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Internet Banking Disclosure

This agreement guides your use of our Online Banking service.


Consumer Online Banking Terms & Conditions 

Agreement and Disclosure
This Agreement and Disclosure provides information about the BankFive Online Banking and BankFive Bill Pay service. By clicking accept you agree that you have read, understood and agree to the terms and conditions set forth in the Agreement and Disclosure. You authorize your financial institution to post payment transactions generated by BankFive Bill Pay. Your use of the BankFive Bill Pay service signifies that you have read and accepted all terms and conditions of Bill Pay Bill Pay. If at any time you decide to discontinue service you will provide written notification to BankFive either through BankFive Online secured email or by letter mailed to BankFive 79 N. Main St. Fall River, MA 02720.

Consent to Electronic Notices By clicking on the “Accept” box at the end of this document, you affirmatively consent to receive, and acknowledge that you can access, receive and retain the Notices electronically or by electronic means, and not in paper or non-electronic form. You further acknowledge that by accessing the BankFive website, you satisfy the hardware and software requirements discussed more fully below and acknowledge that you have reasonably demonstrated that you can access, receive and retain the Notices electronically in the format BankFive uses.

General Information about BankFive Online Banking and BankFive Bill Pay
You may use BankFive Online Service virtually any time, day or night, 7 days a week. However, BankFive Online may be temporarily unavailable due to BankFive’s record updating, or technical difficulties. In addition, access to BankFive Online is made available pursuant to a license agreement by and between BankFive and Digital Insight. Any interruption of service or access caused by Digital Insight will also prevent you from using the service. To utilize the services, you will need to enter your user ID and password and otherwise satisfy the system's security procedures.

BankFive Bill Pay is a consumer electronic banking service. You may access BankFive Online Banking and BankFive Bill pay though www.bankfive.com on the internet.

Designated Checking Account
You understand that in order to use BankFive Bill Pay, you must have a checking account with BankFive. In the event that more than one checking account is connected to your Online Banking you will designate which checking account each bill pay is to be deducted from.

Business Day
BankFive's business days are Monday thru Friday excluding any Federal Holidays. For the purpose of this document, "you," and "your" shall refer to each Depositor who signs up for BankFive Online Banking and BankFive Bill Pay. All references to time of day in this Agreement and Disclosure refer to Eastern Standard Time.

Service Available through BankFive Online
The BankFive Online service allows you to:

  1. Access your checking account(s) to pay most bills (Bill Payments);
  2. Transfer funds electronically (Transfers);
  3. Obtain account information;
  4. Obtain certain BankFive product and service information;

Collectively, these are referred to as the "BankFive Online Banking Service.”

Transaction Procedures
Bill Payments and Transfers may be processed in three different transaction modes. They are as follows:

"Manual”. If you designate a payment or transfer as a "today" transaction, the scheduled payment date will be the next business day. However, sufficient funds must be available on the day and at the time you request the payment to be made. Bill Payments scheduled on “today’s” date may be canceled before 9 P.M. If “today’s” date falls on a weekend or holiday the transaction will be made the next business day.

"Scheduled”. If you designate a Bill Payment or Transfer as a "scheduled" transaction, you may request that the transaction be made on a future date that you designate up to 364 days in advance. The “send on” date entered will be the effective date, if the effective date falls on a weekend or holiday the effective date shall be the next business day. Sufficient funds must be available in your designated checking account at the time the withdrawal is attempted; typically your checking account will be debited for the transaction within two business days. "Scheduled" transactions may be canceled or changed until 9 P.M. of the night before the “send on” date.

"Automatic”. If you designate a Bill Payment or Transfer as an "automatic" transaction, you may request, and BankFive Bill Pay will use, a scheduled payment date that reoccurs on a specified regular basis (i.e. weekly, biweekly, monthly, etc). You will designate a "start on" date and "end on" date. In cases were a recurring payment falls on a weekend or Federal holiday it will be processed the preceding business day. If you are setting up a recurring payment for the first time to be processed on a Saturday it will be processed on the next business day.

Bill Payments
Account Designation and Payees. All Bill Payments you make through BankFive Bill Pay will be deducted from your designated checking account(s).

