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ACH Direct Terms and Conditions

ACH Direct Terms and Conditions

ACH DIRECT AGREEMENT

This ACH Direct Agreement (the “Agreement”) provides the terms and conditions governing the use of the ACH Direct service that is available through AmericanBank Online to transfer funds electronically from another U.S. financial institution to an eligible account at American Bank (the “Bank”) (also referred to as “we”, "us" and "our"). The Agreement is made and entered into between the Bank and each individual customer who registers and is approved to use the ACH Direct service. In addition, our Electronic Fund Transfers Disclosure contains certain other terms and conditions applicable to your use of the ACH Direct service and is incorporated in this Agreement by reference.

By clicking the “I ACCEPT” button, you agree to abide by the terms and conditions of this Agreement (as amended from time to time), as well as the terms, conditions, agreements, fee schedules and disclosures applicable specifically to the ACH Direct service, including, but not limited to, the AmericanBank Online and Mobile Consumer Access Agreement (as they may be amended from time to time), as provided on our website. Your account(s) with us will remain subject to their individual terms and conditions, which are not modified by this Agreement. When you click on the “I accept” button, you affirmatively consent to receive electronic notification of any amendments to this Agreement.

ACH Direct allows you to schedule ACH debits through AmericanBank Online. Upon requesting an ACH Direct debit transaction, you are authorizing us to initiate an electronic transfer through the Automated Clearing House (ACH) in the form of a debit against your eligible account at another U.S. financial institution. You may request us to initiate an ACH Debit (to withdraw funds) from your eligible account at another U.S. financial institution and have such funds deposited into an American Bank checking, savings or money market account for which you are an authorized signer, on a one-time or recurring basis. We will not authorize a request to initiate an ACH debit between two accounts unless you have signature authority as an owner on each account. Nor will we authorize a request to initiate an ACH debit between personal and business accounts.

By furnishing us with the names, routing numbers and account numbers of your accounts at the other U.S. financial institutions, you authorize us, after our authentication and approval of your ACH registration, to follow the instructions that you provide through the ACH Direct service through AmericanBank Online.

For security purposes, we have established various types of limits relating to the ACH debits that you may initiate (“Debit Requests”). The current limits include the following:

We reserve the right to modify the foregoing limits or to establish additional limits.

FUNDS AVAILABILITY

Each ACH Direct Debit Request made through the ACH Direct service will be credited to your American Bank account on the Post Date and will become available for withdrawal on the 2nd business day after the Post Date.  You agree to have sufficient available funds in your account at the other U.S. financial institution to process the debits you initiate.

SERVICE AND OTHER FEES & CHARGES

Presently, we do not impose any periodic service charge for the ACH Direct service. However, your accounts with us are subject to all periodic service charges, if any, and all other fees and charges associated with the type of bank accounts you maintain with us, as disclosed in the Truth-in-Savings and the Other Fees & Charges Disclosure, as amended from time to time.  

You further agree that if any ACH Direct Debit Request is returned to us for any reason, your American Bank account will be debited in the amount of any previous credit related to the returned item, and we reserve the right to assess your account a Return Deposit Item Fee. You are liable for any account deficit and agree to promptly pay us any funds due. You agree in this regard that we may deduct such amounts from your American Bank account without prior notice to you.

YOUR RIGHT TO CANCEL OR CHANGE A DEBIT REQUEST

You have the right to cancel or modify any scheduled Debit Request, subject to the following requirements:

You must modify or cancel a Debit Request by delivering electronic, written or oral notification to us, as follows:

HOW TO CONTACT US

To contact us in any of the circumstances described above, or for any other reason, you may contact us:

LIABILITY

You agree and acknowledge that each person who opens or is authorized to use an account will have authority to use the ACH Direct service established for and available to such account.  Each time you or such persons use the ACH Direct service, you will be required to enter your unique Sign-On ID and Password (collectively, Security Credentials) as required under the AmericanBank Online and Mobile Consumer Access Agreement.  You understand that we have implemented a security procedure for the purpose of verifying the authenticity of the ACH Direct instructions that you transmit to us, and not for the purpose of detecting errors in such instructions. Such security procedure includes (i) a unique file identification number and transmission password, and (ii) encryption. You agree that this procedure constitutes a commercially reasonable method of providing security against unauthorized instructions. You agree to be bound by any instruction issued by you and received and verified by us in accordance with such security procedure, and you shall indemnify and hold us harmless from and against any loss suffered or liability incurred by, or arising from, our execution of your instructions in good faith and in compliance with such security procedure.

