AGREEMENT - This
document, along with any other documents we give you pertaining to your
account(s), is a contract that establishes rules which control your account(s)
with us.
This agreement is subject to applicable federal laws and the laws of the
state of Minnesota
(except to the extent that this agreement can and does vary such rules or
laws). The body of state and federal law that governs our relationship with
you, however, is too large and complex to be reproduced here. The purpose of
this document is to:
(1) summarize some laws that apply to common transactions;
(2) establish rules to cover transactions or events which the law does not
regulate;
(3) establish rules for certain transactions or events which the law
regulates but permits variation by agreement; and
(4) give you disclosures of some of our policies to which you may be entitled
or in which you may be interested.
If any provision of this document is found to be unenforceable according to
its terms, all remaining provisions will continue in full force and effect.
We may permit some variations from our standard agreement, but we must agree
to any variation in writing either on the signature card for your account or
in some other document.
As used in this document the words "we," "our," and
"us" mean the financial institution and the words "you"
and "your" mean the account holder(s) and anyone else with the
authority to deposit, withdraw, or exercise control over the funds in the
account. The headings in this document are for convenience or reference only
and will not govern the interpretation of the provisions. Unless it would be
inconsistent to do so, words and phrases used in this document should be
construed so the singular includes the plural and the plural includes the
singular.
LIABILITY - You agree, for yourself (and the person or entity you
represent if you sign as a representative of another) to the terms of this
account and the schedule of charges. You authorize us to deduct these charges
directly from the account balance as accrued. You will pay any additional
reasonable charges for services you request which are not covered by this
agreement.
Each of you also agrees to be jointly and severally (individually) liable for
any account shortage resulting from charges or overdrafts, whether caused by
you or another with access to this account. This liability is due
immediately, and can be deducted directly from the account balance whenever sufficient
funds are available. You have no right to defer payment of this liability,
and you are liable regardless of whether you signed the item or benefited
from the charge or overdraft. This includes liability for our costs to
collect the deficit including, to the extent permitted by law, our reasonable
attorneys' fees.
DEPOSITS - We will give only provisional credit until collection is
final for any items, other than cash, we accept for deposit (including items
drawn "on us"). Actual credit for deposits of, or payable in,
foreign currency will be at the exchange rate in effect on final collection
in U.S. dollars. We are not responsible for transactions by mail or outside
depository until we actually record them. We will treat and record all
transactions received after our "daily cutoff time" on a business
day we are open, or received on a day we are not open for business, as if
initiated on the next following business day that we are open.
WITHDRAWALS - Unless clearly indicated otherwise on the account records,
any of you, acting alone, who signs in the space designated for signatures on
the signature card may withdraw or transfer all or any part of the account
balance at any time. Each of you (until we receive written notice to the
contrary) authorizes each other person signing the signature card to indorse
any item payable to you or your order for deposit to this account or any
other transaction with us. We may charge your account for a check even though
payment was made before the date of the check, unless we have received
written notice of the postdating in time to have a reasonable opportunity to
act. We may refuse any withdrawal or transfer request which you attempt on
forms not approved by us, by any method we do not specifically permit, which
is greater in number than the frequency permitted, or which is for an amount
greater or less than any withdrawal limitations. Even if we honor a
nonconforming request, we may treat continued abuse of the stated limitations
(if any) as your act of closing the account. We will use the date the
transaction is completed by us (as opposed to the date you initiate it) to
apply the frequency limitations. The fact that we may honor withdrawal
requests that overdraw the available account balance does not obligate us to
do so later. See the funds availability policy disclosure for information
about when you can withdraw funds you deposit. For those accounts for which
our funds availability policy disclosure does not apply, you can ask us when
you make a deposit when those funds will be available for withdrawal.
We may require not less than 7 days' notice in writing before each withdrawal
from an interest-bearing account other than a time deposit. Withdrawals from
a time account prior to maturity or prior to any notice period may be
restricted and may be subject to penalty. See your notice of penalty for
early withdrawal.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION - These rules apply
to this account depending on the form of ownership and beneficiary
designation, if any, specified on the account records. We make no
representations as to the appropriateness or effect of the ownership and
beneficiary designations, except as they determine to whom we pay the account
funds.
Individual Account - is an account in the name of one person.
Joint Account - With Survivorship (And Not As Tenants In Common) - is
an account in the name of two or more persons. Each of you intend
that when you die the balance in the account (subject to any previous pledge
to which we have agreed) will belong to the survivor(s). If two or more of
you survive, you will own the balance in the account as joint tenants with
survivorship and not as tenants in common.
Joint Account - No Survivorship (As Tenants In Common) - is owned by
two or more persons, but none of you intend (merely by opening this account)
to create any right of survivorship in any other person. We encourage you to
agree and tell us in writing of the percentage of the deposit contributed by
each of you. This information will not, however, affect the "number of
signatures" necessary for withdrawal.
Revocable Trust or Pay-On-Death Account - If two or more of you create
this type of account, you own the account jointly with survivorship.
