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Wellesley Bank

Wellesley Bank Online Banking and External Transfer Service Agreement (the “Agreement”)

This Agreement governs your use of Wellesley Bank’s Online Banking Service (the “Service”), which allows you to access Internet banking, bill pay, and other banking services offered through the Service, including External Transfers, which allows you to transfer funds from your eligible accounts at Wellesley Bank and accounts at other financial institutions. Please read this Agreement carefully, and retain a copy for your records. You may print this Agreement or download the Agreement to your computer. You may also request a copy of this Agreement and other agreements governing your accounts and services with the Bank by calling us at (781) 235-2550.

ONLINE BANKING SERVICE AGREEMENT

Your use of the Service is subject to the following terms and conditions:

  1. Definitions
  2. As used in this Agreement, the words "you" and "your" refer to the person(s) or business entity subscribing to or authorized to use the Service. The words "we", "us", "our", and “Bank” refer to Wellesley Bank. The term “Agreement” refers to this Online Banking Service Agreement. The term "business day" means Monday through Friday, and excludes Saturday, Sunday and all banking holidays. The word "account" refers to any or all of your deposit and loan accounts at the Bank to which you requested and are permitted to obtain online access.

  3. Requirements for Use
  4. To use the Service, you must have at least one Bank account that is open and in good standing; access to Internet service; recommended Internet browser software, and an e-mail address. The terms, conditions, and disclosures in this Agreement are in addition to the terms, conditions and disclosures that apply to any deposit or loan accounts at the Bank that you are permitted to access using the Service. To the extent of any conflict between this Agreement and any other agreement governing your accounts, this Agreement will control but only to the extent necessary to eliminate such conflict.

  5. Access ID and Password
  6. Upon successful enrollment in the Service, you will be provided with an Access ID and password that will permit you to access the Service. Each person who is permitted by the Bank and authorized to use the Service will be assigned an Access ID and password. You will be asked to change this password the first time that you access the Service. You are solely responsible for ensuring the confidentiality of your password. You agree that we are authorized to act on any and all instructions received using your password. We are not responsible for unauthorized use of your passwords.

    We recommend that your password be comprised of both letters and numbers, and that it not be easily associated with any personal information, such as your address, date of birth, or anniversary. Your password should be memorized, and never written down. We also recommend that you change your password regularly.

    Should you enter your password incorrectly on three (3) consecutive attempts, you will be blocked from accessing the Service until you contact us at (781) 235-2550 to resolve the problem and regain access, if appropriate.

  7. Hours of Access
  8. You may access your Accounts through the Service seven (7) days a week, twenty-four (24) hours a day. However, at certain times, some or all features of the Service may not be available due to system maintenance or other reasons. We will post notice of any periods of known non-availability on our website.

  9. Accessible Accounts
  10. The Service may be used to access the following types of accounts:

    You may use the Service to view your loan and line of credit account activity and to make payments on these accounts, but you may not be able to use the Service to borrow money from these accounts. Call for details on line of credit advances.

  11. Permissible Transactions
  12. In most cases, you may use the Service to access deposit accounts in which you have an unrestricted right to withdraw funds.

    You may use the Service to complete the following:

    The Bank may, from time to time, introduce new features to the Service. We may, but are not required to notify you of the existence and availability of such new features. By using these features when they become available, you agree to be bound by the terms of the Agreement governing such features.

  13. Transaction Limits
  14. The number and dollar amount of transfers to and from your accounts using the Service may be limited pursuant to applicable law and as set forth in disclosures that we provide or otherwise make available to you. In addition, if a hold is placed upon any portion of the funds on deposit in an account from which you wish to transfer funds, you may not transfer those funds until the hold expires or is released.

    During any month, you may not make more than six (6) withdrawals or transfers from Statement Savings, Premier Plus Savings, Money Market, or Premier Plus Money Market account to another Bank account of yours or to a third party by means of a preauthorized, automatic, or computer transfer, telephonic order or instruction, or by check, draft, debit card (if applicable), or similar order to a third party.  For purposes of this limitation, transfers made using the Service are counted against the permissible number of transfers.

