Electronic Fund Transfers Disclosure
BankFirst Financial Services
Electronic Fund or Transfers
Your Rights and Responsibilities
In compliance with Federal Reserve Regulation E, BankFirst Financial Services submits this disclosure to its customers who utilize electronic fund transfers. Electronic fund transfers are transfers of funds initiated through an electronic terminal, telephone, computer, or magnetic tape that instructs BankFirst to debit (withdraw funds from) or credit (deposit funds to) an account. Electronic fund transfers include, but are not limited to, an automated teller machine ("ATM") transfer, a point of sale ("POS") terminal transfer, a direct deposit, a preauthorized withdrawal, a transfer under a telephone initiated or computer initiated bill payment plan between you and us, a transfer by a debit card transaction, a check to initiate an electronic funds transfer ("Electronic Check Conversion"), transfers to and from your BankFirst accounts using www.bankfirstfs.com including bill payments, or an electronic funds transfer from a consumer's account to collect a service fee due to insufficient or uncollected funds. All of the above Electronic Fund Transfer examples are governed by this regulation. The Regulation has been provided to ensure that the consumer receives proper documentation for deposits or withdrawals made electronically to his/her account.
Consumer's Liability For Unauthorized Transfers
You are liable for unauthorized fund transfers involving your account only if:
- The access device used for the unauthorized transfers is considered an accepted one;
- We have provided a means (such as by signature, photograph, or fingerprint) to identify you as the one to whom the access device was issued, and
- We have provided you, in writing, with a summary of your liability, the telephone number and address of the person to notify in the event of an unauthorized transfer, and our business days.
If you believe your Debit Card or Personal Identification Number (PIN) has been lost or stolen or if you believe that an electronic fund transfer has been made without your permission using information from your check, tell us at once. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within two business days after learning of the loss or theft, you can lose no more than $50 if someone used your card or PIN without your permission. If you do NOT tell us within two business days after you learn of the loss or theft of your card or PIN, and we can prove we could have stopped someone from using your card or PIN without permission had you told us, you could lose as much as $500.
Also, if you think your statement or receipt is wrong or shows transfers that you did not make, including those made by card, code or other means or if you need more information about a transfer listed on your statement or receipt, notify us immediately. We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared. If you fail to report within sixty (60) days of receiving your statement any unauthorized transfers that appear on the statement your liability will not exceed the sum of:
- The lesser of $50 or the amount of unauthorized transfers that appear on your statement or that occurred during the sixty (60) day period, and
- The amount of unauthorized transfers that occur after the close of the sixty (60) days and before notice to us, and that we can prove would not have occurred but for your failure to notify us within that time period.
If you were delayed in notifying us due to extenuating circumstances, such as extended travel or hospitalization, we may extend the time periods specified.
The rule will apply to all transactions conducted with a MasterCard branded card, including PIN-based transactions at the POS and ATM.
• A cardholder will not be liable for an unauthorized transaction, as long as the cardholder has exercised reasonable care in safeguarding the card from risk of loss or theft, and, upon becoming aware, promptly reporting the loss or theft to the issuer. If these conditions are not met, the cardholder could have up to $500.00 liability if the loss is not reported within two(2) business days of discovery, or unlimited liability if the unauthorized transaction is not reported within sixty(60) days of when the unauthorized transaction was reported on a periodic statement.
You can find out more about MasterCard's Zero Liability Rule by visiting http://www.mastercard.us/zero-liability.html.
If your BankFirst Debit Card is lost or stolen and your financial institution is closed, please call 1-866-546-8273.
Business Day Disclosure
Our business days are Monday through Friday except for federal holidays.
Types of Available Transfers and Limits on Transfers
The transfer services available at BankFirst Financial Services provide:
- The electronic transfer of direct deposit (i.e. Social Security, Civil Service, Veterans Administration, Armed Forces, etc.);
- For the payment of certain bills by pre-authorized electronic fund debits (withdrawals) from your account (i.e., certain insurance drafts, etc.);
- Automatic Teller Machine (ATM);
- Online banking including Bill Payment, Mobile Banking, and Text Message Banking;
- Telephone transfers;
- BankFirst Debit Card,
- ECK's-one time electronic funds transfer initiated using information from checks.
You may use your card to:
- Withdraw cash from your checking or savings account;
- Make deposits to your checking or savings account;
- Transfer funds between your checking and savings accounts whenever you request;
- Pay for purchases at places that have agreed to accept the card;
- Pay bills directly from your checking account in the amounts and on the days you request.
Some of these services may not be available at all terminals.
NOTES: BankFirst Financial Services does not allow third party debits through any "non-transaction" account. Limitations have not been placed on the frequency or the dollar amount of direct deposits, telephone transfers, and automatic drafts. Point of sale limit is $2,500.00 per business day. No service charges are applied to such transfers. However, the bank reserves the right to implement service charges on electronic fund transfers with a 21 day prior notification.
Personal Money Market: During any statement cycle you may not make more than 6 withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction, computer transfer, or by check, draft, debit card, or similar order to a third party. A Debit Item Fee of $15.00 per item will be charged for preauthorized withdrawals over the limit of 6. (This limit does not apply to transfers or withdrawals made in-person.)
ATM Limits: Our standard daily withdrawal limit through the ATM system is $500.00 maximum per business day. For security reasons, this maximum may be less than $500.00 at some time. In addition, this withdrawal limit may be higher if we have separately notified you of a higher limit.
