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BILL PAYING AGREEMENT/DISCLOSURE
This is your bill paying agreement with MERCHANTS BANK, N.A., herein referred to as Merchants Bank. You may use Merchants Bank’s bill paying service, Online Bill Pay, to direct Merchants Bank to make payments from your designated checking account to the Payees you choose in accordance with this agreement. The terms and conditions of this Agreement are in addition to the Account agreements, disclosures and other documents in effect from time to time governing your Account (the Account Rules).
"You" or "your" means each person who is authorized to use the service. "Payee" means anyone, including the Financial Institution, you designate and the Financial Institution accepts as a payee.
Monthly Fee
There is no charge for up to 25 bill payments per month. After 25, there is a charge of $.40 per bill payment.
HOW TO SET UP PAYEES/PAYMENTS
Complete a bill paying enrollment form. If you want to add a new payee, use “Set Up Accounts/Payee” online or contact a Merchants Bank Electronic Banking Representative. You may add a new fixed payment to a Payee, only if the Payee is on your authorized list of payees, and by accessing the Service and entering the appropriate information. Most other additions, deletions, or changes can be made by using the Service. The Financial Institution reserves the right to refuse the designation of a Payee for any reason. Each Payee accepted by the Financial Institution will be assigned a payee code. You may pay almost any payee you wish. There are several restrictions, including but not limited to: 1) The merchant must be located in the United States; 2) Payments may not be remitted to tax authorities or government and collection agencies; 3) Payments may not be remitted to security companies such as Ameritrade for stock purchases or trade taxing authorities and 4) Court directed payments are unauthorized (Alimony, child support, or other legal debts). Don't forget you can use this system to send payments to your son/daughter in college, pay your local orthodontist, credit cards, charitable donations, etc. A merchant is defined as anybody (company or individual) to whom you want to send money.
The Financial Institution is not responsible if a Bill Payment can not be made due to incomplete, incorrect, or outdated information provided by you regarding a Payee or if you attempt to pay a Payee that is not on your Authorized Payee list.
THE BILL PAYING PROCESS
Single Payments
A single payment will be processed on the business day (generally Monday through Friday, except certain holidays) that you designate as the payment’s process date, provided the payment is submitted prior to the daily cut-off time on that date. The daily cut-off time is currently 3:00 p.m. CST. A single payment submitted after the cut-off time on the designated process date will be processed on the following business day. If you designate a non-business date (generally weekends and certain holidays) as the payment’s process date, the payment will be processed on the first business day following the designated process date.
Recurring Payments
When a recurring payment is processed, it is automatically rescheduled by the system. Based upon your selected frequency settings for the payment, a process date is calculated for the next occurrence of the payment. If the calculated process date is a non-business date (generally weekends and certain holidays), it is adjusted based upon the following rules:
• If the recurring payment’s “Pay Backward” option is selected, the process date for the new occurrence of the payment is adjusted to the first business date prior to the calculated process date.
• If the recurring payment’s “Pay Backward” option is not selected (or if the “Pay Backward” option is not available), the process date for the new occurrence of the payment is adjusted to the first business date after the calculated process date.
Note: If your frequency settings for the recurring payment specify the 29th, 30th, or 31st as a particular day of the month for processing and that day does not exist in the month of the calculated process date, then the last calendar day of that month is used as the calculated process date.
For Single and Recurring Payments, YOU MUST ALLOW AT LEAST SEVEN (7) BUSINESS DAYS, PRIOR TO THE DUE DATE, for each bill payment to reach the Payee. (For west coast subscribers, allow 8 days.) Any bill payment can be changed or canceled, provided you access the Bill Pay Service prior to the cut-off time on the business day prior to the business day the bill payment is going to be initiated.
You agree to have available and collected funds on deposit in the account you designate in amounts sufficient to pay for all bill payments requested, as well as, any other payment obligations you have to Merchants Bank. Merchants Bank reserves the right, without liability, to reject or reverse a bill payment if you fail to comply with this requirement or any other terms of this agreement. If you do not have sufficient funds in the Account and Merchants Bank has not exercised its right to reverse or reject a bill payment, you agree to pay for such payment obligations on demand. You further agree Merchants Bank, at its option, may charge any of your checking or savings accounts with Merchants Bank to cover such payment obligations.
Merchants Bank reserves the right to change the cut-off time. You will receive notice if it changes.
LIABILITY
You are solely responsible for controlling the safekeeping of, and access to, your Merchants Online Banking Password. You are liable for all transactions you make or that you authorize another person to make even if that person exceeds his or her authority. If you want to terminate another person's authority, you must notify Merchants Bank and immediately change your password within Online Banking. You will be responsible for any Bill Payment request you make that contains an error or is a duplicate of another Bill Payment. Merchants Bank is not responsible for a Bill Payment that is not made if you did not properly follow the instructions for making a Bill Payment. Merchants Bank is not liable for any failure to make a Bill Payment if you fail to promptly notify Merchants Bank after you learn that you have not received credit from a Payee for a Bill Payment. Merchants Bank is not responsible for your acts or omissions or those of any other person, including, without limitation, any transmission or communications facility, and no such party shall be deemed to be the Merchants Bank’s agent. In any event, Merchants Bank will not be liable for any special, consequential, incidental, or punitive losses, damages, or expenses in connection with this Agreement or the Service, even if Merchants Bank has knowledge of the possibility of them. Merchants Bank is not liable for any act, failure to act or delay in acting if it is caused, in whole or in part, by any cause beyond Merchants Bank’s reasonable control.
Amendment and Termination
Merchants Bank has the right to change this Agreement at any time by notice posted to Merchants Online Banking, or as otherwise permitted by law.
Merchants Bank has the right to terminate this Agreement at any time. You may terminate this Agreement by written notice to Merchants Bank or by un-enrolling from bill pay service by logging in to your Merchants Online Banking account. Merchants Bank is not responsible for any fixed payment made before Merchants Bank has a reasonable opportunity to act on your termination notice. You remain obligated for any payments made by Merchants Bank on your behalf.
Fees
For any additional fees related to Merchants Online Bill Pay service, please refer to the Service Fee Schedule posted at https://www.merchantsbank.com/files/FeeSchedule.pdf or contact ibsupport@merchantsbank.com to request a copy be mailed or emailed to you.
Merchants Bank reserves the right to charge you for research time involving payments no longer available in your screen history. You will be informed of any such charges before they are incurred.
Bill payments may be processed by Electronic Fund Transfers (EFT). Please see the Electronic Fund Transfers Disclosure Statement received when you opened your account, which discloses important information concerning your rights and obligations.
If you have any questions regarding Merchants Online Bill Pay, please contact Electronic Banking Support at 866-496-0522 or by email at ibsupport@merchantsbank.com. For your security, do not include any private information in your email such as account numbers, social security number or other private information.