Terms and Disclosures
a division of Sunmark Federal Credit Union, offers
those who meet eligibility requirements an online savings
account that offers a great rate and no minimum balance
fees at our site(s) on the World Wide Web (the “Site”)
as a service to our customers. RateEdge.com requires
that all visitors to the Site adhere to the following
Terms and Disclosures. By accessing the Site and any
of its pages, you indicate your acknowledgement and
acceptance of the Terms and Disclosures set forth below
without limitation or qualification. RateEdge.com may
revise these Terms and Disclosures at any time by updating
this posting, which revisions will be binding upon
all visitors to the Site. You should therefore visit
this posting to review these Terms and Disclosures
from time to time as you visit the Site.
disclosure contains information about terms, fees
and dividend rates for the deposit accounts we offer.
Policy, Electronic Funds
Transfer, Consumer Funds
Transfer, Rate Sheet, Electronic Statements Agreement and Fee
Schedule are made part of this disclosure.
Governing Law. This agreement
is made in New York and shall be construed and
governed by the laws of the state of New York to
the extent that New York law is not inconsistent
with controlling federal law.
Deposit Insurance. Accounts are insured to $250,000
by the National Credit Union Administration, an agency of the federal
government. Since RateEdge.com is a division of Sunmark, if someone
has a single account at both RateEdge.com and Sunmark, those two
accounts are added together and are insured up to $250,000. There
are exceptions, however. For example, if a someone has a Savings
Account and a Convergence Individual Retirement Account (IRA) at
Sunmark, each account is insured separately up to $250,000. For
specific information regarding deposit insurance, please request
a copy of the brochure by clicking Your
Insured Funds or by calling 866-588-6988.
Accounts. If you open a joint account,
any or all of the joint owners can make deposits
or withdrawals. We can act on the instructions
of any of the joint owners. We have the right to
endorse any checks or other orders for the payment
of money made out to any of the joint owners, and
once endorsed, we can deposit them into the joint
account. You agree that any money in this account
can be paid to any of the joint owners, whether
or not the other owners are alive at the time of
the payment. You agree that it is your intention
to create a joint tenancy with the right of survivorship
in this account, and if one or more of the joint
owners dies, the funds in the account including
dividends pass to the remaining owners. We reserve
the right to require written consent of all owners
for any change to or termination of an account.
of Liability. RateEdge.com is not responsible
for or subject to any liabilities to its customers
other than those imposed upon it by the Uniform
Commercial Code for its own lack of good faith
or its own failure to exercise ordinary care. The
obligation to exercise ordinary care in the handling
of items of deposit and withdrawal shall be measured
by the standard of reasonableness of procedures
established for the transaction involved. Clerical
errors, inadvertence, oversight without malice,
or an honest mistake of judgement shall not be
nor constitute, as to any transaction, a failure
to perform such obligations nor a failure to exercise
ordinary care and in no case shall be deemed wrongful.
Lien. If you are in default on a financial
obligation to RateEdge.com or Sunmark, federal
law gives us the right to apply the balance of
shares and dividends in either your RateEdge.com
or Sunmark account(s) at the time of default to
satisfy that obligation. Once you are in default,
we may exercise this right without further notice
Proceedings. If your account becomes involved
in legal proceedings, your use of it may be restricted.
Attorney Fees and Expenses. If we need to hire
an attorney to represent us in any matter relating to your account,
you agree to pay for all reasonable attorney’s fees and expenses
incurred by us.
Withdrawal and Transfer Limits. During
any month, you may make up to six withdrawals or
transfers from your RateEdge.com account to another
account of yours by the following means: a transfer
by telephone, a transfer by Online Banking, a transfer
or a pre-authorized ACH debit.
may make unlimited payroll deduction/direct deposit,
wire transfers and bank-by-mail transactions. However,
RateEdge.com has the authority to impose a notice
requirement of up to 60 days for the withdrawal of
Fees. Other fees may be charged and will appear
in your electronic periodic statement (see Fee Schedule.)
of Dividends for Dividend-Bearing Accounts. Dividends
on non-cash items (e.g., checks) begin to accrue
on the business day they are deposited.
