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Park Bank Terms and Conditions This page contains the rules which govern, where appropriate, your deposit account(s) with us. Please read this information carefully; continued use of your account(s) with us after receipt of the terms and conditions brochure means you agree to these rules, you agree to pay the fees listed, and you give us the right to collect the fees, as earned, directly from the account balance. If you have any questions, please call us. Much of our relationship with our deposit customers is regulated by state and federal law, especially the law relating to negotiable instruments, the law regulating the methods of transferring property upon death and the rights of surviving spouses and dependents and the law pertaining to estate and other succession taxes. This body of law is too large and complex to be reproduced here. The purpose of this information is to: (1) summarize the rules applicable to the more common transactions; (2) establish rules to govern transactions or circumstances which the law does not regulate; and (3) establish rules for certain events or transactions which the law already regulates but permits variation by agreement. We may permit some variations from this standard agreement, but any such variations must be agreed to in writing either on our signature card for the account or in some other written form. As used in this information, the word "we" means the financial institution and the word "you" means the account holder(s) DEPOSITS - Any non-cash items deposited to this account (including items drawn "on us") will be given provisional credit only until collection of the item is final. We are not responsible for transactions initiated by mail or outside depository until we actually record them. All transactions received after our "daily cut-off time" on a business day, (3:00 p.m. Holmen and Internet Banking, 2:00 p.m. La Crosse) or received on a day in which we are not open for business, will be treated and recorded as if initiated on our next following business day. WITHDRAWALS - GENERALLY - Unless clearly indicated to the contrary, any one of you who signs in the space designated for Signatures on the signature card may withdraw or transfer all or any part of the account balance at any time. Each of you (until we receive actual notice to the contrary) authorizes each other person signing this form to endorse any item payable to you or your order for deposit to this account or any other transaction with us. We reserve the right to refuse any withdrawal or transfer request which is attempted by any method not specifically permitted, which is greater in number than the frequency permitted, or which is for an amount less than any minimum withdrawal denomination. Even if we honor a non-conforming request, repeated abuse of the stated limitations (if any) may eventually force us to close your account. We will use the date a transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitation. Withdrawals will first be made from collected funds, and we may, unless prohibited by law, refuse any withdrawal request against uncollected funds, even if our general practice is to the contrary. We reserve the right to at any time require not less than 7 days' notice in writing before each withdrawal from an interest-bearing account other than time deposits. LIABILITY - Each of you agrees, for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of changes that may be imposed. you authorize us to deduct these charges directly from the account balance as accrued. You also agree to pay such additional reasonable charges we may impose for services you request which are not contemplated by this agreement. Each of you also agrees to be jointly and severally liable for any account deficit resulting from charges and overdrafts, whether caused by you or another authorized to withdraw from the account, together with the costs we incur to collect the deficit including, to the extend permitted by law, our reasonable attorney's fees. TRUST AND PAY-ON-DEATH ACCOUNTS - Except as such an account may be varied by a separate agreement: (1) the person opening a Trust or Pay-On-Death Account (called the "settlor") may withdraw all or any portion of the account balance during his lifetime; (2) any named beneficiary who does not sign the signature card acquires the right to withdraw from the account only if and when he survives the settlor; and (3) if more than one beneficiary is named and survives, the interest of such surviving beneficiaries shall be in equal shares and without survivorship between them. UNIFORM GIFTS/TRANSFERS TO MINORS ACT ACCOUNTS - This law allows you to open an account and deposit funds for the benefit of a minor. The funds are then considered the property of the minor; however, you (as the custodian) have the right to perform transactions and take other actions with the account for the benefit of the minor. When the minor reaches a certain age set by state law, your custodianship ceases. JOINT ACCOUNTS - WITH SURVIVORSHIP - If such an account is indicated on our signature card, each joint tenant intends and agrees that the account balance upon his death shall be the property of the surviving joint tenant, and if more than one survives, they shall remain as joint tenants with right of survivorship between them. ORGANIZATION ACCOUNTS - We will usually require a separate authorization form designating a person(s) permitted and conditions required for withdrawal from any account in the name of a legal entity such as a partnership, corporation, or other organization. We will honor such authorization according to its terms until it is amended or terminated in writing by the governing body of such organization. STOP-PAYMENTS - To be effective, a stop-payment order must be received in time to give us a reasonable opportunity to act on it, and must precisely identify the number, date and amount of the item, and the