If your Security Credentials are lost or stolen, or are known by an unauthorized individual, you must notify us immediately. Failure to notify us promptly could result in a loss of funds. You are responsible for maintaining the confidentiality of your Security Credentials, and you must promptly report any breach of confidentiality to us. We reserve the right to prevent your access to ACH Direct if we have reason to believe the confidentiality of your Security Credentials have been compromised. All ACH Direct transactions initiated with your Security Credentials will be considered as having been authorized by you.  You are liable for all ACH Direct transactions made or authorized with the use of your Security Credentials, subject to the limitations set forth in our  “Terms and Conditions of Your Deposit Account and related account disclosures, including but not limited to Truth-In-Savings, Other Fees & Charges, Electronic Fund Transfers and Funds Availability, as they may change from time to time. The terms and conditions of your AmericanBank Online and Mobile Consumer Access Agreement, Account Agreement and the rules, regulations, schedule, signature card, including any disclosures made pursuant to such agreements, and any subsequent amendments to any of the foregoing, are incorporated in this Agreement by reference.  However, if there is any conflict or inconsistency between the terms and conditions stated in other agreements and those of this Agreement, the terms and conditions of this Agreement shall control to the extent of such conflict or inconsistency.

We will not be responsible for, and you agree not to hold us liable for:  (a) any refusal or failure to initiate or honor a Debit Request, whether due to a lack of funds necessary to credit your eligible American Bank account or whether due to inadvertence, error caused by similarity of account holder names or any other mistake as long as we acted in good faith (including lost savings or profit, lost data, business interruption or attorneys’ fees); (b) if the routing number changes at the other U.S. financial institution or (c) any loss, damage, liability or claim arising, directly or indirectly, from any error, delay or failure in performance of any of our obligations under this Agreement which is caused by circumstances beyond our control, including, but not limited to, fire, flood, other natural disaster, strike, civil unrest, inoperability of communications facilities or other circumstances or acts of God beyond our control that prevent the proper execution of ACH Direct transactions. 

To the extent permitted by applicable law or regulation, we hereby disclaim all other warranties, express or implied, including warranties of merchantability and fitness for a particular purpose, and in no event shall we be liable for any special indirect, incidental, or consequential damages whatsoever resulting from the loss or use of data, whether or not advised of the possibility of such loss or damage.

You are solely responsible for the maintenance and operation of your computer and for the software used in accessing ACH Direct.  We will not be responsible for any errors, deletions, or failures that occur as a result of any malfunction of your computer or software, nor will we be responsible for any computer virus that affects your computer or the software while you are using ACH Direct.

You agree that this Agreement is subject to all applicable laws and regulations, recognized banking customs, our fee schedule in effect at the time the ACH Direct service is used and other requirements as set forth in the "Terms and Conditions of Your Deposit Account" Agreement and related account disclosures, including but not limited to Truth-In-Savings, Other Fees & Charges, Electronic Fund Transfers and Funds Availability (“Account Agreement”), as they may be amended from time to time.  The terms and conditions of your AmericanBank Online and Mobile Consumer Access Agreement, Account Agreement and the rules, regulations, schedule, signature card, including any disclosures made pursuant to such agreements, and any subsequent amendments to any of the foregoing, are incorporated in this Agreement by reference.  However, if there is any conflict or inconsistency between the terms and conditions stated in the other agreements and those of this Agreement, the terms and conditions of this Agreement shall control to the extent of such conflict or inconsistency.

AMENDMENT

This Agreement may be amended at any time by us. In the event of any such amendments, we will notify you electronically or will forward notification by regular U.S. mail to your mailing address, as it appears on our records, at least 30 days prior to the effective date of the amendment.  You will be required to abide by any such amendments in future transactions, and any use of the ACH Direct service after the effective date of such change(s) take effect will constitute your agreement to the changes.

If any provision of this Agreement is found to be invalid or unenforceable under applicable law, such provision shall be ineffective to the extent of such invalidity only, without affecting the remaining provisions of this Agreement.

We may waive any term or provision of this Agreement at any time or from time to time, but any such waiver shall not constitute a waiver of the term or provision in the future.

We may assign the rights and delegate the duties under this Agreement to any entity directly or indirectly affiliated with the Bank now or in the future or to any third parties.

You agree that this Agreement shall be interpreted in accordance with Pennsylvania Law, excluding its choice of law provisions. You further agree that all disputes arising out of or relating to this Agreement or the provision of services by us shall be resolved in a court of competent jurisdiction in the Commonwealth of Pennsylvania, and you hereby consent to the exclusive jurisdiction and venue of such courts. 

We reserve the right to deny you the ability to access ACH Direct, to limit your access or transactions or to revoke your access to ACH Direct without advance notice to you. You agree that we have the right to terminate your participation in the ACH Direct service at any time, and for any reason, including, but not limited to, inactivity in or closure of your account with us. We have the right to terminate this Agreement if your eligible account is closed or if your access to online banking services established through the AmericanBank Online service is terminated for any reason.  

Rev. 01.17

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