Notice of Change To Your Terms and Conditions (CHB)

NOTICE OF CHANGE TO YOUR TERMS AND CONDITIONS OF YOUR CONSUMER ACCOUNT

In conjunction with the transfer of your account(s) from Coastal HeritageBank to Reading Cooperative Bank, the following changes to the Terms and Conditions of your consumer account are effective November 8th, 2021. Continued use of your account(s) after receipt of these terms and conditions constitutes acceptance of, and agreement to, the changes. You will also receive a Personal Fee Disclosure. If you have any questions, please call us at (781) 942-5000. The sections below have changes you should review.

DEPOSIT PROTECTION – Your deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The basic insurance amount provided by the FDIC is $250,000 per depositor per deposit category. All deposits above this amount are insured by the DIF.

DEPOSITS – The following terms are incorporated. If you deliver a deposit to us and you will not be present when the deposit is counted, you must provide us an itemized list of the deposit (deposit slip). To process the deposit, we will verify and record the deposit, and credit the deposit to the account. If there are any discrepancies between the amounts shown on the itemized list of the deposit and the amount we determine to be the actual deposit, we will notify you of the discrepancy. You will be entitled to credit only for the actual deposit as determined by us, regardless of what is stated on the itemized deposit slip.

UNDERSTANDING AND AVOIDING OVERDRAFT AND NONSUFFICIENT FUNDS (NSF) FEES – The following section has been expanded upon. Generally - The information in this section is being provided to help you understand what happens if your account is overdrawn. Understanding the concepts of overdrafts and nonsufficient funds (NSF) is important and can help you avoid being assessed fees or charges. This section also provides contractual terms relating to overdrafts and NSF transactions. An overdrawn account will typically result in you being charged an overdraft fee or an NSF fee. Generally, an overdraft occurs when there is not enough money in your account to pay for a transaction, but we pay (or cover) the transaction anyway. An NSF transaction is slightly different. In an NSF transaction, we do not cover the transaction. Instead, the transaction is rejected and the item or requested payment is returned. In either situation, we can charge you a fee.

OVERDRAFT PROGRAM – READING COOPERATIVE BANK DOES NOT OFFER A COURTESY OVERDRAFT PROGRAM (COP)

Payment order of items – The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. The payment order can affect the number of items overdrawn or returned unpaid and the amount of the fees you may have to pay. To assist you in managing your account, we are providing you “with the following information regarding how we process those items. Our policy is to process ATM, Debit Card, Bill Payment transactions, Preauthorized transfers, Online Banking transfers, Phone transfers, Wire transfers and Over the Counter checks first, in real time as they occur. We process ACH Credits second, by dollar amount - largest to smallest. We process ACH Debits third, by dollar amount - smallest to largest. We process In clearing Checks fourth, by dollar amount - smallest to largest. If a check, item or transaction is presented without sufficient funds in your account to pay it, you will be charged an NSF or overdraft fee according to our NSF or overdraft fee policy. The amounts of the overdraft and NSF fees are disclosed elsewhere. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and potentially incurring the resulting fees.

CHAPTER 167D ACCOUNTS – Except as indicated below, we do not intend to subject your account to (i) a service, maintenance or similar charge, (ii) a minimum balance requirement, (iii) a charge for a check, deposit or withdrawal, or (iv) a fee for the initial order or subsequent refills of the basic line of checks offered by us if you qualify for the minor or senior citizen fee exemption under Chapter 167D of Massachusetts General Laws. You should notify us if you or your spouse qualify so that we may administer your account accordingly. Despite this exemption, we may assess a fee for certain services in accordance with our published service charge schedule, including stop payment orders, wire transfers, certified or bank checks, money orders and deposit items returned, transactions at electronic branches and through other electronic devices, and services not directly associated with the deposit, withdrawal or transfer of funds from any such account; and we may assess you a reasonable charge when payment has been refused because of insufficient funds on any check or other transaction on the account (as permitted by law).

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. Revocable Trust Account - One or two of you (called trustees) may create such an account in trust for other persons. Payments may be made to the trustee, or if there are two trustees, to either or both of the trustees or the survivor. Upon the death of the trustee or the death of both trustees, payment may be made to the person or persons who survive the death of the last surviving trustee in an equal portion of the funds for whom the trust was made, or that person’s legal representative.

