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Internet Banking Policy

Online Banking Policy, Disclosures, Terms and Access Agreement

SHERBURNE STATE BANK offers Personal and Business Online Banking using your computer and the Internet to obtain information about accounts, initiate certain account transactions, view check images and receive electronic message and statements. You will need access to the Internet using a browser and a 128-bit Secure Sockets Layer (SSL) encryption protocol.

PLEASE READ THE ACCESS AGREEMENT AND DISCLOSURES BELOW AND KEEP A COPY FOR YOUR RECORDS.

  1. THE SERVICE

    In consideration of the Online Banking services (“Services”) to be provided by SHERBURNE STATE BANK as described from time to time in information distributed by Sherburne State Bank to its customers. In the agreement, “Customer” refers to the person(s) or businesses subscribing to or using the Service, the Customer agrees as follows. You may use a Personal Computer (“PC”) through an Internet connection to obtain account balances and transaction information. You may use your PC to obtain statements on your accounts and to transfer money between your accounts. Funds must be available in the account from which you wish to transfer on the date you submit the transaction. If your account does not have sufficient funds to complete a transfer, the transfer will not be completed.

    The following services are currently available through SHERBURNE STATE BANK Online Banking: Account Balance information, Transaction Inquiries, Transfer Funds, Loan Payments, Bill Pay, view images of checks. Under Federal Reserve Board Regulation D, you may make an unlimited number of deposits or transfers into a savings or money market account; however, you may make no more than six transfers or withdrawals out of such an account per calendar month (not counting transactions made at ATM’s, in-person transactions or automatic transfers). Transfers made by telephone, personal computer or funds automatically transferred from a savings or money market account to another deposit account for overdraft protection are counted toward the six total permitted monthly transfers or withdrawals. If you exceed the restrictions more than three times during a 12-month period, we may close the savings or money market account and transfer the funds to a checking account. In addition, you may use your PC to electronically direct us to make payments from your account to third parties (“Payees”) that you have selected to receive payment through the Service. You may make payments through the Service to any business professional, merchant, family member, or friend. Include a complete mailing address and telephone number for each and your account number with the payee. We reserve the right to decline to make payments to certain persons and entities. The (“Account”)means your designated bill payment checking account at SHERBURNE STATE BANK from which we make bill payments on your behalf pursuant to the Agreement By subscribing to the Service or using the Service to make any payments to a third party, you agree to the terms of the agreement.

  2. Privacy and Confidentiality

    SHERBURNE STATE BANK is strongly committed to protecting your security and confidentiality. To ensure the privacy of your account information while you are on-line, you are only able to access your account with high security browsers. You must also provide both your Access ID and your password. Once logged in, if no action is taken with 15 minutes; you will be automatically logged off Sherburne State Bank Online Banking. You are also assured that we will guard your information from third parties except for the following situations:

  3. Equipment

    You are solely responsible for the equipment (including, in the case of Online Banking, your personal computer and software) you use to access Services. We are not responsible for errors, delays, or your inability to access the Services caused by your equipment, cost of upgrading your equipment to stay current with the Services or under any circumstances for any damage to your equipment or the data resident thereon.

  4. Virus Protection

    You agree that SHERBURNE STATE BANK is not responsible for any electronic virus that you may encounter using Online Banking. Routinely scan your PC using any reliable virus protection product to detect and remove any viruses found.

  5. Electronic Messaging and Notices

    Customers should send us general inquiries concerning maintenance and other issues via our “Contact Us” link. You should not use our “Contact Us” link or regular e-mail to initiate any banking transactions or give out personal identifying information. This link is not located on a secured encrypted server and the information you enter may be viewed by others. A high level of encryption does not protect sending electronic messages to us through regular e-mail. Electronic mail will be used to send you notice disclosures and other information required under the Electronic Funds Transfer Act and Regulation E of the Federal Reserve Board of Governors. We may send this information to you by posting it on our Website or by e-mail. We may also send it to you by regular postal mail in writing at the address shown in our records. If you have given us an email address or postal address, we are entitled to rely on that address and assume that messages sent to that address are received by you, until you give us notice in writing or by e-mail that the address is no longer valid. You agree that information we post to our website or send by e-mail or regular postal mail will be deemed delivered at the time it is posted or sent. Information you send to us is deemed delivered when we receive and review it. If we send you a notice, disclosure or other message electronically and you wish to print it and are unable to do so, contact us at 763-261-4200 or send us an e-mail and we will provide you with a paper copy.

