Account Terms
PACIFIC TRUST BANK
TERMS AND CONDITIONS OF YOUR
PERSONAL DEPOSIT ACCOUNTS
This Account Terms and Conditions Disclosure contains the rules that govern your account(s) with us, which supersedes all prior deposit account terms and conditions disclosures. Please read it carefully and keep it for your records. We encourage you to compare our prices and services with those of other financial institutions. If you sign your signature card or continue to have an account with us, you agree to these rules and any amendments thereof. You agree to pay the fees we charge and you give us the right to collect any fees, as earned, directly from the account balance. You will receive a separate schedule of rates, qualifying balances and fees if they are not included in this disclosure. If you have any questions, please call us.
This agreement is subject to applicable federal laws and the laws of the state of California (except to the extent that this agreement can and does vary such rules or laws). The body of state and federal law that governs our relationship with you, however, is too large and complex to be reproduced here.
The purpose of this disclosure is to: (1) summarize the existing rules applicable to the more common transactions; (2) establish rules to govern transactions or events which the law does not regulate; (3) establish rules for certain events or transactions which the law already regulates but permits variation by agreement; and (4) give you our funds availability, electronic funds transfer and/or truth-in-savings policy disclosures.
As used in this disclosure, the words "Pacific Trust", "bank" "we", "our", or "us" mean Pacific Trust Bank, a federal savings bank, and the words "you" and "your" mean the owner(s) of this account and any "agent" appointed by or on behalf of the owner(s) to sign on the account in a representative capacity. We reserve the right to waive or reduce certain service fees specified herein for a period of time or based on the account relationship at any time for promotional reasons, but any such voluntary fee waiver or reduction does not alter this agreement.
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT - To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask you for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
LIABILITY - Each of you agrees for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of charges that we impose. You authorize us to deduct these charges as accrued directly from the account balance. You also agree to pay additional reasonable charges we may impose for services you request which are not covered by this agreement. Each of you also agrees to be jointly and individually liable for any account deficit resulting from charges or overdrafts, whether caused by you or another authorized to withdraw from this account, and our costs to collect the deficit including, to the extent permitted by law, our reasonable attorneys' fees. You agree that, if you violate the terms of this agreement, at our option we may suspend or terminate certain account services, or close your account for cause.
DEPOSITS - Any items, other than cash, accepted for deposit (including items drawn "on us") will be given provisional credit only until collection is final (and actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars). We are not responsible for transactions initiated by mail or outside the depository until we actually record them. All transactions received after our "daily cut-off time" on a business day we are open, or received on a day in which we are not open for business, will be treated and recorded as if initiated on the next following business day that we are open. Unless otherwise agreed, you waive any right to receive any original item after it is paid.
WITHDRAWALS - Unless otherwise clearly indicated to the contrary, any one of you who signs the space designated for signatures on the signature card, including any agents, may withdraw or transfer all or any part of the account balance at any time on forms approved by us. Each of you (until we receive written notice to the contrary) authorizes each other person signing on the signature card to endorse any item payable to you or your order for deposit to this account or any other transaction with us. We may charge against your account a check, even though payment was made before the date of the check, unless you have given us written notice of the postdating and purchase a temporary stop payment order. The fact that we may honor withdrawal requests that overdraw the finally collected account balance does not obligate us to do so, unless required by law. Withdrawals will first be made from collected funds, and we may, unless prohibited by law or our written policy, refuse any withdrawal request against uncollected funds, even if our general practice is to the contrary. We reserve the right to refuse any withdrawal or transfer request that is attempted by any method not specifically permitted, which is for an amount less than any minimum withdrawal requirement, or which exceeds any frequency limitation. Even if we honor a non-conforming request, repeated abuse of the stated limitations (if any) may eventually force us to close this account. We will use the date a transaction is completed by us (as opposed to the day you initiate it) to apply the frequency limitations. Withdrawal from a time deposit account prior to maturity or prior to the expiration of any notice period may be restricted and may be subject to penalty.
ADVANCE NOTICE - We reserve the right to require 7 days advance notice to withdraw or transfer funds from any interest-bearing account. We currently do not exercise this right and have not exercised it in the past.
INSUFFICIENT FUNDS AND OVERDRAFTS - When you don’t have enough available funds in your account, including available overdraft protection, to cover a check, draft, pre-approved withdrawal or other debit to your account, we consider this to be an item presented against insufficient funds, also called an NSF transaction. Funds in your account are not available if we determine that they are subject to a hold, dispute or legal process that prevents their withdrawal. If you don’t have enough overdraft protection coverage under your approved plans, we either return the item unpaid or pay it and overdraw your account (see below for information on Overdraft Protection Plans). Whether we return or pay the NSF transaction item is solely at our option, and depends on a number of factors, including the amount of the item and the past activity in your account, and, in either case, we will not be liable to you for doing so. There is a fee for each item that is presented against insufficient funds, whether the item is returned or paid (see Schedule of Fees and Charges).
