following information in your correspondence: your name, account
number(s) and the reference code “CMBSTMN.”
Your address. You must give us your correct address, and if you move
or change your address, you must keep us advised. You are responsible
for messages and statements we send to the most recent address you
have given us. We may also update your address in our records without
a request from you if we receive an address change notice from the U.S.
Postal Service or if we receive updated address information from our mail
services vendor.
Multiple owners. Periodic statements and notices that we make available
to one owner or agent/signer of an account will be the same as providing
statements and notices to all owners of an account. You agree to
designate the primary address for purposes of receiving statements and
other account correspondence. Each account owner agrees that we may
send any legal notice or legal process aecting any owner or the account
to the primary address designated on the account. Each account owner
agrees to notify the other owners of any legal notice received at that
address pertaining to such other account owner or to the account.
Your Duty to Examine Your Statement. As used in this section, the term
“problem” means any error, alteration, counterfeit check, or unauthorized
transaction (including, but not limited to, forged or missing signatures and
transactions you did not initiate) related to your account. Because you
are in the best position to discover any problem, you agree to promptly
examine your statement and report to us any problem on or related to
your statement within 30 calendar days after we mail the statement
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(or make the statement available) to you. Subject to rights under the
Electronic Funds Transfer Act with respect to electronic funds transfers,
you agree that we will not be responsible for:
1. any problem that you do not report to us in writing within a
reasonable time not to exceed 30 calendar days after we mail the
statement (or make the statement available) to you;
2. subsequent problems or fraudulent items occurring after 30days
of the first occurrence; if you fail to report the problem within
30days of the first occurrence reported on your statement;
3. any problem resulting from a forgery, counterfeit or alteration so
clever that a reasonable person cannot detect it (for example,
unauthorized checks made with your facsimile or other
mechanical signature device or that look to an average person as
if they contain an authorized signature); or
4. any other problem as otherwise provided by law or regulation.
You agree to waive any rights to recovery you may have against us if you
do not provide notice to us in the manner and within the time required
by this Agreement. You may not start a legal action against us because
of any problem unless: (a) you have given us the above notice and (b) the
legal action begins within one year after we send or make your statement
available to you. You agree that if the problem is the result of a series
of events (for example, multiple forgeries over a period of time) then
the date the rst event occurred is the date from which the period to
bring a legal action will begin to run. If you make a claim against us in
connection with a problem, we reserve the right to conduct a reasonable
investigation before re-crediting your account and you agree to fully
cooperate in such investigation. Within 30 days of the date of mailing,
you agree to complete and return an adavit of unauthorized paper debit
on the form we provide you along with any other information we may
request. You further agree to le a police report if we request. If you
refuse to sign such an adavit or fail to return the adavit and other
requested documentation within 30 days of the date we mail it to you,
you agree that we may consider the matter resolved and reverse any
provisional credit provided. At our sole discretion, we may, but are not
obligated to, provisionally credit your account during the investigation
for all or a portion of the amount claimed. Any provisional credit to your
account may be reversed if you fail to fully cooperate in our investigation
or, if as a result of our investigation, we determine that the charge to
your account was proper. You agree to pay any fees assessed or accrued
against your account during the investigation or that may arise upon
reversal of any provisional credit.
For problems involving an electronic fund transfer, please refer to the
Electronic Fund Transfers sections of this Agreement for information on
your rights and obligations relating to such disputes.
This time period for you to examine your statement and report
problems to us are without regard to our level of care or the commercial
reasonableness of our practices, and without regard to whether cancelled
checks are supplied to you.
Contact us if you do not receive your regular statement. If this is a
business account, you agree that you will have at least two people review
your statements, notices, and returned checks, or in the alternative, the
person who reviews these will be someone who does not have authority
to transact business on the account.
RETURN OF CANCELLED CHECKS
For some specic consumer and business checking accounts we
currently oer two plans, with respect to the return of cancelled checks:
1. Check Safekeeping: paid checks that are not returned - your
statement will show the check number, the amount, and the date
it is paid; or
2. Image Checks on Statement: paid checks that are not returned
- your statement will include a reduced image of the front of the
check or front and back of a check in addition to the number,
amount and date the check is paid as part of the statement; (See
the CHECK 21 section; the images sent with your statement are
not substitute checks themselves, but some may be images of
substitute checks.) .
Option 1 is what you will get unless you specically ask for option 2.
The checking accounts for which these options are available vary. The
products and our fee structures for each option are disclosed in the
Consumer Pricing Information, Business Pricing Information or U.S. Bank
Business Essentials® Pricing Information disclosure(s) or agreement for
your account.
(All disclosures can be obtained by stopping in a U.S.Bank branch or for
the Consumer Pricing Information only, call 800-872-2657 to request a
copy.)
If you take option 1 or 2, and you have need for a specic paper check,
we can provide a substitute copy to you upon request.
CHECKS, CHECKING ACCOUNTS AND SAVINGS
ACCOUNTS WITH DRAFT ACCESS
NOW Accounts: Transaction accounts are NOW Accounts on which
you can write negotiable orders of withdrawal. Negotiable orders of
withdrawal look and function like checks, and the rules governing checks
also apply to them. Depending on account features, NOW Accounts may
or may not bear interest. Although we have no intention of exercising
this right, federal regulations require that we reserve the right to require
at least seven days’ written notice prior to withdrawal or transfer of any
funds on your NOW Account.
SAVINGS ACCOUNTS
By the term “savings” account we mean an account that earns interest
but has no specic maturity date or required notice period. (A maturity
date or a required notice period is a characteristic of a time deposit or
certicate of deposit.)
We will provide you with a periodic (quarterly, monthly, annually based
on your account type and account activity) statement for your savings
account and you must examine your statement for errors or forgeries just
as you should for your checking account.
Savings Account Transaction Policy
We reserve the right to require seven days’ notice before any withdrawal
from any savings account, though it is very unlikely we will require such
notice and, if we do, we will require it for all savings accounts.
TIME DEPOSITS
A time deposit is more commonly known as a certicate of deposit or
CD. With a time deposit, you agree to keep your deposit with us for a
specied period of time, or agree to give a required advance notice prior
to withdrawal, and we agree to pay you interest at an agreed upon rate,
or an agreed formula for a rate, for that period of time.
We are not required to permit an early withdrawal from a time deposit,
and if we do, it will be on condition that you pay an early withdrawal
penalty. How we charge the early withdrawal penalty will be disclosed to
you when you open such an account.
All the features of your time deposit will be disclosed to you when you
open the account. You can call 24-Hour Banking, visit a local U.S.Bank
branch, or go to usbank.com to nd out what CD products and terms we
oer.
If your time deposit, including single maturity, automatically renewable or
Individual Retirement Account CDs, remains inactive for a pre-determined
period of time, as required by state, and our attempts to contact you fail
we may transfer or escheat your funds to the state as required.
Escheat is the term that is used to describe the process of transferring
an account balance to the state government after an account has been
dormant for a pre-determined period of time, as required by state, and if
our attempts to contact you fail.
The time period after which funds must escheat to the state varies from
state to state. Once the funds are transferred to the state, you may be
able to recover the funds from the state itself, but not from us.
As permitted by the state, we may deduct the cost of required due
diligence from the balance of your account. This due diligence may
include rst class and certied mailings or public notices about your
account’s pending escheatment, as required by state law. Due diligence
fees are nonrefundable.
LIMIT OF LIABILITY
We process millions of transactions every day, with the help of complicated
technology and other companies. If we make a mistake and charged you
more than we should have, or failed to give you credit you were due, we
will correct the error, so long as you give us sucient and timely notice
and an opportunity to x it. See the section above titled Statements and
Notices, for your duty to pay attention to your statement and report any
errors. For errors covered by the Electronic Fund Transfers Act refer to
the section Electronic Fund Transfers for Consumer Customers.
You agree – to the extent allowed by law – to waive any indirect,
incidental, special, consequential and punitive damages for errors
or mistakes we make in good faith. This includes damages that might
otherwise be available in a tort or contract action, and whether the
consequences are foreseeable or not.
ELECTRONIC MESSAGES AND AGREEMENTS
Many customers use the Internet and email as their primary form of
communication with us. If you provide us with an email address, you
agree that we may communicate with you via email and you further agree
to notify us of any changes to your email address.
16
You agree that we may make agreements with you by electronic means.
Your authorization and consent to such an agreement, or your delivery
of instructions, may be made by use of certain numbers, codes, marks,
signs, personal identication numbers (PINs), public or private keys or
other means, acceptable to you and to us, to establish your identity
and acceptance of the electronic communications. All electronic
communications that meet these requirements will be deemed to be
valid and authentic and you intend and agree that those electronic
communications will be given the same legal eect as written paper
communications signed by you. You agree that electronic copies of
communications are valid and you will not contest the validity of the
originals or copies, absent proof of altered data or tampering.
LEVIES, GARNISHMENTS AND OTHER LEGAL PROCESS
We are a national bank with many locations. You agree that for purposes
of this part, we may treat your funds as existing wherever your account
is located, as outlined in the Applicable Law section. You understand and
agree that a creditor or governmental agency may attach your account
by service of legal process on any of our locations, at any site designated
by us for acceptance of service of process, on any appointed agent of
ours, or any other method authorized by law, court rule, or regulation. We
may accept and comply with legal process served by any means, whether
in person, by mail, facsimile, electronic transmission, or other means.
If we are served with a garnishment, levy, execution, or other legal
process of apparent validity (together referred to as “legal process”),
you understand and agree that we will pay all amounts in the account,
or release information about your account, in satisfaction of the legal
process and in compliance with our understanding of applicable law.