  6. New Services

    SHERBURNE STATE BANK continues to expand the services we offer our Online Banking customers. When such services become available, we will update this agreement and notify you of the new service. By using Online Banking after the new services are available, you agree to be bound by the terms contained in the revised agreement.

  7. Authorization To Charge Accounts

    You are responsible for all transfers you or your authorized representative make using Online Banking. You authorize us to debit your designated account(s) for any transactions completed with Sherburne State Bank Online Banking. You agree that we may comply with transfer instructions entered by any one person using an authorized Access Code and Password, regardless of the restrictions placed at the account level. If you permit another person to use Online Banking or give them your Access Code and Password, you are responsible for transfers or advances that person makes from the deposit and loan accounts linked to your online application even if that person exceeds your authorization.

  8. Address and Telephone Number for Notification of Unauthorized use:

    If you believe your Access Code and/or password has become known by an unauthorized person, or if an unauthorized transaction has occurred involving your account, contact us immediately at 763-261-4200 or write to:

    SHERBURNE STATE BANK
    P.O. BOX 428
    Becker, MN 55308

  9. Error Resolution

    In case of error or questions about your electronic deposit transactions or loan transactions, call Sherburne State Bank
    Immediately at 763-261-4200 or write to:

    Sherburne State Bank
    12500 Sherburne Ave
    P.O. Box 428
    Becker, MN 55308

    If you think your statement is wrong or if you need more information about an Electronic transaction listed on the statement, contact us as soon as possible. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared, and you must:

    We will tell you the results of our investigation within 10 business days 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 provisionally re-credit your account within 10 business days for the amount you think is in error, so that you will have the use of your money during the time it takes us to complete our investigation. If we ask you to put your complaint or questions in writing and we do not receive it within 10 days, we may not provisionally re-credit your account. If you are a new customer, for electronic funds transfer occurring during the first 30 days after the first deposit is made to your account, the applicable time periods for action by us are up to 20 business days (instead of 10) and 90 calendar days (instead of 45). If we determine that there is no error, we will send you an explanation within 3 business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.

  10. Authorization to Obtain Information

    You agree that we may obtain and review your credit report from a credit bureau or similar entity. You also agree that we may obtain information regarding your payee accounts in order to facilitate proper handling and crediting of your payments.

  11. Termination

    In the event you wish to discontinue using Sherburne State Bank Online Banking, contact Sherburne State Bank in writing or send us an electronic mail message. We may at any time terminate your Online Banking service. If we terminate this Agreement or your use of the services, we reserve the right to make no further Payments or transfers from your account(s), including transactions you have previously authorized. On a joint bank account either account holder is authorized to terminate this Agreement or Services. We are not responsible for notifying any remaining account holders of such termination. If you terminate this Agreement or your use of the Services, you authorize us to continue making Payments and Transfers you have previously authorized until such time as we have had a reasonable time to act upon your termination notice. To ensure that no recurring payments are made in the interim, you must cancel such payments; otherwise, we will continue to make such payments
    until we act on your request. Once we have taken action on your termination, we will make no further Payments or Transfers. Call Sherburne State Bank’s Internet Banking Department immediately at 763-261-4200 or write to:

    Sherburne State Bank
    12500 Sherburne Ave. (Business days are Monday-Friday - Excluding Holidays)
    PO Box 428
    Becker, MN 55308

  12. Limitation of Liability

    Except as otherwise provided in this Agreement or by law, we are not responsible for any loss, injury, or damage, whether direct, indirect, special or consequential, caused by the Sherburne State Bank’s service or the use thereof or arising in any way out of the installation, operation, or maintenance of your PC equipment.

  13. Assignment

    You may not transfer or assign your rights or duties under this agreement.