Beneficiaries cannot withdraw unless: (1) all persons creating the account
die, (2) the beneficiary is then living, and (3) we have not been given
written notice of a claim under a will. If two or more beneficiaries are
named and survive the death of all persons creating the account,
beneficiaries will own this account in equal shares, without right of
survivorship. The person(s) creating either of these account types may: (1)
change beneficiaries, (2) change account types, and (3) withdraw all or part
of the account funds at any time.
BUSINESS ACCOUNTS - Earnings in the form of interest, dividends, or
credits will be paid only on collected funds, unless otherwise provided by
law or our policy. We may require the governing body of the legal entity
opening the account to give us a separate authorization telling us who is
authorized to act on its behalf. We will honor the authorization until we
actually receive written notice of a change from the governing body of the
legal entity.
STOP PAYMENTS - You must make any stop-payment order in the manner
required by law and we must receive it in time to give us a reasonable
opportunity to act on it before our stop-payment cutoff time. To be
effective, your stop-payment order must precisely identify the number, date
and amount of the item, and the payee.
You may stop payment on any item drawn on your account whether you sign the
item or not, if you have an equal or greater right to withdraw from this
account than the person who signed the item. A release of the stop-payment
request may be made only by the person who initiated the stop-payment order.
Our stop-payment cutoff time is one hour after the opening of the next
banking day after the banking day on which we receive the item. Additional
limitations on our obligation to stop payment are provided by law (e.g., we
paid the item in cash or we certified the item).
AMENDMENTS AND TERMINATION - We may change any term of this agreement.
Rules governing changes in interest rates are provided separately. For other
changes, we will give you reasonable notice in writing or by any other method
permitted by law. We may also close this account at any time upon reasonable
notice to you and tender of the account balance personally or by mail. Notice
from us to any one of you is notice to all of you.
STATEMENTS - You must examine your statement of account with
"reasonable promptness." If you discover (or reasonably should have
discovered) any unauthorized signatures or alterations, you must promptly
notify us of the relevant facts. As between you and us, if you fail to do
either of these duties, you will have to either share the loss with us, or
bear the loss entirely yourself (depending on whether we used ordinary care
and, if not, whether we substantially contributed to the loss). The loss
could be not only with respect to items on the statement but other items with
unauthorized signatures or alterations by the same wrongdoer. You agree that
the time you have to examine your statement and report to us will depend on
the circumstances, but will not, in any circumstance, exceed a total of 30
days from when the statement is first sent or made available to you.
You further agree that if you fail to report any unauthorized signatures,
alterations, forgeries, or any other errors in your account within 60 days of
when we first send or make the statement available, you cannot assert a claim
against us on any items in that statement, and as between you and us the loss
will be entirely yours. This 60-day limitation is without regard to whether
we used ordinary care. The limitation in this paragraph is in addition to
that contained in the first paragraph of this section.
ACCOUNT TRANSFER - This account may not be transferred or assigned
without our prior written consent.
DIRECT DEPOSITS - If, in connection with a direct deposit plan, we
deposit any amount in an account which should have been returned to the
Federal Government for any reason, you authorize us to deduct the amount of
our liability to the Federal Government from the account or from any other
account you have with us, without prior notice and at any time, except as
prohibited by law. We may also use any other legal remedy to recover the
amount of our liability.
TEMPORARY ACCOUNT AGREEMENT - If this option is selected, this is a
temporary account agreement. Each person who signs in the space designated
for signatures on the signature card (except as indicated to the contrary)
may transact business on this account. However, we may at some time in the
future restrict or prohibit further use of this account if you fail to comply
with the requirements we have imposed within a reasonable time.
SETOFF - We may (without prior notice and when permitted by law) set
off the funds in this account against any due and payable debt you owe us 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" includes the total amount of
which we are entitled to demand payment under the terms of the note at the time
we set off, including any balance the due date for which we properly
accelerate under the note. This right of setoff does not apply to this
account if: (a) it is an IRA or other tax-deferred retirement account, or (b)
the debt is created by a consumer credit transaction under a credit card plan
(but this does not affect our rights under any consensual security interest),
or (c) the debtor's right of withdrawal only arises in a representative
capacity. We will not be liable for the dishonor of any check when the dishonor
occurs because we set off a debt against this account. You agree to hold us
harmless from any claim arising as a result of our exercise of our right of
setoff.
FACSIMILE SIGNATURES You authorize us, at any time, to charge you
for all checks, drafts, or other orders, for the payment of money, that are
drawn on us regardless of by whom or by what means the facsimile signature(s)
may have been affixed so long as they resemble the facsimile signature
specimen on page 1 of this agreement, or that are filed separately with us,
and contain the required number of signatures for this purpose.
AUTHORIZED SIGNER (Individual Accounts only) - A single individual is
the owner. The authorized signer is merely designated to conduct transactions
on the owner's behalf. We undertake no obligation to monitor transactions to
determine that they are on the owner's behalf.
RESTRICTIVE LEGENDS - We are not required to honor any restrictive
legend on checks you write unless we have agreed in writing to the
restriction. Examples of restrictive legends are "must be presented
within 90 days" or "not valid for more than $1,000.00."
