Electronic Funds Transfer Policy

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ELECTRONIC FUND TRANSFERS - YOUR RIGHTS AND RESPONSIBILITIES

If we give you an ATM Card, Debit Card or other device or code to access your account, you agree to use the card or code only in the manner and for the purposes described in the applicable agreement. If you attempt to use the card or code in any other manner or for any other purpose, we may reject the transaction, or at our discretion we may complete it without incurring any obligation to honor the same type of transaction on future occasions. We may decide not to issue a card or code to any customer, and we may also terminate a card or code without cause or notice.

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.

Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your checking, savings, or money market account(s).

Preauthorized payments. You may make arrangements to pay certain recurring bills from your checking, statement savings, or money market account(s).

Electronic Check Conversion - types of transfers - Some businesses use a procedure to convert checks that are drawn on your account with us into electronic debits. The business passes your check through a machine that captures the account routing number, check amount and other relevant information and then returns your check to you. An electronic debit for the transaction amount is then sent to us. When we receive the electronic debit, we charge it to your account immediately after the business enters the transaction, so to avoid an overdraft you must have sufficient funds in your account to cover the amount of the check at the time you authorize the transaction. Since the check is not sent to us for processing, we do not have a copy of your check. You should retain the check for your records. These electronic debits are listed on your account statement.

Your Option to Limit Cash Withdrawals - In addition to dollar amount limitations for withdrawals using your Debit card and/or code that we may establish, you have the option to limit the amount of cash that can be withdrawn by your Debit card and/or code to $50.00 per day or some other amount acceptable to us.

ATM Transfers - types of transfers, frequency and dollar limitations, and charges
You may access your account(s) by ATM using your ATM card and personal identification number or debit card and personal identification number, to make deposits or get cash withdrawals from your linked account(s); or, get information about account balances. There is a charge of $1.50 per transaction at nonproprietary ATMs and you may withdraw no more than $1000.00 per calendar day.

Some of these services may not be available at all terminals. Please also see Limitations on frequency of transfers section regarding limitations that apply to ATM transfers.

Types of ATM Card Point-of-Sale Transactions - You may access your checking, money market or statement savings account(s) to purchase goods (in person) and pay for services (in person) within your stated limit.

Types of Debit Card Point-of-Sale Transactions - You may access your checking account(s) to purchase goods (in person or by phone), pay for services (in person or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that can be done with a debit card (that a participating merchant will accept with a credit card). You may not exceed $2500.00 in transactions per day.

Please also see Limitations on frequency of transfers section regarding limitations that apply to debit card transactions.

Currency Conversion. If you effect a transaction with your Debit Card in a currency other than US Dollars, MasterCard International Incorporated will convert the charge into a US dollar amount.

International Transactions - Effective April 7, 2006, if you conduct a transaction with your ATM/Debit Card in a country outside the USA, Puerto Rico or the U.S. Virgin Islands, there will be transaction fees assessed by MasterCard. MasterCard will charge a currency conversion assessment of .20% for performing the currency conversion. In addition, MasterCard will charge a Cross Border Assessment charge of .80% on all cross-border transactions.

Blocked Countries - For safety reasons the Bank reserves the right to block transactions in certain countries. If you are visiting a country out of the United States, please contact our Customer Support Center to see if the country is blocked.

Telephone Banking Transfers - types of transfers - You may access your account by telephone 24 hours a day toll free using your personal identification number, a touch tone phone, and your designated linked account numbers to transfer available funds between your linked accounts, make payments from checking to loan accounts with us, or get account information about your accounts, such as account balances, deposits or withdrawals.

Business Days - every day is a business day, except Saturdays, Sundays, and federal holidays.

Your Telephone Banking Rights and Obligations

Access: These services are accessible through our telephone banking system using your Access ID and personal identification number, and are available 24 hours a day, 7 days a week (except for any periodic maintenance or interruption or delay due to causes beyond our control). These hours of access are subject to change without notice.
Application: To apply for these services, you must agree to the terms and conditions of the Electronic Consent and this Agreement, and you must complete an enrollment process. We reserve the right to reject your application and related forms, schedules, and documents or to refuse your access to or use of the services for any reason and at our sole discretion.
You Agree: You agree to maintain any accounts you have with us in accordance with the agreements, rules, and disclosures governing those accounts, and to pay any fees associated with the use or maintenance of those accounts. You are given this disclosure when you apply for these services, and at your request. You should retain a copy of this Disclosure for your files. You may call us or send us an electronic mail ("email") message to request a copy of this Disclosure to be mailed to you at your home or business address.
Transfers: The Telephone Banking system may allow access to transfer funds between your signatory accounts. Our normal business hours do apply to Telephone Banking. All transfers made after our normal business day hours will be posted the next business day. 

Online Banking - You may access your account(s) by computer 24 hours a day, using Internet access, user ID number, and password to transfer available funds between your linked accounts, make payments from your deposit accounts to loan accounts with us, make payments to third parties and get account information such as balances, deposits and withdrawals.