  15. Posting of Transactions
  16. The Bank will make reasonable efforts to post to your account each business day transactions initiated between Bank accounts through the Service prior to 3:00 p.m. (EST) on that day. Transactions completed after 3:00 p.m. on a business day or completed on a non-business day will be posted to your account the following business day.

  17. Stop Payment Requests
  18. If you have made arrangements for regular payments to be made from your account and these payments may vary in amount, the person you are going to pay will tell you ten (10) days before each payment when it will be made and how much it will be. 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.

    If you have made arrangements for regular payments to be made from your account, you can discontinue these payments by calling us at (781) 235-2550 between 8:00 a.m. and 4:00 p.m. (EST), Monday through Friday; or, you may write us at Wellesley Bank, 40 Central Street, P.O. Box 812087, Wellesley, MA  02482-0013, and Attention: Electronic Banking Department. In either case, you must notify us at least three (3) business days before the payment is scheduled to be made. If you call us, we may require you to put your request in writing and deliver it to us within fourteen (14) calendar days after you call. We may impose a fee in accordance with our most current Schedule of Fees and Services.

    If you order us to stop one of these regular 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.

    THE INITIATION BY YOU OF CERTAIN ELECTRONIC FUND TRANSFERS FROM YOUR ACCOUNT WILL, EXCEPT AS OTHERWISE PROVIDED IN THE AGREEMENT, EFFECTIVELY ELIMINATE THE CONSUMER’S ABILITY TO STOP PAYMENT OF THE TRANSFER. UNLESS OTHERWISE PROVIDED IN THIS AGREEMENT, YOU (THE CONSUMER) MAY NOT STOP PAYMENT OF ELECTRONIC FUND TRANSFERS, THEREFORE YOU SHOULD NOT EMPLOY ELECTRONIC ACCESS FOR PURCHASES OR SERVICES UNLESS YOU ARE SATISFIED THAT YOU WILL NOT NEED TO STOP PAYMENT.

  19. Documentation of Transfers
  20. Direct Deposits - If you have arranged to have direct deposits made to your account at least once every sixty (60) calendar days by the same person or company, you may call us at (781) 235-2550 during normal business hours to find out whether the deposit has been made.

    Periodic Statements - You will receive a statement for your account for each month in which an electronic funds transfer occurs. In all cases, you will receive a statement at least quarterly.

    Passbook Accounts (including Saver’s Club for Children) - The only type of electronic funds transfer available for passbook accounts is a Direct Deposit. If you bring your passbook to us, we will record any electronic deposits that were made to that account since the last time your passbook was updated.

    Documentation as Evidence - Any documentation provided to you that indicates that an electronic funds transfer was made shall be admissible as evidence of such transfer and shall constitute prima-facie proof that such transfer was made.

  21. Changes in Terms
  22. At any time, we may change the terms of this Agreement. We will notify you of changes in the manner required by applicable law. To the extent permitted by applicable law, if you have previously agreed to receive notices and disclosures electronically, we will forward such notices to you by e-mail or post such notices on our website and alert you by e-mail of the posting of such notice. Your use of any feature of the Service after the effective date of the notice indicates your acceptance of the change in terms.

    We reserve the right to change these rules and regulations for electronic fund transfers. In instances where such changes will have a greater cost or liability to you or decrease your access to your account, we will send you written notice about the change at least thirty (30) days before the change go into effect. In situations where the change is made for security purposes, no notification will be made.

  23. Warranty Disclaimer
  24. The software provided to permit use of the Service, if any, is provided "as is" without warranty of any kind. The entire risk as to results and performance of the software related to the Service is assumed by you. We do not warrant, guarantee, or make any representations regarding the use of, or the results of use of, the software related to the Service in terms of correctness, accuracy, reliability, or otherwise. Neither we nor our supplier make any representations or warranties of any kind regarding use of the software related to the Service, either express or implied, including, but not limited to, implied warranties of merchantability and fitness for a particular purpose, unless disclaiming such warranties is prohibited by law.

