CHECKING ACCOUNT AGREEMENT - MERCHANTS COMMERCIAL BANK

DEFINITIONS

• “You,” “your,” “account owner,” “party”: The Customer(s) on the account
• “We,” “our,” “us”: MERCHANTS COMMERCIAL BANK
• “Item” or “items”: Checks or payment orders per UCC Article 4
• “Debit transactions”: Withdrawals like checks, ACH, wire transfers, debit card purchases
• “Credit transactions”: Deposits such as cash, direct deposit, ACH credits

GENERAL AGREEMENT

You agree to be bound by:

• This Agreement
• Account opening Disclosures (fees, APY, interest, etc.)
• Applicable laws and regulations

Changes will be notified in writing 30 days in advance, if they adversely affect you.

ACCOUNT STRUCTURE

Single-Party Account

• Sole owner can withdraw all funds
• On death, funds become part of estate (or transferred per Florida law if under a threshold)

Multiple-Party Accounts

• Can include rights of survivorship and/or P.O.D. (Pay on Death) designations
• Ownership and access rules vary based on survivorship and beneficiaries

AUTHORIZATION

You authorize:

• Credit, employment checks
• Use of credit reports
• Sharing account details for verification

FUNDS HANDLING

Deposits

• Accepted by mail, in person, or RDC
• Subject to verification and collection
• Returned items will be debited

Withdrawals

• Subject to availability and service charges

Funds Availability

• Governed by the Bank’s Disclosures

Substitute & Electronic Checks

• Treated as legal equivalents
• ECIs are not paper-originated but legally binding

REMOTE SERVICES

• Remote Deposit Capture (RDC) allowed
• Remotely Created Checks must be verifiably authorized

ACCOUNT OPERATIONS

Stop Payments

• Allowed on checks and ACH (terms vary)
• Oral requests valid for 14 days unless confirmed in writing

Overdrafts & NSF

• Based on available balance, including holds
• Fees may apply if items are returned or paid
• Multiple presentments of the same item can occur

Statements

• Must be reviewed within 30 days
• Errors after 180 days may not be disputed

ELECTRONIC COMMUNICATION

You agree to:

• Receive statements/notices electronically (optional)
• Accept calls/texts/emails regarding account activity
• Monitoring and recording of communications

TRANSFERS, SET-OFFS & CLAIMS

• Bank may transfer interests; you may not unless approved
• Bank may offset debts from any of your accounts
• Legal claims (e.g., garnishment) may result in holds or deductions

LIABILITY

• Bank liability limited to actual transaction amount
• Not liable for events outside of its control
• You’re responsible for:
  • Reviewing statements
  • Reporting errors promptly
  • Maintaining account security

TAX & IDENTIFICATION

• TIN must be provided
• Backup withholding may apply

ACCOUNT CLOSURE

• Bank may close account with or without cause
• Outstanding obligations remain enforceable

AMENDMENTS

• Terms may be updated unless prohibited by law
• Continued use implies acceptance

ENFORCEMENT & FEES

• You’re liable for:
  • Attorney’s fees in disputes
  • Losses caused by failure to follow the Agreement
• Fees subject to change per the Disclosures

NOTICE TO CONSUMER

Fair Credit Reporting Act (FCRA) Notice

We may report account activity to credit bureaus.
Late or missed payments may affect your credit.