If your account is a joint account, for purposes of responding to legal
process, we will consider each joint owner to have an undivided interest
in the entire account. Therefore, you agree we may pay all amounts in
the account in satisfaction of any legal process, even if it attaches to the
interest of fewer than all the account owners. You agree that we may
process a levy, garnishment, or other legal process served on us even if
we do not process it on the same day it was received. If you believe your
funds are exempt from legal process, or otherwise should not be subject
to the legal process (for example, if you own funds and the legal process
applies to another joint owner, you believe the court, garnishor, or levying
authority lacks jurisdiction over you or the property, or you believe the
garnishment or levy names the wrong party as garnishee), you agree that
it may be your responsibility to raise any defense to the legal process
against the party who originated the legal process or seek reimbursement
from a joint owner.
If we are served with any legal process that tries to attach or in some
way prevent you from freely using your funds, you give us the right, but
we have no obligation, to hold any portion of the funds during any time
necessary to determine to our satisfaction who has the legal right to the
funds in your account. If we are not able to determine whether the funds
in your account are subject to the legal process, you agree that we may
deposit the funds with any court which we deem to have jurisdiction over
us or your account and ask that court to determine to whom the funds
belong. You agree to reimburse us for our expenses, including attorney’s
fees and expenses, arising out of the service of the legal process on us
and our response to it.
If the legal process requires us to release information about one or more
accounts for which combined statements are provided, we may release
the entire combined statement even if other accounts on the statement
are not covered by the legal process.
All legal process is subject to our rights of seto and our security interest
in your account. We will assess a service fee against your account for
any legal process served on us regardless of whether the process is
subsequently revoked, vacated, or released. Unless expressly prohibited
by law, we will set o or enforce our security interest against your
account for such fee prior to our honoring the legal process. We will not
be liable to you if an attachment, a hold, or the payment of our fee from
your account leaves insucient funds to cover outstanding items.
RESOLVING ACCOUNT DISPUTES AND ADVERSE CLAIMS
If a dispute arises concerning your account (including, for example,
a dispute over who is an authorized signer or owner), or if we believe
we have a claim against you or we have or receive a claim by a third
party (including our aliates) to all or a portion of the property (including
money, certicates of deposit, securities and other investment property,
nancial assets, etc.) in your account, or if we have concerns regarding
your account or the use of your account, we have the right to hold any
portion of the property in your account until the dispute, claim, or concern
is resolved to our satisfaction. We will not be liable to you if the hold
we place on your account leaves insucient funds to cover outstanding
items. For purposes of this section, “account” includes any account you
have with us or any of our aliates (including, without limitation, agency,
custody, safekeeping, brokerage, and revocable trust accounts). If the
dispute, claim or concern remains unresolved, you agree that we may
at our option deposit the property in your account with a court and ask
the court to determine to whom the property belongs. If we deposit your
property with a court, you agree that we may charge your account for
our costs, including attorney’s fees and expenses. For disputes covered
by the Electronic Fund Transfers Act refer to the section Electronic Fund
Transfers for Consumer Customers.
INCREASED COSTS TO MAINTAIN YOUR ACCOUNT
If your account becomes subject to a receivership, court order or
bankruptcy, and we are required to implement changes as to your
account that increase our costs to maintain your account (for example,
a requirement for us to pledge property to secure your account above
the amount of any deposit insurance on your account), you agree to
reimburse us for the additional costs and any expenses incurred by us
(including legal fees) to implement such required changes as to your
account.
CONSUMER REPORT DISPUTES
We may report information about your deposit accounts to Consumer
Reporting Agencies (CRA). As a result, this may prevent you from
obtaining services at other nancial institutions. If you believe we have
inaccurately reported information to a CRA, you may submit a dispute by
calling 844-624-8230 or by writing to:
U.S. Bank Attn: CBDH Management, P. O. Box 3447, Oshkosh, WI
54903-3447. In order for us to assist you with your dispute, you must
provide: your name, address and phone number; the account number;
the specic information you are disputing; the explanation of why it is
incorrect; and any supporting documentation (e.g., adavit of identity
theft), if applicable.
ACCOUNT INFORMATION
Our Privacy Pledge discloses the information we share with other entities
for marketing purposes. We also may be required to provide information
about you and your account when and as required or permitted by law for
other purposes, such as, for example:
1. reporting of interest you earn to federal and state tax authorities;
2. reporting of cash transactions that are at reportable limits;
3. investigating and reporting of transactions that we reasonably
determine to be suspicious; and
4. responding to subpoenas, court orders, or government
investigations.
SETOFF
We have the right under the law to set o amounts you owe us against
your accounts with us. For purposes of this section, “account” includes
any account you have with us or any of our divisions, departments, and
aliates (including, without limitation, agency, custody, safekeeping,
securities, investment, brokerage, and revocable trust accounts) and
“you” includes, without limitation, your revocable trust, any partnership
in which you are a general partner, any prior or successor entity by
way of an entity conversion, and any other series of your series limited
liability company (as applicable). In addition to this legal right, you give
us and our aliates the contractual right to apply, without demand or
prior notice, all or part of the property (including money, certicates of
deposit, securities and other investment property, nancial assets, etc.)
in your accounts, against any debt any one or more of you owe us or our
aliates. If your account is a joint account, you agree we may consider
each joint owner to have an undivided interest in the entire account, so
we may exercise our contractual right of seto against the entire account.
This includes, for example, debts that now exist and debts that you may
incur later, your obligations under a guaranty, and also includes all fees
you owe us or our aliates. We will not be liable to you if enforcing our
rights of seto against your account(s) leaves insucient funds to cover
outstanding items or other obligations. You agree to hold us harmless
from any claim arising as the result of our enforcement of our rights of
seto in, or enforcement of our rights of seto against, your account(s).
Our contractual right of seto does not apply:
1. to an account that is an IRA or other tax-deferred retirement
account;
2. to a debt that is created by a consumer credit transaction under
a credit card plan (but this does not affect our rights under any
consensual security interest); or
3. if our records demonstrate to our satisfaction that the right of
withdrawal that a depositor/debtor has with us only arises in a
representative capacity (for example, only as an authorized
signer, attorney-in-fact or a fiduciary) for someone else.
This right of seto is in addition to any security interest that we or an
aliate of ours might have in your deposit account.
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SECURITY INTEREST IN ACCOUNTS
You grant to us and our aliates, a security interest in all your accounts
with us, and all property in your accounts (including money, certicates
of deposit, securities and other investment property, nancial assets,
etc.), to secure any amount you owe us or our divisions, department,
and aliates, now or in the future. This includes, for example, debts that
now exist and debts that you may incur later, your obligations under
a guaranty, and also includes all fees you owe us or our aliates. For
purposes of this section, “account” includes any account you have with
us or any of our aliates (including, without limitation, agency, custody,
safekeeping, securities, investment, brokerage, and revocable trust
accounts) and “you” includes, without limitation, your revocable trust,
any partnership in which you are a general partner, any prior or successor
entity by way of an entity conversion, and any other series of your series
limited liability company (as applicable). In order to provide us and our
aliates with control over your account and all property in your account
for purposes of perfecting the security interest granted above, you
agree that we shall comply with any and all order, notices, requests and
instructions originated by us or any of our aliates directing disposition
of the funds in your account without any further consent from you, even
if such instructions are contrary to your instructions or demands or result
in our dishonoring items which are presented for payment.
If your account is a joint account, you agree we may consider each joint
owner to have an undivided interest in the entire account, so we may
exercise our security interest against the entire account. We may enforce
our security interest without demand or prior notice to you. You agree,
for purposes of this security interest, that our aliates may comply with
any instructions we give them regarding your accounts held with them,
without further consent. You also agree that we may comply with any
instructions regarding your accounts that we receive from our aliates
pursuant to a security interest they have in your accounts with us. We
will not be liable to you if enforcing our security interest against your
account(s) leaves insucient funds to cover outstanding items or other
obligations.
You agree to hold us harmless from any claim arising as the result of our
security interest in, or enforcement of our security interest against, your
account(s).
SECURITY
It is your responsibility to protect the account numbers, including card
numbers and electronic access devices (e.g., an ATM card, debit card,
username and password or PIN) we provide to you for your account(s).
If you furnish your access device and grant actual authority to make
transfers to another person (a family member, coworker or employee, for
example) who then exceeds that authority, you are liable for the transfers
unless we have been notied that transfers by that person are no longer
authorized.
Your account number can also be used to electronically remove money
from your account. If you provide your account number in response to a
telephone solicitation for the purpose of making a transfer (to purchase
a service or merchandise, for example), payment can be made from
your account even though you did not contact us directly and order the
payment.
You must also take precaution in safeguarding your blank checks.
Notify us at once if you believe your checks have been lost or stolen. As
between you and us, if you are negligent in safeguarding your checks,
you must bear the loss entirely yourself or share the loss with us (we may
have to share some of the loss if we failed to use ordinary care and if we
substantially contributed to the loss).
We reserve the right to place a hold on your account if we suspect
irregular, fraudulent, unlawful or other unauthorized activity involved
with your account. We may attempt to notify you of such a hold, but we
are not required to provide notice prior to placing the hold. You agree
that we may maintain such a hold until all claims against you or us to the
funds held in your account, whether civil or criminal in nature, have been
resolved fully in our sole satisfaction.
RESOLUTION OF DISPUTES BY ARBITRATION
PLEASE READ THIS PROVISION CAREFULLY. UNDER THIS
PROVISION, YOU WAIVE YOUR RIGHTS TO TRY ANY COVERED
CLAIM IN COURT BEFORE A JUDGE OR JURY AND TO BRING OR
PARTICIPATE IN ANY CLASS OR OTHER REPRESENTATIVE ACTION.
