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Electronic Funds Transfer Agreement

Download our Electronic Funds Transfer Agreement

Your Rights and Responsibilities

Please read this Agreement carefully, and retain a copy for your records. You may print this Agreement or download the Agreement to your computer. You may also request a free copy by calling at 1‐800‐246‐2009. The Account Agreements for each of your accounts and loans at The Savings Bank continue to apply, notwithstanding anything to the contrary in this Agreement. This Electronic Fund Transfers and Online Banking Services Agreement (the “Agreement”) set forth your rights and responsibilities with regard to your use of electronic banking transactions (“Electronic Banking Transaction,”) such as preauthorized credits or payments, telephone transfers, use of The Savings Bank AWAKE24TM or MasterMoneyTM Card (collectively, the “Card”) and online banking (“Online Banking”) and bill payment services (“Bill Payment Services”) (collectively, “Online Banking Services”). Online banking and bill payment services are also governed by our Online Agreement. Indicated below are the types of Electronic Banking Transactions we are capable of handling, some of which may not apply to your account. Please read this Agreement carefully; it tells you your rights and obligations for the transactions listed. You should keep this Agreement for future reference.


“Bill Payment Account” means your designated personal checking account from which all bill payments will be made and all bill payment service fees and charges will be deducted. You cannot designate any other account as the account from which bill payments will be made. “Business Day” means Monday through Friday; Saturdays, Sundays and holidays are excluded. Our Online Banking Services are generally available twenty‐four (24) hours a day, seven (7) days a week. However, we only process transactions and update information on Business Days. “Online Banking Services” means collectively Online Banking and Bill Payment Services. “Payee” means a person to whom you wish a bill payment to be directed. “Payment Instructions” means the information provided by you for a bill payment to be made to your Payee (e.g., Payee name, account number, payment date). “Scheduled Payment Date” means the Business Day you designate for your bill payment to be made. “Transaction Cutoff Time” means 11:00 p.m. Eastern Time on any Business Day and is the time by which you must transmit Payment Instructions in order for such instructions to be considered received on that particular Business Day. “We”, “us” and “our” means The Savings Bank, or an agent, independent contractor, designee, or assignee, that we may, in our sole discretion, involve in the provision of Electronic Banking Transactions. “You” and “your” mean each person who requested and received a Card or each person who is an owner of a deposit account for personal, family or household purposes and who subscribes to or uses our Electronic Banking Transaction services.