ELECTRONIC FUND TRANSFERS
YOUR RIGHTS AND RESPONSIBILITIES
Indicated below are types of Electronic Fund Transfers we are capable of
handling, some of which may apply to your account. Please read this
disclosure carefully because it tells you your rights and obligations for
these transactions. You should keep this notice for future reference.
TYPES OF TRANSACTIONS
Preauthorized credits - You may make arrangements for certain direct
deposits to be accepted into your checking, savings, line of credit , and loan accounts.
Preauthorized payments - You may make arrangements to pay certain
recurring bills from your checking and savings accounts.
Electronic check conversion You may provide your check to a merchant
or service provider who will scan the check for the encoded financial
institution and account information.The merchant or service provider will then use this information to
convert the transaction in an electronic funds transfer.
Electronic returned check
charge You may authorize a merchant or service provider to
electronically collect a charge in the event a check is returned for
insufficient funds.
Telebank
transactions - You may access your account(s) by telephone using your
personal identification number (PIN), touch tone phone, and account number(s)
to:
· transfer funds from checking to checking, savings
· transfer funds from savings to checking, savings
· transfer funds from line of credit to checking
· make payments from checking to line of credit and loans
· make payments from savings to line of credit and loans
· get balance information about checking, savings, loan, and line of credit
· get withdrawal history about checking and savings
· get deposit history about checking and savings
· get transaction history about checking, savings, line of credit, and loans
You may access your accounts(s) for telephone transactions at the following
number(s):
· (877) 629-2265 (24 hours)
Instant Cash Card transactions - You may access your account(s) by ATM
using your Instant Cash Card, personal identification number, and account
number(s) to:
· deposit funds to checking and savings
· withdraw cash from checking and savings
· transfer funds from checking to checking and savings
· transfer funds from savings to checking and savings
· get balance information about checking or savings
Some of these services may not be available at all terminals.
Instant Cash & Check Card ATM Transactions - You may access your
account(s) by ATM using your Instant Cash & Check Card and personal
identification number (PIN) to:
· deposit funds to checking or savings
· withdraw cash from checking or savings
· transfer funds from checking to checking and savings
· transfer funds from savings to checking and savings
· get balance information about checking or savings
Some of these services may not be available at all terminals.
Instant Cash & Check Card Point-of-Sale Transactions - You may
access your checking account by debit card to:
· purchase goods in person, by phone, or online
· pay for services in person, by phone, or online
· get cash from a participating merchant or financial institution
Currency Conversion When you use your VISA debit card at a merchant
that settles in currency other than U.S. dollars, the charge will be
converted to the U.S. dollar amount.The currency conversion rate used to determine the transaction amount
in U.S. dollar is either a rate selected by VISA from the 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, in each
instance, plus or minus any adjustment determined by the issuer.The conversion rate in effect on the
processing date may differ from the rate in effect on the transaction date or
posting date.
Advisory Against Illegal Use
You agree not to use your card(s) for illegal gambling or other illegal
purposes.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.
Internet Banking transactions You may access your account(s) by
computer using your personal Access ID and password to:
· transfer funds from checking to checking and savings
· transfer funds from savings to checking and savings
· make payments from checking to line of credit and loans
· make payments from savings to line of credit and loans
· make payments from checking to third party
· make payments from savings to third party
· get balance information about checking, savings, line of credit, and loans
· get withdrawal history about checking and savings
· get deposit history about checking and savings
· get transaction history about line of credit and loans
Bill payment service
types of transfers
You may access this service
through internet banking to make payments from your checking account to pay
bills. (Some payments made by paper
check will not be subject to this Electronic Funds Transfer disclosure.See your service agreement for details.)
LIMITS AND FEES: The
following fees may be assessed against your account and the following transaction
limitations, if any, apply to your account:
Point-of-Sale (debit card)
transactions:
· $10.00 (replace lost card or change PIN)
· You may make no more than $1,000.00 in point-of-sale transactions per day.
Miscellaneous:
· $24.00 per overdraft or insufficient funds item
Limitations on frequency of transfers - In addition to any limitations
described elsewhere, the following limitations apply to your savings
accounts:
· During any calendar month or statement period, of at least four weeks, you may not
make more than six withdrawals or transfers to another account of yours or to a
third party by means of a preauthorized or automatic transfer or telephone order or
instruction. No more than three of the six transfers may be made by check, draft,
debit card (if applicable) or similar order to a third party. If you exceed the transfer
limitations set forth above in any statement period, your account will be
subject to closure by the financial institution.
TERMINATION
You may terminate the electronic fund transfer agreement by giving us written
notice. For transfers you preauthorized with a third party, you should revoke
authorization by appropriate notice to the third party.We may terminate the electronic fund
transfer agreement by giving you written notice.
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:
· The person or company making the deposit will tell you every time they send
us the money.
· You can call us at 888-258-7713 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 accounts
· You will get a monthly account statement from us for your savings
account(s), 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 of address listed in this disclosure
in time for us to receive your request three 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.
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 you set.)
Liability for failure to stop payment of preauthorized transfer If
you order us to stop one of these payments three 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 described in our Privacy disclosure, provided separately.
