LEADER BANK
CORPORATE INTERNET BANKING SERVICE AGREEMENT
This
Corporate Internet Banking Service Agreement ("Agreement") is a
contract, which establishes the rules, which cover your electronic access to
your accounts at Leader Bank ("Bank") through the Internet Banking
System ("eBusiness"). By using eBusiness, you accept all the terms
and conditions of this Agreement. Please read it carefully.
The terms and conditions of
the deposit agreements and disclosures for each of your Bank accounts as well
as your other agreements with Leader Bank such as loans, continue to apply
notwithstanding anything to the contrary in this Agreement.
This
Agreement is also subject to applicable federal laws and the laws of the
1. Definitions - As used in this Agreement, the words "we",
"our", "us" and "Bank" mean Leader Bank.
"You" and "your" refer to the “Account Holder"
authorized by Leader Bank to use eBusiness under this Agreement and anyone else
authorized by that account holder to exercise control over the account holder's
funds through eBusiness. "Account" or "accounts" means your
accounts at Leader Bank. "Electronic funds transfers" means ATM
transactions, preauthorized transactions, point of sale transactions, transfers
(internal and external) to and from your Bank accounts using eBusiness. "eBusiness
Services" means the services provided pursuant to this Agreement.
"Business days" means Monday through Friday. Holidays are not
included.
2. Access - To use
eBusiness, you must have at least one checking account at Leader Bank, acquire
the computer hardware and software required to access eBusiness, access to
Internet service, a web browser that provides encryption using a 128-bit key,
an e-mail address, and a Multi Factor Authentication token that you will
receive from the bank. It is your responsibility to maintain and upgrade your
computer equipment for your use of eBusiness. Leader Bank is not responsible
for equipment failure or malfunction on your computer, any computer virus that
may affect your computer or other problems that may occur, directly or indirectly,
from your use of eBusiness. Once we have received your signed Enrollment Form,
and verified your account information, we will personally visit or send you by
postal mail, confirmation of our acceptance of your enrollment, your assigned
log-in ID, and a Multi Factor Authentication token. eBusiness can be used to
access only the Bank accounts,
which you have designated for access by eBusiness in your Account Authorization
Form. You can add or delete any of your Bank accounts from this Agreement by
completing a new Account Authorization Form. Access to your accounts through
eBusiness will be based upon the identification of users and authority levels
specified by you in your Enrollment Form. We undertake no obligation to monitor
transactions through eBusiness to determine that they are made on behalf of the
account holder.
3. eBusiness Services -
You can use eBusiness to check the balance of your Bank accounts, view Bank
account histories, transfer funds between your Bank accounts, make stop payment
requests, view checks, change your address and initiate wire and ACH transfers.
Balance and activity information is available as of the previous business day.
4.
Hours of Access - You can use
eBusiness seven days a week, twenty-four hours a day, although some or all
eBusiness services may not be available occasionally due to emergency or
scheduled eBusiness maintenance. We agree to post notice of any extended
periods of non-availability on the Leader Bank website.
5.
Your Password - Your temporary
password will be provided to you upon setup of your online account. It is
strongly recommended that when you log in for the first time that you activate
your Multi Factor Authentication token and establish a pin. For security
purposes, after 5 calendar days from the time your temporary password is
created you will be required to log in using your Multi Factor Authentication
token and pin. From that point on your password will consist of an 8-digit
number generated from the Multi Factor Authentication token and the 4-digit pin
that you created.
You
accept responsibility for the confidentiality and security of your Multi Factor
Authentication token and we suggest you change your pin regularly. Upon 3 unsuccessful
attempts to use your password, your access to eBusiness will be revoked. To
re-establish your authorization to use eBusiness, you must contact us to have
your password reset or provide you with a replacement token if necessary.
6.
Security - You understand the
importance of your role in preventing misuse of your accounts through eBusiness
and you agree to promptly examine your periodic statement for each of your Bank
accounts as soon as you receive it. You agree to protect the confidentiality of
your account and account number, and
your personal identification information, such as your driver's license
number and social security number. You understand that personal identification
information alone, or together with information related to your account, may
allow unauthorized access to your account. Your password and login ID are
intended to provide security against unauthorized entry and access to your
accounts. Data transferred via eBusiness is encrypted in an effort to provide
transmission security and eBusiness utilizes identification technology to
verify that the sender and receiver of eBusiness transmissions can be
appropriately identified by each other. Notwithstanding our efforts to insure
that the eBusiness system is secure, you acknowledge that the Internet is
inherently insecure and that all data transfers, including electronic mail,
occur openly on the Internet and potentially can be monitored and read by
others. We cannot and do not warrant that all data transfers utilizing
eBusiness, or e-mail transmitted to and from us, will not be monitored or read
by others.
