| Essex Web Banking Agreement and Electronic
Funds Transfer Disclosure
| This Agreement and Disclosure provides information about the Essex Web Banking service
and contains the disclosures required by the Electronic Funds Transfer Act.
For the purpose of this document, "I," "me," "my," and "mine" shall refer to each depositor
who signs up for Essex Web Banking. "You," "your," or "bank" shall refer to Essex Savings
Bank, the bank at which the depositor has the deposit account accessed through Essex Web
Banking. All references to time of day in this Agreement and Disclosure refer to Eastern
Online Banking and Bill Payment through Quicken® is inclusive of the terms and conditions
of the Electronic Funds Transfer Disclosure including but not limited to transaction limits,
transaction processing and system availability. Specifics of Online Banking and Bill
Payment through Quicken® are documented in the Online Help which is accessible via the
- Essex Web Banking Service
Essex Web Banking is a consumer electronic banking service. I may access it
through my personal computer by connecting via the Bank's website,
- Account Designation
I understand that in order to use Essex Web Banking, I must have a deposit account
with Essex Savings Bank.
- Banking Day
For the purposes of this disclosure, our business days are Monday through
Friday. Holidays are not included.
- Service Available through Essex Web Banking
Essex Web Banking service allows me to:
transfer funds electronically (Transfers);
obtain account information;
obtain certain Essex Savings Bank product and service information; and
Essex Web Banking allows me to (in addition to the Home Banking
functionality), access my designated account(s) to pay most bills and
access my account via electronic statements.
Collectively, these are referred to as the "Essex Web Banking" service.
- General Information About Essex Web Banking
I may use Essex Web Banking virtually any time, day or night, 7 days a week.
However, Essex Web Banking may be temporarily unavailable due to Essex Savings
Bank record updating, or technical difficulties. In addition, access to Essex
Web Banking is made available pursuant to a license agreement by and between
Essex Savings Bank and Online Resources Corporation. Any interruption of
service or access caused by Online Resources will also prevent my use of the
service. To utilize the services, I will need to enter my assigned Web Service
Password and otherwise satisfy the system's security procedures.
- Transaction Procedures
Bill Payments and Transfers may be processed in three different transaction
modes. They are as follows:
"Today." If I designate a payment or transfer as a "Today" transaction,
the scheduled initiation date will be the next business day. However,
sufficient funds must be available on the day and at the time I request
the "Today" transaction. "Today" Bill Payments and Transfers may not be
cancelled for any reason once I have ended an Essex Web Banking session,
as funds are immediately deducted from my designated account.
"Future." If I designate a Bill Payment or Transfer as a "Future"
transaction, I may request that the transaction be made on a future date
that I may designate up to 364 days in advance of the Scheduled
Initiation Date. The processing date will be the effective date I
entered, or the next business day should the effective date fall on a
weekend or holiday. Sufficient funds must be available by midnight of
the night before the processing date, but will be deducted from my
designated account on the Scheduled Initiation Date. "Future"
transactions may be cancelled or changed until 12:00 midnight of the
night before the Scheduled Initiation Date.
"Recurring." If I designate a Bill Payment or Transfer as a "Recurring"
transaction, I may request, and Essex Savings Bank will use, a Scheduled
Initiation Date that reoccurs on a specified regular basis (i.e. weekly,
bi-weekly, monthly, etc.). I will designate a "start" and "end" date.
Sufficient funds must be available by midnight of the night before the
Scheduled Initiation Date, but will be deducted from my designated
account on the Scheduled Initiation Date. "Recurring" transactions may
be cancelled or changed until 12:00 midnight of the night before the
Scheduled Initiation Date.
- Bill Payments
Account Designation and Payees. Bill Payments I make
through Essex Web Banking will be deducted from my designated funding
account. I may utilize Essex Web Banking service to make Bill Payments
to a maximum of up to 250 payees. Any payee I wish to pay through Essex
Web Banking must be payable in U.S. Dollars and located in the United
States. Each payee must appear on the payee list I create with you and
the account I am paying with must be in my name. I may not use Essex
Web Banking to make payments to a federal, state or local governmental
or tax unit, or to other categories of payees that you establish from
time to time.
Processing. Funds will be taken out of my designated funding account
on the Scheduled Initiation Date entered by me. In many cases, my Bill
Payments are electronically delivered to the payee within two business
days of the Scheduled Initiation Date. However, some payees are not set
up to accept electronic payment. In these cases, a check will be sent,
which may take five business days to process and deliver to the payee.