Any payee you wish to pay through BankFive Bill Pay must be payable in U.S. dollars and located within the United States or its territories. Each payee must appear on the payee list you create before you can schedule a payment. Tax payments, court ordered payments and payments made outside the U.S. and its territories are not supported, these are exception payments. If you attempt to make payments to any unsupported payees you must schedule them at your own risk, such payments are strongly discouraged. In no event shall BankFive Bill Pay be liable for any claims or damages resulting from your scheduling exception payments. The BankFive Bill Pay guarantee as it applies to any late payment related charges is void when exception payments are scheduled and or processed through BankFive Bill Pay. BankFive Bill Pay has no obligation to research or resolve any claim resulting from an exception payment. All research and resolution for any misapplied, misposted or misdirected exception payments will be the sole responsibility of you and not of BankFive Bill Pay.

Processing
In many cases, your Bill Payments are electronically delivered to the payee within three business days of the Scheduled Payment Date. However, some payees are not set up to accept electronic payment. In these cases, a check will be sent, which may take up to five business days to process and deliver to the payee. BankFive Bill Pay provides an indication of how many days to allow for each payee you designate. You must allow additional time for the payee to process and record your payment prior to the due date.

You must allow sufficient time 3 or 5 business days, as indicated online for BankFive Bill Pay to receive your request and process the bill payments so that the funds can be delivered to the payee before the payment due date or, for mortgage payments, on or before the due date (the due date shown on your invoice or provided in your agreement with the payee, not taking into account any grace period provided by the payee). If you do not allow sufficient time, you will assume full responsibility for all late fees, finance charges, or other actions taken by the payee. If you schedule your payment with sufficient time, and the payment was not received by the payee, or was received late, BankFive Bill Pay will assume responsibility. BankFive Bill Pay will cover any late payment related charges up to $50.00 should a payment arrive after the “deliver by” date as long as you scheduled the transaction in accordance with BankFive Bill Pay payment guarantee policy. The reimbursement for late payment related charges will be to you and not the merchant to whom the payment was issued.

BankFive Bill Pay is responsible only for exercising ordinary care in making payments upon your authorization and for mailing or sending a payment to the designated payee. BankFive Bill Pay is not liable in any way for damages or fees you incur if you do not have sufficient funds in your account to make the payment on the processing date, if the estimate of time to allow for delivery to the payee is inaccurate, or due to delays in mail delivery, changes of merchant address or account number, the failure of any merchant to account correctly for, or credit the payment in a timely manner, or for any other circumstances beyond the control of BankFive Bill Pay.

In the event sufficient funds are not available in the designated checking account when the payment withdrawal is attempted, BankFive Bill Pay will attempt up to three times to make the withdrawal for electronic payments. If the bill payment was more than $500.00, was issued in the form of a check and there were insufficient funds when the withdrawal was attempted a stop payment will be issued and no further withdrawal attempts will be made. If an insufficient funds condition exists, your account will be charged an insufficient funds fee for each withdrawal attempt as documented in the fee schedule. As a result of the insufficient condition your bill pay account will be blocked preventing you from making more bill payments until the insufficient funds condition is resolved with BankFive Bill Pay. Any future dated or automatic recurring payments scheduled for release during the time the account is blocked will not be sent. In all cases, you are responsible for making alternate arrangements for the payment. Once BankFive Bill Pay has recovered the funds owed the Bill Pay service may remain blocked for an additional 5 to 10 calendar days. In the event your BankFive Bill Pay was blocked any previously scheduled future dated transactions will have been deleted from the system and you must reschedule them. If you had any Automatic recurring payments set up for future payment in BankFive Bill Pay these transactions will still be set up in the system and will resume again once your BankFive Bill Pay has been re-instated.

Right to Repayment
You each agree that BankFive may (without prior notice and when permitted by law) off set the funds in this account against any due and payable debt owed to BankFive now or in the future, by any of you having the right of withdrawal, to the extent of such persons or legal entity’s right to withdraw. If the debt arises from a note, “any due and payable debt” included the total amount of which BankFive is entitled to demand payment under the terms of the note at the time BankFive processes the off set, including balance and due date for which BankFive properly accelerate under the note. The right to off set does not apply to this account if: (a) it is an Individual Retirement Account or other tax-deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan or (c) the debtor’s right of withdrawal arises only in a representative capacity. BankFive will not be liable for the dishonor of any check when the dishonor occurs because BankFive off set a debt against this account. You agree to hold BankFive harmless from any claim arising as a result of the right of off set.

Transfers
Available Accounts. Transfers are limited to checking, statement savings, statement money market and certain lines of credit accounts. These accounts must first be established in BankFive Online Banking before transfers can be initiated. All the accounts must be in your name.

