Online Banking Agreement and Disclosures
I. Terms and Conditions of Agreement
A. What This Agreement Covers
This Agreement between you and Wilshire Bank (Bank) governs the use of Online Banking services. These services permit Wilshire Bank customers (consumers, sole proprietors, and other business account customers) to perform a number of banking functions on accounts linked to the Service through the use of a personal computer, a touch-tone telephone, and/or Cell / SMART phones with Windows Mobile or WAP 2.0 enabled.
B. Accepting the Agreement
When you use any of the Online Banking services described in this Agreement, or authorize others to use them, you agree to the terms and conditions of the entire Agreement. This Agreement is subject to the terms and conditions and other disclosures in the “Understanding Your Deposit” booklet you received when you opened your account with us. This does not in any way change any existing agreements already in place. You should review those agreements for any applicable fees, for limitations on the number of transactions you can make, and for other restrictions that might impact your use of an account with Online Banking services. In this Agreement, the words:
- "we, "us", "our" and "Bank" are used to refer to Wilshire Bank
- "you" or "your" refers to the owners or holders of the deposit or loan account set up for internet access, including their authorized representative(s).
- "account" means your accounts at Wilshire Bank
- "Agreement" refers to this Electronic Banking Agreement and Disclosures.
- "authorized representative" refers to a person who has been granted authority to perform any and all internet banking transactions on behalf of the owner of an account with Wilshire Bank.
- "business day(s)" means Monday through Friday, excluding holidays.
- "consumer" refers to a natural person who has a deposit or loan account with Wilshire Bank, which account is used primarily for personal, family or household purposes.
- "customer" refers to any person, whether consumer or business, who has a banking relationship with Wilshire Bank.
- "electronic fund transfers" refers to both internet/mobile and telephone fund transfers you make between your Wilshire Bank accounts, individual or recurring bill payments you authorize, including the applicable definition of the term as written in Federal Reserve Regulation E, Electronic Funds Transfer Act.
- "Payment Account" is the checking account that you are required to designate as the account from which bill payments and service fees and charges will be debited.
- "Service" refers to the Online Banking services, individually or collectively.
II. Online Banking Services
A. Online Banking for Consumers and Businesses
To register for Online Banking services, you must first be an existing customer with Wilshire Bank and agree to the terms and conditions of this Agreement. You may use Online Banking to:
- Transfer funds between your linked Wilshire Bank deposit accounts on either a one-time or recurring basis.
- View current balance information for your linked Wilshire Bank checking, money market deposit, savings, CD, and loan accounts
- Review transactions for your linked checking or money market deposit accounts.
- Review transactions for your linked savings accounts.
- Perform self-service account maintenance such as re-ordering checks, ordering copies of paid checks, requesting copies of monthly checking or saving statements, stopping payment on checks, changing address and phone, and changing your ID and access code.
- Send us secure online mail messages and questions regarding your Online Banking services.
B. Bill Pay features
If you choose to add Bill Pay, in addition to the Online Banking features listed above, you may also make one-time or recurring payments online from your linked checking or savings account to companies or individuals (Payees) you select.
III. Description of Services
- Transfers can be made in two ways, one-time and recurring. One-time transfers are used for transfers which occur on an infrequent or irregular basis, or which vary in amount. You may use the recurring transfer feature when you transfer a set amount at regular intervals, for example from your checking to savings accounts.
- Transfers you submit from a deposit account prior to the cut-off time for the business day are processed at the end of that business day. Transfers you submit after the cut-off time will be processed the following business day.
- Cut-off Times for Transfers:
- Transfers entered on our system before 5:00 p.m. Pacific Time will be scheduled and processed on the same business day. For all entries made using the Service, the time is recorded on our computer controls.
- Transfers scheduled for a weekend or a non business day will be processed on the prior business day. You may verify that a transfer has been processed by signing into your Online Banking services the business day following the transfer.
- Payments can be entered as one time or recurring transactions. One-time payments can be processed on the same day or scheduled for a future date in advance. Recurring payment may be scheduled.
- Payments can be scheduled from checking or savings accounts.
