Bay-Vanguard - Banking : Electronic Funds Transfer Policy

Electronic Funds Policy

(Regulation E)

The following Disclosure Information is provided in compliance with REGULATION E by Bay-Vanguard Federal Savings Bank

This notice describes important terms and conditions under which we provide certain preauthorized credit and debit services to you.

TYPES OF AVAILABLE TRANSFERS AND LIMITS ON TRANSFERS

Our services allow you to ask that recurring deposits, designated by you, such as Direct Deposit of Wages, Social Security Benefits, Pension Payments, Dividend Payments and similar regular payments be deposited directly into your:

Checking Account
Money Market Account
Business Checking Account
Statement Savings Account

Additionally, it may be possible to arrange with some merchants, insurance companies, banks, credit unions, and other institutions, to have recurring bills paid automatically (a debit to your account) from your:

Checking Account
Money Market Account
Business Checking Account
Statement Savings Account

There is no limitation on the dollar amount of any of the electronic funds transfers that you can make with us.

There is no limitation on the frequency of electronic funds transfers when they are deposits into the account listed above. There is no limitation on the frequency of electronic funds transfers when they are a transfer of funds out of the accounts listed above, with the exception of third party electronic transfers out of a Money Market Account.

Only 6 third party electronic funds transfers per month can be made out of your Money Market Account. (The 6 third party electronic transfers per month that are allowed are reduced by each check that is cleared on the Money Market Account during the same month.)

CHARGES APPLICABLE TO TRANSFERS

Fees applicable to making electronic funds transfers we handle for you, including ATM transactions, are listed on the Bank's current Service Fee Schedule. We reserve the right to impose or revise such charges at a future date. When you use an ATM not owned by us, you may be charged a fee by whomever owns the ATM for a balance inquiry even if you do not complete a fund transfer.

DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES

Bay-Vanguard does not and will not sell or provide personal information to third parties for independent use. We may, however, share personal information with service providers if that information is required to provide the product or service you have requested as follows: (1) where it is necessary for completing the transfers; (2) to service bureaus for data or account processing; (3) in compliance with any agreement between the Bank and a professional regulatory or disciplinary body; (4) in connection with collection of indebtedness or to report losses incurred by us; (5) in response to any subpoena, summons, court or administrative order, or other legal process which we believe requires our compliance; (6) to Chex Systems, Inc. or other account information services; (7) to MABS, Maryland Association for Bank Security, or other industry accepted security services; (8) and to anyone we reasonably believe is conducting a legitimate credit inquiry to verify the existence or condition of an account for a third party such as a merchant or credit bureau. You acknowledge that we provide, for your convenience, various means by which you can obtain information on your accounts, and that our reasonable security measures cannot absolutely ensure against "unauthorized" inquiries. You therefore agree that we will not be responsible for the release of any information to anyone not authorized by you who learned your identifying characteristics such as your personal identification number (PIN), account number, social security number, telephone access code, etc. You hereby authorize us to obtain credit reports, verification of employment and other information in respect to your accounts at any time.

RIGHT TO RECEIVE DOCUMENTATION

Electronic Funds Transfer transactions will be reflected on your monthly account statements in the case of Statement Savings, Money Fund Savings or Regular checking accounts. If you have arranged to have direct deposits made to your account, at least once every 60 days from the same person or company, you may call us at 410-547-1088 to find out whether or not the deposit has been made.

NOTICE OF WHAT CONSTITUTES A BUSINESS DAY

Our business days are Monday through Friday, excluding Holidays.

RIGHT TO STOP PAYMENT

If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here's how:

Call us at the phone number, write to us, or e-mail us at the address listed under Error Resolution Procedures in time for us to receive your request three (3) business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.

If these regular payments 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 for 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 you set.

If you order us to stop one of these 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.

ERROR RESOLUTION PROCEDURES

In case of errors or questions about your electronic transfers, telephone us at 410-547-1088 or e-mail us at support@bayvanguard.com during our normal business days, Monday through Friday, excluding Holidays, from 9:00 a.m. to 4:30 p.m., or write to: Bay-Vanguard Federal Savings Bank 7114 North Point Road Baltimore, Maryland 21219

You must contact us as soon as you can if you think your statement or receipt is wrong, or if you need more information about a transaction listed on your statement receipt. We must hear from you no later than 60 days after we send you the FIRST statement on which the problem or error appeared.

To receive prompt attention:

Tell us your name, Card number (if ATM transaction), and the account number(s).
Describe the error or transaction you are unsure about, and explain as clearly as you can why you believe an error has occurred or why you need the information.
Tell us the dollar amount of the suspected error.

If you notify us orally, we require that you send us your complaint or question in writing within 10 business days.