Types of Electronic Fund Transfers

Preauthorized Credits ‐ You may make arrangements for certain direct deposits to be accepted into your checking or savings account(s). Preauthorized Withdrawals ‐ You may make arrangements to pay certain recurring bills from your designated personal checking account. You can also make arrangements for preauthorized withdrawals by using our Online Banking Services. ATM Transactions ‐ (Cirrus®, NYCE®, MasterMoneyTM, TX®, The Exchange® networks) ‐ Types of Transfers, Dollar Limitations and Charges ‐ You may access your account(s) by ATM using your Card and your personal identification number (PIN) for the transactions listed below. The Savings Bank will impose a charge, as disclosed below, for each transaction made at an ATM that we do not own or operate. Some ATM owners and operators will impose an additional charge, called a surcharge, for transactions made at their ATMs. We have no control over surcharges.
  •  Make deposits to checking account(s) or savings account(s). There is no charge for this transaction at ATMs we do not own or operate.
  • Get cash withdrawals from checking account(s) or savings account(s). We will disclose your daily transaction limit when you receive your Card. You can choose to limit your transactions to $50 per day per Card. Please notify us if you would like to limit your transactions. We will charge $1.00 for this transaction at ATMs we do not own or operate, if you do not have a direct deposit into your checking account(s) or savings account(s).
  • Transfer funds from savings account(s) to checking account(s) and vice versa. We will charge $1.00 for this transaction at ATMs we do not own or operate if you do not have a direct deposit into your checking account(s) or savings account(s).
  • Make payments from checking account(s) or savings account(s) to your loan with us.
  • You can get information: The account balance of your checking account(s) or savings account(s). We will charge $.50 for this transaction at ATMs we do not own or operate if you do not have direct deposit into your checking account(s) or savings account(s). Some of these services may not be available at all terminals. Please also see Limitations on Frequency of Transfers section regarding limitations that apply to ATM transfers.
POS and Debit Card Transactions ‐ You may also use your Card to make purchases of goods and services from merchants that are equipped to process direct debits to your account; make purchases of goods and services from any merchant that accepts MasterCard® cards; and get cash advances from participating financial institutions and others that are authorized to make cash advances. You will have a daily limit on your combined POS purchase and cash advance transactions which will be disclosed to you when you receive your Card. You may designate a single checking account and a single statement savings account to be accessed by your Card. You can make POS purchases from your designated checking account, but not from your savings account. When making a merchant purchase or procuring a cash advance, you authorize us to debit from your designated account the total amount of the transaction as shown on any sales draft or withdrawal order originated by use of your Card, whether or not signed by you, and we are permitted to handle such sales drafts or withdrawal orders in the same way we handle checks drawn on your designated account, with the exception that you will have no right to stop payment. MasterMoney™ may require the merchant or bank that honors your debit card to obtain prior authorization for a transaction over a certain dollar amount which is set at their discretion and may be changed from time to time. There is no charge for a POS transaction. There is no charge for a debit card transaction. Please also see Limitations on Frequency of Transfers section regarding limitations that apply to POS transactions. Restrictions on Debit Card Transactions ‐ We reserve the right to place a hold on your account based on the authorization prior to settlement (the actual posting of the transaction to your account). The amount held will be equal to the transaction amount requested by the merchant for authorization. This could result in an overdraft if sufficient funds are not available in your account to cover both the hold and any checks or other items posting to the account. We may restrict access to your account(s) if we notice excessive use of the Card that we believe to be suspicious. Access will be restricted once we notify you and have rectified any problems. CASH REFUNDS ON PURCHASES NOT AVAILABLE. YOU ARE RESPONSIBLE FOR RESOLVING ALL DISPUTES CONCERNING THE QUALITY OF GOODS OR SERVICES PURCHASED FROM THE MERCHANT THAT ACCEPTED YOUR CARD. We will not make cash refunds on purchases. Any claim or defense for purchases must be handled by you directly with the merchant or other business establishment which accepted your Card. You may not assert disputes you may have with a merchant against us, as, for example, when you believe that the goods or services paid for with your card were defective, not delivered or not as promised. Any such dispute is solely between you and the merchant, and you must still pay the total amount of the sales draft plus any appropriate charges we may be authorized to make. Any merchant credit vouchers for returns or adjustments will be credited to your designated account when received by us. There may be a delay between the time you contact a merchant for a credit and the time we receive the corresponding merchant’s credit voucher. Telephone Transactions ‐ The following procedures pertain to The Bank Line, our telephone banking service:
  • We agree to transfer money between your savings account(s) and checking account(s) and vice versa upon your telephone request provided that:
    • You have signed up for this service in advance.
    • You have entered all identification information requested at the time you wish to use this service.
    • You have sufficient funds available in the deposit account you are transferring from at the time of the request.
    • You are transferring funds to and from the deposit or credit accounts that you designated on The Bank Line application.
Transfers will be recorded on the same Business Day, if requested between 7:00 a.m. and 7:00 p.m.; on the following Business Day, if requested after 7:00 p.m. up to 7:00 a.m.
  • Get information about your account balance(s). The balance will reflect all transactions posted as of the same Business Day if the inquiry is made between 7:00 a.m. and 12:00 a.m. (with the exception of ATM transactions); as of the previous day if the inquiry is made after 12:00 a.m. and up to 7:00 a.m.
  • Get information about recent deposits and withdrawals, interest rates and earnings.
  • Make payments to your loans with us from your checking account(s) or savings account(s). Please also see Limitations on Frequency of Transfers section regarding limitations that apply to telephone transactions.

