and Conditions of Your Deposit Account
- This document, along with any other
documents we give you pertaining to your account(s), is a contract that
establishes rules which control your account(s) with us. Please read this
carefully. If you sign the signature card or open or continue to have
your account(s) with us, you agree to these rules. You will receive a
separate schedule of interest rates, qualifying
balances and fees if they are not included in this document. If you
have any questions, www.baremetal.com/hometrust/contact/ please
This agreement is subject to applicable federal laws and the laws of the
state of Iowa (except to the extent that this agreement can and does vary
such rules or laws). The body of state and federal law that governs our
relationship with you, however, is too large and complex to be reproduced
here. The purpose of this document is to:
some laws that apply to common transactions;
rules to cover transactions or events which the law does not regulate;
rules for certain transactions or events which the law regulates but
permits variation by agreement; and
you disclosures of some of our policies to which you may be entitled
or in which you may be interested.
If any provision
of this document is found to be unenforceable according to its terms,
all remaining provisions will continue in full force and effect. We may
permit some variations from our standard agreement, but we must agree
to any variation in writing either on the signature card for your account
or in some other document.
As used in this document the words "we," "our," and
"us" mean the financial institution and the words "you"
and "your" mean the account holder(s) and anyone else with the
authority to deposit, withdraw, or exercise control over the funds in
the account. The headings in this document are only for convenience. Unless
it would be inconsistent to do so, words and phrases used in this document
should be construed so the singular includes the plural and the plural
includes the singular.
- You agree, for yourself (and the person or entity you represent if you
sign as a representative of another) to the terms of this account and
the schedule of charges. You authorize us to deduct these charges directly
from the account balance as accrued. You will pay any additional reasonable
charges for services you request which are not covered by this agreement.
Each of you also agrees to be jointly and severally (individually) liable
for any account shortage resulting form charges or overdrafts, whether
caused by you or another with access to this account. This liability is
due immediately, and can be deducted directly from the account balance
whenever sufficient funds are available. You have no right to defer payment
of this liability, and you are liable regardless of whether you signed
the item or benefited from the charge or overdraft. This includes liability
for our costs to collect the deficit including, to the extent permitted
by law, our reasonable attorney's fees.
Deposits - We will give only provisional credit until collection
is final for any items, other than cash, we accept for deposit (including
items drawn "on us"). Actual credit for deposits of, or payable
in, foreign currency will be at the exchange rate in effect on final collection
in U.S. dollars. Interest will be paid only on collected funds, unless
otherwise provided by law or our policy. We are not responsible for transactions
by mail or outside depository until we actually record them. We will treat
and record all transactions received on a day we are not open for business,
as if initiated on the next following business day that we are open.
Withdrawals - Unless clearly indicated otherwise on the
account records, any of you, acting alone, who signs in the space designated
for signatures on the signature card may withdraw or transfer all or any
part of the account balance at any time. Each of you(until we receive
written notice to the contrary) authorizes each other person signing the
signature card to endorse any item payable to you or your order for deposit
to this account or any other transaction with us. We may charge your account
for a check even though payment was made before the date of the check,
unless we have received written notice of the postdating in time to have
a reasonable opportunity to act. We may refuse any withdrawal or transfer
request which you attempt on forms not approved by us, by any method we
do not specifically permit, which is greater in number than the frequency
permitted, or which is for an amount greater in number than the frequency
permitted, or which is for an amount greater or less than any withdrawal
limitations. Even if we honor a nonconforming request, we may treat continued
abuse of the stated limitations (if any) as your act of closing the account.
We will use the date the transaction is completed by us (as opposed to
the date you initiate it) to apply the frequency limitations. The fact
that we may honor withdrawal requests that overdraw the available account
balance does not obligate us to do so later. See the Funds Availability
Policy Disclosure for information about when you can withdraw funds you
deposit. For those accounts for which our funds availability policy disclosure
does not apply, you can ask us when you make a deposit when those funds
will be available for withdrawal.
We may require not less than 7 days' notice in writing before each withdrawal
from an interest-bearing account other than a time deposit. Withdrawals
from a time account prior to maturity or prior to any notice period may
be restricted and may be subject to penalty.
Ownership of Account and Beneficiary Designation - These
rules apply to this account depending on the form of ownership and beneficiary
designation, if any, specified on the account records. We make no representations
as to the appropriateness or effect of the ownership and beneficiary designations,
except as they determine to whom we pay the account funds.
Individual Account - is an account in the name of one person.
Joint Account - With Survivorship (And Not As Tenants In Common)
- is an account in the name of two or more persons. Each of you intend
that when you die the balance in the account (subject to any previous
pledge to which we have agreed) will belong to the survivor(s). If two
or more of you survive as tenants in common.
Joint Account - No Survivorship (As Tenants In Common) - is owned
by two or more persons, but none of you intend (merely by opening this
account) to create any right of survivorship in any other person. We encourage
you to agree and tell us in writing of the percentage of the deposit contributed
by each of you. This information will not, however, affect the "number
of signatures" necessary for withdrawal.
Revocable Trust or Pay-On-Death Account - If two or more of you
create this type of account, you own the account jointly with survivorship.