  14. Governing Law

    This Agreement shall be governed by the laws of the State of Minnesota U.S.A. as well as the Federal laws and regulations.
    Federal Disclosure
    You agree to accept this disclosure online rather than a paper disclosure. We recommend you print the entire Agreement and Disclosure for your records. If you are unable to print this, please request a paper disclosure to be mailed to you.

  15. Amendments

    We can change a term or condition of this Agreement by mailing or delivering to you via e-mail a written notice at least thirty (30 days) before the effective date of any such change. We do not need to provide you with any prior notice where an immediate change in the terms or conditions of this Agreement is necessary to maintain or restore the security of our system or an account. However; even in these cases, if the change is to be made permanent, we will provide you with a notice of the change with the next regularly scheduled periodic statement we send you, or within thirty (30) days, unless disclosure would jeopardize the security of our system or an account. Notices mailed or delivered to you under this paragraph will be considered effective if mailed to the most recent address we show for you in either our Checking or Savings Account records, or e-mail address in which you authorized to receive such notices and/or disclosures.

  16. Indemnification

    You, in consideration of being allowed access to the Sherburne State Bank’s Services, agree to indemnify and hold Sherburne State Bank harmless for any losses or damages suffered or incurred resulting from the use of the Sherburne State Bank Services, to the extent allowed by applicable law.

  17. Security Procedures

    By accessing the Services, you hereby acknowledge that you will be entering a protected web site owned by the Sherburne State Bank, which may be used only for authorized purposes. Sherburne State Bank may monitor and audit usage of the System, and all persons are hereby notified that use of the Services constitutes consent to such monitoring and auditing. Unauthorized attempts to up-load information and/or change information on our web site is strictly prohibited and are subject to prosecution under the Computer Fraud and Abuse Act of 1986.

  18. Fees, Charges and Inactivity

    The Service is free for setting up, maintaining or using the Online Banking Service for accounts. If you elect to sign up for our bill pay option you will be accessed a monthly fee of $4.95. We reserve the right to change applicable fees and charges at any time. We will provide you with any notice required by law of any changes to our fees and charges. If the designated account does not have a sufficient balance to pay all applicable fees and charges due, we may exercise our right of setoff against any of your other accounts as provided by law or your Deposit Account Agreement. Any applicable fees and charges will be charged regardless of whether you access or use a service during the billing cycle. You will be notified 30 days prior to any fee changes being implemented. Please refer to the Fee Schedule of your Deposit Account Agreement for other fees that may be assessed against your account such as Stop Payment request. Charges shall be automatically deducted from your account and Sherburne State Bank shall provide a monthly notice of such debit(s) on your statement. You are responsible for any non-bank charges incurred by accessing Online Banking including but not limited to local or long-distance telephone charges, Internet access fees and any other charges that may be assessed and billed separately. If fees cannot be collected from any of your accounts, Sherburne State Bank may cancel all or some of your Online Services. Sherburne State Bank will disable Internet access to your account if you have not accessed your account through the Internet for a consecutive 120-day period. Once your Internet access has been deactivated and you wish to reinstate the service, you may reapply for the service online.

  19. Log-in Instructions

    You can access Sherburne State Bank Online at our website www.sherburnestatebank.com, using the login logo. On the Logon Screen, enter your Access ID/user code and Password. Once entered, click on the SUBMIT button. If you are logging in for the first time, you will be directed to complete the First Time User security screens. Passwords are self-generated alphanumeric (minimum 6-character, at least 1 must be alpha, at least 1 must be numeric. Click on the SUBMIT button. You should now be directed to your Sherburne State Bank Online Banking page; a list of your accounts should be seen on this page. Clicking on the corresponding account number can access each account. There is a HELP button at the top of each page for assistance when using the Online Banking program.

  20. Disputes

    In the event of a dispute regarding Online Banking, you and Sherburne State Bank agree to resolve the dispute by looking to this Agreement. You agree that this Agreement is the complete and exclusive statement of the agreement between you and Sherburne State Bank, which supersedes any proposal or prior agreement, oral or written, and any other communications between you and Sherburne State Bank relating to the subject matter of this Agreement. If there is a conflict between what one of Sherburne State Bank’s employees says and the terms of this Agreement, the terms of this Agreement have final control.

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