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Disclosures
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Agreement |
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This document, along with any other documents we give you pertaining
to your account(s), is a contract that establishes rules that control
your account(s) with us. Please read this carefully. You agree to
accept from Ascencia, in electronic form, account disclosures and
account information. If you sign the signature card, open or continue
to have your account with us, you agree to these rules. You will receive
a separate schedule of interest rates, qualifying balances, and fees
if they are not included in this document. If you have any questions,
please call us. This agreement is subject to applicable federal laws and the laws of the Commonwealth of Kentucky (except to the extent that this agreement can and does vary such rules or laws). The body of state and federal law that governs our relationship with you, however, is too large and too complex to be reproduced here. The purpose of this document is to: |
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| 1) | summarize some laws that apply to common transactions; |
| 2) | establish rules to cover transactions or events that the law does not regulate; |
| 3) | establish rules for certain transactions or events which the law regulations but permits variation by agreement; and |
| 4) | give you disclosures of some of our policies to which you may be entitled or in which you may be interested. |
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If any provision of this document is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect. We may permit some variations from our standard agreement, but we must agree to any variation in writing either on the signature card for your account or in some other document. As used in this document the words "we", "our", and "us" mean the financial institution, and the words "you" and "your" mean the account holder(s) and anyone else with the authority to deposit, withdraw, or exercise control over the funds in the account. The headings in this document are only for convenience. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so the singular includes the plural and the plural includes the singular. |
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Liability |
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You agree, for yourself
(and the person or entity you represent if you sign as a representative of another)
to terms of this account and the schedule of charges. You authorize us to deduct these
charges directly from the account balance as accrued. You will pay any additional
reasonable charges for services you request, which are not covered by this agreement. Each of you also agrees to be jointly and severally (individuals) liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to this account. This liability is due immediately, and can be deducted directly from the account balance whenever sufficient funds are available. You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft. This includes liability for our costs to collect the deficit including, to the extent permitted by law, our reasonable attorneys' fees. |
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Deposits |
| We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn "on us"). Actual credit for deposits of, or payable in, foreign currency will be based on final collection is U.S. dollars at the exchange rate in effect when we receive the credit. Interest will be paid only on collected funds, unless otherwise provided by law or our policy. We are not responsible for transactions by mail or an outside depository until we actually record them. We will treat and record all transactions received after our "daily cutoff time" on a business day we are open, or received on a day we are not open for business, as if initiated on the next following business day that we are open. |
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Withdrawals |
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Unless clearly
indicated otherwise on the account records, any of you, acting alone, who
signs in the space designated for signatures on the signature card may
withdraw or transfer all or any part of the account balance at any time.
Each of you authorize each other person signing the signature card to endorse
any item payable to you or your order for deposit to this account or any
other transaction with us. We may charge your account for a check even
though presentment was made before the date of the check, unless we have
received written notice of the postdating in time to have a reasonable
opportunity to act. We may refuse any withdrawal or transfer request, (1)
which you attempt on forms not approved by us, (2) by any method we do not
specifically permit, (3) which transactions are greater in number than the
frequency permitted, (4) or which is for an amount greater or less than any
withdrawal limitations. We reserve the right to prevent withdrawal from this
account upon the death of any owner until all required release-of-funds
procedures are completed. Even if we honor a nonconforming request, we may
treat continued abuse of the stated limitations (if any) as your act of
closing the account. We will use the date the transaction is completed by us
(as opposed to the date you initiate it) to apply the frequency limitations.
The fact that we may honor withdrawal requests that overdraw the available
account balance does not obligate us to do so later. See the funds availability
policy disclosure for information about when you can withdraw funds you deposit.
