The Lowell Five Cent Savings Bank
Online Banking Access Agreement
II. Accessing Your Lowell Five Accounts through Online Banking
B. Electronic Mail (E-mail)
D. New Services
E. Benefits of Using Online Banking
III. Terms and Conditions
A. Your Online Password
B. Payment Account
C. Our Liability
D. Overdrafts: Order of Payments, Transfers, Other Withdrawals
E. Hours of Accessibility
F. Additional Terms and Conditions
IV. Online Banking Payment Services
A. Using the Service
B. Bill Pay Fees
V. General Terms
A. Changes to Charges, Fees or Other Terms B. Disclosure of Account
C. Questions or Error Correction on Online Banking Transactions
D. Other General Terms
VI. Protecting Your Account
A. Preventing Misuse of Your Account
B. Unauthorized Transactions in Your Lowell Five Accounts
Access Agreement ("Access Agreement") for accessing your Lowell
Five accounts through Online Banking explains the terms and conditions
governing the Online banking services and bill pay offered through Online
Banking. By using the Online Banking Services, you agree to the terms and
conditions of this Access Agreement. This Online Access Agreement will be
governed by and interpreted in accordance with Federal law and regulation,
and to the extent there is no applicable Federal law or regulation, by the
laws of the Commonwealth of Massachusetts. The terms "we,"
"us," "our," Lowell Five," and "Bank" refer
to Lowell Five. "You" refers to each signer on an account. The term
"business days" means Monday through Friday, excluding Saturday,
Sunday and Federal holidays.
Banking can be used to access Lowell Five accounts. Each of your accounts at
Lowell Five is also governed by the applicable Account Agreements and other
disclosure statements you received when you opened your account.
Accessing Your Lowell Five Accounts through Online Banking
your accounts through Online Banking, you must have a Lowell Five account and
an Online password.
Electronic Mail (E-mail)
electronic mail (E-mail) through Online Banking is a way to communicate with
the Bank. E-mail is provided for you to ask questions about your account(s)
and provide general feedback. E-mail is accessible after you sign on with
your password to a session of Online Banking. To ensure the security of your
account information, we recommend that you use E-mail when asking specific
questions about your account(s).
use E-mail to initiate transactions on your account(s). For banking
transactions, please use the appropriate functions within Online Banking or
are no monthly or transaction fees for accessing your account(s) through
See Section IV for a description of Bill Pay fees.
Please note that fees may be assessed by your Online service provider.
may, from time to time, introduce new Online services. We will notify you of
any new services. By using these services when they become available, you
agree to be bound by the rules communicated to you concerning these services.
Benefits of Using Online Banking
Banking you can manage your personal or small business accounts from your
home or office on your personal computer. You can use Online Banking to:
View account balances and review transaction history.
Transfer money between accounts. (As noted in the applicable
Account Agreement and EFT Disclosure Statement).
Communicate directly with Lowell Five through E-mail.
Terms and Conditions
time you access your Lowell Five accounts through Online Banking you agree to
be bound by all the terms and conditions of this Agreement and acknowledges your receipt and understanding of this
You will be
given an Online Password that will give you access to your Lowell Five
accounts for Online Banking access. This password can be changed within
Online Banking using the options button. We recommend that you change your
password regularly. Lowell Five will act on instructions received under your
password. For security purposes, it is recommended that you memorize this
Online password and do not write it down. You are responsible for keeping
your password, account numbers and other account data confidential.
there are no fees for accessing your accounts through Online Banking, you may
be asked to designate a payment account for selected services such as Bill
Pay. You agree to pay promptly all fees and charges for services provided
under this Agreement, and authorize us to charge the account that you have
designated as the payment account or any other account for the fees.
If you close
the payment account, you must notify Lowell Five and identify a new payment
account for the selected services. Additionally, if you close all Lowell Five
accounts, you must notify Lowell Five Customer Service to cancel the Online
access may be canceled at any time without prior notice due to insufficient
funds in one of your accounts. After cancellation, Online Banking services
may be reinstated, once sufficient funds are available in your accounts to
cover any fees and other pending transfers or debits. In order to reinstate
your services, you must call Lowell Five Customer Service at 978-452-1300.
