Electronic Fund Transfer Disclosure Statement
The purpose of this Disclosure Statement is to inform you of your rights under the Electronic Fund Transfer Act. The Electronic Funds Transfers we are capable of handling are indicated below. Additional services may be provided in the future as they are developed. Please read this Disclosure Statement carefully and keep it for future reference. In this Disclosure Statement, the words "you" or "your" refer to the 1st Constitution Bank depositor and any authorized user(s) of the account. The words "we", "us", "our" and "1st Constitution Direct" refer to 1st Constitution Bank operating as 1st Constitution Direct.
1. ELECTRONIC FUND TRANSFER SERVICES. The only electronic fund transfer service that is available to you when you open accounts with us is as follows:
A. Transfer funds between your 1st Constitution Direct account(s) and the checking account(s) at other financial institutions that are linked to your 1st Constitution Direct account(s) ("linked accounts") via the Internet, using your Password.
2. CHARGES FOR ELECTRONIC TRANSACTIONS. We currently do not charge a fee for our electronic fund transfer services. We reserve the right to charge fees at a later time and will notify you if we do so as required by law.
3. ACCOUNT TRANSFER LIMITATIONS. You may only transfer funds out of your savings account(s) up to six (6) times per monthly statement cycle using any combination of our electronic fund transfer services. You are not limited in the number of transfers that you may make into your savings account(s). These transfer limitations are imposed to comply with Federal Law.
4. RECORD OF TRANSACTIONS.
A. You will receive monthly statements for all electronic fund transfers described in this Disclosure. The statement will include the status of your account(s) and electronic transactions that you made during the past month.
5. HOW TO CONTACT US. If you believe your Password is no longer secure or confidential, or that someone has conducted or may conduct an electronic funds transfer without your permission, please contact us immediately by accessing our website www.1stconstitutiondirect.com through the Internet and click the "Contact Us" button or calling 1-866-934-4178
6. LIABILITY FOR UNAUTHORIZED TRANSFERS. CONTACT US IMMEDIATELY if you believe that an unauthorized transfer has occurred or may occur concerning your account(s) or that your Password is no longer secure or confidential or may have been used without your permission. Telephoning us at 1-866-934-4178 is the best way of keeping your losses to a minimum. If you telephone us, we may require that you send us written confirmation of your notice to be received by us within ten (10) business days of your phone call. You may also notify us through our website www.1stconstitutiondirect.com but we may also require that you send us written confirmation of your notice to be received by us within ten (10) business days of your electronic notice to us. You could lose all the money in your account(s) if you take no action to notify the Bank of the unauthorized transfer or the loss of security or confidentiality of your Password. If you notify the Bank of the loss, your liability for unauthorized transfers will be as follows:
A. If someone else used your Password without your permission, you could lose as much as $500 if you do NOT contact us within two (2) business days after you learn of the loss or unauthorized use and we can prove that we could have prevented the loss had you contacted us.
B. If your monthly statement shows transfers that you did not make and you do NOT contact us within sixty (60) days after the statement was mailed to you or first became available via electronic means if you elected to receive your statement electronically, you may not get back any money lost after the sixty (60) days if we can prove that your contacting us would have prevented those losses.
We can extend these time periods if extenuating circumstances (such as a long trip or hospital stay) kept you from notifying us.
7. IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR TRANSACTIONS. Telephone us at 1-866-934-4178, or send us an electronic communication through the Internet at our website www.1stconstitutiondirect.com as soon as you can if you think your statement or transaction record is wrong or if you need more information about a transaction listed on a statement or receipt. We must hear from you no later than sixty (60) days after the FIRST statement on which the problem or error appeared was mailed to you or first became available via electronic means if you elected to receive your statement electronically.
You must provide us with the following information:
A. Tell us your name and account number;
B. Describe the error or the transaction you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information; and
C. Tell us the dollar amount of the suspected error.
If you tell us verbally or through electronic communication, we may require that you send us your complaint or question in writing within ten (10) business days to WWW.1stConstitutionDirect.com and click on the "Contact Us" button. We will tell you the results of our investigation within ten (10) business days or twenty (20) business days for international transactions (an electronic funds transaction initiated outside the United States or Puerto Rico), after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days, or ninety (90) days for international transactions, to investigate your complaint or question. If we decide to do this, we will re-credit your account within ten (10) business days, or twenty (20) business days in the case of an international transaction, 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 require your written confirmation and we do not receive your complaint or question in writing within ten (10) business days, we may not re-credit your account.
