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Electronic Funds Transfer
(EFT) Customer Agreement
(Consumer and Business Accounts)
To better serve You, We make available various electronic funds transfer (EFT) services, as noted below. This Electronic Funds Transfer Customer Agreement (Agreement) informs You of your rights and liabilities if You currently, or in the future, use any of the EFT services available through State Farm Bank. This Agreement also advises You of your rights and liabilities in case of errors, discrepancies, or questions regarding EFTs on your account. There are three (3) basic types of EFT services: Card Services; Pre-authorized Electronic Funds Transfer; and Telephone Transfers (Transactions). This Agreement sets forth the general and specific provisions applicable to all three basic types of Transactions described below:
- Card Services are those services which allow You to access your accounts using a card at an Electronic Funds Transfer Terminal (Automated Teller Machines [ATMs] and point-of-sale machines).
- Pre-authorized Electronic Funds Transfer is any transfer of money performed by means of a computer or other electronic means that You authorize a third party in advance to make through the Bank.
- Electronic Transfer Services are those services which allow You to transfer between your accounts to or from external accounts by use of a telephone, Internet, or other means of authorization. Wire transfers are not EFTs and are therefore covered separately under the Wire Transfer Customer Agreement.
TERMS AND CONDITIONS
THIS AGREEMENT is made by and between the CUSTOMER (You) (whether one or more) and State Farm Bank (Bank, We or Us). In consideration of the mutual promises and obligations in this Agreement, You and We agree, as follows:
Part I Card Services
Your State Farm Bank ATM Card may be used to access your Checking Account, Interest Checking Account, Money Market Savings or Savings Account, as designated by You on your application or by subsequent written request. Your Savings Account may be linked to the same card as your Checking, Interest Checking, or Money Market Savings. Your State Farm Bank Visa® CheckCard ("CheckCard") may be used to access your Checking, Interest Checking, or Health Savings Accounts as designated by You on your application or subsequent written request. A Savings Account may be tied with your Checking or Interest Checking account on the same card.
Provided funds are available in your account, You may use your State Farm Bank ATM card to perform the following:
- At an ATM displaying any one or more of the STAR®, PULSE®, NYCE®, or VISA®/PLUS logos, You may:
- make withdrawals.
- make transfers.
- obtain balance information on accounts that the card is authorized to access.
- You may make deposits at full-service ATM locations that display one or more of the STAR, PULSE or NYCE logos and participate in deposit sharing. An ATM location participating in deposit sharing will allow customers from other banks to make deposits at that location. The actual availability of this function is determined by the institution which owns/operates the ATM.
- At any merchant displaying the STAR, PULSE, NYCE, or VISA/PLUS logos, You may use funds in your Checking Account, Interest Checking Account, or Money Market Savings to purchase goods and services.
- Savings Accounts may only be accessed through ATMs.
CheckCard (Applies only to Consumer Checking, Interest Checking, and Health Savings Accounts)
Provided funds are available in your account, You may use your State Farm Bank CheckCard to perform the following:
- At any merchant displaying the STAR, PULSE, NYCE, or VISA/PLUS, logos, You may use funds in your Checking, Interest Checking, or Health Savings Accounts to purchase goods and services.
- At an ATM displaying any one or more of the STAR, PULSE, NYCE, or VISA/PLUS, You may:
- make withdrawals.
- make transfers.
- obtain balance information on accounts that the card is authorized to access.
- You may make deposits at full-service ATM locations that display one or more of the STAR, PULSE, or NYCE logos and participate in deposit sharing. An ATM location participating in deposit sharing will allow customers from other banks to make deposits at that location. The actual availability of this function is determined by the institution which owns/operates the ATM.
- Deposits to Health Savings Accounts made at an ATM will only apply as current year contributions.
Charges for withdrawals, deposits, transfers, and balance inquiries are set by the Bank and are currently:
- Free at State Farm Bank-owned ATMs (if available).
- Free for point-of-sale Transactions.