Essex Web Banking provides an indication of how many days to allow for
each payee I designate.
I must allow sufficient time (2 or 5 business days, as indicated) for Essex Web
Banking to receive my request and process the Bill Payments so that the funds
can be delivered to the payee before the payment due date, or for mortgage
payments, on or before the due date (the due date shown on my invoice or
provided in my agreement with the payee, not taking into account any grace
period provided by the payee). If I do not allow sufficient time, I will
assume full responsibility for all late fees, finance charges, or other actions
taken by the payee. If I schedule my payment with sufficient time, and the
payment was not received by the payee, or was received late, Essex Web Banking
Customer Service will assume responsibility.
Essex Savings Bank is responsible only for exercising ordinary care in making
payments upon my authorization and for mailing or sending a payment to the
designated payee. Essex Savings Bank is not liable in any way for damages I
incur if I do not have sufficient funds in my account to make the payment on
the processing date, if the estimate of time to allow for delivery to the payee
is inaccurate, or due to delays in mail delivery, changes of merchant address or
account number, the failure of any merchant to account correctly for or credit
the payment in a timely manner, or for any other circumstances beyond the
control of Essex Savings Bank.
Essex Web Banking Customer Service will attempt to notify me by telephone on the
Scheduled Initiation Date if a Bill Payment is not processed because there are
insufficient funds available in my account. Essex Savings Bank is not
responsible if Essex Web Banking Customer Service is unable to reach me,
whether or not this is due to events beyond the control of Essex Web Banking
Customer Service. Moreover, to take advantage of this service, I must keep
Essex Web Banking Customer Service aware of any changes in my current home or
business phone numbers. In all cases, I am responsible for either making
alternate arrangements for the payment, or rescheduling the payment through
Essex Web Banking. In no cases will you automatically resubmit a payment for
me after funds have become available.
InterBank Transfers. Transfers between my account
with Essex Savings Bank and account(s) held at other financial
institutions (InterBank Transfers) are accomplished through an automated
clearing house (ACH) debit against the account funds are being
transferred from and an ACH credit to the account(s) funds are being
Account Designation. In order to be accessible by Essex Web
Banking, accounts maintained at the other financial institutions
(foreign accounts) must be either a checking or a savings account
and must be my accounts. I must provide the name of the financial
institution, the account number, and a transit-routing number. In
most cases, I will need to submit a cancelled or voided check or
- Funds Availability.Funds from
InterBank transfers will be available for withdrawal in accordance
with the funds availability policy of the institution(s) holding the
account that received the funds. Generally, the account holding
institution will receive the funds no later than five business days
following the Scheduled Initiation Date. For "Today" InterBank
Transfers made during a session, I must schedule the transaction as
a "Today" InterBank Transfer before 3:00 p.m. on an Essex Savings
Bank business day for the Schedule Initiation Date to be that day.
Otherwise, "Today" InterBank Transfers scheduled after 3:00 p.m., or
on a weekend or holiday will have a Scheduled Initiation Date of,
and thus will be initiated on, the following Essex Savings Bank
- Transfer Between Two Financial Institutions
Other Than Essex Savings Bank. To Transfer funds
between two financial institutions other than Essex Savings Bank, I
must first Transfer funds from one institution into a designated
funding account at Essex Savings Bank and then Transfer funds from
my Essex Savings Bank designated funding account to the second
- IntraBank Transfers.
Account Designation. I may designate up
to 40 statement accounts at Essex Savings Bank between which I may
transfer funds electronically through Essex Web Banking. All these
accounts must be in my name.
Although I receive immediate provisional credit upon completion of my
Essex Web Banking session for "Today" IntraBank transfers made during
the session, I must make transfers before 3:00 p.m. on a banking day
for those funds to be posted on an account that day and to be
available for non-Essex Web Banking transactions. Transfers
designated as "Today" transactions made after 3:00 p.m., or on a
weekend or holiday, will be available for the payment of non-Essex
Web Banking transactions on the following banking day. "Today"
transfers cannot be cancelled.
