Consumer Online Banking Agreement

Somerset Regal Bank

Consumer Online Banking Agreement and Disclosure

1. General Agreement. As used in this Agreement, the words "we", "our", "us" and "Bank" mean Somerset Regal Bank. "You" and "your" refer to the accountholder authorized by the Bank to use the System under this Agreement, and anyone else authorized by that accountholder to exercise control over the accountholder's funds through use of the System. This Agreement establishes the rules that cover your electronic access to your Accounts at Somerset Regal Bank ("Bank") through the Online Banking System ("System"). By using the System, you accept all the terms and conditions of this Agreement. Please read it carefully. The terms and conditions of the deposit agreements, schedules and disclosures (as applicable) for each of your Accounts at the Bank, as well as your other agreements with the Bank, such as loans, continue to apply notwithstanding anything to the contrary in this Agreement. This Agreement is subject to applicable federal laws and shall be governed and construed under the laws of the State of New Jersey without giving effect to its conflict-of-law principles. Any disputes arising under this Agreement will be heard in any court of competent jurisdiction (state or federal) in the State of New Jersey.

2. Definitions. As used in this Agreement, "Account" or "Accounts" means your Checking, Money Market, Statement Savings, Passbook Savings, Christmas Club, Vacation Club, Certificate of Deposit, Retirement or Loan account(s) at the Bank. “Bill Payment” means bill payments provided through the System. "Business Day" means Monday through Friday, other than Bank holidays. "Electronic Funds Transfers" means ATM withdrawals, pre-authorized transactions, point of sale transactions, and transfers to and from your Accounts using the System, including bill payments. “Payee” means anyone, including the Bank, you designate to receive Bill Payments and the Bank accepts as a Payee. "System Services" means the services provided pursuant to this Agreement, including the Online Bill Payment Service. “Website” means www.somersetregalbank.com. All other capitalized terms relate to forms or services defined or referenced elsewhere in the Agreement.

3. Access. To use the System, you must have at least one Account at the Bank, access to the Internet, and a valid e-mail address. Once we have received your completed Enrollment Form and have verified your Account information, we will provide you with confirmation of our acceptance of your enrollment, along with instructions to access the system.

Access IDs, along with System profiles, are registered to individual users and are not meant to be shared, even among joint Account owners. Each Account owner may enroll for his/her own System Access ID. If you give someone your Access ID, password or other login credentials, you are authorizing that person to use the System and you are responsible for all transactions the person performs under your Access ID. You agree that we are authorized to act on instructions received under your Access ID and all transactions that person performs, including those transactions you did not intend or want performed, are authorized transactions. Transactions that you or someone acting with or for you initiates with fraudulent intent are also authorized transactions. We undertake no obligation to monitor transactions through the System to determine that they are made on your behalf

4. Accounts. The System can be used to access only your Accounts on which you are an owner or designated signer.

5. System Services. You can use the System to check the balance of your Accounts, view Account histories, transfer funds between your eligible Accounts, view paid check images (if available), make loan payments and advances, place stop payment requests (subject to the restrictions noted below), change your e-mail address, set-up automated electronic notifications, download Account statements, and make Bill Payments from your Accounts in the amounts and on the dates you request, if you have requested the Online Bill Payment Service.

6. Hours of Access. You generally may use the System seven days a week, twenty-four hours a day, except during special maintenance and upgrade periods, which are scheduled between 12:00 AM Thursday to 6:00 AM EST Thursday, and 12:00 AM Monday to 6:00 AM EST Monday. When this occurs the service(s) will not be available. We shall use our best efforts to post notice of any extended periods of non- availability on the Website out of normal maintenance windows, but we shall not be responsible for any claims, fees, penalties or the like incurred by you related to such inability to access or utilize the System under such circumstances, including but not limited to maintenance, interruption of data or communications circuits, inclement weather or other emergency circumstances.