- State Farm Bank will not charge You for the use of ATMs not owned by the Bank (considered foreign ATMs). Further, the Bank will rebate a foreign ATM surcharge imposed by the ATM owner in any amount assessed against a State Farm Bank Checking, Interest Checking, or Money Market Savings account provided that there is a direct deposit via an Automated Clearing House (ACH) credit into that account during the statement cycle of the foreign ATM transaction. If there has been no direct deposit via an ACH credit into the State Farm Bank Checking, Interest Checking, or Money Market Savings account during the statement cycle, the Bank will rebate up to a total of $10 in foreign ATM surcharges per account per statement cycle. State Farm Bank Savings and Health Savings Accounts will be rebated up to a total of $10 in foreign ATM surcharges per account per statement cycle.
- For International ATM Fees incurred traveling outside of the U.S., please call Us at 1-877-734-2265 to have your rebate applied to your account. For those customers who receive up to $10 per statement cycle, the amount of the International ATM Fee Rebate will be deducted from your $10 benefit.
- 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 balance inquiry even if You do not complete a fund transfer.
- The Bank will impose a fee to non-State Farm Bank issued cards for withdrawing cash from a State Farm Bank ATM.
- No annual fee for an ATM card.
- No CheckCard or ATM card reissue fee for a lost card.
These fees may be changed from time to time at the discretion of the Bank, upon advance notice.
Daily Withdrawal/Purchasing Limit. Your ability to withdraw funds via ATM or CheckCard is subject to the available balance of your account and the following limits:
- Cash Withdrawals:
- $500 withdrawal limit per ATM card per business day at any ATM (note: Some ATMs may further limit the amount of money per withdrawal).
- $500 withdrawal limit per Health Savings CheckCard per business day at any ATM (note: Some ATMs may further limit the amount of money per withdrawal).
- $750 withdrawal limit per Consumer Checking and Interest Checking CheckCard per business day at any ATM (note: Some ATMs may further limit the amount of money per withdrawal).
- $500 purchase limit per ATM Card per business day.
- $2,000 purchase limit per CheckCard per business day.
- $2,500 purchase limit per Health Savings CheckCard per business day.
- With the Health Savings Visa® CheckCard, it is your responsibility to make sure that your withdrawals are for expenses that are qualified medical expenses in order to qualify for tax excludability. You must also maintain records of your medical expenses sufficient to show that the distributions have been made exclusively for qualified medical expenses and that such distributions are, therefore, excludable from gross income.
You may apply to have your daily withdrawal and/or purchase limit increased or decreased by providing written notice to Us at State Farm Bank, P.O. 2316, Bloomington, IL 61702-2316 Such modification, if approved, shall be effective not later than 10 days following receipt by Us. In no event will your daily withdrawal limit be less than $200 per day, subject to the availability of funds in your account. You may have your CheckCard limits lowered to $200 per day or your CheckCard privileges revoked at the discretion of the Bank.
Personal Identification Number. Your State Farm Bank ATM Card may only be used with your Personal Identification Number (PIN), which is used to identify You as an authorized user of the Card. You agree to notify Us immediately if the Card is lost or stolen or if the secrecy of your PIN is compromised. You also agree not to reveal your PIN to any person not authorized by You to use the Card. Further, You agree to reveal your PIN only to Bank Personnel authorized to receive PIN changes. You agree not to write your PIN on your Card or on any item kept with your Card. The security of your account depends upon You maintaining possession of your Card and the secrecy of your PIN.
Deposit Verification. Deposits made at a participating ATM, whether in cash, check, draft or money order, are subject to our Funds Availability Policy, which has been provided to You at the time You opened your account or it has been mailed to You.
Documentation of EFT Services. You will receive the following documentation with respect to Transactions:
Transfers You should receive a receipt or acknowledgment at the time You make any transfer to or from your account at the Terminal or point-of-sale.
Periodic Statement You will receive a monthly account statement documenting the date, amount, description, and type of account to or from which funds were transferred, for each transfer. For purchases and cash advances, the following will appear on your account statement: 1) date and amount of Transaction; 2) merchant or bank name; and 3) where the Transaction took place.