ACCOUNT SECURITY – Duty to protect account information and methods of access - It is your responsibility to protect the account numbers and electronic access devices (e.g., an ATM card) we provide you for your account(s). Do not discuss, compare, or share information about your account number(s) with anyone unless you are willing to give them full use of your money. An account number can be used by thieves to issue an electronic debit or to encode your number on a false demand draft which looks like and functions like an authorized check. If you furnish your access device and grant actual authority to make transfers to another person (a family member or coworker, for example) who then exceeds that authority, you are liable for the transfers unless we have been notified that transfers by that person are no longer authorized. Your account number can also be used to electronically remove money from your account, and payment can be made from your account even though you did not contact us directly and order the payment. You must also take precaution in safeguarding your blank checks. Notify us at once if you believe your checks have been lost or stolen. As between you and us, if you are negligent in safeguarding your checks, you must bear the loss entirely yourself or share the loss with us (we may have to share some of the loss if we failed to use ordinary care and if we substantially contributed to the loss).
Positive pay and other fraud prevention services – Except for consumer electronic fund transfers subject to Regulation E, you agree that if we offer you services appropriate for your account to help identify and limit fraud or other unauthorized transactions against your account, and you reject those services, you will be responsible for any fraudulent or unauthorized transactions which could have been prevented by the services we offered. You will not be responsible for such transactions if we acted in bad faith or to the extent our negligence contributed to the loss. Such services include positive pay or commercially reasonable security procedures. If we offered you a commercially reasonable security procedure which you reject, you agree that you are responsible for any payment order, whether authorized or not, that we accept in compliance with an alternative security procedure that you have selected. The positive pay service can help detect and prevent check fraud and is appropriate for account holders that issue: a high volume of checks, a lot of checks to the general public, or checks for large dollar amounts.

UTMA ACCOUNTS – The following terms are incorporated. Under the Uniform Transfers to Minors Act, the funds in the account are owned by the child who has unconditional use of the account when he or she reaches age 18, unless otherwise agreed. Before that time, the account may be accessed only by the custodian (or successor custodian), and the funds must be used for the benefit of the child. We, however, have no duty or agreement whatsoever to monitor or ensure that the acts of the custodian (or successor custodian) are for the child’s benefit. We are not responsible to monitor age or eligibility for an UTMA account, even though our records may include the minor’s date of birth. It is the custodian’s responsibility to properly distribute the funds in the account upon the minor’s death or attainment of the age of majority. For this type of account, the child’s SSN/TIN is used for the Backup Withholding Certification.

ELECTRONIC FUND TRANSFERS YOUR RIGHTS AND RESPONSIBILITIES
Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference. In the transaction types mentioned in all sections below, the word “checking” refers to all checking accounts, money market checking accounts and “Statement Account”, which are transaction accounts.The words “statement savings” refers to all statement savings accounts. The word “ savings” refers to all types of statement savings accounts and passbook accounts. Passbook accounts may have limited electronic access as outlined below
Electronic Fund Transfers Initiated By Third Parties. You may authorize a third party to initiate electronic fund transfers between your account and the third party’s account. These transfers to make or receive payment may be onetime occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third-party transfers will require you to provide the third party with your account number and bank information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your bank and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include, but are not limited to:
Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your checking or passbook and statement savings account(s).
Preauthorized payments. You may make arrangements to pay certain recurring bills from your checking or statement savings account(s), (except payments from CHB EQ-CLUB ACCOUNT, CHB EQ_GOLD CLUB ACCOUNT, CHB EQ_VARIABLE RATE IRA SAV, CHB IRA SAVINGS, CHB SEASONAL SPRING SAVINGS, CHB SEASONAL FALL SAVINGS ACCT., Online Christmas Savings, Online Vacation Savings, Vacation Savings and IRA Savings, which are not permitted).
Electronic check conversion. You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to pay for purchases or pay bills.
Electronic returned check charge. You may authorize a merchant or other payee to initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.

