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ELECTRONIC FUND TRANSFERS YOUR RIGHT AND RESPONSIBILITIES

Please read this disclosure carefully. It provides you with your rights and obligations related to the transactions listed. You should keep this notice for future reference.

Electronic Funds Transfers Initiated By Third Parties. You may authorize a third party to initiate electronic funds transfers between your account and the third party’s account. These transfers, making or receiving payment, may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments networks. Your authorization to the third party to make these transfers can occur in a number of ways. In some cases, your authorization can occur when the merchant posts a sign informing you of their policy. In all cases, the transactions will require you to provide the third party with your account number and bank information. This information can be found on your check as well as on a deposit slip. You should only provide your bank and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic funds transfers. Below are examples of the most common transfers, but these are not limited to:

• Preauthorized Credits or Payments – you may authorize that specific direct deposits or specific recurring bills as well as other payments are deducted from your checking or savings accounts.
• Electronic Check Conversion – you may provide your check to a merchant or service provider who will scan the check for the encoded bank and account information. The merchant or service provider will then use this information to convert the transaction into an electronic funds transfer. This may occur when you provide your check by other means such as by mail or at the point of purchase, or by drop box.
• Electronic returned check charge – some merchants or service providers will initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.

Other methods of initiating a funds transfer:

FIRST Line Telephone Banking – you may access your account by telephone by calling: 888-746-8300, 24 hours a day, seven days a week, using your PIN (personal identification number), touch-tone phone, and your account number(s) to:

• Transfer funds between checking and savings accounts
• Make inquiries regarding – account balances on CD, IRAs, and loan accounts
• Interest rates, maturity dates and payments

Online Banking – once registered and approved, you may access your account(s) by Computer/Mobile Device at www.firstamericanbanknm.com and using your log in credentials. 

• Transfer funds between checking and savings accounts
• Transfer funds from line of credit to checking and savings accounts
• Make payments from checking to loan accounts with us
• Make payments from checking to third parties through Bill Pay
  • Bill Pay is free for specific accounts, for accounts that do not qualify for free Bill Pay, the monthly fee is 6.00 per month for the first 10 payments, and then $0.50 for each additional payment.
• Make inquiries regarding:
  • History on all account types, based on when you signed up on Online Banking

eBusiness Banking – allows you to view account information 24 hours a day

• View account information on all checking, savings, CD, and loan accounts. A business checking is required.
• Transfer funds between your accounts.
• ACH origination
• Direct Deposit Payroll through ACH
• Wire Transfers
• ACH and Wires Services (Fee Applies)  

CONSUMER’S LIABILITY
Notify First American Bank AT ONCE if you believe your card or PIN has been lost or stolen. Telephoning the bank is the best way of minimizing your losses. Without prompt notifications your losses could be substantial included the entire balance in your account as well as balances remaining on any overdraft protection plans you have in place. If you believe your card or PIN has been lost or stolen, and you notify us within two business days of discovering the loss or theft, your loss can be limited to no more than $50 should someone use your card or PIN without your permission.

If you do NOT notify us within two business days of discovering the loss or theft of your card or PIN and we are able to prove we could have prevented someone from using your card or PIN without your permission had told us, your loss could reach $500.00.

Limitation of Liability for Unauthorized Debit VISA® Point of Sale Transactions Using a First American Bank VISA® Debit Card – you will not be liable for any unauthorized transactions using your First American Bank VISA® Debit card, when used for point-of-sale transactions if:

• You can demonstrate that you have exercised reasonable care in safeguarding your card from the risk of loss or theft
• You have not reported to us two or more incidents of unauthorized use within the prior twelve-month period
• Your account is in good standing

If any of these conditions have not been met, your liability is the lesser of $50 or the amount of money, property, labor, or services obtained by the unauthorized use before notification to us.

‘Unauthorized use’ means the use of your First American Bank VISA® Debit card without your permission by a person, other than you, who does not have actual, implied, or apparent authority for such use, and from which you receive no benefit.

Also, if your statement shows transfers that you did not make, you will tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money that you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time.

If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).

Contact in the Event of Unauthorized Transfer – if you believe your card or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call us during normal business hours: 800-289-6140, or after hours 800-383-8000, or to file a debit card dispute 833-288-1126. Or write us: First American Bank, Attn: Customer Service, PO Box AA, Artesia, NM 88211.  

