External Account Transfer Terms

EXTERNAL FUNDS TRANSFER TERMS & CONDITIONS

The External Funds Transfer Service (“Service”) allows you to transfer funds between your linked personal savings accounts at Fidelity Bank and certain deposit or investment accounts (checking, savings, or money market accounts) at other financial institutions – assuming, of course, that the transfer is permitted by the financial institution and by law.

Acceptance of Terms: This Agreement sets out the terms and conditions (the “Terms”) which our service provider and Fidelity Bank will provide and how you may use the Service. When you click on the “I Agree to accept the terms and conditions” button, you agree to accept the Terms, including any amendments to this Agreement or any changes in the Terms. If you do not agree to all of the Terms, do not accept the Terms & Conditions. If you do not accept and agree to all of the Terms, you will not be entitled to use the Service. Fidelity Bank reserves the right to change the Terms under which the Service is offered in its sole discretion at any time; however, Fidelity Bank will notify you of any material change to the Terms. In most cases, you will receive the notice on-line the next time you log in; however, Fidelity Bank reserves the right to notify you by email or by conventional mail, in its discretion. You agree that if you continue to use the Service after we notify you of any change, you thereby accept the changes to the Terms and agree to be bound by this Agreement, as amended. If you do not accept and agree to the changes to the Terms, you will not be entitled to use the Service. If you do not agree to the changes, or if at any time you wish to discontinue your use of the Service, you can unsubscribe by contacting Fidelity Bank. Once your account with Fidelity Bank has terminated for any reason, you will have no further right or access to use the Service.

Business Days: The Service will process requests for transfers on business days. Our business days are Monday through Friday. Holidays and Bank Holidays are not included.

How the Service Works: Fidelity Bank will verify your other financial institution accounts that you link to the Service. You authorize us to validate the accounts through the use of a test transfer (known as a trial deposit), in which one or more low value payments will be both credited to and debited from the linked account. The test credit will always occur before the test debit and will always be of the same or lesser amount, so that the balance in any of your Accounts will never be less than the actual balance. Test deposits will occur within 1-3 business days.

Once the test transfer is complete we will ask you to access your linked account to tell us the amount of the test credit or debit or any additional information reported by your bank with this test transfer. We may also verify Accounts through requiring the entry of information you ordinarily use to access the Account provider’s web site, or by requiring you to submit proof of ownership of the Account.

An “Inbound Transfer” moves funds into an account at Fidelity Bank from an account outside Fidelity Bank. An “Outbound Transfer” moves funds from an account at Fidelity Bank to an account outside Fidelity Bank. You will need to register each of your non-Fidelity Bank accounts that you wish to use for these transfers. You agree that you will only attempt to register accounts for which you have the authority to transfer funds. Fidelity Bank will post Inbound Transfers to your account on the “Deliver By” date. For Outbound Transfers, your funds will be debited on the Business Day following the “Send On” date and arrive at your external financial institution on the “Deliver By” date. Consult your external financial institution for details on when funds will post to your account.

For transfers into a Fidelity Bank account, the funds may not be available until the third Business Day after the “Deliver By” date. For transfers into Fidelity Bank accounts, the funds will become available in accordance with the terms of your Account Agreement.

Cut-off Time: Standard Transfers: 3:00 p.m. ET. Any transfer made after the cut-off time will be initiated the next Business Day.

Modifying or Cancelling Transfers: Pending transfer instructions can be cancelled or modified until the status changes to “In Process.” Instructions cannot be cancelled or modified after cut-off time for the transfer date.

Transfer Fees: There is no fee to initiate Inbound Transfers or Outbound Transfers. We may change our fee schedule at any time. If we make a change, you will be notified in writing as required by applicable law. Cancellation of the services for which fees are charged does not release you from liability for any and all fees assessed by us but not yet paid prior to your cancellation of such service.

Transfer Limits: Generally, transfer limits are set at $1,000 daily and $5,000 monthly but may change at any time. You may contact Fidelity Bank to verify the limits established for you. These daily and monthly dollar limits apply to the total of all transfers for all accounts linked to the user profile. Any transfer initiated on a day that is not a Business Day counts toward the applicable limit for the next Business Day. A transfer remains “In Process” until fully processed. Standard transfers typically remain “In Process” until the close of the third Business Day after the transfer is initiated. We may at any time for security and risk management reasons modify the limit, the frequency and the dollar amount of transfers you can make using our Service. Any decrease will be subject to notice, if required by law, but you agree that we may reduce your limits without prior notice upon occurrence of a Disqualifying Event.