- Cut-off Times for Payments:
- Payments entered on our system before 5:00 p.m. Pacific Time will be scheduled and processed on the same business day. For all entries made using the Service, the time is recorded on our computer controls.
- Payments scheduled for a weekend or a non business day will be processed on the prior business day.
C. Online Banking Payment Processing
- Payments you make through Online Banking, using Bill Pay are processed in one of two ways:
- Electronic Transmission -Most payments are made by electronic transmission. Payments made electronically are generally received and credited by your Payee within five (5) business days.
- Check - All other payments are made with a check to your designated Payee. Payments made with a check are generally received and credited by your Payee within five (5) business days.
- If a Payee fails to negotiate the check within 90 days, we will stop payment on the check and re-credit your account for the amount of the payment.
- Scheduling Bill Payments - When you enter a payment, you enter the date that you want the payment to be processed. The payment amount will be debited from the account that you designate on the scheduled processing date. You should allow at least five (5) business days between the business date you schedule for the payment to be initiated and the payment due date. You must allow sufficient time for the payee to receive the payment and process it before the actual payment due date. If you do not, you will be fully responsible for all late fees, finance charges, or other action taken by the payee. Funds must be available in your checking or savings account on the scheduled payment processing date. If the date you schedule for a payment to be initiated falls on a non-business day (Saturday, Sunday, or holiday) funds must be available in, and will be deducted from, the account you designate on the prior business day. You can verify online that payments have been processed or refer to your monthly account statement for payment details.
D. Limitations and Dollar Amounts for Transfers and Payments
Transfers and Payments can be for any amount. You authorize Swishier Bank to withdraw the necessary funds from your designated Wisher Bank account on the date you schedule for the payment to be initiated or submit a transfer request. You agree that you will instruct us to make a withdrawal only when a sufficient balance is or will be available in your accounts at the time of the withdrawal. If you do not have a sufficient balance, including available credit under any overdraft protection plan, we will try again each day for 10 days. The Bank is under no obligation to notify you if it does not complete a payment or transfer because there are non-sufficient funds in your account to process the transaction or the amount exceeds the transaction limit (if any). In all cases you are responsible for making alternate payment arrangements or rescheduling the payment or transfer through the Service.
E. Canceling Transfers and Payments
In order to cancel future dated transfers and payments, you must sign into Online Banking and follow the directions provided. The cancel feature is found in the Bill Pay and Funds Transfer Section of Online Banking.
You may cancel or edit any Scheduled payment or transfer (including recurring payments or transfers) by following the directions within the Online Banking screens. Scheduled payments or transfers must be canceled prior to the 5:00 p.m. Pacific Time cut-off on the business day of the Scheduled Payment or Transfer.
If a payment's status is Processed you can no longer cancel it. After you cancel a payment, the status changes to Canceled. Canceled payments remain in your payment history. Alternative Method Note: Although the easiest, most convenient and least costly way to cancel a transaction is through the method described above, you may request to cancel a future dated transfer or payment (in process payment) scheduled through Online Banking by calling us at (866) 886-2265 or writing us at:
3200 Wilshire Blvd. 7th Floor
Los Angeles, CA 90010
We must receive your request three or more business days before the transaction is scheduled for processing. 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. If you call or write to cancel a payment that is pending, you will be charged for a stop payment in accordance with the agreement to the appropriate linked account.
F. Our Liability for Failure to Cancel or Stop the Transfer or Payment
If you attempt to cancel a transfer or payment in accordance with the above instructions and we do not do so, we will be liable for your losses or damages.
IV. Other Terms and Conditions
A. Monthly Service Charge
The monthly service charges are assessed in arrears. We deduct your monthly service charge, if applicable, from the account you designate each month for the previous month's use.
- Online Banking services - There is no monthly service charge for accessing your linked accounts with the Online Banking services.
- Online Banking with Bill Pay service - There is no monthly service charge for using Bill Pay service.
B. Other Charges
The monthly service charge for Online Banking is in addition to the fees and charges that apply to all of your linked accounts. You should note that depending on how you access Online Banking, you might incur charges for:
- Normal account fees and service charges.
- Any Internet service provider fees including Wireless service carriers.
- Purchase of software programs such as Personal Financial Management (PFM) software.
