Electronic Funds Transfer Act and Regulation E

 Electronic Funds Transfer Act

Regulation E Disclosure

Debit Card Agreement

If you have The Peoples Bank’s ATM / Debit Card and a checking, savings or cash investment account to which direct deposits or other transfers are made or from which preauthorized withdrawals or other transfers are made, the following is an important statement of your and The Peoples Bank’s rights, liabilities, and responsibilities.

TYPES OF ELECTRONIC TRANSFERS

(a) You may use the ATM / Debit Card at The Peoples Bank locations to:

(1) Withdraw cash from the checking, savings, or cash investment account designated by you hereafter

referred to as “Designated Account”.

(2) Make deposits to your Designated Account(s) at most locations. 

(3) Transfer funds between your Designated Accounts.

(4) Check the balance in your Designated Account(s).  

(5) Make a payment to The Peoples Bank Installment Loan or The Peoples Bank Christmas Club Account.

(b) You may also use the ATM / Debit Card at automated teller machines other than The Peoples Bank locations to:

(1) Withdraw cash from your Designated Account(s).

(2) Transfer funds between your Designated Account(s). 

(3) Check the balance in your Designated Account(s).

(c) You may also use the ATM / Debit Card to pay for goods and services from your Primary Designated Checking Account at participating merchants as set forth in the Debit Card Agreement for the ATM / Debit Card provided below. You may pay bills directly by telephone from your Designated Account(s) in the amounts and on the days you request.

(d) Pay for purchases at places that have agreed to accept the ATM / Debit Card. 

(e) Pay bills directly by telephone from your checking savings account in the amounts and on the days you request. Note: Some of these services may not be available at all terminals. 

(f) By appropriate authorization, you may also have the following electronic funds transfers made to or from your Designated Account(s):

(1) Direct deposit of certain benefits including but not limited to social security, retirement benefits, military allotments, annuity and pension benefits and payroll deposits. 

(2) Preauthorized transfers from your Designated Account(s).

(g) Limitation on the amount of transfers and the amount of payments at an Automated Teller Machine (“ATM”). You may use the ATM / Debit Card to withdraw funds from your Designated Account or to make payments from your Designated Checking Account up to the balance in your account with a $600.00 maximum during a twenty-four (24) hour period commencing at midnight of each day. For security reasons, this maximum may be less than $600.00 at some locations. We will notify you if the maximum amount allowed to be withdrawn during a specified period has been decreased.

(h) Electronic Check Conversion. You may authorize a merchant or other payee to make one-time electronic payment from your checking account using information from your check to pay for purchases or pay bills.

CHARGES FOR ELECTRONIC TRANSFERS

Generally, there are no specific charges for electronic funds transfers or for the right to make such transfers. However, we will charge you a fee for each individual withdrawal, transfer or balance inquiry you make using an Automated Teller Machine (“ATM”) other than The Peoples Bank. Our usual and normal service charges will apply with respect to all checking and savings accounts. Charges for services and transactions are disclosed in the Truth in Savings disclosure and the Bank’s Personal Banking brochure provided to you at the time you opened your account. In addition, when you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used, and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer.

DOCUMENTATION OF TRANSFERS

(a) The Peoples Bank transactions. At your option, you can get a printed receipt at the time you make any transfers to or from your account using The Peoples Bank ATM, other ATM locations, or point-of-sale terminals. 

(b) Direct Deposits. If you have arranged to have direct deposits made to your Designated Account(s) at least once every sixty (60) days from the same person or company, the deposit will appear as a description item on your monthly bank statement. You can call us at 228-435-5511 to find out whether or not the deposit has been made.

(c) Periodic Statements. If you have a checking account, you will receive a monthly account statement. If you have a savings account, you will receive a statement for each month during which there is an electronic funds transfer. In any case you will get a savings statement at least semi-annually.

CUSTOMERS LIABILITY FOR UNAUTHORIZED TRANSFERS

Tell us AT ONCE if you believe the ATM / Debit Card or its Personal Identification Number (PIN) has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account. If you believe the ATM / Debit Card or PIN has been lost or stolen, and you tell us within two (2) business days, you can lose no more than fifty dollars ($50.00) if the ATM / Debit Card was used without your permission. If you do NOT notify us within two (2) business days after you learn of the loss or theft of the ATM / Debit Card, and we can prove that we could have stopped someone from using the ATM / Debit Card without your permission if you had told us, you could lose as much as Five Hundred Dollars ($500.00).

Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money you 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 valid reason (such as a long trip or a hospital stay) kept you from telling us, we may extend the time period.

