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Agreements & Disclosures

Business Online Banking Access Agreement and Bill Pay Disclosure

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PLEASE READ THIS AGREEMENT CAREFULLY BEFORE FOLLOWING THE LINK AT THE BOTTOM OF THIS PAGE. THIS AGREEMENT IS A LEGAL AGREEMENT BETWEEN YOU AND NVE BANK CONCERNING THE INTERNET BANKING SERVICE CALLED NVE ONLINE BANKING (THE “SERVICE”).  BY SELECTING THE “AGREE” BUTTON OR USING THE SERVICE, EACH AN ACCEPTANCE OF THIS AGREEMENT, YOU ACKNOWLEDGE THAT YOU HAVE READ THIS AGREEMENT AND AGREE TO BE BOUND BY THE TERMS AND CONDITIONS OF THIS AGREEMENT. YOU ARE NOT AUTHORIZED TO USE THE SERVICE BY SELECTING THE “DISAGREE” BUTTON.

I.              Introduction...................................................................................................... 3

A.            Definitions.................................................................................................. 3

II.             General Terms and Conditions............................................................................ 4

A.            Description of Services............................................................................... 4

B.            Hours of Accessibility....................................................................................................................... 4

C.            Requirements..................................................................................................................................... 4

D.            Fees and Payment Account.......................................................................................................... 4

E.            Account Access: Organization Administrator........................................................................ 5

F.             Protecting Your Accounts............................................................................................................. 6

G.            Unauthorized Transactions in Your Accounts....................................................................... 6

H.            Disclosure of Account Information.......................................................................................... 6

I.              Incomplete Transfers................................................................................................................. 7

J.             Overdrafts: Order of Payments, Transfers, Other Withdrawals................................. 7

K.            Questions or Error Correction on NVE Business Online Banking Transactions..... 8

L.             Changes to Charges, Fees or Other Terms; Notice......................................................... 8

M.            Termination....................................................................................................................................... 9

N.            Services Provided by Others....................................................................................................... 9

O.            Security Procedures....................................................................................................................... 9

P.            Internal Procedures........................................................................................................................ 11

III.            Payments..................................................................................................... 11

A.            Payment Process and Scheduling............................................................... 11

B.            Service Guarantee.......................................................................................................................... 11

C.            Payment Authorization and Payment Remittance............................................................. 11

D.            Payment Methods.......................................................................................................................... 12

E.            Payment Cancellation Requests................................................................................................ 12

F.             Stop Payment Requests............................................................................................................... 12

G.            Prohibited Payments........................................................................................................................ 12

H.            Exception Payments......................................................................................................................... 12

I.              Bill Delivery and Presentment..................................................................................................... 12

J.             Failed or Returned Transactions................................................................................................... 13

K.            Biller Limitation.................................................................................................................................... 14

L.             Returned Payments............................................................................................................................ 14

M.            Information Authorization............................................................................................................... 14

N.            Customer Information........................................................................................................................ 14

IV.           Indemnification................................................................................................... 14

V.            Warranties............................................................................................................................................................ 15

VI.           Limitation of Liability......................................................................................................................................... 15

VII.          Miscellaneous......................................................................................................................................................... 16

A.            Your Responsibilities........................................................................................ 16

B.            Governing Law............................................................................................................................................. 16

C.            Disputes.......................................................................................................................................................... 16

D.            Waiver of Jury Trial.................................................................................................................................... 16

E.            Assignment................................................................................................................................................... 16

F.             No Waiver.................................................................................................................................................... 16

G.            Compliance with All Laws....................................................................................................................... 16

H.            Force Majeure and No Damage for Delays...................................................................................... 17

I.              Captions....................................................................................................................................................... 17



 

 

I.              Introduction

This Online Access Agreement ("Access Agreement") for accessing your Accounts through NVE Business Online Banking explains the terms and conditions governing the Online Banking service and Bill Payment service (“Bill Pay”) (collectively, the “Services”) offered through NVE Business Online Banking.

This Access Agreement is an addendum to and supplements and amends any agreements you have entered into with the Bank, including without limitation the applicable account disclosure statement ("Deposit Agreement and Disclosure"). By using the Services, you acknowledge your receipt and understanding of this Access Agreement and that you have read and agree to be bound by and will comply with the requirements of its terms and conditions, any other existing agreement you have entered into with NVE Bank, NVE Bank's rules and regulations, the rules and regulations of any funds transfer system to which the Bank belongs, and applicable State and Federal laws and regulations.

If any term, condition or provision of this Access Agreement conflicts or is inconsistent with any term, condition or provision of any other agreement you have entered into with the Bank then the term, condition or provision of this Access Agreement shall control to the extent of such conflict or inconsistency.

A.             Definitions

1.             Accountmeans your account with NVE Bank.

2.             "Biller" is the person or entity to which you wish a bill payment to be directed or is the person or entity from which you receive electronic bills, as the case may be.

3.             "Billing Account" is the checking Account, designated by you, from which all Bill Pay fees will be automatically debited.

4.             Business Daysmeans Monday through Friday, excluding Saturday, Sunday and Federal holidays or any holidays recognized by NVE Bank.

5.             "Due Date" is the date reflected on your Biller statement for which the payment is due; it is not the late date or grace period.

6.             Payment Accountis the checking Account, designated by you, from which bill payments will be debited.

7.             "Payment Instruction" is the information provided by you to NVE Bank for a bill payment to be made to the Biller (such as, but not limited to, Biller name, Biller account number, and Scheduled Payment Date).

8.             "Scheduled Payment" is a payment that has been scheduled through the Service but has not begun processing.

9.             "Scheduled Payment Date" is the day you want your Biller to receive your bill payment and is also the day your Payment Account will be debited, unless the Scheduled Payment Date falls on a non-Business Day in which case it will be considered to be the previous Business Day.

10.           We,” “us,” “our,” or “Bankrefers to NVE Bank.

11.           Youor “yourrefers to the company, group, association, or organization signer on an Account.


II.             General Terms and Conditions

A.             Description of Services

With NVE Business Online Banking, you can manage your Accounts from your home or office on your personal computer. You can use NVE Business Online Banking to:

·                  View Account balances and review transaction history;

o  Current balance and activity information is available as of the close of the previous Business Day.