Should we allow an overdraft, we will not be obligated to continue the practice at a later time, nor will we be obligated to notify you of such discontinuance. You are responsible for immediately reimbursing the bank for all overdrafts and returned items, regardless of when or why returned, and for all related fees and charges. Any of theses fees/charges may be assessed regardless of the amount of the NSF transaction. Each account owner is jointly and severally responsible for paying overdrafts created, and any fees incurred, by any owner or Authorized Signer(s), whether or not the owner participates in the transaction or benefits from its proceeds.
In the event of an account overdraft position, you agree that you will, WITHOUT DEMAND OR NOTICE FROM US, immediately deposit or otherwise pay the Bank sufficient good funds to eliminate any overdraft and to pay the related overdraft charges, or the Bank may at its option withdraw funds from another of your accounts in the amount of the insufficiency and the overdraft charges. Without limiting the foregoing, if the Bank is otherwise required to pay an amount related to your account (e.g., levy or garnishment), and such creates an overdraft or negative account balance, such overdraft will be subject to the terms herein including, without limit, our right to assess a fee and your obligation to immediately repay any amounts due, including all applicable fees as set forth herein.
If you do not deposit sufficient funds to cover an overdraft by the fourth business day that your account has been continuously overdrawn (counting the day the overdraft first occurs as the first business day), there is an additional fee for each business day that the overdraft continues. (You may have one or two additional calendar days to cover an overdraft under some circumstances. For example, if an overdraft occurs on Wednesday, and is not promptly covered, the daily Continued Overdraft Fee will not begin until the following Monday, unless Monday is a Bank holiday, in which case the fee will begin the following Tuesday.) In all cases, if you make a deposit to your account sufficient to cover the overdraft on a business day at one of our banking offices, at a CU Service Centers location or an ATM before the posted cutoff time, no fee is charged for that business day. See the Schedule of Fees and Charges for the amount of the Continued Overdraft Fee and the maximum number of business days the fee may be imposed.
MINIMUM BALANCE TO MAINTAIN AN ACCOUNT – The minimum balance to maintain your account is $0.01, unless otherwise stated. In the event your account is less than the required minimum balance, we may close your account without prior notice, unless such notice is required 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 reserve the right to refuse some forms of ownership on any or all of our accounts.
Individual Account - is owned by one person.
Joint Account - With Survivorship (and Not As Tenants In Common) - is owned by two or more persons. Each of you intends that upon your death the balance in the account will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common.
Joint Account - No Survivorship (As Tenants In Common) - is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship in any other person. We encourage you to agree and tell us in writing of the percentage of the deposit contributed by each of you. This information will not, however, affect the "number of signatures" necessary for withdrawal.
Revocable Trust or Pay-On-Death Account - If two or more of you create such an account, you own the account jointly with survivorship. Beneficiaries acquire the right to withdraw only if: (1) all persons creating the account die, and (2) the beneficiary is then living. If two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account in equal savings, without right of survivorship. The person(s) creating either of these account types reserves the right to: (1) change beneficiaries; (2) change account types; and (3) withdraw all or part of the deposit at any time.
CUTMA Account - California Uniform Transfers to Minors Act, a custodial account established for minors under the age of 18. Account is owned by the minor with the custodian transacting on their behalf. Established with one custodian and one minor per account.
Corporate, Partnership, and Other Organizational Accounts - We will usually require a separate authorization form designating the person permitted to withdraw and the conditions required for withdrawal from any account in the name of a legal entity such as a partnership, corporation, or other organization. We will honor the authorization according to its terms until it is amended or terminated in writing by the governing body of the organization.
DEPOSIT ACCOUNTS HELD IN IRAs, QRPs AND CESAs – Contributions and distributions may have certain tax consequences under the Internal Revenue Code sections governing Individual Retirement Accounts (IRAs), Qualified Retirement Plans (QRPs) and Coverdell Education Savings Accounts (CESAs). A service fee may be imposed to administer the transfer of funds to another IRA Custodian. (See Schedule of Fees and Charges).