Computation Method for Dividend-Bearing Accounts. RateEdge.com
uses the daily balance method to calculate dividends
in your account. This method applies a daily periodic
rate to the principal in your account each day.
of Dividends for Dividend-Bearing Accounts. Dividends
are paid from current income and available earnings,
after required transfers to reserves at the end
of the dividend period.
and Crediting for Dividend-Bearing Accounts. Dividends
are compounded monthly. Dividends are credited
to your account on the last day of the month.
Funds. Debits from your Edge savings account,
including Funds Transfer, ACH debits, wires, etc.,
are paid in the order they are presented to RateEdge.com,
or our representative, for payment.
a debit tries to clear your account for more money
than you have in your account, you will be overdrawn
and we will return the item unpaid (see Fee
If we accept a check for deposit to your account
and it is returned to us unpaid, we will charge your
account for the unpaid check (see Fee
Schedule). In most instances, a copy of the unpaid
check will be mailed to you at the address shown
on our records.
an Item. If you do not want us to pay
an ACH Debit (item) you have scheduled, you can
request to stop payment. You can notify us by mail
or phone. An oral Stop Payment Order (hereafter
referred to as “Order”) is only effective
for 14 days unless it is confirmed in writing within
the l4-day period. Once a written Order is received,
it is effective for 6 months from the date of the
will not be responsible for stopping a payment unless
we receive the correct information from you necessary
for the computer system to identify the item and
the Order is received by RateEdge.com within a reasonable
time for RateEdge.com to act on the Order prior to
final payment. The Order needs to include your account
number, the number and date of your item, the name
of the payee, and the item amount. If yours is a
joint account, we will accept an Order from any owner,
regardless of who scheduled the item (see Fee
Terms and Conditions. All RateEdge.com
accounts are subject to other terms and conditions
and service charges as RateEdge.com may establish
from time to time.
objection regarding any item shown on a periodic
statement is waived unless made in writing to RateEdge.com
before the end of 60 days after the statement is
mailed or sent.
Initial Funding of Your Account. Your RateEdge.com account will be opened
by authorizing us to transfer funds electronically through an automated
clearinghouse (ACH) entry from a transaction account designated and owned
by you at another financial institution or by authorizing us to fund
your account using your credit card. A $5 minimum deposit amount is required
to establish and maintain an account. For your protection, your opening
deposit amount made via automated clearinghouse (ACH) will not be available
to you for 5 business days from the day your account is processed (the
business day following the day you opened your account). Your opening
deposit amount made via credit card will be available on the day the
account is processed.
Account Transactions. Once you have funded your
Edge Savings Account as described above, you may make transfers
to and from an External Account designated and owned by you at another
Financial Institution using the Transfer Funds Service through RateEdge.com’s
online banking (see Fee Schedule).
You will need to sign up for the Transfer Funds Service and will
receive separate disclosures for the Transfer Funds service from
RateEdge.com’s third party provider.
Banking Access. In order to use RateEdge.com,
you must have an Internet Service Provider (ISP)
and a Web browser that supports the level of encryption
employed by RateEdge.com, currently 128 bit. RateEdge.com
may change these requirements from time to time.
If any of these requirements change, we will provide
you with advance notice of the change.
Periodic Statement and Disclosures. Accessing
RateEdge.com via the Internet means you agree to
receive electronic communications in connection
with these services. These include, but are not
limited to, our customer Internet Banking agreements
and amendments thereto, all service and product
dislosures, notices, responses to claims, service
history and transaction records, privacy policies,
and all legal, regulatory and other communications
related to RateEdge.com. This requires that you
keep your email address as listed in your profile
In the event you no longer have Internet Banking access or do not
wish to receive your periodic statement or disclosures electronically,
your account will convert to a Sunmark Membership Savings Plan.
