Cumberland Valley National BankBusiness Check Card Services Agreement This document contains the agreement (“Agreement”) between you and Cumberland Valley National Bank (hereinafter referred to as “bank”, “we” or “us”) which govern the use of your Cumberland Valley National Bank Business Check Card (hereinafter referred to as “Business Check Card” or “card”). For the purposes of this Agreement, the terms “you” and “your” used herein shall refer to any business entity (such as, for example, a sole proprietorship, partnership, limited liability company or corporation) that has applied for and been issued a Cumberland Valley National Bank Business Check Card pursuant to this Agreement; and such terms shall also include: (1) any and all owners and/or principals of the business entity, (ii) any and all authorized signers on any of the business accounts affected by this Agreement, and (iii) any and all authorized users of any card issued pursuant to this Agreement. Business Check Cards will be issued only to those individuals identified on Cumberland Valley National Bank’s Business Check Card Cardholder Identification Form. Business Check Cards must be used for business purposes only and may not be used for family, household, or personal purposes. Please read this Agreement carefully, and, if you have any questions, contact us at 1-800-999-3126, or visit your local Cumberland Valley National Branch Office.
TYPES OF AVAILABLE TRANSACTIONS AND SERVICES You may also use your Business Check Card and related personal identification number (PIN) to initiate transactions at either; Cumberland Valley National Bank owned ATMs, ATMs and point-of-sale (POS) terminals which process your transactions through any of the networks identified on your card, and such other locations or facilities designated herein or as the bank may designate from time to time. Subject to availability at the location you select, you may use your card to:
· Deposit funds to your business checking or savings account(s).
· Withdraw cash from your business checking or savings account(s)
· Transfer funds between your business accounts
· Obtain balance information on your business deposit accounts
· Make purchases at any location that accepts MasterCard®
LIMITS ON TRANSACTIONS Use of each individual card issued pursuant to this Agreement is subject to the following transaction limitations:
· The amounts of all your transfers are limited to the available balance in your account.
· You may make up to $2,500.00 in ATM cash withdrawals per day, per card.
· You make purchase up to a maximum of $5,000.00 per card, per day at any location that accepts MasterCard®
· Subject to availability at the location you select to initiate your transaction, you may request a cash withdrawal up to a maximum of $2,500.00 per card, per day at any bank branch or merchant locations that are authorized to accept MasterCard®
· Your daily limit on the total of all combined purchases and cash withdrawals is $5,000.00 per card In place of the above set forth maximum daily limits, you may instead choose to set lower daily limits for each individual card issued on your account. Your request must be: (i) clearly and appropriately indicated on your Cumberland Valley National Bank Business Check Card Application or (ii) sent to us in writing clearly indicating therein the appropriate daily limits your wish to set for each of your cards. Please consult a bank representative to discuss how you can set the limits on any of your Business Check Cards. Once the daily limits are changed on any card, to increase/decrease those limits at a latter date, you must notify us in writing with your request. Subject to the bank’s sole discretion and approval, the card limits will be increased/decreased the following business day after we receive your written notification. The daily limits set forth in this section run from the start of each business day at 12:00 AM and end at 11:59 PM on the day immediately prior to the next business day. For example, not taking into account any bank holidays, the daily limits for a normal business week would: (i) start on each day from Tuesday through Thursday at 12:00 AM and end on that same day at 11:59 PM and (ii) start on Friday at 12:00 AM and end on the following Monday at 11:59 PM. For the purpose of this Agreement, the term “business day” shall include any day except for Saturdays, Sundays and bank holidays.
FEES The bank currently does not charge a fee for:
· MasterCard® Purchases
· Any transaction initiated at Cumberland Valley National Bank owned ATMs using a Cumberland Valley National Bank Business Check Card Transactions initiated at any non-Cumberland Valley National Bank owned ATM or other non-Cumberland Valley National Bank location may incur a fee. Please consult the bank’s Services Fee Schedule to see the applicable fees. The Bank will charge you a fee to replace any lost or stolen Business Check Card. Please consult the bank’s Services Fee Schedule to see the applicable fees. In addition to the above, you are responsible for any and all applicable fees listed in the bank’s Service Fee Schedule. The bank hereby reserves the right to make changes and/or additions at any time to any of the fees which the bank may charge you or your account in connection with the use of your Business Check Card and related services. You will be responsible for any and all such modified and/or additional fees upon notice of such. You may also call the bank at 1-800-9989-3126 to inquire about its current fees or to request a copy of the bank’s Services Fee Schedule.