PLEDGES - Unless you tell us differently in writing, each owner of this account may pledge all or any part of the funds in it for any purpose to which we agree. Any pledge of this account must first be satisfied before the rights of any joint account survivor, pay-on-death beneficiary, or trust account beneficiary becomes effective. For example, if one joint owner pledges the deposit evidenced by this agreement for a debt (i.e., uses it to secure a debt) and then dies; (1) the surviving joint tenant's rights in this account do not take effect until the debt has been satisfied, and (2) the debt may be satisfied with the funds in this account.
TELEPHONE TRANSFERS - A telephone transfer of funds from this account to another account with us, if otherwise permitted or arranged for, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. We restrict the number of transfers from a savings account to another account, or third parties, to a maximum of six per month (less the number of certain "preauthorized transfers" during the month). Other account transfer restrictions are described elsewhere in this disclosure.
AMENDMENTS AND TERMINATION - We may change any term of this agreement. Rules governing changes in interest rates have been provided separately. For other changes we will give you reasonable notice in writing or by any other method permitted by law. Notice from us to any one of you is notice to all of you.
YOUR RESPONSIBILITIES - You should maintain all statements, receipts, vouchers and check duplicate copies to verify against bank account statements. Periodic statements of account will be mailed to the current address of record. A fee may be charged per history request, photocopy of a periodic statement, an interim statement or printout of account history (see Schedule of Fees and Charges).
CHANGING YOUR ADDRESS - You agree to keep us informed about your current address at all times. Each account holder is responsible for submitting their own signed Change of Address Request. If you fail to do this, a charge may be made for actual cost of necessary locator services, and an incorrect address fee may be assessed (see Schedule of Fees and Charges). If mailed statements or other Bank documents are returned indicating a bad address, and we are not notified of the new address after 90 days, your account may be blocked.
STATEMENTS - You must examine your statement of account with “reasonable promptness.” If you discover (or reasonably should have discovered) any unauthorized payments or alterations, you must promptly notify us of the relevant facts. If you fail to perform either of these duties, you will have to either share the loss with us, or bear the loss entirely yourself (depending on whether we exercised ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items forged or altered by the same wrongdoer.
You agree that the time you have to examine your statement and report to us will depend on the circumstances, but that such time will not, in any circumstance, exceed a total of 60 days from when the statement is first made available to you. You further agree that if you fail to report any unauthorized signatures, alterations, forgeries or any other errors in your account within 60 days of when we make the statement available, you cannot assert a claim against us on any items in that statement, and the loss will be entirely yours.
LEGAL PROCESS - If we're served with a subpoena, restraining order, writ of attachment or execution, levy, garnishment, search warrant or similar order relating to your account, we must comply. Account reconciliation and research by us, whether at your request, an Internal Revenue Service order, or legal subpoena, will be assessed a service charge. A Levy Processing Fee will be charged for administration of each legal process, IRS or court-ordered levy (see Schedule of Fees and Charges).
ACCOUNT TRANSFER - This account may not be transferred or assigned without our prior written consent.
DIRECT DEPOSITS - With this service, we electronically deposit periodic payments - such as salary, pension, Social Security and Supplemental Security Income (SSI) benefits, or other regular monthly income - into your checking, savings or money market deposit account(s). To determine if direct deposit service is available through your employer, contact your payroll or personnel department. To sign up for direct deposit of Social Security benefits, pensions, annuities and other regular monthly income, call us or visit any Pacific Trust Bank office.
If, in connection with a direct deposit plan, we deposit any amount in this account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount for our liability to the Federal Government from this account or from any other account you have with us, without prior notice, and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.
CU SERVICE CENTERS® - You can perform commonly needed transactions on your Pacific Trust Bank account at CU Service Centers locations and through its affiliated shared service center network locations across the U.S. At CU Service Centers, you can make deposits, withdrawals, transfers, loan payments, loan advances, and balance inquiries on your account. There is no fee for balance inquiries, making deposits or loan payments to your accounts. There will be a service fee assessed on your account for each cash withdrawal, transfer or check cashing transaction you perform at a CU Service Centers location (see Schedule of Fees and Charges). Other services are also available at CU Service Centers, such as sale of Money Orders and Travelers Checks for a nominal charge at time of purchase.
RESTRICTIVE LEGENDS - Some people order checks printed with legends, or write notations, such as "must be presented within 90 days", "two signatures required", or "not valid for more than $1,000." Our equipment cannot automatically process or review this information, so we may disregard these instructions. We aren't liable for any losses, claims, damages or expenses that result from your placement of these or other notations on your checks.
