Electronic Funds Transfer Agreement and Disclosures

This agreement and disclosure is made in compliance with Colorado and Federal law regulating electronic funds transfer (EFT) services. Electronic funds transfers are electronically initiated transfers of money involving an account at the Federal Institution. The following disclosures set forth your and our rights and responsibilities concerning the electronic funds transfer. In this Agreement, the word "you" and "your" mean those who sign as applicants or any authorized user(s). The word "we", "us" and "our" mean the Financial Institution. The abbreviation "PIN" or word "code" means a personal identification number.

Types of Electronic Funds Transfers We are Capable of Handling

ATM Transfers - Types of transfers and dollar limitations - You may use the automated teller machine (ATM) card and pin issued to you to initiate transactions at ATM's within the networks identified on your card and such other facilities as we may designate from time to time. At present you may use your card to (some of these services may not be available at all ATM's):
  • Deposit funds to your checking or savings account
  • Withdraw cash from your checking or savings accounts.
    • You may withdraw up to a maximum of $200.00 (if there are sufficient funds in your account) per day
    • Student Checking accounts are limited to a $50.00 in ATM withdrawals per day
  • Transfer funds between your checking and savings accounts
    • For your security purposes, there are limits on the frequency and amount of transfers you may make using ATM's
  • Obtain balance information on your checking and savings accounts

ATM Transactions - Fees and Charges
  • There is a $1.00 charge for each ATM withdrawal at machines we do not own
  • There is a replacement card fee of $5.00 per card
  • The $1.00 fee will not apply to ATM transactions made at the main bank located at 2225 Main. A surcharge may apply at some ATM locations not completed at our ATM machine at 2225 Main

Preauthorized credits - You may make arrangements for certain direct deposits to be accepted into your checking or savings accounts.

Preauthorized payments - You may make arrangements to pay certain recurring bills from your checking or savings accounts.

Types of Visa Check Card Point-of-Sale (POS) Transactions - You may access your checking account(s) to purchase goods (in person or by phone), pay for services (in person or by phone), get cash from merchants, if the merchant permits, or from participating financial institutions, and do anything that you can do with a credit card (that a participating merchant will accept with a credit card).

Point-of-Sale Transactions - Dollar limitations - Visa Check Card purchases are limited to the amount of $2500.00 worth of goods and serices per day exclusive of ATM withdawls.

Alamosa State Bank Online Computer Transfers - Types of transfers - You may access your account(s) by computer by accessing www.alamosastatebank.com and using your password, account number and Social Security Number to:
  • Transfer funds from checking to checking or savings
  • Transfer funds from savings to checking or savings
  • Make payments from checking or savings to loan accounts with us
  • Make payments from checking to third parties
    • refer to our separate fee schedule for applicable charges
  • Obtain information about
    • the account balance of checking, savings, or certificate of deposit balances
    • deposits to checking or savings accounts
    • withdrawals from checking or savings accounts

Limitations on frequency of transfers.
  • Transfers from a money market or savings account to another account or to third parties by preauthorized, automatic, computer or telephone transfers are limited to six (6) per statement cycle with no more than three (3) of the six (6) by check, debit card or similar order to third parties.

Other EFT Transactions - You may access certain account(s) you maintain with us by other EFT transaction types as described below.

Electronic Check Conversion. You may authorize a merchant to use your check as a source of information to initiate an EFT from your account. Electronic check conversion is a payment process in which a merchant (after obtaining your authorization) uses your check to gather routing, account, and check number information to initiate a one-time EFT. This type of EFT transaction involving a consumer account is covered by the Electronic Funds Transfer Act and this disclosure. A description of the transaction will appear on your statement.

Re-presented Check Transactions and Fees. You may authorize a merchant to electronically collect a fee associated with the re-presentment of a check that is returned due to insufficient or unavailable funds. The resulting fee transaction if debited as an EFT from a consumer account is covered by the Electronic Funds Transfer Act or this disclosure. A description of the transaction will appear on your statement.

