Policies & Disclosures

Electronic Funds Disclosure

NOTICE TO CONSUMER ACCOUNTS

ELECTRONIC FUNDS TRANSFER

YOUR RIGHTS AND RESPONSIBILTIES

TYPE OF TRANSFERS, FREQUENCY AND DOLLAR LIMITATIONS

Prearranged Transfers

Preauthorized credits. When you make arrangements for certain direct deposits to be accepted into your checking and/or your savings account(s).
Preauthorized payments. When you make arrangements to pay certain recurring bills from your checking and/or savings account(s).

ATM Transactions or Point of Sale Transactions (POS)

You may access your checking and/or savings account(s) by Automated Teller Machine (ATM) or Point of Sale (POS) using your Summit Bank Debit Card and Personal Identification Number (PIN based transactions) to:

Make cash withdrawals or PIN based purchases from your checking account(s)
Make cash withdrawals or PIN based purchases from your savings account(s)
Get checking account(s) information
Get savings account(s) information

The Bank ensures security protection on accounts by limiting the amount of ATM and POS withdrawals per day based on each individual account’s parameters. Please contact the Bank if you have any questions regarding your specific ATM and POS limits.

Signature Based Debit Card Transactions

You may access your checking and/or savings account(s) by using your Summit Bank Debit Card and your signature to:

Purchase goods in person, by phone, or by computer
Pay for services in person, by phone, or by computer
Get cash from a merchant, if the merchant permits (for example “cash back”)
Get cash from a participating financial institution

The Bank ensures security protection on accounts by limiting the amount of Debit Card withdrawals per day based on each individual account’s parameters. Please contact the Bank if you have any questions regarding your specific Debit Card limits.

Computer Transfers (www.summitbankonline.com)

You may access our Summit Bank account(s) electronically by signing on to www.summitbankonline.com to:

Transfer funds from savings to checking
Transfer funds from checking to savings
Make payments from checking or savings account(s) to Summit Bank loan account(s)
Pay your monthly (recurring) bills or to make a single (non-recurring) payment
Get checking account information
Get savings account information

Electronic Check/Draft Conversion

You may access your account(s) by handwritten check, electronic check or draft conversion. A merchant may express your authorization to make these types of electronic funds transfers in writing or they may be implied through the posting of a sign.

Electronic Fund Transfers Initiated By Third Parties

You may authorize a third party to initiate electronic fund transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payment networks. Your authorization to the third party to make these transfers can occur in a number of ways. In some cases, your authorization can occur when the merchant posts a sign informing you of their policy. In all cases, the transaction will require you to provide the third party with your account number and financial institution information. This information can typically be found on your check as well as on your withdrawal slip. You should only provide your financial institution and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers.

General Limitations

In addition to those limitations on transfers elsewhere described, the following limitations may apply:

Federal Reserve Board Regulation D limits preauthorized transfers, automatic transfers, online transfers, Point of Sale purchases (POS), payments to other persons and transfers by telephone from your savings or money market account to six (6) per month.
Preauthorized transfers include automatic bill payments, transfers to your other accounts with the bank or automatic transfers to other persons that you authorize us to make.
If we allow transfers from your savings or money market account by check, draft, debit card or any other similar order for withdrawal, the transfers you make will apply to the limit of six (6) per calendar month or statement cycle.

ATM Operation/Network Fees

You may use your Summit Bank Debit Card at any ATM with a MoneyPass decal posted at the ATM, at no cost to:

Withdraw cash from your checking or your savings account(s)
Get checking account information, such as a balance inquiry
Get savings account information, such as a balance inquiry

When you use an ATM other than a MoneyPass ATM, you may be charged a fee by the ATM Operator or any network used.

Documentation
You will be given a receipt at the time of your transaction, or the option to not receive a receipt.

If you have arranged to have direct deposits made to your account from the same person or company, you can call us at 541-684-7500 or at 877-566-5544 to find out whether or not the deposit has been made.

A statement will be generated monthly for checking accounts and quarterly for savings accounts. A monthly savings account statement will be sent to you if there is electronic transaction activity to/from your account.

Preauthorized Payments

If you have told us in advance to make regular payments out of your account, you can stop any of these payments by:

Calling us at 541-684-7500 or 877-566-5544, or writing to us at 96 E Broadway, Eugene, OR 97401 not less than three (3) business days prior to the scheduled payment. There is a charge of $20 for each stop payment.
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 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 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.

Financial Institution’s Liability

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, if:

through no fault of ours, you do not have enough money in your account to make the transfer
the transfer would go over the credit limit on your overdraft line
the automated teller machine where you are making the transfer does not have enough cash
the terminal or system was not working properly and you knew about the breakdown when you started the transfer
circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken
there are other exceptions stated in our agreement with you

Confidentiality

We will disclose selected information to third parties about your account:

where it is necessary for completing transfers; or
in order to verify the existence and condition of your account for a third party, such as for a credit bureau or for a merchant; or
in order to comply with government agency or court order; or
with your written permission

We do not disclose any nonpublic personal information about our customers or former customers to anyone, except as permitted by law.

Unauthorized Transfers

Tell us at once if you believe your card and/or code has been lost or stolen, or if you believe that an electronic funds transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all of the money in your account (plus your maximum overdraft line of credit). If you believe your card and/or code has been lost or stolen and you tell us within two (2) business days after you learn of the loss or theft, your loss is limited to not more than $50 if someone uses your card and/or code without your permission. If you do NOT tell us within two (2) business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, your loss could be as much as $500. Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any of the money lost, if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time period.

Visa ® Debit Card

Additional limits on liability for Summit Bank Check Cards. Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen Visa card. This additional limit on liability does not apply to ATM transactions, to transactions using your Personal Identification Number which are not processed by Visa, or to commercial cards. Visa is a registered trademark of Visa International Service Association.

Error Resolution Notice

If you believe your card or code has been lost or stolen, or you believe a transfer has been made using the information from your check without your permission, you should call or write:

888-833-3455 (after hours)

541-684-7500 or 877-566-5544 (9:00 am to 5:00 pm Monday through Friday)

96 E Broadway, Eugene, OR 97401

If you think your statement or receipt is wrong, or if you need more information about a transfer listed on the statement or receipt we must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared.

1. Tell us your name and account number (if any)

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

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.

We will determine whether an error occurred within ten (10) business days, five (5) business days if involving a Visa® transaction, or twenty (20) business days if the transfer involved a new account, after we hear from you and will correct any error promptly. However, if we need more time, we may take up to forty-five (45) days, ninety (90) days if the transfer involved a new account, a point of sale transaction, or a foreign-initiated transfer, to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) business days, five (5) business days if involving a Visa® transaction, or twenty (20) business days if the transfer involved a new account, 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 send your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your account. An account is considered a new account for thirty (30) days after the first deposit is made, if you are a new customer. We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.