Types of Online Banking Services

Online Banking Services In General ‐
  • Access methods: To use Online Banking Services, you need a computer with a modem and a web browser (such as Netscape Navigator®, Microsoft Internet Explorer® or an equivalent). You are responsible for the set‐up and maintenance of your home computer and modem. We are not responsible for any errors or failures from any malfunction of your computer or any virus or other problems related to the use of the Online Banking Services. In order to access Online Banking, you will be required to use a web browser which uses encryption technology. Netscape’s Navigator Version 4.75 or Microsoft’s Internet Explorer Version 5.0 or 6.0 are the minimum required versions. We suggest that you use the most recent version of Microsoft’s Internet Explorer or Netscape’s Navigator in order to benefit from the strongest encryption technology available.
  • Online Banking Agreement: We will provide you with an Online Banking Agreement which describes the operation and features of the Online Banking and Bill Payment Service. You must follow the procedures in the Online Banking Agreement when using Online Banking Services.
Online Banking ‐ Online Banking is an Internet‐based service that provides you with access to your banking accounts.
  • Account Access: You may access up to 30 personal accounts online comprised of checking, savings, certificates of deposit or loan accounts. When you access your account, you may obtain an account balance and history, available funds information, cleared transactions and ATM and POS transactions for the current statement period. The available funds information may include any overdraft protection you may have.
  • Transfers of Funds: In addition to viewing account information, you may use Online Banking to transfer funds between accounts you have with us. You may make one‐time transfers, schedule future or recurring transfers such as transfers to make loan payments. You may transfer funds among your accounts. Please also see Limitations on Frequency of Transfers section regarding limitations that apply to Online Banking transactions.
Bill Payment Services ‐ Our Bill Payment Service permits you to make payments from your Bill Payment Account to third parties you wish to pay. Through the Bill Payment Service, you can pay bills from your Bill Payment Account to businesses or individuals. As noted above, your designated Bill Payment Account must be a personal checking account in good standing. Your account will also be governed by the agreements, disclosures and other documents provided to you in connection with the opening of your account. They may be amended from time to time.
  • Payments: All payments you make will be deducted from your Bill Payment Account, and you agree that we may debit your Bill Payment Account for such payments without requiring your signature on the item and without prior notice to you. All bill payments must be payable in U.S. dollars to a Payee located in the United States. We reserve the right to further restrict types of Payees to whom payments may be made using the Bill Payment Service from time to time.
  • Excluded Payments: You should not use the Bill Payment Service to make payments to settle securities purchases, tax payments, payments for government fees, court‐ordered payments, payments to foreign vendors or persons, alimony or child support payments. Payments for these Payees will be your sole responsibility if delayed or improperly processed or credited.
  • Availability of Funds: Funds must be available in your Bill Payment Account on the Scheduled Payment Date. If the date you schedule a payment to be initiated falls on a non‐Business Day (Saturday, Sunday or holiday), funds must be available in your Bill Payment Account the following Business Day. After funds are withdrawn from your Bill Payment Account to make a payment, we may make the payment either by transferring funds electronically to the Payee or by mailing a check to the Payee. If a payment has been made to one of your designated Payees for which funds are not available in your Bill Payment Account, and we are unable to recover the amount of the payment by debit to the Payee or by charging your Bill Payment Account, you agree to repay the funds owed immediately upon request.
  • Maximum Amount and Payment Scheduling: The maximum amount of any bill payment transaction is $9,999.00, which is subject to change. You may choose to schedule payments to recur in the same amount at regular weekly, monthly, or semi‐monthly intervals. You should schedule a payment to a new Payee at least ten (10) Business Days before any payment due date, to allow us time to set up the Payee and verify information about your account with the Payee.
  • Processing. You authorize us and any third party acting on our behalf to choose the most effective method to process your payment, including without limitation, electronic, paper or some other means. If the payment is an electronic payment, you must schedule it to be made at least four (4) Business Days prior to the payment due date (that is, the due date shown on your invoice or provided in your agreement with the Payee, not taking into account any applicable grace period). However, if the company or person that you are paying cannot accept an electronic payment, and a check payment is to be made, you must schedule that payment to be made at least ten (10) Business Days prior to the payment due date described above. You may schedule payments during the “grace period, ” but any late charges associated with payments so scheduled will be your responsibility regardless of the cause of the late payment. If you do not follow these time frames, we shall not be liable for any failure to make payment. You will bear full responsibility for all penalties, late fees, finance charges, damages or other actions taken by the Payee proximately caused by your scheduling. If you schedule your payment and follow all instructions provided, but the payment is not received by the Payee in a timely manner, you may contact Metavante, Monday‐Friday from 8:00 a.m. ‐ 10:00 p.m., and Saturday from 9:30 a.m. ‐ 6:00 p.m. at 1‐800‐823‐7555. The date the Payee credits the payment depends upon the Payee’s payment processing procedures, and we will not be responsible for any delay in crediting the payment which is a result of the Payee’s payment processing procedures. If the session during which you schedule a payment ends by 11:00 p.m. Eastern Time, The Savings Bank will be considered to have received it on that day if it is a Business Day. Otherwise, it will be considered received on the following Business Day. Payment processing will occur on the Business Day following the Business Day we receive your request for a bill payment. For all entries made using Online Banking or Bill Payment Services, the time recorded by the Online Banking or Bill Payment Service will be considered the official time of the transaction.
  • Fees. The monthly service fee for the Bill Payment Service is $4.95. This fee is in addition to the fees and charges that may apply to your Account(s). The fee will be withdrawn monthly from your Bill Payment Account.
New Services ‐ You may be notified of new services being introduced for Online Banking from time to time. By using these services when they become available, you agree to be bound by the terms and conditions that will be made available to you concerning these services.