7. Passwords. For security purposes, to access your Accounts, you must enter your Access ID and password. During the initial logon, you will be required to select a password of your choosing which meets the Bank’s password criteria. You will select your own password which should remain confidential and not communicated to anyone, including us. You agree that we are authorized to act on instructions received under your password, and you are responsible for all financial transactions performed using your password. You accept responsibility for the confidentiality and security of your password and agree to change your password regularly. Upon three unsuccessful attempts to use your password, your login session will be locked out. To re-establish your authorization to use the System after you have been locked out, you must contact one of our branch locations or our Online Banking Support Department during regular business hours at 732-560-1700 to have your password reset.

Minimum password requirements are determined and set by the Bank, and may be revised from time to time. We recommend that you create a password that utilizes both upper and lower case alpha, numeric and special characters for purposes of security. Your password should not be associated with any commonly known personal identification, such as social security numbers, address, date of birth, names of children, etc., and should be memorized rather than written down.

8. Security. You understand the importance of your role in preventing misuse of your Accounts through the System and you agree to promptly examine your paper or electronic statement for each of your Accounts as soon as you receive it. You agree to protect the confidentiality of your Account and Account number, and your personal identifiable information, such as your driver's license number and social security number. You understand that personal identification information by itself, or together with information related to your Account, may allow unauthorized access to your Account. Your Access ID and password, the use of one-time passcodes and/or computer recognition processes, are intended to provide security against unauthorized entry and access to your Accounts. You agree that properly logging off the System (by clicking the "log out" button) is required to protect access to your profile and information related to your Accounts. Data transferred via the System is encrypted in an effort to provide transmission security and the System utilizes identification technology to verify that the sender and receiver of System transmissions can be appropriately identified by each other. Notwithstanding our efforts to ensure that the System is secure, you acknowledge that the Internet is inherently insecure and that all data transfers, including electronic mail, occur openly on the Internet and potentially can be monitored and read by others. We cannot and do not warrant that data transfers utilizing the System, or e-mail transmitted to and from us, will not be monitored or read by others.

9. Fees and Charges. Currently there are no fees required to access the Online Banking Service. You agree to pay any additional reasonable charges for services you request that are not covered by this Agreement, such as those fees that are applicable under the deposit or loan agreement for your Account. You are also solely responsible for any and all telephone, Internet service and text messaging fees you incur in connection with your use of the System.

10. Limits on Amounts and Frequency of System Transactions. Transfers may be made between eligible deposits accounts. Transfers may only be made to the extent there is a sufficient available balance in the Account from which you are transferring funds. The following rules apply to transfers:

1. Transfer may be made between any checking, money market or statement savings account.
2. Federal Regulation considers online banking transfers as pre-authorized transfers and you are limited to a total of six (6) pre-authorized transfers per statement cycle on your money market or statement savings account. In addition to online banking transfers, other pre-authorized transfers are included in the limit of six (6) per month. Specifically, these are checks payable to a third party, pre-authorized transfers to a third party, telephone transfers, and purchases made with your Visa Check/ATM Card. If you exceed the allowable limit during your monthly statement cycle, you will be assessed a $5.00 Over Limit Activity Charge for each transfer in excess of the limit.
3. Transfers to and from Passbook Savings, Certificates of Deposit and Retirement Accounts are not allowed.
4. Transfers initiated before 8:00 PM Eastern Time on a Business Day are posted to your Account the same day.
5. Transfers initiated on a Saturday, Sunday or Bank holiday or after 8:00 PM Eastern Time on a Business Day will be posted on the next Business Day.
6. Transfers may be made from your checking, money market or statement savings account to make a payment on your Loan Account.