  25. Limitation of Liability
  26. We will not be liable for failure to provide access or for interruptions in access to the Service due to a system failure, or other unforeseen acts or circumstances or a malfunction of your computer equipment or system you use, including your browser, Internet service provider, or other software you use. Under no circumstances and under no legal theory, tort, contract, or otherwise, shall we or our supplier be liable to you or any other person for any indirect, special, incidental, or consequential damages of any character, including, without limitation, damages for loss of goodwill, loss of use, data, profits, work stoppage, computer failure or malfunction, or any and all other commercial damages or losses. We are also not responsible for any electronic virus or viruses that you may encounter. An undetected virus may corrupt and destroy your program, files, and hardware. We suggest that you routinely scan your PC using a virus protection product.

  27. Bank's Right to Terminate
  28. The Bank reserves the right to terminate this Agreement and your access to the Service, in whole or in part, at any time for any reason. If you do not utilize the Service for a period of one hundred-eighty (180) consecutive days, we reserve the right to block your access to the Service until you contact us to regain access.

  29. Your Right to Terminate
  30. You may terminate your right to use your Access ID and password by calling us at (781) 235-2550, between 8:00 a.m. and 4:00 p.m. (EST), Monday through Friday, or, you may write us at Wellesley Bank, 40 Central Street, P.O. Box 812087, Wellesley, MA  02482-0013, Attention: Electronic Banking Department. If you call, we may require you to put your request in writing and get it to us within ten (10) days after your call. We may terminate your right to use your Access ID and password by notifying you in writing. Whether you terminate the right to use your Access ID and password or we do, termination will not affect your obligations in connection with your use of the Access ID and password even if we allow transactions to be completed after your right to use the Access ID and password has been terminated.

    Your access to the Service will be terminated within three (3) business days of our receipt of your written instructions to cancel the Service. You will remain responsible for all outstanding fees and charges incurred in connection with the Service and for all transactions involving your accounts using the Service prior to the effective date and time of termination. If you have designated a joint account as one of the accounts that may be accessed using the Service and you notify us that you wish to terminate the Service, only your use of the Service, your Access ID and your password will be terminated. Other joint accountholders must notify us to terminate their own use of the Service and their Access ID and password.

  31. What to Do In Case of Errors or Questions about Your Electronic Transfers
  32. In Case of Errors or Questions about your Electronic Funds Transfers - If you think your statement or receipt is wrong or if you need more information about a transfer that appears on the statement or receipt telephone us immediately at (781) 235-2550 between 8:00 a.m. and 4:00 p.m. (EST), Monday through Friday; or write to us Wellesley Bank, 40 Central Street, P.O. Box 812087, Wellesley, MA  02482-0013, Attention: Electronic Banking Department. 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:

    1. Tell us your name and account number,

    2. Describe the error or transaction you think is in error or are unsure about and explain as clearly as you can why you believe it is in error or why you need more information, and

    3. Tell us the dollar amount of the suspected error.

    If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days after the first telephone call. We will determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will re-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. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days we may not re-credit your account. For errors involving new accounts, point-of-sale, or foreign initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. For new accounts, we may take up to twenty (20) business days to credit your account for the amount you think is in error. We will tell you the results of our investigation within three (3) business days, after completing our investigation. If we decide that there was no error, we will send you written explanation. You may ask for copies of the documents that we used in our investigation.

  33. Your Liability for Unauthorized Transfers
  34. You must tell us AT ONCE if you believe your Access ID and/or password, have been lost, stolen or used without your permission. Telephoning us is the best way of limiting your loss.