TELEPHONE NUMBER AND ADDRESS TO BE NOTIFIED IN THE EVENT OF AN UNAUTHORIZED TRANSFER

If you believe the ATM / Debit Card or PIN has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call: 228-435-5511 or Write: The Peoples Bank ATM Department, P. O. Drawer 529, Biloxi, MS 39533-0529 or Email us at customersupport@thepeoples.com. You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission.

BUSINESS DAYS OF THE BANK

For purposes of these disclosures, our business days are Monday through Friday of every week. Holidays are not included.

CUSTOMERS’ RIGHTS WITH RESPECT TO PREAUTHORIZED TRANSFERS

(a) 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. You must call us at 228-435-5511, or write us at The Peoples Bank, ATM Department. P. O. Drawer 529, Biloxi, MS 39533-0529, in time for us to receive your request at least three (3) business days before 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. We will charge you our regular stop payment fee then in effect for each stop payment order you give us. 

(b) Notice of Varying Amounts: If these regular payments vary in amount, the person you are going to pay will notify you ten (10) days before each payment, when it will be processed and what dollar amount will be charged to your Designated Account. 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. 

(c) Liability for Failure to Stop Payment of a 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. However, if such failure is not intentional, and results from a bona fide error, notwithstanding procedures to avoid such error, our liability shall be limited to actual proven damages. 

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 instance:

• if, through no fault of ours, you do not have enough money in your account to make the transfer.
• if the transfer would go over the credit limit on your personal line of credit. 
• if the automated teller machine where you are making the transfer does not have enough cash. 
• if the automated teller machine 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 transfer despite reasonable precautions that we have taken.

There may be other exceptions stated in our agreement with you, or as provided by applicable law. In addition, if such failure is not intentional and results from a bona fide error, notwithstanding procedures to avoid such error, our liability shall be limited to actual damages proved.

IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS

If you think your statement or receipt is wrong, or if you need more information about a transaction listed on the statement or receipt, telephone us at 228-435-5511, or write us at The Peoples Bank, ATM Department, P. O. Drawer 529, Biloxi, MS 39533-0529 immediately. We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared. When contacting us please:

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred with ten (10) days business days after we hear from you and will correct any error promptly. If we need more time however, we may take up to 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.

For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question.

For new accounts, we may take up to twenty (20) business days to credit account for the amount you think is in error. We will tell you the results within 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. You may be charged for this research which is set out in the Truth in Savings disclosure and the Bank’s Personal Banking brochure.

DISCLOSURE OF INFORMATION TO THIRD PARTIES

We will disclose information to third parties about your account or the transfers you make:

(a) Where it is necessary for completing transfers or resolving errors involving transfers, or

(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 agencies or court orders, or

(d) If you give us your written permission. 

DEBIT CARD AGREEMENT FOR THE PEOPLES BANK ATM / DEBIT CARD

This is your ATM / Debit Card Agreement from The Peoples Bank. In this ATM / Debit Card Agreement (“Agreement”), we, our and us refer to The Peoples Bank. You and your means each person who signed the signature card for the Designated Account(s) and each person who is authorized to use the ATM / Debit Card. Designated Account(s) means the checking, savings, or cash investment account designated by you to be accounts which may be accessed by the ATM / Debit Card with a Personal Identification Number (PIN). This Agreement is subject to the general rules governing deposit accounts set forth in the Deposit Account Agreement. You may use your card(s) to withdraw cash, make deposits and certain payments, transfer funds and check your balance in your checking, savings, or cash investment accounts at The Peoples Bank locations and withdraw cash, transfer funds and check your account balance at locations through an automated teller machine network. In addition to the above, the ATM / Debit Card may be used at point of sale terminals operated by participating merchants to pay for goods and services.

THE PEOPLES BANK DEBIT CARD. The VISA Debit feature of the Debit Card provides you with access to your account at merchants honoring VISA cards throughout the world. A VISA card may not be used for any illegal transactions. This Debit Card is NOT a credit card. The Debit Card should only be used when actual payment for goods and services are authorized by you. You may present the Debit Card anywhere the VISA “logo” is displayed and payment for goods or services will be drawn against your designated account at the Bank. You may use the Debit Card up to the balance in your account with a $3,000.00 maximum to buy goods or services each 24-hour period or weekend/holiday period in our point of sale transfer service.

When you present the Debit Card at a VISA merchant, the merchant will process the transaction in accordance with VISA and sponsoring financial institution rules and regulations. Upon presentation, you authorize the Bank to draw the funds from your designated account. Use of the Debit Card by you authorizes the Bank to pay the draft even if your designated account does not have adequate funds in it. You agree to repay the Bank when you have used the Debit Card together with any charge and expenses arising out of such payment. If you have a Personal Line of Credit (hereafter referred to as Line), then through use of the Debit Card you authorize the Bank to make advances from your Line under the terms of your Personal Line of Credit Agreement which has been provided to you and becomes part of this Agreement by reference. Merchants may obtain preauthorization for some transactions which will require the Bank to hold funds in your account for payment of the draft upon presentation. You authorize the Bank to honor such authorization requests. Unless you have been negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen VISA card. This additional limit on liability does not apply to ATM transactions outside of the U.S., to ATM transactions not sent over VISA or Plus Networks, or to transactions using your Personal Identification Number which are not processed by VISA. VISA is a registered trademark of VISA International Service Association.