Disqualifying Events:

  • Any of your accounts with Fidelity Bank are not current or are not in good standing.
  • You have had an overdraft, an over-limit item, or an item returned for insufficient funds with respect to any Fidelity Bank account during the current or three prior calendar months.
  • You have had any prior transfer to or from a non-Fidelity Bank account canceled, revoked, or uncompleted due to insufficient funds, revoked authorization, stopped payments, frozen accounts, or any similar reason.

 

Communications: You understand and agree that this Agreement will be entered into electronically, and that the following categories of information (“Communications”) may be provided by electronic means:

  • This Agreement and any amendments, modifications or supplements to it.
  • Your records of funds transfers and other transactions through the Service, including without limitation confirmations of individual transactions.
  • Any initial, periodic or other disclosures or notices provided in connection with the Service, including without limitation those required by federal or state law.
  • Any customer service communications, including without limitation communications with respect to claims of error or unauthorized use of the Service.
  • Any other communication related to the Service.

 

Status Email: Fidelity Bank will periodically send messages to your primary email address during the external funds transfer process. These messages will provide information pertaining to the trial deposit process, confirm account linkages, and contain status updates for transfers in progress. Primary email address is defined in digital banking and you are responsible for updating the address should it change. Email messages regarding the funds transfer process do not contain any non-public personal information and cannot be suppressed.

Transfers subject to the Rules of the Accounts: All funds transfers are also subject to the rules and regulations governing the relevant Accounts. You authorize us to select any means to execute your funds transfer instructions. You understand that to affect your funds transfer instruction we utilize the Automated Clearing House (ACH), using applicable ACH Rules. Electronic transfers sent or received via automated clearing house are subject to the rules of the National Automated Clearing House Association (“NACHA”) and Regulation E.

Our Liability for Failure to Complete 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: (a) if, through no fault of ours, you do not have enough money in your Account to make the transfer; (b) if circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken; (c) if the Fidelity Bank website was not working properly and you knew about the breakdown when you started the funds transfer or (d) for any other reason stated elsewhere in this Agreement. If we are ever obligated by law to pay dividends on the amount of a transfer, you will be paid dividends on a daily basis equal to the current annual percentage rate that is otherwise applicable to the account from which the funds transfer should have occurred. In the event we are ever liable to you for damages due to a transfer, your damages will be limited to actual damages only. We will not be responsible for incidental or consequential damages, court costs or attorneys’ fees.

YOU AGREE THAT WE SHALL NOT BE LIABLE FOR ANY COSTS, FEES, LOSSES OR DAMAGES OF ANY KIND INCURRED AS A RESULT OF (1) OUR ACCESS TO THE ACCOUNTS; (2) OUR DEBIT AND/OR CREDIT OR INABILITY TO DEBIT AND/OR CREDIT THE ACCOUNTS IN ACCORDANCE WITH YOUR FUNDS TRANSFER INSTRUCTIONS; (3) ANY INACCURACY, INCOMPLETENESS OR MISINFORMATION CONTAINED IN THE INFORMATION RETRIEVED FROM THE ACCOUNTS; (4) ANY CHARGES IMPOSED BY ANY PROVIDER OF ACCOUNTS AND (5) ANY FUNDS TRANSFER LIMITATIONS SET BY THE FINANCIAL INSTITUTIONS OR OTHER PROVIDERS OF THE ACCOUNTS.

In the Event of Unauthorized Transfer: If you believe your password or Shared Secret has been lost or stolen, or that someone has transferred or may transfer money from your Account without your permission, contact us using the instructions on our site.

Consumer Liability: You agree to notify us AT ONCE if you believe your password has been lost or stolen. Telephoning us promptly is the best way to protect you from possible losses. If you never tell us, you could lose all of the money in your account (plus your maximum overdraft line of credit).

You can see a complete statement of all your funds transfers effected or pending at any time by clicking on the History tab. If your statement shows transfers that you did not make, notify us AT ONCE. If you do not tell us within 60 days after the transfer was posted to your statement, you may not get back any money you lost after the 60 days, if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

Indemnification: You agree to indemnify, defend and hold harmless Fidelity Bank, its affiliates, partners, officers, directors, employees, consultants, service providers and agents from any and all third party claims, liability, damages and/or costs (including, but not limited to, attorney’s fees) arising from your use of the External Funds Transfer Service, our reliance on the information, instruction, license and/or authorization provided by you under or pursuant to this Agreement, your violation of the Terms or your infringement, or infringement by any other user of your Fidelity Bank account, of any intellectual property or other right of any person or entity.

This Agreement shall take effect immediately upon the acceptance of your application for the External Funds Transfer Service within Online Banking.

Have Questions? Let's Talk.