11. System Stop Payments. You may initiate stop payment requests online via the System for paper checks you have written on your Checking or Money Market Account. Stop payments on pre-authorized or ACH withdrawals cannot be placed via the System. To stop payment on a pre-authorized or ACH withdrawal you must contact your local branch or customer service at 732-560-1700. To be effective, you must precisely identify, in the stop payment order, the name of the payee, the check number, the exact amount, and the date of the check. You will incur a Stop Payment Charge as disclosed in the applicable Fees and Charges schedule for your Account. Prior to placing a Stop Payment online via the System you are responsible for confirming that the check has not been previously paid against your account. If the item referenced in your stop was previously paid, the Stop Payment request will be considered null and void; in these cases the Stop Payment Charge is not refundable. If you make your stop payment request online we may require you to put your request in the form of a paper writing within (fourteen) 14 days of your original request. If we do not receive this paper writing, the stop payment order will lapse after the fourteen (14) days and the Bank is free to pay the item. The stop payment order is effective for six months but may be renewed through the System or in writing before the expiration of six (6) months. If a stop payment order is not renewed, it will automatically terminate and the Bank is free to pay the item. In such an instance, you hereby agree to release and do waive any and all claims against the Bank with respect to the stop payment order or the check itself and you further agree to indemnify and hold the Bank harmless with regard to any and all claims involving the stop payment order and/or check, which includes the Bank’s reasonable attorney’s fees and costs.

You understand that there may be claims or demands made against the Bank as a result of your stop payment request. If any claim or demand of whatever nature is made against the Bank with respect to the stop payment order and/or the item itself, you agree to indemnify and defend the Bank and to reimburse the Bank for any such claims or demands, and for reasonable costs, expenses or attorney’s fees that the Bank may incur in defending itself against any such claims or demands. You understand that the Bank will use all reasonable efforts to comply with a stop payment order. However, you understand fully that unless the item number, the date of the item, and the amount of the item are correctly entered on the stop payment order, the Bank assumes no responsibility for stopping payment and is not liable to you if a stop payment cannot be accomplished.

12. Online Bill Payment Service. If you have requested our Bill Payment service, the terms and conditions applicable to bill payment transactions are outlined in the TERMS AND CONDITIONS OF THE BILL PAYMENT SERVICE agreement which is available when you apply for Bill Payment. There are no fees associated with having or maintaining a Bill Payment account. You are limited to $10,000.00 per day in Bill Payment transactions. The ability to initiate same day payments to certain payees and overnight check payments is available within Bill Payment. There are additional fees associated with these expedited payments which are disclosed on the transaction screen.

13. Real Time Alerts Additional Terms. The following Real Time Alerts terms and conditions (“Alerts Terms of Use”) only apply to the Alerts feature (as defined below). If Alerts are not available to you, then this Alerts Terms of Use does not apply. To the extent there is any conflict between the terms of the Agreement and this Alerts Terms of Use with respect to Alerts, then the terms in this Alerts Terms of Use shall apply.

1. Alerts. Your enrollment in Somerset Regal Bank Online Banking and/or Mobile Banking (the “Service”) includes enrollment to receive transaction alerts and notifications (“Alerts”). Alerts are electronic notices from us that contain transactional information about your Somerset Regal Bank account(s). Alerts are provided within the following categories:

2. Mandatory Alerts provide you with important account notifications, such as information about changes to your Online Banking password, PIN, or login information. You do not have the option to suppress these Mandatory Alerts.

3. Account Alerts provide you with notification of important account activities or when certain changes are made to your accounts. These Alerts are automatically activated for you. Although you may suppress these Account Alerts, we strongly recommend that you do not do so because they provide important information related to your accounts.

4. Additional Alerts must be activated by you to be enabled. These Additional Alerts can be accessed from the More menu within the Somerset Regal Bank Mobile Banking app. Account Alerts and Additional Alerts must be managed and/or added online through the Service. You cannot maintain all Alerts through your mobile device. We may add new Alerts from time to time, or cancel old Alerts. We usually notify you when we cancel Alerts, but are not obligated to do so. Somerset Regal Bank reserves the right to terminate its Real Time Alert service at any time without prior notice to you.

5. Methods of Delivery. We may provide Alerts through one or more channels (“EndPoints”): (a) a mobile device, by text message; (b) a mobile device, by push notification; (c) an email account, by an e-mail message; or (d) your Somerset Regal Bank Online Banking message in-box, by an e-mail message. You agree to receive Alerts through these EndPoints, and it is your responsibility to determine that each of the service providers for the EndPoints described in (a) through (c) above supports the email, push notification, and text message Alerts provided through the Alerts service. Please be advised that text or data charges or rates may be imposed by your EndPoint service provider. Alert frequency varies by account and preferences. You agree to provide us a valid mobile phone number or email address so that we may send you Alerts. If your email address or your mobile device's number changes, you are responsible for informing us of that change. Your Alerts will be updated to reflect the changes that you communicate to us with regard to your primary and secondary email addresses or mobile device number.