Funds Availability. After the
initial funding, our general policy is to make
funds from your check deposits available to you
on the first business day after the day we receive
your deposit. Electronic direct deposits will be
available on the day we receive the deposit. Once
they are available, you can transfer the funds
using Funds Transfer.
Delays May Apply. In some cases, we will
not make all of the funds that you deposit by check
available to you on the first business day after
the day of your deposit. Depending on the type
of check you deposit, funds may not be available
until the fifth business day after the day of your
deposit. The first $200 of your deposit, however,
will be available on the first business day.
we are not going to make all of the funds from your
deposit available on the first business day, we will
mail you a notice the day after we receive your deposit.
We will also tell you when the funds will be available.
If you will need the funds from a deposit right away,
you should ask us when funds will be available.
addition, funds you deposit by check may be delayed
for a longer period under the following circumstances:
believe a check you deposited will not be paid.
You deposit checks totaling more than $5,000 on any one day.
You redeposit a check that has been returned unpaid.
You have had a negative balance in your account repeatedly in the
last 6 months.
There is an emergency, such as a failure of communications or computer
will notify you if we delay your ability to withdraw
funds for any of these reasons, and we will tell
you when the funds will be available. Funds will
generally be available no later than the fifth business
day after the day of your deposit.
Rules for New Accounts. If you are a new
customer, the following special rules apply during
the first 30 days your account is open:
from electronic direct deposits to your account will
be available on the day we receive the deposit. Funds
from wire transfers and the first $5,000 of a day's
total deposit of cashier's, certified, teller, traveler's,
and federal, state and local government checks will
be available on the first business day after the
day of your deposit, if the deposit meets certain
conditions. For example, checks need to be payable
to you. The excess over $5,000 will be available
on the ninth business day after the day of your deposit.
The first $5,000 will not be available until the
second business day after the day of your deposit.
Funds from all other check deposits, excluding foreign
checks, will be available on the fifth business day
after the day of your deposit.
The Edge Savings
is a dividend-bearing
in the Rate
Balance Requirement. You need to maintain
a minimum balance of $5 in your account each day
to obtain the disclosed annual percentage yield
and to keep your account open.
Electronic Statements Agreement
This Agreement contains the terms and conditions for the use RateEdge.com’s (a division of Sunmark Federal Credit Union,) (“us”, “our”, or “we”) Electronic Statement service (“service”) that we may provide to you (“member”, “you” or “User”). Other agreements you have entered into with us, including the Account Terms & Disclosures governing your account, are incorporated by reference and made part of this Agreement.
- Acceptance of These Terms. Your use of the service constitutes your acceptance of this Agreement. This Agreement is subject to change by us from time to time. We will notify you of any material change via email or on our website by providing a link to the revised Agreement. Your continued use of the service will indicate your acceptance of the revised Agreement. Further, we reserve the right, in our sole discretion, to change, modify, add, or remove portions from the service. Your continued use of the service will indicate your acceptance of any such changes to the service. We reserve the right to terminate this agreement without notice at any time.
- Services. You hereby authorize RateEdge.com to provide periodic financial statements and notices to you electronically, unless you request paper statements. Notice may include but are not limited to Overdraft Notices, Tax Notices, and Certificate Renewal Notices.
- Paper Statements. By choosing Electronic Statements, you will not receive a paper statement but may request one at any time (see “Contacting Us” below.) This means that along with your statement you may also electronically receive any materials that would have gone out with the paper statement including disclosures and promotional materials.
- E-Mail Address. You will provide us with an email address that will be used to send you all electronic statement related notifications. You will let us know immediately if this email address changes (See Contact Information below). If your email address changes and we are not notified, we will send all electronic statement related notifications to any other email address we may have on record for you. We may, at any time, convert your electronic statement to paper statement status if we do not have a valid email address for you. You further understand that you have no expectation of privacy if the statement link is transmitted to any email address provided by you, but not owned by you (such as an email address you use at your employer’s business). You further agree to release RateEdge.com from any liability if the information is intercepted or viewed by an unauthorized party at your employer or other email address selected by you.
