This Electronic Fund Transfers disclosure does not apply to any accounts other than consumer accounts, as defined by Regulation E. Account means any one or more of your savings, money market, and checking account(s) you have with us and established primarily for personal, family or household purposes.
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. In some cases, your authorization can occur when the merchant posts a sign informing you of their policy. In all cases, the transaction 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 provide your check to a merchant or service provider who will scan the check for the encoded bank and account information. The merchant or service provider will then use this information to convert the transaction into an electronic fund transfers. This may occur at the point of purchase, or when you provide your check by other means such as by mail or drop box.
- Electronic returned check charge. Some merchants or service providers will initiate an electronic fund transfer to collect a charge in the event a check is returned for insufficientfunds.
Automated Teller Machine (ATM) Transfers - You may access your account(s) by ATM using your VISA® Debit Card and PIN to:
- make deposits to checking account(s)
- make deposits to savings account(s)
- get cash withdrawals from checking account(s)
- you may withdraw no more than $1,000.00 per day
- get cash withdrawals from savings account(s)
- you may withdraw no more than $1,000.00 per day
- transfer funds from savings to checking account(s)
- transfer funds from checking to savings account(s)
- get information about:
- the account balance of your checking accounts
- the account balance of your savings accounts
When the authorization system is offline, you may not make any withdraws.
Some of these services may not be available at all terminals.
For security reasons there are limits on the number of transactions that can be performed each day.
Types of VISA® Debit Card Point-of-Sale Transactions - You may access your checking 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 - limitations - Using your debit card:
- you may not exceed $1,500.00 in transactions per day
- for security reasons, there is a limit of 25 transactions that can be performed each day.
When the authorization system is offline, you may not exceed $1,500.00 in transactions per day.
International Transactions - When you use your debit card at a merchant to purchase goods or services, or to obtain cash from an ATM, in currency other than US dollars, the exchange rate between the transaction currency and the billing currency used for processing international transactions is a rate selected by VISA® from a range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate VISA® itself receives or the government mandated rate in effect for the applicable central processing date.
Prohibited Transactions - You may not use your account or any account-related service to conduct Internet gambling transactions or any activity that would violate applicable law.
Online Banking - You may use our online banking system to view your checking or savings account balance information, transfer funds between your Pacific Mercantile Bank checking or savings accounts, pay qualifying Pacific Mercantile Bank loans, or make payments from Pacific Mercantile Bank checking or savings account to third parties.
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).
Fees - For details about an account or service fee, please refer to the Bank’s Schedule of Fees and Charges.
Receipts and Statements - You will receive or have the option to receive a receipt at ATMs and merchant locations each time you make a transaction, except for certain small dollar transactions.
You will receive a monthly savings account statement unless there are no electronic fund transfers in a particular month. In any case you will receive the statement at least quarterly.
Preauthorized Payments (includes ACH)
- 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 brochure 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. We will charge a fee for each stop-payment order you give. Refer to the Pacific Mercantile Bank Schedule of Fees and Charges.
- 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.
Our Liability for Failing to Make Transfers
If we do not complete an electronic funds transfer to or from your account on time or in the correct amount according to our Account Agreement with you, we will be liable for your losses or damages.
There are some exceptions. We will not be liable if:
- Through no fault of ours, you do not have enough available funds in your account to make the transfer
- Circumstances beyond our control (such as fire, flood, water damage, power failure, strike, labor dispute, computer breakdown, rolling blackout, telephone line disruption, or a natural disaster) prevent or delay the transfer despite reasonable precautions taken by us
- The funds in your account are subject to legal process, an uncollected funds hold, or are otherwise not available for withdrawal
- We have reason to believe the transaction may not be authorized byyou
- The information supplied by you or a third party is incorrect, incomplete, ambiguous, oruntimely
There may be other exceptions stated in our agreement (Terms and Conditions of Your Account) with you.
We will disclose information to third parties about your account or the transfers you make:
- where it is necessary for completing transfers; or
- in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
- in order to comply with government agency or court orders;
- if you give us your written permission; or
- as explained in the Bank’s Privacy Notice.
Notice of Your Rights and Liabilities
Tell us AT ONCE if you believe your card and/or code has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account if you do not notify us promptly after discovering suspected unauthorized transactions. If you believe your card and/or code has been lost or stolen, and you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50 if someone used your card and/or code without your permission. Also, if you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could lose as much as $500.
Also, if your statement shows transfers made with your card and/or code, or other means, that you did not make, 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.
Limited Liability for VISA® Debit Card. Your liability is further limited if your card can be used to initiate a transaction for which you are not required to provide identifying information, such as a PIN. You could lose all the money in your account. Your liability for the unauthorized use of your card will be no more than $50 if you notify us of the unauthorized use.
In addition, when used in point-of-sale transactions, and unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions if your card is lost or stolen. This limit on liability does not apply to ATM transactions, to transactions using your PIN which are not processed by VISA®, or to commercial cards.
If you fail to notify us of an unauthorized use that appears on a periodic statement within 60 days of our transmittal of the statement, and we can establish that we could have prevented the unauthorized use if you had notified us within this period, you will be liable for each unauthorized transfer (other than VISA® point-of-sale transactions) that occurs after the close of the 60 days and before you give us notice.
If you fail to notify us because of extenuating circumstances beyond your control that contributed to your delay in notifying us, such as a serious physical impairment or hospitalization, this time period may be extended.
If you believe your card and/or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone numbers or address listed in this brochure.
In Case of Errors or Questions About Your Electronic Fund Transfers - Call or write to us as soon as possible at the telephone number or address listed in this brochure if you think your statement or receipt is wrong or if you need more information about an electronic transaction. 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.
- Tell us the date, type of claims (error/unauthorized transactions), and dollaramount.
- Describe the error or the transfer that you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 Business Days. Within 10 Business Days after we hear from you, we will determine whether an error occurred and will correct any error promptly. If we need more time, however, we may take up to 45 calendar days (90 calendar days if the transfer involved a new account, point-of-sale transaction, or a foreign-initiated transactions ) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 Business Days for the amount you think is in error, so that you will have the use of the money during the time that it takes us tocomplete our investigation. For new accounts, we may take up to 20 Business Days to credit your account for the amount you think is in error. If we ask you to put your complaint or question in writing and we do not receive it within 10 Business Days, we maynot credit your account until we complete the investigation.
Your account is considered a new account for the first 30 days after the first deposit is made, unless you already have 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 determine 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.
MORE DETAILED INFORMATION IS AVAILABLE ON REQUEST
Pacific Mercantile Bank
Phone: 1-877-450-BANK (2265)
949 South Coast Drive, 3rd Floor
Costa Mesa, CA 92626
To report lost or stolen card during business hours call the telephone number above and during non- business hours call 1-800-236-2442.
Business Days: Monday through Friday, excluding Federal Holidays