·                  Transfer money between Accounts;

o  The number of transfers from a savings Account is limited as described in the applicable Deposit Agreement and Disclosure. If a hold has been placed on deposits made to an Account from which you wish to transfer funds, you cannot transfer the portion of the funds held until the hold expires.

·                  Initiate electronic fund transfers from a designated settlement account by means of the Automated Clearing House system;

·                  Transfer funds by wire, electronic transfer, book entry or any other means to any of your Accounts or to any third party;

·                  Pay bills to any merchant, institution or individual (subject to limitations specified in sections G. and H.); and

·                  Communicate directly with NVE Bank through secure messaging.

NVE Bank may, from time to time, introduce new online services. We will notify you of any new services. By using such services when they become available, you agree to be bound by the rules communicated to you concerning those services.

B.            Hours of Accessibility

You can access your Accounts through NVE Business Online Banking seven (7) days a week, twenty-four (24) hours a day. However, at certain times, some or all of NVE Business Online Banking may not be available due to system maintenance. You will be notified online when this occurs, when possible.

A transfer between NVE Bank accounts initiated through NVE Business Online Banking before 6:00pm EST on a Business Day is posted to your Account the same day. All transfers completed after 6:00pm EST on a Business Day or on a Saturday, Sunday or banking holiday will be posted on the next Business Day.

C.            Requirements

To access your Accounts through NVE Business Online Banking, you must agree to these terms and conditions, enroll for the services, and elect an Organization Administrator online by completing the secure enrollment form found on our website. Additional features and functionality like Bill Pay, Wire Transfers, and ACH services will require the completion of additional enrollment forms or applications and will require further approval by NVE Bank. You represent and warrant that you are acting with full authority for the applying entity, and that you are duly authorized to execute this Access Agreement on behalf of the applying entity.

D.            Fees and Payment Account

There are no monthly or transaction fees for accessing your Account(s) through NVE Business Online Banking, but other fees may apply depending on the services you elect to use or transactions that you conduct through NVE Business Online Banking and for additional transactions and optional services.

You may be asked to designate a Payment Account for selected services such as Bill Pay. Any applicable fees will be charged regardless of whether Bill Pay was used during the billing cycle. You agree to pay such fees and authorize NVE Bank to deduct the calculated amount from your Billing Account for these amounts and any additional charges that may be incurred by you. You agree to pay promptly all fees and charges for Services, and you authorize us to charge the Payment Account or any other Account you have designated for the fees.

Any financial fees associated with your standard deposit Accounts will continue to apply. See our fee schedule available at any NVE Bank branch location and provided at account opening for a description of all fees.

Please note that separate fees, unassociated with NVE Bank, may also be assessed by your telephone and/or online service provider.

If you close the Payment Account, you must notify NVE Bank and identify a new Payment Account for the Services. Additionally, if you close all Accounts, you must notify NVE Bank Customer Service at 201-816-2800 to cancel the Services.

E.             Account Access: Organization Administrator

During the online enrollment process you will select an Online Banking Administrator and Signon ID, accounts to view and access online, and any additional online services for your organization. Once approved by NVE Bank, a password will be assigned to the Organization Administrator that you have elected. Your Organization Administrator will have the power and authority to access any Account or NVE Business Online Banking service(s) that you have selected in the enrollment process. In addition, the Organization Administrator has the power and authority to conduct any transaction available through NVE Bank Business Online Banking that you have elected. Furthermore, the Organization Administrator will have the power and authority to add additional accounts and users with varying levels of access and capabilities to NVE Business Online Banking. The Organization Administrator can designate whether there will be only one or multiple users initiating any payments or transfers of funds from accounts and this may differ from and be in addition to your current check signing resolution. The Organization Administrator will need to create the Security Procedures available within the service that are acceptable to you. You will have the sole responsibility for the actions or inactions of the Organization Administrator, including but not limited to the Organization Administrator’s addition of any accounts, users, the granting of access to any users, and transactions authorized by the Organization Administrator or users granted access by the Organization Administrator.

Your Organization Administrator will be given a password to access your Accounts for NVE Business Online Banking. This password can be changed within NVE Business Online Banking by using the “Service Center” Tab and clicking on “My Profile.” NVE Bank will act on instructions received under your Organization Administrator’s username and password. For security purposes, it is recommended that your Organization Administrator memorize this password and does not write it down.

The first time your Organization Administrator accesses your Accounts through the Services you agree to be bound by all the terms and conditions of this Access Agreement and acknowledge your receipt and understanding of this disclosure.

It is your sole responsibility that the Organization Administrator learns how to use the Online Banking system and associated features. The service provides help features and there is a video tutorial of the system located on our website.

It is your sole responsibility to ensure that the contact information in your user profile is current and accurate. This includes, but is not limited to, name, address, phone numbers and e-mail addresses. Changes can be made either within the application or by contacting NVE Bank in writing. Any changes in your Payment Account should also be made in accordance with the procedures outlined within the Bill Pay application “Help” files. All changes made are effective immediately for scheduled and future payments paid from the updated Payment Account information. NVE Bank is not responsible for any payment processing errors or fees incurred if you do not provide accurate Payment Account or contact information.

The Bank shall be entitled to rely upon any and all information and instructions submitted by any Organization Administrator.  You understand and agree that (i) each individual designated an Organization Administrator shall have full power and authority to act for and on your behalf with respect to, and shall have unrestricted rights to access, the Services and (ii) you assume the complete risk of loss and liability for any and all acts or omissions by each Organization Administrator, including those that are negligent, fraudulent, or otherwise outside the Organization Administrator’s scope of authority.  The Bank shall have no duty to inquire as to the propriety of any act or omission of any Organization Administrator.  You shall notify the Bank at once of any change in, or revocation in authority of, an Organization Administrator.

F.             Protecting Your Accounts

Your role is extremely important in the prevention of any wrongful use of your Accounts. You must promptly examine your statement upon receipt. If you find that your records and ours disagree, you must immediately call NVE Bank Customer Service at 201-816-2800.