The following provision applies to any claim, cause of action,
proceeding, or any other dispute between you, on the one hand, and
us, our respective parents, subsidiaries, affiliates, agents, employees,
predecessors-in-interest, personal representatives, heirs and/or
successors, and assigns, on the other hand (each a “Claim” as further
defined under the heading “Claims Covered by Arbitration”), including
all questions of law or fact related thereto.
Agreement to Arbitrate: Either you or we may elect in writing, and
without the consent of the other, to arbitrate all Claims covered by
this provision.
Claims Covered By Arbitration: Claims subject to our agreement
to arbitrate shall include all of the following: (1)Claims related to or
arising out of this account Agreement, or any prior or later versions
of this account Agreement as well as any changes to the terms of
this account Agreement; (2) Claims related to or arising out of any
aspect of any relationship between us that is governed by this account
Agreement, whether based in contract, tort, statute, regulation, or any
other legal theory; (3) Claims related to your use of any of the digital
services we make available to you through our website, online banking
platforms, and mobile apps; and (4) Claims that relate to the formation,
construction, scope, applicability, or enforceability of this arbitration
provision. Claims include Claims that arose before we entered into this
account Agreement (such as Claims related to advertising) and after
termination of this account Agreement.
Arbitration: The party initiating arbitration must initiate such arbitration
with the American Arbitration Association (“AAA”). If AAA is for any
reason unable to serve, then the parties may agree to a comparable
substitute organization. If the parties are unable to agree, then a
court of competent jurisdiction shall appoint a comparable substitute
organization.
Small Claims Jurisdiction: If a party’s Claim is within the jurisdiction
of the small claims court where you reside, either party may at any
time choose to take the Claim to that court instead of arbitration.
The party may take the Claim to small claims court without first filing
in arbitration or, after a case is filed in arbitration, a party may send
written notice to the opposing party and the arbitration forum that it
wants the Claim decided by a small claims court. After receiving the
notice, the arbitration forum shall administratively close the case.
Arbitration Procedure: The arbitration shall be decided by a single
neutral arbitrator. Except as modified by this Resolution of Disputes by
Arbitration provision, AAA shall administer arbitration in accordance
with AAA’s Consumer Arbitration Rules. AAA’s Rules may be obtained
from www.adr.org or 800-778-7879 (toll free).
At the time of initiating arbitration, the party seeking to initiate
arbitration must provide the other party with the demand for arbitration
and identify the account holder(s) and account(s) at issue, including
the account number(s), and provide a short and plain statement of the
claims asserted and the relief sought. The parties agree that Federal
Rule of Civil Procedure 11 shall apply to the arbitration proceeding,
including that the claims and relief sought are neither frivolous nor
brought for an improper purpose.
The arbitrator will decide the dispute in accordance with the terms
of our account Agreement and applicable substantive law, including
the Federal Arbitration Act and applicable statutes of limitation.
The arbitrator shall honor claims of privilege recognized at law. The
arbitrator may award damages or other relief (including injunctive
relief) available under applicable law, including relief contemplated
under Federal Rule of Civil Procedure 11. The arbitrator will not have
the authority to award relief to, or against, any person or entity who
is not a party to the arbitration. The arbitrator will take reasonable
steps to protect customer account information and other proprietary
or confidential information. Any arbitration hearing shall take place
in the federal judicial district that includes your home address, unless
you and we agree in writing to a different location or the arbitrator so
orders. If all Claims are for $10,000 or less, you may choose whether
the arbitration will be conducted solely on the basis of documents
submitted to the arbitrator, through a telephonic hearing, or by an in-
person hearing in accordance with AAA’s rules.
At your or our request, the arbitrator will issue a reasoned written
decision sufficient to explain the essential findings and conclusions
on which the award is based. The arbitrator’s award shall be final and
binding, subject to judicial review only to the extent allowed under
the Federal Arbitration Act. You or we may seek to have the award
vacated or confirmed and entered as a judgment in any court having
jurisdiction.
No Class Action or Joinder of Parties: You and we agree that any Claim
brought in arbitration will be brought on an individual basis only. You
and we agree that no class action, private attorney general, or other
representative claims may be pursued in arbitration, nor may such
action be pursued in court if either you or we elect arbitration. Unless
mutually agreed to by you and us, Claims of two or more persons may
not be joined, consolidated, or otherwise brought together in the
same arbitration (unless those persons are joint account owners or
beneficiaries on your account and/or related accounts, or parties to
a single transaction or related transaction). If under applicable law a
claim, remedy or request for relief cannot be compelled to arbitration,
then that claim, remedy or request for relief shall be severed and may
be brought in a court of competent jurisdiction under this Agreement
18
after arbitration and all appeals are concluded. The remaining claims,
remedies or requests for relief shall be submitted to arbitration
consistent with the terms of this provision. If this specific paragraph
is determined by the arbitrator to be unenforceable, then this entire
provision shall be null and void .
Arbitration Costs: The parties will be responsible for the costs of
arbitration as set forth in the rules of the applicable arbitration forum
and subject to applicable law. To the extent allowed by applicable
law, our agreements, and the rules of the applicable arbitration forum,
the arbitrator may award arbitration costs and attorneys’ fees to the
prevailing party. Otherwise, each party will pay its own attorney,
expert and witness fees.
Applicable Law: You and we agree that you and we are participating in
transactions that involve interstate commerce and that this provision
and any resulting arbitration are governed by the Federal Arbitration
Act. To the extent state law applies, the laws of the state governing
your account relationship apply. No state statute pertaining to
arbitration shall apply.
Severability: Except as this provision otherwise provides, if any part
of this provision is deemed to be invalid or unenforceable by the
arbitrator, that part will be severed from the remainder of this provision
and the remainder of this provision will be enforced.
ATTORNEY’S FEES
Where used, “attorney’s fees” includes our attorney’s fees, court costs,
collection costs, and all related costs and expenses. Notwithstanding any
provision in this Agreement to the contrary, any provision for attorney’s
fees in this Agreement shall not be enforceable in any dispute governed
by the laws of California or Oregon.
LITIGATION CLASS ACTION WAIVER
To the extent a Claim is not submitted to arbitration for any reason, you
and we agree that any Claim led in court will be brought on an individual
basis only. You and we agree not to participate in any class action, private
attorney general action, or other representative action for any Claim led
in court by any party.
FUNDS AVAILABILITY: YOUR ABILITY TO
WITHDRAW FUNDS ALL ACCOUNTS
This funds availability policy applies to deposits into a checking or savings
account made at a branch or ATM. This policy does not apply to deposits
made using a remote deposit capture service (like our mobile check
deposit service). Please see the Digital Services Agreement to learn more
about the funds availability policy applicable to deposits made through a
mobile or other electronic device.
Some sections of this disclosure apply to all accounts and all customers.
There are special sections for New Accounts, Commercial Accounts,
Wealth Management Accounts and Retail Consumer and Business
Accounts. We will make that clear in the section headings.
Funds “availability” means your ability to withdraw funds from your
account, whether those withdrawals are to be in cash, by check, automatic
payment, or any other method we oer you for access to your account.
If deposited funds are not “available” to you on a given day, you may not
withdraw the funds in cash and we may not use the funds to pay items
that you have written or honor other withdrawals you request. If we pay
items that you have written or honor other withdrawals before funds are
available to you, we may charge a fee for this. Please review the product
pricing information disclosure for information regarding overdraft fees
associated with your accounts.
Please remember that even after the item has “cleared,” we have made
funds available to you, and you have withdrawn the funds, you are still
responsible for items you deposit that are returned to us unpaid and for
any other problems involving your deposit. See our Returned Deposited
Items For Business Accounts Only section.
DETERMINING THE AVAILABILITY OF A DEPOSIT ALL
ACCOUNTS
The day funds become available is determined by counting business
days from the day of your deposit. Every day is a business day except
Saturdays, Sundays, and federal holidays. If you make a deposit in person
at a branch on a business day we are open, we will consider that day to
be the day of your deposit for purposes of calculating when your funds
will become available. However, if you make a deposit at a time 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 a deposit is made after 8:00p.m. (local time at the ATM location) or on
a day we are not open, we will consider the deposit to be made on the
next business day we are open.
Deposits you send by mail are considered deposited on the business day
it arrives at the bank. In all cases, availability of any deposit assumes that
a requested withdrawal will not overdraw the account.
IMMEDIATE AVAILABILITY ALL ACCOUNTS
The following types of deposits will usually be available for withdrawal
immediately under normal circumstances:
• Cash (if deposited in person to an employee of ours);
• Electronic direct deposits;
• Wire transfers; and
• The first $225.00 from the total of all other deposits made on any
given day.
Cash and wire transfer deposits are subject to the Special Rules for New
Accounts and the $225.00 availability is subject to the rule in the section
titled Longer Delays May Apply.
LONGER DELAYS MAY APPLY
Government Checks, Cashier’s Checks, and Other Types of Special
Checks. If you make a deposit of one of the following items in person to
one of our employees, our policy is to make the funds from those deposits
available no later than the rst business day after the day of deposit:
• State and local government checks that are payable to you;
• Cashier’s, certified, and teller’s checks that are payable to you; and
• Federal Reserve Checks, Federal Home Loan Checks, and U.S. Postal
Money orders that are payable to you.
If you do not make your deposit in person to an employee of the bank (for
example, if you mail us the deposit), funds from these deposits may be
available no later than the second business day after the day of deposit.
However, we may delay funds for a longer period of time, see section
titled Longer Delays May Apply – Safeguard Exceptions.
Large Deposits. If you deposit checks totaling more than $5,525.00,
in the aggregate, on any one day, then the first $5,525.00 of your total
deposit(s) will be available on the first business day after the day of your
deposit(s). The excess amount over $5,525.00 will be available on the
seventh business day after the day of your deposit(s).