Limitations on Frequency of Transfers

In addition to those limitations on transfers elsewhere described, if any, the following limitations apply: We are required by federal regulations to limit the number of preauthorized, automatic, telephone, paper, Online Banking and other electronically‐formatted transfers from savings accounts to other accounts of yours or to third parties. Transfers from an Investment Account or the Money Market Account to another account or to third parties are limited to six per statement cycle with no more than three by check, draft or similar order to third parties.

Foreign Transactions

Purchases and cash withdrawals made in foreign countries and foreign currencies using your Card will be charged to your account in U.S. dollars. The conversion will be made by a foreign bank in accordance with the applicable operating regulations for international transactions. The conversion rate may not be the same as on the transaction date.

Right to Withdraw Funds/Right of Offset

To the extent permitted by law, we will have the right to withdraw funds from any account(s) in your name in order to cover transactions made under this Agreement.


To terminate this Agreement or any services pursuant to this Agreement, you must send a written request to The Savings Bank, Electronic Banking, P.O. Box 30, Wakefield, Massachusetts 01880‐0030. We have the right to terminate this Agreement at any time, although we reserve the right to limit access to your account by electronic means, including by use of your Card, at anytime. If we do, we will notify you within ten (10) Business Days of termination. Whether you terminate this Agreement or we do, the termination will not affect your obligations under this Agreement, even if we allow a transaction to be completed after this Agreement has been terminated. Since termination requests take up to thirty (30) days to process, you should cancel all outstanding payment or transfer orders in addition to notifying us of your desire to terminate the service. We will not be liable for payments or transfers not canceled or payment or transfers made due to lack of proper notification by you of service termination.

Charges for Electronic Fund Transfers & Online Services

  • We do not charge for direct deposits to any type of account.
  • We do not charge for preauthorized withdrawals from any type of account.
Except as indicated elsewhere in this Agreement or otherwise, we do not charge for electronic fund transfers.


  • Terminal Transfers. You can get a receipt at the time you make any transfer to or from your account using one of our ATMs or a POS terminal.
  • Direct Deposits. If you have arranged to have direct deposits made to your account at least once every sixty (60) days from the same person or company, you can call The Bank Line at     1‐888‐292‐5324 or use Online Banking to find out whether or not the deposit has been made.
  • Periodic Statements. You will get a monthly statement for your Statement Savings, Investment, Money Market, NOW, and Basic Checking Accounts. If the only possible electronic fund transfers to your passbook accounts are preauthorized credits, you will not receive a statement from us. If you bring your passbook to us, we will record any electronic deposits that were made to your account since the last time you brought in your passbook.
  • Notice of Varying Amounts. If regular payments from your account may vary in amount, the person you are going to pay will tell you ten (10) days before each payment when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set).
  • Evidence of Transfer. Any documentation provided to you which indicates that an electronic fund transfer was made shall be admissible as evidence of such transfer and shall constitute prima facie proof that such transfer was made.