Notice of Lost or Stolen Card/PIN. If You believe your Card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, You should telephone Us AT ONCE. Telephoning Us is the best way to minimize your potential losses. You should telephone Us at 1-877-SF4-BANK (1-877-734-2265), hearing and speech impaired customers please dial 711, or write to Us at P.O. Box 2316, Bloomington, IL 61702.
Notice of Unauthorized Transactions. Notify Us AT ONCE if You believe your statement reflects a Transaction made using your Card without your authorization. Telephone Us at 1-877-SF4-BANK (1-877-734-2265), hearing and speech impaired customers please dial 711, or write to Us at P.O. Box 2316, Bloomington, IL 61702.
Your Liability for Unauthorized Transactions. Subject to your obligation to notify Us of any discrepancies in accordance with the General Provisions contained in Part IV below, You will be liable for the amount of unauthorized Transactions made with your Card as follows:
If You believe your Card or PIN has been lost or stolen, and You tell Us within two business days after You learn of the loss or theft, and your Card is tied to a consumer deposit account, You will not be liable if someone used your Card or PIN without your permission. If your Card is tied to a business deposit account, You can lose no more than $50 if someone used your Card or PIN without your permission. If You do NOT tell Us within two business days after You learn of the loss or theft of your Card or PIN, and We can prove We could have stopped someone from using your Card or PIN without your permission if You had told Us, You could lose as much as $500. Also, if your statement shows transfers that You did not make, tell Us at once. If You do not tell Us within 60 days after the statement was mailed to You, You may not get back any money You lost after the 60 days if we can prove that We could have stopped someone from taking the money if You had told Us in time.
Internet Banking Liability. (Applies to Consumer Deposit Accounts) If You believe your User Identification or Password has been lost, stolen or compromised, and You tell Us within two business days after You learn of the loss or theft, You will not be liable if someone used your User Identification or Password without your permission. If You do NOT tell Us within two business days after You learn of the loss or theft of your User Identification or Password, and We can prove We could have stopped someone from using your User Identification or Password without your permission if You had told Us, You could lose as much as $500. Also, if your statement shows transfers that You did not make, tell Us at once. If You do not tell Us within 60 days after the statement was mailed to You, You may not get back any money You lost after the 60 days if We can prove that We could have stopped someone from taking the money if You had told Us in time.
CheckCard Liability. (Applies to Consumer Checking, Interest Checking, and Health Savings Accounts) When a lost or stolen State Farm Visa CheckCard is used at a Visa merchant, You have no liability for unauthorized Transactions. However, You should notify Us immediately upon discovery of any unauthorized Transaction. When a lost or stolen State Farm Bank Visa CheckCard is used at a non-Visa merchant, You will not be liable for unauthorized Transactions if You notify Us within two business days of discovering that your card is missing. If You do not provide Us with timely notification, the maximum liability You may incur is $500. Also, if your statement shows transfers that You did not make, tell Us at once. If You do not tell Us within 60 days after the statement was mailed to You, You may not get back any money You lost after the 60 days if We can prove that We could have stopped someone from taking the money if You had told Us in time.
If special circumstances, such as extended travel or hospitalization, prevent You from notifying Us within the time periods specified above, the time periods will be extended to a reasonable time.
Gaming and Wagering Transactions. The State Farm Bank CheckCard is not to be used for any gaming or wagering transactions, including transactions for casino chips, bets, wagers, Internet gambling, or any other gaming or wagering transaction. State Farm Bank reserves the right to decline transactions for casino chips, bets, wagers, Internet gambling, or any other gaming or wagering transaction.
Refusal to Honor Your Card; Refused Authorizations. We will not be liable if any other bank, any ATM, or any seller or lessor of goods or services refuses to honor your Card or retains your Card when You attempt to use it. Even though You have available funds in your Account, We may fail or decline to authorize a particular transaction due to operational difficulties or, at our discretion, for other reasons We deem to be appropriate.
Card Ownership and Cancellation. You acknowledge that the ATM or CheckCard has been issued by, and remains the property of State Farm Bank, and may be revoked or canceled at any time without prior notice to You. You agree to surrender immediately your Card(s) to Us upon demand. You may elect to cancel your Card(s) at any time by surrendering and returning your Card(s). Cancellation by You will not be effective until your Card(s) is actually received by Us.