Case-by-Case Delays. In some cases, we will not make all of the funds
that you deposit available to you as provided above. 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 rst $225.00 of
your deposit, however, will be available no later than the rst business
day after the day of deposit, and usually immediately.
If we are not going to make all of the funds from your deposit available
on the rst 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 (including a deposit
made at an ATM) 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.
Safeguard Exceptions. 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 $5,525.00 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 after the
day of your deposit.
RETAIL CONSUMER, BUSINESS
AND COMMERCIAL ACCOUNTS
Our general availability policy for these accounts is to make funds
available to you on the rst business day after the day of deposit. We
generally make some portion of a day’s deposits available for withdrawal
immediately. See the previous section for the types and amounts of
deposits that are available immediately.
WEALTH MANAGEMENT ACCOUNTS
Our general availability policy for Private Client Accounts is to make
funds you deposit available to you immediately. This immediate availability
19
policy includes all deposits at any ATM. The section above titled Longer
Delays May Apply also applies to your accounts. If we impose a delay
as provided in that section, then the sections titled Cashing Checks and
Other Accounts may also apply.
DEPOSITS AT AUTOMATED TELLER MACHINES RETAIL
CONSUMER, BUSINESS AND COMMERCIAL ACCOUNTS
Our Machines. If you make a deposit at a deposit-accepting ATM
identied as ours with the U.S.Bank name, your deposit will generally be
available on the rst business day after the day of deposit. However, in
certain circumstances, and at U.S.Bank’s discretion, the funds may not be
available until the second business day after the day of deposit.
Partner ATMs. U.S. Bank has established alliances to expand ATM
convenience. These partner ATMs display the U.S. Bank logo and are
included in the denition of a U.S. Bank ATM. However, these ATMs
generally do not accept deposits. If we permit a deposit at a partner
ATM, your deposit will not be available until the fth business day after
the day of deposit.
Other Machines. Generally, deposits at an ATM that is not identied as
ours with the U.S.Bank name are not permitted. If we permit a deposit
at an ATM that is not identied as ours with the U.S.Bank name, your
deposit will not be available until the fth business day after the day of
deposit.
SPECIAL RULES FOR NEW ACCOUNTS RETAIL
CONSUMER AND BUSINESS ACCOUNTS
If you are a new customer, the following special rules will apply during
the rst 30 days your account is open.
Funds from electronic direct deposits and deposits of cash and wire
transfers to your account will be available on the day we receive the
deposit. The rst $5,525.00 of a day’s total deposits of cashier’s, certied,
teller’s, traveler’s, on-us checks (checks drawn on U.S.Bank), and federal,
state and local government checks will be available on the rst 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 amount
over $5,525.00 will be available on the fth 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 rst $5,525.00
will not be available until the second business day after the day of your
deposit.
Funds from all other check deposits will generally be available on the
fth business day after the day of your deposit. In certain instances, we
may hold funds from other check deposits for longer than ve business
days. For example, if we receive a check that falls within the Safeguard
Exception description above, we may delay funds for up to seven business
days. If we do so, we will provide you with a hold notice at the time of
deposit or when we learn that we will hold the funds from the deposit.
CASHING CHECKS
If we cash a check for you that is 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.
OTHER ACCOUNTS
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 day the
deposited item would have been available, which will usually be the rst
business day after the day of deposit.
ADDITIONAL TERMS FOR BUSINESS
ACCOUNTS
All other sections of this Agreement apply to consumer and business
accounts alike, (except when a rule specifically says it will apply to
consumers). The following sections apply to accounts used primarily
for business purposes.
UNLAWFUL INTERNET GAMBLING AND OTHER ILLEGAL
TRANSACTIONS
You agree that you, or anyone acting on your behalf, will not use your
account, access device or banking relationship with us to facilitate
illegal transactions such as those prohibited by the Unlawful Internet
Gambling Act of 2006, or otherwise violate any law, rule or regulation
applicable to you. If we identify a suspected illegal transaction, we
may block such transactions, and further we may close your account
or terminate our banking relationship with you.
DEPOSIT OF PREAUTHORIZED DRAFTS
A pre-authorized draft is an arrangement whereby you get authority from
a person (a customer, usually) to access a deposit account owned by that
person to pay a debt that person owes you. You deposit these “drafts”
into a deposit account with us, and we collect them from your customers,
who may have accounts with us or other banks. (These “drafts” are checks
you create based on information your customer provides you, such as the
customer’s name and account number, and the express permission your
customer gave you to draw on his account.)
When you deposit these pre-authorized drafts, you make the following
agreements and warranties:
1. You have express, verifiable and binding authorization from your
customer to access his, her or its account for the amount you ask
us to collect;
2. You will keep the proof of your authorization in retrievable form
for not less than two years from: (a) the date of the authorization
of a one-time draft; or (b) from the date of revocation of the
authorization of recurring drafts. You agree to provide us with
such proof upon our request;
3. We may reverse any credit given to you for any draft deposited to
your account and returned to us regardless of when it is returned
or the reason for the return. We may take funds in your account
to pay the amount you owe us, and if there are insufficient funds
in your account, you will still owe us the remaining balance.
EARNINGS CREDIT
Fees for services used by you may be assessed in full to your accounts
or may be oset through account analysis by applying earnings credit to
your service charges to determine a single monthly net service charge. Your
earnings credit rate is established by us and will change from time to time.
For business accounts, the variable earnings credit rate may be zero or a
negative rate. If the earnings credit rate for any of your account(s) or the
index or other referenced rate upon which the earnings credit rate for your
account(s) is based is at any time less than zero percent, you agree to pay
all amounts of the negative earnings credit or fees which we impose as
compensation for the negative earnings credit rate. Your net service charge
could be zero if your earnings credit equals or exceeds your total charges in
a given month. If your earnings credit is not sucient to oset the amount
due hereunder, you agree to pay such amounts to us upon demand.
WAIVER OF NOTIFICATION OF REDEPOSITED CHECKS
When you deposit checks to your account, you have a right to be notied
whenever a check you deposit is returned unpaid. We oer a plan (to
businesses who elect it) whereby we will automatically redeposit checks
returned unpaid due to insucient funds. To simplify collection of these
items, you give up this right to notication for those items we redeposit. If
these items are returned unpaid a second time, you will receive standard
notication.
We may withhold the availability of funds represented by a redeposited
check. We will notify you of such delay.
FACSIMILE SIGNATURES
You may wish to use a facsimile signature stamp or other mechanical
signature device to sign checks or other orders relating to your accounts.
If you do, we will, without contacting you, debit your account for items
bearing an imprint that looks substantially like your authorized mechanical
signature, whether or not such items bear the actual facsimile signature
stamp. You agree to notify us and give us a sample imprint if you plan to
use such a device. If you do not give us a sample, this section still applies
to your use of the device. You are responsible for the security of any
mechanical signature device. We will not be responsible for payment of
unauthorized items bearing an imprint from, or similar to, your authorized
mechanical signature.
DEPOSITS
Truncation, Substitute Checks, and Other Check Images: If you truncate
an original check and create a substitute check or other replacement
document, or other paper or electronic image of the original check,
you warrant that no one will be asked to make payment on the original
check, a substitute check or any other electronic or paper image, if the
payment obligation relating to the original check has already been paid.
You also warrant that any substitute check(s) you create conforms to the
legal requirements and generally accepted specications for substitute
checks. You agree to retain the original check in conformance with the
time requirements as outlined in your remote deposit capture agreement
with us. You agree to indemnify us for any loss we may incur as a result
of any truncated check transaction you initiate. We can refuse to accept
substitute checks that have not previously been warranted by a bank or
other nancial institution in conformance with the Check 21 Act. Unless
specically stated in a separate agreement between you and us, we do not
have to accept any other electronic or paper image of an original check.
20
Deposit Preparation, Sorting, and Endorsements: You agree to properly
prepare, sort, and endorse all deposits according to requirements
specied in any applicable user guides and Federal Regulation CC. We
require that you include the external processing code of “6” in Position44
of the MICR line for all remotely created checks, and we reserve the
right to dishonor any remotely created check that does not meet the
requirement. You agree to indemnify us for any loss we incur that results
from your failure to comply with these requirements.
Requalification: If you elect to have another bank or entity receive and
process all of your returned checks, such other bank’s endorsement may
be obscured by our depository bank endorsement. You understand and
agree that any other endorsement placed on your checks that identify
another bank as the depository bank or the bank to which checks should
be returned may result in illegible or double endorsements, which may
delay the return of your checks. You agree we shall not be liable for any
such delays.
Business Account Cash Deposits: We reserve the right to require
business customers to prepare their cash using a dual pocket deposit bag
that meets our specications. At our discretion, we may process such
deposits either at the branch where the deposit is made or at a cash vault
location. If the deposit bag is sent to a cash vault location for processing,
you will be provided with provisional credit based on the amount stated
on your deposit ticket. You agree that the cash vault location count of the
deposit amount will be determinative and that we may revoke all or part
of the provisional credit based on such count of the deposit amount for
up to ten (10) calendar days after deposit at the branch.
FRAUD PREVENTION MEASURES FOR BUSINESS
ACCOUNTS
We oer certain products and services, such as “positive pay,” and account
blocks and lters that are designed to detect or deter fraud. Failure to
use such services could substantially increase the likelihood of fraud. If
you fail to implement any of these products or services, or if you fail to
follow these or other precautions reasonable for your type of account
or circumstances, you agree that you will be precluded from asserting
any claims against us for paying any unauthorized, altered, counterfeit
or other fraudulent item that such product, service or precaution was
designed to detect or deter, and we will not be required to re-credit your
account or otherwise have any liability for paying such items.