6. Alerts via Text Message. To stop Alerts via text message, text "STOP" to 48179 at any time. Alerts sent to your primary email address will be unaffected by this action. To restore Alerts on your mobile phone, just visit the Alerts tab in Somerset Regal Bank Online Banking and click the box next to your mobile number for the Alerts you'd like to receive again. For help with SMS text alerts, text “HELP” to 48179. In case of questions please contact customer service at (732) 560-1700. Our participating carriers include, but are not limited to, AT&T®, SprintPCS®, T-Mobile®, U.S. Cellular®, Verizon Wireless®, and MetroPCS®.

7. Limitations. Somerset Regal Bank provides Alerts as a convenience to you for information purposes only. An Alert does not constitute a bank record for the deposit or credit account to which it pertains. We strive to provide Alerts in a timely manner with accurate information. However, you acknowledge and agree that your receipt of any Alerts may be delayed or prevented by factor(s) affecting your mobile phone service provider, internet service provider(s) and other factors outside Somerset Regal Bank’s control. We neither guarantee the delivery nor the accuracy of the contents of each Alert. You agree to not hold Somerset Regal Bank, its directors, officers, employees, agents and service providers liable for losses or damages, including attorneys' fees, that may arise, directly or indirectly, in whole or in part, from (a) a non-delivery, delayed delivery, or the misdirected delivery of an Alert; (b) inaccurate or incomplete content in an Alert; or (c) your reliance on or use of the information provided in an Alert for any purpose.

8. Alert Information. As Alerts delivered via SMS, email and push notifications are not encrypted, we will never include your passcode or full account number. You acknowledge and agree that Alerts may not be encrypted and may include your name and some information about your accounts, and anyone with access to your Alerts will be able to view the contents of these messages.

14. Confidentiality. We may disclose information to third parties about your Account or the transfers you make: (a) where it is necessary for completing transfers; or (b) in order to verify the existence and condition of your Account for a third party, such as a credit bureau or merchant; or (c) in order to comply with government agency or court orders; or (d) if you give us written permission.

15. Change in Terms. We may change any term of this Agreement at any time. If the change would result in increased fees for any System Service, increased liability for you, fewer types of available electronic fund transfers, or stricter limitations on the frequency or dollar amount of transfers, we agree to give you notice at least 30 days before the effective date of any such change, unless an immediate change is necessary to maintain the security of an Account or our electronic fund transfer system. We will post any required notice of the change in terms on the Website or forward it to you by e-mail, online message or by postal mail. If advance notice of the change is not required, and disclosure does not jeopardize the security of the Account or our electronic fund transfer system, we will notify you of the change in terms within thirty (30) days after the change becomes effective. Your continued use of any or all of the subject System Services after such notification is provided indicates your acceptance of the change in terms.  We reserve the right—but will not be required—to waive, reduce or reverse charges or fees in individual situations, in the Bank’s sole discretion. You acknowledge and agree that changes to fees applicable to specific Accounts are governed by the applicable deposit agreements and disclosures.

16. Required Disclosures. Online Banking and Bill Payment Transactions are covered under Federal Regulation E. Please refer to the Electronic Fund Transfers Agreement and Disclosure notice, provided to you at account opening or upon request, for complete details of your rights and responsibilities regarding Electronic Funds Transfer transactions. The Electronic Fund Transfer Agreement and Disclosure prevails over any other notifications or terminology within any other Bank document when referring to Electronic Funds Transfer transactions.

If you elect to receive delivery of your account statement(s) using our eStatement option, the delivery of statements and your rights and responsibilities are outlined in the Electronic Statement Agreement which is provided to you when you sign-up for eStatement services.