YOUR LIABILITY FOR UNAUTHORIZED AND/OR FRAUDULENT TRANSACTIONS You must notify us immediately if you believe your Business Check Card or PIN has been lost or stolen or if you believe that there has been an unauthorized transfer on your account. Until you notify us, you will be liable for the full amount of all transactions involving your card and/or account. You could lose all the money in your account. You will not be liable for any purchases or withdrawals which Cumberland Valley National Bank authorizes after we have received your notice. Telephoning the bank is the best way of keeping your losses at a minimum. Please call the bank at 1-800-999-3126. When contacting us, please note that you are also required to provide the bank with a written statement in a form acceptable to the Bank which includes a description of the circumstances of the loss, theft, or unauthorized use. Your written notice to us must be mailed to: Cumberland Valley National Bank P O Box 709 London, Ky 40743 Att: Automated Services. Please include in your notice to us the following: your business name, the exact title on your account, your account number, and the business tax identification number. The bank assumes no responsibility to discover and/or audit any possible breach of security or unauthorized disclosure or use of any card, card number or PIN by either you or any of your employees, agents or representatives. You shall promptly notify us of any suspected unauthorized activity (whether or not involving any of your employees, agents or representatives).
PERSONAL IDENTIFICATION NUMBERS (PINs)AND AUTHORIZED USERS You shall have sole and exclusive responsibility for providing and safeguarding any PIN issued in conjunction with any card to the individual(s), whom you authorize to use such card. Aside from our own gross negligence as set herein, we shall have no responsibility for transactions processed against your account(s), with the use of any card, card number or PIN, whether or not you deem such transactions authorized or unauthorized. The PIN issued in conjunction with your card is for your security purposes. PIN numbers are confidential and should not be disclosed to third parties or recorded on the card. You are responsible for safekeeping of all PINs issued to you. You agree not to disclose or otherwise make any PIN available to anyone not authorized to sign on your accounts. You are liable for all unauthorized transactions up to proper notification and receipt by the bank in the manner set forth herein.
LIMITATIONS ON THE BANK’S LIABILITYUNDER THIS AGREEMENT We will be liable only for our own gross negligence or willful misconduct and will not be responsible for any loss or damage to you arising in connection with: (1) any inaccuracy, act or failure to act on the part of any person not within our reasonable control; or (2) any error, failure or delay in processing of any transfer resulting from circumstances beyond our reasonable control, including but not limited to; operational, communications and technical failure. As long as we comply and fulfill our obligations under this Agreement, you agree to indemnify, defend and hold us harmless against any claim of a third party arising from or in connection with this Agreement or the service we provide hereunder. We make no warranties, express or implied, in connection with the services described herein, including, but not limited to, the warranties of merchantability and fitness for a particular purpose. With respect to any and all purchases made with your card, you agree to resolve all matters including, but not limited to, damage, loss of merchandise, warranties and failure to render services with the respective merchant. We agree to assist and guide you in the problem resolution, but bear no responsibility for any of your losses.In no event will we be liable for any consequential, incidental, special or indirect losses, damages, including, without limitation, dishonor of checks or other items, or expenses (including counsel and the third party fees) which you incur or suffer by reason of this Agreement or the services we provide hereunder, whether or not the possibility or likelihood of such loss, damage or expense is known to us. In addition to the above, please not that Cumberland Valley National Bank Business Check Cards are not subject to any of the consumer protections afforded under Federal Electronic Funds Transfer Act (Regulation E).
