Terms & Conditions
Important Account Opening Information.
Federal law requires financial institutions to obtain sufficient
information to verify your identity. You may be asked several
questions and to provide one or more forms of identification to
fulfill this requirement. In some instances we may use outside
sources to confirm the information. The information you provide is
protected by our privacy policy and federal law.
Introduction.
The Business Debit Card Agreement ("Agreement") contains contract
terms and other important information relating to your Business
Debit Card ("Card"). These terms govern the operation of this
account unless varied or supplemented in writing. This Agreement
also incorporates any other terms and conditions provided separately
with your account agreement as well as the terms of any disclosures
you may have received. You should read this Agreement carefully and
keep a copy for your records.
Applicable Law.
This Agreement will be governed by the laws of the state in which
your account is located as well as federal laws and regulations.
Normal banking customs and practices also apply.
Definitions.
Unless inconsistent, words and phrases used in this document
shall be construed so that the singular includes the plural and the
plural includes the singular. The words "we," "our," and "us" refer
to the financial institution which issues the Card. The words "you"
and "your" refer to the owner of the specific account for which Card
transactions are permitted. The word "Cardholder" refers to any
person authorized by you to use the Card.
Business Card Purpose.
You and any Cardholder agree that this Card is for use by
business owners and employees. The Card can be used for business
purpose point-of-sale and Automated Teller Machine (ATM)
transactions only. The Card may not be used for personal purposes.
You acknowledge and understand that the Card shall not be treated as
a consumer card under the provisions of state and federal law. You
agree to provide written instructions to all Cardholders that the
Card shall not be used for consumer purposes. We assume all
transactions are for business purposes. We do not monitor
transactions to determine their purpose.
Account Requirement, Payment Responsibility, Transferability,
Enforceability.
The services described in this Agreement will be available to you
only as long as you maintain a business account with us. You are
liable for the payment of Card transactions authorized by you or
your agent or any Cardholder or their agent. This account may not be
transferred or assigned without our written consent.
If any terms of this Agreement cannot be legally enforced, it
will be considered changed to the extent necessary to comply with
applicable laws. If any part of this Agreement becomes
unenforceable, it will not make any other part unenforceable.
How to Use the Business Card, Security Procedures.
Each Cardholder must sign their Card before it may be used. You
agree to require both a Card and a code to be used together to
purchase goods, pay for services, or obtain cash at designated ATMs.
A Card cannot be used to complete a transaction without a code. Once
a Card has been issued it cannot be transferred to another person.
You agree to immediately notify us when you terminate a Cardholder's
rights and to promptly return the Card to us. You agree to provide
written instructions to all Cardholders about the importance of
protecting the Card and code. You agree to examine your receipts and
periodic statements in a timely manner. You agree that the
dollar/frequency limits assigned to each Cardholder will also act as
a security procedure.
Termination and Amendments.
- We may terminate this Agreement by written notice to you.
- You may terminate this Agreement by written notice to us.
We may make amendments to this Agreement in the same method as
provided in the terms and conditions provided in your account
agreement. Use of your Card after receipt of notice of an amendment
constitutes your acceptance of the change.
Notices.
Any notices mailed to you under this Agreement will be mailed to
the address we haev for you in our records. You will keep us
notified of your current mailing address.
Order of Payment.
Our policy is to post and pay Card transactions in the order they
are received. We reserve the right to pay Card transactions before
checks, drafts, and other items.
Overdraft Protection.
If your account has an overdraft protection feature, unless
otherwise agreed in writing, card transactions that would otherwise
overdraw your account will be covered by the Overdraft protection
feature. Your overdraft protection feature will be documented on a
separate agreement. You should become familiar with that document as
some of the terms, such as your liability for unauthorized transfers
initiated with your Card, may vary from the terms of this Agreement.
Stop Payment.
Only stop-payment requests from you or the Cardholder who
authorized the transaction will be honored. However, because Card
transactions are often processed immediately, stopping or amending
payment is difficult and we cannot ensure that any request you make
will be effective. In order to be effective, we must receive your
request in time to give us a reasonable opportunity to act. Your
request must precisely identify the transaction by date, time,
location, and dollar amount. Only you may release a stop payment
request.
Types of Transactions
Below are the types of transactions your Card will accommodate.
ATM Transfers.
You may access your account by ATM using your Card and code to:
- get cash withdrawals from your checking account.
- you may withdraw no more than $300.00 per day.
- there is a charge of $1.00 per transaction at ATMs we do not own
or operate (In Network ATMs may not charge)
- get cash withdrawals from your savings account.
- you may withdraw no more than $300.00 per day.
- there is a charge of $1.00 per transaction at ATMs we do not own
or operate (In Network ATMs may not charge). Other charges may
apply.
- transfer funds from your checking account to your savings
account
- transfer funds from your savings account to your checking
account
- get information about:
- the account balance of your checking account
- the account balance of your savings account
Some of these services may not be available at all terminals.
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).
Point-of-Sale Transactions.
You may access your checking account with your Card 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.
Using your Card and/or code:
- You may not exceed $1,000.00 in transactions per day.
Refer to new account disclosures for other information regarding
your account.
Currency conversion and Cross-Border Transaction Fees.