Documentation
  • Periodic statements - You will receive a monthly account statement from us for your checking accounts. You will receive a monthly account statement from us for your savings accounts, unless there are no transfers in a particular month. In any case, you will receive a statement at least quarterly.
  • Terminal receipts - You can get a receipt at the time you make any transfer to or from your account using an ATM or POS Terminal.
  • Preauthorized credits - 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, you can call us at 719-589-2564 to find out whether or not the deposit has been made.
  • Business Days - For purposes of these electronic funds transfer disclosures, our business days are Monday through Friday. Holidays are not included.

Preauthorized Electronic Funds Transfers
  • Stop Payment Rights - If you have told us in advance to make a regular electronic funds transfer out of your account(s), you can stop any of these payments. Here's how: Call us or write to us at the telephone number or address listed at the bottom of this disclosure 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 your call.
  • Notice of Varying Amount - If these regular payments may vary in amount, the person you are going to pay will tell you, ten (10) days before each payment, when it will be 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.
  • Liability for Failure to Stop Payment of Preauthorized Transfers - 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.
Liability for Unauthorized Transfers

If you believe your card, or ATM PIN has been lost or stolen, or someone has transferred or may transfer money from your account without your permission, call or write to us at the telephone number or address listed in this disclosure. If your card is lost or stolen and subsequently used by an unauthorized person, you will only be liable for the lesser of $50.00 or the amount of money, goods or services obtained by the unauthorized use prior to notifying us. If the unauthorized use occurs through no fault of your own or any other authorized user, you will not be liable for the unauthorized use. If your statement shows transfers (other than made using a card or device at a communications facility) that you did not make, tell us AT ONCE. If you do not tell us within sixty (60) days after the statement was mailed to you, you may not get back any money you lost after the sixty (60) days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time period.

Financial Institution's Liability

Our 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 the money in your account is subject to legal process or other claim restricting such transfer.
  • If the transfer would go over the credit limit on your overdraft line.
  • If the ATM where you are making the transfer does not have enough cash.
  • If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
  • If circumstances beyond our control (such as fire or flood) prevent the transaction, despite reasonable precautions that we have taken.
  • There may be other exceptions stated in our agreement with you.

Confidentiality

We will disclose information to third parties about your account or the transfer you make:
  • To complete transfers as necessary
  • To verify the existence and condition of your account upon the request of the third party, such as a credit bureau or merchant;or
  • To comply with government agencies or court orders; or
  • If you give us your written permission.

Error Resolution Notice

In Case of Errors or Questions About Your Electronic Transfers - Telephone us at 719-589-2564, or write us at Alamosa State Bank, 2225 Main Street, Alamosa, CO, 81101 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 would like to hear from you no later than sixty (60) days after we sent the FIRST statement or which the problem or error appeared.
  • Tell us your name and account number (if any)
  • 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 determine whether an error occurred within ten (10) business days after we hear from you and will correct any errors promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or questions. If we decide to do this, we will credit your account within ten (10) business days for the amount you think is in error, so that you will have the use of the money during the time we take to complete our investigation.

If a notice of error involves an electronic funds transfer that occurred within thirty (30) days after the first deposit to the account was made, the error involves a new account. For errors involving new accounts, POS debit card transactions, or foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or questions. For new accounts, we may take up to twenty (20) business days to credit your account for the amount you think is in error.

We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.

If a notice of error involves unauthorized use of your POS debit card with the Visa logo when it is used as a Visa POS debit card, we will provide provisional credit within five (5) business days after you notify us instead of within ten (10) or twenty (20) business days. We may withhold providing this accelerated provisional credit, to the extent allowed under applicable law, if the circumstances or account history warrants the delay.
    Alamosa State Bank
    2225 Main Street, P.O. BOX 1098
    Alamosa, CO 81101
    Phone: 719-589-2564