You are responsible for your Organization Administrator keeping the username, password, Account numbers and other Account data confidential. You agree not to give or make available passwords or other means to access your Accounts to any unauthorized individuals and to take precautions to protect your personal identification information. This information by itself or together with information on your Accounts may allow unauthorized access to your Accounts. It is your responsibility to protect personal information with the same level of care that you protect your Account information. For your protection we recommend that your Organization Administrator change his or her password regularly and does not write it down. The Organization Administrator shall not leave devices unattended while logged into NVE Business Online Banking and shall log off immediately at the completion of an online banking session. 

You are responsible for all payments you or your Organization Administrator authorizes using the Services. If you or your Organization Administrator permits other persons to use the Services or passwords or other means to access your Account(s), you are responsible for any transactions they authorize.

NVE Bank will not be liable for any damages resulting from the negligent use, disclosure or loss of a username, password, Account numbers or other Account data.

G.            Unauthorized Transactions in Your Accounts

Call NVE Bank Customer Service at 201-816-2800, or write NVE Bank, 76 Engle Street, Englewood, NJ 07631 immediately if you believe another person has improperly obtained your online password. Also notify us if someone has transferred or may transfer money from your Account without your permission, or if you suspect any fraudulent activity on your Account. Only reveal your Account number to a legitimate entity for a purpose you authorize (such as your insurance company for automatic payments).

H.            Disclosure of Account Information

You understand that in addition to information furnished pursuant to legal process, some information about your Accounts may be disclosed to others. For example, we will disclose information to third parties about your Account or the transactions you make in the following situations:

 

1. Where it is necessary for completing transactions;

2. Where it is necessary for activating additional services;

3. If you give us your written permission.

 

In addition, the tax laws require disclosure to the government of the amount of the interest you earn, and some transactions, such as certain large currency and foreign transactions, must be reported to the government. The Bank may also provide information about your Account(s) to persons or companies the Bank believes would use the information for reasonable purposes, such as when a prospective creditor seeks to verify information you may have given in a credit application or a merchant calls to verify a check you have written. In addition, the Bank routinely informs a credit bureau when Accounts are closed by the Bank because they were not handled properly. The Bank may also seek information about you from others, such as a credit bureau, in connection with the opening or maintaining of your Account. You authorize these transfers of information.

I.              Incomplete Transfers

NVE Bank shall incur no liability and any Service Guarantee provided in Section III.B shall be void if NVE Bank is unable to complete any transfers or payments because of the existence of any one or more of the following circumstances:

·            If, through no fault of ours, you do not have enough money in your Account or Payment Account to make a transfer;

·            If a legal order directs us to prohibit withdrawals from the Account;

·            If your Account is closed or if it has been frozen;

·            If the transfer would cause your balance to go over the credit limit for any credit arrangement set up to cover overdrafts;

·            If you, or anyone you allow, commits any fraud or violates any law or regulation;

·            If the payment processing center or any electronic terminal, telecommunication device or any part of the electronic fund transfer system is not working properly;

·            Negligent use, disclosure or loss of your Account information or password;

·            If you have not provided us with complete and correct payment or Biller information, including without limitation the payment amount, name, address, Account number, phone number or other account information for the Biller on a bill payment;

·            If you have not properly followed the instructions for using NVE Business Online Banking or NVE Bank procedures;

·            Delays or mishandling of your payment by Biller;

·            Failure to promptly notify NVE Bank after you learn that you have not received credit for a bill payment;

·            If circumstances beyond our control (such as fire, flood or improper transmission or handling of payments by a third party or interference from an outside force) prevent the proper execution of the transaction, despite reasonable precautions taken by us.

Provided none of the foregoing exceptions are applicable, if NVE Bank causes an incorrect amount of funds to be removed from your Payment Account or causes funds from your Payment Account to be directed to a Biller which does not comply with your Payment Instructions, NVE Bank shall be responsible for returning the improperly transferred funds to your Payment Account, and for directing to the proper Biller any previously misdirected transactions, and, if applicable, for any late payment related charges.

J.             Overdrafts: Order of Payments, Transfers, Other Withdrawals

If your Account has insufficient funds to perform all electronic funds transfers (ATM withdrawals, pre-authorized transactions, NVE Business Online Banking transfers and bill payments, etc.) that you have requested for a given Business Day, then:

1.   Certain electronic funds transfers involving currency disbursement, like ATM withdrawals, will have priority, and

2.   The electronic funds transfers initiated through NVE Business Online Banking may result in an overdraft of your Account and may, at NVE Bank's discretion, be canceled.

In addition, you will be charged the same overdraft charges that apply to your Account.

K.            Questions or Error Correction on NVE Business Online Banking Transactions

1.             In case of questions or errors about your transactions, you should as soon as possible notify us via one of the following:

·         By e-mail;

·         By using the e-messaging feature, described in Section II(K)(2) below;

·         Telephone us at 201-816-2800;

·         Write us at 76 Engle Street, Englewood, NJ 07631, as soon as you can if you think your statement or transaction record is wrong, or if you need more information about a transaction listed on the statement or transaction record.

You must also provide:

·         Your name and Account number;

·         A description of the error or the transaction you are unsure about, and explain why you believe it is in error or why you need more information;

·         The dollar amount of the suspected error; and

·         For a bill payment, tell us the checking Account number used to pay the bill, Biller name, date the payment was sent, payment amount, reference number, and Biller account number for the payment in question.

2.             Messaging via NVE Business Online Banking

Sending messages through NVE Business Online Banking is a way to communicate with the Bank. Messaging is provided for you to ask questions about your Account(s) and provide general feedback. Messaging is accessible after you sign on with your password to a session of NVE Business Online Banking. To ensure the security of your Account information, we recommend that you use messaging via NVE Business Online Banking when asking specific questions about your Account(s). You cannot use messages to initiate transactions on your Account(s). For banking transactions, please use the appropriate functions within NVE Business Online Banking or contact the Bank directly.

