Loan Payment Service
Loan Payment Service
When you use Personal Online and Mobile Banking to transfer funds from another financial institution to make a payment on your Stockman Bank designated loan obligation, you agree to the terms detailed in this agreement. A loan obligation is your designated loan (including mortgage loans) at Stockman Bank (credit card accounts are not included).
Description of the Service
The Loan Payment Service provides you with the ability to debit your checking account at another financial institution to make a payment on your Loan Obligation. You must be enrolled in Personal Online and Mobile Banking receive the Loan Payment Service.
Cutoff Time
Payment Instructions received by us before 5:00 PM Mountain Time on a Business Day will begin processing that Business Day and payments received after this cutoff time will begin processing on the next Business Day.
Single or Recurring Payments
The Loan Payment Service provides you with the ability to make single or recurring loan payments. The Loan Payment Service cannot process a final payment or payoff for any Loan Obligation.
Authorization/Processing of Payments
You acknowledge that by submitting a Payment Instruction you authorize Bank to debit your checking account at another financial institution (the “External Account”) and credit your Loan Obligation in the amount indicated. You also authorize us to reverse a payment made to the Loan Obligation if the debit is returned from the External Account for any reason, including but not limited to nonsufficient funds.
We shall incur no liability if we are unable to complete any payments initiated by you because of the existence of any one or more of the following circumstances:
- If, through no fault of ours, the External Account does not contain sufficient funds to complete the payment or the payment would exceed the credit limit of your overdraft account;
- The Loan Payment Service is not working properly and you know or have been advised by us about the malfunction before you initiate the Payment Instruction;
- You have not provided us with the correct information, including but not limited to the correct Loan Obligation 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 from your External Account 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 Loan Payment Service, and for informing us as soon as possible if you become aware that this information is inaccurate. We will make a reasonable effort to stop or recover a transfer made to the wrong Loan Obligation 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.
Payment Cancellation Requests
You may cancel a Payment Instruction for a single loan payment at any time before 5:00 PM Mountain Time on the Business Day on which you have indicated the payment should be initiated (as shown in the Loan Payment Service). You may cancel a Payment Instruction for recurring loan payments at any time before 5:00 PM Mountain Time on the Business Day on which you have indicated your next schedule payment should be initiated (as shown in the Loan Payment Service).
Payment Revocation
If you desire to stop any payment that has already been processed, you must contact Customer Support at the telephone number provided in the Terms & Conditions for Personal Online and Mobile Banking Communicating With Us section. 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.
Rejection of Payment Instruction
If a Payment Instruction is rejected or reversed, that payment will be reversed on the Loan Obligation and you will be responsible for making payment on the Loan Obligation separately.
Accepting the Agreement
When you use the Loan Payment Service, you acknowledge that you have received, understand and agree to these terms and conditions.