CUSTOMER SEGREGATED ACCOUNTS. Notwithstanding anything
to the contrary in this Agreement or any other agreement, we will
maintain all money designated as client money—by broker-dealers,
future commission merchants, or derivatives clearing organizations—in
customer segregated accounts in accordance with acknowledgement
letters required by applicable SEC and CFTC rules and regulations.
ELECTRONIC FUND TRANSFERS FOR
CONSUMER CUSTOMERS
This section applies to payment orders and electronic funds transfers
described below in the section titled Types of Transactions. This section
does not apply to (a) wire transfers or (b) electronic fund transfers initiated
using online and mobile services (“Digital Services”). When you enroll in
Digital Services, we will provide you with the U.S.Bank Digital Services
Agreement that governs the electronic fund transfer services we make
available on our Digital Services platforms.
If you have any questions regarding electronic fund transfers or believe
that an unauthorized transaction has occurred, please call U.S. Bank
24-Hour Banking or U.S. Bank Fraud Liaison Center (unauthorized
transactions) (see last page for phone numbers), visit a local U.S.Bank
branch or write to:
U.S.Bank 24-Hour Banking
EP-MN-WS5D
60 Livingston Ave.
St. Paul, MN 55107
Please read this disclosure carefully because it tells you your rights and
obligations for the transactions listed. You should keep this notice for
future reference.
TYPES OF TRANSACTIONS
These are the types of electronic fund transfers covered by this Agreement.
Electronic Fund Transfers Initiated by Third Parties. You may authorize
a third party to initiate electronic fund transfers between your account
and the third party’s account. These transfers to make or receive
payment may be one-time occurrences or may recur as directed by you.
These transfers may use the Automated Clearing House (ACH) or other
payments network. Your authorization to the third party to make these
transfers can occur in a number of ways. In all cases, these third-party
transfers will require you to provide the third party with your account
number and bank information. Thus, you should only provide your bank
and account number information (whether over the phone, the Internet,
or via some other method) to trusted third parties whom you have
authorized to initiate these electronic fund transfers. Examples of these
transfers include, but are not limited to:
Direct Deposits. You can arrange for direct deposits to your checking
or savings account(s).
Preauthorized Payments. You can make arrangements directly with
your third party billers to pay certain recurring bills from your checking
or savings account(s).
Electronic check conversion. You may authorize a merchant or other
payee to make a one-time electronic payment from your checking
account using information from your check to pay for purchases or
pay bills.
Electronic returned check charge. You may authorize a merchant or
other payee to initiate an electronic fund transfer to collect a charge
in the event a check is returned for insucient funds.
Expanded Account Access
What it is. Any card or PIN (personal identication number) can be used
to access up to ve checking, savings, line of credit and credit card
account(s) held in the same name at U.S.Bank or any of its bank aliates;
and any account you open with us and our aliates may be accessed by
your card or PIN. “Access” means use of a card or account number and
PIN to conduct a transaction or obtain information at ATMs, over the
telephone, or any other available method. If the card or PIN is for a joint
account, that card or PIN can be used to access all the accounts linked to
the card or PIN account, whether joint or individual. Expanded Account
Access is also applicable to your Digital Services.
The “cards” that can get Expanded Account Access. All U.S.Bank Debit
Cards and ATM cards (excluding prepaid cards), and all U.S.Bank-issued
Credit Cards (including, but not limited to, co-branded credit cards, and
all credit lines issued through U.S.Bank and U.S.Bank aliates).
Fees and Charges for Expanded Account Access. There are no additional
fees or charges just for Expanded Account Access, but fees applicable to
each applicable account will continue to apply in accordance with the
terms of the applicable account agreements. The fees and terms for each
of your accounts will be as disclosed in the Consumer Pricing Information
disclosure. (This document can be obtained by contacting a U.S. Bank
branch or calling 800-872-2657.)
The fees and terms for your personal credit cards and lines of credit are
disclosed in the applicable cardmember agreement.
How to Cancel. You can visit a branch or call the U.S. Bank 24-Hour
Banking number at any time to cancel Expanded Account Access. If you
cancel Expanded Account Access for any account, that account will not
be accessible by any card or PIN other than the card or PIN specically
designated for that account.
Account Access at Automated Teller Machines
You can access up to ve checking, ve savings, and ve line(s) of credit
or credit card accounts at U.S.Bank ATMs through all your cards held in
the same name (excluding prepaid cards).
You may perform the following transactions at ATMs:
• Make cash withdrawals from your checking and savings accounts
associated with your card. Cash denominations vary by ATM.
• Get cash advances from your credit card account using your
U.S. Bank Debit Card or ATM card. (Refer to your cardmember
agreement for any cash advance fees and finance charges that may
apply.)
• Deposit funds to checking and savings accounts associated with
your card. Cash deposits made at a U.S. Bank ATM are credited
to your account the same business day. Checks deposited before
8p.m. local time are posted the same day. Checks deposited after 8
p.m. local time will typically be processed and posted to the account
the next business day.
• Transfer funds from your account(s) associated with your card.
• Make payments to credit card or line of credit accounts from a
deposit account associated with your card.
• Check the current balance of your checking, savings, credit card and
line of credit accounts associated with your card.
• Request a statement showing your most recent deposit account
transactions. (Refer to the Consumer Pricing Information disclosure
regarding any fees for purchasing statements at ATMs. This
disclosure can be obtained by contacting a U.S. Bank branch or
calling 800-872-2657.)
• Change your ATM or debit card PIN.
• Make certain charitable contributions from a deposit account
associated with your card.
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• You may access your Home Equity Line of Credit or Personal Line of
Credit for balance inquiries and making a payment to the respective
line of credit at the ATM.
Some of these transactions are not available at all ATMs.
For customers with a Debit or ATM card that have accessed a Home
Equity Line of Credit or a Personal Line of Credit through the expanded
card access feature, cash withdrawals/advances and transferring from
the Home Equity Line of Credit or Personal Line of Credit is not allowed.
Purchases at Merchants
You may use any of your U.S.Bank Debit Cards to make purchases at
merchants that accept Visa® debit cards or make money transfers using
your card (through a third party). You may use your U.S.Bank ATM Card
and any of your U.S.Bank Debit Cards to make purchases by entering your
PIN at participating merchants. You may also get cash from a merchant, if
the merchant permits. Purchases made with your card will result in debits
to your “primary” checking account. These transactions will be itemized
on your monthly statement, including the merchant name, location, the
date of purchase and the amount of the purchase.
Partial Debit Card Transactions
Some merchants may be enrolled in Visa’s Partial Authorization service.
This means that if you chose ‘No’ to ATM and Debit Card Overdraft
Coverage, your transaction may be approved for only part of your total
purchase amount. This occurs when you do not have a sucient Available
Balance, necessary to pay for the entire transaction, at the time of the
purchase. Additionally, funds from your designated account(s) linked for
Overdraft Protection (if applicable) may be considered when determining
the amount that is authorized.
For example, if you attempt a $30.00 transaction when your account
has an Available Balance of $20.00, your purchase may be approved for
$20.00 instead of the entire transaction being declined.
Virtual Debit Card
You can easily access your U.S. Bank debit card virtually through online
banking and the mobile app for immediate use or add it to your mobile
wallet. Please note, one-time passcode verication will be required to
show or copy the card information. If you open a new debit card, it will be
delivered in the mail with the same card number, a new expiration date
and CVV2 (the three-digit number on the back of the card). The mailed
card will require activation. If your virtual card was set up for any one-time
or recurring payments, you will need to update the CVV2 and expiration
date.
Other Electronic Transactions
In addition to transactions initiated by using your U.S.Bank Debit Card,
there are other electronic banking transactions that you may arrange
through your account. These include:
• Telephone activated transfers of funds from your accounts with us to
other accounts with us or to third parties. These include but are not
limited to transfers made by telephone or text.
• Automatic transfer of funds between checking and savings accounts.
• Automatic periodic payments to third parties or us from checking
or savings accounts (for example, monthly mortgage payments,
installment loan payments, insurance payments, utility payments).
• Direct deposit to checking or savings accounts (for example, payroll
checks, social security payments).
• Electronic check conversions from your checking account using
a blank, partial or fully completed personal check at merchant
locations.
• Payments made to your account through your U.S.Bank Debit Card.
• You can also use any of your U.S.Bank Debit Cards to obtain a cash
advance from your checking account at any Visa® member bank
anywhere in the world.
Note: Transactions in this section are covered by Regulation E claims
processes.
LIMITS ON TRANSFERS
New Accounts
Generally, you cannot make deposits at a non-U.S. Bank ATM. If we
permit a deposit at an ATM that is not identied as ours with the U.S.Bank
name, your deposit will not be available until the fth business day after
the day of deposit.
Security
For security reasons, there are limitations on the transactions that you
may perform with any of your U.S.Bank Debit Cards or U.S.Bank ATM
Cards per day. There are limitations on the number of transactions that
can be performed per day and the limits may vary. For security reasons we
do not disclose these limits. There are limitations on the dollar amount of
cash withdrawals at ATMs and/or cash that you receive from merchants
over the amount of your purchase. There are also limitations on the total
dollar amount of purchases at merchants and/or cash advances at Visa®
member banks you may perform during each 24-hour period beginning
at 4:30p.m. Central Time. Our standard transaction limits for ATM cards
are $300.00 per day for cash withdrawals and $1,000.00 per day for
purchases. Our standard transaction limits for debit cards are $500.00
per day for cash withdrawals and $1,000.00 per day for purchases and/
or cash advances at banks. Our standard money transfer transaction limits
for sending or receiving money through your U.S. Bank Debit Card is
$10,000.00 per day. We may change these limitations based on periodic
risk assessments and we reserve the right to make such changes without
notice to you. Transfer limits are also subject to temporary reductions to
protect the security of customer accounts or transfer systems.
