Terms and Conditions
PrinsBank: TERMS & CONDITIONS
This page contains rules, which govern your accounts with us. Please read this page and if you have any questions, please feel free to contact us. Throughout this page the term "we", "us" or "Bank" means our financial institution and the term "you"or "your" means you, the customer(s). If the terms of this Page conflict with the terms of any agreement or signature card you have with us, the terms of this Page will control.
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Applicable Law - top of page
Deposits - top of page
Any Customer may make deposits in an account at any time Bank is open for business. Deposits other than cash shall be given credit according to Bank's existing policies pertaining to funds availability. Bank is authorized to send checks or other items for collection to other banks, or through any channel or agent at its discretion, and such non-cash items and their proceeds may be forwarded to and handled by any Federal Reserve Bank in accordance with applicable Federal Reserve rules. The Bank will not be liable for loss in transit or for negligence or default of other banks, agents or subagents.
Withdrawals - top of page
Withdrawals may be by written order, check, or on other forms furnished by Bank. Bank may also, at its discretion, allow withdrawals from this account by use of automated teller machines. Bank reserves the right at any time to require at least seven (7) days written notice before each withdrawal or transfer from a Savings Account, Money Market Deposit Account or NOW Account.
Fees - top of page
Your accounts may be subject to fees assessed by Bank from time to time. Except as prohibited by law, Bank may charge Customer any and all costs of collection, including but not limited to, reasonable attorneys' fees paid or incurred by Bank on account of such collection, whether or not suit is filed with respect thereto and as a result of any bankruptcy case being filed by or against Customer. Such charges may be charged directly to Customer's account.
Stop Payment - top of page
If Customer requests Bank to stop payment on any item, Bank must be furnished with the item's exact amount, date, number, name of payee plus any other information Bank may request. Failure to provide Bank with the same shall relieve Bank of any liability in the transaction. Customer agrees to reimburse Bank for any expenses or losses that might occur therein. Request must be made within regular business hours, and these requests are subject to the terms on the forms used for such purposes.
Set-Off - top of page
Bank may charge to or offset any of Customer's Accounts, or any Multiple Party Account to which Customer is a party ("Multiple Party Account") against any Obligation then owed to Bank by Customer, or any Obligation then owed to Bank by any other party to a Multiple Party Account. (The terms "Account" and "Multiple Party Account" include any liability or indebtedness of Bank to its customer, including but not limited to time, savings, checking, money market or "NOW" deposit accounts; certificates of deposit and money owing it to its customer or in Bank's possession for collection or exchange; and any repurchase agreement or other non deposit obligations. The term "Obligation" includes each and every debt liability and obligation of every type and description, which a customer may at any time owe to Bank, whether such debt, liability or obligation now exists or is hereafter incurred, and whether it is or may be direct or indirect, due or to become due, absolute or contingent, primary or secondary, liquidated or un-liquidated, joint, several, or joint and several)
Resolutions - top of page
Corporations, partnerships, proprietorships, associations, and other organizations must provide Bank (at Bank's request) with proper and up-to-date deposit and withdrawal authorizations/ resolutions.
Bank's Liability - top of page
Bank's liability to Customer is limited to any action or failure to act in which Bank does not perform in good faith and exercise reasonable care.
Statements - top of page
Statements will be periodically prepared by Bank and mailed to Customer, or Customer may call and claim the same within a reasonable time. Lost statements become Customer's responsibility. Also, unless otherwise noted herein, Customer must contact Bank within thirty (30) days of receipt of such statements should Customer find any errors, discrepancies, or forgeries therein, or the stated balance will be considered correct.
Changes - top of page
Bank may change the terms applicable to your account from time to time. All changes and any notifications required in conjunction therewith shall comply with applicable law.
Termination - top of page
Bank may close any account at anytime, in its discretion, by giving Customer written notice made pursuant to applicable law and the terms and conditions applicable to the account, and mailing the balance to Customer. If an account is a joint account, notice by Bank to any one Customer shall be considered to be a notice to all Customers.
1. ELECTRONIC FUNDS TRANSFERS. - top of page
The following disclosure is provided pursuant to the Electronic Funds Transfer Act and Regulation E.