7. Fees and Charges - You agree to pay the fees and charges for your use
of eBusiness Services as set forth in the current fee schedule (Appendix A).
You agree that all such fees and charges will be deducted from the Leader Bank
checking account designated as the "Primary Checking Account" on your
Enrollment Form. If you close your Primary Checking Account, you must contact
us immediately to designate another account as your Primary Checking Account.
You agree to pay any additional reasonable charges for services you request,
which are not covered by this Agreement. You are also responsible for telephone
and Internet service fees you incur in connection with your use of eBusiness.
8. Balance Reporting - Leader Bank shall provide you, subject to the terms
and conditions contained in the Agreement, with the service(s) that you
requested as specified on the Enrollment Form, which is made a part of this
Agreement. Leader Bank shall provide prior day and memo post balance and
transaction information on your account(s). Leader Bank shall not be
responsible for the accuracy and timeliness of the delivery of any information
furnished to the eBusiness system by other reporting banks.
9. Book Transfer - You agree that given the size, type and frequency of
the intra-Bank transfers, which you intend to make, the following procedures
are commercially reasonable. You agree that Leader Bank may solely rely on
these procedures to verify the authenticity of your transfer requests. You
agree to be bound by any transfer requested in its name and which is in
compliance with such procedures whether actually authorized or not. The
procedures are as follows:
A. You are responsible for the
input and verification of all information onto the eBusiness system. Leader
Bank shall have no responsibility to determine the accuracy of such
information. Should there be any conflict between account number and account
name, the account number shall prevail. Leader Bank shall be entitled to rely
upon any book transfer request reasonably believed by Leader Bank to have been
input by you or your authorized users specified in the Enrollment Form.
B. Leader Bank cut-off time
for book transfer requests is 5:00 p.m. (EST), after which time such requests
will be processed the next business day.
C. Leader Bank may, in its
sole discretion, reject any transfer request if there are insufficient
Available Collected Funds in your authorized account(s) as specified on your
Enrollment Form; or the transfer request (1) is not authenticated to Leader
Bank's satisfaction or which Leader Bank, in good faith, believes may not be
authorized by you; (2) contains incorrect, incomplete or ambiguous information;
or (3) involves funds subject to a lien, hold, dispute or legal process which
prevents their withdrawal. Leader Bank shall incur no liability for any loss to
you or to any third person occasioned by Leader Bank's refusal to make such
transfer.
D. Leader Bank shall not be
responsible for any loss or liability arising from: Your negligence or breach
of this Agreement; any ambiguity or inaccuracy in any book transfer request or
in the information set forth in this Agreement given to Leader Bank by you; or
from any error, failure or delay in the execution of a book transfer, including
without limitation any inoperability of computer or communication facilities,
or other circumstances beyond the Bank's reasonable control.
E. LIMITATIONS - With a
Savings account and Money Market account you may make six (6) transfers from
your account each statement period, if by preauthorized or automatic transfer,
or telephone (including date transmission) agreement, order or instruction.
Three (3) of these transfers may be made by check, draft, debit card or similar
order (including POS transactions), made by the depositor and payable to third
parties. Transfers and withdrawals made in person, by messenger, by mail or at
an ATM are unlimited. If a hold has been placed on deposits made to an account
from which you wish to transfer funds, you cannot transfer the portion of the
funds being held until the hold expires.
10. Posting of Transfers - Transfers initiated through eBusiness before 5:00
p.m. (EST) on a business day are posted to your account the same day. Transfers
completed after 5:00 p.m. (EST) on a business day, Saturday, Sunday or banking
holiday, will be posted on the next business day. eBusiness identifies
transfers based upon the login ID of the user who made the electronic transfer.
You agree to communicate with any other persons with authorized access to your
accounts concerning any transfers from your accounts in order to avoid
overdrafts.