Telephone Banking Transfers - types of transfers – You may access your account by telephone 24 hours a day at 888-469-4441 using your personal identification number, a touch tone phone and your account numbers, to:
Transfer funds between checking and savings accounts up to your available balance (except transfers from CHB EQ-CLUB ACCOUNT, CHB EQ_GOLD CLUB ACCOUNT, CHB EQ_VARIABLE RATE IRA SAV, CHB IRA SAVINGS, CHB SEASONAL SPRING SAVINGS, CHB SEASONAL FALL SAVINGS ACCT., Passbook Savings, Christmas Passbook Savings, Online Christmas Savings, Vacation Savings, Online Vacation Savings, and IRA Savings, which are not permitted).
Make payments from checking to loan accounts with us (except payments from HSA accounts which are not permitted).
Make payments from statement savings to loan accounts with us (except payments from CHB EQ-CLUB ACCOUNT, CHB EQ_GOLD CLUB ACCOUNT, CHB EQ_VARIABLE RATE IRA SAV, CHB IRA SAVINGS, CHB SEASONAL SPRING SAVINGS, CHB SEASONAL FALL SAVINGS ACCT., Online Christmas Savings, Online Vacation Savings, Vacation Savings and IRA Savings, which are not permitted).
Get information about:
- the account balance of checking account(s)
- the last 18 months deposits to checking accounts
- the last 18 months withdrawals from checking accounts
- the account balance of savings account(s)
- the last 18 months deposits to savings accounts
- the last 18 months withdrawals from savings accounts
Transfers - dollar limitations – Individual transfers from one account to another may not exceed the available balance in the account funding the transfer.

ATM Transfers – types of transfers and dollar limitations – You may access your account(s) by ATM using your ATM Card and personal identification number or MasterMoney Debit Card and personal identification number, to:
• make deposits to checking account(s)
• make deposits to statement savings account(s) (except deposits to CHB EQ-CLUB ACCOUNT, CHB EQ_GOLD CLUB ACCOUNT, CHB EQ_
VARIABLE RATE IRA SAV, CHB IRA SAVINGS, CHB SEASONAL= SPRING SAVINGS, CHB SEASONAL FALL SAVINGS ACCT., Online Christmas Savings, Online Vacation Savings, Vacation Savings and IRA Savings, which are not permitted)
• get cash withdrawals from checking account(s)
- you may withdraw no more than $1,000.00 per 24-hour period per card
• get cash withdrawals from statement savings account(s) (except cash withdrawals from CHB EQ-CLUB ACCOUNT, CHB EQ_GOLD CLUB ACCOUNT, CHB EQ_VARIABLE RATE IRA SAV, CHB IRA SAVINGS, CHB SEASONAL SPRING SAVINGS, CHB SEASONAL FALL SAVINGS ACCT., Online Christmas Savings, Online Vacation Savings, Vacation Savings and IRA Savings, which are not permitted)
- you may withdraw no more than $1,000.00 per 24-hour period per card
• transfer funds between checking and savings accounts up to your available balance (except transfers from CHB EQ-CLUB ACCOUNT, CHB EQ_GOLD CLUB ACCOUNT, CHB EQ_VARIABLE RATE IRA SAV, CHB IRA SAVINGS, CHB SEASONAL SPRING SAVINGS, CHB SEASONAL FALL SAVINGS ACCT., Passbook Savings, Christmas Passbook Savings, Online Christmas Savings, Vacation Savings, Online Vacation Savings and IRA Savings, which are not permitted)
• get information about:
- the account balance of your checking account(s)
- the account balance of your savings account(s)
Some of these services may not be available at all terminals.

Types of ATM Card Point-of-Sale Transactions – You may access your checking or statement savings account(s) (except Online Christmas Savings, Vacation Savings, Online Vacation Savings and IRA Savings, which are not permitted) to purchase goods (in person), pay for services (in person), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.
Point-of-Sale Transactions - dollar limitations – Using your card:
• you may not exceed $3,000.00 in transactions per 24-hour period per card

Types of MasterMoney™ Debit Card Point-of-Sale Transactions – You may access your checking account(s) to purchase goods (in person, online, or by phone), pay for services (in person, online, or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.
Point-of-Sale Transactions - dollar limitations – Using your card:
• you may not exceed $3,000.00 in transactions per day Advisory Against Illegal Use. You agree not to use your card(s) for illegal gambling or other illegal purpose. 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.