- Security Requirements. You will be required to enter your logon information and password/PIN to view the electronic statement(s) and images. It is your sole responsibility to protect your logon and password from unauthorized persons.
- Notice of Availability. Upon receipt of your consent and using the email address you provide, we will send you notification of the availability of your periodic account statement each statement period (statement cycle).
- Revocation. Your consent to receive electronic periodic statements shall remain in effect until revoked by you. If you elect to revoke your consent to receive electronic statements you may notify us via email at email@example.com or by telephone at 1-866-588-6988. If the revocation of your consent is received less than ten (10) days before the end of your normal statement cycle it may not take effect until the following statement cycle. (See “Contacting Us” below.)
- Limitations of Service. When using the service, you may experience technical or other difficulties (i.e. sign on, connectivity, scanning, check acceptance, etc.). We are not liable and will not assume responsibility for any technical or other difficulties or any resulting damages that you may incur. We reserve the right to change, suspend or discontinue the service, in whole or in part, or your use of the service, in whole or in part, immediately and at any time without prior notice to you.
- Errors. In case of errors or questions about your electronic statement(s), notify us via email at firstname.lastname@example.org, telephone us at 1-800-462-8448, or notify us in writing at:
as soon as possible. We must hear from you no later than 60 days after we sent you the FIRST statement on which the error or problem appeared. Please provide the following information in your correspondence:
P.O. Box 16370
Albany, NY 12212
- 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.
We will investigate your complaint and will correct any error promptly. If we take more than 10 business days to do this, we will credit your account 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. All electronic statements shall be in full compliance with applicable laws and regulations.
- Contacting Us. If you need information on how to update your email address, request a paper copy of your statement or request that we change your password, contact us via email at email@example.com, via our toll-free number (1-800-462-8448), or at any of our branch offices.
- Ownership and License. You agree that we retains all ownership and proprietary rights in the service, associated content, technology, and website. Your use of the service is subject to and conditioned upon your complete compliance with this Agreement. Without limiting the effect of the foregoing, any breach of this Agreement immediately terminates your right to use the service. Without limiting the restriction of the foregoing, you may not use the Service (i) in any anti-competitive manner, (ii) for any purpose which would be contrary to our business interest, or (iii) to our actual or potential economic disadvantage in any aspect. You may not copy, reproduce, distribute or create derivative works from the content and agree not to reverse engineer or reverse compile any of the technology used to provide the service.
- Disclaimer of Warranties. You agree your use of the service and all information and content (including that of third parties) is at your risk and is provided on an “as is” and “as available” basis. We disclaim all warranties of any kind as to the use of the service, whether express or implied, including, but not limited to the implied warranties of merchantability, fitness for a particular purpose and noninfringement. We make no warranty that the service (i) will meet your requirements, (ii) will be uninterrupted, timely, secure, or error-free, (iii) the results that may be obtained from the service will be accurate or reliable, and (iv) any errors in the service or technology will be corrected.
- Limitation of Liability. You agree that we will not be liable for any direct, indirect, incidental, special, consequential or exemplary damages, including, but not limited to damages for loss of product, goodwill, use, date or other losses resulting from the use or the inability to use the service incurred by you or any third party arising from or related to the use of, inability to use, or the termination of the use of this service, regardless of the form or action or claim (whether contract, tort, strict liability or otherwise), even if we have been informed of the possibility thereof.
- Force Majeure. We shall not be responsible for liability, loss, or damage of any kind resulting from any delay in the performance of or failure to perform its responsibilities hereunder due to causes beyond our reasonable control.
