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Electronic Funds Transfer Disclosure

Revised 06/2023

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES


Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.

Electronic Fund Transfers Initiated By Third Parties.


You may authorize a third party to initiate electronic fund transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third party transfers will require you to provide the third party with your account number and bank information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your bank and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include, but are not limited to:

  • Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your checking or savings account(s).
  • Preauthorized payments. You may make arrangements to pay certain recurring bills from your checking or savings account(s).
  • Electronic check conversion. You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to pay for purchases or pay bills.
  • Electronic returned check charge. You may authorize a merchant or other payee to initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.

24hr Tele-Banker Transfers - types of transfers -


You may access your account by telephone at 636-239-9990 using your personal identification number, a touch tone phone, and your account numbers, to:

  • transfer funds from checking to checking
  • transfer funds from checking to savings
  • transfer funds from savings to checking
  • transfer funds from savings to savings
  • make payments from checking to loan accounts with us
  • make payments from savings to loan accounts with us
  • get information about:
    • the account balance of checking account(s)
    • the last 30 days of deposits to checking accounts
    • the last 30 days of withdrawals from checking accounts
    • the account balance of savings account(s)
    • the last 30 days of deposits to savings accounts
    • the last 30 days of withdrawals from savings accounts

ATM Card ATM Transfers - types of transfers, dollar limitations, and charges -


You may access your account(s) by ATM using your ATM Card and your personal identification number or Mastercard Debit Card and your personal identification number, to:

  • make deposits to checking account(s) with an ATM card
  • make deposits to checking account(s) with a debit card
  • make deposits to savings account(s) with an ATM card
  • make deposits to savings account(s) with a debit card
  • get cash withdrawals from checking account(s) with an ATM card
    • you may withdraw no more than $750.00 per day
    • there is a charge of $1.00 per withdrawal at ATMs we do not own or operate
    • Fee is waived at MoneyPass™ ATM Network
  • get cash withdrawals from checking account(s) with a debit card
    • you may withdraw no more than $750.00 per day
    • there is a charge of $1.00 per withdrawal at ATMs we do not own or operate
    • fee is waived at MoneyPass™ ATM Network
  • get cash withdrawals from savings account(s) with an ATM card
    • you may withdraw no more than $750.00 per day
    • there is a charge of $1.00 per withdrawal at ATMs we do not own or operate
    • fee is waived at MoneyPass™ ATM Network
  • get cash withdrawals from savings account(s) with a debit card
    • you may withdraw no more than $750.00 per day
    • there is a charge of $1.00 per withdrawal at ATMs we do not own or operate
    • fee is waived at MoneyPass™ ATM Network
  • transfer funds from savings to checking account(s) with an ATM card
  • transfer funds from savings to checking account(s) with a debit card
  • transfer funds from checking to savings account(s) with an ATM card
  • transfer funds from checking to savings account(s) with a debit card
  • get information about:
    • the account balance of your checking account(s)
  • with an ATM card
  • with a debit card
    • the account balance of your savings account(s)
  • with an ATM card
  • with a debit card

Some of these services may not be available at all terminals.

Types of ATM Card Point-of-Sale Transactions -


You may access your checking or savings account(s) to purchase goods (in person), pay for services (in person), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.

Point-of-Sale Transactions - dollar limitations -


Using your card:
  • you may not exceed $250.00 in transactions per day


Types of Mastercard Debit Card Point-of-Sale Transactions -


You may access your checking or savings account(s) to purchase goods (in person, online, or by phone), pay for services (in person, online, or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.

Point-of-Sale Transactions - dollar limitations -


Using your card:
  • you may not exceed $1,500.00 in transactions per day


Currency Conversion and Cross-Border Transaction Fees.


If you initiate a transaction with your Mastercard®-branded Debit Card and Mastercard Debit card in a currency other than US Dollars, Mastercard will convert the charge into a US Dollar amount. The Mastercard currency conversion procedure is based on rates observed in the wholesale market or, where applicable, on government-mandated rates. The currency conversion rate Mastercard generally uses is the rate for the applicable currency that is in effect on the day the transaction occurred. However, in limited situations, particularly where Mastercard transaction processing is being delayed, Mastercard may instead use the rate for the applicable currency in effect on the day the transaction is processed.

Mastercard charges us a Currency Conversion Assessment of 20 basis points (.2% of the transaction) for performing the currency conversion. In addition, Mastercard charges us an Issuer Cross-Border Assessment of 90 basis points (.9% of the transaction) on all cross-border transactions regardless of whether there is a currency conversion. As a result, we charge you a Currency Conversion fee of .2% and a Cross-Border Transaction fee of .9%. The Cross-Border Transaction fee is charged on all cross-border transactions regardless of whether there is a currency conversion. A cross-border transaction is a transaction that occurs at a card acceptance location in a different country from the country in which the card was issued. This means a cross-border transaction can occur even though the transaction is made when you are not in a foreign country. For example, a transaction made online with a foreign merchant is a cross-border transaction even though made while you are physically in the United States.

Advisory Against Illegal Use.


You agree not to use your card(s) for illegal gambling or other illegal purpose. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located.

Mastercard Automatic Billing Updater Notice of Right to Opt Out.


Mastercard uses Automatic Billing Updater (ABU) service for debit cards to help facilitate uninterrupted processing of recurring payments. ABU service provides card information updates only to qualified participating merchants a Cardholder has previously established card-on-file account information to process their recurring payments. Cardholders may opt-out of the service. To opt-out, please call us at 636-239-7831.

