Terms and Conditions - BPD Bank

The following Terms and Conditions govern your use of BPD Bank Online, the personal Internet banking service offered by BPD Bank ("BPD") for accounts held at BPD Bank. "BPD Bank," "Bank," "us," "we," or "our" means BPD Bank, or any of our affiliates, whichever hold your accounts or provide you services and "you" or "your" means the person(s) registered with BPD Bank Online. This agreement contains the Terms and Conditions for BPD Bank Online. 

BPD Bank and you agree as follows:

1. Binding Agreement 

You agree that the form of this agreement (the "Agreement" or "Terms and Conditions") constitutes a writing under applicable law. You agree that access to BPD Bank Online is conditioned upon your acceptance of this Agreement and that using BPD Bank Online or allowing another person to use BPD Bank Online shall mean that you agree to these Terms and Conditions. Each visit to BPD Bank Online shall be deemed a ratification of the Agreement. After carefully reading this Agreement, we encourage you to print a copy for your records.

If you register for an account or service through BPD Bank Online, or ask to change an account or service that you already use, you authorize BPD Bank Online to treat your registration or request as if it had been made in writing and signed by you.  

2. On-line Account Access

BPD Bank Online may be used to access the following types of BPD accounts ("Eligible Accounts"):

  Checking Accounts

  NOW Accounts

  Savings Accounts

  Money Market Accounts

  Time Deposit Accounts

  Certificate of Deposit Accounts (CDs)

After you register with BPD Bank Online, you may access information relating to your Eligible Accounts and obtain other Internet banking services through BPD Bank Online seven days per week, 24 hours a day, except during maintenance periods.

You can perform the following activities online:

  Check account balances Transfer funds between Eligible Accounts

  Receive alerts for designated account balance thresholds and certificate maturity

  Receive alerts when checks clear your accounts

  Access information on outstanding loans

  Obtain information on other products and services, including loans

  Pay your bills online

  Transfer funds via Fedwire or ACH

  Stop payment on checks and electronic transfers

  View, print and download electronic deposit statements 

  Review transaction information for the last 12 months or the last 12 statement periods for

  deposit accounts  

  Review transaction information for the last 16 months for mortgage accounts and other loans

  Send emails to BPD Bank Customer Service 

Note: The specific services you can access depends on your account type, services you subscribe to, and other limitations which may restrict access to some services.

To register for these and other services, you must agree to these Terms and Conditions as well as additional provisions relating to the specific services for which you register, such as the Bill Pay Service, the Bank-to-Bank Transfer Service, and the Funds Transfer Service. 

3. Authorized Third Party Account Access

Any person you authorize to access your BPD Bank Online account is subject to these Terms and Conditions, as amended from time to time; and will have access to each of your Eligible Accounts in any manner and for any purpose available through BPD Bank Online, whether now available or available at some time in the future. 

4. BPD Bank User ID and Password 

Your User ID is a unique identification number relating to BPD Bank Online that you select or that we have assigned to you. If you are a BPD Bank Online Banking customer, your Customer ID is your User ID and it can be changed by you to a more individualized identifier of 8-20 characters only upon your initial access to BPD Bank Online. Once your User ID is used for the first time for BPD Bank Online, it becomes permanently assigned to you and cannot be changed.

Your password is also used to identify you when accessing BPD Bank Online. You may change your password at any time. For your protection, you should memorize your password and not keep any notation of your password on or with your computer. The password assures that only you, or someone to whom you give your password, can access your on-line account(s). You agree not to give your password, User ID or Customer ID to persons not authorized to access your account(s). If you do, you will be responsible for any money withdrawn or transferred from your account(s) when such person uses your password.

If any of your accounts are joint accounts each joint owner can enroll and set up his own password. BPD Bank strongly recommends that each owner enroll separately. If one owner

provides his password to the other owner, you understand and agree that each owner of an account is jointly and individually responsible for all online banking transactions that affect that account.

5. Removal of Internet Account Access

You may remove Internet access to any account by notifying BPD Bank in writing at the following address:

  Customer Service Department BPD Bank
  90 Broad Street
  New York, New York 10004

6. Limitations on Frequency of Transfers and Dollar Amounts

You may use BPD Bank Online to transfer funds from one BPD Eligible Account to another as often as you desire, to the extent provided by law. Online transfers must not exceed your available balance in the account on the day the transfer is made. 

If you make BPD Bank Online transfers from your savings account or money market account to another Eligible Account, those transfers are counted as telephone transfers and added to your other automatic, pre-authorized, check, or telephone transfers made from such account and limited by U.S. regulations to six in accordance with your account agreement. If you exceed this limitation, then BPD Bank may charge a fee. Subsequent violations of this limitation may require BPD Bank to close your savings account or money market account or transfer the balance to a checking account.

7. BPD Bank Account Transfer Processing

The chart below indicates the timing of BPD Bank Online transfers between accounts. 

Date of Immediate Transfer Request

Date Immediate Transfer Will Be Made

On a Business Day - before Approximately 6 p.m. ET

On a Business Day - after Approximately 6 p.m. ET

Next Business Day after the transfer is requested

On a day other than a Business Day

Next Business Day after the transfer is requested

BPD Bank reserves the right to modify the deadlines and cutoff times referenced in this Agreement in connection with holidays, year-end transactions and similar circumstances. Notice of such modifications will be provided on BPD Bank Online or through an email to you.  

