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AGREEMENT

Amalgamated Bank of Chicago ("we" or "us") offers Amalgamated Bank of Chicago On-Line Services (the "Service") to enable you to access account information, initiate transactions, and to communicate with us by e-mail via a personal computer.

Subscription to the Service

BY EITHER ENABLING ON-LINE ACCESS WITH US FOR YOUR ACCOUNTS THROUGH YOUR PERSONAL COMPUTER OR BY REQUESTING US TO OPEN AN INTERNET ACCOUNT WILL CONSTITUTE YOUR AUTHORIZATION FOR US TO PROCESS TRANSACTIONS VIA THE SERVICE ON YOUR BEHALF AND YOU HEREBY AGREE TO THE TERMS AND CONDITIONS HEREIN.

Only accounts held with us can be used for the Service.  You may choose to have transfers made between Amalgamated Bank of Chicago deposit and loan accounts.

The Service operates through your accounts and you are subject to the rules and regulations governing those accounts.

We reserve the right to refuse to make any transaction (unless required to do so under the law or regulation), but will notify you of any such refusal to make a transfer.

Account Data Access

The Service permits you to view account data for your accounts with us.  All account data is provided as a convenience and for informational purposes but it is not the official record of your account activity with us; your account statements remain such official record.  Account data provided through the Service is generally updated as of the prior business day's close of business, but is subject to adjustment and correction.

Transactions

The date you enter your transaction is the transaction entry date. If it is before the Service's processing deadline in effect, it will be executed on the transaction entry date.  If it is a non-business day, or after the Service's processing deadline in effect, it will be executed on the first business day after that date.

For each transaction for which we receive properly completed instructions, a confirmation notice will appear on your computer screen.  If you do not receive a confirmation notice upon the completion of your transaction request, you have not successfully initiated a transaction, and we will not process your transaction instructions. We are authorized by you to honor any instructions for the transfer of funds by any one person using your identification number and password despite any agreement with us requiring more than one signature on a check.

Liability Limitations

If you have followed the procedures described in the agreement for a transaction but are assessed a late fee or overdraft fee due to the delayed processing of the request, we will reimburse you for that fee; UNLESS REQUIRED BY LAW OR REGULATION, WE WILL NOT BE LIABLE FOR OTHER LOSSES YOU INCUR, IF WE HAVE NOT TRANSMITTED A CONFIRMATION NOTICE TO YOU OR IF YOU HAVE BEEN NOTIFIED OF OUR REFUSAL OR INABILITY TO EXECUTE A TRANSACTION, WE SHALL NOT BE LIABLE AT ALL FOR ANY FAILURE TO MAKE THAT TRANSACTION, INCLUDING ANY FINANCE CHARGES, LATE FEES, OR OVERDRAFT FEES INCURRED BY YOU AS A RESULT.

Under no circumstances will we be liable if we are unable to complete any transaction initiated in the correct amount or in a timely manner via the Service because of the existence of any one or more of the following circumstances:

  1. Your computer does not display a confirmation notice at the time you initiate the transaction.
  2. If, through no fault of ours, your designated account does not contain sufficient available funds to complete the transaction.
  3. Your subscription to the Service has been terminated for any reason.
  4. The Service, your equipment, or any communications link is not working properly and you know or have been advised by us about the malfunction before you attempted to execute the transaction.
  5. You have not provided us with the correct information for those accounts for which you wish to make transactions.
  6. Circumstances beyond our control (such as, but not limited to, fire, flood or interference from an outside source) prevent the proper execution of the transaction and we have taken reasonable precautions to avoid these.

In any case and subject to applicable law, we shall have no liability for any amounts for loss of income, profit or savings, or any indirect, incidental, consequential, special exemplary or punitive damages, whether or not we knew of the likelihood of such damages.

WE ARE NOT RESPONSIBLE FOR ANY LOSS, DAMAGE, OR INJURY CAUSED BY YOUR EQUIPMENT OR SOFTWARE.

New Services

We may from time to time introduce new services or enhance the existing Service.  We shall notify you of the existence of these new services or enhancements.  By using these new services and enhancements when they become available, you agree to be bound by the terms and conditions relating to them, notice of which will be sent to you, if required by applicable law, prior to their release.

Charges

At this time no additional fees are assessed to you for the use of the Service.

If a transaction has been made for which funds were not available in your designated accounts, you agree to reimburse us for the funds owed to us upon our demand.

Suspension of Privileges

We may cancel this agreement or terminate your participation in the Service for any reason at any time.  We will try to notify you in advance, but are not obligated to do so.  In the event your subscription is suspended, we will notify you by mail at your last listed address, and all inquiries or related correspondence should be directed to us.

Additional Terms and Conditions

  1. In addition to the foregoing, you agree to be bound by and comply with applicable state and federal laws and regulations.
  2. If you wish to cancel your subscription to the Service, you must provide us with thirty (30) days advance notice by telephone ((312) 822-3015), e-mail us at customer_service@aboc.com or you may notify us in writing; Attention: On-Line Customer Service Department, Amalgamated Bank of Chicago, 30 N. LaSalle St Chicago IL 60602
  3. We may amend this Agreement, or the applicable fees and charges, at any time.  We will send notice to you at least 21 days prior to the effective date of the change, if required by law.  However, if the change is made for security purposes, we can implement it without giving you prior notice.  Your use of the Service after the effective date of the amendment constitutes your acceptance of such alterations or amendments.