ATM Transfers with Shazam Network (Types of Transfers, Frequency and Dollar Limitations, and Charges) – you may access your account(s) by ATM using your First American Bank VISA® debit card and PIN to:

• Pay for purchases at places that have agreed to accept the card or code
• Transfer funds between your checking and savings accounts
  • Withdraw cash from your checking and savings accounts
  • You may withdraw no more than $505.00 per day
  • You may make six withdrawals up to $505.00 per day
  • You may be charged $3.00 (plus tax) for ATM inquires outside our network
• Get information about:
  • The account balance of your checking or savings account(s)
• For security purposes, there are limits on the frequency and amount of transfers you may make using ATMs.

Types of First American Bank VISA® Debit Card Point-of-Sale Transactions (Limitations on Dollar Amounts of Transactions)

• You may purchase up to $1,500.00 worth of goods and pay for services in person or
• You may not exceed your available balance in transactions per day.

Fees

• We do not charge for Direct Deposits to any type of accounts
• We may charge $1.00 to re-PIN your First American Bank VISA® Debit Card
• We may charge $5.00 for the issuance of a replacement First American Bank VISA® Debit Card

CARDHOLDER AGREEMENT AND CONFIDENTIALITY
You shall be liable for all transactions made by you or by any person you authorize or otherwise permit to use your card. You may not use this card for any illegal transactions.

For your protection, do not write your PIN on your card.

We will disclose information to third parties about your account or the transfers you make:

• Where it is necessary for completing transfers, or
• In order to verify the existence and condition of your account for a third party such as a credit bureau or merchant, or
• In order to comply with government agency or court orders, or
• If you give us written permission.

DOCUMENTATION
Terminal Transfers – you can get a receipt at the time you make any transfer to or from your account using one of our automated teller machines or point-of-sale terminals.

Periodic Statement – you will get a monthly account statement unless there are no electronic transfers in a particular month. In any case, you will get the statement at least quarterly.

PREAUTHORIZED PAYMENTS
Stop Payments – if you have authorized First American Bank, in advance, to make regular payments out of your account, you can stop any of these payments. Telephone us: 800-289-6140 or write us: First American Bank, Attn: Customer Service, PO Box AA, Artesia, NM 88211. We must receive your request 3 business days or more prior to the scheduled payment. Should you notify us by phone, we may also require that you put your request in writing and provide it to us within 14 days after your call. This can be done at any of our locations. We also have forms that can simplify this process upon request.

We will charge you $32.00 for each stop payment order you give us.

• If these regular payments vary in amount, the person you are going to pay will notify you, 10 days before each payment, when the payment will be made and the payment amount.
• 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.

Liability for Failure to Stop Payment of Preauthorized Transfer – should you place a stop payment on one of these payments three business days or more before the transfer is scheduled, and the bank does not prevent the payment we will be liable for your losses or damages.

FINANCIAL INSTITUTION’S LIABILITY
If we do not complete a transfer to or from your account on time, or in the correct amount, according to your agreement with us, we will be liable for losses and/or damages incurred as a result of the failure to make the transfer. There are, however, exceptions. These include, but are not limited to:

• If, through no fault of the bank, you do not have sufficient funds available in your account to make the transfer.
• The transfer would exceed the credit limit on your overdraft line of credit.
• The automated teller machine you are using to make a transfer does not have sufficient cash to complete your transaction.
• The bank terminal or system was not operational and you knew about the breakdown when the transaction began.
• Circumstances beyond the bank’s control (such as fire or flood) prevent the transfer, despite reasonable precautions taken.

Refer to your account agreement(s) for additional exceptions.

ERROR RESOLUTION NOTICE. In case of errors or questions about your electronic transfers.

Telephone Shazam Dispute Services at 833-288-1126

Or write us at:
First American Bank
Attn: Customer Service
PO Box AA
Artesia, NM 88211

As soon as you can, if you think your statement or 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 60 days after we sent the FIRST statement on which the problem or error appeared.

• Tell us your name and your debit card primary account number, if known
• 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.
• Tell us the dollar amount of the suspected error.

If you tell us verbally, we may require that you send us your complaint or question in writing within 10 business days.

ERROR RESOLUTION INVESTIGATON PROCESS 

• We will determine whether an error occurred within 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 45 days to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that 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 within 10 business days, we may not 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 within three 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.

First American Bank
Attn: Customer Service
PO Box AA
Artesia, NM 88211

Business Days: Monday – Friday, excluding Federal Holidays

Telephone: 800-289-6140