UNAUTHORIZED TRANSFERS
(a) Consumer liability. (1) Tell us AT ONCE if you believe your card and/or
code has been lost or stolen. Telephoning is the best way of keeping your
possible losses down. You could lose all of the money in your account (plus
your maximum line of credit). We will be liable for all unauthorized
transfers unless the unauthorized transfer was due to the loss or theft of
your card and/or code. If due to the loss or theft of your card and/or code,
and you notify us within 60 days of when the unauthorized transfer appears on
the statement you can lose no more than $50 if someone used your card and/or
code without permission.
If you do NOT notify us within 60 days after the unauthorized transfer
appears on your statement, and we prove that we could have stopped someone
from using your card and/or code without your permission if you had told us
within 2 days of when you discover the loss or theft of your card and/or
code, you could lose as much as $500 for unauthorized transfers that appear
on the statement.
Also, if your statement shows transfers 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 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.
(2) Additional Limit on Liability for VISA card.Unless you have been grossly negligent or have
engaged in fraud, you will not be liable for any unauthorized transactions
using your lost or stolen VISA card.The additional limit on liability does not apply to ATM transactions,
to transactions using your Personal Identification Number, which are not
processed by VISA, or to commercial cards.
(b) Contact in event of unauthorized transfer. 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 number or address listed in this disclosure.
RIGHT TO BRING CIVIL ACTION
You may bring a civil action against any person violating any provision of
Minnesota Statutes §47.69 (governing consumer privacy and unauthorized withdrawals).
If you prevail in such an action, you may recover the greater of your actual
damages or $500. You may also be entitled to recover punitive damages, your
court costs and reasonable attorney's fees.
POINT-OF-SALE TRANSACTIONS
Payment for goods or services made in this manner shall not affect any of the
rights, protections or liabilities in existing law concerning a cash or
credit sale by means other than through the use of a terminal.
You can reverse a point-of-sale transaction by filling out a Dispute Form
with the bank.
TIME NEEDED TO COMPLETE TERMINAL TRANSACTIONS
Withdrawals made at a terminal will normally be completed and charged to your
account immediately.
Deposits made at a terminal will normally be credited to your account immediately.
Transfers between accounts will normally be completed immediately.
Payments made at a terminal will normally be completed immediately.
ERROR RESOLUTION NOTICE
In case of errors or questions about your electronic transfers, call or write
us at the telephone number or address listed in this disclosure, as soon as
you can, if you think your statement or receipt is wrong or if you need more
information about a transfer listed on the statement or receipt. We must hear
from you no later than 60 days after we sent the FIRST statement on which the
problem or error appeared.
(1) Tell us your name and account number (if any).
(2) Describe the error on 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 business days.
We will determine whether an error occurred within 10 business days (5
business days if the transfer involved a point-of-sale transactions and 20
business days if the transfer involved a new account) after we hear from you
and will correct any error promptly. If we need more time, however, we may
take up to 45 days (90 days if the transfer involved a new account, a
point-of-sale transaction, or a foreign initiated transfer) to investigate
your complaint or question. If we decide to do this, we will credit your
account within 10 business days (5 business days if the transfer involved a
point-of-sale transactions and 20 business days if the transfer involved a
new account) 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 business days, we may not credit your account. An account is
considered a new account for 30 days after the first deposit is made, unless
each of you already has an established account with us before the account is
opened.
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 ask for copies of the documents that we used in
our investigation. If you have inquiries regarding your account, please
contact us at:
Horizon Bank
600 Hillside Avenue SW
Pine City, MN 55063-0049
Business Days: Monday through Saturday
Holidays are not included
Phone: (320) 629-6713 or 888-258-7713
OTHER INFORMATION
NOTICE REGARDING ATM FEES BY OTHERS IF YOU USE AN AUTOMATED TELLER MACHINE
THAT IS NOT OPERATED BY US, YOU MAY BE CHARGED A FEE BY THE OPERATION OF THE
MACHINE AND/OR BY AN AUTOMATED TRANSFER NETWORK.
MORE DETAILED INFORMATION IS AVAILABLE ON REQUEST
YOUR ABILITY TO WITHDRAW FUNDS
This policy statement applies to all deposit accounts.
Our policy is to make funds from your cash or 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 3:00 p.m. at Horizon Bank in North Branch or
before 4:00 p.m. at Horizon Bank in Pine City
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 3:00 p.m. at Horizon
Bank in North Branch or before 4:00 p.m. at Horizon Bank in Pine City
or on a day we are not open, we will consider that the deposit was made on
the next business day we are open.
If you make a deposit at an ATM before 6:00 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 at an ATM after 6:00 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.
If we cash a check for you that is drawn on another
bank, we may withhold the availability of a corresponding amount of funds
that are already in one of your accounts. Those funds will be available at
the time funds from the check we cashed would have been available if you had
deposited it.
If we accept for deposit a check that is drawn on another bank, we may make
funds from the deposit available for withdrawal immediately but delay your
availability to withdraw a corresponding amount of funds that you have on
deposit in the account to which the deposit is made. The funds in the other accounts
would then not be available for withdrawal until the time periods that are
described elsewhere in this disclosure for the type of check that you
deposited.