If you do
not access your Lowell Five accounts through Online Banking for any (1) one
year period, Lowell Five reserves the right to disconnect your service
without notice. Please note that your bill payment information will be lost
if you are disconnected. You agree to be responsible for any telephone
charges incurred by accessing your Lowell Five accounts through Online
Banking If you wish to cancel any of the Online Banking services offered
through Online Banking, please contact Lowell Five Customer Service at
978-452-1300 or send us cancellation instructions in writing to The Lowell
Five, 34 John St. Lowell MA 01852.
specifically provided in this Agreement or where the law requires a different
standard, you agree that neither we nor the service providers shall be
responsible for any loss, property damage or bodily injury, whether caused by
the equipment, software, The Lowell Five OR by Internet browser providers
such as Netscape (Netscape Navigator browser) and Microsoft (Microsoft
Explorer browser), OR by Internet access providers OR by Online service
providers OR by an agent or subcontractor of any of the foregoing. Nor shall
we or the service providers be responsible for any direct, indirect, special
or consequential, economic or other damages arising in any way out of the
installation, use or maintenance of the equipment, software, or Internet
browser or access software.
Overdrafts: Order of Payments, Transfers, Other Withdrawals
account has insufficient funds to perform all electronic funds transfers (ATM
withdrawals, pre-authorized transactions, Online Banking transfers and bill
payments, etc.) that you have requested for a given business day, then:
1. Certain electronic
funds transfers involving currency disbursement, like ATM withdrawals, will
have priority, and
2. The electronic funds
transfers initiated through Online Banking may result in an overdraft of your
account and may, at Lowell Five’s discretion, be canceled.
In addition, you will be charged the same overdraft charges that
apply to your account.
access your Lowell Five accounts through Online Banking seven days a week, 24
hours a day. However, at certain times, some or all of Online Banking may not
be available due to system maintenance. You will be notified Online when this
initiated through Online Banking before 5 p.m. on a business day is posted to
your account the same day. All transfers completed after 5 p.m. on a business
day or on a Saturday, Sunday or banking holiday, will be posted on the next
days are Monday through Friday. Saturday, Sunday and Federal holidays are not
included as a business day.
Additional Terms and Conditions
Account Balance and Transaction History - You can obtain balance and
transaction history on all eligible accounts. Current balance and activity
information is updated on a continuous basis.
Funds - The number of transfers from a money market and savings account is
limited as described in the applicable Account Agreement and Truth in Savings
Disclosure. If a hold has been placed on deposits made to an account from
which you wish to transfer funds, you cannot transfer the portion of the
funds held until the hold expires.
Online Banking allows you to schedule and
make bill payments at your convenience. You can schedule, at your option, for
the payment of your current, future and recurring bills from any of your
Lowell Five checking accounts. There is no limit to the number of payments
that may be authorized. You may pay any merchant or individual through the
use of Online Banking We are unable to process any payment of taxes or court-directed
furnishing us with the names of payees/merchants, you authorize us to follow
the payment instructions to these payee/merchants that you provide us through
Online Banking. When we receive a payment instruction (for the current or a future
date), we will remit funds to the payee on your behalf from the funds in your
selected checking account. When Online Banking receives a payment
instruction, you authorize it to charge your checking account and remit funds
on your behalf so that the funds arrive as close to the business day
designated by you as reasonably possible. While it is anticipated that most
transactions will be completed on the exact day designated, it is understood
that due to circumstances beyond the control of The Lowell Five, particularly
delays in handling and posting payments slow-responding companies or
financial institutions, some transactions may take a day or even a few days
reason, it is recommended that all payments transfers be scheduled to at
least (7) seven business days before the actual due date, not the late date.
In addition to any other disclaimer of liability in this agreement, the
maximum damages that the Bank can suffer as a result of a breach of the
Agreement or failure to timely pay is limited to the maximum amount of
$50.00. In any other event, including,
but not limited to, choosing a payment date less than (7) seven days prior to
the actual due date, the risk of incurring and the responsibility for paying
any and all charges or penalties shall be borne by you.