Online Banking & Mobile Banking Transfers - types of transfers – You may access your account(s) by computer through the internet by logging onto our website at www.readingcoop.com and using your user identification and your password, to:
• transfer funds between your checking and savings account(s), up to $100,000.00 per transaction or per day (except transfers from CHB EQ-CLUB ACCOUNT, CHB EQ_GOLD CLUB ACCOUNT, CHB EQ_VARIABLE RATE IRA SAV, CHB IRA SAVINGS, CHB SEASONAL SPRING SAVINGS, CHB SEASONAL FALL SAVINGS ACCT., Passbook Savings, Christmas Passbook Savings, Online Christmas Savings, Vacation Savings, Online Vacation Savings, and IRA Statement Savings, which are not permitted)
• make payments from checking or savings to loan account(s) with us, up to $50,000.00 per transaction (except transfers from CHB EQ-CLUB ACCOUNT, CHB EQ_GOLD CLUB ACCOUNT, CHB EQ_VARIABLE RATE IRA SAV, CHB IRA SAVINGS, CHB SEASONAL SPRING SAVINGS, CHB SEASONAL FALL SAVINGS ACCT., Passbook Savings, Christmas Passbook Savings, Online Christmas Savings, Vacation Savings, Online Vacation Savings, Health Savings Account, and IRA Statement Savings, which are not permitted)
• make payments from checking to third parties with Bill Pay, up to $25,000.00 per transaction (except from “Statement Account” which is not permitted) 

• get information about:
- the account balance of checking account(s)
- the last 18 months deposits to checking accounts
- the last 18 months withdrawals from checking accounts
- the account balance of savings account(s)
- the last 18 months deposits to savings accounts
- the last 18 months withdrawals from savings accounts
You may also transfer, up to $10,000.00 per transaction, from your statement savings or checking account to a savings or checking account at Reading Cooperative Bank that is owned by a third-party. Transfers from CHB EQ-CLUB ACCOUNT, CHB EQ_GOLD CLUB ACCOUNT, CHB EQ_VARIABLE RATE IRA SAV, CHB IRA SAVINGS, CHB SEASONAL SPRING SAVINGS, CHB SEASONAL FALL SAVINGS ACCT., Passbook Savings, Christmas Passbook Savings, Online Christmas Savings, Vacation Savings, Online Vacation Savings, and IRA Statement Savings are not permitted.

Check deposit - You may make check deposits to your checking or savings account using the Reading Cooperative Bank mobile app installed on your smart phone. The initial daily deposit limit is $10,000.00.
External Bank Transfers - Using online banking or the Reading Cooperative Bank mobile app, you may transfer from your statement savings or checking account to a savings account or checking account at another financial institution or from your checking or savings account at another financial institution to your checking or savings account at Reading Cooperative Bank. There is a daily dollar limit of the lesser of $10,000.00 or the available balance in your account plus your availableoverdraft funds on any External Bank transfer. There is also a dollar limit of $50,000.00 per calendar month for these transfers. The transfer of funds to or from the following Reading Cooperative Bank accounts are prohibited: Passbook Savings, Christmas Passbook Savings, Online Christmas Savings, Vacation Savings, Online Vacation Savings, Health Savings Account, and IRA Statement Savings, CHB EQ-CLUB ACCOUNT, CHB EQ_GOLD CLUB ACCOUNT, CHB EQ_VARIABLE RATE IRA SAV, CHB IRA SAVINGS, CHB SEASONAL SPRING SAVINGS, CHB SEASONAL FALL SAVINGS ACCT. External Bank Transfers between your accounts at Reading Cooperative Bank and accounts at other banks are accomplished by Automated Clearing House (ACH) debits and credits. In order to use the external transfer (ACH) service, you must agree to the following National Automated Clearinghouse (“NACHA”) Rules: Subsection 2.4.1, the Entry is authorized by the Originator and Receiver; a.) The entry has been properly authorized by the Originator and the Receiver in accordance with the NACHA Rules; b.) The Originator’s authorization has not been revoked, the Origination Agreements concerning the entry have not been terminated and neither the ODFI, any third-party sender, nor the Originator has actual knowledge of the revocation of the Receiver’s authorization or of the termination of the agreement between the RDFI and the receiver concerning the entry; c.) at the time the entry is processed by the RDFI, the authorization for that entry has not been terminated, in whole or in part, by operation of law. This subsection 2.4.1(C) shall not apply if the RDFI has actual knowledge of the circumstances giving rise to such termination at the time it processes the entry and the ODFI does not have such actual knowledge.Subsection 2.4.1.2 the entry complies with the NACHA Rules; a.) the entry complies with these Rules, including the use of proper standard entry class code.In order to be accessible by Online Banking, accounts maintained at another bank must be either a checking or a savings account and must be in your name. Also, you must provide us with the name of the bank, your account number and the bank’s transit-routing number. Funds from External Bank transfers will be available for your use as soon as we receive the funds. Using online banking or the Reading Cooperative Mobile app, you may initiate a wire transfer to a third party. This feature has a maximum transaction limit of $5,000.00 and a maximum daily limit or $5,000.00.
FEES
• We do not charge for direct deposits to any type of account.
• We do not charge for preauthorized payments from any type
of account.
Except as indicated elsewhere, we do not charge for these electronic fund transfers.

