Section 326 of the USA PATRIOT ACT requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account or changes an existing account. This federal requirement applies to all new customers and current customers. This information is used to assist the United States government in the fight against the funding of terrorism and money-laundering activities.
What this means to you: when you open an account or change an existing account, we will ask each person for their name, physical address, mailing address, date of birth, and other information that will allow us to identify them. We will ask to see each person’s driver’s license and other identifying documents and copy or record information from each of them.
YOUR ABILITY TO WITHDRAW FUNDS AT STATE BANK
OF DANVERS. Our policy is to make funds from your cash and
check deposits available to you on the first business day after
the day we receive your deposit. However, funds from electronic
direct deposits will be available on the day we receive the deposit.
Once the funds are available, you can withdraw them in cash and/or
we will use them to pay checks that you have written. For determining
the availability of your deposits, every day is a business day,
except Saturdays, Sundays, and federal holidays. Our cut-off time is 3:30 pm.
If you make a deposit before our cut-off time on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after our cut-off hour or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Longer Delays May Apply. In some cases,
we will not make all of the funds that you deposit by check available
to you on the first business day after the day of your deposit.
Depending on the type of check that you deposit, funds may not be
available until the second business day after the day of your deposit.
The first $200 of your deposit, however, will be available on the
first business day after the day of your deposit. If we are not
going to make all of the funds from your deposit available on the
first business day, we will notify you at the time you make your
deposit. We will also tell you when the funds will be available.
If your deposit is not made directly to one of our employees, or
if we decide to take this action after you have left the premises,
we will mail you the notice by the business day after we receive
your deposit. If you need the funds from a deposit right away, you
should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
- You deposit checks totaling more than $5,000 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn you account repeatedly in the last six months.
- We believe a check you deposit will not be paid.
- There is an emergency, such as failure of computer or communications
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the eleventh business day after the day of your deposit.
Holds On Other Funds. If we accept for deposit
a check that is drawn on another financial institution, we may make
funds form the deposit available for withdrawal immediately but
delay your availability to withdraw a corresponding amount of funds
that you have on deposit in another account with us. The funds in
the other account would then not be available for withdrawal until
the time periods that are described elsewhere in this disclosure
for the type of check that you deposited.
Special Rules For New Accounts. If you are
a new customer, the following special rules will apply during the
first 30 days your account is open:
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day's total deposits of cashier's, certified, teller's, traveler's, and federal, state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit.
Funds from deposits of checks drawn on State Bank of Danvers will be available on the same business day as the day of your deposit.
Funds from all other check deposits will be available not later
than the ninth business day after the day of your deposit.
This form complies with federal and Minnesota law. It applies to
our electronic fund transfer (EFT) services. Electronic funds transfers
are electronic transfers of money to or from your deposit account
with us. This form states your and our rights and responsibilities
for electronic fund transfers. In this form, the words "you" and
"your" mean each and all who sign as applicants and any users of
the service. The words "we", "us" and "our" mean the Financial Institution.
The abbreviation "PIN" or word "code" means a personal identification
Our ShazamCheck debit card is a convenient way to access your checking
account. No time wasted writing out checks or carrying a bulky checkbook
Types of Transfers: You may use the automated
teller machine (ATM) card and personal identification number (PIN)
issued to you to initiate transactions at ATMs of ours, ATMs within
the networks identified on your card and such other facilities as
we may designate from time to time. Unless you specify a different
account during Automated Teller Machine (ATM) transactions, your
Primary Account will be used for your transactions. Your Primary
Account number and information may be obtained from the ATM Request
Form. At present you may use your card to (some of these services
may not be available at all ATMs):
- Deposit funds to your checking account.
- Withdraw cash form your checking account.
- Deposit funds to your savings account.
- Withdraw cash from your savings account.
- Transfer funds between your checking and savings accounts.
- Make loan payments from your deposit accounts.
- You may not exceed $500.00 in transactions per day.
Limitations on Frequency and Amount:
- You may withdraw up to a maximum of $150.00 (if there are sufficient
funds in your account) per day.
Fees and Charges for ATM Transactions:
- We do not charge for ATM transactions at the present time.
- There is an Annual Card Fee of $6.00 for premier accounts &
$24.00 for basic accounts.
- There is a Replacement Card Fee of $10.00 per card.
ATM Fees. When you use an ATM not owned
by us, you may be charged a fee by the ATM operator (and you may
be charged a fee for a balance inquiry even if you do not complete
a fund transfer).
Limitations on Frequency and Amount:
- There are no limits on the number or dollar amount of inquiries,
transfers or withdrawals you may make per day.
Other EFT Transactions. You may access
certain account(s) you maintain with us by other EFT transaction
types as described below.
Electronic Check Conversion. You may
authorize a merchant to use your check as a source of information
to initiate an EFT from your account. Electronic check conversion
is a payment process in which a merchant (after obtaining your authorization)
uses your check to gather routing, account, and check number information
to initiate a one-time EFT. This type of EFT transaction involving
a consumer account is covered by the Electronic Funds Transfer Act
and this disclosure. A description of the transaction will appear
on your statement.
Re-presented Check Transactions and Fees.