AUTOMATED TELLER MACHINE - ATM. The Peoples Bank ATM / Debit Card is coded for use in the Bank’s ATM Network. The Bank is a member of several ATM Networks. Other financial institutions are part of these Networks and their ATMs are also available to you. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used, and you may also be charged a fee for a balance inquiry even if you do not complete a fund transfer. In addition, we will charge you a fee for each individual withdrawal, transfer, or balance inquiry you make using an ATM other than an ATM owned by us. You will have an option to agree to the Bank fee or cancel the transaction. Before you can use an ATM, you must have a Personal Identification Number (PIN). This number will be sent to you by the Bank and must be kept secret to prevent unauthorized use. (If you want a special number, you can come into our office and have it set up.) When the ATM / Debit Card and PIN are inserted in an ATM or pay for purchases at places that have agreed to accept the ATM / Debit Card, you authorize the Bank to carry out the transaction requested and agree to be responsible for the transaction.

OWNERSHIP. All Debit Cards covered by this Agreement will remain the property of The Peoples Bank. The Bank has the right to cancel or suspend your card at any time without prior notice or reissue a different one at any time. The Bank is not required to issue a card that has expired. You agree to promptly return the ATM / Debit Card to the Bank upon request and to stop using the ATM / Debit Card immediately upon being notified by the Bank that it has been canceled. No stop payment orders will be allowed under this Agreement, except as provided in the attached Statement regarding the Electronic Funds Transfer Act and Regulation E.

LIMITATIONS. The availability of any or all ATM / Debit Card features cannot be guaranteed. The Bank is not liable for any inconvenience or damages you may suffer as a result of equipment malfunction or the refusal by any merchant to honor the ATM / Debit Card.

USE OF YOUR CARD: By accepting, signing, retaining, using, or authorizing another person to use your ATM / Debit Card issued by the Bank, you will be agreeing to the terms of this Agreement and all the terms printed on the ATM / Debit Card itself and requesting that we advance funds from your Designated Account(s) at any The Peoples Bank or other ATM locations, and to advance funds against your Designated Checking Account from time to time to you or to the presenter of a sales draft or cash advance draft under the ATM / Debit Card Agreement. Each of you is jointly and severally liable for any overdrafts created in your Designated Account through any use of the ATM / Debit Card which is not unauthorized use.

THE PEOPLES ATM / DEBIT CARD LIMIT: Your card will be limited to the authorization limits as set out in The Peoples Bank Disclosure Statement Pursuant to Electronic Funds Transfer Act and Regulation E. In the event your authorization limit is modified, you will receive written notification. You agree not to make any automated teller machine withdrawals, obtain any cash advances or make any purchases with the ATM / Debit Card if, as a result, you would exceed your authorization limit. If your debit card transactions overdraw your account(s) and the amount of the overdraft exceeds the limit of your personal line of credit, you will be liable for the amount of the overdraft and the overdraft charges as provided in the rules governing deposit accounts and our service charge schedule, even if we authorized a transaction at a time you did not have the available funds. We may also limit or refuse to complete your transactions for security reasons.

SERVICE CHARGES: There are no specific charges, other than normal service charges for account maintenance for the use of the ATM / Debit Card. There will be a one percent (1%) fee charged for each International ATM / Debit Card purchase transaction. Charges for services and transactions are disclosed in the Truth in Savings Disclosure and the Bank’s Personal Banking brochure which forms a part of this disclosure and provided to you at the time you opened your account.

DEFAULT: You may be in default under this Agreement if any of the following happen:

1. You do not meet any of your obligations under this Agreement or any other agreement with us.
2. You exceed your authorization limit.
3. The funds available in your checking account are insufficient to pay cash advance drafts, sales drafts or other debits presented for payment under this ATM / Debit Card.
4. You provide us with any inaccurate information in connection with your debit card account, including any inaccurate information you provide on your debit card application.
5. You die; a receiver is appointed for any of your property; any of your property is attached; you make an assignment for the benefit of your creditors; you become insolvent or involved in bankruptcy proceedings.
6. We determine, in good faith, that a material adverse change in your financial condition has occurred and we believe you may not be able to perform under this Agreement.
7. If you are in default, we can terminate this Agreement. We do not have to notify you in advance. We can delay enforcing our rights under this Agreement at any time without losing them.