For those accounts to which our funds availability policy disclosure does not
apply, you can ask us when you make a deposit when those funds will be available
for withdrawal. We may charge your account a fee for overdrawing your account. Any debit transaction whether created by check, ATM withdrawal, ACH withdrawal, bill pay or any electronic method, as well as, in person at any of our branches may have a fee applied. See our Service Fee schedule for the current charges of each debit item either paid or returned. We may require not less than 7 days notice in writing before each withdrawal from an interest-bearing account other than a time deposit. Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal. |
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Maintenance to Accounts |
| All changes to accounts such as address, phone, adding an additional owner, etc. are subject to verification by us. We reserve the right to deny any maintenance requests. All accountholders' names must match the social security number or taxpayer identification number given. We will not change the primary accountholders social security number or taxpayer identification number unless there was a typographical error. |
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Ownership of Account and Beneficiary Designation |
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These rules apply to
this account depending on the form of ownership and beneficiary designation,
if any, specified on the account records. We make no representations as to the
appropriateness or effect of the ownership and beneficiary designations, except
as they determine to whom we pay the account funds. Individual Account: is an account in the name of one person. Joint Account with Survivorship (And Not as Tenants in Common): is an account in the name of two or more persons. Each of you intends that when you die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common. Joint Account without Survivorship (As Tenants in Common): is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship with any other person. POD - Pay-On-Death: If two or more of you create such an account, you own the account jointly with survivorship. Beneficiaries cannot withdraw unless: |
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| 1) | all persons creating the account die; |
| 2) | the beneficiary is then living; and |
| 3) | any required release-of-funds procedures have been completed. |
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If two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account in equal shares, without right of survivorship. The person(s) creating either of these account types reserves the right to: |
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| 1) | change beneficiaries |
| 2) | change account types |
| 3) | withdraw all or part of the deposit at any time |
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Custodian Account: is an account opened by a person(s) as custodian for the benefit of another individual's funds. The account is controlled by the custodian, but is owned by the beneficiary. If the custodian dies, resigns or is removed, the bank must be furnished with proper documentation designating the successor custodian. |
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Fiduciary Accounts : are accounts opened by a trustee, executor, administrator, conservator etc., for a named beneficiary under a written trust agreement or court appointed authority. A copy of the trust agreement or the court order appointment is required. You agree to promptly notify us in writing of any change in the authority provided by such documents and such written notice shall be effective only upon receipt by us. You agree to indemnify, keep indemnified, and defend us from and against any and all actions, causes of action, claims, injuries, expenses, fees, and all costs whatsoever that we incur as a result of relying upon documents provided by you that relate to your creation, existence, or authority. |
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Corporate, Partnership, and other Organizational Accounts: We may require the governing body of the legal entity to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we receive written notice of a change from the governing body of the legal entity. A sole proprietor using a fictitious name must provide appropriate assumed name certificate documentation. Corporations, associations, and partnerships (both limited and general) must provide us with documentation that supports, to our satisfaction, your legal existence and the authority of the individuals authorized to conduct business for you. Any person opening an account for such an entity represents, warrants and agrees that (1) such person is fully authorized to execute all documents necessary to open the account and all other account documents in the capacity stated therein; (2) such person has furnished all documents necessary to evidence such authority; and (3) you will furnish any other documents in such form as we may request from time to time. We are not required to recognize any resolution affecting the account that is not on a form that is acceptable to us. Further, if you are a corporation or partnership, you acknowledge, understand, and agree that we are entitled to rely on and act in accordance with the authorizations provided in the resolution, partnership agreement, or other document evidencing such authority adopted by you that have been furnished to us. You also agree to promptly notify us in writing of any change in the authority provided by such documents and such written notice shall be effective only upon receipt by us. You agree to indemnify, keep indemnified, and defend us from and against any and all actions, causes of action, claims, injuries, expenses, fees, and all costs whatsoever that we incur as a result of relying upon documents provided by you that relate to your creation, existence, or authority. |
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Stop Payments |
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A stop-payment order
must be given in the manner required by law, must be received in time to give
us a reasonable opportunity to act on it, and must precisely identify the
number, date, and amount of the item, and the payee. We will honor a stop-payment
request by the person who signed the particular item, and by any other person,