Transfers designated as "Future" or "Recurring" transactions will be
processed by 9:00 a.m. of the Scheduled Initiation Date for
provisional credit (i.e. for Essex Web Banking Bill Payments, and
cash withdrawals at ATMs or banking centers), and will post and be
available by the next banking day for payment of non-Essex Web
Banking transactions. If the Scheduled Initiation Date falls on a
weekend or holiday, the transfer will occur on the next banking day.
Future-dated transfers may be changed or cancelled until 12:00
midnight of the night before the processing date.
- Limitations on Services
- Dollar Limitations. There is a dollar limit of $999,999.99 (or the
available balance in my designated funding account) on any payment,
Intrabank transfer, or Interbank transfer.
- Transfer Limitations. Except as provided herein, all Bill Payments and Transfers to and from an account are subject to the terms and conditions applicable to such account as set forth in the Deposit Account Contract governing such account. With respect to Money Market Accounts, I may not make more than six transfers or withdrawals per month to another account of mine or to third parties, when these transfers are made by means of a preauthorized or automatic transfer, or telephonic agreement, order or instruction.
- Available Funds Required. All Bill Payments and Transfers initiated through Essex Web Banking are subject to there being sufficient funds available in the affected account to cover the transfer on the Scheduled Initiation Date or earlier.
- Stopping or Modifying Essex Web Banking Authorized Payments
Payments designated as "Today" transactions cannot be stopped, cancelled, or
changed once my Essex Web Banking session is terminated. Except as stated below,
in order to request a stop payment or change an Essex Web Banking transaction
designated as "Future" or "Recurring", I must use Essex Web Banking and follow
the instructions provided to me. I must cancel the payment or transfer using
Essex Web Banking by 12:00 midnight of the day before the scheduled processing
I understand you will only accept a verbal or written notice to stop an Essex Web
Banking transaction if it relates to a payment designated as "Recurring" and only
if the notice is received at Essex Web Banking Customer Service (at the address
and phone number listed in Paragraph R of this Agreement and Disclosure) no later
than three business days before the scheduled date of the payment or transfer.
If I call, you may also require me to put my request in writing and get it to you
within fourteen days after I call. The notice must detail whether the
cancellation applies to only one of the recurring transactions, or all
transactions in the recurring stream. I understand that my written notice will
only be accepted at the address and phone number listed in Paragraph R of this
Agreement and Disclosure.
If I request a cancellation of a transaction as set forth above and you do not do
so, you will be liable for the damages caused as explained in Paragraph Q.
- Authorization To Charge Accounts
I authorize you to charge my designated account(s) for any transactions accomplished through the use of Essex Web Banking, including the amount of any Bill Payment or Transfer that I make, and any charges for the service. I understand that in adding a payee or maintaining a payee list, even if no payments are scheduled, I am electing to use the full Home Banking and Bill Payment service and therefore will be charged accordingly. I authorize you to process Bill Payments and to transfer funds according to the instructions you receive if the instructions are received from me through Essex Web Banking. I authorize you to initiate any reversing entry or reversing file, and to debit my accounts at Essex Savings Bank or elsewhere, in order to correct any mistaken credit entry. I understand that if a Bill Payment or Transfer request describes the beneficiary inconsistently by name and account number, execution of the request will occur on the basis of the account number, even if it identifies a person different from the named beneficiary. Further, Essex Savings Bank and other financial institutions to which a Bill Payment or Transfer request is forwarded may rely on any Essex Savings Bank identification number supplied by me as a means to identify any other Essex Savings Bank, even if the identification number is different than the Essex Savings Bank named by me. My obligation to pay the amount of the Bill Payment or Transfer to Essex Savings Bank is not excused in such circumstances.
- Account Information Electronic Notice
I may check the balance(s) of the Essex Savings Bank accounts that are linked by access through Essex Web Banking. (NOTE: the balance figure may not reflect recent transactions, and may include funds which are not subject to immediate withdrawal.) I may get a listing of transactions posted to my primary checking account since my last monthly statement, and may get general account information for all accounts linked by access through Essex Web Banking.
- Service Fees
Monthly Service Fee. You may charge me a monthly service fee for use of Essex Web Banking. The amount of any such fee is set forth in our "Schedule of Deposit Account Charges". You will automatically deduct the service fee from my primary checking account beginning 30 days from the date of application, unless a different date is agreed to. You will continue to charge my account monthly on the same day (or the next banking day if the due date falls on a weekend or holiday), until the service is discontinued. You may give me the option to change the day on which you will charge me the monthly service fee.