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 after we receive your deposit, 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 first business day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when
the funds will be available.
Safeguard exception delays. 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 eleventh business day after the
day of your deposit.
DEPOSITS AT AUTOMATED TELLER
MACHINES
Funds from any deposits (cash or checks) made at ATMs we own or operate will
be available as follows:50% of the
deposit or $200.00 whichever is less will be available immediately and the
remaining amount of the deposit will be available as of the next business day.
Funds from any deposits (cash
or checks) made at Automated Teller Machines (ATMs) we do not own or operate
will be made available on the fifth business day after the day of the
deposit.
The ATM located at 600 Hillside Avenue SW, Pine City, MN55063,
is owned and operated by Horizon Bank.
SPECIAL RULES FOR NEW
ACCOUNTS
If you are a new customer, the following special rules will apply during the
first 30 days your account is open.Funds from electronic direct deposits to your account will be
available on the day we receive the deposit.Funds from deposits of cash, wire transfers, as the first $5,000 of a
days total deposits of cashiers, certified, tellers, travelers, and
federal, state and local government checks will be available on the first
business day after the day of your deposit if the deposit meets certain
conditions.For example, the checks
must be payable to you (and you may have to use a special deposit slip).The excess over $5,000 will be available
the ninth business day after the day of your deposit.If your deposit of these checks (other that
a U.S. Treasury check) is not made in person to one of our employees, the
first $5,000 will not be available until the second business day after the
day of your deposit.
Funds from all other check
deposits will be available on the eleventh business day after the day of your
deposit.
TRUTH-IN-SAVINGS DISCLOSURE
Horizon Checking Account
Minimum balance to open the account - You must deposit $50.00 to open
this account.
Minimum activity to avoid imposition of fees - None
Fees: A service charge fee of
$3.00 per statement cycle if customer receives imaged checks. $11.00 service
charge if account is closed within six months of opening date.
Classic Checking account
Rate Information - Your interest rate and annual percentage yield may
change.
Frequency of rate changes - We may change the interest rate on your
account daily.
Determination of rate -
At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded
every month. Interest will be credited to your account every month.
Effect of closing an account - If you close your account before
interest is credited, you will receive the accrued
interest.
Minimum balance to open the account - You must deposit $1,000.00 to
open this account.
Minimum balance to avoid a fee - If your balance falls below $1,000 on
any day in the statement cycle, your account will be subject to a $9.00
Maintenance Charge for that statement cycle.
Minimum balance to obtain the annual percentage yield disclosed You
must maintain a minimum collected balance of $1,000 to obtain the disclosed
annual percentage yield.
Daily balance computation method - We use the daily balance method to
calculate the interest on your account. This method applies a daily periodic
rate to the principal in the account each day.
Accrual of interest on noncash deposits -
Interest begins to accrue no later than the business day we receive credit
for the deposit of noncash items (for example,
checks).
Fees: A service charge fee of
$3.00 per statement cycle if customer receives imaged checks. $11.00 service
charge if account is closed within six months of opening date.
Classic Plus Checking
account
(for customers ages 55 and over)
Rate Information - Your interest rate and annual percentage yield may
change.
Frequency of rate changes - We may change the interest rate on your
account daily.
Determination of rate - At our discretion, we may change the interest
rate on your account.
Compounding and crediting frequency - Interest will be compounded
every month. Interest will be credited to your account every month.
Effect of closing an account - If you close your account before
interest is credited, you will receive the accrued
interest.
Minimum balance to open the account - You must deposit $100.00 to open
this account.
Minimum balance to obtain the annual percentage yield disclosed You
must maintain a minimum collected balance of $500 to obtain the disclosed
annual percentage yield.
Daily balance computation method - We use the daily balance method to
calculate the interest on your account. This method applies a daily periodic
rate to the principal in the account each day.
Accrual of interest on noncash deposits -
Interest begins to accrue no later than the business day we receive credit
for the deposit of noncash items (for example,
checks).
Fees: A service charge fee of $3.00
per statement cycle if customer receives imaged checks. $11.00 service charge
if account is closed within six months of opening date.
Prime Checking Account
· Tier 1 If your daily balance is $9,999.99 or less, the interest rate paid
on the entire balance in your account will be _________% with an annual
percentage yield of ___________%.
· Tier 2 If your daily balance is $10,000 - $24,999.99, the interest rate
paid on the entire balance in your account will be _________% with an annual
percentage yield of ___________%.
· Tier 3 If your daily balance is $25,000 or over, the interest rate
paid on the entire balance in your account will be _________% with an annual
percentage yield of ___________%.
Rate Information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your
account daily.
Determination of rate -
At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded
every month. Interest will be credited to your account every month.
Effect of closing an account - If you close your account before
interest is credited, you will receive the accrued
interest.
Minimum balance to open the
account - You must deposit $100.00 to open this account.
Minimum balance to avoid imposition of fees A service charge fee of
$9.00 will be imposed every statement cycle if the combined balances of your
accounts fall below $10,000.00 any day of the cycle.