L.             Changes to Charges, Fees or Other Terms; Notice

We reserve the right to alter or amend the charges, fees or other terms described in this Access Agreement from time to time. Further, NVE Bank may, from time to time, revise or update applications used in connection with the Services, and/or related material, which may render all such prior versions obsolete. Consequently, NVE Bank reserves the right to terminate this Access Agreement as to all such prior versions of such applications, the Services, and/or related material and limit access to only the more recent revisions and updates.

As part of the Services, you agree to receive all legally required notifications via electronic means.

When changes are made to any fees or charges, we will notify you online, or send a notice to you at the address shown on our records, or send you an e-mail. The notice will be posted or sent at least thirty (30) days in advance of the effective date of any additional fees for online transactions, or of any stricter limits on the type, amount or frequency of transactions or any increase in your responsibility for unauthorized transactions, unless an immediate change is necessary to maintain the security of the system. If such a change is made, and it can be disclosed without jeopardizing the security of the system, we will provide you with electronic or written notice within thirty (30) days after the change. As always, you may choose to accept or decline changes by continuing or discontinuing the Accounts or services to which these changes relate. Any use of the Services after the Bank provides you notice of such modification will constitute your agreement to such change(s). We also reserve the option, in our business judgment, to waive, reduce or reverse charges or fees in individual situations. Changes to fees applicable to specific accounts are governed by the applicable Deposit Agreement and Disclosure.

M.            Termination

Your online access may be canceled at any time without prior notice due to insufficient funds in one of your Accounts. After cancellation, NVE Business Online Banking may be reinstated, once sufficient funds are available in your Accounts to cover any fees and other pending transfers or debits. In order to reinstate your Services, you must call NVE Bank Customer Service at 201-816-2800.

If you do not access your Accounts through NVE Business Online Banking for any six (6) month period, NVE Bank reserves the right to disconnect your Services without notice. Please note that your bill payment information will be lost if you are disconnected.

In the event you wish to cancel the Services, please contact Customer Service via one of the following:

 

1. Telephone us at 201-816-2800 during customer service hours; and/or

2. Write us at: NVE Bank 76 Engle Street, Englewood, NJ 07631.

 

Any payment(s) Bill Pay has already processed before the requested cancellation date will be completed by the Service. All Scheduled Payments including recurring payments will not be processed once Bill Pay is cancelled. Neither termination nor suspension shall affect your liability or obligations under this Access Agreement.

N.            Services Provided by Others

 

You understand and agree that the Bank may, in its sole discretion, either provide itself or engage one or more third parties (“Vendors”) to provide some or all of the Services. Each Vendor shall have, as applicable with respect to the Service provided by such Vendor, all of the rights, protections, limitations of liability, and indemnification rights provided to the Bank under this Access Agreement and all applicable references in this Access Agreement to the “Bank” shall be deemed references to “the Bank and/or the Vendor, as applicable,” whether or not the term “Vendor” is expressly stated.

O.            Security Procedures

 

You must select and adopt a security procedure (“Security Procedure”) from those available within the Online Banking and Bill Pay application. Your Organization Administrator will need to set up the Security Procedures within the Services. Security Procedures include but are not limited to creating transfer limits, creating users rights, creating the number of approvals required within your organization to transfer funds out of the bank or make payments, and creating Wire Transfer templates. It is your responsibility to make sure that the Organization Administrator learns how to create the Security Procedures within the Service. If the Bank or applicable Vendor follows the Security Procedure selected by you in acting on any instruction believed by the Bank to be your instruction: (a) you shall be bound by such instruction, whether or not such instruction is authorized by you and whether or not the Security Procedure is suitable or “commercially reasonable” for you, and (b) the Bank shall be entitled to rely on, without investigation, such instruction.

 

If a signature comparison is used as a part of the Security Procedure, the Bank shall be deemed to have complied with that part of the Security Procedure if the Bank compares the signature accompanying an instruction (or request for cancellation or amendment of an instruction), or file of ACH of electronic fund transfer entries, with the signature of an authorized user, who may be your employee, authorized agent or independent contractor (an “Authorized User”) and, on the basis of such comparison, believes the signature accompanying such instruction, or file of entries, to be that of such Authorized User.

 

Security Procedures are intended to confirm the authenticity of entries and not to detect errors in the content or transmission of entries, and the Bank assumes no responsibility for doing so. The Bank shall not assume any responsibility to discover, audit, or report to you any unauthorized disclosure or use of the Security Procedure or other breach of security by you, your agents or representatives or any third party, and all losses resulting therefrom shall be solely your responsibility.  You shall promptly notify the Bank of any suspected breach of security (whether or not involving your employees or systems).  The occurrence of any breach of security will not affect any transfers made in good faith by the Bank prior to receipt of such notification and within a reasonable time period thereafter to prevent unauthorized transfers.

 

You acknowledge and agree that your selection of a Security Procedure for the Services shall for all purposes be deemed your acknowledgement that you have been advised of the various Security Procedures employed by the Bank for the Services, that you understand them, and that the entries you will issue to the Bank under this Access Agreement with respect to the Services will employ a Security Procedure suitable to your particular circumstances, and that you agree that such Security Procedures are commercially reasonable and meet your security requirements.

 

The Bank reserves the right to change the Security Procedure upon notice to you.  Notwithstanding the foregoing, the Bank reserves the right, without notice to you, to take any security measure or employ any Security Procedure that it believes necessary.

 

If an instruction (or a request for cancellation or amendment of an instruction) received by the Bank was transmitted or authorized by you, you shall pay the Bank the amount of such instruction, whether or not the Bank complied with the applicable Security Procedure with respect to such instruction and whether or not such instruction was erroneous in any respect or that error would have been detected if the Bank had complied with the Security Procedure.

 

Security Items.  The “Security Items” will be specific to each individual Authorized User and may include, but not be limited to, such items as, the individual’s login information such as the user’s personal identification code (“Signon ID”), password, and digital certificate. Services provided by or in conjunction with Vendors may require separate Security Items for use of such Services. 