11. Overdrafts (Order of
Payments, Transfers, and other Withdrawals) - If your account has insufficient funds to perform all electronic fund
transfers you have requested for a given business day, then:
A. Electronic funds transfers
involving currency disbursements, like ATM withdrawals, will have priority;
B. Electronic fund transfers
initiated through eBusiness, which would result in an overdraft of your
account, may, at our discretion, be canceled;
C. In the event the electronic
fund transfers initiated through eBusiness, which would result in an overdraft
of your account, are not canceled, overdraft charges may be assessed pursuant
to the terms of the deposit agreement for that account.
12. Online Bill Payment
Service [if applicable] - Upon approval of the online bill payment services
you will be required to accept the online bill payment service agreement
detailing the features and obligations of the bill payment services. Refer to
the online bill payment service agreement for specific information regarding
the online bill payment services.
13. Stop-Payment Requests - eBusiness allows you to: (1) place a stop payment
order request of up to six (6) months in duration; (2) determine the paid
status of a check. Any stop payment placed on the eBusiness system shall
automatically expire after six (6) months from date of the placement of the
stop payment order by you.
A. You agree to indemnify
Leader Bank against any loss for the amount of said check and all expenses,
costs and consequential damages, if any, incurred by Leader Bank because of refusing
payment pursuant to your stop payment order. You agree not to hold Leader Bank
liable on account of payment contrary to your stop payment order if same occurs
through inadvertence, accident or oversight, or if by reason of such payment
other items drawn by the undersigned are returned insufficient. You agree that
any stop payment placed on any check issued on your accounts designated on the
Enrollment Form may be relied upon by Leader Bank to have been placed by an
agent of you duly authorized to place the stop payment, and Leader Bank shall
have no duty or obligation to verify either the authenticity of the stop
payment order request or the authority of the person placing it.
B. Stopping the payment of a
check is different from the cancellation of a bill payment. Once the bill
payment has been debited from your account, you CANNOT cancel or stop a bill
payment, which has been paid electronically.
C. You may initiate
stop-payment requests online via eBusiness only for paper checks you have written
(non-electronically) on your Leader Bank accounts. Online stop-payment requests received by 5:00
p.m. (EST) will be processed the same day. Requests received after 5:00 p.m.
(EST) will be processed by 9:00 a.m. (EST) the next business day. To be effective,
this type of stop-payment request must precisely identify the account number,
name of the payee, the check number, the amount, the
date of the check, and the
reason for stop payment. Leader Bank shall have no responsibility to determine
the accuracy of such information. Leader Bank shall provide you notice of the
actual stop payment of a check by making such information accessible to you
online via eBusiness.
D. If you make your
stop-payment request online or by telephone, we may also require you to put
your request in the form of a paper writing and get it to us within 14 days
after you call. You will incur stop-payment charges as disclosed in the current
fee schedule for the applicable account. Reference the Fee Schedule for stop
payment charges.
E. Preauthorized Electronic
Fund Transfers - Right to Stop Payment and procedures 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. Here's how: Call us at (781) 646-3900, or write us at
Leader Bank, Deposit Operations., 180 Massachusetts Avenue, Arlington, MA 02474
in time for us to receive your request three (3) business days or more before
the payment is scheduled to be made. If you call, we may also require you to
put your request in writing and get it to us within fourteen (14) days after
you call. Reference the Fee Schedule for stop payment charges.
Notice of varying amounts: If
these regular payments vary in amounts, the person you are going to pay will
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.
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 is scheduled, and
we do not do so, we will be liable for your losses or damages.
14. Wire Transfer Requests - If you and your
authorized representatives listed on the Enrollment Form desire to originate
wire transfer of funds and the Bank is willing to act as your originating and
receiving Bank for that purpose, but only with respect to those payment orders
of yours which the Bank originates and accepts, then you will need to sign the
Wire Transfer Agreement. (if applicable)
15. Automated Clearing House Requests - If you and
your authorized representatives listed on the Enrollment Form desire to
originate Automated Clearing House (ACH) transactions (referred to herein as
"Entries”) through Financial Institution for deposit or withdrawal of
funds to and from the accounts of your certain customers and other parties
("Customers") maintained at the Bank and other Participating
Institutions ("Accounts"), then you will need to sign the Agreement
to Perform Automated Clearing House Services. (if applicable)
16. Disclosure of Account
Information and Transfers - You
understand information about your accounts or the transfers you make may
automatically be disclosed to others. For example, tax laws require disclosure
to the government of the amount of interest you earn, and some transactions,
such as large currency and foreign transactions, must be reported to the
government. We may also provide information about your accounts to persons or
companies we believe would use the information for reasonable purposes, such as
when a prospective creditor seeks to verify information you may have given in a
credit application or a merchant calls to verify a check you have written. In
addition, we routinely inform credit bureaus when accounts are closed because
they were not handled properly. We may also seek information about you from
others, such as the credit bureau, in connection with the opening or
maintaining of your account or in connection with approving your access to
eBusiness. You agree and hereby authorize all of these transfers of
information.