    If you report the loss or theft of your Access ID and/or password within two (2) business days of discovery, you will have no liability for unauthorized transactions. We may require that you provide us with a written statement regarding the claim of unauthorized use. In no event, however, will you be liable for the unauthorized use of your Access ID and/or password after you notify us that your Access ID and/or password has been lost or stolen. You can be liable for no more than a total of $50.00 of unauthorized transactions even if you fail to report the loss or theft of your Access ID and/or password within two (2) business days of discovering that it has been lost or stolen.

    To notify us, call (781) 235-2550, Monday through Friday, between 8:00 a.m. and 4:00 p.m. (EST), or send us notice by e-mail, fax, or mail as described in Section 21 below.

  35. Our Liability for Failure to Make a Transfer
  36. 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:

    1. If, through no fault of ours, you do not have enough money in your account to make the transfer;

    2. If the transfer would go over the credit limit on your overdraft line, if established;

    3. If the terminal or system was not properly working and you knew about the breakdown when you started the transfer;

    4. If circumstances beyond our control (such as telecommunications and power outages or interruptions, Postal strikes, fire or flood) prevent the transfer despite reasonable precautions that we have taken;

    5. If the ATM where you are making the transfer does not have enough cash;

    6. If the funds are subject to legal process, attachment or other reason preventing us from allowing the transfer;

    7. If, as a result of the transfer, you would exceed your withdrawal or transaction limit;

    8. If we have reason to believe that you or someone else is using the ATM for fraudulent or illegal purposes; or

    9. If your Access ID and/or password has been reported lost or stolen, or we have cancelled your Access ID and/or password, or otherwise terminated your Agreement.

    There may be other exceptions stated in our agreements with you.

  37. Governing Law
  38. This Agreement is governed by the laws of the Commonwealth of Massachusetts and applicable federal law. If any provision of this Agreement is held to be unenforceable, such provision shall be reformed only to the extent necessary to make it enforceable.

  39. Assignment/Delegation
  40. The Bank may assign or delegate its rights and responsibilities under this Agreement. You may not assign your rights and responsibilities under this Agreement.

  41. Notices/Address Changes
  42. If you send us an e-mail message, we will be deemed to have received it on the following business day. E-mail transmissions may not be secure. Thus, we request that you do not send us or ask for sensitive information such as account number, passwords, account information, etc. via e-mail.

    We may rely upon your address, including, without limitation, your e-mail address, as it appears on our records for any and all communications we send you unless or until you notify us writing, by fax or by e-mail as set forth below and we have had a reasonable opportunity to act on such notice.

    Notification to us should be delivered to the following, as applicable:

    E-Mail: clientservices@wellesleybank.com
    Fax: (781) 235-6092

    Mailing Address:
    Wellesley Bank
    40 Central Street
    P. O. Box 812087
    Wellesley, MA 02482-0013
    Attention: Electronic Banking Department

  43. Confidentiality
  44. To protect your privacy, we will not disclose information to third parties about your account except:

    If an unauthorized disclosure has been made, we must inform you within three (3) days after we discover that the unauthorized disclosure has occurred.

  45. Fees and Charges
  46. The Bank may assess fees related to use of the Service.  Please refer to our Truth-in-Savings disclosure and Schedule of Fees and Services for monthly fees, minimum account balance requirements, annual percentage yield, and interest rates.  To obtain a copy, please contact us as described in section 21.

External Transfer Service Agreement

The terms and conditions of this External Transfer Service Agreement are incorporated in and made a part of the Online Banking Service Agreement.  In the event of any conflict between the terms of this External Transfer Service Agreement and the Online Banking Service Agreement, the terms of this External Transfer Service Agreement apply but only to the extent necessary to eliminate such conflict.

  1. Description of Service, Authorization and Processing

    1. Definitions.
    2. “Account” means either an Eligible Account or a Recipient Account.

      “Eligible Account” means a checking, money market, or savings account that you maintain with us.

      "Recipient Account" means an account that you maintain at another financial institution (i) to which you are transferring funds from an Eligible Account; or (ii) from which you are transferring funds to an Eligible Account.

      "Transfer Instruction" is a specific instruction that you provide for a transfer of funds from an Eligible Account to a Recipient Account or from a Recipient Account to an Eligible Account.