Limitations on frequency of transfers. In addition to those limitations on transfers elsewhere described, if any, the following limitations apply;

     • For security reasons, there are other limits on the number of transfers you can make by ATM.
     • For security reasons, there are other limits on the number of transfers you can make by debit card.

Termination -

     • You may terminate the electronic fund transfer agreement by a phone call followed by notification in writing.
     • We may terminate the electronic fund transfer agreement by notifying customer in writing.

Minimum account balance -

     • You must maintain a minimum account balance of $1.00 in your checking, money market or statement savings account as a condition of using an access device (card and/or identification code) to accomplish a transfer. This is in addition to the non-proprietor transaction fee charged by Danversbank.

Access ID/Online ID - if you permit another person to use your Access ID and password/personal identification number or account number(s) and related code(s), you are responsible for all transactions conducted by that person (even if he or she exceeds your authorization).

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

FEES
ATM Operator/Network Fees. When you use an ATM not owned by us, you may be charged a fee of $1.50 per transaction at these non-proprietor ATMs. Additionally, 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 any transfer to or from your account using one of our automated teller machines or point-of-sale terminals.
     • 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 our Customer Support Center 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, money market and statement savings accounts. For passbook accounts, if the only possible electronic transfers to or from your account are preauthorized credits, we do not send periodic statements. You may bring your passbook to us and we will record any electronic deposits that were made since the last time you brought in your passbook.

ATM SECURITY
— Do not approach an ATM if there are any doubts or concerns regarding the ATM environment. If you have any questions or feel unsure about your safety, use another ATM facility. If you observe anything suspicious call the police and/or Bank from a safe location.
— Do not approach an ATM if there are any suspicious persons or any suspicious activity nearby.
— Whenever possible, have a friend or family member accompany you to the ATM especially around the hours of darkness.
— Do not approach an ATM after dark if the lights near the ATM do not appear bright enough. This includes the lighting outside, as well as the light inside the ATM vestibule.
— Do not leave your vehicle running or keys in the ignition when using a walk-up ATM. At drive-up ATMs you should keep your car locked and your car running.
— Be aware of your surroundings. Consider canceling your transaction, pocketing your card, and leaving the area if you notice anything suspicious while transacting at the ATM.
— Try to keep time in and around the ATM to a minimum.
— Do not leave the ATM with your wallet and/or cash exposed.
— If you feel you are being followed from an ATM go to an area where there are people and activity. For example, go into a nearby store or restaurant. If you are in a vehicle, drive to a safe place like a police station.
— Report all ATM related incidents to the police immediately.

SAFEGUARDING YOUR CARD AND ACCOUNT
— Never give your personal identification number (PIN) to anyone.
— Memorize your PIN. Do not write your PIN on your card or carry it along with your card.
— Never give your PIN number over the telephone. Banks will never ask you for your number over the phone, however, someone who found your card may.
—Try to shield the ATM screen with your body so others cannot see you punching in your number. This will also help shield your transaction.
— Be sure to take your receipt from the machine and destroy it if you do not retain it. It could include personal account information such as an account number and a balance.

PROTECTED CONSUMER USE
Chapter 167B of the Massachusetts General Laws was enacted to provide a means for financial institutions, businesses, and consumers to conduct their business relations more conveniently. Transferring funds electronically will supplement the use of checks, credit, and cash and will not replace these present methods of doing business. As a consumer, you should be aware of your rights if you choose to utilize this system.

1. Prohibition of compulsory use. No person may: require you to use a preauthorized electronic fund transfer as a condition of the extension of credit unless the credit is being extended in connection with an overdraft checking plan, or is being extended to maintain a specified balance in your account, or
require you either to accept a transfer service or to establish an account, which is accessed electronically as conditions of employment or receipt of governmental benefit, or require you to pay electronically for the purchase of goods or services. If your account is to be credited by a preauthorized transfer you may choose the financial institution to which the transfer may be made, if the institution is technically capable of receiving such preauthorized transfer.
2. Waiver of rights. No writing or agreement signed by you can waive the rights conferred to you by Chapter 167B of the Massachusetts General Laws unless you decide to waive these rights in settlement of a dispute or action.
3. Refunds. If it is the policy of a store or retail business to give cash refunds in return for an item purchased by cash, then this policy must also cover refunds for items purchased by electronic fund transfer unless it is clearly disclosed at the time the transaction is consummated that no cash or credit refunds are given for payments made by electronic fund transfers.
4. Suspension of obligations. If a person agrees to accept payment by means of an electronic fund transfer and the system malfunctions preventing such a transfer, then the consumer's obligation is suspended until the transfer can be completed, unless that person, in writing, demands payment by other means.
5. Prohibited means of identification. Your Social Security number cannot be used as the primary identification number although it can be used as secondary aid to identify you.
6. Criminal liability. Procuring or using a card, code or other means of electronic access to an account with the intent to defraud is a basis for criminal liability.

STOPPING ELECTRONIC PAYMENTS

Unless otherwise provided in this agreement, you may not stop payment of electronic fund transfers, therefore you should not employ electronic access for purchases or services unless you are satisfied that you will not need to stop payment.