Unauthorized Use

Your identification number and password are confidential and for your personal use and should not be disclosed to any other person, including anyone purporting to be from Amalgamated Bank of Chicago.  Subject to applicable law, you are responsible for the unauthorized use of the number and password.  You shall establish and maintain reasonable procedures to protect the confidentiality of the number and password and to prevent their unauthorized use.  Except as limited by law, we have no duty to investigate the authority of any person (other than our employees and agents) who gains access to your accounts through the Service.  Contact us immediately if you believe that someone has obtained your password or may have access to your accounts without your permission.  We will not be responsible for any breach of privacy or financial loss caused by your failure to maintain the confidentiality of your identification number and password, except as limited by law or regulation.

ELECTRONIC FUNDS TRANSFERS DISCLOSURE FOR CONSUMER BANK DEPOSIT ACCOUNTS

As you may know, your Amalgamated Bank, upon your request and agreement, can transfer funds between your savings and checking accounts.  This service is known as an Electronic Transfer, and bank regulators require us to make the following disclosures regarding them.

In case of errors or questions about your Amalgamated Bank of Chicago On-Line transaction, telephone the Bank during business hours at (312) 822-3015.

Or you may write us at:

On-Line Customer Service Department
Amalgamated Bank of Chicago
30 N. LaSalle St Chicago IL 60602

Contact us as soon as you can, if you think your statement is wrong or if you need more information about a transfer listed on it.  We must hear from you no later than 60 calendar days after we send the FIRST statement on which the problem or error appeared.  Please report the following:

  1. Your name and account number.
  2. The error or transfer you are unsure about.  Explain as clearly as possible why you think it is an error or why you need more information.
  3. The dollar amount of the suspected error.  If you inform us verbally, we may require that you also send us your complaint or question in writing within 10 business days.

We will inform you of the results of our investigation within 10 business days (20 business days for transactions during the first 30 days of an account) after we hear from you and will correct any error promptly.  If we need more time, however, we may take up to 45 calendar days (90 business days for transactions during the first 30 days of an account) to investigate your complaint or question.  If this becomes necessary, we will recredit your account within the first 10 business days (20 business days for transactions during the first 30 days of an account) for the amount which you claim in error.  You then will have the use of the money during the time it takes us to complete our investigation.  If we ask that you put your complaint or question in writing and we do not receive it within 10 business days (20 business days for transactions during the first 30 days of an account), we may adjust your account.

In the event the transaction you question involves either a foreign initiated transaction, we have up to 90 calendar days to complete our investigation of your complaint or question.  We will tell you the results within three business days after completing our investigation.  If we determine that there was no error, we will send you a written explanation.  You are entitled to copies of the documents used in the investigation.

Contact in Event of Unauthorized Transfers

If you believe your security code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call:  (312) 822-3015 or write:  On-Line Customer Service Department, Amalgamated Bank of Chicago,30 N. LaSalle St Chicago IL 60602

Business Days

For the purpose of these disclosures, our business days are Monday through Friday.  Bank holidays are not included.

Transfer Types

At the present time, you may withdraw funds electronically by transferring funds to another Amalgamated Bank deposit account.

Money Market and Savings Accounts

You may make no more than six preauthorized or automatic transfers in any statement period.

Your Liability for Unauthorized Transfers

Contact us AT ONCE at (312) 822-3015 if you believe there has been an unauthorized transaction or your security code has been lost or stolen.  Telephoning is the best way of minimizing your possible losses.

If you notify us within two business days after you learn of the loss or the theft of your security code, you can lose no more than $50 if someone withdrew or transferred funds without your permission.  If you do NOT tell us within two business days after you learn of the unauthorized transaction or the loss or theft of your security code, and we can prove we could have stopped someone from transferring funds without your permission if you had told us, you could lose as much as $500.  If your statement shows transfers you did not make, inform us at once.  If you do not tell us within 60 days after the statement was mailed to you, you will not get back any money you lost after the 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 hospital stay) kept you from telling us, we may extend the time periods.

Disclosure of Account Information to Third Parties

We will disclose information to third parties regarding your account or transactions you make:

  1. where it is necessary for completing transactions; or
  2. in order to verify the existence and condition of your account for a third party (such as a credit bureau or merchant); or
  3. in order to comply with government agency or court orders; or
  4. if you give us written permission.

We will also disclose information to our affiliates regarding your accounts or transfers.

Documentation

You will get a monthly statement (unless there were no transfers in a savings account in a particular month).  In any case, you will get a statement at least quarterly.