Funds Availability. Although you receive immediate provisional credit upon completion of your BankFive Online Banking session for internal bank transfers funds may not be available for immediate withdrawal. Transfer made on a Saturday, Sunday or Holiday will be available the next business day. Transfers scheduled on “today’s” date cannot be canceled.

Limitations on Services
Dollar Limitations. Bill Payments can not be initiated for more than $9,999.99 with a combined daily transaction limit set at $19,999.99 or the available balance, whichever is less, unless previously amended with BankFive.

Transfer Limitations. Except as provided herein, all Bill Payments and Transfers to and from an account are subject to the terms and conditions applicable to such account as set forth in the account agreement governing such account. With respect to interest bearing savings accounts, and money market accounts, you may not make more than six transfers or withdrawals per month to another account of yours or to third parties, when these transfers are made by means of a preauthorized or automatic transfer, or telephone agreement, order or instruction. If during the statement cycle, you exceed the Limitations on Frequency of Transfers, your account will be charged a fee as documented in the fee schedule for each withdrawal in excess in that statement cycle.

Available Funds Required. All Bill Payments and Transfers initiated through BankFive Online Banking and BankFive Bill Pay are subject to there being sufficient funds available in the designated account(s) to cover the payment or transfer on the scheduled payment date or when funds are attempted to be withdrawn.

Stopping or Modifying Online Banking Authorized Payments
Payments designated as "today" transactions can be stopped, canceled, or changed prior to 9 P.M. In order to request a stop payment or change a transaction scheduled for a future date or as an automatic reoccurring payment or transfer you must use BankFive Bill Pay and follow the instructions provided therein. You must cancel the payment using BankFive Bill Pay by 9 P.M. of the day before the scheduled payment date.

Authorization to Charge Accounts
You authorize BankFive Bill Pay to charge your designated account(s) for any transactions accomplished through the use of BankFive Bill Pay, including the amount of any bill payment or transfer that you make, and any charges for the service. You authorize BankFive to process Bill Payments and to transfer funds according to the instructions received from you through BankFive online. You authorize BankFive Bill Pay to initiate any reversing entry or reversing file, and to debit your accounts at BankFive or elsewhere, in order to correct any mistaken credit entry. You understand that if a bill payment or transfer request describes the beneficiary inconsistently by name and account number, execution of the request will occur on the basis of the account number, even if it identifies a person different from the named beneficiary. Further, BankFive and other financial institutions to which a bill payment or transfer request is forwarded may rely on any BankFive identification number supplied by you as a means to identify any other financial institution, even if the identification number is different than the financial institution named by you. Your obligation to pay the amount of the bill payment or transfer to BankFive is not excused in such circumstances.

Security Procedures
A temporary BankFive Online Password will be assigned to you. The temporary password will be used only the first time you access the service, you will then be prompted to define a new, BankFive Online Password. From time to time you will be required to change your password for security purposes. The BankFive Online User ID and or Password are confidential and should not be disclosed to anyone. You are responsible for the safekeeping of the BankFive Online User ID and or Password. You agree not to disclose or otherwise make the BankFive Online User ID and or Password available to anyone.

By using BankFive Online Banking and BankFive Bill Pay you represent that you have considered the security procedures of the BankFive Online Services and find that the security procedures are commercially reasonable for verifying that a bill payment, transfer or other communication purporting to have been issued by you is, in fact, yours. In reaching this determination, you have considered the size, type and frequency of bill payments, transfers or other communications that you anticipate issuing to BankFive.

If the BankFive Online Banking security procedures are not, in your judgment, commercially reasonable, you must inform BankFive within 30 days. If the size, type and frequency on your bill payments and transfers change, and the result is that the BankFive Online security procedures cease to be commercially reasonable, you must also inform BankFive of this within 30 days as otherwise permitted in BankFive's Deposit Agreement and Disclosures, by law, or as required by government regulations.

The BankFive website may contain links to third party sites. These links and pointers to the third party sites are not part of the BankFive website. BankFive makes no representations or warranties regarding these third party sites. BankFive is not responsible for any losses or damages in connection with the information, security or privacy practices availability, content or accuracy of materials of such third party sites. These third party sites might have a privacy policy different from BankFive and third party sites may provide less security than the BankFive website. You should review their privacy and security policies before your share any non-public personal information.

Liability for Unauthorized Use
You will notify BankFive immediately if you believe that your BankFive Online Password has become known to an unauthorized person. Telephoning is the best way of keeping your possible losses to a minimum. If you suggest that an unauthorized transfer or payment may have occurred, you may be required to sign an affidavit.