 

If applicable to the Services, the Bank will deliver to the Organization Administrator the Security Items which each Authorized User shall use to access the Services.  The Organization Administrator is responsible to deliver to each Authorized User the Security Items the Bank provides and which are required for that Authorized User to access the Services.  The Bank may rely on your Organization Administrator to correctly maintain and administer the access rights of all Authorized Users and to correctly distribute Security Items.  You further agree to comply with such security measures as may be established from time to time by the Bank or by the applicable Vendor, to maintain the confidentiality of all Security Items, which the Vendor adopts or which are assigned to you by the Vendor or by the Bank and to take such other measures as may be appropriate to prevent unauthorized access to the Services.  You shall notify the Bank immediately, by telephone and in writing, if you believe or suspect that any of your Security Items have become known to an unauthorized person or that an unauthorized person has gained access to the Services.

 

YOU UNDERSTAND, ACKNOWLEDGE, AND AGREE TO THE FOLLOWING: 

 

(A)           THAT BY USING THE SECURITY PROCEDURES OR SECURITY ITEMS, ANY PERSON WILL BE ABLE TO CONDUCT TRANSACTIONS ON YOUR BEHALF, USING THE SERVICES AT THE YOUR RISK AND LIABILITY;

 

(B)           THAT YOUR FAILURE TO PROTECT THE SECURITY ITEMS AND USE YOUR SECURITY PROCEDURES MAY ALLOW AN UNAUTHORIZED PARTY TO (1) USE THE SERVICES; INCLUDING, BUT NOT LIMITED TO INITIATING TRANSFERS, CHECKS AND OTHER WITHDRAWALS ALL IN YOUR NAME AND AT YOUR RISK AND LIABILITY AS YOU, (2) ADD, CHANGE, OR SEND DATA USED WITH THE SERVICES, (3) SEND INFORMATION AND COMMUNICATIONS TO OR RECEIVE INFORMATION AND COMMUNICATIONS FROM THE BANK, AND (4) ACCESS YOUR COMMUNICATIONS AND FINANCIAL DATA;

 

(C)          THAT YOU ARE RESPONSIBLE FOR THE ACTS OF EACH AUTHORIZED USER AND OF EACH PERSON, WHETHER OR NOT AUTHORIZED, WHO USES ANY SECURITY PROCEDURE OR SECURITY ITEM; AND

 

(D)          THAT YOU ASSUME THE RISK OF LOSS FOR ALL SUCH ACTS AND FOR ALL FRAUDULENT OR UNAUTHORIZED ACTS AND/OR USE OF ALL SECURITY PROCEDURES OR SECURITY ITEMS.

P.             Internal Procedures

 

You acknowledge the importance of developing, and your obligation to the Bank to develop, internal procedures, systems and resources to limit risk in connection with your use of the Services, which procedures, systems and resources will include, at a minimum:

 

(a)           De-activating user access rights for any person no longer authorized by you to use the Services and notifying the Bank immediately when the person is no longer authorized as a user;

(b)           Not keeping lists of authorized user names and passwords together in any form;

(c)           Notifying the Bank immediately when compromise of any passwords is suspected;

(d)           Maintaining procedures, systems and resources, including fire-walls, anti-virus software, spyware and adware removal tools, and other industry recommended procedures, systems and resources to prevent breaches of your system; 

(e)           Notifying the Bank immediately when you become aware of, or suspect, any loss, theft or unauthorized use in connection with any Service; and

(f)            Complying with all recommendations provided from time to time by the Bank.

III.            Payments

 

A.             Payment Process and Scheduling

The earliest possible Scheduled Payment Date for each Biller (typically four (4) or fewer Business Days from the current date) will be designated within the application when you are scheduling the payment. Therefore, the application will not permit you to select a Scheduled Payment Date prior to the earliest possible Scheduled Payment Date designated for each Biller. When scheduling payments you must select a Scheduled Payment Date that is no later than the actual Due Date reflected on your Biller statement unless the Due Date falls on a non-Business Day. If the actual Due Date falls on a non-Business Day, you must select a Scheduled Payment Date that is at least one (1) Business Day before the actual Due Date. Scheduled Payment Dates must be prior to any late date or grace period.

 

B.            Service Guarantee

Due to circumstances beyond the control of NVE Bank, particularly delays in handling and posting payments by Billers or financial institutions, some transactions may take longer to be credited to your Account. NVE Bank will bear responsibility for any late payment related charges up to $50.00 should a payment post after its Due Date as long as the payment was scheduled in accordance with the guidelines described under "Payment Process and Scheduling" in this Access Agreement.

 

C.            Payment Authorization and Payment Remittance

By providing NVE Bank with names and account information of Billers to whom you wish to direct payments, you authorize NVE Bank to follow the Payment Instructions that it receives through the payment system. In order to process payments more efficiently and effectively, NVE Bank may edit or alter payment data or data formats in accordance with Biller directives.

 

When NVE Bank receives a Payment Instruction, you authorize NVE Bank to debit your Payment Account and remit funds on your behalf so that the funds arrive as close as reasonably possible to the Scheduled Payment Date designated by you. You also authorize NVE Bank to credit your Payment Account for payments returned to NVE Bank by the United States Postal Service or Biller, or payments remitted to you on behalf of another authorized user of Bill Pay.

D.            Payment Methods

NVE Bank reserves the right to select the method in which to remit funds on your behalf to your Biller. These payment methods may include, but may not be limited to, an electronic payment, an electronic to check payment, or a laser draft payment (funds remitted to the Biller are deducted from your Payment Account when the laser draft is presented to your financial institution for payment).

E.             Payment Cancellation Requests

You may cancel or edit any Scheduled Payment (including recurring payments) by following the directions within the application. There is no charge for canceling or editing a Scheduled Payment. Once NVE Bank has begun processing a payment it cannot be cancelled or edited, therefore a stop payment request must be submitted.

F.             Stop Payment Requests

NVE Bank's ability to process a stop payment request will depend on the payment method and whether or not a check has cleared. NVE Bank may also not have a reasonable opportunity to act on any stop payment request after a payment has been processed. If you desire to stop any payment that has already been processed, you must contact Customer Service. Although NVE Bank will make every effort to accommodate your request, NVE Bank will have no liability for failing to do so. NVE Bank may also require you to present your request in writing within fourteen (14) days. The charge for each stop payment request will be the current charge for such service as set out in the applicable fee schedule.