- Other Terms. You may not assign this Agreement. This Agreement is entered into in New York and shall be governed by the laws of the State of New York and of the United States. A determination that any provision of this Agreement in unenforceable or invalid shall not render any other provision of this Agreement unenforceable or invalid.
- Electronic Signature. This Agreement is an electronic contract that sets out the legally binding terms of your use of the service. You indicate your acceptance of this Agreement and all of the terms and conditions contained or referenced in this Agreement by clicking on the “I Accept” button below in connection with your enrollment. This action creates an electronic signature that has the same legal force and effect as a handwritten signature. By clicking on the “I Accept” button, you accept the Agreement, and agree to the terms, conditions and notices contained or referenced therein. When you click on the “I Accept” button, you also consent to have the Agreement provided to you in electronic form. You have the right to receive the Agreement and other notices in non-electronic form.
Your Privacy Is Important at RateEdge.com.
RateEdge.com, a division of Sunmark Federal Credit
Union®, we recognize the importance of your privacy
and are committed to providing the highest level
of security and privacy regarding the collection
and use of our customers’ personal information.
We respect your right to privacy and takes every
precaution to provide you with the same level of
privacy whether using traditional or electronic delivery
channels. If you have any questions, please contact us.
Information We Collect About You (PDF)
following describes our policies and practices to
protect your privacy, which are followed by RateEdge.com
and its’ parent company Sunmark, and therefore
this notice applies to both. If you have any questions,
please contact us at:
Party Link Disclosure
From time to time, RateEdge.com will include links to alternate, third party websites not operated by RateEdge.com or Sunmark Federal Credit Union. Although we carefully select business partners and other organizations that are provided as links, please be advised that RateEdge.com and Sunmark Federal Credit Union do not guarantee the products, information, recommendations, or security at these linked sites, and are not liable for failure of products or services advertised or offered on them.
Fund Transfers Account Agreement
Disclosure and Agreement does not apply to the Transfer
Funds service within RateEdge.com’s Online Banking
Service. Customers receive separate EFT Disclosures
from RateEdge.com’s third-party provider. See Fee
Schedule for applicable fees.
addition to any other agreements applicable to such
services, the following terms and conditions govern
these services and are being provided to you in accordance
with federal and state law.
For the purposes of this Disclosure and Agreement, our “business
days” are Monday through Friday, excluding legal holidays.
Security Code” refers to the combination of User ID and
Password needed to access Online Banking Services.
“ Online Banking” refers to access to RateEdge.com’s accounts
via the Internet.
“ You” and “your” refer to each and every one who utilizes
EFT service(s). The words “we,” “us,” and “RateEdge.com” refer
to RateEdge.com, a division of Sunmark Federal Credit Union®.
AND TYPES OF AVAILABLE TRANSFERS
Account Access. You may make
one-time or periodic preauthorized transfers
to a third party from your RateEdge.com accounts.
may use RateEdge.com’s Online Banking Service
a) Inquire about account balances, available funds, dividends,
annual percentage yields, and transaction history, and download
transaction history regarding your deposit account(s); and
b) Transfer funds from your Edge account to another account
owned by you at a different financial institution (Inter-Institutional
Funds Transfer). Additional disclosures apply.
E Limitations on Frequency of Transfers and Dollar
Amounts of Transfers. There
are no limits on the number or frequency of transactions
you may initiate through RateEdge.com’s Online
Banking Service, provided there are available funds
in your account.
RateEdge.com reserves the right to limit the frequency and dollar
amount of transactions at any time for security and/or contract
Procedures for Lost/Stolen/Compromised
Security Code. Tell us at once if
you believe your Sunmark RateEdge.com Security
Code has been lost, stolen, or compromised.
Telephoning is the best way of keeping your
possible losses down. You could lose all the
money in your account.