You may authorize a merchant to electronically collect a fee associated
with the re-presentment of a check that is returned due to insufficient
or unavailable funds. The resulting fee transaction if debited as
an EFT from a consumer account is covered by the Electronic Funds
Transfer Act and this disclosure. When a merchant re-presents a
check electronically, that transaction is not covered by the Electronic
Funds Transfer Act or this disclosure. A description of the transaction
will appear on your statement.
The following limitations may be applicable to your accounts,
except as provided by law:
Liability for Unauthorized MasterCard Point
of Sale Debit
Card Transactions. Tell us, AT ONCE ,
if you believe your MasterCard point of sale debit card has been
lost or stolen or of any unauthorized transactions. Your liability
for unauthorized use of your point of sale debit card with the MasterCard
logo when it is used as MasterCard point of sale debit card will
not exceed (A) Zero dollars ($0.00) if the conditions set forth
below have been met, or (B) if those conditions have not been met,
the lesser of fifty dollars ($50.00) or the amount of money, property,
labor, or services obtained by the unauthorized use before notification
to us. Zero liability will apply only if: (1) you can demonstrate
that you have exercised reasonable care in safe-guarding your card
from risk of loss or theft; and (2) you have not reported two or
more incidents of unauthorized use to us within the preceding twelve
(12) months; and (3) your account is in good standing. These consumer
liability limits apply only to United States issued MasterCard branded
consumer cards. If the transaction does not meet the conditions
set forth above, these limits with respect to unauthorized transactions
may be exceeded to the extent allowed under applicable law (see
Liability for Unauthorized Transfers
paragraph below). "Unauthorized use" means the use of your point
of sale debit card by a person, other than you, who does not have
actual, implied, or apparent authority for such use, and for which
you receive no benefit. To notify us of lost or stolen cards, or
of unauthorized transactions, call or write to us at the telephone
number or address set forth below. This will help prevent unauthorized
access to your account and minimize any inconvenience.
MasterCard is a registered trademark of MasterCard International
In addition to the limitations set forth above, the following limitations
may be applicable to your accounts:
Liability for Unauthorized Transfers. Tell us
AT ONCE if you believe your card or ATM PIN
has been lost or stolen. 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 sixty (60) days after you receive a statement that shows
any transfers that you did not make, you can lose no more than $50.00
if your card is lost or stolen and someone used your card without
your permission. Also, if your statement shows transfers that you
did not make, tell us at once. If you do not tell us within sixty
(60) days after you receive the statement, you may not get back
any money lost after the sixty (60) days if we can prove that we
could have stopped someone from taking the money if you had told
us in time. If a good reason (such as a long trip or a hospital
stay) kept you from telling us, we will extend the time periods.
If you believe that your card or code has been lost or stolen or
that someone has transferred or may transfer money from your account
without your permission, call (320) 843-3828, or write us at State
Bank of Danvers, 2010 Minnesota Ave, Benson, MN 56215.
Business Days. For purposes of these
electronic funds transfer disclosures, our business days are Monday
through Friday. Holidays are not included.
Periodic Statement. You will get a
monthly account statement from us, unless there are no transactions
in a particular month. In any case you will get a statement at
least quarterly. You will get a quarterly statement from us on
your savings account if this is the only account you have and
the only possible electronic transfer to or from the account is
a preauthorized deposit.
Terminal Receipt. You can get a receipt
at the time you make any transfer to or from you account using
Direct Deposits. 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
us at (320) 843-3828 to find out whether or not the deposit has
Our 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
- If, through no fault of ours, you do not have enough money
in your account to make the transfer.
- If the money in your account is subject to legal process or
other claim restricting such transfer.
- If the transfer would go over the credit limit on your overdraft
- If the ATM where you are making the transfer does not have enough
- If the terminal or system 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 transaction, despite reasonable precautions that we
- There may be other exceptions stated in our agreement with
In Case of Errors or Questions About Your Electronic
Transfers. Telephone us at (320) 843-3828, or write us at State Bank of Danvers,
2010 Minnesota Ave, Benson,
as soon as you can, if you think your statement or receipt
is wrong or if you need more information about a transfer listed
on the statement or receipt. We must hear from you no later than
sixty (60) days after we sent the FIRST statement on which the problem
or error appeared.
- Tell us your name and account number (if any).
- 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 ten (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 within ten (10) business days, we may not credit
If a notice of error involves an electronic fund transfer that
occurred within thirty (30) days after the first deposit to the
account was made, the error involves a new account. For errors involving
new accounts, or foreign-begun transactions, we may take up to ninety
(90) days to investigate your complaint or question. For new accounts,
we may take up to twenty (20) business days to credit your account
for the amount you think is in error.
We will tell you the results within three (3) 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.
Confidentiality. We will disclose information
to third parties about your account or the transfers you make:
- Where it is necessary for completing transfers; or
- To verify the existence and condition of your account upon
the request of a third party, such as a credit bureau or merchant;
- To comply with government agency or court orders; or
- If you give us your written permission.