G.            Prohibited Payments

Payments to Billers outside of the United States or its territories, payments to or for the benefit of Specially Designated Nationals or that otherwise violate laws or regulations and payments to security companies such as Ameritrade for stock purchases or trade taxing authorities are prohibited through Bill Pay.

 

H.            Exception Payments

Tax payments and court ordered payments may be scheduled through Bill Pay; however, such payments are discouraged and must be scheduled at your own risk. In no event shall NVE Bank be liable for any claims or damages resulting from your scheduling of these types of payments. The Service Guarantee under Section III.B above as it applies to any late payment related changes is void when these types of payments are scheduled and/or processed by NVE Bank. NVE Bank has no obligation to research or resolve any claim resulting from an exception payment. All research and resolution for any misapplied, mis-posted or misdirected payments will be the sole responsibility of you and not of NVE Bank.

 

I.              Bill Delivery and Presentment

This feature is for the presentment of electronic bills only and it is your sole responsibility to contact your Billers directly if you do not receive your statements. In addition, if you elect to activate one of the Bill Pay electronic bill options, you also agree to the following:

 

Information provided to the Biller – NVE Bank is unable to update or change your personal information such as, but not limited to, name, address, phone numbers and e-mail addresses, with the electronic Biller. Any changes will need to be made by contacting the Biller directly. Additionally, it is your responsibility to maintain all usernames and passwords for all electronic Biller sites. You also agree not to use someone else's information to gain unauthorized access to another person's bill. The Service may, at the request of the Biller, provide to the Biller your e-mail address, service address, or other data specifically requested by the Biller at the time of activating the electronic bill for that Biller, for purposes of the Biller informing you about Bill Pay and/or bill information.

 

Activation - Upon activation of the electronic bill feature the Service may notify the Biller of your request to receive electronic billing information. The presentment of your first electronic bill may vary from Biller to Biller and may take up to sixty (60) days, depending on the billing cycle of each Biller. Additionally, the ability to receive a paper copy of your statement(s) is at the sole discretion of the Biller. While your electronic bill feature is being activated it is your responsibility to keep your Accounts current. Each electronic Biller reserves the right to accept or deny your request to receive electronic bills.

 

Authorization to obtain bill data - Your activation of the electronic bill feature for a Biller shall be deemed by us to be your authorization to obtain bill data from the Biller on your behalf. For some Billers, you will be asked to provide us with your user name and password for that Biller. By providing us with such information, you authorize us to use the information to obtain your bill data.

 

Notification – The Service will use its best efforts to present all of your electronic bills promptly. In addition to notification within the Service NVE Bank may send an e-mail notification to the e-mail address listed for your Account. It is your sole responsibility to ensure that this information is accurate. In the event you do not receive notification, it is your responsibility to periodically logon to the Service and check on the delivery of new electronic bills. The time for notification may vary from Biller to Biller. You are responsible for ensuring timely payment of all bills.

 

Cancellation of electronic bill notification - The electronic Biller reserves the right to cancel the presentment of electronic bills at any time. You may cancel electronic bill presentment at any time. The timeframe for cancellation of your electronic bill presentment may vary from Biller to Biller. It may take up to sixty (60) days, depending on the billing cycle of each Biller. The Service will notify your electronic Biller(s) as to the change in status of your Account and it is your sole responsibility to make arrangements for an alternative form of bill delivery. NVE Bank will not be responsible for presenting any electronic bills that are already in process at the time of cancellation.

 

Non-Delivery of electronic bill(s) - You agree to hold NVE Bank harmless should the Biller fail to deliver your statement(s). You are responsible for ensuring timely payment of all bills. Copies of previously delivered bills must be requested from the Biller directly.

 

Accuracy and dispute of electronic bill – NVE Bank is not responsible for the accuracy of your electronic bill(s). NVE Bank is only responsible for presenting the information we receive from the Biller. Any discrepancies or disputes regarding the accuracy of your electronic bill summary or detail must be addressed with the Biller directly.

 

This Access Agreement does not alter your liability or obligations that currently exist between you and your Billers.

 

J.             Failed or Returned Transactions

In using Bill Pay, you are requesting NVE Bank to make payments for you from your Payment Account. If we are unable to complete the transaction for any reason associated with your Payment Account (for example, there are insufficient funds in your Payment Account to cover the transaction), the transaction may not be completed. In some instances, you will receive a return notice from NVE Bank. In each such case, you agree that:

 

1. You will reimburse NVE Bank immediately upon demand the transaction amount that has been returned to NVE Bank;

2. For any amount not reimbursed to NVE Bank within fifteen (15) days of the initial notification, a late charge equal to 1.5% monthly interest or the legal maximum, whichever rate is lower, for any unpaid amounts may be imposed;

4. You will reimburse NVE Bank for any fees or costs it incurs resulting from the incomplete or returned transaction, including without limitation any fees incurred in attempting to collect the amount of the return from you; and,

5. NVE Bank is authorized to report the facts concerning the return to any credit reporting agency.

 

K.            Biller Limitation

NVE Bank reserves the right to refuse to pay any Biller to whom you may direct a payment. NVE Bank will notify you promptly if it decides to refuse to pay a Biller designated by you. This notification is not required if you attempt to make a prohibited payment under Section III.G or an exception payment under Section III.H above.

 

L.             Returned Payments

In using Bill Pay, you understand that Billers and/or the United States Postal Service may return payments to NVE Bank for various reasons such as, but not limited to, Biller's forwarding address expired; Biller account number is not valid; Biller is unable to locate account; or Biller account is paid in full. NVE Bank will use reasonable commercial efforts to research and correct the returned payment and return it to your Biller, or void the payment and credit your Payment Account. You may receive notification from NVE Bank.