Safety Precautions for ATM Terminal Usage
- Have your Card ready to use when You reach the ATM. Have all of your forms ready before You get to the ATM. Keep some extra forms in your car or at home for this purpose.
- If You are not familiar with how to use an ATM, use machines close to or inside a financial institution or business until You become comfortable with using your Card and can conduct your Transactions quickly and accurately.
- If using an ATM in an isolated area, take someone else with You if possible. Have them watch from the car or nearby as You conduct your Transaction.
- Do not use ATMs at night unless the area and machine are well lighted. If lights are out at an ATM location, go to a different location.
- If someone else is using the machine You want to use, stand back or stay in your car until the machine is free.
- Watch out for suspicious people lurking around ATMs, especially during times when few people are around.
- When using the machine, stand so You block anyone elses view from behind.
- If anything suspicious occurs when You are using a machine, cancel what You are doing and leave immediately. If going to your car, lock your doors.
- Do not stand at the ATM counting cash. Check that You received the right amount later in a secure place, and then reconcile it with your receipt.
- Keep your receipts and verify Transactions on your account statement. Report errors immediately. Do not leave receipts at an ATM location.
- Report all crimes immediately to the operator of the ATM and/or to local law enforcement officials.
Part II Pre-Authorized Electronic Funds Transfer
Types of Transfers
With proper written authorization, State Farm Bank can accept or make certain direct deposits, automatic or on-demand transfers or payments to or from your Savings, Money Market Savings, Checking, Interest Checking, or Health Savings Accounts. You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to: (i) Pay for purchases; or (ii) Pay bills. For all funds transfers from your State Farm Bank account to another financial institution, the funds must be available in your account by 6:00 p.m. Central Time on the business day of the transfer. If sufficient funds are not available in your State Farm Bank account at the time of the verification, the transfer will not be processed. If a requested transfer occurs on a day We are not open, such as a Saturday, Sunday or Bank Holiday, the transfer will be processed on the next business day. Some of these services may not be available with certain merchants or employers. Federal regulations restrict the number of transfers that may be made from your Money Market or Savings Account to a maximum of six (6) pre-authorized, automatic, or telephone transfers per statement period. You are allowed unlimited withdrawals by ATM; by mail (payments directly to You or transfers of funds from your account to any of your loan accounts with Us); or by telephone (via check payable to You). Federal regulations require the Bank to monitor your compliance with these restrictions.
ACH Wholesale Credits subject to UCC 4A.
- Provisional Payment Disclosure Credit given by Us to You with respect to an Automated Clearing House (ACH) credit entry is provisional until We receive final settlement for such entry through a Federal Reserve Bank. If We do not receive such final settlement, You are hereby notified and agree that We are entitled to a refund of the amount credited to You in connection with such entry, and the party making payment to You via such entry (e.g. the originator of the entry) shall not be deemed to have paid You in the amount of such entry.
- Notice Disclosure Under the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account, We are not required to give next day notice to You of receipt of an ACH item and We will not do so. However, We will continue to notify You of the receipt of payments in the periodic statements We provide to You.
- Choice of Law Disclosure We may accept on your behalf payments to your account which have been transmitted through one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Funds Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of New York as provided by the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account.
Liability for Data AccuracyWe shall not be responsible to You for any claims, damages, losses or expenses arising out of the preparation or delivery of data input for the Electronic Funds Transfers and credit or debit entries prepared by your employer or other person or company authorized by You to do so. The Bank is entitled to rely upon the accuracy and correctness of the data input prepared by your employer or other person or company authorized by You to do so, and the Bank is under no obligation to investigate or determine the accuracy of such data input or authorization of such entity to conduct the EFT.
Documentation of Transfers
You will be able to verify transfers by the following means.
- Telephone confirmation You may verify posting of your direct deposit, automatic or on-demand transfer, on the next business day after the deposit, by calling Us at 1-877-SF4-BANK (1-877-734-2265), hearing and speech impaired customers please dial 711.
