Bankers Trust People Pay Disclosure and Addendum
This People Pay Disclosure and Addendum (the “Addendum”) supplements and constitutes a part of the Bankers Trust Internet Banking and Bill Pay Disclosure & Agreement (the “Agreement”) and sets forth additional terms and conditions for use of the Bankers Trust People Pay (the “Payment Service”). The Agreement remains in full force and effect and is supplemented by this Addendum. To the extent there is a conflict between the terms of the Agreement and this Addendum, the terms of the Addendum will govern your use of the Payment Service. Further, by enrolling in the Payment Service, you agree that the terms of this Addendum apply only to your use of People Pay and do not apply to other products, services, or transactions under the Internet Banking Agreement or any other Agreements you have entered into with Bankers Trust (the “Bank”).
Payment Service Introduction. People Pay is a fast and easy electronic person-to-person payment service that facilitates transfers between your account and any person or entity with an eligible financial institution account. Additionally, you may receive funds through the Payment Service from a payment generated by another user of the Payment Service. In order to utilize the Payment Service, you must maintain an eligible funding account (“Account”) and enrollment in the Bankers Trust Internet Banking Service. An eligible funding account is an account with check-writing privileges that is linked and accessible via your Internet Banking account. Often this is the account you also utilize for the Bill Payment Service. You can facilitate a transfer (“Payment”) to a person or entity (“Recipient”) utilizing their financial institution information, email address, or mobile telephone number.
Payment Service Authorization. You (the “Sender”) authorize the Bank to follow Payment instructions we receive from you through the Payment Service when you provide us with the names, telephone numbers, email addresses, or bank account information for Recipients to whom you wish to direct Payments. When we initiate processing of such Payments you have authorized through the Payment Service, you also authorize us to debit the Account for the amount of the Payment, plus any service fees in effect at the time the Payment instructions are received, and to remit funds to the Recipient as indicated in the Payment instructions.
The Bank is relying on information you provide when you enter Payment instructions. Any errors, including incorrect Recipient names, email addresses, mobile telephone numbers, or bank or account number information, are your responsibility as the Sender, and the Bank does not confirm or verify the information you enter prior to sending the Payment.
Payment Criteria and Limitations. Payments made through the Payment Service are subject to the following criteria and limitations:
|
Payment Methodology |
Recipient Information Needed |
Transaction Limit |
Daily Limit |
Debit to Sender’s Account |
|---|---|---|---|---|
|
Account-to-Account Transfer |
Recipient’s bank routing/transit and account numbers |
$750 |
$1,500 |
Real-time, when Payment is authorized. |
|
Recipient Chooses |
Recipient’s email address or mobile telephone number |
$250 |
$500 |
When the Recipient claims the Payment. |
Payment Edits or Cancellation. Account-to-Account payments begin processing immediately after you click the button to submit the Payment and cannot be edited or canceled. For Recipient Chosen Payments, the Payment may be canceled if the Recipient has not claimed or picked up the Payment yet. Inquiries and requests to edit or cancel Payments should be directed to Customer Service at 1-800-362-1688, Monday through Friday 7:30 am to 8:00 pm Central Time and Saturdays from 8:00 am to noon Central Time. Please see the Electronic Funds Transfers – Your Rights and Responsibilities section of the Internet Banking and Bill Pay Agreement and Disclosure for complete information about your rights and responsibilities in facilitating Payments utilizing the Payment Service.
Claimed Payments. You will not receive a notification when a Payment has been claimed. However, Payment status can be confirmed by viewing the Outgoing Payments tab on the Payment Service dashboard.
Declined and Expired Payments. If a Payment is declined by the Recipient, you will receive an email or text message notification from the Payment Service.
The following criteria apply to Payment expirations:
|
Payment Methodology |
Expiration Period |
|---|---|
|
Account-to-Account Transfer |
Payment happens in real-time and either succeeds or fails. No expiration. |
|
Recipient Chooses |
The Payment will expire in 14 days if the Recipient does not claim it. |
Limitation on Liability. The Bank will not be liable to you for Payments that are not properly completed in the following instances:
- If there is a hold on your Account, or if access to your Account is blocked, in accordance with banking policy. Please note that funds in the Account must be available in order to facilitate the transfer of Payment. Recent deposits made to your Account may not be available immediately. Please refer to the Funds Availability Policy section of the Consumer Terms & Conditions provided to you at Account opening.