Transaction Fees. If the deposit account from which the payment or transfer is made is charged per-item fees for excess debit transactions, a fee will be charged for each Essex Web Banking payment or transfer in excess of the specified limit. The transaction fee may not apply to other accounts. The amount of this fee, and specific types of accounts that are excluded from this fee, are set forth in the "Deposit Account Contract" and "Schedule of Deposit Account Charges."
Applicable To All Fees and Charges
If I do not have sufficient funds in my account on the date the fee or charge is payable, I authorize you to automatically deduct the payment from my account as soon as funds are available.
Equipment and/or Software Purchase and Related Sales Tax (if applicable)
- Security Procedures
A Web Service Password will be issued to me for security purposes. I understand
that this password will be used only the first time I access the service, when I
then will define a new, permanent Web Service Password. The Web Service Password
is confidential and should not be disclosed to third parties. I am responsible
for the safekeeping of the Web Service Password. I agree not to disclose or
otherwise make the Web Service Password available to anyone not authorized to
sign on my accounts. I also agree to otherwise satisfy the system's security
I represent that I have considered the security procedures of the Essex Web
Banking services and find that the security procedures are commercially
reasonable for verifying that a Bill Payment, Transfer or other communication
purporting to have been issued by me is, in fact, mine. In reaching this
determination, I have considered the size, type and frequency of Bill Payments,
Transfers or other communications that I anticipate issuing to Essex Savings
If the Essex Web Banking security procedures are not, in my judgment,
commercially reasonable, I must inform you within 30 days. If the size, type
and frequency of my Bill Payments and Transfers change, and the result is that
the Essex Web Banking security procedures cease to be commercially reasonable,
I must also inform you of this within 30 days.
- Liability for Unauthorized Use
I will notify you immediately if I believe that my Web Service Password has become known to an unauthorized person, or has been lost or stolen. Telephoning is the best way of keeping my possible losses to a minimum. If I suggest that an unauthorized transfer or payment may have occurred, you may require me to sign an affidavit.
I could lose all the money in my deposit account(s) accessed through Essex Web Banking if I don't inform you that my Web Service Password has become known to an unauthorized person or has been lost or stolen. If I tell you within two business days after I learn of the loss or theft, I can lose no more than $50.00 if an unauthorized person used my Web Service Password to access Essex Web Banking without my permission.
If I do not tell you within two banking days after I have learned that my Web Service Password has become known to an unauthorized person or has been lost or stolen, and you can prove that I could have stopped someone from using my Web Service Password without my permission if I had told you, I could be liable for as much as $500.00.
Also, if my statement shows electronic funds transfers that I did not make, I will notify you immediately. You may require me to provide my complaint in the form of an affidavit. If I do not tell you within 60 days after the statement was mailed to me, I may not get back any money I lost after the 60 days if you can prove that you could have stopped someone from taking the money if I had told you in time.
If a good reason (such as a long trip or a hospital stay) kept me from telling you, you will extend the time periods.
- Notification of Unauthorized Transaction or a Lost or Stolen Access Device
If I believe my Web Service Password has been lost, stolen or has become known by an unauthorized person, or that someone has transferred money or made payments without my permission, I will call the Essex Web Banking Customer Service in Connecticut Toll-Free 1-877-377-3922 or 1-860-767-4414.
- Liability for Failure To Make Payments
If you do not send a payment or make a transfer on time, or in the correct amount
according to my instructions given in accordance with this Agreement and
Disclosure, you will be liable for damages caused. However, there are some
exceptions. You will not be liable, for instance, if:
Through no fault of yours, my designated funding account does not
contain sufficient funds to make the payment or transfer.
The equipment, ATM network, phone lines, or computer systems were not working properly or were temporarily unavailable.
Circumstances beyond your scope of control, such as fire or flood, prevented the payment or transfer, despite reasonable precautions that you have taken.
A court order or legal process prevents you from making a transfer or payment.
I have previously reported my Web Service Password lost or stolen, or if you have a reasonable basis for believing that unauthorized use of my Web Service Password, or designated account have occurred or may be occurring, or if I default under any agreement with you or if you or I terminate this Agreement.
The payee does not process a payment correctly, or in a timely manner.
There may be other exceptions stated in your agreement with me.