Daily balance computation method - We use the daily balance method to
calculate the interest on your account. This method applies a daily periodic
rate to the principal in the account each day.
Accrual of interest on noncash deposits -
Interest begins to accrue no later than the business day we receive credit
for the deposit of noncash items (for example,
checks).
Fees: $11.00 service charge if
account is closed within six months of opening date.
Traditional Savings Account
Rate Information - Your interest rate and annual percentage yield may
change.
Frequency of rate changes - We may change the interest rate on your
account daily.
Determination of rate -
At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded
quarterly. Interest will be credited to your account quarterly.
Effect of closing an account - If you close your account before
interest is credited, you will receive the accrued
interest.
Minimum balance to open the account - You must deposit $100.00 to open
this account.
Minimum balance to avoid imposition of fees - A service charge fee of
$9.00 will be imposed every statement cycle if the daily collected balance in
the account falls below $50.00 any day of the cycle.
Daily balance computation method - We use the daily balance method to
calculate the interest on your account. This method applies a daily periodic
rate to the principal in the account each day.
Accrual of interest on noncash deposits -
Interest begins to accrue no later than the business day we receive credit
for the deposit of noncash items (for example,
checks).
Transaction limitations - During
the calendar month, you may make up to four (4) withdrawals or transfers to
another account of yours or to a third party by means of a preauthorized or
automatic transfer or telephone order or instruction, without a charge*.Transactions are limited by Reg D to six (6) preauthorized transactions per month
(third party payments, telephone or internet transfers).No more than three of these may be made by
check, draft, debit card (if applicable) or similar one-time payment order to
a third party.If you exceed the
preauthorized transactions in any calendar month, your account will be
subject to closure.
Fees: A transaction fee of $6.00 will be charged for each
withdrawal in excess of four during the month. A service charge fee of $11.00
if account is closed within six months of opening date.
Money Market Plus Savings Account
· Tier 1 If your daily balance is $4,999.99 or less, the interest rate paid
on the entire balance in your account will be _________% with an annual
percentage yield of ___________%.
· Tier 2 If your daily balance is $5,000 - $9,999.99, the interest rate
paid on the entire balance in your account will be _________% with an annual
percentage yield of ___________%.
· Tier 3 If your daily balance is $10,000 - $24,999.99, the interest rate
paid on the entire balance in your account will be _________% with an annual
percentage yield of ___________%.
· Tier 4 If your daily balance is $25,000 - $39,999.99, the interest rate
paid on the entire balance in your account will be _________% with an annual
percentage yield of ___________%.
· Tier 5 - If your daily balance is $40,000 or more, the interest rate paid
on the entire balance in your account will be _________% with an annual
percentage yield of _________%.
Rates are subject to change without notice after opening.
Rate Information Your
rate and annual percentage yield may change.
Frequency of Rate Change
Your rate can change daily.
Determination of Rate
At our discretion, we may change the interest rate on your account.
Compounding and Crediting
Frequency Interest will be credited and compounded monthly.
Effect of Closing an Account
If you close your account before interest is credited you will receive the
accrued interest.
Minimum Balance to Open
Account You must deposit $2,500.00 to open your account.
Minimum Balance to avoid a
fee If your balance falls below $2,500.00 on any day in the month, your
account will be subject to a $9.00 Maintenance Charge for that month.
Daily Balance Computation
We use the daily balance method to calculate the interest on your account.
This method applies a daily periodic rate to the principal in the account
each day.
Accrual of Interest on Noncash Deposits Interest begins to accrue no later
than the business day we receive credit for the deposit of non-cash items.
If the figures above are not
filled in please call for current rates.
Limitations on frequency of
transfers During any calendar month, you may make up to four (4)
withdrawals or transfers to another account of yours or to a third party by
means of preauthorized or automatic transfer or telephone order or
instruction, without a charge*.Transactions are limited by Reg D to six (6)
preauthorized transactions per month (third party payments, telephone or
internet transfers).No more than
three may be made by check, draft, debit card (if applicable) or similar
one-time payment order to a third party.If you exceed the preauthorized transactions in any calendar month,
your account will be subject to closure.
Fees: A transaction fee of $6.00 will be charged for each
withdrawal in excess of four during the month. A service charge fee of $11.00
if account is closed within six months of opening date.
Prime Money Market Savings Account
· Tier 1 If your daily balance is $24,999.99 or less, the interest rate
paid on the entire balance in your account will be _________% with an annual
percentage yield of ___________%.
· Tier 2 - If your daily balance is $25,000 - $49,999.99, the interest rate
paid on the entire balance in your account will be _________% with an annual
percentage yield of _________%.
· Tier 3 - If your daily balance is $50,000 - $99,999.99, the interest rate
paid on the entire balance in your account will be _________% with an annual
percentage yield of _________%.
· Tier 4 - If your daily balance is $100,000 and over, the interest rate paid
on the entire balance in your account will be _________% with an annual
percentage yield of _________%.
Rates are subject to change
without notice after opening.
Rate Information Your
rate and annual percentage yield may change.
