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Last Updated:
November 26, 2007
DEPOSIT ACCOUNT AGREEMENT
FACT Act - Legal Notice
Under the Fair and Accurate Credit Transactions act of 2003 (FACT Act), we are providing West Bank customers with the following notice regarding delinquencies, late payments, insolvency or any form of default. We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report. If you have any questions about the FACT Act, please contact West Bank's Compliance Officer at 515-222-2300.
General Terms And Conditions For Depository Accounts
West Bank (the Bank) and each of its Customers (Depositor) agree to the following Terms and Conditions concerning deposit accounts, including checking accounts, savings accounts and certificates of deposit.
Ownership
The heading on the signature card or other legal documents indicates the ownership of the account. Only the authorized signers are permitted to withdraw funds or instruct the Bank to act on their behalf.
Individual Account
If the account is in the name of one person.
Individual Account with Authorized Signer
If the account is in the name of one person, but another person has been designated to conduct transactions on the owner's behalf. The authorized signer is not an "owner" of the account.
Joint Account
If two or more persons open an account together, the account is a "joint account." The account may be used by each person as if it were that person's own account. Each joint tenant may deposit, withdraw or transfer any or all funds in the account, and each joint tenant has a "power of attorney" from all other owners to enter into transactions on the account on behalf of any joint owner. Either joint owner guarantees the signatures of the other and authorizes the other to endorse checks for deposit if they are payable to either joint owner. All joint account owners are jointly and severally liable for all stop payments, overdrafts, garnishments, levies, the exercise of the use of the right of setoff, security interests, stop payment orders, endorsements and withdrawals, and any other claims against any joint tenant regardless of who deposited the funds, owns the funds in the account or benefited from the proceeds or withdrawals from the account. Any joint tenant may close the account without the consent of any other owner(s) of the account, and notice provided by the bank to either joint owner is notice to all joint owners.
Minor Account
The Bank requires that a minor (those under age 18) opening an account must have a parent or legal guardian as a joint owner.
Business Account
The governing body of the legal entity opening the account will be required to give the Bank separate authorization designating who is authorized to act on its behalf. The Bank will honor the authorization until the Bank actually receives written notice of a change from the governing body of the legal entity.
Due Care
The Bank shall have an obligation to Depositor to exercise good faith and ordinary care in connection with each account. The Bank will not be liable for the results of any computer failure or breakdown or other causes not attributeable to the Bank's lack of good faith or failure to exercise ordinary care when the procedures of the Bank are followed and such procedures are not unreasonable. Isolated clerical errors, inadvertent oversight, or honest mistake of judgment shall not constitute a failure to exercise due care of good faith.
Right Of Setoff
The Bank may exercise its right of setoff without notice to Depositor by charging any or all accounts, individual or joint, in the Depositor's name, including Certificates of Deposit and federal supplemental security income (but not IRA's or other tax deferred retirement accounts) to effect a collection of all debts and liabilities then owed the Bank by Depositor. Depositor agrees to hold the Bank harmless from any claim arising as a result of the right of setoff.
Activity And Maintenance Charge
Depositor agrees to pay all charges and fees imposed by the Bank from time to time for services performed by it in connection with any account, whether active or dormant. An account shall be considered dormant when no deposit has been made or checks paid for a period of one year for checking accounts and two years for savings accounts. If Depositor has not used the account for three years, Iowa law requires the Bank to surrender the balance of the account to the State as abandoned property. All activity and maintenance charges and changes in existing charges shall become effective upon notification by the Bank as required by law. Such charges may be deducted from the Depositor's account and the Bank shall not be liable for dishonoring checks, drafts, notes, acceptances or other instruments because of insufficient funds resulting from the deduction of such costs in collecting an overdrawn account caused by paying checks or drafts drawn without sufficient funds. Service charge and fee schedules are provided before an account is opened and are available upon request.
Forms
The Bank may require that any check or other item used for any Depositor's account be approved by the Bank.
