State Farm Bank® Business Visa® Checkcard
Terms and Conditions
THIS AGREEMENT is made by and between the COMPANY ("You") whose name appears as the signatory and State Farm Bank® ("Bank", "We", "Us"). In consideration of the mutual promises and obligations in this Agreement, You and We agree, as follows:
Your State Farm Bank® Visa® Business CheckCard may be used to access your Business Checking Account or Business Interest Checking Account as designated by You on your application or by subsequent request. Your Business Money Market Savings or Business Savings Account may be linked to the same card as your Business Checking or Business Interest Checking account.
Each State Farm Bank Visa Business CheckCard Cardholder receives a card and a personal identification number (PIN). All State Farm Bank Visa Business CheckCards must be signed upon receipt by the Employee(s).
Personal Identification Number (PIN) Security
Company and Employee(s) acknowledge that each PIN shall be afforded the highest level of security and shall be known only to the Cardholder. The PIN should not be disclosed to anyone or written anywhere. Bank assumes no duty to discover any breach of security by Company or Employee(s) or the unauthorized disclosure or use of a PIN. Further, You agree to reveal your PIN only to Bank Personnel authorized to receive PIN changes.
Card Ownership and Termination
The card(s) remain the property of the Bank and must be surrendered upon demand. Company must notify the Bank of the termination of an Employee or other Cardholder's authority to use a card.
Company represents and warrants, on behalf of itself and Employee(s) that the card(s) will only be used for business purposes and will not be used for consumer and/or personal purposes. The Bank is not responsible for the refusal of anyone to honor the card(s).
Provided funds are available in your account, You may use your State Farm Bank Visa Business CheckCard to perform the following:
- You may use funds in your Business Checking Account or Business Interest Checking Account at a merchant to purchase goods and services.
- At an ATM You may
- Make withdrawals
- Make transfers
- Obtain balance information on accounts that the card is authorized to access
- Make withdrawals
- You may make deposits at full-service ATM locations that 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.
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 the office 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 else's 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
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
- 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 funds transfer.
- 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 Business Checking, Business Interest Checking, Checking, Interest Checking, or Money Market Savings 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 your account is closed prior to the end of the statement cycle, the ATM Fee Rebate will NOT be provided for that statement cycle. If there has been no direct deposit via an ACH credit into the State Farm Bank Business Checking, Business Interest Checking, 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. If your account is closed prior to the end of the statement cycle, the ATM Fee Rebate will NOT be provided for that statement cycle. State Farm Bank Savings accounts will be rebated up to a total of $10 in foreign ATM surcharges per account per statement cycle. If your account is closed prior to the end of the statement cycle, the ATM Fee Rebate will NOT be provided for that statement cycle.
- For International ATM Fees incurred travelling outside of the U.S., please call Us at 877-734-2265; callers who are hearing or speech impaired should dial 711 or use a preferred Telecommunications Relay Service 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.
- 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 make purchases or withdraw funds is subject to the available balance of your account and the following limits:
- $3,500 purchase limit per CheckCard per business day
- $1,000 withdrawal limit per CheckCard per business day at any ATM (Note: some ATMs may further limit the amount of money per withdrawal)
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.
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 and description. 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 877-SF4-BANK (877-734-2265); callers who are hearing or speech impaired should dial 711 or use a preferred Telecommunications Relay Service, or write to Us at P.O. Box 2316, Bloomington, IL 61702-2316.
Notice of Unauthorized Transactions
Your Liability for Unauthorized Transactions
- 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, 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.
- CheckCard Liability. 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, your liability for unauthorized Transactions is capped at $50 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 Visa Business 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.
Visa is a registered trademark of Visa International Service Association.
State Farm Bank, F.S.B, Bloomington, Illinois, is a Member FDIC and Equal Housing Lender. NMLS ID 139716. The other products offered by affiliate companies of State Farm Bank are not FDIC insured, not a State Farm Bank obligation or guaranteed by State Farm Bank, and subject to investment risk, including possible loss of principal invested. Contact State Farm Bank toll-free at 877-SF4-VISA (877-734-8472). Callers who are hearing or speech impaired should dial 711 or use a preferred Telecommunications Relay Service.