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EFT Disclosure

Initial Disclosure of Terms and Conditions of Electronic Funds Transfer Services
The following disclosure of terms and conditions relating to your electronic fund transfer service(s) with this institution is provided to you and applies to consumers in accordance with the requirements of State and Federal Law. You should read this notice carefully to understand how these services work, as well as your rights and obligations if you choose to have funds electronically transferred. This notice applies to your use of the SmartAccess 24tm phone service, your ATM card or CheckCard, and Online Banking. 
 
Designated Accounts for Card Use
When you request an ATM card or CheckCard or Online Banking from us, you choose the accounts for which you want access. These are known as your "designated" accounts. If any designated account is a joint account, all of the account holders must sign the application for the card or Online Banking service. If you are requesting a CheckCard you must choose a checking account as one of your designated accounts. Your designated accounts will earn interest as per our regularly published schedule of interest rates. You may choose to access any of the following types of accounts:
Checking (NOW, Basic, DDA or Freedom)
Statement Savings (cannot be used for debit purchase, POS transactions, or bill payment)
Money Fund Plus (cannot be used for debit purchase, POS transactions, or bill payment)
All accounts are subject to the rules and regulations governing that type of account. 
 
Networks You May Use
You may use your ATM card at any ATM displaying Middlesex Savings Bank's name or at any ATM or Point of Sale (POS) terminal displaying the Cirrus, NYCE, TX, SUM or The Exchange network symbols. Additionally, CheckCard holders may use their CheckCard at the aforementioned locations as well as all locations that accept Visa. 
 
Consumer's Liability
Tell us AT ONCE if you believe your password (for Online Banking), or card, or personal identification number (PIN), or both, has been lost, stolen, or used without your permission. Telephoning is the best way of keeping your possible losses down. You can lose no more than $50.00 if your card, PIN, or password is used without your permission. Also, if your statement shows transferst hat you did not make, tell us at once. If you do not tell us within 60 days, you may not get back any money you lost after the 60 days if we can proved taht 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 hospital stay) kept you from telling us, we will extend this period.
 
Contact in Event of Unauthorized Transfer
If you believe that your card, PIN, or password has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call us at 1-877-463-6287 between 8:00 a.m. and 4:00 p.m., Monday through Friday; or, you may write us at: Middlesex Savings Bank, 120 Flanders Road, PO Box 5210, Westborough, MA 01581-5210, Attn: Electronic Banking Department. Additionally, during the hours that we are closed for business, you may call to notify us that your CheckCard has been lost or stolen, or used without your permission, at the 24-Hour Helpline at 1-800-472-3272. 
 
Business Days
For purpose of these disclosures, our business days are Monday through Friday, exclusive of legal holidays.
 

Documentation of Transfers

 
Terminal Transactions
You may choose to receive a receipt at the time you make a transfer to or from you account using one of our ATMs. 
 
Preauthorized Credits (Direct Deposits)
If you have arranged to have direct deposits made to your account at least once every 60 days by the same person or company, the person or company making the deposit will tell you every time they send us the money. You may also call us at 1-877-463-6287 (1-877-INFO-CTR) during normal business hours to find out whether the deposit has been made. 
 
Periodic Statements 
You will receive a statement for you account for each month in which an electronic funds transfer occurs. If no such transfer occurs, you will receive a statement at least quarterly. 
 
Passbook Accounts
The only type of electronic funds transfer available on passbook accounts is a preauthorized credit (direct deposit). If you bring your passbook to us, we will record any electronic deposits that were made to that account since the last time your passbook was updated. 
 
Documentation as Evidence
Any documentation provided to you that indicates that an electronic funds transaction was made shall be admissible as evidence of such transfer and shall constitute prima-facie proof that such transfer was made. 
 