Security Code. If you report to us within
two business days that your your RateEdge.com Security
Code was compromised, you can lose no more than
$50 if someone used your Security Code without
your permission. If you do not tell us within two
business days after you learn your RateEdge.com
Security Code was compromised, and we can prove
we could have stopped someone from using the service
without your permission if you had told us, you
could lose as much as $500.
you believe your RateEdge.com Security Code has been
lost, stolen, or compromised, or that someone has
transferred or may transfer money from your account
without your permission, call 866-588-6988 or
P.O. Box 16370
Albany, New York 12212
Errors. If your statement shows transactions
that you did not make, tell us at once. If you
do not tell us within 60 days after your eStatement
has been made available to you online, you may
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 on time.
a good reason (such as a hospital stay) kept you
from telling us, we will extend the time period.
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 in the following circumstances:
through no fault of ours, you do not have enough
money in your account to make the transfer or payment.
the service or internet was not working properly
and you knew about the breakdown when you started
circumstances beyond our control (such as fire,
flood, or interference from an outside force, such
as delays by the U.S. Postal Service or Automated
Clearing House) prevent the transfer, despite reasonable
precautions we have taken.
we were legally restricted from transferring the
funds in your account.
the information supplied by you or a third party
is incorrect, incomplete, ambiguous, or untimely.
you have a negative balance or are in default on
an account to which you are making a transfer.
you are in default on a loan with us.
may be additional exceptions stated in our other
agreement(s) with you.
or Questions About Your Electronic Transfers
If you think your eStatement, receipt or electronic confirmation is wrong
or if you need more information about a transfer listed, call us immediately
at 866-588-6988 or write to:
P.O. Box 16370
Albany, New York 12212
us your name and account number.
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.
us the dollar amount of the suspected error and,
if possible, the date it appeared on your statement.
will be helpful if you give us a telephone number
at which you can be reached in case we need further information.
must hear from you no later than 60 days after we
sent the first eStatement on which the problem or
error appeared. If you tell us orally, we may require
that you send us your complaint or question in writing
within 10 business days.
will tell you the results of our investigation 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 re-credit
your account within 10 business days for the amount
you think is in error (20 business days if your account
has been open for 30 days or less) so that you will
have use of the funds during the time it takes us to
complete the investigation. If the error concerns
an electronic fund transfer that is: (1) a foreign
initiated transaction, or (2) a transaction occurring within
the first 30 days after deposit to a new account,
a 90-day investigation period in place of the 45-day
period will apply. 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 re-credit your account.
we decide there is no error, we will send you a written
explanation, no later than 10 business days after
we finish our investigation. You may ask for copies
of the documents we used in the investigation and
we will make them available to you for your inspection.
For a reasonable fee covering our duplicating costs,
we will provide you with copies of any such documents
you request (see Fee Schedule).
If we credit your account with funds while investigating
an error, you must repay those funds to us if we conclude
no error has occurred.
your alleged error concerns a transfer to or from
a third party (for example, a Social Security payment),
our investigation may be limited to a review of our
own records. If we decide that there was no error,
you may wish to contact the third party to pursue
the matter further.
of Account Information to Third Parties
We will disclose information to third parties about your account or a
transfer you make: (1) where it is necessary for completing transfers
and electronic payments; (2) in order to comply with a government agency
or court order; (3) if you give us written permission; (4) to our employees,
auditors, service providers, attorneys or collection agencies in the
course of their duties.
RIGHT TO RECEIVE DOCUMENTATION OF TRANSFERS
Pre-authorized Credits. If
you have arranged to have direct deposits made
to your account at least once every 60 days
from the same person or company, you can find out
whether or not the deposit has been made by
calling 866-588-6988 or using
your Security Code to access RateEdge’s
these payments vary in amount, the person whom you
are paying is required to tell you 10 days before
each payment, when the payment will be made and how
much it will be. You may choose to get this notice only
when the payment will differ by more than a certain
amount from the previous payment, or when the amount
would fall outside certain limits you set.
eStatements. You will get a monthly account
electronic statement of the electronic fund transfer
activity on your accounts, unless there are no
transactions in a particular month. In any case,
you will receive a statement at least quarterly.