1. YOUR LIABILITY FOR UNAUTHORIZED TRANTSFERS
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. We will be liable for all unauthorized transfers unless the unauthorized transfer was (+) due to the loss or theft of your card. If due to the loss or theft of your card, and we are notified within two (2) business days, your liability is zero. If notification is after two (2) business days, your liability is $50. Also, if you fail to notify us within sixty (60) days after you receive a statement containing unauthorized transfers, you could be liable for up to $50 for unauthorized transfers appearing on the statement or occurring during the 60 day period, plus the amount of unauthorized transfers that occur after the 60 day period, if we can prove that we could have stopped someone from taking the money if you had told us on time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.
2. TELEPHONE NUMBER AND ADDRESS TO BE NOTIFIED IN EVENT
OF UNAUTHORIZED TRANSFER
If you believe your card or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write to us at the number and address in paragraph 15.
3. BUSINESS DAYS OF INSTITUTION
Our business days are listed in paragraph 15. Holidays are not included.
4. DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES.
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 conditions 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 your written permission.
5. TYPES OF AVAILABLE TRAINSFERS AND LIMITS ON TRANSFERS
You may use your card or code to:
(1) Withdraw cash from your checking or savings account.
(2) Make deposits to your checking or savings account.
We are equipped to handle the following types of pt-e-authorized transfers:
(1) Accept certain deposits to your checking or savings account-,
(2) Pay certain recurring bills from your checking or savings account.
The maximum you can withdraw each day is $250. You may access your Checking accounts to purchase goods (in person) and pay for services (in person) and pay for services (in person). Withdrawal limits may vary and will be disclosed to you upon opening the account.
6. CHARGES FOR ELECTRONIC FUND TRANSFERS
We do not charge for direst deposits to any type of account. Except as indicated elsewhere, we do not charge for these electronic find transfers.
7. RIGHT TO RECEIVE DOCUMENTATION OF TRANSFERS
You will get a receipt at the time you make any transfer to or from your account using one of our machines. If you have arranged to have direct deposits made to your account at least once every sixty (60) days from the same person or company, such direct deposits will be shown on your account statement and you may call the phone number listed in paragraph 15 of this disclosure to ascertain whether or not such a transfer has occurred. You will get a monthly account statement on checking accounts or monthly statement on savings accounts unless there are no transfers in a particular month. In any case, you will get a statement at least quarterly. If the only possible transfers to or from your passbook account are preauthorized deposits, we do not send periodic statements. You may bring your passbook to us and we will record any electronic deposits that were made to your account since the last time you brought in your passbook.
8. RIGHT TO STOP PAYMENT OF PREAUTHORIZED TRANSFERS, PROCEDURE FOR DOING SO, RIGHT TO RECEIVE NOTICE OF VARYING AMOUNTS, AND LIABILITY FOR FAILURE TO STOP PAYMENT
If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here's how: Call or write us at the number and address in paragraph 15 in time for us to receive your request three (3) business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within fourteen (14) days after you call. We will charge you $5 for each stop payment order you give us. If these regular payments may 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.
9. LIABILITY FOR FAILURE TO MAKE TRANSFERS
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 circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken. If the transfer would go over the credit limit on your overdraft line. If the automated teller machine where you where making the transfer does not have enough cash. If the terminal was not working properly and you knew about the breakdown when you started the transfer. There may be other exceptions stated in our agreement with you.
10. TERMINATION
You may terminate the electronic fund transfer agreement by either in person or by mailing notice to the Bank at the address listed in Paragraph 15. Such termination is effective upon our receipt of your notice. We may terminate the electronic fund transfer agreement by writing you at your address of record.
11. TIME NEEDED TO COMPLETE TERMINAL TRANSACTION
Withdrawals and deposits made at terminals will normally be completed and charged to your account within five (5) business days of the date of the deposit or withdrawal.
12. RIGHT TO BRING CIVIL ACTION
You may bring a civil action against any person violating any provision of Minnesota Statutes ß 47.69 (governing, consumer privacy, and unauthorized withdrawals). If you prevail in such an action, you may recover the greater of your actual damages or $500. You may also be entitled to recover punitive damages, your court costs and reasonable attorney's fees.
13. RIGHT TO PRIVACY
To Protect the privacy of customers using electronic financial terminals, including any supporting equipment, structures or systems, information received by or processed through such terminals, supporting equipment, structures or systems shall be treated and used only in accordance with applicable law relating to the dissemination and disclosure of such information.
14. IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFER
Telephone us or write us at the number and address in paragraph 15 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 sixty (60) days after we sent the FIRST statement on which the problem or error appeared.