Deposits Collection Clause
In receiving items for deposit or collection, the Bank acts only as Depositor's collecting agent and assumes no responsibility beyond the exercise of due care. All items are credited subject to final payment in cash or solvent credits. The Bank will not be liable for default or negligence of its duly selected correspondents nor for losses in transit, and each correspondent so selected shall not be liable except for its own negligence. The Bank or its correspondents may send items, directly or indirectly, to any bank including the payer, and accept its draft or credit as conditional payment in lieu of cash; it may charge back any item at any time before final payment, whether returned or not, including any item drawn on the Bank. Depositor agrees to pay all costs incurred by the Bank in collection of deposits.
Statements
Each month or periodically, the Bank will send the Depositor a statement of all activity, including annual percentage yield earned and all fees and charges assessed on the account. The Depositor must immediately examine each statement and accompanying items if included. The Bank shall not be liable for any errors, alterations, forgeries, or improper charges, unless given notice in writing within 30 days of the statement date. All mail, including any notices given by the Bank with respect to any account, will be sent to the most recent address on record relating to such account unless otherwise requested by Depositor.
Stop Payment
The Bank will not be responsible if, through inadvertence, accident or oversight, it honors any item with respect to which a stop payment order is in effect or prematurely honors any post-dated check. However, the Bank will endeavor to give effect to all instructions from depositors to stop payment on items provided such instructions are received in time to afford the Bank a reasonable opportunity to act before the item is honored. An oral request for a stop payment is effective only for 14 days, but a request in writing, duly signed, is effective for 6 months. The stop payment order must identify the check number, the date, the exact dollar amount, and the payee to be considered effective.
Post-Dated Checks
Depositor agrees that the exercise of due care by the Bank does not include the obligation to examine the date of each check or other item drawn on an account. The Bank shall not be liable whatsoever to Depositor by reason of payment of the check or other item prior to the date written unless it is shown by Depositor that the Bank had actual knowledge of the date written or that the Bank acted in bad faith.
Stale-Dated Checks
The Bank is not obligated to pay a check other than a certified check presented for payment more than 6 months after its date. Depositor may place a stop payment on a stale-dated check to avoid it being paid by the Bank.
Facsimile Signatures
If the Depositor uses any facsimile signature or other non-manual form of signature, it is acknowledged that it is solely for the benefit and convenience of the Depositor. The Depositor accepts sole responsibility for maintaining security over any device affixing the signature. Such signature will be effective as the Depositor's signature regardless of whether the person affixing it was authorized to do so.
Forgery
Except where the Bank fails to use ordinary care in paying checks or drafts with forged signatures, the Depositor shall hold the Bank harmless for forgeries that cannot be detected by the Bank through normal banking procedures, including, but not limited to facsimile signatures, desktop publishing or other computer generated or aided signatures, positive pay arrangements where presentment is made through computer modem, checks and drafts truncated at another collecting institution, and situations where the Bank, consistent with the practice of other banks in the industry, does not scrutinize Depositors' signatures.
Social Security Or Tax Identification Numbers
Each Depositor shall provide the Bank with their Social Security or Federal Tax Identification Number.
Termination Of Deposit Relationship
This agreement between you and the Bank, as it relates to deposit accounts offered by the Bank, can be terminated by either you or the Bank at any time by a notice in writing. Such a termination will not release you from any fees or other obligations incurred before the termination, those you incur in the process of closing out your account, or for your liability on outstanding items. You agree that notice of termination of this agreement by the Bank will be reasonable if it is mailed to your statement mailing address at least 5 calendar days prior to the date of termination. The Bank will return the balance of the account in person or by mail to the Depositor along with any notice required by law. The Bank shall not be liable for failure to honor any check or withdrawal order thereafter presented to the Bank in connection with such closed account or any consequential damages arising there from.
