Bill Pay Agreement(s) and Disclosure

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Bill Pay is a service available in conjunction with Online Banking that deducts funds from your account to pay your bills using our current Online Banking website and your existing login and password.  There is a minimal fee for the convenience of Bill Pay.  This $3.00 per month fee will be deducted from the account that you designate as your primary Bill Pay account.  Additional accounts can be utilized for Bill Pay purposes without additional fees.  Writing notification is required to discontinue use of this service and cancellation of the monthly fee will take place in the month following our receipt of the written request.

This is your bill paying agreement with FirstOak Bank (the Bank).

You may use FirstOak Bank’s bill paying service to direct FirstOak Bank to make payments from your designated checking account to the “Payees” you choose in accordance with this agreement.  The terms and conditions of this agreement are in addition to the account agreements, disclosures and other documents in effect from time to time governing your account (The Account Terms and Conditions for the Internet Banking Agreement).

“You” or “Your” means each person who is authorized to use the service.  “Payee” means anyone, including FirstOak Bank, you designate and the Bank accepts as a “Payee”.

HOW TO SET UP PAYEES/PAYMENTS

  • If you want to add a new “PAYEE”, select the “Payee” tab located in your Bill Pay application or speak to a service representative.
  • You may add a new fixed payment to a “Payee” by accessing the service and entering the appropriate information.  Most other additions, deletions, or changes can be made in writing or by using the service.
  • The Bank reserves the right to refuse the designation of a “Payee” for any reason.
  • You may pay any “Payee” with-in the United States (including U.S. territories and APO’s/AEO’s).
  • The Bank is not responsible for payments that cannot be made due to incomplete, incorrect, or outdated information.

THE BILL PAYING PROCESS

Single Payments – a single payment will be processed on the business day (every day except Saturdays, Sundays, and federal holidays) that you designate as the payment’s process date, provided the payment is submitted prior to the daily cut-off time on that date.  The daily cut-off time is 3 p.m. Central Time.

A single payment submitted after the cut-off time on the designated process date will be processed on the next business day.  If you designate a non-business date (generally weekends and federal holidays) as the payment’s process date, the payment will be processed on the first business day following the designated process date.

Recurring Payments – When a recurring payment is processed, it is automatically rescheduled by the system.  Based upon your selected frequency settings for the payment, a process date is calculated for the next occurrence of the payment.  If the calculated process date is a non-business date, it is adjusted based on the following rules:

  • If the recurring payment’s “Pay Before” option is selected, the process date for the new occurrence of the payment is adjusted to the first business date prior to the calculated process date.
  • If the recurring payment’s “Pay After” option is selected, the process date for the new occurrence of the payment is adjusted to the first business date after the calculated process date.

Note:  If your frequency settings for the recurring payment specify the 29th, 30th, or 31st, as a particular day of the month for processing and that day does not exist in the month of the calculated process date, then the last calendar day of that month is used as the calculated process date.

SINGLE AND RECURRING PAYMENTS

The system will calculate the Estimated Arrival Date of your payment, this is only an estimate, please allow ample time for your payments to reach your “Payees”.

CANCELLING PAYMENT

A bill payment can be changed or cancelled any time prior to the cutoff time on the scheduled process date.

AVAILABLE FUNDS

You agree to have available and collected funds on deposit in the account you designate in amounts sufficient to pay for all bill payments requested, as well as any other payment obligations you have to the Bank.

  • The Bank reserves the right, without liability, to reject or reverse a bill payment if you fail to comply with the above requirement or any other term of this agreement.
  • If you do not have sufficient funds in the account and the Bank has not exercised its right to reverse or reject a bill payment, you agree to pay for such payment obligations on demand.
  • You further agree that the Bank, in its option, may charge any of your accounts with the Bank to cover such payment obligations.

The Bank reserves the right to change the time cut.  You will receive notification prior to the change.

LIABILITY

  • You are liable for all transactions you make or that you authorize another person to make even if that person exceeds his or her authority.
  • If you want to terminate another person’s authority, you must notify the Bank.
  • You will be responsible for any bill payment request you make that contains an error or is a dispute of another bill payment.
  • The Bank is not responsible for a bill payment that is not made if you do not properly follow the instructions for making a bill payment.
  • The Bank is not liable for any failure to make a bill payment if you fail to notify the Bank after you learn that you have not received credit from a “Payee” for a bill payment.
  • The Bank is not responsible for your acts or omissions or those of any other person, including, without limitation, any transmission or communications facility, and not such party shall be deemed to be the Bank’s agent.
  • In any event, the Bank will not be liable for any special, consequential, incidental, or punitive losses, damages, or expenses in connection with this agreement or the service, even if the Bank has knowledge of the possibility of them.
  • The Bank is not liable for any act, failure to act or delay in acting if it is caused, in whole or in part, by any cause beyond the Bank’s reasonable control.

AMENDMENT TERMINATION

The Bank has the right to change this agreement at any time by notice mailed to you at the last address shown for the account on the Bank’s records, by posting notice in branches of the Bank, or as otherwise permitted by law.

  • The Bank has the right to terminate this agreement at any time.
  • You may terminate this agreement by written notice to the Bank.
  • The Bank is not responsible for any fixed payment made before the Bank has a reasonable opportunity to act on your termination notice.
  • You remain obligated for any payments made by the Bank on your behalf.

SERVICE FEES

The fee for the Bill Paying Service is: $3.00 per month, for an unlimited number of monthly payments. Additional charges for customer requested services and other items.  There will be No Charge for any item if needed to correct a Bank error.

The Bank reserves the right to charge you for research time involving payments no longer available in your screen history.

You will be informed of any such charges before they are incurred.  Bill payments are processed by Electronic Funds Transfers (EFT).  Please see the Electronic Funds Transfers Disclosure Statement received when you opened your account, which discloses important information concerning your rights and obligations.  (This disclosure is also available on our website.)