17. Confidentiality - We will disclose information to third parties about
your account or the transfers you make:
A.
Where it is
necessary for completing transfers;
B.
In order to verify
the existence and condition of your account for a third party, such as a credit
bureau or merchant, or
C.
In order to comply
with government agency or court orders, or
D.
If you give us
your written permission.
18. Periodic Statements - You will not receive a separate eBusiness statement.
Transfers to and from your accounts using eBusiness will appear on the respective
periodic paper statements for your Leader Bank accounts.
19. Change in Terms - We may change any term of this Agreement at any
time. If the change would result in increased fees for any eBusiness service,
increased liability for you, fewer types of available electronic fund
transfers, or stricter limitations on the frequency or dollar amount of
transfers, we agree to give you notice at least 30 days before the effective
date of any such change, unless an immediate change is necessary to maintain
the security of an account or our electronic fund transfer system. We will post
any required notice of the change in terms on the Leader Bank web site or
forward it to you by e-mail or by postal mail. If advance notice of the change
is not required, and disclosure does not jeopardize the security of the account
or our electronic fund transfer system, we will notify you of the change in
terms within 30 days after the change becomes effective. Your continued use of
any or all of the subject eBusiness Services indicates your acceptance of the
change in terms. We reserve the right to waive, reduce or reverse charges or
fees in individual situations. You acknowledge and agree that changes to fees
applicable to specific accounts are governed by the applicable deposit
agreements and disclosures.
20. In Case of Errors or
Questions about Your Electronic Transfers, including Bill Payments - Telephone us at (781) 646-3900, or write to us at
Leader Bank, Deposit Operations, 180 Massachusetts Avenue, Arlington, MA 02474
as soon as you can, if you think your paper statement is wrong, or if you need
more information about a transfer listed on the statement. We must hear from
you no later than sixty (60) days after we sent the first paper statement on
which the problem or error appeared. When you contact us:
A. Tell us your name and
account number (if any).
B. Describe the error or
transfer you are unsure about, and explain as clearly as you can why you
believe it is an error, or why you need more information.
C. Tell us the dollar amount
of the suspected error.
If you contact us orally or by
e-mail, we may require that you send us your complaint or question in the form
of a paper writing by postal mail or fax 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 forty-five
(45) days to investigate your complaint or question. If we decide to do this,
we will credit your account within ten (10) 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 complaint
or question in writing and WE DO NOT receive it in the form of a paper writing
within ten (10) business days, we may not credit your account.
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.
21. Our Liability for Failure to Make a Transfer -
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 when you have properly instructed
us to do so, we will be liable to you for your losses or damages caused as a
result. However, there are some exceptions. We will NOT be liable, for
instance:
A. If, through no fault of
ours, you do not have enough money in your account to make a transfer.
B. If a legal order directs us
to prohibit withdrawals from the account.
C. If your account is closed,
or if it has been frozen.
D. If the transfer would cause
your balance to go over the credit limit of an established line of credit or
the credit limit for any credit arrangement set up to cover overdrafts.
E. If you, or anyone
authorized by you, commits any fraud or violates any law or regulation.
F. If any electronic terminal,
telecommunication device, or any part of the eBusiness system electronic fund
transfer system is not working properly and you knew about the problem when you
started the transfer.
G. If you have not properly
followed the on-screen instructions for using eBusiness.
H. If circumstances beyond our
control (such as fire, flood, interruption in telephone service or other
communication lines) prevent the transfer, despite reasonable precautions that
we have taken.
22. Your Liability for Unauthorized Transfers -
CONTACT US AT ONCE if you believe your password has been lost, stolen, used
without your authorization, or otherwise compromised, or if someone has
transferred or may transfer money from your accounts without your permission.
An immediate telephone call to us is the best way to reduce any possible
losses. You could lose all the money in your accounts (plus your maximum
overdraft line of credit, if any). If you contact us within 2 business days
after you learn of the loss, theft, compromise, or unauthorized use of you
password, you can lose no more than $50 if someone used your password without
your permission.
