ELECTRONIC BANKING DISCLOSURE AND AGREEMENT

This disclosure and agreement (“Agreement”) contains important information about the Electronic Banking service Walden Savings Bank offers.  Please read it carefully and retain it for future reference. The terms “you” and “your” refer to all holders and Authorized Users of any Account that may be accessed through Electronic Banking services. The terms “we,” “us,” “our,” and “Bank” refer to Walden Savings Bank. By signing an application and/or by using Electronic Banking services, you agree to the following terms and conditions. Continued use of any and all services is contingent on your Account(s) remaining in good standing with the Bank and the other conditions stated in this Agreement.

DEFINITIONS

Throughout this Agreement, the following words have the meanings indicated below.

Account – checking, savings, loans, and/or time deposit account(s), whether one or more than one, that may be accessed by one or more Services according to your request

ACH – Automatic Clearing House, which is the system that enables participating financial institutions to process electronic debits and credits.

Agreement – this Agreement, Deposit and Loan Account Agreements and Disclosures, and the Deposit and Loan Account Fee Schedule

Authorized User – any individual or agent whom you allow to use the Electronic Banking service or your Password or other means to access your Account(s)

Bill Pay Service – service offered by Walden Savings Bank through our Bill Pay Service Provider

Bill Pay Service Provider – the provider of our bill pay services

Business Customer – anyone other than a consumer who owns an eligible account with respect to which the Service is requested primarily for business purposes.

Business Day(s) – Monday through Friday, excluding federal holidays

Business Day Cutoff – cut-off time for posting purposes. The cut-off time for transactions is based on our Business Days and the Eastern Time Zone. For posting purposes, the Bank will process all transactions completed by 4:30 P.M. ET on that Business Day. Transactions completed after 4:30 P.M. ET will be processed on the following Business Day.

Consumer – a person who owns an eligible account at the Bank with respect to which the Service is used primarily for personal, family, or household purposes

E-Statement – an electronic version of your periodic account statement which can be viewed via the Electronic Banking service

Effective Date – the Business Day the funds will be available in your account

External Transfers – movement of funds between a Walden Savings Bank account and an account(s) at another financial institution

Electronic Banking System – the components that permit you to make or initiate transactions through the Service including but not limited to communication lines and equipment, personal computers (PCs), computer systems, Internet access and websites, bill payment access and the automated clearinghouse system

Internal Transfer(s) – movement of funds between Walden Savings Bank accounts

Originator – an individual, corporation or other entity that initiates pre-authorized debit or credit transactions through the Automated Clearing House Association (ACH)

Password – the alpha numeric characters that allows you to access the Service

Service(s) – Electronic Banking System

Service Provider – any agent, licensor, independent contractor or subcontractor that we may involve in the provision of the Electronic Banking System

The Bank – Walden Savings Bank

Transaction(s) – a record of money that has moved in and out of your bank account

User ID – Access Identification, which is unique and selected by you and used in conjunction with your password to access electronic banking services

PURPOSE

This Disclosure and Agreement sets forth your and our rights and responsibilities concerning the use of our Electronic Banking services. This Agreement is subject to change. You should carefully read this Agreement in its entirety. If you choose to use this service or permit anyone else to use this service on your behalf, you agree to be legally bound by the terms and conditions as set forth in this Agreement and our fee schedule. The terms and conditions of this Agreement are in addition to any other agreement you have with Walden Savings Bank, including loan and credit agreements, rules and regulations regarding deposit accounts, any other services you have agreed to use or choose to use, any signature card you have signed and any change in terms notices that are in effect or may be in effect in the future. We will notify you of amendments as required by applicable law. Continued use of Walden Savings Bank’s Electronic Banking will constitute your acceptance of any changes or amendments. See “NOTICES AND COMMUNICATIONS” and “NOTICE OF AMENDMENTS” for more information.