ATM Operator/Network Fees. When you use an ATM not owned by us, you may be charged a fee by the ATM operator, or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).
DOCUMENTATION
Terminal transfers. You can get a receipt at the time you make a transfer to or from your account using an automated teller machine or point-of-sale terminal. However, you may not get a receipt if the amount of the transfer is $15 or less.
Preauthorized credits. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at 781-942-5000 or 888-469-4441 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 and statement savings accounts. For passbook accounts, if the only electronic transfers to your account are preauthorized credits, we may not send periodic statements. You may bring your passbook to us, and we will record any electronic deposits that were made since the last time you brought in your passbook. If there are preauthorized debits to your passbook account, we will send a periodic statement for any month in which a preauthorized debit occurs.

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 or address listed in this disclosure in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call. Please refer to our separate Personal Fee Disclosure for the amount we will charge you for each stop-payment order you give.
Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

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 explained in the separate Privacy Disclosure.

UNAUTHORIZED TRANSFERS
(a) Consumer liability.
Generally. Tell us AT ONCE if you believe your card and/or code has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose up to $50 if someone used your card and/or code without your permission. Also, if your statement shows transfers that you did not make, vincluding those made by card, code or other means, 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 the money you lost (up to $50) 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 period.
Additional Limits on Liability for MasterMoney™ Debit Card. You will not be liable for any unauthorized transactions using your MasterMoney™ Debit Card if: (i) you can demonstrate that you have exercised reasonable care in safeguarding your card from the risk of loss or theft, and (ii) upon becoming aware of a loss or theft, you promptly report the loss or theft to us. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. (b) Contact in event of unauthorized transfer. If you believe your card and/or code has been lost or stolen, call or write us at the telephone number or address listed in this disclosure. You should also call the number or write to the address listed in this disclosure if you believe a transfer has been made using the information from your check without your permission.

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 or the transfer you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information.
(3) Tell us the dollar amount of the suspected error. If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days (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 (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. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened. We will tell you the results within three business days after completing our investigation. If we 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.

READING COOPERATIVE BANK
DEPOSIT SERVICES
180 HAVEN STREET
READING, MA 01867-2969
Business Days: Monday through Friday
Excluding Federal Holidays
Phone: 781-942-5000

MORE DETAILED INFORMATION IS AVAILABLE ON REQUEST

FUNDS AVAILABILITY - YOUR ABILITY TO WITHDRAW FUNDS
Important new information about making deposits to your account – The result of this change is that certain deposits as outlined below will be made available to you sooner. Additionally, the cut-off time for deposits made at an ATM machine have changed, see below for details.

This policy statement applies to all deposit accounts. Our policy is to make Cash deposits made in person to one of our employees, Funds from Electronic direct deposits, wire transfers, ACH transactions and checks drawn on Reading Cooperative available the same day as deposit. All other check deposits will be made available on the first business day after the day of 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.

If you make a deposit at an ATM before 3:00 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 3:00 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.

SUBSTITUTE CHECKS AND YOUR RIGHTS – The address for submitting a claim for a substitute check has changed. How do I make a claim for a refund? If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at:

READING COOPERATIVE BANK
180 HAVEN STREET
READING, MA 01867-2969
www.readingcoop.com
781-942-5000

You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances. Your claim must include —
• A description of why you have suffered a loss (for example, you think the
amount withdrawn was incorrect);
• An estimate of the amount of your loss;
• An explanation of why the substitute check you received is
insufficient to confirm that you suffered a loss; and
• A copy of the substitute check or the following information to
help us identify the substitute check: the check number, the amount of the
check, and the name of the person to whom you wrote the check.

 

NOTICE OF CHANGE TO YOUR TERMS AND CONDITIONS OF YOUR BUSINESS ACCOUNT

In conjunction with the transfer of your account(s) from Coastal Heritage Bank to Reading Cooperative Bank, the following changes to the Terms and Conditions of your business account are effective November 8th2021. Continued use of your account(s) after receipt of these terms and conditions constitutes acceptance of, and agreement to, the changes. You will also receive a Business Schedule of Fees. If you have any questions, please call us at (781) 942-5000. The sections below have changes you should review.