even though such other person did not sign the item, if such other person has
an equal or greater right to withdraw from this account than the person who
signed the item in question. If an official check is lost or stolen and you request that a stop payment order be placed on such check, we may place such a stop payment order under certain circumstances. You must provide to us a written statement of the loss and must provide an indemnification in a form acceptable to us, which will protect us in case the original check is presented. We may delay reimbursing you for the original check until we are reasonably sure that the original check will not be presented. The placement of a stop payment on an official check is solely at our discretion. |
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Telephone Transfers |
| A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account or money market deposit account to another account or to third parties to a maximum of six per month (less the number of "preauthorized transfers" during the month). Other account transfer restrictions may be described elsewhere. |
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Amendments and Termination |
| We may change any term of this agreement. Rules governing changes in interest rates are provided separately. For other changes, we will give you reasonable notice in writing or by any other method permitted by law. We may also close this account at any time upon reasonable notice to you and tender of the account balance personally or by mail. Notice from us to any one of you is notice to all of you. |
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Signatures |
| Authorized Signer (Individual Accounts only; A single individual is the owner): The authorized signer is merely designated to conduct transactions on the owner's behalf. We undertake no obligation to monitor transactions to determine that they are on the owner's behalf. |
More than One Signature Required: Generally, we do not accept accounts that require more than one signature. We may, however, at our sole discretion, permit an account which requires that two authorized signatures or two PINs be provided to make withdrawals, transfer funds or otherwise transact business on the account. The acceptance of such an account authorization process must be given in writing by us, subject to our then-current procedures for such accounts. You must agree to pay our standard fees for such an account. |
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Date of Checks |
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| We may pay any checks presented against your account without regard to the date on the item. We may pay a postdated check and charge it against your account even if it is presented for payment prior to the date written on the check. You may place a stop payment on postdated checks by complying with our stop payment policy. We are not required to pay any "stale-dated" item (an item presented more than six months after its date.) We may, however, pay such item at our own discretion, in good faith, if no stop payment order has been placed against it. | ||||||||||||||
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Restrictive Legends We are not required to honor any restrictive legend on checks that you write unless we have agreed in writing to the restriction. Examples of restrictive legends are "must be presented within 90 days" or "not valid for more than $1,000.00". |
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Statements You must examine your statement of account with "reasonable care and promptness." As at most banks, acceptable banking standards allow automated processing. Checks and electronic transfers are received by us in large volume and are processed by automated means. If you discover (or reasonably should have discovered) any unauthorized signatures or alterations to your checks or any other fraudulent use of your account by check or electronic means, you must promptly notify us of the relevant facts. Telephoning us is the best way of keeping your possible losses down. We can work with you to minimize additional fraudulent use. We may ask you to follow up in writing in order to expedite returning unauthorized items. You agree if you do not notify us in writing within 60 days of when the statement was first sent or made available to you of any unauthorized transactions or alteration, we may assume that the statement activity and account balance are correct for all purposes. If you fail to do these duties, Ascencia will not be responsible for these items or subsequent fraudulent use that occur and you will have to bear the entire loss and cannot assert a claim against us. Your loss could be more and not only with respect to items on the statement but other items that were authorized that have posted to your account after the statement date if we could have prevented their posting with timely notification. We lose these protections if you establish that we failed to exercise ordinary care in paying an item. |
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Setoff We may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt you owe us now or in the future, by any of you having the right of withdrawal. If the debt arises from a note, "any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note. The right of setoff does not apply to this account if: (a) it is an IRA or tax-deferred retirement account, or (b) the debit 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 (c) the debtor's right of withdrawal only arises in a representative capacity. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff. |
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ACH and Wire Transfers This agreement is subject to Article 4A of the Uniform Commercial Code - Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer for which Fed wire of Fed ACH is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearinghouse association rules. These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we receive a credit to an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit. |
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ATM Safety Tips As issuers of Automated Teller Machine access devices, we have provided for your information a list of safety precautions regarding the use of automated teller machines. Please read the following safety tips: |
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