Right to Stop Payment

  •  Preauthorized Transfers. You can stop payment on any preauthorized transfer from your account if you notify us in the following manner:By telephone ‐ you may call us at least three (3) Business Days before the payment is scheduled to be made. If you call, you must send us at the address below a written confirmation of your stop payment order so that we receive it not more than fourteen (14) calendar days after you call. By mail ‐ you may send us a written stop payment order, but the order must be received by us at least three (3) Business Days before the payment is scheduled to be made. At any branch ‐ you may complete a stop payment order at any of our branch offices. You can call us at 1‐800‐246‐2009. All written stop payment orders must be addressed to: The Savings Bank Electronic Banking P.O. Box 30 Wakefield, MA 01880‐0030
  • Liability for Failure to Stop Payment of a Preauthorized Transfer. If you order us to stop one of these payments three (3) Business Days or more before the transfer is scheduled in the manner described in this Agreement, and we do not do so, we will be liable for your losses and damages.We will charge you $15.00 for each stop payment order you give.
  • Your Ability to Stop Payment. Your initiation of certain electronic fund transfers from your account will, except as otherwise provided in this Agreement, effectively eliminate your ability to stop payment of the transfer.UNLESS OTHERWISE PROVIDED IN THIS AGREEMENT, YOU MAY NOT STOP PAYMENT OF ELECTRONIC FUND TRANSFERS; THEREFORE, YOU SHOULD NOT EMPLOY ELECTRONIC ACCESS FOR PURCHASES OR SERVICES UNLESS YOU ARE SATISFIED THAT YOU WILL NOT NEED TO STOP PAYMENT.
  • Bill Payment Services. Except for those payments and transfers which are completed immediately (for example, some transfers between your deposit accounts), you may cancel or change a payment using the Bill Payment Services. Please refer to our Online Banking Agreement for information on changing or stopping a bill payment transaction you have previously scheduled.

Our Liability

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: 1. Through no fault of ours, your account or overdraft line, if applicable, does not contain sufficient funds to complete a transfer or payment. Transactions are based on available funds in accordance with our funds availability schedule. 2. If the ATM where you are making the transfer does not have enough cash. 3. If the terminal or system was not working properly, including the Online Services, your communication line, your personal computer or modem, and you knew about the malfunction or were advised of it by us when you started the transaction. 4. If circumstances beyond our control (such as, but not limited to, fire, power outage, equipment or technical breakdown, delays in the mail delivery, flood or other outside force) prevent the proper execution of the transaction, and we have taken reasonable precautions to avoid those circumstances. 5. If the funds are subject to legal process or other encumbrance restricting such transfer. 6. The Payee mishandles or delays crediting or accounting for a payment properly sent by us. 7. You did not properly initiate a transaction or provide us with correct names and account information for those Payees to which you wish to direct payment. 8. You instruct us to make a type of payment, such as a tax payment or court‐ordered payment, which we cannot make. 9. Your subscription to the Online Banking Service and/or Bill Payment Service or your account has been terminated for any reason. 10. There may be other exceptions under applicable law. The Online Services, Card and associated Electronic Banking Transactions are made available for your convenience and, except to the extent provided by applicable law, we will not be liable for the unavailability of or failure to operate all or any part of the electronic banking services system, including any POS terminal, card authorization terminal or other link in the authorization system. We will also not be liable for the refusal of any merchant or bank to honor a Card. We will not be liable for any personal injury or tangible property damage suffered or incurred by you through use or attempted use of your Card at any terminal. For security reasons, we have an authorization system that may limit the number or amount of Card transactions we approve in a day. We will not be responsible if you are prevented from making a purchase because of that system or because the system is not working properly for any reason. We will not be liable if a merchant refuses to honor your Card. We are not responsible for any injury to you or anyone else caused by any goods or services purchased or leased with your Card. Your rights relating to refunds and returned merchandise are the same as when you pay with cash or check. We will not make cash refunds on purchases. You must resolve issues of this type directly with the merchant. It is the merchant’s own policy on refunds and returns that governs these transactions.