If you do NOT contact us within 2 business
days after you learn of the loss, theft, compromise, or unauthorized use of
your password, and we can prove we could have stopped someone from using your
password to access your accounts without your permission if you had told us,
you could lose as much as $500.
Also, if your paper statement
shows transfers that you did not make, contact us at once. If you do not tell
us within 60 days after the paper statement was mailed to you, you may not get
back any money you lost through transactions made after the 60 day time period
if we can prove that we could have stopped someone from taking the money if you
had told us in time.
23. Disclaimer of Warranty and Limitation of Liability
- We make no warranty of any kind, expressed or implied, including any implied
warranty of merchantability or fitness for a particular purpose, in connection
with the eBusiness system Services provided to you under this Agreement. We do
not and cannot warrant that eBusiness will operate without errors, or that any
or all eBusiness Services will be available and operational at all times. Except
as specifically provided in this Agreement, or otherwise required by law, you
agree that our officers, directors, employees, agents or contractors are not
liable for any indirect, incidental, special or consequential damages under or
by reason of any services or products provided under this Agreement or by
reason of your use of or access to eBusiness, including loss of profits,
revenue, data or use by you or any third party, whether in an action in
contract or tort or based on a warranty. Further, in no event shall the
liability of Leader Bank and its affiliates exceed the amounts paid by you for
the services provided to you through eBusiness.
24. Your Right to Terminate - You may cancel your
eBusiness service at any time by providing us with written notice by postal
mail or fax. Your access to eBusiness will be suspended within 3 business days
of our receipt of your instructions to cancel the service. You will remain
responsible for all outstanding fees and charges incurred prior to the date of
cancellation.
25. Our Right to Terminate - You agree that we can
terminate or limit your access to eBusiness Services for any of the following
reasons:
A. Without prior notice, if
you have insufficient funds in any one of your Leader Bank accounts. eBusiness
service may be reinstated, in our sole discretion, once sufficient funds are
available to cover any fees, pending transfers, and debits.
B.Upon 3 business days notice,
if you do not contact us to designate a new Primary Checking Account
immediately after you close your Primary Checking Account.
C. Upon reasonable notice, for
any other reason in our sole discretion.
26. Communications Between
Leader Bank and You - Unless this
Agreement provides otherwise, you can communicate with us in any one of the
following ways:
A. E-mail -You can contact us
by e-mail at eBusiness@leaderbank.com (Please note that Banking transactions
through eBusiness are not made via e-mail.)
B. Telephone - You can contact
us by telephone at (781) 646-3900
C. Facsimile - You can contact
us by fax at (781) 646-3910
D. Postal Mail - You can write
to us at:
Leader
Bank
Deposit
Services
E. In Person - You may visit us in person at any one of
our locations:
27. Consent to Electronic Delivery of Notices - You
agree that any notice or other type of communication provided to you pursuant
to the terms of this Agreement, and any future disclosures required by law,
including electronic fund transfer disclosures, may be made electronically by
posting the notice on the Bank System web site or by e-mail. You agree to notify
us immediately of any change in your e-mail address.
By using Leader Bank eBusiness
you assert that you have read and agree to all the terms and conditions set
forth in the Leader Bank Corporate Internet Banking Service Agreement.
IN WITNESS WHEREOF, the
parties hereto have executed this Agreement as of the date first above set
forth.
Authorized Signer: _______________________________________
By: _______________________________________
Title: _______________________________________
Date: _______________________________________
LEADER BANK:
By: ________________________________________
Title: ________________________________________
Date: ________________________________________
Appendix A
Leader Bank – eBusiness
Fee Schedule*
Monthly Fee: Free
Account charges:
|
Stop Payment Orders |
$15.00 |
|
Returned check charge
(checks returned against insufficient / uncollected funds) |
$20.00 |
|
Non-Sufficient funds
charge (checks paid against insufficient/uncollected funds) |
$20.00 |
|
Wire Transfer –
Domestic (outgoing) |
$10.00 |
|
Wire Transfer –
Foreign (outgoing) |
$30.00 |
|
Wire Transfer - Incoming |
$5.00 |
|
Single ACH Transfers |
$4.00 |
|
ACH File Transfers |
$10.00
per file |
* Other
fees may apply. Please refer to the Bank’s standard schedule of fees and services,
as amended periodically.