You could lose all the money in your deposit account(s) accessed through BankFive Online Banking (plus your maximum overdraft line of credit, if any) if you don't inform BankFive that your BankFive Online Banking Password has become known to an unauthorized person. If you tell BankFive within two business days after you learn of the loss, you can lose no more than $50.00 if an unauthorized person used your BankFive Online Banking Password to access BankFive Online Banking without your permission.

If you do not tell BankFive within two business days after you have learned that your Password has become known to an unauthorized person, and BankFive can prove that you could have stopped someone from using your BankFive Online Password without your permission if you had told BankFive, you could be liable for as much as $500.00.

Also, if your statement shows electronic funds transfers that you did not make, you will notify BankFive immediately. BankFive may require you to provide your complaint in the form of an affidavit. If you do not tell BankFive within 60 days after the statement was made available to you, you may not get back any money you lost after the 60 days if BankFive can prove that BankFive could have stopped someone from taking the money if you had told BankFive in time.

Notification of Unauthorized Transaction or a Lost or Stolen Access Device
If you believe your BankFive Online Password has become known by an unauthorized person, or that someone has transferred money or made payments without you permission, you will call BankFive Customer Service at 800-679-4420.

Liability for Failure to Make Payments
If BankFive Bill Pay does not send a payment or make a transfer on time, or in the correct amount according to your instructions given in accordance with this Agreement and Disclosure, BankFive Bill Pay will be liable for damages caused. However, there are some exceptions. BankFive Bill Pay will not be liable, for instance, if:

Through no fault of BankFive, your account does not contain sufficient funds to make the payment or transfer.

The payment or transfer would go over the credit limit on your overdraft line of credit.

The equipment, ATM network, phone lines, or computer systems were not working properly or were temporarily unavailable.

Circumstances beyond BankFive’s scope of control, such as fire or flood, prevented the payment or transfer, despite reasonable precautions that BankFive has taken.

A court order or legal process prevents BankFive from making a transfer or payment.

You have a reasonable basis for believing that unauthorized use of your BankFive Online Password or designated account(s) have occurred or may be occurring or if you default under any agreement with BankFive or if either party terminates this Agreement.

The payee does not process a payment correctly, or in a timely manner.

There may be other exceptions stated in this agreement.

If any of the circumstances listed above shall occur, BankFive Bill Pay shall assist you with reasonable efforts in taking appropriate corrective action to reprocess the transactions that may not have been completed or to correct transactions that have been processed incorrectly.

Errors or Questions
You will telephone the Customer Contact Center at 774-888-6100 / 800-679-4420 or write BankFive, Attention: Customer Contact Center, 79 North Main St., Fall River, MA 02720 as soon as you can, if you think your statement or receipt is wrong or if you need more information about a Bill Payment or Transfer listed on the statement or receipt. BankFive must hear from you no later than 60 days after BankFive sends the statement on which the problem or error appeared. A statement is considered to have been sent when it is first made available. You must:

Tell BankFive your name and account number.

Describe the error or payment you are unsure about, and explain as clearly as you can why you believe it is an error or why you need information.

Tell BankFive the dollar amount of the suspected error.

If you tell BankFive verbally, BankFive may require that you send your complaint or question in writing within ten business days. BankFive may require you to provide your complaint in the form of an affidavit.

BankFive will inform you of the results of BankFive investigation within ten calendar days (20 calendar days if the suspected error occurred outside the United States or if it occurred at a merchant location for the purchase of goods and services) after BankFive hears from you, and will correct any error promptly. If BankFive needs more time, however, BankFive may take up to 45 calendar days (90 days if outside the United States or if it occurred at a merchant location for the purchase of goods or services) to investigate your complaint or question. If BankFive decides to do this, provisional credit will be provided to you in your account within ten calendar days (20 calendar days if the suspected error occurred outside the United States or if it occurred at a merchant location for the purchase of goods or services) for the amount you think is in error, so that you will have the use of your money during the time it takes BankFive to complete your investigation. If BankFive asks you to put your complaint or question in writing and it is not received within ten business days, BankFive may not re-credit your account.

If BankFive determines that there is no error, BankFive will send you a written explanation within three business days after the investigation is completed. You may ask for copies of the documents that were used in BankFive’s investigation.

Other Problems
If you believe an error other than an electronic funds transfer problem has occurred concerning a deposit account or if you have a problem regarding a credit account accessed by an ATM/Debit Card, you will refer to your monthly statement for instructions regarding how to have BankFive resolve your question or correct an error.

