External Transfer Service Terms and Conditions
Description of the Service
The External Transfer Service provides you with the ability to transfer funds between Eligible Transaction Accounts that you maintain with us and your accounts that are maintained by other financial institutions. You must be enrolled in Personal Online Banking and/or Personal Mobile Banking to receive the External Transfer Service. Business Accounts (other than Closely Held Business Accounts) are not eligible for this Service.
- “Eligible Transaction Account” is a transaction Account from which your payments will be debited or to which payments and credits to you will be credited. An Eligible Transaction Account shall be limited to a checking, money market or savings account that you hold with us.
- “External Account” is your transaction account at another financial institution to or from which money is transferred.
- “Transfer Account” means a checking, money market or savings account that is either an Eligible Transaction Account or External Account, as applicable.
- “Transfer Instruction” is a specific Payment Instruction that you provide to the Account to Account Transfer Service for a transfer of funds.
Transfer Instructions entered before 5:00PM Mountain Time on a Business Day will begin processing on that Business Day and Transfer Instructions that are entered after these cutoff times will begin processing on the next Business Day. An External Transfer is also dependent upon the receiving bank’s processes.
Processing of Transfers
When we receive a Transfer Instruction from you, you authorize us to:
- debit your Eligible Transaction Account and remit funds on your behalf to the External Account designated by you and to debit your applicable Transfer Account
- or to credit your Eligible Transaction Account and remit funds on your behalf from the External Account designated by you and to debit your applicable Transfer Account
- You also authorize us to reverse a transfer from the applicable Transfer Account if the debit is returned from the other Transfer Account in the transaction for any reason, including but not limited to nonsufficient funds.
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:
- If, through no fault of ours, the Eligible Transaction Account or External Account does not contain sufficient funds to complete the transfer or the transfer would exceed the credit limit of your overdraft account;
- The External Transfer Service is not working properly and you know or have been advised by us about the malfunction before you execute the transaction;
- The transfer is refused as described below in Refused Transfers;
- You have not provided us with the correct information, including but not limited to the correct Eligible Transaction Account or External Account information; and/or,
- 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.
It is your responsibility to ensure the accuracy of any information that you enter into the External Transfer 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 Transfer 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.
Transfer Methods and Amounts
There are limits on the amount of money you can send or receive through the Service. Your limits may be adjusted from time-to-time at our sole discretion. You may log in to the Site to view your individual transaction limits. We also reserve the right to select the method in which to remit funds on your behalf though the Service, and in the event that your Eligible Transaction Account is closed or otherwise unavailable to us the method to return funds to you. These payment methods may include, but may not be limited to, an electronic or paper check or draft payment.
Transfer Cancellation Requests and Refused Transfers
You may cancel a transfer at any time until it begins processing (as shown in the Account to Account Transfer Service). We will, to the extent permitted by law, make reasonable attempts to return any unclaimed, refused, refunded, prohibited, or denied transfer to your Transfer Account that we debited for the funds transfer. If this is unsuccessful (for example, the Eligible Transaction Account has been closed) we will make reasonable attempts to otherwise return the funds to you.
Stop Payment Requests
If you desire to stop any transfer that has already been processed, you must contact Customer Support. 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 the Stockman Bank Schedule of Personal Account Fees.
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.
In using the External Transfer Service, you understand transfers may be returned for various reasons such as, but not limited to, the External Account number is not valid. We will use reasonable efforts to research and correct the transfer to the intended Transfer Account or void the transfer and credit your Transfer Account from which you attempted to transfer funds. You may receive notification from us.
Accepting the Agreement
When you use the External Transfer Service, you acknowledge that you have received, understand and agree to these terms and conditions.