Policies & Disclosures

Electronic Funds Disclosure

ELECTRONIC FUNDS TRANSFERS
Your Rights and Responsibilities

TYPE OF TRANSFERS FREQUENCY AND DOLLAR LIMITATIONS
Prearranged Transfers
  • Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your checking and/or your savings account(s).
  • Preauthorized payments. You may make arrangements to pay certain recurring bills from your checking and/or savings account(s).
Telephone Transfers

You may access your account(s) by telephone at 866-405-1187 using a touch tone phone and your account number(s) to:

  • Transfer funds from checking to savings
  • Transfer funds from savings to checking
  • Make payments from checking to loan accounts with us
  • Make payments from savings to loan accounts with us
  • Get checking account(s) information
  • Get savings account(s) information
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 Check Card and Personal Identification Number (PIN based transactions) to:

  • Make cash withdrawals or PIN based purchases from checking account(s)
  • Make cash withdrawals or PIN based purchases from savings account(s)
  • Transfer funds from savings to checking
  • Transfer funds from checking to savings
  • Get checking account(s) information
  • Get savings account(s) information
Signature Based Check Card Transactions

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

  • Purchase goods in person, by phone, by computer
  • Pay for services in person, by phone, by computer
  • Get cash from a merchant, if the merchant permits (for example ‘cash back’)
  • Get cash from a participating financial institution
Computer Transfers (summitbankonline.com)

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

  • Transfer funds from checking to savings
  • Transfer funds from savings to checking
  • 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) with check writing capabilities by 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 payments network. 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 or deposit 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, if any, 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 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 authorized us to make. If we allow transfers from your savings account by check, draft, check card or any similar order for withdrawal, you may make a maximum of three (3) of the six (6) transfers by such means in each calendar month or statement cycle.
ATM Operator/Network Fees

You may use a Key Bank ATM located anywhere in the State of Oregon at no cost to:

  • Withdraw cash from your checking or savings account(s)
  • Transfer funds from your checking account(s) to your savings account(s)
  • Transfer funds from your savings account(s) to your checking account(s)
  • Get checking account(s) information
  • Get savings account(s) information

When you use an ATM other than a Key Bank ATM located in the State of Oregon, you may be charged a fee by the ATM Operator or any network used.

Documentation

You will be provided a receipt at the time you use a Key Bank ATM machine in the State of Oregon.

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 866-405-1187 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 writing to us at 96 East Broadway, Eugene, OR 97401 not less than three (3) business days prior to the scheduled payment. We charge $10 for each stop payment.
  • If these regular payments vary in amount, the person you are going to pay will tell you, 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, for instance:

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

We will disclose information to third parties about your account or the transfers you make:

  • 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 a credit bureau or merchant; or
  • In order to comply with government agency or court orders; or
  • If you give us written permission
Unauthorized Transfers

Tell us at once if you believe your card and/or code has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all 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 2 business days after you learn of the loss or theft, you can lose no more than $50 if someone used your card and/or code without your permission. Also, if you do NOT tell us within 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, you could lose as much as $500. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days 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® Card Debit

Additional limits on Liability for Summit Bank Check Cards (business/personal).

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

In Case of Errors or Questions About Your Electronic Transfers, Call or Write us at:

888/833-3455 (after hours)
541/684-7500 (9:00 am to 5:00 pm Monday through Friday)
96 E Broadway, Eugene, OR 97401

as soon as you can, 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 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 10 business days.

We will determine whether an error occurred within 10 days business days (5 business days if involving a Visa® transaction or 20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (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 10 business days (5 business days if involving a Visa® transaction or 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 put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. An account is considered a new account for 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.