- Tell us your name and account number.
- 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. 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 ten (10) business days. We will tell you the results of our investigation within ten (10) business days (twenty (20) business days if the transfer involved a new account) after we bear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) business days (ninety (90) business days if the transfer involved a point of sale transaction, a foreign initiated transfer, or new account) to investigate your complaint or question. If we decide to do this, we will re-credit your account within ten (10) businessdays (ten (10) business days if the transfer involved a point of sale transaction or a foreign initiated transfer) 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 ten (10) business days, we may not re-credit your account.
-If we decide that there was no error, we will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.
15. Contact us at:
PrinsBank
508 3rd Street
P.O. Box 38
Prinsburg, Minnesota 56281-0038
Phone (320) 978-6351
Business Hours: Monday - Friday 8:30 a.m. - 3:00 p.m.
II. ABILITY TO WITHDRAW FUNDS.
The following disclosure is provided pursuant to the Expedited Funds Availability Act and Regulation CC.
-Our Policy is to make funds from your 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.
-For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays and federal holidays. If you make a deposit before 3:00 P.M. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 3:00 P.M. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
LONGER DELAYS MAY APPLY
-In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. However, the first $100 of your deposit will be available on the first business day.
-If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be employees, or if we decide to take this action after you left the available. If your deposit is not made directly to one of our premises, we will mail you the notice by the day after we receive your deposit.
-If you will need the funds from the deposit right away, you should ask us when the funds will be available.
-In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
We believe a check you deposited will not be paid. You deposit checks totaling more than $5,000 on any one day. You redeposit a check that has been returned unpaid. You have overdrawn your account repeatedly in the last six months. There is an emergency, such as failure of communications or computer equipment. We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the ninth business day after the day of your deposit.
SPECIAL RULES FOR NEW ACCOUNTS
If you are a new customer, the following special rules will apply during the first thirty days your account is open.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, A-ire transfers, and the first $5,000of 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 a 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 ninth business day after
the day of your deposit.
111. ACCOUNT TERMS
The following disclosure is provided pursuant to the Truth in Savings Act andRegulation DD. This disclosure contains information about your:
NOW Account
-Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account weekly.
- Interest begins to accrue on the business day we receive the deposit of non-cash items (for example, checks).
- Interest will accrue daily and Credited on a monthly basis. We use the simple interest method for compounding.
- We use the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the aver-age daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
Passbook Savings Account
- Your interest rate and annual percentage yield may change. - You are limited to 6 preauthorized, automatic & telephone transfers each month, and of those six transfers, no more than three can be by check, draft or debit card and payable to a third party. In person & ATM withdrawals have no limitations.
- Interest begins to accrue on the business day we receive the deposit of non-cash items (for example, checks).
- Interest will accrue daily and credited on a quarterly basis. We use the simple interest method for compounding.
- We use the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.
Money Market Checking Account
-Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account weekly. You are limited to three (3) checks to third parties and three (3) Bank authorized withdrawals or six (6) Bank authorized withdrawals from your account each month. The minimum amount you can withdraw is $500.
- Interest begins to accrue on the business day we receive the deposit of non-cash items(for example, checks).
- Interest will accrue daily and credited to your account monthly. We use the simple interest method for compounding.
- We use the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for theperiod. The average daily balance is calculated by adding the principal in the account for each d ay of the period and dividing that figure by the number of days in tic period.
Certificate of Deposit - top of page
- The interest rate for your account is fixed and will be paid until the maturity date of your certificate. The maturity date of your certificate is listed on the Rate and Information Sheet.
- Interest will accrue daily and will be credited to your account semiannually. We use the simple interest method for compounding.
- Interest begins to accrue on the business day we receive the deposit of non-cash items (for example, checks).
- This account will automatically renew at maturity. You will have ten (10) calendar days from the maturity date to withdraw your funds without being charged a penalty.
- The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
- We use the average daily balance method to calculate the interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing, that figure by the number of days in the period.
- If any of the deposit is withdrawn before the maturity date a penalty as shown below may be imposed:
| Term | Early Withdrawal Penalty |
| 6-month CD | 90 day's interest |
| 12-month CD | 180 day's interest |
| 15-month CD | 180 day's interest |
| 18-month CD | 180 day's interest |
| 24-month CD | 180 day's interest |
| 36-month CD | 180 day's interest |
| 48-month CD | 180 day's interest |
| 60-month CD | 180 day's interest |