Preauthorized Payments

Right to stop payment and procedure for doing so. If you have made arrangements for electronic payments to be made automatically from your account to a third party, you can stop any of these payments if you notify us in time for us to receive your request 3 business days or more before the electronic payment is scheduled to be made. We may accept stop payment requests after this 3-business day limit, but we are not required to do so by law or under this agreement. If you call we will also require you to put your request in writing and to get it to us within 14 days of your call. If you do not provide sufficient information to identify the transfer we might not be able to fulfill the request to stop the electronic payment. You must also notify the originator to stop the item from being processed. You will be charged our standard charge for stop payment orders.

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.

UNAUTHORIZED TRANSFERS
(a) Consumer liability. Generally. Tell us AT ONCE if you think your card and/or code has been lost, 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, if any, of minimizing your possible losses. You can lose no more than $50 if you fail to give us notice of your lost or stolen card and/or code and your card and/or code is used without your permission.

Additional Limits on Liability for Debit Card, when used for point-of-sale transactions. You will not be liable for any unauthorized transactions using your Debit Card, when used for point-of-sale transactions, if; (i) you can demonstrate that you have exercised reasonable care in safeguarding your card from the risk of loss or theft, (ii) you have not reported to us two or more incidents of unauthorized use within the prior twelve-month period, and (iii) your account is in good standing. If any of these conditions are not met, your liability is the lesser of $50 or the amount of money, property, labor, or services obtained by the unauthorized use before notification to us. "Unauthorized use," means the use of your Debit Card by a person, other than you, who does not have actual, implied, or apparent authority for such use, and from which you receive no benefit. This additional limitation on liability does not apply to PIN-based transactions or transactions not processed by MasterCard.
(b) Contact in event of unauthorized transfer. If you think 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 number or address listed in this brochure. You should also call the number or write to the address listed if you believe a transfer has been made using the information from your check without your permission.

FINANCIAL INSTITUTION'S LIABILITY
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 property and you knew about the breakdown when you started the transfer.
5. If circumstances beyond our control prevent the transfer, despite reasonable precautions that we have taken.
6. If the funds are subject to legal process or other encumbrance restricting such transfer.
7. There may be other exceptions stated in our agreement with you.

CONFIDENTIALITY
In order that your privacy may be protected, we will not disclose any information about you or your account to any person, organization, or agency except for:

1. certain routine disclosures necessary for the completion of a transfer;
2. verification of the existence and condition of your account for a credit bureau or merchant;
3. persons authorized by law in the course of their official duties;
4. our employees, auditors, service providers, attorneys or collection agents in the course of their duties;
5. pursuant to a court order or lawful subpoena;
6. a consumer reporting agency as defined in Massachusetts General Laws Chapter 93; or
7. by your written authorization which shall automatically expire 45 days after our receipt of your authorization.

If an unauthorized disclosure has been made, we must inform you of the particulars of the disclosure within 3 days after we have discovered that an unauthorized disclosure has occurred.

ERROR RESOLUTION NOTICE

In case of errors or questions about your electronic transfers, telephone or write us at the telephone number or address listed on the Contact Us page as soon as you can, if you think your statement, passbook or receipt is wrong or if you need more information about a transfer listed on the statement, passbook or receipt. We must hear from you no later than 60 days after we sent you the FIRST statement on which the problem or error appeared or, if the only transfer possible is a direct deposit to your passbook account, no later than 60 days after the problem or error was FIRST reflected in your passbook or statement.

1. Tell us your name and account number (if any).
2. 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.
3. 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 calendar days.

We will determine whether an error occurred within 10 calendar days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 calendar days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 calendar days 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 calendar days, we may not credit your account.

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 inspect or ask for copies of the documents that we used in our investigation. If there is no error, we may impose on you a reasonable charge for making such reproductions.

YOUR ABILITY TO WITHDRAW FUNDS

This policy statement applies to all deposit accounts. Our policy is to make funds from your cash and 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 the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before 4:00 P.M. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 4:00 P.M. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

Funds from any deposits (cash or checks) made at automated teller machines (ATMs) that we own and operate identified as our machines, or ATMs we do not own and operate but that participate in the NYCE Deposit Sharing program will not be available until the next business day after the day of your deposit. A list of these ATMs is available at NYCE's ATM Locator. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit at an ATM before 5:00 P.M. on a business day, we will consider that day to be the day of your deposit. However, if you make an ATM deposit after 5:00 P.M, we will consider that the deposit was made on the next business day.

LONGER DELAYS MAY APPLY
Case-by-case delays. 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 that you deposit, funds may not be available until the fifth business day after the day of your deposit. The first $100 of your deposits, however, may be available on the first business day.

If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds would be available.

Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

• We believe a check you deposit 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 overdrawn your account repeatedly in the last six months.
•  There is an emergency, such as failure of computer or communications equipment.

We 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. They will generally be available no later than the fifth business day after the day of your deposit.