Personal Identification Number (PIN). The ATM
PIN is for security reasons. The numbers are
confidential and should not be given to anyone else or listed on
the card. You must keep your numbers safe. You agree not to give
your ATM PIN to anyone who cannot sign on
Notices. All notices from us will be
effective when we have mailed them or delivered them to our last
known address on your records. Notices from you will be effective
when we receive the notice at our telephone number or address shown
in this Agreement. We may change the terms and conditions for any
EFT service. We will mail novice to you at least twenty one (21)
days before the effective date of any change, as required by law.
Use of EFT service is governed by regulations and any future changes
to those regulations.
Enforcement . If you or we bring a legal action to enforce this
Agreement or to collect amounts owing as a result of any Account
transaction, the party who wins will receive reasonable attorneys'
fees and costs, including fees on any appeal, to the extent allowed
Cancellation of ATM Services. You agree that
we may cancel this Agreement and your use of the ATM Card services, if:
- You breach this or any other agreement with us;
- We have reason to believe that there has been an unauthorized
use of your ATM PIN;
- We notify you or any other person on your account that we have
cancelled or will cancel this Agreement. You or any other person
on your account can cancel this Agreement by notifying us in writing.
Service is cancelled the first business day after we receive your
written notice. Canceling this Agreement will not affect your or
our rights and responsibilities under this Agreement for transactions
begun before the agreement is cancelled.
Delay. There may be a delay between the
time you make a deposit and when you can withdraw the money. You
should review our Funds Availability Policy to find out when you
can withdraw money that you deposit at ATMs.
Completing Transactions. We refuse to
complete a transaction:
- If you do not have enough money in your account; or
- If you would go over your credit limit; or
- If it would lower your balance to less than the required balance;
- If it would require us to change the money that we hold for
ATM Fees By Others. If you use an automated
teller machine that is not operated by us, you may be charged a
fee by the operator of the machine and/or by an automated transfer
Other Minnesota Disclosures. ATM transactions
are completed immediately with us. You cannot reverse a transfer
of money through an ATM. Payment for goods or services by transfer
of money through an ATM does not affect any of your rights, protections
or liabilities under existing law concerning a cash or credit sale
made by means other than through use of an ATM. We are liable for
all unauthorized withdrawals at an ATM or a POS unless the unauthorized
withdrawal was due to the loss or theft of the card, in which case
you are liable, up to a maximum liability of $50, for those unauthorized
withdrawals made before we are notified of the loss or theft. The
limitation on liability is effective only if the card issuer is
notified of unauthorized charges contained in a bill within sixty
(60) days of receipt of the bill by the person in whose name the
card is issued. An unauthorized withdrawal is a withdrawal by a
person other than you who does not have actual, implied or apparent
authority for such withdrawal, and from which withdrawal you receive
You may bring a civil action against any person violating the consumer
privacy and unauthorized withdrawal provisions of Minnesota law.
In addition to actual damages or $500 (whichever is greater), you
may recover punitive damages, plus court costs and reasonable attorneys'
To protect the privacy of customers using electronic financial
terminals, including any supporting equipment, structures or systems,
information received by or processed through such terminals, supporting
equipment, structures or systems shall be treated and used only
in accordance with applicable law relating to the dissemination
and disclosure of such information. The person establishing and
maintaining an electronic financial terminal, including any supporting
equipment, structures or systems, shall take steps as are reasonably
necessary to restrict disclosure of information to that necessary
to complete the transaction and to safeguard any information received
or obtained about a customer or his or her account from misuse by
any person manning an electronic financial terminal, including any
supporting equipment, structures, or systems.
As issuers of Automated Teller Machine (ATM) 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:
- Be aware of your surroundings, particularly at night.
- Consider having someone accompany you when the automated teller
machine is used after dark.
- It is appropriate to politely ask someone who is uncomfortably
close to you to step back before you complete your transaction.
- Refrain from displaying your cash. Pocket it as soon as your
transaction is completed. Count the cash later in the safety of
your car or home.
- Consider using another automated teller machine or coming back
later if you notice anything suspicious. If you are in the middle
of a transaction and you notice something suspicious, cancel the
transaction, pocket your ATM access device and leave.
- Go to the nearest public area where people are located if you
are followed after making a transaction.
- Report all crimes to law enforcement officials immediately.
Confidentiality and Security of Nonpublic Personal Information
. We restrict access to nonpublic personal information about you
to those employees who need to know that information to provide
products or services to you. We maintain physical, electronic, and
procedural safeguards that comply with federal standards to guard
your nonpublic personal information.
We collect nonpublic personal information about you from the following
- Information we receive from you on applications or other forms;
- Information about your transactions with us, our affiliates,
or others; and
- Information we receive from a consumer reporting agency.
We may disclose all the information we collect, as described above
to companies that perform marketing services on our behalf or to
other financial institutions with whom we have joint marketing agreements.
We may also disclose nonpublic personal information about you to
affiliated or nonaffiliated third parties as permitted by law. We
will treat former customers in the same manner.
Please notify us if we report
any inaccurate information about your account(s) to consumer reporting
agency. Your written notice describing the specific inaccuracy(ies)
should be sent to us at the following address: State Bank of Danvers, 2010 Minnesota Ave, Benson MN 56215.