- Payments or transfers made through Online / Mobile Banking services from a savings or money market account may result in an excess transaction fee. See your savings or money market account for details.
- Additionally, fees may be assessed for added self-service features available through Online / Mobile Banking Customer Service Menu such as stop payment requests, check copy orders and account statement copy orders. Please consult your deposit account agreements to see if your accounts are subject to these fees.
- A non-sufficient funds fee may also apply if you schedule payments or transfers and your available balance is not sufficient to process the transaction on the date scheduled.
- We may charge you a research fee of $35 an hour for an inquiry about a transaction that occurred more than 180 days before the date you make the inquiry. This fee will be waived if we determine that an error occurred.
C. Service Hours
Online Banking services are available 365 days a year and 24 hours a day, except during system maintenance and upgrades. When this occurs, a message will be displayed on-line when you sign on to Online Banking.
D. Participation by Payees
Occasionally a Payee may choose not to participate in Bill Pay, or may require additional information before accepting payments. We will work with these Payees to encourage them to accept an electronic or check payment from the Bank. If we are unsuccessful, or if we determine that the Payee cannot process payments in a timely manner, we may decline future payments to this Payee. In the unlikely event that this occurs, we will promptly send you a notice. Any obligations that you wish to pay through the Online Banking services must be payable in U.S. dollars to a Payee located in the United States. We reserve the right to restrict categories of payees to whom payments may be made using the Service. You should not use the Service to make:
- Tax payments
- Court-ordered payments
- Payments to settle securities transactions.
E. Canceling Your Online Banking services
If you choose to cancel your Online Banking services, any unprocessed payments or transfers will be canceled. We recommend that you cancel any scheduled payments or transfers prior to notifying us that you are discontinuing the Service. Wilshire Bank will cancel any scheduled payments or transfers within three business days from the date we receive your request to discontinue the Service. If you close your designated service charge checking account, or if it's no longer linked to your Service, your Online Banking services will end, and any unprocessed payments or transfers will be canceled.
F. Joint Accounts
When your Online Banking services are linked to one or more joint accounts, we may act on the verbal, written or electronic instructions of any authorized signer regarding your Service. Joint accounts using the same ID will be identified as one service. If joint account holders use individual IDs, the Service will be identified as two separate services and will be charged as two services, if applicable. Joint account holders wanting a single service fee, if applicable, should continue to use one ID for joint account Online Banking.
G. Changes to Agreement
We may change this Agreement at any time. For example, we may add, delete or amend terms or services. We will notify you of such changes by mail or electronic message. If you maintain your Online Banking services after the effective date of a change, you indicate your agreement with the change.
Your Online Banking services remain in effect until it is terminated by you or Wilshire Bank. You may cancel your Service at any time by notifying us of your intent to cancel in writing, through Online Banking secure mail, or by calling Online Banking Customer Service at (866) 886-2265. This cancellation applies to your Online Banking and does not terminate your Wilshire Bank accounts. We may terminate your participation in Online Banking services for any reason, including inactivity, at any time. We will try to notify you in advance, but we are not obliged to do so.
I. Transfers from Money Market Deposit Accounts
Federal regulations limit the number of preauthorized electronic fund transfers and telephone transfers -- including Online Banking services and Pay by Phone service transactions -- from money market deposit and savings accounts. You are limited to six preauthorized electronic fund transfers and telephone transfers, checks and point-of-sale transactions per statement cycle. Of these six transactions, you are limited to only three transactions by check or point-of-sale. Each transfer or payment through Online Banking services from your money market account is counted as one of the six limited transfers you're permitted each statement period. We charge a fee for each transaction in excess of this limit. Payments to your Wilshire Bank loans are counted toward this limit for Money Market accounts. We recommend that you do not use a money market account as your bill payment account because of these restrictions.
J. Contact by Wilshire Bank Staff
No one from Wilshire Bank Online Banking services will contact you via e-mail or phone requesting your Online Banking Access ID and Password. If you are contacted by anyone requesting this information please contact us immediately.