Frequency of Rate Change
Your rate can change daily.
Determination of Rate At
our discretion, we may change the interest rate on your account.
Compounding and Crediting
Frequency Interest will be credited and compounded monthly.
Effect of Closing an Account
If you close your account before interest is credited you will receive the
accrued interest.
Minimum Balance to Open
Account You must deposit $25,000.00 to open your account.
Minimum Balance to avoid a
fee If your balance falls below $25,000.00 on any day in the month,
your account will be subject to a $9.00 Maintenance Charge for that month.
Daily Balance Computation
We use the daily balance method to calculate the interest on your account.
This method applies a daily periodic rate to the principal in the account
each day.
Accrual of Interest on Noncash Deposits Interest begins to accrue no later
than the business day we receive credit for the deposit of non-cash items.
Limitations on frequency of
transfers During any calendar month, you may make up to four (4)
withdrawals or transfers to another account of yours or to a third party by
means of preauthorized or automatic transfer or telephone order or
instruction, without a charge*.Transactions are limited by Reg D to six (6)
preauthorized transactions per month (third party payments, telephone or
internet transfers).No more than
three may be made by check, draft, debit card (if applicable) or similar
one-time payment order to a third party.If you exceed the preauthorized transactions in any calendar month,
your account will be subject to closure.
Fees: A transaction fee of $6.00 will be charged for each
withdrawal in excess of four during the month. A service charge fee of $11.00
if account is closed within six months of opening date.
Youth Savings Account
(for customers 0-17 years old)
Rate Information - Your interest rate and annual percentage yield may
change.
Frequency of rate changes - We may change the interest rate on your
account at any time.
Determination of rate -
At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded
quarterly. Interest will be credited to your account quarterly.
Effect of closing an account - If you close your account before
interest is credited, you will receive the accrued
interest.
Minimum balance to open the account - You must deposit $1.00 to open
this account.
Daily balance computation method - We use the daily balance
method to calculate the interest on your account. This method applies a
periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits -
Interest begins to accrue no later than the business day we receive credit
for the deposit of noncash items (for example,
checks).
Transaction limitations This
account allows six(6) withdrawals per calendar
quarter.You may not make more than
six withdrawals or transfers to another account of yours or to a third party
by means of preauthorized or automatic transfer or telephone order or
instruction.No more than three of the
six transfers may be made by check, draft, debit card (if applicable) or
similar order to a third party.If you
exceed the transfer limitations set forth above in any statement period, your
account will be subject to closure by the financial institution.
Fees: A withdrawal fee of $4.00
will be charged for each withdrawal in excess of six during a quarter.
Upon reaching the age of 18, your account will be converted to a Regular
Savings account and will be subject to the terms of that account.
Holiday Savings Account
Rate Information - Your interest rate and annual percentage yield may
change.
Frequency of rate changes - We may change the interest rate daily.
Determination of rate -
At our discretion, we may change the interest rate on your account.
Crediting Frequency Interest will be credited into this account
annually.
Effect of closing an account - If you close your account before
interest is credited, you will receive the accrued
interest.
Minimum balance to open the account - $100.00 to open this account.
Daily balance computation method - We use the daily balance method to
calculate the interest on your account. This method applies a periodic rate
to the principal in the account each day.
Accrual of interest on noncash deposits -
Interest begins to accrue no later than the business day we receive credit
for the deposit of noncash items (for example,
checks).
Transaction limitations: No
withdrawals allowed. Holiday check will be
mailed annually in November.
Fees: $11.00 service charge if
account is closed within six (6) months of opening date.
ADDITIONAL SAVINGS ACCOUNT LIMITATIONS
We may require not less than 7 days' notice in writing before each withdrawal
from an interest-bearing account other than a time deposit, or from any other
savings account as defined by Regulation D. Withdrawals from a time account
prior to maturity or prior to any notice period may be restricted and may be
subject to penalty. See your notice of penalty for early withdrawal.
Privacy Statement
At Horizon Bank, we recognize and respect your expectation of privacy and are
committed to collecting, using, and securing customer information. We share
information with third parties in limited circumstances as permitted or required
by law. We maintain standards to ensure that your information is private and
secure at all times.
What Information is Collected, Used, and Retained
We collect, use, and retain nonpublic personal information about you only
where we reasonably believe that it will help administer our business or to
provide products, services, and other opportunities to you. Nonpublic
personal information is personal identifiable financial information about you
that we obtain in connection with providing a financial product or service to
you. For example, nonpublic personal financial information includes
information regarding your account balance, payment history, and overdraft
history.
- We collect nonpublic personal
information (examples provided) about you from the following sources:
1) information we receive from you on applications or other loan and
account forms, such as your name, address, social security number,
assets, and income;
2) information about your transactions with us, our affiliates, or
others, such as your account balance, payment history, parties to
transactions, and credit card usage; and
3) information we receive from a consumer reporting agency such as
credit bureaus, such as your creditworthiness and your payment history.
- We use the information to
protect and administer your records, accounts, and funds; to comply with
certain laws and regulations; to help us design or improve our products
and services; and to understand your financial needs so that we can
provide you with quality products and superior services.