Confidentiality
We will disclose information to third parties about your account or transfers you make in the following situations:
 
Where it is necessary to complete a transfer
  • In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant
  • In order to comply with government agency or court orders
  • If you give us written permission, provided however that such written permission shall not remain in effect longer than forty-five (45) days
  • To a person authorized by law to have access to our records in the course of such person's official duties
  • To any attorney or collection agent of the Bank
  • To an employee or auditor of the Bank solely for the purpose of an official audit or accounting, or to any other person (such as a third party service provider hired by the Bank to provide electronic banking services for the purpose of servicing the account relationship, including preparation of the periodic statement of account, but only to the extent actually necessary)
  • To an employee of the Bank for the purpose of pursuing or disposing of a dispute or claim involving an account
 
Types of Electronic Funds Transfers 
The following are types of electronic funds transactions available to you. Please note that not all services may be available at all terminals. Additionally, you may have chosen to limit electronic access to only some of your accounts. 
 
Direct Deposits
You may have direct deposits made to your accounts (excluding fixed-rate term accounts) at least once every 60 days from the same entity. 
 
Preauthorized Payments
You may have preauthorized payments made from your NOW, Freedom, DDA, or Basic checking, Money Fund Plus, or Statement Savings account. 
 
Balance Inquiries 
Using your ATM card or CheckCard, you may check the balance on your designated account(s) at any of our ATMs or at any ATM displaying the Cirrus, NYCE, TX, SUM or The Exchange network symbols or the Visa logo as long as the institution that owns the ATM allows you this access. You may also call our SmartAccess24 automated phone system at 1-800-424-2424 and utilize your PIN to access account information. 
 
Withdraw Cash - Using your ATM card or CheckCard you may make cash withdrawals from your designated accounts at any of the above mentioned ATMs. 
 
Deposit Cash and Checks
Using your ATM card or CheckCard, you may make deposits of cash and/or check to your designated accounts at any Middlesex Savings Bank ATM or any ATM displaying the TX network symbol or at any ATM which is part of the NYCE network's shared deposit program. Refer to www.NYCE.net for the location of NYCE machines which accept deposits. Please note that deposits at ATMs not owned by us are limited by the owner of the ATM. 
 
Transfer Funds 
Using your ATM card or CheckCard, you may transfer funds between your designated accounts at any Middlesex Savings Bank ATM or any ATM displaying the Cirrus, NYCE, TX, SUM or The Exchange network symbols. You may also transfer funds between your designated accounts by accessing SmartAccess24 and utilizing your PIN. If a hold is placed upon any portion of deposits made to an account from which you wish to transfer funds, you may not transfer the portion "held" until such hold expires. 
 
Loan Payments
Using your ATM card or CheckCard, you may make payment from your designated account to any loan held by us at any Middlesex Savings Bank ATM or at any ATM displaying the Cirrus, NYCE, TX, SUM or The Exchange network symbols. You may also makes such loan payments by accessing SmartAccess24 and utilizing your PIN. 
 
Obtain Loan Advances
If you have an Overdraft Line of Credit with us, you may obtain advances up to the amount of your available credit limit. You make such loan advances using your ATM card or CheckCard. 
 
Point-of-Sale (POS) Purchases
Using your ATM card or CheckCard and your PIN, you may access your NOW, Freedom, DDA, or Basic checking account to purchase goods and services at POS terminals that display the Cirrus, NYCE, TX, SUM or The Exchange network symbols. 
 
Online Banking
If you enroll in our Online Banking Service, you may use the Online Banking Service and your password to engage in any of the following transactions or activities, all in accordance with the terms and conditions of our Online Banking Agreement: access account and balance information, transfer funds between certain designated accounts, make loan payments, review transaction activity, pay bills, reorder checks, change your address with us, view images of checks written, direct us to stop payment on a check written by you and payable from your designated checking account. 
 
