By telephone at 309-266-5337 or in writing at 721 W Jackson, Morton, IL 61550
Electronic Funds Transfer (regulation E) means any transfer of funds, other than a transaction originated by check, draft or similar paper instrument that is initiated through an electronic terminal, telephone, computer, point-of-sale device or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit a consumer deposit account. Examples of Electronic Funds Transfers include ATM transactions, Point-of-Sale and Debit Card transactions, Telephone Banking transactions, Internet Banking transactions, and direct deposits or direct withdrawals from or to a consumer deposit account.
Banking days are Monday through Friday unless it is a bank holiday.
ATM Cards may be used to:
Debit (Check) Cards may be used to:
Electronic Check Conversion
You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to:
Limitations on dollar amounts of transfers:
There is no charge for withdrawals at ATM machines owned by Morton Community Bank. If you are using an ATM that is not owned by Morton Community Bank, you will incur a $1.50 service charge and may be charged a fee from another institution or network processor. Excessive withdrawals from a savings account are subject to additional fees as disclosed in our Schedule of Services.
Transfers from a money market account or a savings account to another account or to third party by pre-authorized, automatic, Internet Banking, or telephone are limited to six per month. Of the six, no more than six may be made by check, debit card, bill pay or similar device to a third party. Unlimited withdrawals or transfers may be done in person, by mail, or using the ATM. Excessive withdrawals for savings accounts are subject to additional fees as disclosed in our Schedule of Services.
Preauthorized Debits or Credits
We will gladly accept direct deposits to your checking and/or savings accounts. If the direct deposit is scheduled to be credited at least once every sixty (60) days by the same payor, you may contact us to confirm that the transfer has been made. When a preauthorized electronic fund transfer from your account will vary in amount from the previous transfer under the same authorization or from the preauthorized amount, the designated payee or the Bank shall send you written notice of the amount and date of transfer at least 10 days before the scheduled date of transfer. You have the right to receive notice of all varying transfers.
A receipt will be provided at the time you make a transfer to or from your account using an automated teller machine or point-of-sale terminal (for use with a debit card). You will receive a monthly statement.
Customer Liability for Unauthorized Transfers
ATM Card-If you believe your ATM card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, and you contact us either by telephone or in writing using the contact information above, within two (2) business days after you learn of the loss or theft, you can lose no more than $50.00 if someone used your card without your permission. If you do not tell us within two (2) business days after you learn of the loss or theft of your card, and we can prove we could have stopped the unauthorized use, you could lose as much as $500.00
Debit Card-If you believe an unauthorized transaction has posted to your account and:
You have exercised reasonable care in safeguarding your card from risk of loss or theft and within two (2) business days of becoming aware of such loss or theft have promptly reported the incident to the Bank, your liability for any loss is zero.
If you have not exercised reasonable care in safeguarding your card from risk of loss or theft and you tell us within two (2) business days of becoming aware of such loss or theft your liability will be no more than $50.00. If you do not tell us within two (2) business days after you learn of the loss or theft and we can prove we could have stopped the unauthorized use, you could lose as much as $500.00.
Also, if your statement shows transfers you did not make, please tell us at once. If you do not tell us within sixty (60) days of the date of the statement, you may not get any money back you lost if we can prove that we could have stopped someone from taking the money if you had told us in time. If for good reason, such as a long trip or hospital stay kept you from telling us, we will extend the time periods.
If you order us to stop a pre-authorized payment three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance; (a) if, through no fault of ours, you do not have enough money in your account to make the transfer; (b) if the transfer would exceed the credit limit on your overdraft line; (c) if circumstances beyond our control, such as fire or flood, prevent the transfer despite reasonable precautions that we have taken; (d) there may be other exceptions as stated in our agreement with you.
If you have told us in advance to make regular payments out of your account, you may stop these payments. Call or write us in time for us to receive your request three (3) business days or more before the payment is scheduled to be made. We will charge you $30.00 for each stop payment order you place.
We will disclose information to third parties about your account or the transfers you make: (a) when it is necessary for completing transfers; (b) in order to verify the existence and condition of your account for a third party, such as a credit reporting agency or merchant; (c) to agents or other representatives of the bank in order to provide proper account servicing or processing; (d) in order to comply with government agency or court orders; or (e) if you give us written permission.
If your card is used to initiate a transaction in a foreign currency, the transaction amount will be converted to U.S. dollars using the government mandated or wholesale rate selected by MasterCard from the range of rates available in wholesale currency marketing for the applicable central processing date, plus one percent (1%). The date of conversion may differ from the transaction date and the posting date identified in the monthly statement for your account.
Please contact us, as soon as possible, if you think an error appears on your monthly statement, a receipt is wrong, or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than sixty (60) days after the date of the first statement on which the problem or error appeared. (1) Tell us your name and your account number. (2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information. (3) Tell us the dollar amount of the item in question.
If you tell us orally, we will require you to submit your question or complaint in writing within ten (10) business days.
We will tell you the result of our investigation within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, we may take up to forty-five (45) days to investigate a complaint or question. If we decide to do this, we will re-credit your account within ten (10) business days for the amount you feel is in error, so that you will have use of the money during the time it takes us to complete our investigation. If we do not receive written confirmation of your complaint or question within ten (10) business days, we may not re-credit your account. For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.
We will tell you the results of our investigation within three (3) business days after completing the investigation. If we decide there was no error, we will send you a written explanation. If your account has been re-credited and we determine there was no error, we will debit your account. You may request copies of the documents used for the investigation.
Remittance Transfer is an electronic transfer of funds from a consumer in the United States through a remittance transfer provider to recipients in other countries.
You will receive a disclosure that includes: the exchange rate, fees and taxes collected by the Bank, fees charged by institutions involved in transfer process, amount of money expected to be delivered (not including foreign taxes or fees charged to the recipient), statement that additional foreign taxes and fees may be deducted from the remittance transfer, date the money will be available to beneficiary, right to cancel transfer, error resolution instructions and how to submit a complaint.
Remittance Transfer Error Resolution:If you think there has been an error with your remittance transfer, contact us within 180 days of the date the funds would be available to the recipient. We will determine whether an error occurred within 90 days after you contact us. We will tell you the results within 3 business days after completing our investigation.
If you want to cancel a remittance transfer, you must contact us within 30 minutes of payment for the transfer.
Revised Mar. 2015