Debit Card Transactions
When you use your U.S.Bank Debit Card (Debit Card) for payment, the
merchant requests U.S.Bank to authorize the transaction amount. We rely
on the merchant to inform us if a debit card transaction is a one-time or a
recurring transaction. At the time of the request, we authorize (promise to
pay) or decline the merchant’s request. If we authorize (promise to pay)
we will reduce your Available Balance by the amount of the merchant’s
authorization request. Some merchants (e.g., hotels, restaurants, gas
stations, car rental agencies) request an authorization that is an estimated
amount of the anticipated purchase instead of the full purchase amount.
As a result, the reduction of your Available Balance may be less or greater
than the nal debit card transaction amount presented for payment. It
is important to note that your Available Balance may change between
the time a debit card transaction is authorized and when the debit card
transaction is presented for payment.
Debit card authorizations will be reected as pending transactions
and/or will reduce your Available Balance from the time we receive the
authorization until the merchant presents the item for payment. If the
debit card authorization has not been presented for payment within seven
business days, it may be removed from your pending transactions and
your Available Balance may no longer be reduced by the authorization
amount. Due to prior authorization (promise to pay), if the debit card
transaction is presented for payment at a later date we will pay the item
regardless of your Available Balance.
If any debit card transaction results in a negative Available Balance at
the time it is presented for payment—even if your Available Balance was
positive at the time the debit card transaction was authorized—you may
be charged an Overdraft Paid Fee. For more information on Available
Balance please see the section titled INSUFFICIENT FUNDS AND
OVERDRAFTS.
Please know, it is your responsibility to ensure your account has a
sucient Available Balance to cover all transactions you conduct. We
recommend keeping a record of your balance and deducting every
transaction at the time you initiate it.
FEES
We will charge you fees for electronic fund transfers in accordance with
the information found in our Consumer Pricing Information disclosure.
(This disclosure can be obtained by contacting a U.S. Bank branch or
calling 800- 872- 2657.) The fees may be changed at any time, subject to
our giving you any notice required by law.
ATM Transaction Fee. U.S. Bank will assess this fee for each ATM
Transaction (withdrawal, balance inquiry, denied transaction, funds
transfer or deposit) conducted at the Non-U.S. Bank ATM. Non-U.S. Bank
ATMs are dened as any ATM that does not display the U.S. Bank logo in
any manner, physically on the ATM or digitally on the screen.
ATM Surcharge. Non-U.S. Bank ATM owners may apply a surcharge fee
on ATM transactions at their ATMs.
U.S. Bank participates in MoneyPass®, an ATM surcharge free network.
To nd MoneyPass ATM locations, select “visit the MoneyPass locator” at
the bottom of our ATM locator search results to be taken to the MoneyPass
website. If you use an ATM that uses the MoneyPass® Network and are
charged a surcharge fee, please contact us at 800-USBANKS (872-2657)
for a refund of the surcharge fee.
USING YOUR CARD FOR INTERNATIONAL TRANSACTIONS
You may be able to use your U.S. Bank Debit Card or ATM card for retail
purchases with international merchants, for international cash advances
and all transactions performed at international ATMs utilizing Visa’s
PLUS network. The PLUS network is owned by Visa, and they maintain
a locator function on their website. This is not a U.S. Bank sponsored
or aliated website and we have no control over the results. Refer to
our Consumer Pricing Information disclosure for fee information. (This
disclosure can be obtained by contacting a U.S.Bank branch or calling
800- 872- 2657.) We may block transactions in certain foreign countries.
Call us at 800- 872- 2657 for more information. Some merchant and
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ATM transactions, even if you and/or the merchant or ATM are located
in the United States, are considered international transactions under
the applicable network rules, in which case we will add International
Processing Fees to those transactions.
U.S.Bank does not control how these merchants, ATMs and transactions
are classied for this purpose. If the transaction requires a currency
conversion, the exchange rate in eect when processed may dier from
the rate in eect on the date of the transaction or the date of the posting
to your Account.
Transactions processed through the Visa® system will be converted
according to the applicable rules established by Visa®. The foreign
currency transaction will be converted to U.S. Dollars by multiplying
the amount of the foreign currency times (a) a rate selected by Visa®
from the range of rates available in wholesale currency markets for the
applicable central processing date, which rate may vary from the rate
Visa® itself receives, or (b) the government-mandated rate in eect
for the applicable central processing date. For transactions processed
through other networks, the international currency transaction will be
converted by that network in accordance with their rules.
Additional fees may apply. If you need to contact us about your card
while outside of the United States, call us collect at 503-401-9991.
ADVISORY AGAINST ILLEGAL USE
You agree not to use your card(s) for illegal gambling or any other illegal
purpose. Display of a payment card logo by, for example, an online
merchant does not necessarily mean that transactions are lawful in all
jurisdictions in which you may be located; therefore, we reserve the right
to decline all online (Internet) gambling transactions.
DOCUMENTATION
Terminal transfers. You may get a receipt at the time you make any
transfer to or from your account using automated teller machines or
point-of-sale terminals.
Pre-authorized credits. If you have arranged to have direct deposits
made to your account at least once every 60 days from the same person
or company, you can call U.S.Bank 24-Hour Banking, log in to the U.S.
Bank Mobile App or visit our online banking site at usbank.com to nd out
whether or not the deposit has been made.
Periodic statements. You will get a monthly account statement unless
there are no transfers in a particular month. In any case, you will get the
statement at least quarterly for an account to or from which you have
arranged for electronic access. In the event your account has become
inactive as dened in the section titled Dormant Accounts and Escheat
(refer to page 12) and you have had no electronic activity, you will receive
an annual statement.
PREAUTHORIZED PAYMENTS
If you have arranged for automatic periodic payments to be deducted
from your checking or savings account and these payments vary in
amount, you will be notied by the person you are going to pay ten
calendar days prior to the payment date of the amount to be deducted. If
the date upon which your payment is scheduled to be deducted changes,
the person you are going to pay will notify you seven calendar days prior
to the new scheduled date. To conrm the completion of automatic
transfers, payments and/or direct deposits, please contact U.S. Bank
24-Hour Banking, or log in to your account using our Digital Services.
Right to Stop Payment of Preauthorized Transfers
To stop a preauthorized electronic payment or transfer, please call
U.S.Bank 24-Hour Banking (see last page for phone numbers) or initiate
a stop payment request using Digital Services. You must notify the bank
in time for us to receive your request and to be able to act upon it, which
in the case of these electronic payments, is at least three business days
before the transfer is scheduled to occur. We may also require you to put
your request in writing and forward it to us within 14days after you call.
If you order us to stop one of these payments at least 3 business days
before the transfer is scheduled, and we do not do so, we will be liable
for your losses or damages.
OUR LIABILITY
Liability for failure to make transfers. If we do not 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 your losses or damages.
However, there are some exceptions. We will not be liable, for instance:
1. If, through no fault of ours, you do not have enough money in
your account to make the transfer.
2. If you have an overdraft line and the transfer would go over the
credit limit.
3. If the automated teller machine where you are making the
transfer does not have enough cash.
4. If the terminal or system was not working properly and you knew
about the breakdown when you started the transfer.
5. If circumstances beyond our control (such as fire or flood)
prevent the transfer, despite reasonable precautions that we have
taken.
6. There may be other rules/limitations stated in our agreement(s)
with you that excuse our failure to make a requested transfer
(for example, the monthly limit on certain transfers out of non-
transaction savings accounts; refer to Savings Accounts,
Withdrawal section on page 15 for additional details).
Authorized Transactions
We assume that all transactions performed with your U.S. Bank ATM
Card or any of your U.S. Bank Debit Cards and/or your personal
identication number (PIN) are authorized unless you promptly notify
us to the contrary. If you intentionally provide another person with the
means and authority to perform electronic banking transactions using
your account, any resulting transactions will be treated as if they were
performed and authorized by you. Such treatment will continue until you
notify U.S.Bank Fraud Liaison Center (see page 22 that the other person
is no longer authorized to use your card and/or PIN (in which case the
card and PIN will have to be deactivated).
UNAUTHORIZED TRANSACTIONS AND LOST OR STOLEN
CARDS
An unauthorized transaction is one that another person conducts without
your permission and from which you receive no benet.
In order to avoid unauthorized transactions, please observe the following
basic precautions:
• Do not keep your U.S.Bank ATM Card or U.S.Bank Debit Card and
personal identification number (PIN) together. Do not write your PIN
on your card.
• Do not provide your card or reveal your PIN to another person.
• Notify U.S.Bank Fraud Liaison Center or any U.S.Bank branch of the
loss, theft or unauthorized use of your card or PIN.
U.S.Bank Fraud Liaison Center
877-595-6256
We reserve the right to cancel, block, and not renew your access device
for any reason, with or without prior notice. Reasons for suspension of
access may include, for example:
• Detection of suspicious or fraudulent activity;
• Lack of usage;
• Misuse; or
• Access devices returned as undeliverable by postal service.
CONSUMER LIABILITY FOR UNAUTHORIZED TRANSFERS
Zero Liability for Transactions. Except as provided in the next paragraph,
you are generally protected from all liability for unauthorized use of any
of your U.S.Bank Debit Cards, the associated account numbers printed
on them (including purchases made over the phone, online or in the
U.S. Bank Mobile App) and your ATM card or its associated personal
identication number (PIN). You still need to report the loss or theft of
these cards, PINs, and any unauthorized transactions to us as soon as
you can. This is necessary so you can get any unauthorized transactions
reversed, prevent further unauthorized transactions, and avoid liability for
subsequent purchases we could have prevented had you given us notice.