CheckCard (Debit) Purchases
Using your CheckCard, you may purchase goods and services wherever Visa is accepted. When you use your CheckCard to make such a purchase, you are requesting that we withdraw funds from your NOW, Freedom, DDA, or Basic checking account to pay for that purchase. When your CheckCard is used to make a debit purchase, we may place a hold on the funds available in your account and any available portion of your Overdraft Line of Credit (if attached to that account) necessary to cover that purchase. The amount of the hold placed will equal the amount of your purchase. Held funds will not be available for withdrawal during the period that the hold is in effect. The hold will be in effect for no more than 3 business days. Please note that utilizing you CheckCard to purchase goods and services may result in an advance from your Overdraft Line of Credit. For more information on the terms and conditions governing your Overdraft Line of Credit, you should refer to the Revolving Credit Agreement you received at the time you opened the Overdraft Line of Credit. 
 
Electronic Check Conversion
Your check can result in an electronic funds transfer. This can happen in several ways. For example:
  • You can purchase goods or services and authorize the merchant or service provider to convert your check to an electronic funds transfer.
  • At the time you offer a check to a merchant or service provider, you may be asked to authorize the merchant or service provider to electronically collect a charge in the event the check is returned for insufficient funds.
  • Your authorization to make these types of electronic funds transfers may be expressed in writing or implied through the posting of a sign by the merchant or service provider. 
 
Limitations on Types and Frequency of Electronic Fund Transfers
Money Fund Plus and Statement Savings Accounts
During each monthly statement period, you are limited to making no more that 6 transfers to another account with us or to a third party by means of preauthorized or automatic transfer, or telephonic agreement, order or instruction. Additionally, no more than 3 of the 6 transfers may be made by check, draft or similar order made by you and payable to third parties. For purposes of this limitation, transfers made using the Online Banking Service are counted against the permissible number of transfers. 
 
Passbook Savings Accounts
ATM, SmartAccess24, Online Banking, and ACH debit transactions (preauthorized payments) are not allowed. 
 
Cash Withdrawals
You may make an unlimited number of withdrawals each day, up to your daily dollar limit. 
 
Point-of-Sale (POS) Purchases 
You may make an unlimited number of POS purchases each day, up to your daily dollar limit. For security reasons, there may be additional limitations on the number of transfers which can be performed between your designated accounts. 
 
Limitations on Dollar Amounts of Electronic Funds Transfer Cash Withdrawals
Using your ATM card or CheckCard, you may withdraw up to $500.00 from any combination of designated accounts each day, unless you apply for and are approved for a higher daily amount. If the available funds in any designated account total less than the approved daily withdrawal limit, then only the lesser amount can be withdrawn. At any time, you may provide written request to us that your withdrawal limit be lowered to as little as $50.00 per day. 
 
Point-of-Sale (POS) and Debit Purchases
Using your ATM card or CheckCard, you may access your designated checking account and withdraw funds to purchase up to $500.00 in goods and services each day. In the case of POS transactions, you may choose to withdraw an amount of funds that exceeds the amount of your purchase; however in such situations, the amount of cash back may not exceed $200.00 per transaction, as established by Massachusetts law. Merchants who honor POS transactions may also set there own cash back limits or refuse to honor cash back transactions. For security reasons, there may be other limitations on the dollar amounts of the transfers you can make using our terminals, automated telephone service, or other electronic fund transfer. 
 
Fees for Conducting Electronic Funds Transfer
Refer to our regularly published Accounts & Fees brochure for fees which you may incur as a result of performing an electronic funds transfer. There are two categories of fees which you may incur. ATM Service charges are those assessed for each transaction you make using our ATM services. Account maintenance charges are those assessed against your account on a monthly basis as a result of your failure to maintain the necessary minimum balance as disclosed in our Accounts & Fees brochure. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer. 
 
Foreign Exchange
If you use your ATM card or CheckCard in a foreign country, the amount of the transaction will be converted to U.S. dollars, based upon the rate that exists upon the exchange date as determined by our network affiliate. We do not have any control over the exchange rate or the date or place of the exchange. Please note that some foreign banks may assess a fee for ATM transactions as well. 
 