- Periodic Statements You will receive a monthly account statement documenting the date, amount, description, and type of account to or from which funds were transferred, for each transfer.
If You have told Us, in advance, to make automatic recurring payments out of your account, You can stop any of these payments by calling 1-877-SF4-BANK (1-877-734-2265), hearing and speech impaired customers please dial 711, or writing to Us at P.O. Box 2316, Bloomington, IL 61702. You must call or write in time for Us to receive your request at least three business days before the payment is scheduled to be made. If You call, We may require that You confirm your request in writing and deliver it within 14 days after You call.
Notice of Varying AmountsIf regular payments scheduled to be made from your account vary in amount, the Bank or person You are going to pay may tell You, 10 days before each payment when the payment will be made and how much it will be. You may choose instead to receive 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 Pre-authorized Transfer.
If You properly order Us to stop a payment at least three business days before the transfer is scheduled and We do not do so, We will be liable for your actual direct losses or damages.
Part III Electronic Transfer Services
You will establish three Security Questions during the account opening process. You will provide the Bank with questions that only You know the answer to. Your Security Questions or other means of verification can be used as means to identify You before performing requested Transaction(s).
Use of Security Questions
Your Security Questions or other means of verification may be used to perform Transactions only on Accounts designated by You or Us.
Types of Available Transactions
You may designate that your Security Questions be used to make transfers of funds between your Savings, Money Market Savings, Checking, Interest Checking, and/or Health Savings Accounts or accounts with other financial institutions. If You so designate, Interest and/or Principal from a maturing Certificate of Deposit may also be transferred to other accounts by telephone or other means of authorization during the 10 calendar day Grace Period after maturity with the use of your Security Questions.
If You request a transfer of your funds to or from another State Farm entity or financial institution, we will share both internal and external account information as is necessary to complete the transaction.
Limitation on Amount and Frequency of Transactions
There are no limitations as to how often You may make telephone transfers from one State Farm Bank account to another or on the dollar amount of any one telephone transfer. Federal regulations, however, limit the number of transfers that You may make from your Money Market or Savings Account to a maximum of six (6) pre-authorized, automatic, or telephone transfers per statement period. You are allowed unlimited withdrawals by ATM; by mail (payments directly to You or transfers of funds from your account to any of your loan accounts with Us), or by telephone (via check payable to You). Federal regulations require the Bank to monitor your compliance with these restrictions.
Documentation of Transfers
You will receive a monthly account statement documenting the date, amount, description, and type of account to or from which funds were transferred, for each transfer.
Part IV General Provisions
Definition of Business Day
For the purpose of Transaction posting, our business days are Monday through Friday, except for Bank Holidays.
Disclosure of Account Information
Information concerning your accounts and Transactions will not be disclosed to third parties except:
- When necessary to complete Transactions or to resolve errors involving Transactions.
- To verify the existence and status of your account(s) upon request of a third party, such as a credit bureau or merchant.
- To comply with a government agency, court order or other legal processes.
- In accordance with your written permission.
- In accordance with the terms of your Deposit Account Agreement.
In Case Of Errors Or Questions About Your Electronic Funds Transfer Services
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 1-877-SF4-BANK (1-877-734-2265), hearing and speech impaired customers please dial 711, or write to Us at P.O. Box 2316, Bloomington, IL 61702. We must hear from You no later than 60 days after We sent the FIRST statement on which the problem or error appeared. When You contact Us, You must:
- Tell Us your name and account number.
- Describe the error or the Transaction You are questioning, and explain as clearly as You can why You believe there is an error or why You need more information.