Five will use its best efforts to process all your payments properly. The Bank shall have no liability if it is
unable to complete any payments initiated by you through Online Banking
payment services. By way of example,
but in no way limiting the aforesaid, the Bank shall not incur liability
because of the existence of any one or more of the following circumstances:
1. Your account does not
contain sufficient funds to complete the transaction or the transaction would
exceed the credit limit of your overdraft protection account.
2. The Online Banking
processing center is not working properly and you know or have been advised
by the service about the malfunction before you execute the transaction.
3. You have not provided
us with the correct names or account information for those persons or
entities to whomever you wish to direct payment.
4. Circumstances beyond
our control such as, but not limited to, fire, flood or interference from an
outside force that would prevent the proper execution of the transaction. We
have taken reasonable precautions to avoid those circumstances.
You have the
right to stop or change any scheduled payment. You must cancel the payment by
no later than 3 p.m. (Eastern Time) on the Payment Date, by using the DELETE
function on the Online Banking "Pending Payment" screen.
Five reserves the right to terminate your use of Online Banking bill payment
service in whole or part, at any time without prior notice.
If, for any
reason, you should ever wish to cancel Online Banking bill payment services,
we strongly suggest that you cancel all future bill payments at the same time
that you cancel your service, either by deleting those payments yourself
using Online Banking or calling The Lowell Five Customer Service at
978-452-1300. This will ensure that future payments and transfers made by you
will not be duplicated. We will automatically delete all outstanding payment
orders (all individual payments and all recurring payments) once we have been
notified that your service has been terminated. We will continue to maintain
your accounts until you notify us otherwise.
fee for Online Banking payment services is listed on the Bank’s Fee Schedule.
This fee covers unlimited bill payments to anyone you wish to pay in the U.S.
These fees cover service for the previous month and are effective upon
enrollment. Fees will be charged to your payment account, whether or not bill
payments are made out of that account, or any other account linked to Online
Banking payment services.
you agree to pay any special charges in effect as announced by the Bank from
time to time. These charges are in addition to the fees and service charges
specified in your applicable checking, savings, overdraft protection account
agreements (for example, uncollected or overdraft charges on your checking
payment account has insufficient funds to cover fees, the Bank may deduct the
fee from any other checking account linked to Online Banking (in any order we
may choose). If the fee cannot be paid, we may cancel your Bill Pay service.
After cancellation, your Bill Pay service may be reinstated by contacting the
Bank Customer Service once sufficient funds are available in your payment
account to cover the bill payment fees and any other pending transfers or
Changes to Charges, Fees or Other Terms
the right to change the charges, fees or other terms described in this
Agreement. However, when changes are made to any fees or charges, we will
notify you Online, or send a notice to you at the address shown on our
records, or send you an electronic mail message (E-mail). The notice will be
posted or sent at least thirty (30) days in advance of the effective date of any
additional fees for Online transactions, or of any stricter limits on the
type, amount or frequency of transactions or any increase in your
responsibility for unauthorized transactions, unless an immediate change is
necessary to maintain the security of the system. If such a change is made,
and it can be disclosed without jeopardizing the security of the system, we
will provide you with electronic or written notice within thirty (30) days
after the change. As always, you may choose to accept or decline changes by
continuing or discontinuing the accounts or services to which these changes
relate. We also reserve the option, in our business judgment, to waive,
reduce or reverse charges or fees in individual situations. Changes to fees
applicable to specific accounts are governed by the applicable Account
Agreement and Fee Disclosure.
Disclosure of Account Information
understand that in addition to information furnished pursuant to legal
process, some information about your accounts may automatically be disclosed
to others. For example, the tax laws require disclosure to the government of
the amount of the interest you earn, and some transactions, such as certain
large currency and foreign transactions, must be reported to the government.
The Bank routinely informs a credit bureau when accounts are closed by the
Bank because they were not handled properly. The Bank may also seek
information about you from others, such as a credit bureau, in connection
with the opening or maintaining of your account. You authorize these
transfers of information.