Be sure to thoroughly review and verify all statement
Evidence of Transaction. Any documentation
provided to you which indicates that an electronic
fund transfer was made shall be admissible as evidence
of such transfer and shall constitute proof that
such transfer was made.
Payment of Pre-authorized Transfers
If you have told us in advance to make regular electronic fund payments
out of your account to a third party, you can stop any of these payments. It
will be your responsibility to notify the originator of an EFT payment from
your account, in writing, when you wish to change or stop the transaction. RateEdge
must receive a copy of the above notification to enable us to ensure
the transaction does not take place on the account again. Call us at 866-588-6988 or
P.O. Box 16370
Albany, New York 12212
time for us to receive your request 3 or more business
days before the payment is scheduled to be made.
you call us, we may require you to put your request
in writing and get it to us within 14 days after
your call. Once we have processed your stop payment
request, we will stop the payment in the amount indicated
by you, to the third party named in your request,
unless you instruct us, in writing, to resume making
such payments. There will be a minimal charge for
each stop payment order (see Fee
you have properly requested us to stop any of these
regular payments, and we do not do so, we will be
liable to you for damages which you prove are directly
caused by our failure to stop payment.
TERMS AND CONDITIONS
Illegal Use of Online Banking. You
agree that illegal use of the RateEdge.com’s
online banking will be deemed an action of
default and/or a breach of contract and your
account and other related services may be terminated
at RateEdge.com’s discretion. You further
agree, should illegal use occur, to waive any
right to sue RateEdge.com for such illegal
use or any activity indirectly related to it
and additionally agree to indemnify and hold
Sunmark harmless from any suits or other legal
action or liability, resulting from such illegal
use. RateEdge.com reserves the right to decline
to authorize any transaction that may possess
an undue risk of illegal activity.
and Care of Your RateEdge.com Security Code. Upon
the approval of your request for Online Banking
access, we will issue you a Security Code. You
agree to take proper care of your Security Code,
ensuring that the Security Code is not given to
any other person. You will not allow any other
person to use your RateEdge.com Security Code,
and if it is lost, stolen, or compromised, you
agree to notify RateEdge.com immediately.
Your RateEdge.com Account. You agree that
you will not use any EFT services to create a negative
balance in your account. If you have a negative
balance in your account, you will pay the full
amount of the negative balance to RateEdge.com
immediately upon request.
can terminate this agreement at any time by notifying
us in writing and by no longer using your Security
Code. We can also terminate this agreement at any
time. Termination will not relieve you of any negative
Funds Transfer Agreement
4A of the Uniform Commercial Code and the Board of
Governors of the Federal Reserve has amended Subpart
B of Regulation J. This is intended to establish
a comprehensive legal framework covering the duties
responsibilities and liabilities of all parties involved
in funds transfers including wire transfers, automated
clearinghouse (ACH) credits and some book transfers
on the institution’s records.
agreement contains several notices which we are required
to provide to you as well as establish other terms
of agreement which will apply to all funds transfers
involving you and RateEdge.com. Using RateEdge.com
to send or receive funds transfers shall constitute
your acceptance of these terms of agreement.
the extent that the terms contained in this agreement
are different than those in any other agreement or
terms of account, this agreement shall control and
be deemed to modify such other agreements or terms
Any wire requests to be sent initially to a foreign institution,
received prior to 11:00 am on a weekday that RateEdge.com is
open, will be processed the same day. All other wire requests
received by 2:00 pm on a weekday that RateEdge.com is open will
be processed the same day. From time to time, RateEdge.com may
establish or change cut-off times for the receipt and processing
of funds transfers requests, amendments, or cancellations. Payment
orders, cancellations, or amendments received after the applicable
cut-off time may be treated as having been received on the next
week day we are open and processed accordingly.
