Terms and Conditions
BILL PAYING AGREEMENT/TERMS & CONDITIONS
this is your bill paying agreement with First Federal of Lakewood. You may use First Federal of Lakewood's bill pay service, EPAY, to direct First Federal of Lakewood to make payments from your designated checking account to the Payees you choose in accordance with this agreement. The terms and conditions of this Agreement are in addition to the Account agreements, disclosures and other documents in effect from time to time governing your Account.
"You" or "your" means each person who is authorized to use the service. "Payee" means anyone, including the Financial Institution, you designate and the Financial Institution accepts as a payee.
HOW TO SET UP PAYEES/PAYMENTS
TO ADD A NEW PAYEE, select the PAYEE tab in the service. You may add a new fixed payment to a Payee, only if the Payee is on your authorized list of payees, and by accessing the Service and entering the appropriate information. Most other additions, deletions, or changes can be made by using the Service.
First Federal of Lakewood reserves the right to refuse the designation of a Payee for any reason. Each Payee accepted by First Federal of Lakewood will be assigned a payee code. You may pay any payee you wish in the United States. First Federal of Lakewood is not responsible if a Bill Payment can not be made due to incomplete, incorrect, or outdated information provided by you regarding a Payee or if you attempt to pay a Payee that is not on your Authorized Payee list.
THE BILL PAYING PROCESS
A single payment will be processed on the business day (generally Monday through Friday, except certain holidays) that you designate as the payment’s process date, provided the payment is submitted prior to the daily cut-off time on that date. The daily cut-off time, is currently 3pm EST. A single payment submitted after the cut-off time on the designated process date will be processed on the following business day. If you designate a non-business date (generally weekends and certain holidays) as the payment’s process date, the payment will be processed on the first business day following the designated process date.
When a recurring payment is processed, it is automatically rescheduled by the system. Based upon your selected frequency settings for the payment, a process date is calculated for the next occurrence of the payment. If the calculated process date is a non-business date (generally weekends and certain holidays), it is adjusted based upon the following rules:
If the recurring payment’s “Pay Backward” option is selected, the process date for the new occurrence of the payment is adjusted to the first business date prior to the calculated process date.
If the recurring payment’s “Pay Backward” option is not selected (or if the “Pay Backward” option is not available), the process date for the new occurrence of the payment is adjusted to the first business date after the calculated process date.
Note: If your frequency settings for the recurring payment specify the 29th, 30th, or 31st as a particular day of the month for processing and that day does not exist in the month of the calculated process date, then the last calendar day of that month is used as the calculated process date.
For Single and Recurring Payments, YOU MUST ALLOW AT LEAST FIVE (5) BUSINESS DAYS, PRIOR TO THE DUE DATE, for each bill payment to reach the Payee. (For midwest subscribers, allow 7 days and for west coast subscribers, allow 8 days.) Any bill payment can be changed or canceled, provided you access the Bill Pay Service prior to the cut-off time on the business day prior to the business day the bill payment is going to be initiated.
You agree to have available and collected funds on deposit in the account you designate in amounts sufficient to pay for all bill payments requested, as well as, any other payment obligations you have to the Financial Institution. First Federal of Lakewood reserves the right, without liability, to reject or reverse a bill payment if you fail to comply with this requirement or any other terms of this agreement. If you do not have sufficient funds in the Account and the Financial Institution has not exercised its right to reverse or reject a bill payment, you agree to pay for such payment obligations on demand. You further agree the Financial Institution, at its option, may charge any of your accounts with the Financial Institution to cover such payment obligations.
First Federal of Lakewood reserves the right to change the cut-off time. You will receive notice if it changes.
You are solely responsible for controlling the safekeeping of, and access to, your Personal Identification Number (PIN). You are liable for all transactions you make or that you authorize another person to make even if that person exceeds his or her authority. If you want to terminate another person's authority, you must notify First Federal of Lakewood and arrange to change your PIN. You will be responsible for any Bill Payment request you make that contains an error or is a duplicate of another Bill Payment. First Federal of Lakewood is not responsible for a Bill Payment that is not made if you did not properly follow the instructions for making a Bill Payment. First Federal of Lakewood is not liable for any failure to make a Bill Payment if you fail to promptly notify us after you learn that you have not received credit from a Payee for a Bill Payment. First Federal of Lakewood is not responsible for your acts or omissions or those of any other person, including, without limitation, any transmission or communications facility, and no such party shall be deemed to be First Federal of Lakewood's agent. In any event, First Federal of Lakewood will not be liable for any special, consequential, incidental, or punitive losses, damages, or expenses in connection with this Agreement or the Service, even if it has knowledge of the possibility of them. First Federal of Lakewood is not liable for any act, failure to act or delay in acting if it is caused, in whole or in part, by any cause beyond
Amendment and Termination
First Federal of Lakewood has the right to change this Agreement at any time by notice mailed to you at the last address shown for the Account on First Federal of Lakewood records, by posting notice in branches of the Financial Institution, or as otherwise permitted by law.
First Federal of Lakewood has the right to terminate this Agreement at any time. You may terminate this Agreement by written notice to First Federal of Lakewood. First Federal of Lakewood is not responsible for any fixed payment made before it has a reasonable opportunity to act on your termination notice. You remain obligated for any payments made by First Federal of Lakewood on your behalf.
Payments returned due to insufficient funds: $30.00
Payments which overdraw your checking account balance: $33.00
Refer to First Federal of Lakewood's fee schedule for a detailed list of charges which may apply.
The fee for the basic EPay Service is free as long as you use the service on a monthly basis. After 2 months of inactivity, a $6.00 monthly charge will be assessed.
The fee for EPay Premium is $3.00 per month. This fee will be waived if you have a Premium Checking account with First Federal of Lakewood. The fee will also be waived if you maintain compensating balances in FFL savings of $5,000.00 and/or maintain a FFL mortgage with a balance of at least $75,000.00. After 2 months of inactivity, a $6.00 monthly charge will be assessed.
Refer to First Federal of Lakewood's pricing table for details.
Additional Charges for Customer requested Services and Other Items
These charges will only be assessed if you request one or more of the services listed here. There will be NO Charge for any item if needed to correct a Financial Institution error.
Written Correspondence to Payee: $10.00
Per proof of Payment not necessitated by a dispute: $10.00
Payments returned due to customer error: $5.00
Expedited Payment Fees will include:
Overnight Fee: $14.95
2nd Day Fee: $9.95
Reinstate Fee: $50.00
Gift Pay Fees will include:
Gift Check: $2.95
Charitable Donations Fee: $1.95
First Federal of Lakewood reserves the right to charge you for research time involving payments no longer available in your screen history. You will be informed of any such charges before they are incurred.
Bill Payments are processed by Electronic Funds Transfers (EFT). Please see the Electronic Funds Transfers Disclosure Statement received when you opened your account, which discloses important information concerning your rights and obligations.