Stopping Preauthorized Payments
If you have instructed us in advance to make regular payments to a third party out of your account, you can place a stop on any of these by abiding by the following instructions: Call us at 1-877-463-6287 between 8:00 a.m. and 4:00 p.m., Monday through Friday; or, you may write us at:
 
Middlesex Savings Bank
120 Flanders Road
P.O. Box 5210
Westborough, MA 01581-5210
Attn: Electronic Banking Department 
 
Please submit your request in writing in time for us to receive your request 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 14 days after you call. A fee may be charged for each stop payment order you give, as noted within the Accounts & Fees brochure. If you order us to stop one of these payments 3 or more business days before the transfer is scheduled, and we do not do so, we will be liable for your losses and damages. Please refer to our On-Line Banking Agreement for information on stopping, canceling, or changing bill payment transactions that you have previously scheduled. 
 
Notice of Varying Amounts
If regular electronic payments from your account will vary in amount, the person or company you are going to pay will tell you, at least 10 days before each payment, when the payment will be made and the amount of the payment. The person or company initiating this electronic payment may instead offer you the option of receiving this notice only when the payment differs by more than a certain amount from the previous payment or when the amount of the payment exceeds certain limits that you set. 
 
Stopping Electronic Funds Transfer
The initiation of an electronic funds transfer by you from your account will effectively eliminate your ability to stop payment of the transfer. 
 
UNLESS OTHERWISE PROVIDED IN THIS AGREEMENT, YOU (THE CONSUMER) MAY NOT STOP PAYMENT OF ELECTRONIC FUND TRANSFERS, THEREFORE YOU SHOULD NOT EMPLOY ELECTRONIC ACCESS FOR PURCHASES OR SERVICES UNLESS YOU ARE SATISFIED THAT YOU WILL NOT NEED TO STOP PAYMENT. 
 
Financial Institution's Liability
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, we will not be liable under any of the following circumstances:
 
  • If, through no fault of ours, you do not have enough money in your account to make the transfer
  • If you have an Overdraft Line of Credit and the transfer will exceed the credit limit on your Overdraft Line of Credit
  • 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, flood, or power loss, prevent the transfer, despite reasonable precautions that we have taken
  • If the ATM where you are performing the transfer does not have enough cash
  • If the merchant operating a POS terminal where you are expecting to receive cash back does not have sufficient funds to complete your transaction
  • Other exceptions as stated within this Disclosure, the Cardholder Agreement, the On-Line Banking Agreement, or other agreements with you
 
Changes To and Termination of Electronic Funds Transfer
We reserve the right to change these rules and regulations for electronic funds transfers. In instances where such changes will have a greater cost or liability to you or decrease your access to your account, we will send you written notice about the change at least 30 days before the change goes into effect. In situations where the change is made for security purposes, no notification will be made.
 
You may terminate your right to use your card or PIN by calling us at 1-877-463-6287, between 8:00 a.m. and 4:00 p.m., Monday through Friday; or, you may write us at Middlesex Savings Bank, 120 Flanders Road, PO Box 5210, Westborough, MA 01581-5210, Attn: Electronic Banking Department. If you call, we may require you to put your request in writing and get it to us within ten (10) days after your call. We may also terminate this agreement at any time. Whether you terminate the agreement or we do, the termination will not affect your obligations under your agreement, even if we allow any transaction to be completed with your access device after your agreement has been terminated. Refer to the Online Banking Agreement for instructions regarding the termination of the Online Banking Service. 
 
In Case of Errors or Questions About Your Electronic Funds Transfers
Telephone us at 1-877 INFO CTR (1-877-463-6287) between 8:00 a.m. and 4:00 p.m., Monday through Friday; or, you may write us at Middlesex Savings Bank, 120 Flanders Road, PO Box 5210, Westborough, MA 01581-5210, Attn: Electronic Banking Department 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 60 days after we sent the FIRST statement on which the problem or error appeared.
  • Tell us your name and account number (if any).
  • Describe the error or transfer you think is an error or are unsure about and explain as clearly as you can why you believe it is in error or why you need more information.
  • Tell us the dollar amount of the suspected error.
  • If you tell us this information orally, we may require that you send us your complaint or question in writing within 10 business days.
 
