Consumer Online Banking - Your Rights and Protection

Consumers are protected under Regulation E, Electronic Funds Transfer. The regulation sets the rights, liabilities, and responsibilities of electronic funds transfers and protects consumers when they use those systems. To be covered, the asset account must be a consumer account.

In general, if the consumer notifies the bank within two business days after learning of the loss or theft of their Internet banking login identification and/or password, the consumer's liability shall not exceed the lesser of $50 or the amount of unauthorized transfers that occur before notice to the bank. If the consumer fails to notify the bank within two business days after learning of the loss or theft of their Internet banking login identification and/or password, the consumer's liability shall not exceed the lesser of $500 or the sum of:

• $50 or the amount of unauthorized transfers that occur within the two business days, whichever is less; and
• The amount of unauthorized transfers that occur after the close of two business days and before notice to the bank, provided the bank establishes that these transfers would not have occurred had the consumer notified the bank within that two-day period

Regardless of knowledge of loss or theft of their Internet banking login identification and/or password, consumer must report an unauthorized electronic fund transfer that appears on a monthly or periodic statement within 60 days of the bank's transmittal of the statement to avoid liability for subsequent transfers. If the consumer fails to do so, the consumer's liability shall not exceed the amount of the unauthorized transfers that occur after the close of the 60 days and before notice to the bank, and that the bank establishes would not have occurred had the consumer notified the bank within the 60-day period.

The Bank will NEVER call you or mail you requesting your password, personal identification number or login identification. If you come in to one of our locations or call us, we may ask you for your login identification but never your password or personal identification number (PIN).

For more information regarding this subject, please contact one of our professionals by calling 972.716.7100.