Electronic Fund Transfer Disclosure and Agreement - MERCHANTS COMMERCIAL BANK

Terminology

• “We”, “Us”, “Our” = Merchants Commercial Bank
• “You”, “Your” = The account holder

Applies to EFT services on accounts used for personal, family, or household purposes, including direct deposits, one-time electronic payments, and debit card transactions.

Business Days

• Monday through Friday, excluding Federal and certain local holidays

EFT Services Provided

Debit Card Services

• Withdraw cash from checking, money market, and NOW accounts
• Balance inquiries
• Purchase goods/services at any merchant accepting Visa® Debit

ATM Services

• Access via PLUS, NYCE networks
• ATM fees may apply when using non-MCB ATMs

Point of Sale (POS)

• Use Debit Card for goods/services
• May receive cash back
• Overdrafts may incur fees

Currency Conversion (Visa®):

• Transactions settled in non-USD will be converted using Visa® wholesale market rates plus/minus issuer adjustments.

Telephone Transfers

• Transfer between checking, savings, money market, and loan accounts
• Balance inquiries

Phone Number: (800) 956-7457

Mobile Banking Transfers

• Access via m.mcbvi.com
• Functions include transfers, mobile deposit, person-to-person payment, balance inquiry

Electronic Check Conversion

• One-time payments authorized using your check details

Transaction Limitations

Debit Card

• ATM cash withdrawal: Up to $500/day
• POS purchases: Up to $2,000/day

Other Limitations

• Up to 6 transactions/month from savings/money market to third parties
• Additional security-related limits may be applied

Rights and Responsibilities

Documentation

Transaction Receipts

• Not required for transactions $15 or less
• Required for transactions above $15 unless declined by user

Periodic Statements

• Monthly if EFT occurred; otherwise at least quarterly

Security & PIN Usage

• Keep Debit Card & PIN secure
• Report loss/theft immediately:
  • (340) 779-2265 or (866) 870-5852
  • Or write to:
    4608 Tutu Park Mall, Suite 100,
    St. Thomas, VI 00802-1816

Consumer Liability

• Report loss/theft within 2 business days: max loss = $50
• Delay >2 business days: max loss = $500
• Failure to report unauthorized EFT within 60 days may result in full loss
• Visa® zero liability applies unless user is found negligent or fraudulent

Errors and Questions

• Contact MCB within 60 days of statement date
• Must include:
  • Name and account number
  • Description and dollar amount of error
  • Explanation

If oral report: written confirmation needed within 10 business days

Provisional credit within:

• 10 business days (or 20 for new accounts)
• Full investigation can take up to 45 days (or 90 for new accounts/foreign/POS transfers)

MCB’s Liability for Incomplete Transfers

Not liable if:

• Insufficient funds
• Terminal malfunctions
• Natural disasters, communication failures
• Legal restrictions
• Card reported lost/stolen
• Inaccurate or incomplete transaction information

Fees

Refer to the Schedule of Fees (provided separately)

Disclosure of Account Information

Shared when:

1. Necessary to complete a transaction
2. Verifying existence/condition of account (e.g., with credit bureau)
3. Complying with legal processes
4. You authorize in writing

Amendments and Termination

• 21-day notice for changes increasing costs or liability
• No notice required for security-related changes
• MCB may terminate the agreement at any time

ATM Safety Tips

• Have card ready before approaching ATM
• Use machines in well-lit, secure areas
• Shield your PIN
• Avoid counting cash at ATM
• Keep receipts for verification

Acknowledgment

By using EFT services, you agree to abide by this Agreement.