17. Disclaimer of Warranty and Limitation of Liability. We make no warranty of any kind, express or implied, including any implied warranty of merchantability or fitness for a particular purpose, in connection with the System Services provided to you under this Agreement. We do not and cannot warrant that the System will operate without errors, or that any or all System Services will be available and operational at all times. Except as specifically provided in this Agreement, or otherwise required by law, you agree that our officers, directors, employees, agents or contractors are not liable for any indirect, incidental, special or consequential damages under or by reason of any services or products provided under this Agreement or by reason of your use of or access to the System, including loss of profits, revenue, data or use by you or any third party, whether in an action in contract or tort or based on a warranty. Further, in no event shall the liability of the Bank and its affiliates exceed the amounts paid by you for the services provided to you through the System.

18. Your Right to Terminate. You may cancel your System Service at any time by providing us with written notice by postal mail, fax or in person. Your access to the System will be suspended within three (3) Business Days of our receipt of your instructions to cancel the service. You will remain responsible for all outstanding fees and charges incurred prior to the date of cancellation.

19. Our Right to Terminate. You agree that we can terminate or limit your access to System Services, including the Online Bill Payment Service, for any of the following reasons: (a) without prior notice, if you have insufficient funds in any one of your Accounts. (b) if you close all of your accounts with the Bank (c) if you have not logged into the Service in the past six-months or (d) for any other reason, as determined in our sole discretion.

20. Communications between the Bank and You. Unless this Agreement provides otherwise, you can communicate with us in any one of the following ways:

1. E-mail -You can contact us by e-mail at [email protected] for security reasons you should not include confidential information in an e-mail message sent to the Bank as e-mail is not a secure medium;

2. Telephone - You can contact us by telephone at 732-560-1700;

3. Facsimile - You can contact us by fax at 732-560-8658, Attn: Online Banking Department;

4. Postal Mail - You can write to us at: Somerset Regal Bank, 220 West Union Avenue, Bound Brook, New Jersey 08805, Attn: Online Banking Department;

5. In Person - You may visit us in person at any one of our locations.

21. Consent to Electronic Delivery of Notices. You agree that any notice or other type of communication provided to you pursuant to the terms of this Agreement, and any future disclosures required by law, including electronic fund transfer disclosures, may be made electronically by posting the notice on the System, Website, online message or by e-mail. You agree to notify us immediately of any change in your e-mail address.

22. Inactivity. In order to maintain access to the system you must login to the System as least once in the past six-months. For security reasons your Online Banking account will be closed if you have not logged into the System within the past six-months. In these situations, scheduled transfers will not occur, eAlerts will cease being sent and if applicable, access to your eStatements and Bill Payment will terminate.

23. Continuing Effect. If any provision of this Agreement is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect.

24. Continuation of Obligations. Certain of the obligations of the parties pursuant to this Agreement that by their nature would continue beyond the termination, cancellation or expiration of this Agreement shall survive termination, cancellation or expiration of this Agreement.

25. Headings. The headings in this Agreement are for convenience or reference only and will not govern the interpretation of the provisions.

26. Waiver. Any waiver (express or implied) by either party or any default or breach of this Agreement must be in writing and shall not constitute a waiver of any other or subsequent default or breach.

27. Assignment. You may not assign this Agreement. Any such purported assignment by you shall be void.

28. Successors and Assigns. This Agreement is binding upon your heirs and Bank’s successors and assigns.

29. Entire Agreement. This Agreement, together with the Enrollment Form, Fee Schedule and such other deposit agreements described or referenced herein, constitute the entire agreement between you and the Bank with respect to the subject matter hereof and there are no understandings or agreements relative hereto which are not fully expressed herein.

30. Online Privacy Statement. The Bank is committed to safeguarding information about our customers and does not collect identifying information about visitors to its Website. Consumer visitors and customers using this Website may be subject to both the Online Privacy Statement, which pertains to information that is collected when you visit or transact business on this Website, and the Bank’s Privacy Notice, which explains the Bank's policy regarding consumer information applicable to our products and services in general. Please refer to the Bank’s Website (www.somersetregalbank.com) for the Online Privacy Statement and Privacy Notice.