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 45 days to investigate your complaint or question. If we decide to do this, we will re-credit your account within 10 business days for the amount you think is in error so 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 10 business days, we may not re-credit your account.

If a notice of an error involves an electronic funds transfer resulting from a point-of-sale debit card transaction or involves an electronic funds transfer outside the U.S., the District of Columbia, or the Commonwealth of Puerto Rico, the applicable time periods for the action set forth above shall be twenty (20) business days in place of ten (10) business days and ninety (90) calendar days in place of forty-five (45) calendar days.

If we decide there was no error, we will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.

OUR LIABILITY FOR INCOMPLETE TRANSACTIONS

If we do not complete a cash transaction to or from your account on time or in the correct amount according to our agreement with you, we could be liable for your losses or damages. However, there are some exceptions. We will NOT be liable, for instance:

If, through no fault of ours, you do not have enough money (available funds) in your account to make the transaction;
If the ATM where you are making the transaction does not have enough cash or supplies;
If the ATM system was not working properly, and you knew about the breakdown when you started the transaction;
If circumstances beyond our control, such as fire, flood, or loss of power, prevent the transaction, despite reasonable precautions we may have taken;
If there is a hold or alert on your account that would prevent a transaction from posting; or,
If you initiate a transaction in error or improperly use an electronic funds transfer service.

Institutions or merchants participating in the HONOR system will not be liable for mechanical failure or other failure or if there is insufficient cash or supplies in the ATM.

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

AUTOMATED TELLER MACHINES

The use of the ATM service constitutes an agreement between the customer and Bay-Vanguard Federal Savings Bank that each will be bound by the terms and conditions in this disclosure as well as the Automated Teller Machine Agreement.

Types of Transactions: You may use your Card at any ATM bearing the STAR logo to:

Withdraw cash from your checking or statement savings account.
Transfer funds between your accounts with us; or,
Determine the balance in your account.

With your Card you can purchase goods and services from any STAR merchant. Payment for these purchases will be withdrawn from your checking account or statement savings account.

Funds from deposits may not be available for immediate withdrawal. For details, please refer to Bay-Vanguard Federal Savings Bank's rules governing Funds Availability. You may not withdraw in any one calendar day, by ATM transaction, more than $200 or the amount of the available balance in your account, whichever is less. You may purchase up to $300 worth of goods or services by ATM transaction in any one calendar day providing funds are available in your account.

Service Charges: There are certain fees charged to your account for some of the services above. Your account may also be charged a fee if a transaction is performed that causes your account balance to be overdrawn. When you use an ATM not owned by us, you may be charged a fee by whomever owns the ATM for a balance inquiry even if you do not complete a fund transfer. Fees charged by us are disclosed in our current Service Fee Schedule that is available at all of our offices or upon request and will be mailed to you when we receive your application. We reserve the right to change any fees or charges, and you will be given written notification at least 30 days in advance of any changes or revisions to any of our fees.

Right to Receive Documentation: You will receive for your reference a receipt after each ATM transaction. When using your Card to acquire goods or services, your copy of the sales slip will be your receipt. ATM transactions will also be reflected on your monthly account statement.

Liability for Lost Cards and Unauthorized Transactions: If you believe that your Card has been lost or stolen, or that someone might conduct a transaction without your permission, contact us immediately at:

Call: 410-547-1088
e-mail: support@bayvanguard.com
Mail: Bay-Vanguard Federal Savings Bank

7114 North Point Road
Baltimore, Maryland 21219

Telephoning is the best way of keeping your possible losses down. You can lose all of the money in your account plus your maximum overdraft line of credit. If you tell us within two business days, you can lose no more than $50.00 if someone used your Card without your permission.

If you do not tell us within two (2) business days after the loss or theft of your Card and we can prove we could have stopped its unauthorized use had you told us in time, you can lose as much as $500.00. If your account statement shows transactions that you did not make, notify us at once. If you fail to notify us within sixty (60) days after the statement was mailed to you, you may not get back any money you lost after the sixty (60) days if we can prove that we could have prevented the loss had you told us in time.

Security Issues You Should be Aware of:

Be aware of your surroundings when at an automated teller machine, particularly during the hours of darkness.
Be accompanied by another person when using an automated teller machine during the hours of darkness.
Refrain from displaying cash.
Place cash in pocket as soon as transaction is completed.
Count cash in the safety of a locked enclosure, such as a car or home.
Use another automated teller machine or return at a later time if anything suspicious is noticed.
Cancel a transaction, place the access device in a pocket, and leave if anything suspicious is noticed when using an automated teller machine.
Immediately report all crimes to the operator of the automated teller machine and to local law enforcement officials.
Do not tell, display, or write down your access code or let anyone else use it.