Disclosure of Account Information to Third Parties

In order to protect your privacy, we will not disclose any information about you or your account to any person, organization, or agency except: 1. for certain routine disclosures necessary for the completion of a transfer or payment; or 2. for verification of the existence and condition of your account for a credit bureau or merchant; or 3. to persons authorized by law in the course of their official duties; or 4. to our employees, auditors, service providers, attorneys or collection agents in the course of their duties; or 5. pursuant to a court order or lawful subpoena; or 6. to a consumer reporting agency as defined in Chapter 93 of the Massachusetts General Laws; or 7. by your written authorization which shall automatically expire forty‐five (45) days after our receipt of your authorization. If an unauthorized disclosure has been made, we must inform you of the particulars of the disclosure within three (3) days after we have discovered that an unauthorized disclosure has occurred.

Your Liability

You agree to tell the The Savings Bank AT ONCE if you believe your Card, PIN, User ID and/or Password has been lost or stolen, used without your permission or compromised in any manner. You should also immediately change your secret Password. You understand that telephoning is the best way of minimizing your possible losses. You can lose no more than $50. If you fail to give us notice of a lost or stolen Card, disclosed PIN, User ID or Password and someone uses your Card, PIN, User ID and/or Password without your permission. If you think your Card, PIN, User ID or Password has been lost, stolen or used without your permission, call any of our branch offices at 1‐800‐246‐2009 between the hours of 8:30 a.m. and 5:00 p.m. Monday through Friday, excluding The Savings Bank holidays, or write to us at:

The Savings Bank Electronic Banking P.O. Box 30 Wakefield, MA 01880‐0030 You may also call our Bank Line at:


Error Resolution

In the case of errors or questions about your electronic fund transfers, telephone or write to us at the telephone number or address listed below as soon as you can. Write to us:

The Savings Bank Electronic Banking P.O. Box 30 Wakefield, MA 01880‐0030 Telephone us at:


If you think your statement, passbook or receipt is wrong or if you need more information about a transfer listed on the statement passbook or receipt, we must hear from you no later than sixty (60) days after we sent you the FIRST statement on which the problem or error appeared or, if the only transfer possible is a direct deposit to your passbook account, no later than sixty (60) days after the problem or error was FIRST reflected in your passbook or statement. 1. Tell us your name and account number (if any). 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 suspected error. If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) calendar days. We will tell you the results of our investigation within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty‐five (45) days to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) business days for the amount you think is in error so you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within ten (10) business days, we may not credit your account. We will tell you the results within three (3) business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation as we must make these available to you for your inspection. For a reasonable fee covering our duplication costs, we will provide you with copies of any such documents which you request. If the alleged error concerns a transfer to or from a third party (for example, a Social Security payment), our investigation may be limited to a review of our own records. If we decide that there was no error, you may want to contact such third party to pursue the matter further.

Overdrawing Your Accounts

You agree not to initiate an Electronic Banking Transaction that would exceed the balance of available funds in your account or that would cause a withdrawal or transfer from a type of account that you do not have or have not selected. We will not be required to complete any such transactions, but if we do, you agree to pay us the excess amounts of improperly withdrawn or transferred amounts immediately upon request. To the extent you make a preauthorized withdrawal or use our Bill Payment Services, you are responsible for either contacting us to make alternate arrangements for the payment or to reschedule the payment through the Bill Payment Service. In the case of recurring payments, only the payment currently scheduled will be affected. Future payments scheduled for future dates will not be affected.


We reserve the right to suspend your subscription to the Online Services in the event of repeated failed payments or transfers. This suspension may be without prior notice to you. If your subscription is suspended, transactions which were previously scheduled will be canceled. In the event your subscription is suspended, we will notify you at your last listed address, and all inquiries or correspondence relating thereto, including requests for reinstatement, should be directed to The Savings Bank.