DEPOSIT PROTECTION –Your deposit accounts are insured by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The basic insurance amount provided by the FDIC is $250,000 per depositor per deposit category. All deposits above this amount are insured by the DIF.

REMOTELY CREATED CHECKS – Like any standard check or draft, a remotely created check (sometimes called a telecheck, preauthorized draft or demand draft) is a check or draft that can be used to withdraw money from an account. Unlike a typical check or draft, however, a remotely created check is not issued by the paying bank and does not contain the signature of the account owner (or a signature purported to be the signature of the account owner). In place of a signature, the check usually has a statement that the owner authorized the check or has the owner’s name typed or printed on the signature line. You warrant and agree to the following for every remotely created check we receive from you for deposit or collection: (1) you have received express and verifiable authorization to create the check in the amount and to the payee that appears on the check; (2) you will maintain proof of the authorization for at least 2 years from the date of the authorization, and supply us the proof if we ask; and (3) if a check is returned you owe us the amount of the check, regardless of when the check is returned. We may take funds from your account to pay the amount you owe us, and if there are insufficient funds in your account, you still owe us the remaining balance.

FUNDS TRANSFERS – The terms used in this section have the meaning given to them in Article 4A of the Uniform Commercial Code - Funds Transfers (UCC 4A). This section will generally not apply to you if you are a consumer. However, even if you are a consumer, this section will apply to that part of any funds transfer that is conducted by Fedwire. This section is subject to UCC 4A as adopted in the state in which you have your deposit with us. This agreement is also subject to all clearing house association rules, rules of the Board of Governors of the Federal Reserve System and their operating circulars. If any part of this agreement is determined to be unenforceable, the rest of the agreement remains effective. This agreement controls funds transfers unless supplemented or amended in a separate written agreement signed by us. This agreement does not apply to a funds transfer if any part of the transfer is governed by the Electronic Fund Transfer Act of 1978 (EFTA), except this agreement does apply to a funds transfer that is a remittance transfer as defined in EFTA unless the remittance transfer is an electronic fund transfer as defined in EFTA.
Funds transfer - A funds transfer is the transaction or series of transactions that begin with the originator’s payment order, made for the purpose of making payment to the beneficiary of the order. A funds transfer is completed by the acceptance by the beneficiary’s bank of a payment order for the benefit of the beneficiary of the originator’s order. You may give us a payment order orally, electronically, or in writing, but your order cannot state any condition to payment to the beneficiary other than the time of payment. Credit entries may be made by ACH. Authorized account - An authorized account is a deposit account you have with us that you have designated as a source of payment of payment orders you issue to us. If you have not designated an authorized account, any account you have with us is an authorized account to the extent that payment of the payment order is not inconsistent with the use of the account.
Acceptance of your payment order - We are not obligated to accept any payment order that you give us, although we normally will accept your payment order if you have a withdrawable credit in an authorized account sufficient to cover the order. If we do not execute your payment order, but give you notice of our rejection of your payment order after the execution date or give you no notice, we are not liable to pay you as restitution any interest on a withdrawable credit in a non-interest-bearing account. Cutoff time - If we do not receive your payment order or communication canceling or amending a payment order before our cutoff time on a funds transfer day for that type of order or communication, the order or communication will be deemed to be received at the opening of our next funds transfer business day.
Payment of your order - If we accept a payment order you give us, we may receive payment by automatically deducting from any authorized account the amount of the payment order plus the amount of any expenses and charges for our services in execution of your payment order. We are entitled to payment on the payment or execution date. Unless your payment order specifies otherwise, the payment or execution date is the funds transfer date we receive the payment order. The funds transfer is completed upon acceptance by the beneficiary’s bank. Your obligation to pay your payment order is excused if the funds transfer is not completed, but you are still responsible to pay us any expenses and charges for our services. However, if you told us to route the funds transfer through an intermediate bank, and we are unable to obtain a refund because the intermediate bank that you designated has suspended payments, then you are still obligated to pay us for the payment order. You will not be entitled to interest on any refund you receive because the beneficiary’s bank does not accept the payment order.