 

M.            Information Authorization

Your enrollment in Bill Pay may not be fulfilled if NVE Bank cannot verify your identity or other necessary information. In order to verify ownership of the Payment Account(s) and/or Billing Account, NVE Bank may issue offsetting debits and credits to the Payment Account(s) and/or Billing Account, and require confirmation of such from you. Through your enrollment in Bill Pay, you agree that NVE Bank reserves the right to request a review of your credit rating at its own expense through an authorized bureau. In addition, you agree that NVE Bank reserves the right to obtain financial information regarding your Account from a Biller or your financial institution (for example, to resolve payment posting problems or for verification).

N.            Customer Information

 

To comply with the requirements imposed under federal law that all financial institutions obtain, verify, and record information that identifies each person who opens an account or is an authorized signor on an account, anytime you provide to the Bank an amended Business Online Banking Application or an Organization Administrator adds a new Authorized User, the Bank will be deemed to have requested and you shall provide the name, address, date of birth, and other information for each newly designated Organization Administrator or Authorized User that will allow the Bank to identify such individual and verify the information provided with respect to such individual. You shall provide such information relating to each newly designated Organization Administrator or Authorized User prior to the Bank’s delivery of the Security Items with respect to such individual and the Bank shall not be obligated to provide the Security Items for any individuals until it receives such information relating to such individual.

IV.            Indemnification

You will defend, indemnify and hold NVE Bank, our affiliates and our providers of services and their respective affiliates and each of our and their respective officers, directors, agents, shareholders, employees and assigns harmless from any and all claims, actions, liabilities, losses, costs, expenses and damages, including reasonable attorneys’ fees caused by or incurred in connection with unauthorized access to the Services through the use of your password or account information, your violation of your responsibilities as described in this Access Agreement, or your violation of intellectual property laws or the rights of others as may be caused by, among other things, your unauthorized or unlawful use of hardware or software to access the Services.

V.             Warranties

YOU ACKNOWLEDGE THAT YOUR USE OF THE SERVICES IS AT YOUR OWN RISK AND THAT THE SERVICES AND RELATED DOCUMENTATION ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. NVE BANK DISCLAIMS ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, IN FACT, BY STATUTE, OR BY OPERATION OF LAW, OR OTHERWISE, CONTAINED IN OR DERIVED FROM THIS ACCESS AGREEMENT, ANY OTHER DOCUMENTS REFERENCED HEREIN, OR IN ANY OTHER MATERIALS, PRESENTATIONS, OR OTHER DOCUMENTS OR COMMUNICATIONS WHETHER ORAL OR WRITTEN, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, INFRINGEMENT, AND ACCURACY OF INFORMATIONAL CONTENT. WE DO NOT AND CANNOT WARRANT THAT THE ELECTRONIC ACCESS TO THE SERVICES WILL OPERATE WITHOUT ERRORS OR THAT ANY OR ALL OF THE SERVICES WILL BE AVAILABLE AND OPERATIONAL AT ALL TIMES.

VI.            Limitation of Liability

Except as specifically provided in this Access Agreement or where the law requires a different standard, you agree that neither we nor any service providers shall be responsible for any loss, property damage or bodily injury, whether caused by equipment, software, NVE Bank, or by Internet browser providers such as Netscape (Netscape Navigator browser) and Microsoft (Microsoft Explorer browser) used in connection with the Services, or by Internet access providers or by online service providers or by an agent or subcontractor of any of the foregoing.

 

The Bank will not be liable to you for any damage arising out of or related to the Bank’s performance or nonperformance of the Services or this Access Agreement other than damage actually incurred and caused directly by the Bank’s gross negligence or willful misconduct.

 

You hereby release the Bank, its Vendors, and their respective affiliates and each of their respective shareholders, members, directors, officers, employees, agents, and representatives from all liability in connection with this Access Agreement, for any loss or expense incurred by you with respect to the Services or this Access Agreement unless such loss or expense is actually incurred and caused directly by the gross negligence or willful misconduct of the Bank or such Vendor.

 

THE AGGREGATE LIABILITY OF THE BANK, ITS VENDORS AND AFFILIATES FOR DIRECT DAMAGES IN CONNECTION WITH THE BANK’S OR SUCH OTHER ENTITY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT IN CONNECTION WITH THIS ACCESS AGREEMENT OR ANY SERVICE, WILL NOT IN ANY EVENT BE GREATER THAN (i) TWELVE (12) TIMES (ii) THE AVERAGE (OVER THE PRIOR TWELVE MONTHS) MONTHLY FEES ACTUALLY PAID BY YOU TO SUCH ENTITY BY YOU FOR THE PARTICULAR SERVICE WITH RESPECT TO WHICH SUCH CLAIMS ARE MADE.

 

NO THIRD PARTY SHALL HAVE ANY RIGHTS OR CLAIMS AGAINST THE BANK, ITS VENDORS, OR AFFILIATES, AND THE BANK, ITS VENDORS, AND AFFILIATES, SHALL NOT BE LIABLE FOR ANY DAMAGES CAUSED BY ANY ACT OR OMISSION OF ANY THIRD PARTY.

 

THE FOREGOING SHALL CONSTITUTE NVE BANK’S ENTIRE LIABILITY AND YOUR EXCLUSIVE REMEDY. IN NO EVENT SHALL NVE BANK NOR ANY SERVICE PROVIDER NOR ANY OF EACH OF THEIR OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, CONTRACTORS OR AFFILIATES BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, PUNITIVE OR EXEMPLARY LOSSES, DAMAGES, OR EXPENSES IN CONNECTION WITH THIS ACCESS AGREEMENT, THE SERVICES, OR THE INSTALLATION, USE OR MAINTENANCE OF EQUIPMENT, SOFTWARE OR INTERNET BROWSERS USED IN CONNECTION WITH THE SERVICES OR THE ONLINE FINANCIAL SERVICES, INCLUDING, WITHOUT LIMITATION, LOST PROFITS, REVENUE, DATA OR USE BY YOU OR ANY THIRD PARTY, WHETHER IN ACTION IN CONTRACT OR TORT OR BASED ON A WARRANTY, EVEN IF NVE BANK HAS KNOWLEDGE OF THE POSSIBILITY OF THEM. NVE BANK IS NOT LIABLE FOR ANY ACT, FAILURE TO ACT OR DELAY IN ACTING IF IT IS CAUSED, IN WHOLE OR IN PART, BY ANY CAUSE BEYOND NVE BANK’S REASONABLE CONTROL. FEATURES AND SERVICES AVAILABILITY ARE SUBJECT TO CHANGE WITHOUT NOTICE.