If you effect a transaction with your Card in a currency other
than US Dollars, MasterCard will convert the charge into a US Dollar
amount. The MasterCard currency conversion procedure includes use of
either a government-mandated exchange rate, or a wholesale exchange
rate selected by MasterCard. The exchange rate MasterCard uses will
be a rate in effect on the day the transaction is processed. This
rate may differ from the rate in effect on the date of purchase or
the date the transaction was posted to your account.
MasterCard charges us a Currency Conversion
Assessment of 20 basis points (.2% of the transaction) for
performing the currency conversion. In addition, MasterCard charges
us an Issuer Cross-Border Assessment of 80 basis points (.8% of the
transaction) on all cross-border transaction regardless of whether
there is a currency conversion. A cross-border transaction is a
transaction processed through the Global Clearing Management System
or the MasterCard Debit Switch in which the country of the merchant
is different than the country of the cardholder.
Advisory Against Illegal Use.
You agree not to use your Card for illegal
gambling or other illegal purpose. Display of a payment card logo
by, for example, an online merchant does not necessarily mean that
the transactions are lawful in all jurisdictions in which the
Cardholder may be located. Fees
- We charge $5.00 to replace a lost or stolen
Card.
- We will charge you $15.00 for each stop-payment
order you give. (unauthorized activity return)
- We charge $30.00 for each nonsufficient funds
item.
- We charge $30.00 for each overdraft item paid.
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.
Retain Copies for Your Records.
You should retain copies of all records including
receipts, credit slips (for returned merchandise), and cancellation
numbers (for cancelled reservations). You should also mark each
transaction in your account record (but not while at a terminal).
You should review your periodic statement for accuracy and compare
your account record against your periodic statement to reconcile
balances.
Periodic Statements.
You will get a monthly account statement from us
for your checking account that will also include a record of
transactions made using your Card, unless there are no transfers in
a particular month. In any case, you will get a statement at least
quarterly. Limitations on our Liability
We will not be liable if:
- you do not have enough money in your account
to make the transfer
- you have an overdraft line and the transfer
would cause you to exceed your credit limit
- an ATM does not have sufficient cash
- a terminal or system is not working properly
- circumstances beyond our control (such as
fire or flood) prevent the transfer
- a merchant refuses to accept your Card
- an ATM rejects your Card.
There may be other limitation on our liability.
Unauthorized Transfers
Additional Risk Associated with Use of Business
Purpose Cards.
You will not have the benefit of any consumer law
limiting liability with respect to the unauthorized use of your
Card. This means your liability for the unauthorized use of your
Card could be greater than the liability in a consumer debit card
transaction. You accept and agree to undertake the additional risk
and greater measure of liability associated with the use of business
purpose cards as described in this Agreement.
Your Liability for Unauthorized Transfers.
You are liable for Card transactions you did not
authorize if we can prove that we processed the transaction in food
faith and in complaisance with a commercially reasonable security
procedure to which we both agreed, unless otherwise required by law.
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 the money
in your account (plus your maximum overdraft line of credit). If
your Card and/or code is lost, stolen, or used without your
permission, you agree to notify us immediately and to promptly
confirm such notice in writing. Your liability for transactions
with your Card and/or code will continue until 2 business days
after the day we receive such written notice. If you do not
notify us within one year from when the periodic statement
containing an unauthorized transaction was first mailed or made
available to you, we will be entitled to treat the information
in the periodic statement as correct, and you will be precluded
from asserting otherwise.
Additional Limits on Liability.
You will not be liable for any unauthorized
transactions using your Card, when used for point-of-sale
transactions, if: (i) you can demonstrate that you have exercised
reasonable care in safeguarding your Card from the risk of loss or
theft, (ii) you have not reported to us two or more incidents of
unauthorized use within the prior twelve month period, and (iii)
your account is in good standing. If any of these conditions are not
met, your liability is the lesser of $50 or the amount of money,
property, labor, or services obtained by the unauthorized use before
notification to us. "Unauthorized use" means the use of your Card by
a person, other than you, who does not have actual, implied, or
apparent authority for such use, and from which you receive no
benefit. This additional limitation on liability does not apply to
PIN-based transactions or transactions not processed by MasterCard.
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 on this page.
Consequential Damages.
We will not be liable for any consequential or
incidental damages resulting from the unauthorized use of your Card.
Error Resolution
You agree to examine your receipts and periodic
statements using ordinary care and to report any errors or problems
to us within a reasonable time. You agree that the time to examine
your statement and report to us will depend on the circumstances,
but will not, in any circumstance, exceed a total of one year from
when the statement containing the error or problem was first mailed
or made available to you. If you do not report within one year, we
will be entitled to treat the information in the periodic statement
as correct, and you will be precluded from asserting otherwise. You
further agree that if you fail to report to us within 14 days from
when the statement was first mailed or made available to you that we
will not be required to pay interest on any refund to which you may
be entitled. We will only recredit your account for errors or
problems as required by law. Call or write
us immediately with errors or questions about your electronic
transfers at the telephone number or address listed no this
page. If you tell us orally, we may require your complaint or
question in writing within 14 business days.
If you provide us with timely notice of an error
or problem in your periodic statement, we will investigate the
matter and notify you of the results as soon as reasonably
possible under the circumstances. You
may ask for Copies of the documents that we used in our
investigation.
Cornerstone National Bank
Customer Service Representatives
P.O. Box 428
Easley, SC 29640
Business Days: Monday through Friday
Excluding Federal Holidays
Phone: 864-306-1444 |