RateEdge.com may charge your account for the amount of any funds
transfer initiated by you or by any person authorized by you
as a joint tenant or other authorized party with the right of
access to the account from which the funds transfer is to be
made plus any applicable fees (see Fee
Sunmark may establish, from time to time, security procedures
to verify the authenticity of a payment order. If the request
is by phone, fax, or mail, RateEdge.com will identify you by
verifying specific personal information on your account, and
possibly the amount & date of your last deposit, your funds
transfer amounts and so on. In certain circumstances, RateEdge.com
will call you to further confirm your identity and payment order
or we may require a written and signed payment order. You agree
that the authenticity of payment orders may be verified using
these security procedures unless you notify RateEdge.com in
writing that you do not agree to these security procedures.
In that event, RateEdge.com shall have no obligation to accept
any payment order from you or other authorized parties on the
account until you and RateEdge.com agree, in writing, on an
alternate security procedure.
If you send or receive a wire transfer, Fedwire may be used.
Regulation J is the law covering all Fedwire transactions. This
means that your rights and liabilities in a wire transfer involving
Fedwire will be governed by Regulation J.
- You will
be responsible for knowing the identity of recieving parties.
Sunmark reserves the right to reject any wire.
If you give RateEdge.com a payment order which identifies the
beneficiary recipient of the funds by both name and identifying
or account number, payment may be made by the beneficiary’s
bank on the basis of the identifying or bank account number,
even if the number identifies a person or entity different than
the named beneficiary. This means that you will be responsible
to RateEdge.com if the funds transfer is completed on the basis
of the identification number you provided to RateEdge.com.
If you give RateEdge.com a payment order which identifies beneficiary
recipient, an intermediary or beneficiary's bank by both name
and an identifying number, a receiving bank may rely on the
number as the proper identification even if it identifies a
different person or entity than the named bank. This means that
you will be responsible for any loss or expenses incurred by
a receiving bank which executes or attempts to execute the payment
order in reliance on the identifying number you provided.
RateEdge.com may give you credit for automated clearing house
(ACH) payments before it receives final settlement of the funds
transfer. Any such credit is provisional until RateEdge.com
receives final settlement of the payment. You are hereby notified
and agree, if RateEdge.com does not receive such final settlement,
that it is entitled to a refund from you for the amount credited
to you in connection with the ACH entry. This means that RateEdge.com
may provide you with access to ACH funds before RateEdge.com
actually receives the money. However, if RateEdge.com does not
receive the money, then RateEdge.com may reverse the entry on
your account and you would be liable to repay RateEdge.com.
ACH transactions are governed by operating rules of the National
Automated Clearing House Association. In accordance with these
rules, RateEdge.com will not provide you with next day notice
of receipt of ACH credit transfers to your account. You will
continue to receive notices of receipts of ACH items in the
periodic electronic statements which we provide you.
If RateEdge.com receives a funds transfer for you or for other
persons authorized to have access to your account, you agree
that RateEdge.com is not obligated to provide you with the next-day
notice of the receipt of the funds transfer. RateEdge.com will
provide you with notification of the receipt of all funds transfers
by including such items in the periodic statements which we
provide you. You may, of course, inquire between receipt of
periodic electronic statements whether or not a specific funds
transfer has been received.
If RateEdge.com becomes obligated under Article 4A to pay interest
to you, you agree that the rate of interest to be paid shall
be equal to the dividend rate, on a daily basis, applicable
to the account at RateEdge.com to which the funds transfer was
If you have any questions regarding this agreement and notice,
please ask us before you execute the Application.
of a Deposited Check
Membership (within 90 days)
(1st half-hour is free)
Payment on an ACH Item
Membership Eligibility Fee
Transfers (Outgoing) - Outside USA
(Outgoing) - USA
To transfer into RateEdge.com account
transfer funds out of RateEdge.com account
Two free transfers per month, then:
information is subject to change without notice
at the discretion of the Board of Directors.
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