Customer Privacy Statement
BankFive values your banking relationship and recognizes that protecting your right to privacy is fundamental in maintaining a quality relationship. BankFive wants to serve you as conveniently as possible and the use of technology is sometimes the most efficient means of providing a service. BankFive would also like you to know that your dealings with the bank are always treated with appropriate confidentiality. BankFive’s commitment to you:

BankFive recognizes and respects your privacy.

BankFive will only collect, retain and use information they reasonably believe is useful in conducting business with you.

BankFive will strive to maintain accurate and complete information and correct inaccuracies in a timely manner.

BankFive will limit access to your personal information to employees who have a need to know.

BankFive will maintain security measures to prevent unauthorized access to information regarding your dealings with the bank.

BankFive will not disclose information about your BankFive banking relationship unless:

  • You authorize us to do so.
  • It is required by law.
  • There is an appropriate business justification.

BankFive will ask third parties that process information to share BankFive’s commitment to privacy.

If you have any questions regarding this statement or about BankFive’s handling of your information, please contact the Customer Contact Center at 774-888-6100 / 800-679-4420 or write BankFive, Attention: Customer Contact Center, 79 North Main St., Fall River, MA 02720.

Documentation and Verification of Payments and Transfers
Confirmation Numbers. Upon completion of a transaction using BankFive Online Bill Pay or BankFive Online Banking, a confirmation number will be given. You may print this page for your records, if you are unable to print the confirmation you should record the confirmation number, along with the payee, scheduled date and transaction amount in your checkbook register (or other permanent record), because this will help in resolving any problems that may occur.

Periodic Statements. Information concerning BankFive Online Bill Pay or BankFive Online Banking, transactions will be shown on your normal statement for the account to and from which transfers or payments are made. You will get a statement monthly, unless there are no electronic funds transfers in a particular month. In any case, if your account is a checking, statement savings, or money market, you will get a statement at least quarterly.

Recurring Deposits. If you have arranged to have deposits made to a deposit account at least once every 60 days from the same person or company, you can find out whether or not the deposit has been made through BankFive Online Banking. Or, you can call Phone5Direct (telephone banking system) at 888-833-5595 to find out whether or not the deposit has been made.

Other Conditions
You are responsible for complying with all terms of this Agreement and Disclosure and the regulations governing the deposit accounts which you access using BankFive Online Banking. BankFive can terminate your BankFive Online Banking privileges without notice to you if you do not pay any fee required in this Agreement and Disclosure when due or if you do not comply with those agreements. The regulations governing your deposit account are set forth in your Deposit Agreement and Disclosures, a copy of which is available from any branch location.

Change In Terms
BankFive will mail or deliver a written notice to you at least 30 days before the effective date of any change in a term or condition disclosed in this Agreement and Disclosure, if the change would result in increased fees or charges, increased liability for you, fewer types of available electronic fund transfers or stricter limitations on the frequency or dollar amounts of transfers, unless prior notice is excused by law.

Schedule of Service Charges*
* Per item transaction fees may be charged for excess debit transactions on selected checking and savings account(s). Please refer to the Bank Five’s Personal Accounts and Service Schedule of Fees for per-item fees on selected checking or savings accounts.
 

Business Online Banking Agreement 

BankFive Online and BankFive Bill Pay. Transfers between your Deposit Accounts with us are subject to the terms of your Deposit Account Agreement, as well as the terms of this Agreement and if applicable, the ACH Terms and Conditions and the NACHA Rules.

a. General. You may use the BankFive Online Banking (“BankFive Online”) and Bill Pay Service (“BankFive Bill Pay”) virtually any time, day or night, 7 days a week. However, we only process payments, and make transfers received before the applicable cutoff times (as described below) on Business Days we are open. BankFive Online (which includes BankFive Bill Pay) also may be temporarily unavailable due to BankFive’s record updating, or technical difficulties. In addition, access to BankFive Online is made available pursuant to a license agreement by and between BankFive and its Third Party, COCC. Any interruption of service or access caused by COCC will also prevent you from using the service. To utilize the Services, you will need to enter your Access Credentials and otherwise satisfy the system’s security procedures. You may access BankFive Online though www.bankfive.com on the Internet.

b. Designated Checking Account. You understand that in order to use BankFive Bill Pay, you must have a checking account with us. In the event that more than one checking account is connected to BankFive Online, you will designate which checking account each bill payment is to be deducted from (your “Designated Account” as defined above).

c. Transaction Procedures. You may make bill payments and transfers among Deposit Accounts and payments on loans with us in three different transaction modes.