If we decide that there is no error, we will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents we use in our investigation. If we credit your account with funds while investigating an error, you must repay those funds to us if we conclude that no error has occurred.
We may provide you with the results of our investigation electronically if you have agreed to receive electronic communications from us
8. STOP PAYMENT PROCEDURE. You may not stop payment of an electronic transfer that is not recurring once you have initiated the transaction.
9. BUSINESS DAYS. Our business days include every day other than Saturday, Sunday or any one of the Federal Holidays or other days we are closed.
10. DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES. We shall disclose information to third parties about your account or the transfers you make:
A. Where it is necessary to complete transactions;
B. In accordance with your written permission;
C. In order to comply with court orders or government or administrative agency summonses, subpoenas, orders, examinations and escheat reports; and/or
D. On receipt of certification from a federal agency or department that a request for information is in compliance with the Right to Financial Privacy Act of 1978.
11. OUR LIABILITY FOR FAILURE TO COMPLETE AN ELECTRONIC FUND TRANSFER. If we fail to complete a transaction on time or in the correct amount, when properly instructed by you, we will be liable for damages proximately caused by our failure unless:
A. There are insufficient funds in your account to complete the transaction through no fault of ours;
B. The funds in your account are unavailable;
C. The funds in your account are subject to legal process;
D. We did not receive a direct deposit instruction;
E. The failure is due to an equipment breakdown that you knew about before you began a transaction;
F. The failure was caused by an Act of God, fire or other catastrophe, or any other cause beyond our control despite reasonable precautions that we have taken;
G. Your Password has been reported lost or stolen or and you are using the reported / suspended Password;
H. We have reason to believe that the transaction requested is unauthorized;
I. You attempt to complete a transaction which is not a permissible transaction listed above;
J. You did not provide us with the correct account information for those accounts to which you wished to direct a transfer.
In any case, we shall only be liable for actual proven damages if the failure to make the transaction resulted from a bona fide error despite our procedures to avoid such errors.
12. LIMITATION OF OUR LIABILITY. UNLESS OTHERWISE REQUIRED BY LAW, WE WILL NOT BE RESPONSIBLE FOR ANY LOSSES OR DAMAGES FROM THE USE OF THE SERVICES DESCRIBED IN THIS DISCLOSURE STATEMENT INCLUDING INDIRECT, SPECIAL OR CONSEQUENTIAL LOSSES OR DAMAGES.
TRUTH IN SAVINGS DISCLOSURES
Monthly Service Charge - none.
Bonus rate is for new accounts / new money only.
Direct Savings Rate information - At our Discretion we may change the interest rate at any time. If you do not complete the verification procedures explained to you at the time of account opening within 45 days of account opening no interest may be paid.
Balances from $3,000 to $100,000 receive a rate of 0.25% with an APY 0.25%
Balances $2,999 and below earn a rate of .25% with an APY of .25%.
Direct Super Savings Rate Information- At our Discretion we may change the interest rate at any time. If you do not complete the verification procedures explained to you at the time of account opening within 45 days of account opening no interest may be paid.
Balances from $10,000 and above receive a rate of 0.25% with an APY 0.25%
Balances $9,999 and below earn a rate of .25% with an APY of .25%.
Compounding and Crediting - Interest on your account will be compounded and credited on a monthly basis.
Balance Computation Method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal balance in the account each day.
Accrual of Interest on Non-Cash Deposits - For all types of non-cash deposits, interest will begin to accrue on the business day on which the funds were deposited.
Transaction Limitations - You may only transfer funds out of your savings account to your linked account up to six (6) times per monthly statement cycle using any combination of preauthorized and automatic transfer services. If you exceed this limit on more than an occasional basis, we will close your account.
Minimum intial deposit is $100. there are no monthly balance requirements.
Effect of Closing an Account - If you close your account before interest is credited, you will not receive the accrued interest.