K. Reporting Unauthorized Transactions
Call our Operations Administration at (866) 886-2265. You may also write us at:
Operations Administration – Security Officer
3200 Wilshire Blvd. 7th Floor
Los Angeles, CA 90010
L. Initiating Payment Inquiries
To initiate a payment inquiry, you may use Online Banking services to send the request via secure online mail. You should allow at least five business days for the payment to be received and processed by your payee before you make a payment inquiry.
M. Disclosure of Account Information
We will disclose information to third parties about your account or your transactions:
- When it's necessary for completing transfers or bill payments, or to investigate or resolve a problem related to a transfer or payment.
- To verify the existence and condition of your account for a third party, such as a credit bureau or merchant.
- To comply with a government agency or court orders or with the request of a federal regulator.
- If you give us your permission.
N. Account Statements
We report your Online Banking transactions on the monthly statements for your linked accounts. A description of each transaction, including whom you paid, the date and the amount of the transaction will appear on your statement.
V. Additional Provisions Applicable Only to Consumer Accounts
A. Error Resolution Notice
In case of errors or questions about your electronic fund transfers, call or write us at the telephone number or address listed below, 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 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.
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 (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new 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. 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. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.
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.
3200 Wilshire Blvd. 7th Floor
Los Angeles, CA 90010
MORE DETAILED INFORMATION IS AVAILABLE ON REQUEST
B. Limitation of Consumer Liability on Unauthorized Transfers
Tell us at once if you believe your Online Banking or access code has been compromised or if someone has transferred or may transfer money from your account without your permission. The best way to minimize your loss is to call us IMMEDIATELY. The unauthorized use of your Online Banking services could cause you to lose all of your money in your accounts, plus any amount available under your overdraft protection. If you tell us within 2 business days after you learn of the loss or theft of your access code, you can lose no more than $50 if someone used your access code without your permission. If you do NOT tell us within 2 business days after you learn of the loss or theft of your access code, and we can prove we could have stopped someone from using your Online Banking services without your permission if you had told us, you could lose as much as $500. Also, if your statement shows transfers that you did not make, including those made by Online Banking services, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, 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 in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods. If you believe your assess code has been lost or stolen or a transfer has been made using your Online Banking services without your permission, call: (866) 886-2265 or write: Wilshire Bank, Operations Administration, 3200 Wilshire Blvd., 7th Floor, Los Angeles, CA 90010. When you give someone your Online Banking Access ID and access code, you are authorizing that person to use your Service, and you are responsible for all transactions the person performs using your Service. All transactions that person performs, even those transactions you did not intend or want performed, are authorized transactions. After you notify us that the person is no longer authorized and we have reasonable time to act on your notice, additional transactions by that person will not be authorized transactions. Transactions that you or someone acting with you initiates with fraudulent intent are also authorized transactions. For your protection, sign off after every Online Banking session and close your browser to ensure confidentiality.
C. Our Liability for Failure to Complete Transactions
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:
- If, through no fault of ours, you don't have enough available funds in your account (or available credit under your overdraft protection plan) to cover the transaction or transfer.
- If Online Banking services were not working properly, and you knew about the malfunction when you started the transaction or transfer.
- If circumstances beyond our control (such as fire or flood) prevent the transaction or transfer, despite reasonable precautions we've taken.
- If there are postal delays or processing delays by the Payee.
- There may be other exceptions not specifically mentioned.
VI. Additional Provisions Applicable Only to Business Accounts
A. Protecting your Access ID
You agree that we may send notices and other communications including access ID confirmations, to the current address shown in our records, whether or not that address includes a designation for delivery to the attention of any particular individual. You further agree that Bank will not be responsible or liable to you in any way if information is intercepted by an unauthorized person, either in transit or at your place of business. You agree to: 1) keep your access ID secure and strictly confidential, providing it only to authorized signers on your account(s); 2) instruct each person to whom you give your access ID that he or she is not to disclose it to any unauthorized person; and 3) immediately notify us and select a new access ID if you believe your access ID may have become known to an unauthorized person. THE BANK WILL HAVE NO LIABILITY TO YOU FOR ANY UNAUTHORIZED PAYMENT OR TRANSFER MADE USING YOUR ACCESS ID THAT OCCURS BEFORE YOU HAVE NOTIFIED US OF POSSIBLE UNAUTHORIZED USE AND WE HAVE HAD A REASONABLE OPPORTUNITY TO ACT ON THAT NOTICE. We may suspend or cancel your access code even without receiving such notice from you, if we suspect your access ID is being used in an unauthorized or fraudulent manner.