They are as follows: 
“Manual.” If you designate a transfer among Deposit Accounts as a “today” transaction before 8:00 p.m. Eastern Time (“ET”) on a Business Day, the transfer will be initiated on the same date. If you designate a payment as a “today” transaction, the payment will be initiated the next Business Day. However, sufficient funds must be available on the day and at the time you request the payment to be made. Bill payments scheduled as a “today” transaction may be canceled before 9:00 p.m. ET on a Business Day. If “today’s” date falls on a non-Business Day, the transaction will be initiated the next Business Day.

“Scheduled.” If you designate a bill payment or transfer as a “scheduled” transaction, you may request that the transaction be made on a future date that you designate up to 364 days in advance. The “send on” date entered will be the effective date, except that if the effective date falls on a non-Business Day, the effective date shall be the preceding Business Day. Sufficient Available Funds must be available in your Designated Account at the time the withdrawal is attempted. Typically your Designated Account will be debited for a bill payment transaction within one to two Business Days after the “send on” date. “Scheduled” bill payment transactions may be canceled or changed until 9:00 p.m. ET on a Business Day of the night before the “send on” date. BankFive Online transfers among Deposit Accounts will be debited on the “send on” date and may not be cancelled.

“Automatic.” If you designate a bill payment or transfer as an “automatic” transaction, you may request, and we will use, a scheduled payment date that reoccurs on a specified regular basis (i.e. weekly, biweekly, monthly, etc). You will designate a “start on” date and “end on” date. In cases were a recurring payment falls on a non-Business Day, it will be processed the preceding Business Day. If you are setting up a recurring payment for the first time to be processed on a non-Business Day it will be processed on the next Business Day.

d. Bill Payment Account Designation and Payees. All bill payments you make through BankFive Bill Pay will be deducted from your Designated Account. If you have a line of credit attached to a particular account, the amount of any payment, transfer or other Service may not exceed the sum of your available funds in the applicable Account, plus your available credit, if any. When any payment or other BankFive Online transaction generates an item to be charged to your Account, you agree that we may debit your Account without requiring your signature on the item and without prior notice to you. Any payee you wish to pay through BankFive Bill Pay must be payable in U.S. dollars and located within the United States or its territories. Each payee must appear on the payee list you create before you can schedule a payment. Payments to payees outside the United States are prohibited and may not be issued under any circumstances. Tax payments to the Internal Revenue Service (IRS), or any state or other government agency, court-ordered payments (such as alimony or child support), and payments to insurance companies are strongly discouraged and in no event will BankFive Bill Pay be held liable for any claims for damages resulting from your scheduling prohibited or discouraged payments. The BankFive Bill Pay guarantee as it applies to any late payment related charges is void when prohibited or discouraged payments are scheduled and or processed through BankFive Bill Pay. BankFive Bill Pay has no obligation to research or resolve any claim resulting from an exception payment. All research and resolution for any misapplied, misposted or misdirected exception payments will be the sole responsibility of you and not of BankFive Bill Pay.

Bill Payment Processing. In many cases, your bill payments are electronically delivered to the payee within three (3) Business Days of the scheduled payment date. However, some payees are not set up to accept electronic payments. In these cases, a check will be sent, which may take up to five (5) Business Days to process and deliver to the payee. BankFive Bill Pay provides an indication of how many days to allow for each payee you designate. You must allow additional time for the payee to process and record your payment prior to the payment due date.

You also must allow sufficient time, e.g., three (3) or five (5) Business Days, as indicated within the BankFive Bill Pay site, for us to receive your request and process the bill payments so that the funds can be delivered to the payee before the payment due date or, for mortgage payments, on or before the due date (the due date shown on your invoice or provided in your agreement with the payee, not taking into account any grace period provided by the payee). We are responsible only for exercising ordinary care in making payments upon your authorization and for mailing or sending a payment to the designated payee. We are not liable in any way for damages or fees you incur if you do not have sufficient Available Funds in your Designated Account to make the payment on the processing date, if the estimate of time to allow for delivery to the payee is inaccurate, or due to delays in mail delivery, changes of merchant address or account number, the failure of any merchant to account correctly for, or credit the payment in a timely manner, or for any other circumstances beyond our control.