Internet Bill Payment Limits: $2,500.00 per transaction limit, a $500.00 expedited payment limit, and a $5,000.00 daily limit.
Mobile Deposit Limits: Mobile Deposit Limits are based on customer risk.
Customer Risk Level 1: Mobile deposit limits for retail customers > 1 year AND average collected balance for current quarter >= $1,000.00 OR Existing Relationship (CD, Loan, or Business Cross Reference) and no more than 1 return deposit item per year: $2,500.00, maximum deposit per day and $5,000 total deposits per month.
Customer Risk Level 2: Mobile deposit limits for retail customers < 1 year or new customer relationship, no return item history and no return deposit items: $250.00 maximum deposit per day and $500.00 total deposits per month.
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;
- Pay bills.
Right To Receive Documentation of Transfers
Terminal Transfers: You get a receipt at the time you make any transfers to or from your account using one of our automated teller machines.
Preauthorized Credits: If you have arranged to have direct deposits made to your account at least once every sixty (60) days from the same person or company, you can call the customer service department at (662) 726-6030 to find out whether or not your deposit has been made. When you call, please ask for the Direct Deposit Clerk.
Merchant Receipts: You will receive a copy of the transaction at the time the transaction is originated. You will also receive, on a monthly basis, a statement of your account activity. You must save the receipts and present them to us if you have an error with any transaction.
Periodic Statements: You will get a monthly account statement unless there are no transfers involving your account(s) in a particular month. In any case you will get the statement at least quarterly.
Charges For Transfers or Right To Make Transfers
No service charges are applied to a direct deposit or automatic draft.
Debit Card transaction fees - BankFirst ATM machines - none
Foreign ATM fees - $2.00 per transaction or inquiry.
Debit Card fee - No charge for 1st card.
Reissue fee for Debit Card(s) - $5.00 each.
Debit Item Fee (For Personal Money Market Accounts) - $15.00
Copies of sales drafts, photographs and other documentary evidence of transactions on your card account are available for income tax and other purposes upon written request at a reasonable cost. We will not charge you for documentation obtained in connection with a good faith assertion or error in connection with cards.
BankFirst Debit Card customers will be charged a $2.00 fee for cash advance transactions made at financial institutions other than BankFirst.
There are no monthly charges for BankFirst Online Bill Payment. However, if expedited payment methods are used, a fee of $5.00 will be charged for an Expedited ACH payment, and a fee of $25.00 will be charged for an Overnight Check payment.
Notice Regarding ATM Fees By Others
If you use an automated teller machine that is not owned by us, you may be charged a fee by the ATM operator and/or by an automated transfer network and you may be charged a fee for a balance inquiry even if you do not complete a funds transfer.
Right To Stop Payment of Preauthorized Transfers, Right To Receive Notice of Varying Amounts and Bank's Liability For Failure To Stop Payment
Right to stop payment and procedure for doing so: If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Call or write us at the address below in time for us to receive your request three business days or more before the payment is scheduled to be made (Please ask for Direct Deposit Clerk).
BankFirst Financial Services
P. O. Box 31
MACON, MS 39341
If you call, we may also require you to put your request in writing and give it to us within 14 days after you call. We will charge you $36.00 for each stop payment order you give us.
Liability for Failure to Stop Payment of Preauthorized Transfer: if you order us to stop one of these payments three (3) business days or more before the transfer scheduled, and we do not do so, we will be liable for your losses or damages.
Notice of Varying Amounts: If these regular payments vary in amount, the person you are going to pay should tell you, ten (10) days before each payment, when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.
Bank's 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:
- if, through no fault of ours, you do not have enough money in your account to make the transfer;
- if the transfer would go over the credit limit on your overdraft line (if applicable);
- if the automated teller machine where you are making the transfer does not have enough cash;
- if the terminal was not working properly and you knew about the breakdown when you started the transfer;
- if circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
There may be other exceptions stated in our agreement with you.
Circumstances For Disclosure of Account Information To Third Parties
We will disclose information to third parties about your account or the transfer you make;
- where it is necessary for completing transfers; or
- in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
- in order to comply with government agency or court orders; or
- if you give us written permission.
Telephone Number and Address To Be Notified In the Event of Unauthorized Transfer
If you believe your BankFirst Debit Card or Personal Identification Number (PIN) has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, telephone us at:
BankFirst Financial Services
P. O. Box 31
Macon, MS 39341
Customer Service: 1-662-726-6030
You should also call the number or write to the address given above if you believe a transfer has been made using the information from your check without your permission.
In Case of Errors or Questions About Your Electronic Transfers
In case of errors or questions about your electronic transfers, you may contact us at the address and phone number previously given. If you think your statement or receipt is wrong, or if you need more information about a transfer listed on the statement or receipt; notify us immediately. We must hear from you no later than 60 days after we sent the first statement on which the problem(s) or error appeared. When notifying us please:
- Tell us your name and account number.
- 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.
- Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days.
We will determine whether an error occurred within 10 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 complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. For alleged errors involving new accounts (accounts are considered new for 30 calendar days after opening), point-of-sale, or foreign-initiated transactions, we may take up to 90 calendar days to investigate your compliant 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. You will be billed for each investigation where no error exists in accordance with our standard fee schedule.