COLLECTION ITEMS - We accept certain items, such as securities and checks payable in foreign currencies or at foreign locations, on a collection basis only. We normally credit your account for these items only after we receive payment for them, but, if we do credit your account and then don't receive payment, we may debit your account. In addition, we may receive items drawn on your account for collection. Pacific Trust charges a fee for each item processed or presented for collection (see Schedule of Fees and Charges), in addition to any fees may be charged by the processing/paying banks, and such fees will be deducted from the proceeds of the collection item.
FACSIMILE SIGNATURES - You authorize us, at any time, to charge you for all checks, drafts, or other orders, for the payments of money, that are drawn on us regardless of by whom or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen on the signature card or that are filed separately with us, and contain the required number of signatures for this purpose.
RIGHT TO REPAYMENT OF INDEBTEDNESS - You each agree that we may (without prior notice and when permitted by law) charge against and deduct from this account any due and payable debt owed to us now or in the future, by any of you having the right of withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt arises from a note, "any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we charge the account, including any remaining balance the due date for which we properly accelerate under the note.
Our right to repayment does not apply to this account if: (1) it is an Individual Retirement Account or other tax-deferred retirement account; or (2) the debt is created by a consumer credit card transaction under a credit card plan; or (3) the debtor's right of withdrawal arises only in a representative capacity. We will not be liable for the dishonor of any check or draft when the dishonor occurs because we charge and deduct an amount you owe us from your account. You agree to hold us harmless from any claim arising as a result of our exercise of our right to repayment.
CALIFORNIA UNCLAIMED PROPERTY LAW - Current regulations require that all Pacific Trust savings and accumulated interest earned thereon will escheat to the California State Controller if the account owner's address is in California, is not available in our records, or is in another State and the State in which the account holder resides does escheat that item, and for a period of more than 3 years the account holder of record: (1) Has not claimed cash interest, paid in or withdrawn funds; or (2) Has not corresponded in writing with us, indicating an interest in the deposits; or (3) Has not otherwise indicated an interest which is evidenced by a memorandum or other record on file with the bank (example: a pledge of savings as security for a loan). To offset administrative costs associated with account dormancy and required notices of pending escheatment, fees may be charged against the account as permitted by the California Unclaimed Property Law (see Schedule of Fees and Charges).
AGENTS - An agent is someone who you authorize to have access to this account on your behalf. We, however, have no duty or agreement whatsoever to monitor or insure that the acts of the agent are for your benefit. This may be done by allowing your agent to sign on the space as an authorized signer on the signature card, or by separate form (such as a power of attorney). An agent is not an owner of the account. We will allow agents to be appointed only on individual accounts unless each owner of a joint account has executed a separate power of attorney naming an agent. We may refuse to accept an agent, or an agency account.
REPORTING PROBLEMS - You are in the best position to detect problems regarding your account. You must promptly examine your statements and report any problems. If you find your records and ours disagree, contact us immediately at the phone number on your statement. We try to resolve our customer's problems or disputes as quickly as possible. In most cases, we can resolve a problem by telephone or in a Service Center. If you request, any unresolved dispute or controversy concerning your account relationship with us will be reviewed by us in accordance with Office of Thrift Supervision rules and federal banking regulations.
NON-LIABILITY FOR FAILURES OF OTHER COMPANIES - Effective processing of your financial transactions may depend on the readiness of service providers other than the Bank. Such other service providing companies include, but may not be limited to, originators of payments due you, recipients of payments you make, your Internet service provider (if you have one), and companies that provide your utilities and telecommunications services. To the maximum extent permitted by law, the Bank disclaims responsibility and liability for any delays, disruptions, or failures caused by such other companies.
DISPUTES - Any controversy arising out of this agreement, including all questions of law or fact relating thereto, shall be referred to arbitration before the American Arbitration Association, in accordance with its rules. The board of arbitrators shall convene at a place within the state of California as mutually agreed upon by the parties. If the place cannot be agreed upon, arbitration shall be conducted in San Diego or Los Angeles, California, (whichever is closest to the Bank’s branch at which the account is held). Parties agree that: (a) pursuant to California Code of Civil Procedure, section 1283.1, each party to the arbitration will have the discovery rights described in Code of Civil Procedure section 1283.05, as amended from time to time; (b) Parties will be bound by the decision of the board of arbitrators; (c) judgment upon an arbitration award may be entered by any court of competent jurisdiction; and (d) Parties will submit to the jurisdiction of California. BY ENTERING INTO THIS AGREEMENT, PARTIES WAIVE AY RIGHT TO TRIAL BY JURY in connection with this Agreement and the services. This provision shall not limit or constrain the Bank’s right of setoff or to obtain provisional or ancillary remedies such as injunctive relief.
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(Revised April 2010)
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