In the event there are insufficient Available Funds in your Designated Account when the payment withdrawal is attempted, we will attempt up to three (3) times to make the withdrawal for electronic payments. If an insufficient funds condition exists, your Designated Account will be charged an insufficient funds fee for each withdrawal attempt. If the bill payment (a) was more than $500.00; (b) was issued in the form of a check; and (c) there were insufficient Available Funds when the withdrawal was first attempted, a stop payment will be issued and no further withdrawal attempts will be made. In the event of an insufficient Available Funds, your Designated Account will be blocked preventing you from making more bill payments until the insufficient Available Funds condition is resolved. You should call us at 774-888-6100 to resolve this condition. All scheduled payments will automatically be canceled while the block is in effect. After your Designated Account is unblocked, you are responsible for rescheduling canceled payments at your discretion. Any automatic recurring payments scheduled for release during the time the Designated Account is blocked will not be sent. Once the Designated Account is unblocked, any automatic recurring payments set up for future payment in BankFive Bill Pay will still be set up in the system and will resume again. In all cases, you are responsible for making alternate arrangements for the payment. Once BankFive Bill Pay has recovered the funds owed, BankFive Bill Pay may remain blocked for an additional three (3) business days.

Expedited Bill Payments 
BankFive’s Bill Pay service provides a method by which payments can be sent to payees faster than normal processing time. Only payees that qualify for an expedited payment at the time the payment is set up will appear as a choice in the list of eligible payees. Expedited payments are sent either electronically to the payee or via a check sent by an overnight delivery service (“Overnight Check”). If a payee is not set up to receive electronic payments, the only method available for that payee will be Overnight Check. There is a convenience fee associated with each type of Expedited Payment. The successful submission of an Expedited Payment will represent acceptance of applicable convenience fees associated with this service by you. The convenience fee will be withdrawn from your Designated Account from which the Expedited Payment is being sent. Once an Expedited Payment has been submitted, it cannot be canceled. In the event Available Funds are not available in the Designated Account when the payment withdrawal is attempted, BankFive Bill Pay will attempt up to three (3) times to make the withdrawal for electronic payments. If an insufficient Available Funds Condition exists, your Designated Account will be charged an insufficient funds fee for each withdrawal attempt as documented in the Fee Schedule. As a result of the insufficient Available Funds condition your Designated Account will be blocked preventing you from making more bill payments until the insufficient Available Funds condition is resolved with BankFive Bill Pay.

e. Limitations on Services.

Transfer Limitations. Except as provided herein, all bill payments and transfers to and from an Account are subject to the terms and conditions applicable to such Account as set forth in the Account Agreement governing such account. With respect to interest bearing savings accounts, and money market accounts, you may not make more than six (6) transfers or withdrawals per month to another Account of yours or to third parties, when these transfers are made by means of a preauthorized or automatic transfer, or telephone agreement, order or instruction. If during the statement cycle, you exceed the limitations on frequency of transfers, your Account will be charged the Service Fee specified in the Fee Schedule for each withdrawal in excess of the applicable limit in that statement cycle.

Available Funds Required. We are not obligated but we may, in our discretion, process bill payments and transfers initiated through BankFive Online and BankFive Bill Pay for which there are insufficient Available Funds in the Designated Account or in any related overdraft line of credit to cover the payment or transfer on the scheduled payment date or when funds are attempted to be withdrawn. We will charge you a fee for each transaction attempted for which there are insufficient Available Funds. Such fee is disclosed in the Fee Schedule. As noted above, we will attempt each transaction up to three (3) times and each time an attempt is made for which there are insufficient Available Funds, a fee will be charged to you.

f. Stopping or Modifying Online Bill Payments. Bill payments designated as “today” transactions can be stopped, canceled, or changed prior to 9:00 p.m. ET that day. However, to request a stop payment or change a transaction scheduled for a future date or scheduled as an automatic payment or transfer, you must cancel the payment using BankFive Bill Pay by 9:00 p.m. ET of the day before the scheduled payment date.

g. Authorization to Charge Accounts. You authorize us to charge your Designated Account(s) for any transactions initiated through the use of BankFive Bill Pay, including the amount of any bill payment or transfer that you make, and any charges for the Service. You authorize us to process bill payments and to transfer funds according to the instructions received from you through BankFive Online. You authorize us to initiate any reversing entry or reversing file, and to debit your Accounts with us or elsewhere, in order to correct any mistaken credit entry. You understand that if a bill payment or transfer request describes the beneficiary inconsistently by name and account number, execution of the request will occur on the basis of the Account number, even if it identifies a person different from the named beneficiary. Further, we and other financial institutions to which a bill payment or transfer request is forwarded may rely on any identification number supplied by you as a means to identify any other financial institution, even if the identification number is different than the financial institution named by you. Your obligation to pay the amount of the bill payment or transfer is not excused in such circumstances.

h. Liability for Failure to Make Payments. If BankFive Bill Pay does not send a payment or make a transfer on time, or in the correct amount according to your instructions given in accordance with this Agreement, we will be liable for damages caused to the extent required by applicable law.