8. Cancellation of Transfers

You may cancel a future scheduled transfer via BPD Bank Online. To do so, select the transfer by clicking on the date, and then modify or delete the transfer.

9. Bill Payment Processing

BPD Bank offers BPD Bank Online customers a Bill Pay Service that is administered by Metavante ("Service Provider"). By registering for Bill Pay Service, you authorize BPD Bank, the Service Provider, and its respective agents to follow the payment instructions you have provided using BPD Bank Online. Bill Pay Service enables you to use your accounts to pay bills or to make payments to a business or other payee.

If you would like to register for BPD Bank Online's Bill Pay Service, you must review and agree to the BPD Bank Online Bill Pay Service Agreement. 

10. Bank-to-Bank Transfer Service

The Bank-to-Bank Transfer Service(the "Transfer Service") offered by BPD Bank and Service Provider allows you to transfer funds to or from your BPD Bank Accounts and any other account held by you at another U.S. financial institution, provided that the transfer is permitted both by the financial institution and by law.

This Section governs your use of the Transfer Service. By subscribing to the Transfer Service, using the Transfer Service, or permitting someone else to use the Transfer Service on your behalf, you agree to the terms and conditions applicable to the Transfer Service. 

You may use the following Accounts in connection with the Transfer Service:

  Demand Deposit
  Checking NOW accounts

a. Transfer Service Provided by a Third Party

The Transfer Service is provided by the Service Provider. You understand that the Service Provider will provide the Transfer Service in accordance with its agreement with BPD Bank.  

b. Transfer Types and Limitations

1. Transfers Generally

The Transfer Service enables you to transfer funds to or from a BPD Bank Account and any other account held by you at another U.S. financial institution, provided that the transfer is permitted both by the financial institution and by law. Bank-to-bank transfers may be scheduled to occur on a one-off basis or on a recurring basis. You must ensure that you have sufficient available funds in your account to effect a bank-to-bank transfer. 

Once a transfer is requested, you authorize us to select any suitable means to communicate your transfer instructions to the applicable financial institution, such as banking channels, electronic networks, and funds transfer systems. You agree to be bound by the rules and regulations that govern the applicable funds transfer systems, such as the automated clearinghouse ("ACH") rules published by the National Automated Clearinghouse Association ("NACHA"). We will make reasonable efforts to ensure that your transfer requests are processed on schedule; however, we reserve the right to hold funds if necessary. 

2. Test Transfer

We may validate the Accounts you register with the Transfer Service from time to time. You authorize us to validate such Accounts through the use of a test transfer, in which one or more low value payments will be both credited to and debited from the Account. The test credit will always occur before the test debit and will always be of the same or lesser amount, so that the balance in any of your Accounts will never be less than the actual balance.

Once the test transfer is complete, we may ask you to access your Account to tell us the amount of the test credit or debit or any additional information reported by your bank with this test transfer. We may also verify Accounts by requiring the entry of information you ordinarily use to access the Account provider's web site, or by requiring you to submit proof of ownership of the Account.

We reserve the right to modify or cancel the existing features of the Transfer Service or provide new features from time to time, such as a next day service and a higher limit service, to which additional terms and conditions may apply. We further reserve the right to decline any existing or additional services as we deem appropriate, and any transfer that we believe may violate applicable law.

3. Limitations on Transfer Dollar Amounts

Limitations may apply to the amount of funds that you may transfer in a given transaction or time period. These limits may vary from person to person depending on various factors. You may not make bank-to-bank transfers in excess of your transfer limits, which may be modified from time to time in the sole discretion of BPD Bank. If your use of the Transfer Service is suspended under Paragraph 7(f) and reinstated, your subsequent use of the Transfer Service may be subject to lower transfer limits than previously applied. 

4. Transfers Subject to the Rules of the Accounts

All bank-to-bank transfers are subject to the rules and regulations governing the relevant Accounts. You agree not to effect any bank-to-bank transfers from or to accounts that are prohibited by the rules or regulations applicable to such accounts including, without limitation, rules or regulations designed to prevent the transfer of funds in violation of regulations of the Office of Foreign Assets Control ("OFAC") of the United States Treasury Department.

5. Your Responsibility for Errors

You authorize BPD Bank and the Service Provider to rely on the information you provide in connection with bank-to-bank transfer requests, as well as information that we reasonably believe you provided. Financial institutions that receive the transfer instructions also rely on such instructions. We are not required to take steps to confirm or authenticate any instructions you provide and may act on such instructions without obtaining confirmation. We will make reasonable efforts to reverse or delete erroneous instructions. However, you accept full responsibility for losses resulting from any of your errors, duplication, ambiguities, or fraud in the information that you provide. You agree not to impersonate any person or use a name that you are not authorized to use. If any information you provide is untrue, inaccurate, not current or incomplete, without limiting other remedies, BPD Bank reserves the right to recover from you any costs or losses incurred as a direct or indirect result of the inaccurate or incomplete information.

6. Transaction Failures

If a bank-to-bank transfer fails, BPD Bank and/or our Service Provider will make a reasonable effort to complete the transfer upon learning of the failure. If the transfer fails a second time, we will notify you to contact your financial institution or other provider of the relevant Account to learn more about the failure.

7. Rejection of Transfers

We reserve the right to decline to effect any bank-to-bank transfer, communicate transfer instructions, or take any action to effect a transfer change or cancellation request.

c. Authorization to Effect Transfers

You authorize us to