    3. The External Transfer service (the “A to A Service”) enables you to transfer funds: between Eligible Account(s) and Recipient Account(s) in the United States. When you make a transfer using the A to A Service you represent and warrant to us that you are either the sole owner or a joint owner of the Accounts and that you have all necessary legal right, power and authority to transfer funds between the Accounts. 

    4. When we receive a transfer Instruction from you, you authorize us to (i) debit your Eligible Account and remit funds on your behalf to the Recipient Account designated by you and to debit your Eligible Account for applicable service fees and other applicable charges as provided herein; or, as applicable, to (ii) credit your Eligible Account and remit funds on your behalf from the Recipient Account designated by you and to debit your Eligible Account for such service fees and other applicable charges. You also authorize us to reverse a transfer from the applicable Account if the debit is returned from the other Account in the transaction for any reason, including but not limited to nonsufficient funds.

    5. We will use reasonable efforts to make all your transfers properly. However, we shall incur no liability if we are unable to complete any transfers initiated by you because of the existence of any one or more of the following circumstances:

      1. If, through no fault of ours, the Eligible Account or Recipient Account does not contain sufficient funds to complete the transfer or the transfer would exceed the credit limit of your overdraft account, or we are otherwise unable to complete the transfer for any reason;

      2. The Service is not working properly and you know or have been advised by us about the malfunction before you execute the transaction;

      3. The transfer is refused as described in Section F below;

      4. You have not provided us with the correct information, including but not limited to the correct Account information; and/or,

      5. Circumstances beyond our control (such as, but not limited to, fire, flood, network or system down time, issues with the financial institution(s), or interference from an outside force) prevent the proper execution of the transfer and we have taken reasonable precautions to avoid those circumstances.

    6. It is your responsibility to ensure the accuracy of any information that you enter into the Service, and for informing us as soon as possible if you become aware that this information is inaccurate.  You may not use a P.O. Box as a postal address. We will make a reasonable effort to stop or recover a transfer made to the wrong Account once informed, but we do not guarantee such recovery and will bear no responsibility or liability for damages resulting from incorrect information entered by you.

  2. Transfer Methods and Amounts
  3. There are limits on the amount of money you can transfer using the External Transfer service.  Your limits may be adjusted from time-to-time at our sole discretion.  We also reserve the right to select the method in which to remit funds on your behalf, and the method to return funds to you in the event that your Eligible Account or Recipient Account is closed or otherwise unavailable to us. These payment methods may include, but may not be limited to, an electronic or paper check payment.

  4. Transfer Cancellation Requests and Refused Transfers
  5. You may cancel a transfer at any time until it begins processing (as shown in the Service).  We will, to the extent permitted by law, make reasonable attempts to return any unclaimed, refused, refunded, prohibited, or denied transfer to your Account that we debited for the funds transfer. If this is unsuccessful (for example, the Eligible Account has been closed) we will make reasonable attempts to otherwise return the funds to you.

  6. External Transfer Fees and Cutoffs
  7. Transfers from an Eligible Account to a Recipient Account may be scheduled for next business day or third business day delivery.  For next business day delivery, the transfer must be initiated on or before 8:00 pm (EST); for third business day delivery, the transfer must be initiated prior to 1:00 am (EST).   Please refer to our Truth-in-Savings disclosure and Schedule of Fees and Services for applicable External Transfer fees.  To obtain a copy, please contact us as described in Section 21 above.

  8. Transfer Limits and Requirements
  9. Daily and monthly transfer limits and processing requirements are set forth below.  We reserve the right in our sole discretion to modify these limits and requirements on a case-by-case basis.  Any waiver of these limits or requirements on one occasion shall not be deemed a waiver on any other occasion.

     

    Inbound Transfer – Next Business Day

    Inbound Transfer – 3 Business Days

    Outbound Transfer – Next Business Day

    Outbound Transfer – 3 Business Days

    Daily/Monthly Limits

    $2,000/$5,000

    $5,000/$10,000

    $2,000/$5,000

    $5,000/$10,000

    Requirements

    No overdrafts or NSF items in Eligible Account during prior 3 months.