Security procedure - As described more fully in a separate writing, the authenticity of a payment order or communication canceling or amending a payment order issued in your name as sender may be verified by a security procedure. You affirm that you have no circumstances which are relevant to the determination of a commercially reasonable security procedure unless those circumstances are expressly contained in a separate writing signed by us. You may choose from one or more security procedures that we have developed, or you may develop your own security procedure if it is acceptable to us. If you refuse a commercially reasonable security procedure that we have offered you, you agree that you will be bound by any payment order issued in your name, whether or not authorized, that we accept in good faith and in compliance with the security procedure you have chosen.
Duty to report unauthorized or erroneous payment - You must exercise ordinary care to determine that all payment orders or amendments to payment orders that we accept that are issued in your name are authorized, enforceable, in the correct amount, to the correct beneficiary, and not otherwise erroneous. If you discover (or with reasonable care should have discovered) an unauthorized, unenforceable, or erroneously executed payment order or amendment, you must exercise ordinary care to notify us of the relevant facts. The time you have to notify us will depend on the circumstances, but that time will not in any circumstance exceed 14 days from when you are notified of our acceptance or execution of the payment order or amendment or that your account was debited with respect to the order or amendment. If you do not provide us with timely notice, you will not be entitled to interest on any refundable amount. If we can prove that you failed to perform either of these duties with respect to an erroneous payment and that we incurred a loss as a exceeding the amount of your order.
Identifying number - If your payment order identifies an intermediate bank, beneficiary bank, or beneficiary by name and number, we and every receiving or beneficiary bank may rely upon the identifying number rather than the name to make payment, even if the number identifies an intermediate bank or person different than the bank or beneficiary identified by name. Neither we nor any receiving or beneficiary bank have any responsibility to determine whether the name and identifying number refer to the same financial institution or person.
Record of oral or telephone orders - You agree that we may, if we choose, record any oral or telephone payment order or communication of amendment or cancellation.
Notice of credit - If we receive a payment order to credit an account you have with us, we are not required to provide you with any notice of the payment order or the credit.
Provisional credit - You agree to be bound by the automated clearing house association operating rules that provide that payments made to you or originated by you by funds transfer through the automated clearing house system are provisional until final settlement is made through a Federal Reserve Bank or otherwise payment is made as provided in Article 4A-403(a) of the Uniform Commercial Code.
Refund of credit - You agree that if we do not receive payment of an amount credited to your account, we are entitled to a refund from you in the amount credited and the party originating such payment will not be considered to have paid the amount so credited.
Amendment of funds transfer agreement - From time to time we may amend any term of this agreement by giving you reasonable notice in writing. We may give notice to anyone who is authorized to send payment orders to us in your name, or to anyone who is authorized to accept service.
Cancelation or amendment of payment order - You may cancel or amend a payment order you give us only if we receive the communication of cancelation or amendment before our cutoff time and in time to have a reasonable opportunity to act on it before we accept the payment order. The communication of cancelation or amendment must be presented in conformity with the same security procedure that has been agreed to for payment orders.
Intermediaries - We are not liable for the actions of any intermediary, regardless of whether or not we selected the intermediary. We are not responsible for acts of God, outside agencies, or nonsalaried agents.
Limit on liability - You waive any claim you may have against us for consequential or special damages, including loss of profit arising out of a payment order or funds transfer, unless this waiver is prohibited by law. We are not responsible for attorney fees you might incur due to erroneous execution of payment order.
Erroneous execution - If we receive an order to pay you, and we erroneously pay you more than the amount of the payment order, we are entitled to recover from you the amount in excess of the amount of the payment order, regardless of whether you may have some claim to the excess amount against the originator of the order.
Objection to payment - If we give you a notice that reasonably identifies a payment order issued in your name as sender that we have accepted and received payment for, you cannot claim that we are not entitled to retain the payment unless you notify us of your objection to the payment within one year of our notice to you.

FUNDS AVAILABILITY - YOUR ABILITY TO WITHDRAW FUNDS
Important new information about making deposits to your account – The result of this change is that certain deposits as outlined below will be made available to you sooner. Additionally, the cut-off time for deposits made at an ATM machine have changed, see below for details.

This policy statement applies to all deposit accounts. Our policy is to make Cash deposits made in person to one of our employees, Funds from Electronic direct deposits, wire transfers, ACH transactions and checks drawn on Reading Cooperative available the same day as deposit. All other check deposits will be made available on the first business day after the day of 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.

If you make a deposit at an ATM before 3:00 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 3:00 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.