GENERAL PROVISIONS Your Business Check Card is not a credit card. Therefore, when using your card to make cash withdrawals and/or POS (point-of-sale) transactions to pay for purchases, keep in mind that the amount of such purchases and withdrawals will be automatically deducted from your business checking account held at Cumberland Valley National Bank. Any and all cards and PINs issued pursuant to this Agreement are the property of Cumberland Valley National Bank and are not transferable by you to anyone except those whom you specifically authorize to use any of such cards and/or PINs. Should your card(s) and/or related business account be closed, cancelled or revoked for any reason, you are to surrender all affected card(s) to us upon our request. You understand and agree that you will not be allowed to place a stop payment on a transaction made with your card. We reserve the right at any time and without notice to you to add to, eliminate and/or change any of the services provided to you under this Agreement. If you have authorized any person to use any of your cards, your authorization shall be considered by us to be unlimited in amount and manner and will be effective until following takes place: (i) you notify us in writing that you have revoked the authorization to any such individual and (ii) we have had reasonable opportunity and time to act on such notification. Your written request to revoke, close and/or cancel a card(s), will be processed the business day after it is received. You will be responsible for all transactions made with the card(s) until that time. This Agreement is subject to the provisions of your business account agreement, including any and all related account applications and other account opening and authorizing documents on file with us. All of the terms of your business account agreement and account opening documents and/or resolutions on file with us are hereby incorporated by reference into this Agreement. In the event, however, that there are inconsistencies between this Agreement and any other account document, the terms of this Agreement shall control to the extend necessary. You agree that this Agreement is the entire statement of the terms and conditions which apply to the subject matter thereof. If any term or condition of this Agreement should be invalidated or unenforceable for any reason, all other terms and conditions will continue in full force and effect. This Agreement supersedes any prior agreement between us relating to these services for your business account(s). There may be a delay between the time a deposit is made and when it will be available for withdrawal. You should review our Funds Availability Policy to determine the availability of any funds deposited into your account. Subject to our Funds Availability Policy, we reserve the right to refuse any transaction which would draw upon collected or insufficient funds, exceed a credit limit or lower an account below a required balance. The terms and conditions set forth on this Agreement are subject to the laws and regulations of the state of Kentucky which is the principle place of business of Cumberland Valley National Bank. You hereby agree to be personally responsible for all fees and charges incurred as a result of the use of your Card, or as a result of your use of any of the Bank’s other electronic funds transfer (EFT) services. Accordingly, when using your card or any of the bank’s EFT services, you hereby give Cumberland Valley National Bank the right to draw on any of the funds that you hold in any of your deposit account(s) held at the bank in order to cover (i) the amount of any funds either transferred or to be transferred out of your account, and (ii) any and all EFT related service loss or charges charged against your account either by the bank or by any other appropriate third party.
DOCUMENTATION OF TRANSACTIONS Periodic Statement: You will get a monthly statement from us for your checking and savings accounts. Terminal Receipt: Depending on the availability at the location you select to initiate your transaction, you should receive a terminal receipt at the time you make any transaction initiated at an ATM or at a merchant point-of-sale (POS) terminal.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS Telephone us at 1-800-999-3126 or write us at Cumberland Valley National Bank P O Box 709 London Kentucky 40743 Att: Automated Services, as soon as you can. If you think your statement of receipt is wrong or if you need more information about a transfer listed on the statement or receipt.
When contacting the bank, please:
· 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 Once the bank receives your notice of a possible error or request for more information, the bank will investigate and provide you with a response as soon as possible.
CONFIDENTIALITY We may disclose information about your account or transactions to third parties in the following circumstances:
· When it is necessary to complete transactions or to resolve errors involving your account.
· To verify the existence and condition of your account to third parties such as a credit bureau or merchant
· To comply with government agencies, and court orders and subpoenas
· If you give us your written permission
CHANGES TO THE TERMS AND CONDITIONSOF THIS AGREEMENT The bank reserves the right at any time and in its sole discretion, as required either by law or under any operating agreement entered into by and between Cumberland Valley National Bank and any electronic funds transfer network or service provider, to make any additions and/or change to the terms and conditions contained in this Agreement.
OTHER TERMS AND CONDITIONS MAY APPLY In addition to the terms and conditions sets forth in this Agreement the use of your Business Check Card is also subject to any other terms and/or conditions set forth either (i) under any other agreement that you may have with the bank with respect to your account, or (i) under any other applicable rules, regulations and/or policies set forth by the bank or any government authority.
NOTICES All notices from us will be effective when we have mailed them or delivered them to your last known address on our records. Notices from you will be effective when received by us at the address specified in the Agreement. We reserve the right to change the terms and condition upon which the service a set forth in this Agreement are offered. BANK’S RIGHT TO REVOKE YOUR CARD AND/OR TERMINATETHIS AGREEMENT
Cumberland Valley National Bank reserves the right to revoke any of your cards and/or terminate this Agreement at any time upon its sole discretion.