- If your funds are subject to legal process or other encumbrance restricting the transfer.
- If you have insufficient funds in your Account to complete the Payment.
- If your Payment authorization terminates by operation of law.
- If you believe someone has accessed your account(s) without your permission and you fail to notify the Bank as detailed in the Electronic Fund Transfers – Your Rights and Responsibilities section of the Internet Banking and Bill Pay Agreement and Disclosure.
- If we received incomplete or inaccurate information from you or a third party involving the Account or Payment instruction.
- If the Bank has a reasonable basis for believing that unauthorized use of your Internet Banking credentials or Account(s) has occurred or may be occurring.
- If you are in default of this Addendum and its terms and conditions or any other agreement you have with the Bank.
- If Recipient refuses to accept a payment.
- If the Bank, or you, terminate the Internet Banking and Bill Pay Service or suspend or terminate the People Pay Payment Service.
Consumer Liability – Your Rights & Responsibilities. Tell us AT ONCE if you believe your internet or mobile banking credentials (username and/or password) or other means of accessing your account(s) have been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within two (2) business days after you discover your internet or mobile banking credentials or other means to access your account have been lost or stolen, you can lose no more than $50 if someone used your account without your permission.
If you do NOT tell us within two (2) business days after you learn of such loss or theft, and we can prove we could have prevented the unauthorized use of your internet or mobile banking credentials or other means to access your account if you had told us, you could lose as much as $500.
Also, if your account statement contains transfers that you did not authorize, tell us at once. If you do not tell us within sixty (60) days after the statement was sent to you, you may lose any amount transferred without your authorization 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 may extend the time periods.
Contact for an Unauthorized Transfer. If you believe your internet or mobile banking credentials or other means of accessing the account(s) have been lost or stolen, call: 1-800-362-1688 Or, write: Bankers Trust, Customer Service Department 453 7th Street, P.O. Box 897 Des Moines, Iowa 50304-0897 Or, email: [email protected]
For your protection, please do not email personal financial information.
Customer Service hours are Monday through Friday 7:30 am to 8:00 pm CT and Saturday 8:00 am to noon CT. You should also call the number, write to the address listed above, or email if you believe a transfer has been made using the information from your check without your permission.
Business Days. For purposes of these disclosures, our Business Days are Monday through Friday, excluding federal holidays. Telephone support is also available as indicated above.
Documentation. You will get a monthly account statement from us for your checking accounts.
Confidentiality. It is our general policy to treat your account information as confidential. However, we will disclose information to third parties about your account or the transactions you make in the following situations:
- Where it is necessary for completing transactions;
- Where it is necessary for activating additional services;
- In order to verify the existence and condition of your account to a third party;
- To a consumer reporting agency for research purposes only;
- In order to comply with a governmental agency or court orders;
- If you give us your written permission; or
- As explained in our Privacy Notice
In Case of Errors or Questions About Your Electronic Transfers. Telephone or write us as indicated in the above section, Contact in the event of an unauthorized transfer, as soon as you can if you think your statement is wrong or if you need more information about a transfer listed on the statement. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
(1) Tell us your name and account number (if any).
(2) 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.
(3) 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 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 credit 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 credit 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 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.
Insufficient Funds. You must reimburse the Bank immediately upon demand for any Payment completed for which your Account does not contain sufficient funds. Further, you must reimburse the Bank for any fees, including Overdraft fees, resulting from the Payment. We may report information about your Account, including Account mismanagement and defaults, to credit bureaus.
Payment Service Termination. Access to the Payment Service may be suspended or terminated by the Bank at any time. Your cancelation of the Bank’s Internet Banking Service will also cancel your access to the People Pay Payment Service.
By enrolling in the Payment Service, you agree to the terms and conditions described in this Addendum and the Agreement related to the Internet Banking and Bill Pay Services. Please print a copy of this Addendum for your records and retain with your Internet Banking and Bill Pay Agreement.