We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will provisionally recredit your account within 10 business days 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 10 business days, we may not recredit your account. For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.
 
We will tell you the results of our investigation within three 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. 
 
CARDHOLDER AGREEMENT 
The following terms and conditions are agreed to by you and us when we issue you a card or other access device at your request. All provisions applying to the use of your access device will be deemed delivered, executed, governed, and constructed by Massachusetts laws. To the extent that any of the following terms and conditions are void or unenforceable under applicable law, this Cardholder Agreement shall be treated as if such term or condition did not exist and all of the other terms and conditions shall continue in full force and effect. All of the terms set forth in the Initial Disclosure of Terms and Conditions of Electronic Fund Transfer Services are hereby made part of this Cardholder Agreement and shall govern the use of your card or access device. Any designated account that may be accessed for electronic funds transfers may also be governed by a separate set of rules and regulations that shall remain in effect with respect to such accounts, unless inconsistent with the agreements set forth in this Cardholder Agreement, in which case the terms and conditions set forth herein shall control.
 
Use of Card
You may use your card to carry out transactions described in the Disclosure Statement under the headings of Types of Electronic Funds Transfers and Limitations on Types and Frequency of Electronic Funds Transfers and Limitations on Types and Frequency of Electronic Funds Transfers. In the future, we may add other types of transactions that may be conducted with your card. In such an event, we will notify you as to the nature and frequency of those transactions.
 
Charges for Use of Your Card
We have published an Accounts & Fees brochure that sets forth all applicable charges that we can make in connection with the use of your card or any electronic fund transfer. Please refer to our most recently published Accounts & Fees brochure. We reserve the right to amend the Accounts & Fees brochure at any time and will give you notice if we do. You agree to pay all such charges which you have incurred and hereby authorize us to charge you deposit account (s) with the aggregate outstanding amount of such charges from time to time.
 
Joint Accounts 
In the event that your deposit account(s) is held jointly with another person(s), each joint holder of said account shall be able to exercise any and all rights hereunder individually and shall be jointly and severally liable for the obligations incurred under this Cardholder Agreement and will be bound by this Cardholder Agreement. Without limiting the foregoing, each person named on the account may utilize any card issued in connection with the account, may close the account, may authorize others to use any card and/or code on his or her behalf, and may agree to amend the Cardholder Agreement and, in any such event, such action shall be binding upon each other person who is bound by this Cardholder Agreement.
 
Evidence of Transactions 
In the event that we institute legal action against you in connection with this account, we may introduce into evidence a copy, microfilm, or microfiche of any document evidencing a transaction under this Cardholder Agreement and such copy, microfilm or microfiche shall be deemed as valid as the original document.
 
Notices
Any notice sent by us shall be effective when mailed to you at your last address on our records. To the extent allowed by law, notices from you to us must be in writing and shall be effective when received by us.
 
Default
In the event that you default in connection with any obligation owed to us, you agree to reimburse us for all costs of collection, including reasonable attorneys' fees.
 
Maintenance of Accounts
As long as this Cardholder Agreement is in effect, you agree to maintain at least one account for which your card can be used. If you close all such accounts, this Cardholder Agreement will terminate and you must return your card to us immediately.
 
Ownership of Card
The card which we issue to you will remain our property and you may not transfer it to any other person. You agree to return the card to us immediately upon demand or upon termination of this Cardholder Agreement. We will program the machines in which your card can be used to retain your card following the termination of this Cardholder Agreement and in certain other events.
 
Authorization to Withdraw Funds from your Account(s)
You hereby authorize us to withdraw funds from your account(s) to satisfy any transaction which you have made utilizing your card. Such authorization includes the right to charge your accounts for funds distributed to you and for charges which you have incurred pursuant to this Cardholder Agreement.
 

 



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