- We use and retain the
information collected from you while you are a customer and for a period
of time after you have discontinued the relationship or become an
inactive customer as disclosed in this policy and as allowed or required
by applicable law or regulation.
What Information is Disclosed
We may disclose nonpublic personal information about you to nonaffiliated
third parties as permitted by law.
We may disclose the following information to companies
that perform marketing services on our behalf or to other financial
institutions with which we have joint marketing agreements:
- information we receive from you on
applications or other forms, such as your name, address, social security
number, assets, and income.
- information about your
transactions with us, our affiliates, or others, such as your account
balance, payment history, parties to transactions, and credit card
usage; and
- information we receive from a
consumer-reporting agency, such as your creditworthiness and credit
history.
We may disclose the following
information to our affiliated companies:
- information we receive from
you on applications or other forms, such as your name, address, social
security number, assets, and income; and
- information we receive from a consumer-reporting
agency, such as your credit worthiness and credit history.
If you prefer that we not
disclose nonpublic personal information about you to our affiliated
companies, you may opt out of those disclosures, that is
you may direct us not to make those disclosures (other than those disclosures
permitted or required by law and listed next). If you wish to opt out of
disclosures to affiliated companies, you may call us at 888-258-7713, e-mail
us at contact@horizonbankmn.com,
write us at the address shown above, complete and return the opt out form
provided with this policy disclosure, or tell an employee of the bank in
person.
- We are
permitted under law to share specific information about your accounts or
other personally identifiable data to either affiliated or
non-affiliated third parties when:
1) you request it or authorize it;
2) the information is provided to help complete a transaction initiated
by you;
3) the information is provided to a reputable credit bureau or similar
credit reporting agency;
4) the disclosure is lawfully permitted or required (for instance, in
accordance with the Right to Financial Privacy Act, the Treasury
Department's Financial Recordkeeping Regulation, a court order, or a regulatory
examination);
5) affiliated or nonaffiliated third parties assist us in servicing your
loan or account with us;
6) the information we share with affiliates is about our experiences or
transactions with you or your account; and
7) any other circumstances permitted or required by law.
- We do not disclose your
account number or a similar form of access number or code to
non-affiliated companies for the purpose of independent reuse such as
telemarketing or direct mail marketing.
Safeguarding the Security of Customer Information
We maintain physical, electronic, and procedural information safeguards that
comply with federal standards to guard nonpublic personal information. We
continually evaluate and access new technology for protecting information.
Employee Access to
Information
Employee access to customer information is limited to those with a business
reason to have access to such information. We educate our employees on the
importance of maintaining confidentiality of customer information and on this
privacy policy. We will take appropriate disciplinary measures to enforce
this privacy policy.
Maintenance of Accurate
Information
We have established procedures to ensure that your financial information is
accurate, current, and complete, in keeping with industry standards and
federal law. Should you ever believe or question that our records contain
inaccurate or incomplete information about you, please notify us 600 Hillside Avenue SW, Pine City, MN 55063.
Disclosure of Privacy Policy
to Customers
We want you to understand our commitment to privacy in our collection and use
of customer information. We adopted this privacy policy, which we provide to
you at the time you establish your relationship with us and on an annual
basis thereafter. If you have any questions about this policy or concerns
about the privacy of your information, please contact us 600 Hillside Avenue SW, Pine City,
MN 55063.
IDENTITY THEFT
Checklist for Prevention
1. Protect your Social Security Number, credit card number, account
passwords, PINs, and other personal information.
Don't give information unless you initiate the contact with a person or
company you know and trust. Be careful of providing your SSN. Ask why it is
necessary. Do not leave receipts at the point of the transaction.
2. Minimize the damage in
case your wallet or purse gets lost or stolen. Don't carry your Social
Security card around or have it preprinted on your checks. Don't write your
PIN on a piece of paper in your wallet or purse or your card.
3. Protect your incoming and
outgoing mail. Promptly remove mail from your mailbox. Have it held at
the post office or ask someone to collect it if you are going to be away.
Deposit outgoing mail in a mailbox or hand it to your mail carrier. Don't
leave it in or on your mailbox.
4. Keep thieves from turning
your trash into your cash. Shred or tear into small pieces credit card
applications, receipts, canceled checks, bank statements and other documents
with your personal information on them.
5. Practice home security.
Safely store extra checks and credit cards. Be careful if you let workers
into your home. Take burglary precautions.
6. Pay attention to you bank
account statements and credit card bills. Contact the company promptly if
you find an inaccuracy. Contact the company promptly if you do not receive
your statement.
7. Review your credit report
approximately once a year. Verify that information reported is accurate.
Look for who has received a copy of your credit report for anything
suspicious. Call Equifax at (800) 685-1111, Experian
at (888) 397-3742, and Trans Union at (800)
888-4213.
8. Report any suspected
fraud to your bank and credit card issuers immediately so they can start to
close your accounts and clear your name right away. By law, you will most
likely be held to only $50 liability for unauthorized activity. However, the
inconvenience of restoring your identity can be a tremendous inconvenience.
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