ELECTRONIC BANKING FEATURES

You may access your account information by using your Electronic Banking User ID and password. Your user ID and password allows for access to your accounts through our Electronic Banking system for functions such as:

• Obtaining accounts balances and transaction information
• Obtaining e-Statements; 
• Transferring funds between accounts and other institutions; 
• Accessing Bill Pay to schedule the distribution of funds from your checking account to payees that you have selected to receive payment;
• Ordering the stop payment of checks drawn by you on your checking account(s);
• Making loan payments;
• Sending secured e-mail messages to the Bank;
• Updating your customer profile information

FEES AND CHARGES

Electronic Banking fees are as follows:

• The Bank does not charge for general Electronic Banking features
• Normal check printing fees will be assessed when check orders are processed
• Other fees associated are described in the Bank’s Fee Schedule

These fees may be amended from time to time.

LIMITATIONS ON FREQUENCY AND AMOUNT

No more than six (6) pre-authorized or automatic transfers from a money market or savings account may be made during a given monthly statement period. There are no limits on the number of transfers that can be made to and from a checking account. Daily and per transaction limits may apply for checking, savings, and money market transactions. Balances may include deposits subject to verification. The balance may also differ from your records due to deposits in process, outstanding checks and/or other withdrawals, payments or charges. The Bank reserves the right to cancel any transaction(s) if an account has insufficient funds and may assess an applicable nonsufficient fund (NSF) charge.

DISCLOSURE OF ACCOUNT INFORMATION

The Bank will disclose information to third parties about an account or transactions made when needed to complete a transaction; to resolve any errors that may have occurred while completing a transaction; to verify the existence of sufficient funds upon request of a third party such as a merchant; to report to credit bureaus; to comply with government agencies or court orders; or if written permission is given by an account owner.

ACCEPTANCE OF WALDEN SAVINGS BANK’S PRIVACY POLICY

The Bank understands the importance of our customers’ privacy. By using the Walden Savings Bank website, you, as the customer, are consenting to the terms of our Privacy Policy. You should not use our website if you do not agree with the terms of the Privacy Policy which can be found on our website https://waldensavings.bank/privacy-policy. The Bank reserves the right, at our discretion, to modify the Privacy Policy at any time.

AUTHORIZATION TO REQUEST INFORMATION

You agree that the Bank has the right to request or obtain information regarding your accounts from a payee or recipient, to resolve transaction posting problems that may occur.

USER ID AND PASSWORD

By enrolling in the Service and accessing it using your User ID and password, and such other security and identification methods as we may require from time to time, such as security questions or one-time passcodes, you acknowledge and agree that this system includes security procedures for transactions initiated through this Service that are commercially reasonable.

Your password is confidential and you are responsible for its safekeeping; it should not, at any time, be disclosed to anyone. You should carefully select a password; we suggest that you stay away from names, dates, and information that may be easily guessed.

In order to ensure the security of your records, if no activity is detected for 20 minutes, your electronic banking session will be terminated. This is to protect you in case you accidentally leave your computer unattended while you are logged on. When you return to your computer, you will need to re-enter your User ID and password.

If you elect to provide your access information to an Account Aggregation Service, you agree to hold the Bank harmless.

NO SIGNATURE REQUIREMENT

When any payment, recurring transaction or other online service generates items to be charged to your account, you agree that we may debit the designated account without requiring your signature on the item and without any notice to you.

SPECIAL NOTICES TO BUSINESS CUSTOMERS

Business customers who sign up for the Bank’s Electronic Banking services must remember that should signers and/or users change for an account, it is business’s responsibility to change who has access or notify the Bank of the change. The Bank may not be held liable for any losses should a business fail to properly administer account access changes.  The Electronic Funds Transfer Act is a consumer protection regulation which does not apply to commercial accounts. Separate agreements are required for commercial products, such as, but not limited to ACH Credit, Debit, or Direct Deposit Origination.

NOTICE OF LIABILITY

If you believe your password has been lost, stolen or used without your permission, or if you believe that an electronic funds transfer has been made without your permission, contact the bank immediately.