Beneficiaries cannot withdraw unless: (1) all persons creating the account
die, and (2) the beneficiary is then living. If two or more beneficiaries
are named and survive the death of all persons creating the account, beneficiaries
will own this account in equal shares, without right of survivorship.
The person(s) creating either of these account types may: (1) change beneficiaries,
(2) change account types, and (3) withdraw all or part of the deposit
at any time.
Corporate, Partnerships, and Other Organizational Accounts - We
may require the governing body of the legal entity to give us a separate
authorization telling us who is authorized to act on its behalf. We will
honor the authorization until we actually receive written notice of a
change from the governing body of the legal entity.
Stop Payments - You must make any stop-payment order in
the manner required by law and we must receive it in time to give us a
reasonable opportunity to act on it before our stop-payment cutoff time.
To be effective, your stop-payment order must precisely identify the number,
date and amount of the item, and the payee.
You may stop payment on any item drawn on your account whether you sign
the item or not, if you have an equal or greater right to withdraw from
this account than the person who signed the item. A release of the stop-payment
request may be made only by the person who initiated the stop-payment
order. Our stop-payment cutoff time is one hour after the opening of the
next banking day after the banking day on which we receive the item. Additional
limitations on our obligation to stop payment are provided by law (e.g.,
we paid the item in cash or we certified the item).
Telephone Transfers - A telephone transfer of funds from
this account to another account with us, if otherwise arranged for or
permitted, may be made by the same persons and under the same conditions
generally applicable to withdrawals made in writing. Unless a different
limitation is disclosed in writing, we restrict the number of transfers
from a savings account to another account or to third parties, to a maximum
of six per month (less the number of "preauthorized transfers"
during the month). Other account transfer restrictions may be described
Amendments and Termination - We may change any term of this
agreement. Rules governing changes in interest rates are provided separately.
For other changes, we will give you reasonable notice in writing or by
any other method permitted by law. We may also close this account at any
time upon reasonable notice to you and tender of the account balance personally
or by mail. Notice from us to any one of you is notice to all of you.
Statements - You must examine your statement of account
with "reasonable promptness." If you discover (or reasonably
should have discovered) any unauthorized signatures or alterations, you
must promptly notify us of the relevant facts. As between you and us,
if you fail to do either of these duties, you will have to either share
the loss with us, or bear the loss entirely yourself (depending on whether
we used ordinary care and, if not, whether we substantially contributed
to the loss). The loss could be not only with respect to items on the
statement but other items with unauthorized signatures or alterations
by the same wrongdoer.
You agree that the time you have to examine your statement and report
to us will depend on the circumstances, but will not, in any circumstances,
exceed a total of 30 days from when the statement is first sent or made
available to you. You further agree that if you fail to report any unauthorized
signatures, alterations, forgeries, or any other errors in your account
within 60 days of when we first send or make the statement available,
you cannot assert a claim against us on any items in that statement, and
as between you and us the loss will be entirely yours. This 60-day limitation
is without regard to whether we used ordinary care. The limitation in
this paragraph is in addition to that contained in the first paragraph
of this section.
Account Transfer - This account may not be transferred or
assigned without our prior written consent.
Direct Deposit - If, in connection with a direct deposit plan, we deposit
any amount in an account which should have been returned to the Federal
Government for any reason, you authorize us to deduct the amount of our
liability to the Federal Government from the account or from any other
account you have with us, without prior notice and at any time, except
as prohibited by law. We may also use any other legal remedy to recover
the amount of our liability.
Temporary Account Agreement - If this option is selected,
this is a temporary account agreement. Each person who signs in the space
designated for signatures on the signature card (except as indicated to
the contrary) may transact business on this account. However, we may at
some time in the future restrict or prohibit further use of this account
if you fail to comply with the requirements we have imposed within a reasonable
Setoff - We may (without prior notice and when permitted
by law) set off the funds in this account against any due and payable
debt you owe us now or in the future, by any of you having the right of
withdrawal, to the extent of such person's or legal entity's right to
withdraw. If the debt arises from a note, "any due and payable debt"
includes the total amount of which we are entitled to demand payment under
the terms of the note at the time we set off, including any balance the
due date for which we properly accelerate under the note.
This right of setoff does not apply to this account if: (a) it is an IRA
or other tax-deferred retirement account, or (b) the debt is created by
a consumer credit transaction under a credit card plan (but this does
not affect our rights under any consensual security interest), or (c)
the debtor's right of withdrawal only arises in a representative capacity.
We will not be liable for the dishonor of any check when the dishonor
occurs because we set off a debt against this account. You agree to hold
us harmless from any claim arising as a result of our exercise of our
right of setoff.
Authorized Signer (Individual Accounts Only) - A single
individual is the owner. The authorized signer is merely designated to
conduct transactions on the owner's behalf. We undertake no obligation
to monitor transactions to determine that they are on the owner's behalf.
Restrictive Legends - We are not required to honor any restrictive
legend on checks you write unless we have agreed in writing to the restriction.
Examples of restrictive legends are "must be presented within 90
days" or "not valid for more than $1000.00."
© 2001 All Rights Reserved
The Home Trust & Savings Bank
628 Main Street PO Box 150
Osage, Iowa 50461-0150