payee. The stop-payment order must be signed within 14 days to be effective for six months. If not signed, the order will expire on the fourteenth day. We will honor a stop-payment request by the person who signed the particular item, and, by any other person, even though such person did not sign the item, if such other person has and equal or greater right to withdraw from the account that the person who signed the item in question. A release of the stop-payment request may be made only by the person who initiated the stop-payment. TELEPHONE TRANSFERS - Transfers of funds from this account to another account with us, by telephone, if otherwise permitted or arranged for, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. We restrict the number of transfers from savings account to another account, or third parties, to a maximum of three per month (less the number of certain "preauthorized transfers" during the month). AMENDMENTS AND TERMINATION - We may amend any term of this agreement, from time to time hereafter, upon giving reasonable notice to you. Reasonable notice may consist of posting notice of such changes in our building for a reasonable period of time, enclosing notice in the statement of this account, or separate notice by mail. We may also close this account at any time upon reasonable notice to you and tender of the account balance personally or by mail. Notice from us to any one of you is notice to all of you. STATEMENTS - If you do not notify us of an unauthorized signature or alteration within a reasonable time (not to exceed 14 days) after we send or make available to you your statement and items: (1) you cannot assert the unauthorized signature or alteration against us, even if we are unable to show a loss due to your failure and, (2) you cannot assert any unauthorized signatures or alterations by the same wrongdoer on items paid by us after the reasonable time mentioned above elapses, but before we receive your notice. We lose these protections if we fail to exercise ordinary care in paying an item with an unauthorized signature or alteration, unless you do not notify us of the problem within 60 days of when we send or make available to you the statement and items. You must also report any other account problems (e.g. erroneous statement, missing signature, unauthorized endorsement, etc.) within this 60-day period or lose your right to assert the problem against us. ACCOUNT TRANSFER - This account may not be transferred or assigned without our prior consent. DIRECT DEPOSITS - If, in
connection with a direct deposit plan, we deposit any amount in this account
which should have been returned to the Federal Government for any reason, you authorize us to deduct the
amount of our liability to the Federal Government from this account or from any
other account you have with us, without prior notice and at any time, except as
prohibited by law. We also may use any other legal remedy to recover the amount
of our liability. DISCLOSURES REQUIRED BY FEDERAL LAW ABOUT CASH CARDS AND PREAUTHORIZED TRANSFERS (INCLUDING DIRECT DEPOSIT–SOCIAL SECURITY, MILITARY, RETIREMENT, ETC.) Recent federal regulation requires that we provide our customers with additional information concerning “electronic fund transfers” involving their accounts. The following information applies to transactions made by use of a CASH CARD, and to regular automatic deposits to your account from another organization (such as insurance premiums or mortgage payments.)
YOUR ABILITY TO WITHDRAW FUNDS AT PARK BANK Our policy is to make funds from
your cash and check deposits available to you on the first business day after
the day we receive your deposit. Electronic direct deposits will be available on
the day we receive the deposit. Once they are available, you can withdraw the
funds in cash and we will use the funds to pay checks that you have written. Special Rules for New Accounts Funds from electronic direct deposit to your account will be available on the day we receive the deposit. Funds from deposits of cash wire transfers, and the first $5,000 of a day's total deposits of cashier's certified, teller's traveler's, and federal state and local government checks will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip.) The excess over $5,000 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than U.S. Treasury check) is not made in person to one of our employees, the first $5,000 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the seventh business day after the day of your deposit. SUBSTITUTE CHECKS AND YOUR RIGHTS To make check processing faster, federal law permits banks to replace original checks with "substitute checks." These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: "This is a legal copy of your check. You can use it the same way you would use an original check." You may use a substitute check as proof of payment just like the original check. Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees). The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under the law. If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within 10 business days after we received your claim and the remainder of your refund (plus interest if your account earns interest) no later than 45 calendar days after we received your claim. We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account. If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us. You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances. Your claim must include - • A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect); • An estimate of the amount of your loss; • An explanation of why the substitute check you received is insufficient to confirm that you suffered a loss, and • A copy of the substitute check (and/or) the following information to help us identify the substitute check: the check number, the name of the person to whom you wrote the check, the amount of the check.
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