If any of the circumstances listed in subparagraph item 2 or item 3 shall occur, you shall assist me with reasonable efforts in taking appropriate corrective action to reprocess the transactions that may not have been completed or to correct transactions that have incorrectly been processed.
- Errors or Questions
I will telephone you Toll-Free in Connecticut at 1-877-377-3922 or 1-860-767-4414
or write you at Error Resolution, Essex Savings Bank, P.O. Box 950, Essex,
Connecticut 06426 as soon as I can, if I think my statement or receipt is wrong
or if I need more information about a Bill Payment or Transfer listed on the
statement or receipt. You must hear from me no later than 60 days after you send
the statement on which the problem or error appeared. A statement is considered
to have been sent when it is first made available. I must:
If I tell you verbally, you may require that I send my complaint or question
in writing within ten business days. You may require me to provide my
complaint in the form of an affidavit.
- Tell you my name and account number.
- Describe the error or payment I am unsure about, and explain as clearly
as I can why I believe it is an error or why I need information.
- Tell you the dollar amount of the suspected error.
You will inform me of the results of your investigation within ten business days (20 business days if the error occurred within 30 days of the first deposit to my account.) If you need more time, however, you may take up to 45 calendar days (90 days if outside the United States or if it occurred at a merchant location for the purchase of goods or services) to investigate my complaint or question. If you decide to do this, you will recredit my account within ten business days (20 business days if the error occurred within 30 days of the first deposit to my account) for the amount I think is in error, so that I will have the use of my money during the time it takes you to complete your investigation. If you ask me to put my complaint or question in writing and you do not receive it within ten days, you may not recredit my account.
If you determine that there is no error, you will send me a written
explanation within three business days after you finish your investigation.
I may ask for copies of the documents that you used in your investigation.
- Other Problems
If I believe an error other than an electronic funds transfer problem has
occurred concerning a deposit account or if I have a problem regarding a credit
account accessed by an ATM Card, I will refer to my monthly statement for
instructions regarding how to have you resolve my question or correct an error.
- Account Information Disclosure
You will disclose information to third parties about my account and the payments
or transfers I make:
where it is necessary for completing transactions or collecting checks.
as allowed by law in order to verify the existence and condition of my
account for a third party, such as a credit bureau or merchant.
in order to comply with any law, court order or proper governmental
requests, such as subpoenas, tax information, bank examinations and
reports of unusual cash transactions.
if I give you written permission.
to your agents, auditors and collection attorneys.
to tell a holder of one of my checks whether it would be paid if
presented at the time of the request.
to government officials in connection with suspected violations of law.
relating to the account which does not identify me or my account.
to third parties if I owe you money and you must take legal action to get
relating to my account which is allowed to be disclosed under the state
and federal privacy laws.
- Documentation And Verification of Payments and Transfers
Confirmation Numbers. Upon completion of a
transaction using Essex Web Banking, a confirmation number will be given.
I should record this number, along with the payee, scheduled date and
transaction amount in my checkbook register (or other permanent record),
because this will help in resolving any problems that may occur. No
printed receipts are issued through Essex Web Banking.
Periodic Statements. Information concerning Essex Web Banking
transactions will be shown on my normal statement for the account to and
from which transfers or payments are made. I will get a statement
Recurring Deposits. If I have arranged to have deposits made to a
deposit account at least once every 60 days from the same person or
company, I can find out whether or not the deposit has been made through
Essex Web Banking. Or, I can call Essex Savings Bank Customer Service in
Connecticut Toll-Free 1-877-377-3922 or 1-860-767-4414 to find out
whether or not the deposit has been made.
- Other Conditions
I am responsible for complying with all terms of this Agreement and Disclosure
and the regulations governing the deposit accounts which I access using Essex Web
Banking. You can terminate my Essex Web Banking privileges without notice to me
if I do not pay any fee required in this Agreement and Disclosure when due or if
I do not comply with those agreements. The regulations governing my deposit
account are set forth in your Deposit Account Contract and Disclosures, a copy
of which is available from any branch location.
- Change In Terms
You will mail or deliver a written notice to me at least 21 days before the
effective date of any change in a term or condition disclosed in this Agreement
and Disclosure, if the change would result in increased fees or charges,
increased liability for me, fewer types of available electronic fund transfers
or stricter limitations on the frequency or dollar amounts of transfers, unless
prior notice is excused by law.
- Schedule of Service Charges
Please refer to our Schedule of Deposit Account Charges.