This policy also protects you from liability for other types of electronic
fund transfers. Please follow the section entitled Error Resolution Notice
to report any unauthorized activity on your account.
After 60 Days from Statement Notice. If you fail to give us notice of an
unauthorized electronic fund transfer within 60 days of when we rst
deliver a statement to you that discloses that unauthorized transaction,
you will be liable for all unauthorized electronic fund transfers that
occur after that 60-day period expires if we could have prevented such
transaction had you reported it to us within the 60-day period. This
rule applies to all forms of electronic fund transfers (including but not
limited to ATM transactions, preauthorized withdrawals, online or mobile
transactions, and purchases with any of your U.S.Bank Debit Cards, etc.)
that occur after the 60-day period following the rst statement notice.
If a good reason (such as a long trip or hospital stay) kept you from telling
us, we may extend this time period.
BUSINESS DAYS
Bank “business days” are Monday through Friday. Federal holidays are
not included.
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CONFIDENTIALITY
We will disclose information to third parties about your account as
permitted by law or the transfers you make:
1. where it is necessary for completing transfers; or
2. in order to verify the existence and condition of your account for
a third party, such as a credit bureau or merchant; or
3. in order to comply with government agency or court orders; or
4. if you give us your written permission; or
5. according to our privacy pledge, which generally permits us to
share information with companies that perform marketing or
other services on our behalf.
ERROR RESOLUTION NOTICE
In case of errors or questions about your electronic transfers, call
U.S. Bank 24-Hour Banking at a number on the last page, visit any
U.S.Bank branch or write us at the address listed below, as soon as you
can, if you think your statement or receipt is wrong or if you need more
information about a transfer listed on the statement or receipt. We must
hear from you no later than 60 days after we sent the FIRST statement on
which the problem or error appeared.
1. Tell us your name and account number (if any).
2. Describe the error or the 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 dispute or
question in writing within ten business days. We will determine whether
an error occurred within ten business days after we hear from you and
will correct any error promptly. If we need more time, however, we may
take up to 45 days to investigate your dispute or question. If we decide
to do this, we will credit your account within ten business days for the
amount you think is in error, so that you will have the use of the money
during the time it takes us to complete our investigation. If we ask you to
put your dispute or question in writing and we do not receive it within ten
business days, we might not provisionally credit your account.
For errors involving new accounts, point-of-sale, or foreign-initiated
transactions, we may take up to 90 days to investigate your dispute or
question. For new accounts, we may take up to 20 business days to credit
your account for the amount you think is in error.
We will tell you the results within three 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.
Write to us at:
U.S.Bank
EP-MN-WS5D
60 Livingston Ave.
St. Paul, MN 55107
Error resolution and contact information with respect to Digital Services
is provided in our Digital Services Agreement.
NOTICE OF ATM/NIGHT DEPOSIT FACILITY USER
PRECAUTIONS
As with all nancial transactions, please exercise discretion when using
an automated teller machine (ATM) or night deposit facility. For your own
safety, be careful. The following suggestions may be helpful:
1. Prepare for your transactions at home (for instance, by filling out
a deposit slip) to minimize your time at the ATM or night deposit
facility.
2. Mark each transaction in your account record, but not while at the
ATM or night deposit facility. Always save your ATM receipts. Do
not leave them at the ATM or night deposit facility because they
may contain important account information.
3. Compare your records with the account statements you receive.
4. Do not lend your ATM card to anyone.
5. Remember, do not leave your card at the ATM. Do not leave any
documents at a night deposit facility.
6. Protect the secrecy of your Personal Identification Number (PIN).
Protect your ATM card as though it were cash. Don’t tell anyone
your PIN. Don’t give anyone information regarding your ATM card
or PIN over the telephone. Never enter your PIN in any ATM that
does not look genuine, has been modified, has a suspicious device
attached, or is operating in a suspicious manner. Don’t write your
PIN where it can be discovered. For example, don’t keep a note of
your PIN in your wallet or purse.
7. Prevent others from seeing you enter your PIN by using your body
to shield their view.
8. If you lose your ATM card or if it is stolen, promptly notify us.
You should consult the other disclosures you have received about
electronic fund transfers for additional information about what to do
if your card is lost or stolen.
9. When you make a transaction, be aware of your surroundings. Look
out for suspicious activity near the ATM or night deposit facility,
particularly if it is after sunset. At night, be sure that the facility
(including the parking area and walkways) is well lighted. Consider
having someone accompany you when you use the facility,
especially after sunset. If you observe any problem, go to another
ATM or night deposit facility.
10. Do not accept assistance from anyone you do not know when using
an ATM or night deposit facility.
11. If you notice anything suspicious or if any other problem arises after
you have begun an ATM transaction, you may want to cancel the
transaction, pocket your card and leave. You might consider using
another ATM or coming back later.
12. Do not display your cash; pocket it as soon as the ATM transaction
is completed and count the cash later when you are in the safety of
your own car, home, or other secure surrounding.
13. At a drive-up facility, make sure all the car doors are locked and all
of the windows are rolled up, except the driver’s window. Keep the
engine running and remain alert to your surroundings.
14. We want the ATM and night deposit facility to be safe and
convenient for you. Therefore, please tell us if you know of any
problem with a facility. For instance, let us know if a light is not
working or there is any damage to a facility. Please report any
suspicious activity or crimes to both the operator of the facility and
local law enforcement officials immediately.
ELECTRONIC FUND TRANSFERS FOR
BUSINESS CUSTOMERS
This section governs transactions initiated by you or your employees using
a U.S.Bank Business Debit Card or ATM Card, or other U.S.Bank card
products oered to business customers from time to time by U.S.Bank
(“Business Debit Card(s)”). This section does not apply to electronic fund
transfers initiated using online and mobile services (“Digital Services”).
When you enroll in Digital Services we will provide you with the U.S.
Bank Digital Services Agreement that governs the electronic fund transfer
services we make available on our Digital Services platforms.
Your use of business debit cards is subject to the fees and terms of your
checking and savings accounts as set forth elsewhere in this Agreement
and in related disclosures and fee schedules, which are available at
any branch in your state. Some ATM networks impose an additional
transaction fee unrelated to our fees and charges and may be assessed
to your account. Other electronic transactions against your account,
whether or not initiated or authorized by you will be governed by the
specic Agreement between us related to such transactions and/ or all
applicable rules and regulations governing such transactions, including
without limitation, the rules of the National Automated Clearing House
Association (NACHA) as may be amended from time to time.
Under NACHA rules we cannot return an unauthorized electronic
transaction (ACH debit) unless you notify us no later than 5:00 p.m.
Central Time on the business day following the settlement date of the
transaction. Otherwise, your sole recourse is to the originator of the
transaction.
ACCOUNT ACCESS
Any business debit card or personal identication number (PIN) issued
to or selected by you, except sole proprietors who choose to have a
sole proprietor business debit card, may access only related business
checking or business savings accounts (for example, accounts with the
same name or tax identication number). Sole proprietor business debit
cards, however, can access up to ve checking accounts, ve savings
accounts, and ve line of credit or credit card accounts through Expanded
Account Access. Sole proprietor cards may access business and personal
accounts. For more information on Expanded Account Access, see the
Electronic Fund Transfers for Consumer Customers section.
Access methods will dier depending on the business debit card selected
by you and approved by us. All business debit card services may not be
available depending on the access method selected.
LIMITS ON TRANSFERS
New Accounts
Generally, you cannot make deposits at a non-U.S. Bank ATM. If we
permit a deposit at an ATM that is not identied as ours with the U.S.Bank
name, your deposit will not be available until the fth business day after
the day of deposit.
24
Security
For security reasons, there are limitations on the transactions that you
may perform with any of your U.S.Bank Business Debit Cards or U.S.Bank
Business ATM Cards, per day. There are limitations on the number of
transactions that can be performed per day and the limits may vary. For
security reasons we do not disclose these limits. There are limitations
on the dollar amount of cash withdrawals at ATMs and/or cash that
you receive from merchants over the amount of your purchase. There
are also limitations on the total dollar amount of purchases at merchants
and/or cash advances at Visa® member banks you may perform during
each 24-hour period beginning at 4:30p.m. Central Time. Our standard
transaction limits for business ATM cards are $500.00 per day for
cash withdrawals and $2,500.00 per day for purchases. Our standard
transaction limits for business debit cards are $500.00 per day for cash
withdrawals and $10,000.00 per day for purchases and/or cash advances
at banks. Our standard money transfer transaction limits for sending or
receiving money through your U.S.Bank Debit Card is $10,000.00 per
day. We may change these limitations based on periodic risk assessments
and we reserve the right to make such changes without notice to you.
Transfer limits are also subject to temporary reductions to protect the
security of customer accounts or transfer systems.
Debit Card Transactions
When you use your U.S. Bank Business Debit Card (Debit Card) for
payment, the merchant requests U.S.Bank to authorize the transaction
amount. We rely on the merchant to inform us if a debit card transaction
is a one-time or a recurring transaction. At the time of the request, we
authorize (promise to pay) or decline the merchant’s request. If we
authorize (promise to pay) we will reduce your Available Balance by
the amount of the merchant’s authorization request. Some merchants
(e.g., hotels, restaurants, gas stations, car rental agencies) request an
authorization that is an estimated amount of the anticipated purchase
instead of the full purchase amount. As a result, the reduction of your
Available Balance may be less or greater than the nal debit card
transaction amount presented for payment. It is important to note that
your Available Balance may change between the time a debit card
transaction is authorized and when the debit card transaction is presented
for payment.