Stop Payment Service. You may stop payment on a paper check issued by you or BankFive BillPay by providing us with timely, complete and accurate information on: the number of the Account in question; the date of the item; the item number; the payee information; and the EXACT amount of the item (dollars and cents). If any information is incomplete or incorrect, we will not be responsible for failing to stop payment on the item. Requests become effective when we confirm their receipt and have verified that the item has not been paid. From time-to-time, BankFive Online may be inoperable. If that occurs, your request can be communicated to us by telephone or in writing. Electronic BankFive BillPay payments, ACH payments and wires may not be stopped.

Our Rejection of Transactions. We may refuse any transfer or payment instruction without cause or prior notice.

Notice of Returned Payments or Transfers. We may notify you electronically, in writing, by telephone, or otherwise if any funds transfer is rejected or returned (e.g., by the ACH network) for any reason. We will not be obligated to credit your Account with any interest, unless the return is caused by our failure to properly execute your instruction.

Unauthorized Transactions. We may process any payment or transfer instruction (including an amendment or cancellation instruction) that we believe is transmitted or authorized by you if we act in compliance with the security procedures (e.g., we obtain valid Authorization Credentials) you and we have agreed upon for the Service. Instructions we receive accompanied valid Access Credentials will be deemed effective as if made by you, and you will be obligated to pay us in the amount of such transactions, even though they are not transmitted or authorized by you. In our sole discretion, we may elect to verify the authenticity or content of any instruction, as an alternative security procedure, by placing a call to any authorized signer on your account or any other person designated by you for that purpose. If we are unable to verify an instruction to our satisfaction, we may reject the instruction.

Transaction Limits and Safeguards. You agree not to exceed the Service transaction limits we establish from time to time for your Account (e.g., in connection with ACH transactions). You agree that you will not allow anyone to initiate transfer or payment instructions on your behalf without proper supervision and adequate safeguards, and that you will review pending payment and transfer instructions prior to their submission to us to ensure that they are complete, accurate and properly authorized.

Electronic Mail/Internet. If you send us electronic mail (“e-mail”), we may not receive or review it immediately. We will have a reasonable time to act upon any e-mail request or notice, and reserve the right to reject any transaction or request received by e-mail. You acknowledge that, even though e-mail sent through the Service may be encrypted, we cannot ensure that it will not be intercepted or affected by the actions or omissions of others, such as third party networks or persons with access to the Internet. As such, you should not send Account data or other sensitive information to us by e-mail.

Your use of the Internet to access the Services is entirely at your own risk. We make no representation, warranty or endorsement with respect to: (a) information placed on the Internet by third parties; (b) the security or continued availability of the Internet or of any Internet website, including without limitation our website; or (c) the Services, products or information made available over the Internet by others whose sites may be accessed, directly or indirectly, as a result of our Services.

Our service providers and we assume no responsibility for viruses created by third parties, or for any third party’s unauthorized access to, or use of, your computer system. You agree to regularly scan your computer using a virus protection product.

You agree that: (a) Internet-based Services are provided to you on an “as is” basis, without warranties of any kind; (b) we, our affiliates, Internet service providers, and licensors will not be liable for any errors, defects in, or the untimeliness or lack of authenticity of, any information provided over the Internet; (c) you will comply with all laws applicable to your Internet activities; (d) you will not transmit any information which is defamatory, abusive, or which may give rise to civil liability; (e) we may monitor your e-mail and Internet communications with our employees; and (f) BankFive Online will be subject to the additional qualifications and operating rules, if any, set forth on our website.

Cutoff Hours. A number of our Services are subject to processing cutoff hours, which include but may not be limited to:

  • 10:00 a.m. ET for Account Reconciliation exception item reporting;
  • 2:00 p.m. ET for wire transfer orders;
  • 3:00 p.m. ET for ACH transaction entries;
  • 4:00 p.m. ET for stop payment orders; and
  • 8:00 p.m. ET for internal bank transfers.

Instructions received after the cutoff hour or on a non-Business Day may be deemed received as of the next Business Day. Cut-off hours are subject to change from time to time in our sole discretion.