- Tell Us the dollar amount of the suspected error. If You tell Us orally, You must do so by contacting Us at the telephone number disclosed in this Agreement, and We may require that You confirm your complaint or question in writing and mail it to Us so that We receive it within 10 business days. We will tell You the results of our investigation within 10 business days after We hear from You (20 business days for notices of error occurring within 30 days after the first deposit to your account), and We will correct any error promptly. If We need more time, however, We may take up to 45 calendar days to investigate your complaint or question (90 days for point-of-sale Transactions, foreign initiated transfers, or for notices of error occurring within 30 days after the first deposit to your account). If We decide We need more time, We will provide You with a provisional credit to your account within 10 business days (20 business days for notices of error occurring within 30 days after the first deposit to your account), for the amount You think is in error. If We ask You to confirm your complaint or question in writing and We do not receive your confirmation within 10 business days, We may elect not to re-credit your account. If We determine that there was no error, We will send You a written explanation within 3 business days after We complete our investigation. You may ask for copies of the documents We used in our investigation. If You have been provided with a provisional credit during the pendency of our investigation, the credit will be revoked and your account will be debited accordingly.
Liability for Failure to Complete Electronic Funds Transfer Transactions
If We do not properly complete an EFT Transaction to or from your account on time or in the correct amount in accordance with the terms of this Agreement, We will be liable for your losses or damages in accordance with applicable law, except We will NOT be liable for damages if:
- Through no fault of ours You do not have enough money available for use in your account to make the transfer. Note: In accordance with our Funds Availability Policy, money may not be immediately available for use from a check You may have deposited.
- The ATM where You are making the transfer does not have enough cash or travelers checks to complete the Transaction;
- The ATM, POS terminal or any part of the system supporting the operation of the ATM or POS terminal was not working properly or your card is damaged and You knew of the breakdown when You began the Transaction or a malfunction occurred during the process of the Transaction.
- Your card has been reported lost or stolen.
- By reason of excessive activity in your account or otherwise, We have a reasonable basis for acting to protect the security of your account.
- The funds are frozen because of a court order or another encumbrance that restricts the transfer.
- Circumstances beyond our control (such as a fire or flood) prevent the transfer despite reasonable precautions We have taken.
- We do not receive the necessary transfer data from a third party.
- Information necessary for Us to complete the Transaction is inaccurate or incomplete.
- Necessary authorizations are terminated by operation of law in certain circumstances such as death or legal disability.
- Equipment necessary to process and post your EFT Transaction malfunctions or breaks down.
- There are unusual or extraordinary circumstances which would indicate improper or unlawful use of your account.
- This Agreement has been terminated by either You or Us.
- There are other exceptions as provided by applicable law.
Return of Direct Deposits
If the Bank is required to reimburse the Federal Government for all or any portion of any benefit payments deposited into your account through a direct deposit plan for any reason, You agree that the Bank may, without prior notice to You, deduct the amount returned to the Federal Government from your account or from any other account You have with Bank, unless the deduction is prohibited by law. The Banks right to make this deduction is in addition to any other rights Bank has under this Agreement, including its right of setoff and its security interest in your account.
If an overdraft is inadvertently created on your account due to a Transaction initiated through the use of the Online Funds Transfer System, You agree to repay immediately the overdraft, plus an Overdraft Fee. If improper overdrafts become a frequent occurrence, We may cancel your online account access
Transactions Subject to Account Rules
Each Transaction through the online funds transfer system shall be governed by this Agreement and subject to the rules, regulations and agreements existing from time to time between You and Us with respect to each account to which the Transaction relates (which rules, regulations and agreements are incorporated herein by reference).
You agree that one periodic statement sent to the address indicated in our Bank records is sufficient notice to all persons named on the account of account activity and notices.
Joint and Several Obligations
You agree that the obligations assumed by You in this Agreement, shall be the joint and several obligations of all persons named on the account.
This Agreement and all Transactions hereunder are subject to, and to be construed in accordance with, Federal law including the rules and regulations of the Board of Governors of the Federal Reserve Board, and to the extent not preempted thereby, the laws of the State of Illinois.
Modification or Termination of EFT Customer Agreement
You agree that We may amend or modify the terms and conditions of this EFT Customer Agreement at any time, including partial or complete termination, by mailing notice of the amendment or termination to your last known address as shown on the records of the Bank. You will be given at least 21 days notice prior to the effective date of any amendment which results in an increased fee or charge, an increase in your liability, a reduction in services offered by Bank, or stricter limitations on Transaction or withdrawal rights. However, We may make an immediate change or termination without notice if necessary to maintain or restore the security of the online funds transfer system or any account.