VII.           Miscellaneous

A.             Your Responsibilities

You represent, warrant and covenant that you will use the Services for lawful purposes and in compliance with all laws, rules and regulations applicable to you and the Services and that you will abide by all NVE Bank banking policies.

B.            Governing Law

This Access Agreement shall be governed by and construed in accordance with Federal law and regulation, and to the extent there is no applicable Federal law or regulation, by the laws of the State of New Jersey, without regard to its conflict of laws provisions. To the extent that the terms of this Access Agreement conflict with applicable state or federal law, such state or federal law shall replace such conflicting terms only to the extent required by law. Unless expressly stated otherwise, all other terms of this Access Agreement shall remain in full force and effect.

C.            Disputes

In the event of a dispute regarding the Services, you and NVE Bank agree to resolve the dispute by looking to this Access Agreement. You agree that this Access Agreement is the complete and exclusive statement of the agreement between you and NVE Bank which supersedes any proposal or prior agreement, oral or written, and any other communications between you and NVE Bank relating to the subject matter of this Access Agreement. If there is a conflict between what an employee of NVE Bank or Customer Service Department says and the terms of this Access Agreement, the terms of this Access Agreement will prevail.

D.            Waiver of Jury Trial

YOU AND THE BANK EACH IRREVOCABLY WAIVE ALL RIGHTS EITHER MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE ARISING OUT OF, BY VIRTUE OF, RELATING TO, OR IN ANY WAY CONNECTED TO THIS ACCESS AGREEMENT, ANY DOCUMENT EXECUTED IN CONNECTION HEREWITH, ANY AMENDMENT OR SUPPLEMENT HERETO OR THERETO, OR ANY SERVICE OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. YOU ACKNOWLEDGE THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY.

E.             Assignment

You may not assign this Access Agreement to any other party. NVE Bank may assign this Access Agreement to any future, directly or indirectly, affiliated company. NVE Bank  may also assign or delegate certain of its rights and responsibilities under this Access Agreement to independent contractors or other third parties.

F.             No Waiver

NVE Bank shall not be deemed to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by an officer of NVE Bank. No delay or omission on the part of NVE Bank in exercising any rights or remedies shall operate as a waiver of such rights or remedies or any other rights or remedies. A waiver on any one occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.

G.            Compliance with All Laws

You represent to the Bank that you are now, and will remain in the future, in full compliance with any and all applicable federal and state laws and regulations relating to the Services, including, without limitation, the following:  (a) anti-money laundering rules and regulations, including the Bank Secrecy Act and its implementing regulations; (b) the USA PATRIOT Act; and (c) all laws and regulations administered by the Department of the Treasury’s Office of Foreign Assets Control (“OFAC”), including OFAC’s list of specially designated nationals, blocked persons and sanctioned governments.

 

You hereby agree to defend, indemnify and hold the Bank and its Vendor and each of their respective officers, directors, employees, agents, and contractors harmless from and against any and all claims, liabilities, losses, damages, costs or expenses of any kind or nature (including but not limited to reasonable attorneys’ fees) in any way resulting from or arising out of any breach by you of your legal compliance requirements under applicable law or its obligations under this Section VII.F.

H.            Force Majeure and No Damage for Delays

Neither the Bank nor any Vendor or other service provider shall have any responsibility nor shall incur any liability for any failure to carry out, any of the Bank’s or such Vendor’s or service provider’s obligations under this Access Agreement or with respect to any of the Services resulting from acts, omissions, or inaccuracies of third parties not under the Bank’s or such Vendor’s or service provider’s reasonable control, acts of God (including, but not limited to, fire, floods, or adverse weather conditions), accident, labor difficulty, strikes, legal constraint, war, terrorism, civil commotion, the unavailability or interruption of transmission or communication facilities or utilities, equipment or other technological malfunction, emergency conditions, or the acts or failures to act by third parties (including, without limitation clearinghouse associations and governmental agencies), or any other cause (whether or not similar to any of the above enumerated events or conditions) beyond the Bank’s or such Vendor’s or service provider’s reasonable control.

I.              Captions

The captions of sections hereof are for convenience only and shall not control or affect the meaning or construction of any of the provisions of this Access Agreement.


 

 

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April 11, 2017

Online Banking Browser Compatibility Change

NVE Bank will be enhancing Online Banking security by disabling Transport Layer Security (TLS) 1.0 and 1.1 so that we can maintain the highest standards for our data security and to align with the payment card industry data security standards (PCI DSS) and industry best practices. Our customers will need to verify if their operating systems (OS) or browsers support TLS 1.2 and upgrade if necessary. Failure to do so may result in connection errors.

Below is a basic TLS 1.2 compatibility chart. Please contact NVE Bank at (201) 816-2800 for full details.

Browsers and Operating Systems TLS 1.2 Compatibility Notes
Microsoft Edge Compatible by default
Microsoft IE Desktop and mobile Version 11 Compatible by default
Microsoft IE Desktop versions 9 and 10

Capable when run in Windows 7 or newer, but not enabled by default

Firefox 27 and higher Compatible by default
Goggle Chrome 38 and higher Compatible by default
Mobile Safari versions 5 and higher Compatible by default
Microsoft Windows Server 2008 R2 and higher Compatible by default
Microsoft Windows Server 2008 and below Not compatible with TLS 1.2
Microsoft Windows 7, 8.0, 8.1 and 10 Compatible by default
Microsoft XP/Vista and below Not compatible with TLS 1.2

 

 

 

 

 

 

 

 

 

 

March 16, 2016

FDIC Consumer News (Winter 2016)

A Bank Customer's Guide to Cybersecurity

Member FDIC Equal Housing Lender

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