Additional Account Related Information
LIMITATIONS ON ALL MONEY MARKET AND SAVINGS ACCOUNTS:
Federal Reserve Regulation D prohibits more than six preauthorized transfers per statement cycle.
The Bank reserves the right to convert a personal account to a business account when the account is being used for business purposes. Examples include when the printed checks for the account include a “doing business as” (d/b/a) designation or when the deposit being made to the account includes checks made payable to a business. You will receive a notice regarding a conversion of your personal account to a business account.
Disclosures Regarding Electronic “ Wholesale Credit” Transactions
Subject to Uniform Commercial Code Article 4AProvisional Payment: Credit given by us to you with respect to an automated clearing house credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making payment to you via such entry (i.e. the originator of the entry) shall not be deemed to have paid you in the amount of such entry.
Notice of Receipt of Entry:
Under the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your account, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statements we provide to you.
Choice of Law:
We may not accept on your behalf payments to your account which have been transmitted through one or more Automated Clearing Houses (ACH) and which are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state of New York, as provided in the operating rules of the National Automated Clearing House Association, unless it has been otherwise specified in a separate agreement that the law of some other state shall govern.