    Transfer amount must be at least $250.

    Eligible Account must have minimum balance of $500 prior to the transfer.

    None

    No overdrafts or NSF items in Eligible Account during prior 3 months.

    Eligible Account must have minimum balance of $500 after the transfer is completed.

    None


  10. Stop Payment Requests
  11. If you wish to stop any transfer that has already been processed, you must contact us in accordance with Section 9 above. Although we will make a reasonable effort to accommodate your request, we will have no liability for failing to do so. We may also require you to present your request in writing within fourteen (14) days. The charge for each request will be the current charge for such service as set out in our most current Schedule of Fees and Services.

  12. Service Fees and Additional Charges
  13. Applicable fees will be disclosed in the user interface for the Service.  Any applicable fees will be charged regardless of whether the Service was used, except for fees that are specifically use-based.  Use-based fees for the Service will be charged against the Account that is debited for the funds transfer.  There may also be charges for additional transactions and other optional services.  Any fees associated with your Accounts will continue to apply. You are responsible for any and all telephone access fees and/or Internet service fees that may be assessed by your telephone and/or Internet service provider.  You agree to pay use-based fees even if the applicable Account does not contain sufficient funds to complete the transfer or the transfer would exceed the credit limit of your overdraft protection  Section J (Failed Or Returned Transfers) applies if you do not pay our fees and charges for the Service, including without limitation if we debit the Recipient Account for such fees, as described in this Section, and there are insufficient fees in the Recipient Account; Section J should be interpreted as applying to the Recipient Account, not just the Eligible Transaction Account, in such circumstances.

  14. Fees and Charges
  15. The Bank may assess fees related to use of the Service.  Please refer to our Truth-in-Savings disclosure and Schedule of Fees and Services for monthly fees, minimum account balance requirements, annual percentage yield, and interest rates.  To obtain a copy, please contact us as described in section 21.

  16. Refused Transfers
  17. We reserve the right to refuse any transfer. We will notify you promptly if we decide to refuse to transfer funds. This notification is not required if you attempt to make a transfer that is not allowed under this Agreement.

  18. Failed or Returned Transfers
  19. In using the A to A Service, you are requesting that we attempt to make payments for you from your Eligible Account to a Recipient Account.  If we are unable to complete the Transfer Instruction for any reason associated with your Eligible Account (for example, there are insufficient funds in your Eligible Account to cover the transfer, taking into consideration any available overdraft protection on your Eligible Account), or the Recipient Account (for example, the Recipient Account number is not valid), the Transfer Instruction may not be completed. We will use reasonable efforts to research and correct the transfer to the intended Account or void the transfer and credit your Account from which you attempted to transfer funds. You may receive notification from us. In each such case, you agree that:

    1. You will reimburse us or our service provider immediately upon demand the amount of the Transfer Instruction if we have delivered the payment but there are insufficient funds in your Eligible Account (taking into consideration any available overdraft protection) to allow us to complete the debit processing;

    2. For any amount not reimbursed to us within fifteen (15) days of the initial notification, a late charge equal to one and a half percent (1.5%) monthly interest or the legal maximum, whichever rate is lower, for any unpaid amounts may be imposed by us or our service provider;

    3. You may be assessed a fee by our service provider and by us if the Transfer Instruction cannot be debited because you have insufficient funds in your Eligible Account (taking into account any available overdraft protection), to cover the payment, or if we cannot otherwise collect the funds from you; the fee amount will be as set forth in our Schedule of Fees and Services or your account agreement with us. You hereby authorize us to deduct these amounts from your designated Eligible Account, including by ACH debit;

    4. You will reimburse us and our service provider for any fees or costs we incur in attempting to collect any amounts from you; and

    5. We and our service provider are authorized to report the facts concerning the return to any credit reporting agency.

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