Withdrawals
The Bank may require Depositor to give 7 days prior written notice of any intended withdrawal from an interest-bearing account or the savings sub-account of a non-interest-bearing account having no maturity period and may require that funds remain on deposit in other interest-bearing and time deposit accounts for such longer period of time as may be required by the Bank or by applicable laws and regulations. For regulatory reporting purposes, Deposit accounts will consist of a transaction sub-account and a savings sub-account. Periodically, we may transfer funds between the two sub-accounts. This will not affect your available balance, interest earnings, if applicable, FDIC insurance or any other feature associated with your account.
ACH & Wire Transfers
The Bank is subject to Article 4A of the Uniform Commercial Code - Fund Transfers as adopted in the State of Iowa. If the Depositor originates a fund transfer for which Fedwire is used, and the Depositor identifies by name and number, a beneficiary financial institution, an intermediary financial institution or beneficiary, the Bank and every receiving or beneficiary financial institution may rely on the identifying number to make payment. The Bank may rely on the number even if it identifies a financial institution, person, or account other than the one named. The Bank and the Depositor are also bound by the rules of the automated clearinghouse association. These rules specify that automated payments made to the Depositor or originated by the Bank are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. The Bank is not required to give the Depositor notice of a payment order or credit received for the Depositor via wire or ACH.
Telephone Transfers
Telephone transfer of funds from this account to another account with the Bank may be made by the same persons authorized to transact withdrawals. The limitation on the number of telephone transfers per month will be determined by the type of account selected for this purpose.
Direct Deposits
If in connection with a direct deposit plan, the Bank deposits any amount in an account which should have been returned to the Federal Government for any reason, Depositor authorizes the Bank to deduct the amount of liability to the Federal Government from the account or from any other account Depositor has with the Bank, without prior notice and at any time except as prohibited by law. The Bank may also use any other legal remedy to recover the amount of the liability.
Transfer Of Accounts
An account may not be transferred or assigned without prior written consent by the Bank.
Transaction Limitation On All Savings & Money Market Accounts
Withdrawals or transfers from all savings and money market accounts are unlimited if made in person, by mail, automated teller machine (ATM), or payments automatically deducted from your account for the purpose of making payments on loans at West Bank. Otherwise, you may make a total of only six (6) withdrawals or transfers per statement cycle period to another West Bank account of yours or to a third party by means of a preauthorization, automatic transfer, or telephonic agreement (including PC transfers). No more than three (3) of the six may be made by check, draft, or at a point-of-sale terminal with your Debit or ATM card.
If you are in violation of the above terms for three (3) months (consecutive or nonconsecutive) within a twelve (12) month period, we may, at our option, convert your account to an account type not subject to these limits or close your account.
Interest rates, Annual Percentage Yields, And Payments
Interest rates, annual percentage yields, and method of payments on interest-bearing accounts are set from time to time by the bank in accordance with applicable laws and regulations. A schedule of annual percentage yields payable on accounts and payment methods are provided before an account is opened and are available upon request.
Waiver Of Rights By The Bank
The Bank reserves the right to waive the enforcement of any of the terms of this agreement with you with respect to any transaction or series of transactions. Any such waiver will not affect the right of the Bank to enforce any of its rights with respect to other customers, or to enforce any of its rights with respect to later transactions with you and is not sufficient to modify the terms and conditions of this agreement. As an example, even though it has paid overdrafts in the past, the Bank reserves the right to dishonor nonsufficient fund checks in the future.
Legal Procedures
The Bank must comply with all court orders, such as subpoenas, garnishments, and levies pertaining to any account.
Laws & Regulations
All accounts and their use are governed and regulated by the Bank's articles of incorporation and bylaws, the laws and operating letters of the State of Iowa and United States or agencies thereof, and the rules and operating letters of the Federal Reserve Bank or clearinghouse of which the Bank is a member.
Depositor Agrees That These Terms And Conditions For Depository Accounts May Be Amended Or Modified From Time To Time By The Bank. Depositor Authorizes The Bank To Obtain Depositor's Credit Report From Time To Time To Review Depositor's Account Relationships.
EQUAL HOUSING LENDER
Member FDIC
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