The bank can be contacted using any of the following means:

By Phone:       845-457-7700

By Mail:      Walden Savings Bank, 15 Scott's Corners Drive, Montgomery, NY 12549 

By Email:       [email protected]

BUSINESS DAYS

Our business days are Monday through Friday. Federal Holidays are excluded from normal business days.

CUTOFF TIMES

Our Electronic Banking product is available 24 hours a day, 7 days a week, 365 days a year (with the exception of interruptions for product upgrades and system maintenance). The cutoff time for processing WIRE transfers is 2:00 p.m. ET Monday through Friday, excluding Federal Holidays. The cutoff time for ACH processing is 4:00 p.m. ET Monday through Friday, excluding Federal Holidays.

OUR LIABILITY FOR INCOMPLETE TRANSACTIONS

If we do not complete a transaction to or from your account on time or in the correct amount, we will be liable for your losses or damages.

The Bank is not liable for exceptions including:

• If, through no fault of ours, you do not have available funds in your account to cover the transaction
• If we cancel a payment or transfer because of insufficient funds
• If the money in your account is subject to legal process or other claim restricting such transaction
• If you do not follow the system prompts and complete the transaction
• If circumstances beyond our control (such as fire, flood or network communications failure) prevent the transaction from executing, despite reasonable precautions that we have taken
• If the Account is dormant
• If we have a reasonable basis for believing that unauthorized use of your User ID, Password, or Account has occurred or may occur
• If you or we have terminated this Agreement or closed the Account

VIRUS PROTECTION, SPYWARE and KEY LOGGING

The Bank is not responsible for any electronic virus or viruses that you may encounter on your device. You are solely responsible for the maintenance, installation, and operation of your device. We shall not be responsible for any errors, deletions, or failures that occur as a result of any malfunction of your device or software, nor will we be responsible for any virus or key logging software that affects your device or software while using our Electronic Banking Service. 

NOTICES AND COMMUNICATIONS 

It is your responsibility to notify the Bank of any change in your mailing address, telephone numbers, e-mail address or name.

LINKS TO OTHER WEB SITES

Walden Savings Bank’s Electronic Banking service may contain links to other web sites, which are not owned or administered by Walden Savings Bank. These sites are independent from Walden Savings Bank and Walden Savings Bank does not endorse, approve, verify or control these sites and does not guarantee the accuracy, completeness, efficacy or timeliness of information contained therein.

NOTICE OF AMENDMENTS

You agree that the terms and conditions of this agreement including without limitation all fees and charges, additions or deletions of services provided at this site may be amended by the Bank from time to time. We will notify you of amendments as required by applicable law. Continued use of Electronic Banking services evidences your agreement to any amendment.

ENFORCEMENT

In the event either party brings a legal action to enforce this agreement or collects amounts owed as a result of any account transaction, the prevailing party shall be entitled to reasonable attorneys’ fees and costs, including fees on any appeal, subject to any limits under applicable law.

TERMINATION OF AGREEMENT AND CANCELLATION OF SERVICES

The Bank reserves the right to terminate your use of our Electronic Banking services or this Agreement whether in whole or in part, at any time and without prior notice. This agreement may be terminated if:

• It is determined that an account or the Electronic Banking service has been mismanaged and/or abused in any way
• Any breaches with this or any other agreement with the Bank
• There is reason to believe that there has been unauthorized use of an account, user ID, or password
• The account balance goes to zero or the account is closed
• Extended inactivity with the electronic banking system

Any applicable ACH / Wire agreements will terminate in conjunction with the termination of this agreement.

If we terminate this agreement, no further transfers or bill payments will be made, including but not limited to transfers or bill payments scheduled in advance or recurring transfers and bill payments.

You or any other owner or administrator on your account may terminate this Agreement at any time using the following:

By Phone:       845-457-7700

By Mail:      Walden Savings Bank, 15 Scott's Corners Drive, Montgomery, NY 12549 

By Email:       [email protected]

Termination of service will be effective the first business day following notification. Termination of this Agreement will not affect the rights and responsibilities of the parties under this Agreement for transactions initiated before termination.