Ownership of Card

Your Card is not transferable and remains our property. You agree to return the Card to us immediately upon our request. For your own protection, ATMs are programmed to retain Cards in certain circumstances. General Provisions
  • Joint Accounts. If you have a joint account, each account holder will be bound by this Agreement and will be responsible for paying all amounts owed as a result of this Agreement. Account holders on a joint account will have access to ALL accounts listed on the Online Banking Application even if some accounts are in one account holder’s name only. You consent to such access by listing such accounts on the Online Banking Application and you ratify all transactions which the other joint account holder makes on accounts in one account holder’s name only.
  • Collection Expenses. If we ever have to file a lawsuit to collect what you owe us, you will pay our reasonable expenses, including attorney’s fees.
  • Our Rules, Regulations and Other Agreements. Your account(s) may also be governed by other Agreements between you and us.

User Confidentiality/Security ‐ Online Services

We are committed to protecting the security and confidentiality of information about your account(s) and use of the Online Banking and Bill Payment Service. We identify users by their unique User ID and Password. All transactions initiated with your User ID and Password will be attributed to you. You agree not to give or make available your User ID and Password to any other individuals, including anyone claiming to represent us. You acknowledge that we will never ask you for your Password, and that our employees do not need your Password for any reason. In order to protect yourself against fraud, you need to adhere to the following guidelines: 1. Do not give out your account information, user ID, Password, or Social Security Number. 2. Do not leave your personal computer unattended while you are in our Online Banking site. 3. Never leave your account information within range of others. 4. Do not send privileged account information (account number, Password, etc.) in any public or general e‐mail system.

Electronic Check Conversion

A paper check can be converted by a merchant or service provider into an electronic funds transfer. Your authorization to make this type of electronic fund transfer may be communicated in writing or posted on a sign by the merchant or service provider. A transfer can happen in the following ways:
  • You can authorize a merchant to convert your paper check into an electronic fund transfer when buying goods and services.
  • When you offer a check to a merchant or service provider, you may be asked to authorize the merchant or service provider to electronically charge your account a fee if the check is returned to the merchant unpaid. This fee is considered an electronic fund transfer.

Electronic Mail (e‐mail)

If you send The Savings Bank an e‐mail message, The Savings Bank will be deemed to have received it on the following Business Day. The Savings Bank will then have a reasonable time to act on your e‐mail. E‐mail transmissions may not be secure. Thus, we request that you do not send us or ask for sensitive information such as account numbers, passwords, account information, etc. via e‐mail. You should not rely on e‐mail if you need to communicate with The Savings Bank immediately for example, if you need to report an unauthorized transaction from one of your accounts.


We are not responsible for any loss, damage or injury resulting from (I) an interruption in your electrical power or telephone service; (II) the disconnection of your telephone line by your telephone company or deficiencies in your line quality; or (III) any defect or malfunction of your personal computer, modem, telephone line of software.

Virus Protection

The Savings Bank is not responsible for any electronic virus or viruses that you may encounter. We suggest that you routinely scan your PC using a virus protection product. An undetected virus may corrupt and destroy your programs, files and hardware.


We have the right to change the terms and conditions of this Agreement at any time. We will notify you at least thirty (30) days before the change will take effect if the change will result in greater cost or liability to you or decreased access to your account. We do not have to notify you in advance, however, if the change is necessary for security reasons.

Address Changes

We may rely on your address, including, without limitation, your e‐mail address, as it appears on our records for any and all communications we send to you unless or until you notify us in writing at the address set forth below or electronically of a change of address, and we have had a reasonable opportunity to act on such notice.

What Law Applies to this Agreement

Any questions under this Agreement will be decided under Massachusetts law. If any of this Agreement cannot legally be enforced, the Agreement is to be considered changed to the extent necessary to comply with the law. In the event of a dispute regarding the services herein, you and we agree to resolve the dispute by looking to the terms and conditions contained in this Agreement.Notifications should be forwarded to the following, as applicable: E-Mail: Postal Mail: The Savings Bank Electronic Banking P.O. Box 30 Wakefield, MA 01880 Fax: (781)‐224‐5487 Telephone: 1‐800‐246‐2009