Questions or Error Correction on Online Banking Transactions
In case of
questions or errors about funds transfers through Online Banking involving
your account, here is what you should do:
· Contact The Lowell Five by electronic mail
(E-mail) at Web@LowellFive.com
· Telephone The Lowell Five at 978-452-1300
· Write The Lowell Five, 34 John Street,
Lowell MA 01852 as soon as you can if you think your statement or transaction record is
wrong, or if you need more information about a transaction listed on the
statement or transaction record.
· We must hear from you no later than
sixty (60) days after we have sent the first paper statement on which the
problem or error appeared. If you notify us verbally, we may ask for an
explanation in writing.
· Tell us your name and account number.
· Describe the error or the
transaction you are unsure about, and explain why you believe it is in error
or why you need more information.
· Tell us the dollar amount of the suspected
· For a bill payment, tell us the checking
account number used to pay the bill, payee name, date the payment was sent,
payment amount, reference number, and payee account number for the payment in
· Here's what we will do:
We will tell
you the results of our investigation 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) calendar 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. If we ask you to put your complaint or question in writing
and we do not receive it within ten (10) business days, we will not re-
credit your account. If we determine that there was no error, we will send
you a written explanation within three (3) business days after we finish our
investigation. If we do not complete a transfer to or from a Lowell Five
account on time or in the correct amount according to our Agreement with you,
we will be liable for your losses or damages.
By way of example but in no way limiting the aforementioned, the Bank
shall not incur liability for the following:
· If, through no fault of ours, you do not
have enough money in your account to make a transfer.
· If a legal order directs us to prohibit
withdrawals from the account.
· If your account is closed or if it has
· If the transfer would cause your balance
to go over the credit limit for any credit arrangement set up to cover
· If you, or anyone you allow, commits any
fraud or violates any law or regulation.
· If any electronic terminal,
telecommunication device or any part of the electronic fund transfer system
is not working properly.
· If you have not provided us with
complete and correct payment information, including without limitation the
name, address, account number, and payment amount for the payee on a bill
· If you have not properly followed the
instructions for using Online Banking.
· If circumstances beyond our control
(such as fire, flood or improper transmission or handling of payments by a
third party) prevent the transfer, despite reasonable precautions taken by
Agreements - In addition to this Agreement you agree to be bound by and will
comply with the requirements of the applicable Account Agreement and
Disclosure Statements, the Bank's rules and regulations, the rules and
regulations of any funds transfer system to which the Bank belongs, and
applicable State and Federal laws and regulations. We agree to be bound by
Five Reserves the Right to terminate this Agreement - The Bank reserves the
right to terminate this Agreement and your access to Online Banking, in whole
or in part, at any time without prior notice.
Protecting Your Account
Preventing Misuse of Your Account
Your role is
extremely important in the prevention of any wrongful use of your account.
You must promptly examine your statement upon receipt. If you find that your
records and ours disagree, you must immediately call The Lowell Five Cent
Savings Bank Customer Service at 978-452-1300. Protecting Personal
Information - In addition to protecting your account information, you should
also take precautions to protect your personal identification information,
such as your driver's license, Social Security Number, etc. This information
by itself or together with information on your account may allow unauthorized
access to your account(s). It is your responsibility to protect personal
information with the same level of care that you protect your account
of Your Online Password - The password that is used to gain access to Online Banking
should also be kept confidential. For your protection we recommend that you
change your Online password regularly. It is recommended that you memorize
this Online password and do not write it down. You are responsible for
keeping your password, account numbers and other account data confidential.
If you believe that your Online password may have been lost or stolen, or
that someone has transferred or may transfer money from your account without
your permission, notify The Lowell Five Cent Savings Bank Customer
Service at once at 978-452-1300.
Unauthorized Transactions in Your Lowell Five Accounts
immediately if you believe another person has improperly obtained your Online
password. Also notify us if someone has transferred or may transfer money
from your account without your permission, or if you suspect any fraudulent
activity on your account. Only reveal your account number to a legitimate
entity for a purpose you authorize (such as your insurance company for
automatic payments). To notify us, call Lowell Five Customer Service at
978-452-1300, or write The Lowell Five Cent Savings Bank, 34 John
Street, Lowell MA, 01852.