BANKING

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 Business Visa 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.

Card Issuance

Each Visa Business CheckCard Cardholder receives a card and a personal identification number (PIN). All 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.

Card Usage

Provided funds are available in your account, You may use your State Farm Bank Business CheckCard to perform the following:

At any merchant displaying the STAR, PULSE, NYCE, or VISA/PLUS, logos, You may use funds in your Checking Account or Interest Checking Account 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, and
    • 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.

Fees

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 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 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 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 Accounts will be rebated up to a total of $10 in foreign ATM surcharges per account per statement cycle.
  • 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 via Business CheckCard is subject to the available balance of your account and the following limits:

  • $1,000 withdrawal limit per CheckCard per business day at any ATM (note: some ATMs may further limit the amount of money per withdrawal)
  • $3,500 purchase limit per CheckCard per business day

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.

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 877-SF4-BANK (877-734-2265) 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 877-SF4-BANK (877-734-2265) 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:

  • ATM Liability. 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.
  • Internet Banking Liability. 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 can lose no more than $50 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. 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 debit card 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.