Our Liability for Failure to Make Transfers

If we do not complete a transaction 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:

  1. If your computer does not display a confirmation notice at the time you initiate your transaction.
  2. If, through no fault of ours, you do not have enough available funds in your account to make the transaction.
  3. If the transaction would go over the credit limit on an overdraft line you may have with us.
  4. If the terms of your account limit the number of transactions which may be made during a statement cycle.
  5. If the services, your equipment, the software, or any communications link is not working properly and you know or have been advised by us about the malfunction before you started the transaction.
  6. If you have closed your designated account or we have suspended your service.
  7. If, despite reasonable precautions, circumstances beyond our control (such as fire or flood) prevent the transaction.

There may be other exceptions stated in our agreement with you and you should be familiar with them.

Disclosure for Bank Accounts Owned by Business or Trust

Amalgamated Bank of Chicago, upon your request and agreement, can accept electronic deposits to your bank accounts, make electronic withdrawals from your accounts and transfer funds between your accounts.  This disclosure applies to your business bank accounts and to any bank accounts for which you serve as a trustee. 

Amalgamated Bank of Chicago Security Procedures

You will be issued one or more identification numbers to use to access your accounts by Amalgamated Bank of Chicago On-Line Services (the "Service").  You will be responsible for any transfers initiated by anyone using one of those identification numbers and passwords, even if the transfers are initiated by someone not authorized by you.  We are responsible for the loss only if you can prove that the individual transferring the funds obtained the identification number from someone other than you or your agents.  We are authorized by you to honor any instructions for the transfer of funds by any one person using your identification number despite any agreement with us requiring more than one signature on a check.

Suspension of Privileges

We may at any time, and in our sole discretion, limit or cancel these services.

Contact in the Event of Unauthorized Transfers

If you believe your identification number and/or password has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call:  (312) 822-3015, e-mail us at customer_service@aboc.com or write:  Attention:  On-Line Customer Service Department, Amalgamated Bank of Chicago, 30 N. LaSalle St Chicago IL 60602

Business Days

For the purpose of these disclosures, our business days are Monday through Friday.  Bank holidays are not included.

Charges

At this time no additional fees are assessed to you for the use of the Service.

If a transaction has been made for which funds were not available in your designated accounts, you agree to reimburse us for the funds owed to us upon our demand.

Disclosure of Account Information to Third Parties

We will disclose information to third parties regarding your account or transactions you make:

  1. where it is necessary for completing transactions; or
  2. in order to verify the existence and condition of your account for a third party (such as a credit bureau or merchant); or
  3. in order to comply with a government agency or court orders; or
  4. if you give us written permission.

We will also disclose information to our affiliates regarding your accounts or transfers.

Liability Limitations

We shall have no liability to you other than that imposed upon us by law for our own lack of good faith or failure to act in accordance with the reasonable commercial standards of the banking business.  Reasonableness of care in handling transactions shall be measured by the standard of the reasonableness of the banking procedures established for the transaction involved.  A mere inadvertence or an honest mistake of judgment will not constitute a failure to perform such obligations or a failure to exercise reasonable care, and in no case will be deemed wrongful.  We shall not be liable for consequential, indirect, or special damages even if we have been advised of the possibility of them.

We shall have no liability in any event to you for loss of interest or any other damages resulting from any error of ours in failing to properly credit funds to or debit funds from your accounts unless you inform us of the error within a reasonable time of the transaction.  A "reasonable time" shall never exceed sixty days from the date of the statement for your account which first disclosed the error.  If we pay you interest for an error, the interest rate shall be the one that was in effect for that account during the time between the error being made and its being corrected.  If that account is not an interest bearing account, the rate used to determine the lost use of funds shall be the one that was in effect for the Commercial Savings Account during the applicable time.

We shall not be liable for failure to perform any service under your agreement or your disclosure within the time provided therein in the event and to the extent that the failure arises out of war, civil commotion, an act of God, accident, fire or water damage, explosion, mechanical breakdown, computer or system failure or other failure of equipment, interruption of power supplies or other utility or service, strike or lockout, delay in transportation, legislative action, legal proceeding, government regulation or interference, or any other event beyond our control.

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 not be liable:  (a) if, through no fault of ours, you do not have enough collected funds in your account to make the transfer; (b) if we have not received proper authorization and notice; (c) if circumstances beyond our control (such as fire or flood) prevent the transfer despite reasonable precautions that we have taken; (d) if your account has been tied up in legal proceedings or other actions; or (e) if we act in accordance with the reasonable commercial standards of the banking business.

Indemnification

With respect to all claims of third parties, you agree to reimburse and indemnify us or hold us harmless from any loss, liability, claim, or controversy of any kind arising out of or in connection with, the performance by us of our duties and obligations under your agreement or this disclosure, as well as the costs and expenses (including, but not limited to, reasonable attorney's fees) of defending against any claim or liability arising out of or relating to your agreement or this disclosure; provided, however, that the foregoing shall not apply when we have failed to act in accordance with the reasonable commercial standards of the banking business.

Amendments

Form time to time, we may amend your agreement or this disclosure.  If any amendment results in greater cost or liability to you, we will give you at least 15 days notice by mailing a copy of the amendment to you at your most recent address shown on our records.

Applicable Law

Service transactions are governed by the laws of the State of Illinois.

                                                               

 

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