B. Acknowledgment of Commercially Reasonable Security Procedures
By using Online Banking, you acknowledge and agree that this Agreement sets forth security procedures for electronic banking transactions which are commercially reasonable. You agree to be bound by instructions, whether authorized or unauthorized, which we implement in compliance with these procedures, unless you have given us prior notice of possible unauthorized use as described above (and we had a reasonable opportunity to act on such notice).
C. Limitation of Bank's Liability
If we fail or delay in making payment or transfer pursuant to your instructions, or if we make a payment or transfer in an erroneous amount which is less than the amount per your instructions, unless otherwise required by law our liability shall be limited to interest on the amount which we failed to timely pay or transfer, calculated from the date on which the payment or transfer was to be made until the date it was actually made or you canceled the instructions. We may pay such interest either to you or the intended recipient of the payment or transfer, but in no event will we be liable to both parties, and our payment to either party will fully discharge any obligation to the other. If we make a payment or transfer in an erroneous amount which exceeds the amount per your instructions, or if we permit an unauthorized payment or transfer after we have had a reasonable time to act on a notice from you of possible unauthorized use as described above, unless otherwise required by law our liability will be limited to a refund of the amount erroneously paid or transferred, plus interest thereon from the date of the payment or transfer to the date of the refund, but in no event to exceed 60 days' interest. If we become liable to you for interest compensation under this Agreement or applicable law, such interest shall be calculated based on the average federal funds rate at the Federal Reserve Bank in the district where the Bank is headquartered for each day interest is due, computed on the basis of 360-day a year. UNLESS OTHERWISE REQUIRED BY LAW, IN NO EVENT WILL THE BANK BE LIABLE TO YOU FOR SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES INCLUDING, WITHOUT LIMITATION, LOST PROFITS OR ATTORNEYS' FEES, EVEN IF WE ARE ADVISED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES.
VII. Electronic Disclosure and Consent
You agree that we may provide you with all disclosures, notices and other communications (notices), about Online Banking services including this Agreement and any future amendments and about Regulation E, Electronic Fund Transfers, Regulation Z, Truth in Lending, and Regulation DD, Truth in Savings for consumers, in electronic form. We will provide all future notices by posting them on Online Banking for a period of at least 30 days, and we will notify you the availability of future notices by sending an email to the address on our records. To update your information (such as your email address) that we need to contact you electronically, you must call us at (866) 886-2265. You may download or print the notices from your computer if you have the hardware and software described below. At your request we agree to provide you with a paper copy of such a notice without a fee. You may request paper copies of required notices by calling us at (866) 886-2265. You have the right to withdraw this consent, but if you do, we will immediately terminate your participation in Online Banking Services. To withdraw your consent, please contact us at (866) 886-2265.
VIII. System Requirements
To ensure you have the best experience using Online Banking and get the most current security features to protect your personal and account information online, we ask that you have:
- An IBM- or Macintosh-compatible computer
- A Supported Cell / SMART Phone for Mobile Banking access
- A printer or sufficient computer disk space to save copies of documents
- Internet access and an Internet browser that meets the following requirements:
For PC using Windows NT, 2000, XP, and Vista
- Microsoft Internet Explorer 7.0 or higher
- Netscape 6.2 and higher
- FireFox 2.0 and higher
- OPERA 9.22 and higher
- Safari 3.1 and higher
- Adobe Acrobat Reader 6.0 or higher
For Macintosh using OS 9 and OS 10
- Microsoft Internet Explorer 5.5 or higher
- Microsoft Internet Explorer with AOL 5.5 or higher
- Netscape 6.2 and higher (Online Banking is not accessible with Netscape 6.0)
- Safari 1.0 (for OS 10 only)
For Cell / SMART Phone
- Must supports an SSL Web Browser and SMS Text
- Check with service carrier for Internet Data and Text messaging charges