If you opt out, you may opt back in if you decide you want the Mastercard Automatic Billing Updater service in the future. You may opt in the same way(s) that you can opt out.
Please see your cardholder agreement for additional information relating to the use of your ATM Card and Mastercard Debit Card.

Computer Transfers - types of transfers and frequency limitations -


You may access your account(s) by computer through the internet by logging onto our website at www.bankofwashington.com and using your user identification, password, and multifactor authentication, to:

  • transfer funds from checking to checking
  • transfer funds from checking to savings
  • transfer funds from savings to checking
    • you may make no more than six transfers per month
  • transfer funds from savings to savings
    • you may make no more than six transfers per month
  • transfer funds from line of credit to checking
  • transfer funds from line of credit to savings
  • make payments from checking to loan account(s) with us
  • make payments from checking to third parties such as person to person or bill payments
  • make payments from savings to loan account(s) with us
  • get information about:
    • the account balance of checking account(s)
    • the last 24 months (at least) of deposits to checking accounts
    • the last 24 months (at least) of withdrawals from checking accounts
    • the account balance of savings account(s)
    • the last 24 months (at least) of deposits to savings accounts
    • the last 24 months (at least) of withdrawals from savings accounts


Mobile Banking Transfers - types of transfers and frequency and dollar limitations -


You may access your account(s) by downloading our mobile banking app and using your user identification, password, and multifactor authentication, to:

  • transfer funds from checking to checking
  • transfer funds from checking to savings
  • transfer funds from savings to checking
  • transfer funds from savings to savings
  • make payments from checking to loan account(s) with us
  • make payments from checking to third parties such as person to person or bill payments
    • you may make no more than $1,000/$4,000 payments per day/month
  • make payments from savings to loan account(s) with us
  • get information about:
    • the account balance of checking account(s)
    • the last 24 months (at least) of deposits to checking accounts
    • the last 24 months (at least) of withdrawals from checking accounts
    • the account balance of savings account(s)
    • the last 24 months (at least) of deposits to savings accounts
    • the last 24 months (at least) of withdrawals from savings accounts
  • make deposits to checking or savings
    • you may deposit no more than $5,000.00 per business day

You may be charged access fees by your cell phone provider based on your individual plan. Web access is needed to use this service. Check with your cell phone provider for details on specific fees and charges.

Health Savings Accounts (HSA).


We permit some electronic fund transfers to and/or from your HSA. The electronic fund transfers we permit are offered for the convenience of managing your HSA. However, electronically moving funds to or from your HSA – for example, depositing more than the allowable amount, or getting additional cash back on an HSA debit card transaction – can raise a variety of tax concerns. As a result, before electronically accessing any account you may have with us, it is a good practice to make sure you are using the correct access device (such as a card) or accessing the appropriate account for the transaction. Also, it is your responsibility to ensure the contributions, distributions, and other actions related to your HSA, comply with the law, including federal tax law. As always, we recommend consulting a legal or tax professional if you have any questions about managing your HSA. The terms of this disclosure are intended to work in conjunction with the HSA Agreement provided to you earlier. In the event of a conflict, the terms of the HSA Agreement control. You understand that your HSA is intended to be used for payment of qualified medical expenses. It is your responsibility to satisfy any tax liability resulting from use of your HSA for any purpose other than payment or reimbursement of qualified medical expenses. We do not monitor the purpose of any transaction to or from your HSA. Nor are we responsible for ensuring your eligibility for making contributions or ensuring withdrawals are used for payment or reimbursement of qualified medical expenses. Refer to your HSA Agreement for more information relating to the use of your HSA.

FEES


  • We do not charge for direct deposits to any type of account.
  • We do not charge for preauthorized payments from any type of account.

Except as indicated elsewhere, we do not charge for these electronic fund transfers.

ATM Operator/Network Fees.


When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).

DOCUMENTATION


  • Terminal transfers. You can get a receipt at the time you make a transfer to or from your account using an automated teller machine or point-of-sale terminal. However, you may not get a receipt if the amount of the transfer is $15 or less.
  • Preauthorized 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 call us at our 24hr Tele-Banker at 636-239-9990 to find out whether or not the deposit has been made.
  • Periodic statements.
    • You will get a monthly account statement from us for your checking and savings accounts.
    • You will get a monthly account statement from us for your savings accounts, unless there are no transfers in a particular month. In any case, you will get a statement at least quarterly.


PREAUTHORIZED PAYMENTS


  • Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how:
    • Call or write us at the telephone number or address listed in this disclosure in time for us to receive your request 3 business days or more before the payment is scheduled to be made. 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.
    • Please refer to our separate fee schedule for the amount we will charge you for each stop-payment order you give.
  • Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
  • Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.


FINANCIAL INSTITUTION’S LIABILITY


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, for instance:

  1. If, through no fault of ours, you do not have enough money in your account to make the transfer.
  2. If you have an overdraft line and the transfer would go over the credit limit.
  3. If the automated teller machine where you are making the transfer does not have enough cash.
  4. If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
  5. If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
  6. There may be other exceptions stated in our agreement with you.


CONFIDENTIALITY


We will disclose information to third parties about your account or the transfers you make:

  1. where it is necessary for completing transfers; or
  2. in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
  3. in order to comply with government agency or court orders; or
  4. as explained in the Privacy Disclosure contained elsewhere in this document.