Debit card authorizations will be reected as pending transactions
and/or will reduce your Available Balance from the time we receive the
authorization until the merchant presents the item for payment. If the
debit card authorization has not been presented for payment within seven
business days, it may be removed from your pending transactions and
your Available Balance may no longer be reduced by the authorization
amount. Due to prior authorization (promise to pay), if the debit card
transaction is presented for payment at a later date we will pay the item
regardless of your Available Balance.
If any debit card transaction results in a negative Available Balance at
the time it is presented for payment—even if your Available Balance was
positive at the time the debit card transaction was authorized—you may
be charged an Overdraft Paid Fee. For more information on Available
Balance please see the section titled INSUFFICIENT FUNDS AND
OVERDRAFTS.
Please know, it is your responsibility to ensure your account has a
sucient Available Balance to cover all transactions you conduct. We
recommend keeping a record of your balance and deducting every
transaction at the time you initiate it.
Account Access at Automated Teller Machines
You may use any of your Business Debit Cards (except as noted below
in Employee Debit Cards and ATM Cards) to make the following
transactions at ATMs:
• Make cash withdrawals from your checking and savings accounts.
Cash denominations vary by ATM.
• Get cash advances from your credit card or line of credit account.
(Refer to your cardmember agreement for any cash advance fees
and finance charges that may apply.)
• Deposit funds to checking and savings accounts associated with
your card. Cash deposits made at a U.S. Bank ATM are credited
to your account the same business day. Checks deposited before
8p.m. local time are posted the same day. Checks deposited after 8
p.m. local time will typically be processed and posted to the account
the next business day.
• Transfer funds from your account associated with your card.
• Make payments to credit card or line of credit accounts from a
deposit account associated with your card.
• Check the current balance of your linked checking, savings, credit
card and line of credit accounts.
• Request a statement showing your most recent deposit account
transactions. (Refer to your account fee disclosures regarding any
fees for purchasing statements at ATMs.)
• Change your ATM or debit card PIN.
• Make certain charitable contributions from a deposit account
associated with your card.
Some of these transactions are not available at all ATMs.
Purchases at Merchants
You may use any of your Business Debit Cards (except as noted below
in Employee Debit Cards and ATM Cards) to make purchases at Visa®
merchants that accept debit cards or make money transfers using your
card (through a third party). You may use any of your business debit cards
to make purchases by entering your PIN at participating merchants. You
may also get cash from a merchant, if the merchant permits. Purchases
made with your card will result in debits to your “primary” checking
account. These transactions will be itemized on your monthly statement,
including the merchant name, location, the date of purchase and the
amount of the purchase.
Employee Debit Cards and ATM Cards
Business debit cards issued to employees only allow ATM deposits at
an automated teller machine. They do not allow ATM cash withdrawals.
Employee ATM cards do not have purchase access at merchants.
Virtual Debit Card
You can easily access your U.S. Bank debit card virtually through online
banking and the mobile app for immediate use or add it to your mobile
wallet. Please note, one-time passcode verication will be required to
show or copy the card information. If you open a new debit card, it will be
delivered in the mail with the same card number, a new expiration date
and CVV2 (the three-digit number on the back of the card). The mailed
card will require activation. If your virtual card was set up for any one-time
or recurring payments, you will need to update the CVV2 and expiration
date.
Other Electronic Transactions
In addition to transactions initiated by using your business debit card,
there are other electronic banking transactions that you may arrange
through your account. These include:
• Telephone activated transfers of funds from your accounts with us to
other accounts with us or to third parties. These include but are not
limited to transfers made by telephone or text.
• Automatic transfer of funds between checking and savings accounts.
• Automatic periodic payments to third parties or us from checking
or savings accounts (for example, monthly mortgage payments,
installment loan payments, insurance payments, utility payments).
• Direct deposit to checking or savings accounts (for example, payroll
checks, social security payments).
• Electronic check conversions from your checking account using
a blank, partial or fully completed personal check at merchant
locations.
• Payments made to your account through your U.S.Bank Debit Card.
• You can also use any of your Business Debit Cards to obtain a cash
advance from your checking account at any Visa® member bank
anywhere in the world.
FEES
We will charge you fees for electronic fund transfers in accordance with
the information found in our Business Pricing Information or U.S. Bank
Business Essentials® Pricing Information disclosure(s). The fees may be
changed at any time, subject to our giving you any notice required by law.
ATM Transaction Fee. U.S. Bank will assess this fee for each ATM
Transaction (withdrawal, balance inquiry, denied transaction, funds
transfer or deposit) conducted at the Non-U.S. Bank ATM. Non-U.S.
Bank ATMs are defined as any ATM that does not display the U.S. Bank
logo in any manner, physically on the ATM or digitally on the screen.
ATM Surcharge. Non-U.S. Bank ATM owners may apply a surcharge fee
on ATM transactions at their ATMs.
U.S. Bank participates in MoneyPass®, an ATM surcharge free network.
To find MoneyPass ATM locations, select “visit the MoneyPass locator” at
the bottom of our ATM locator search results to be taken to the MoneyPass
website. If you use an ATM that uses the MoneyPass® Network and are
charged a surcharge fee, please contact us at 800-USBANKS (872-2657)
for a refund of the surcharge fee.
USING YOUR CARD FOR INTERNATIONAL TRANSACTIONS
You may use your business debit card for retail purchases with international
merchants, for international cash advances and all transactions performed
at international ATMs that bear any of the network logos found on your
card. Refer to our Business Pricing Information or U.S. Bank Business
Essentials® Pricing Information disclosure(s) for fee information. (Both
disclosures can be obtained by stopping into a U.S. Bank branch. We
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may block transactions in certain foreign countries. Call us at 800-673-
3555 for more information.) Some merchant and ATM transactions, even
if you and/or the merchant or ATM are located in the United States,
are considered international transactions under the applicable network
rules, in which case we will add International Processing Fees to those
transactions. U.S. Bank does not control how these merchants, ATMs,
and transactions are classied for this purpose. If the transaction requires
a currency conversion, the exchange rate in eect when processed may
dier from the rate in eect on the date of the transaction or the date of
the posting to your Account.
Transactions processed through the Visa® system will be converted
according to the applicable rules established by Visa®. The foreign
currency transaction will be converted to U.S. Dollars by multiplying
the amount of the foreign currency times (a) a rate selected by Visa®
from the range of rates available in wholesale currency markets for the
applicable central processing date, which rate may vary from the rate
Visa® itself receives, or (b) the government-mandated rate in eect
for the applicable central processing date. For transactions processed
through other networks, the international currency transaction will be
converted by that network in accordance with their rules.
Additional fees may apply. If you need to contact us about your card
while outside of the United States, call us collect at 503-401-9991.
BALANCE REQUIREMENTS
Transactions using your business debit card will be completed only if
sucient funds are available in the applicable account balance, overdraft
protection or other linked credit facility to fully perform the transaction.
UNAUTHORIZED TRANSACTIONS AND LOST OR STOLEN
CARDS AND SECURITY
You are solely responsible for maintaining the security of your business
debit cards and PINs and their use by you and your employees and other
agents. You shall be liable for the acts of your employees and agents
related to your business debit cards, including business debit card
applications and other service requests. If you provide another person
with the means to perform transactions related to your accounts using
your business debit card or PIN, any resulting transactions will be treated
as if they were performed and authorized by you.
You are generally protected from liability for unauthorized use of your
business debit card.
The U.S.Bank Zero Liability policy is subject to certain conditions. If we
determine that the unauthorized transaction was caused by your gross
negligence or fraud, the U.S. Bank Zero Liability policy will not apply.
You still need to report the loss or theft of these cards, PINs, and any
unauthorized transactions to us as soon as you can. This is necessary
so you can get any unauthorized transactions reversed, prevent further
unauthorized transactions, and avoid liability for subsequent purchases
we could have prevented had you given us notice.
You must report an unauthorized debit card transaction to us within a
reasonable time, not to exceed 60 days, from the day we send or make
your account statement available to you on which an unauthorized
transaction is rst reported. If you fail to give us notice of an unauthorized
debit card transaction within 60 days of when we rst deliver a statement
to you that discloses that unauthorized transaction, you will be liable for
all debit card transactions that occur after that 60-day period expires
if we could have prevented such transaction had you reported it to us
within the 60-day period.
Please be aware that consumer rights governed by the Electronic Fund
Transfer Act do not apply to business accounts and we are not liable to
reimburse you for unauthorized or erroneous transactions that may occur
on your business account via electronic fund transfer.
If you believe that an erroneous or unauthorized transaction has occurred
using your business debit card, or if your card has been lost or stolen, or if
you want to cancel a business debit card issued to you or your employee/
agent, or if you want to change your PIN, you must immediately telephone
us at:
© 2024, U.S. Bank National Association 40341
U.S. Bank 24-Hour Banking
Cincinnati Metro Area:513-632-4141
Denver Metro Area:303-585-8585
Milwaukee Metro Area:414-765-4636
St. Louis Metro Area:314-425-2000
Minneapolis/St. Paul Metro Area:612-USBANKS (872-2657)
Portland Metro Area:503-USBANKS (872-2657)
All Other Areas:800-USBANKS (872-2657)
Outside the U.S.:503-401-9991 (call collect)
U.S. Bank Business Service Center
Monday - Friday:8:00 a.m. to 8:00 p.m. CT
Saturday:8:00 a.m. to 6:30 p.m. CT
Minneapolis/St. Paul Metro Area:651-244-7770
All Other Areas within the U.S.:800-673-3555
Outside the United States:503-401-9992
U.S. Bank Fraud Liaison Center
877-595-6256
U.S. Bank accepts relay calls.
©
2024 Wolters Kluwer Financial Services, Inc. All rights reserved.
USB-AIB 08/12/2024 Custom 202245931-030
