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MemoryBank is designed to allow you to do more. As an all-digital bank, we're with you wherever you are: on your phone, tablet or desktop. We’re also a Member of the FDIC and have the highest possible A+ rating from the Better Business Bureau, so you can count on us to be trusted and secure. MemoryBank wants you to do more with life.
ONLINE MONEY MARKET ACCOUNT DISCLOSURES
Note: Click on the title of the disclosure to expand it.
ONLINE MONEY MARKET ACCOUNT TRUTH IN SAVINGS DISCLOSURE
This disclosure contains the rules which govern your deposit account at MemoryBank, a division of Republic Bank & Trust Company. MemoryBank deposits are not separately insured by the FDIC beyond the applicable FDIC insurance coverage available at Republic Bank & Trust Company. The interest rate and annual percentage yield stated below are accurate as of the date printed above. If you would like more current rate and yield information, please call us toll free at 1-877-757-3400. We reserve the right at any time to require not less than seven days notice in writing before any withdrawal from any interest-bearing account. If your account is not already a MMDA, a portion of your account balance may be classified as a MMDA for regulatory purposes. This classification will not affect the terms, interest rate, or fees contained in this Disclosure..
The interest rate and annual percentage yield for your account depend upon the applicable rate tier. The interest rate and annual percentage yield for these tiers may change at our discretion. Rates may change at any time. Fees may reduce earnings.
RATE TIERS MAY AFFECT THIS ACCOUNT
(Scroll table to right on mobile to see all columns)
|Balances||APY Range||Interest Rate|
$0.01 to $1,000,000
|Balances Over $1,000,000||2.25% to 0.01%||0.0100%|
Compounding and Crediting
Interest is accrued daily and credited to your account monthly. If you close your account before interest is credited, you will receive the interest accrued.
Minimum Opening Deposit Requirement
To open this account you must deposit a minimum of $50.00.
Balance Computation Method
We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal balance in the account each day.
Accrual of Interest on Non-Cash Deposits
Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks).
Charges which may be applied to this account
- $15 Below Balance Fee*
- $3 Monthly Paper Statement Fee (per statement)
- $36 Stop Payment Request
- $0 Cashier's Check
- $12 Return Deposit Item
- $36 Overdraft Fee (per in-person and electronic withdrawal)
- $0 Daily Overdraft Fee (per business day)
- $36 Returned Item Fee (per Item)
Additional Disclosure Terms
Unlimited withdrawals or transfers in person at a Republic Bank & Trust Company banking center.
Limit of 6 other withdrawals or transfers per statement cycle. A $10 Excess Transaction Fee will be charged for each restricted transaction above 6 per statement cycle.
*Below Balance Fee of $15 will apply if the daily balance is below $1,000 any point during a statement cycle. Daily balance refers to your final balance at the end of each day after all items have been processed. Note: max fee is $15 per statement cycle.
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MEMORYBANK STANDARD OVERDRAFT HONOR QUESTIONS & ANSWERS, RULES & RESTRICTIONS
What is Standard Overdraft Honor?
Standard Overdraft Honor is MemoryBank’s discretionary overdraft program. When you open a new account or all accountholders reach the age of 18, provided your account is eligible for the Program and is in good standing as described in the Standard Overdraft Honor Program Rules and Restrictions, you will receive a $100 fixed Overdraft Honor Limit for the first 30 calendar days. After the first 30 calendar days, provided your account remains in good standing, your Overdraft Honor Limit will be reviewed each business day and may vary between $0 and $2,000 daily, based on your deposit behavior and account history. If at any time your account is no longer in good standing, your participation in the Standard Overdraft Honor Program will be terminated, and if your account is in the Standard Overdraft Honor Program with Authorization, your authorization provided to us to authorize and pay ATM and one-time debit card transaction will be revoked.
If an Item is processed by us and your account does not have sufficient funds, we are under no obligation to pay the Item. However, under the Standard Overdraft Honor Program, our policy is to pay those Items when there are not sufficient funds, up to the Overdraft Honor Limit on your account. Please see the Standard Overdraft Honor Program Rules and Restrictions for more information. We will assess an Overdraft Fee of $36 per Item paid up to a maximum of 5 items per business day. In the event the Overdraft Honor Limit is exceeded, the Bank may return Items. A Returned Item Fee of $36 per Item may be assessed for up to the first 10 Items that are returned unpaid each business day.
How will Standard Overdraft Honor benefit me?
Our Standard Overdraft Honor Program Rules and Restrictions explain how we make overdraft payment decisions. In the event that something unexpected happens, such that your account does not have sufficient funds to cover your Items, our payment of Items may help you avoid possible additional third-party costs associated with the inconvenience of returned Items.
Will my Overdraft Honor Limit be used to authorize and pay ATM and one-time debit card transactions if I have insufficient funds in my account at the time of the transaction?
If you want us to use your Overdraft Honor Limit to authorize and pay ATM and one-time debit card transactions you need to notify us. You can contact us toll-free at 1-877-757-3400 or login to your online banking account at www.mymemorybank.com to locate this form under the Manage my MemoryBank section to activate this service for your ATM and one-time debit card transactions. ATM and one-time debit card transactions will not be authorized against your Overdraft Honor Limit if we do not have your authorization on file (Standard Overdraft Honor without Authorization). Your authorization to use the Overdraft Honor Limit to authorize and pay ATM and one-time debit card transactions when you do not have sufficient funds at the time of transaction may result in applicable fees listed above and in the Account Rules. Regardless of whether we have your authorization on file, recurring debit card transactions may be charged the applicable fees.
What is the difference between one-time and recurring debit card transactions?
One-time debit card transactions represent any single purchase transaction, while recurring transactions represent pre-authorized scheduled payments you have authorized by providing your debit card or debit card number to a merchant for goods or services. We rely on the merchant to code debit card transactions appropriately as recurring or non-recurring. Any recurring debit card transactions causing an overdraft will be assessed the $36 Overdraft Fee.
Do I have to apply for the Standard Overdraft Honor Program?
No. Standard Overdraft Honor is a program that applies to checking accounts that meet the requirements of our Standard Overdraft Honor Program Rules and Restrictions. If the requirements stated in the Overdraft Honor Rules and Restrictions are met, your account will be enrolled into the Standard Overdraft Honor Program. If you would prefer that your account have No Coverage (your account is not covered by Standard Overdraft Honor and an Overdraft Honor Limit would not be used to authorize and pay Items when you do not have sufficient funds) you may submit a written request to Overdraft Client Services at the address listed in the Overdraft Honor Rules and Restrictions by calling us toll-free at 1-877-757-3400. Please know that Overdraft and Returned Item Fees of $36 per Item apply to your account even if you request No Coverage for your account. In addition, you may be subject to additional fees charged by your vendor/ merchant for returned Items.
What do I have to do to use Standard Overdraft Honor?
If you overdraw your account, we will cover overdraft Items up to your Overdraft Honor Limit. This will require no action on your part. However, you should not become dependent on this Program to meet long-term cash needs. We recommend that you balance and reconcile your account in order to reduce the likelihood of creating an overdraft Item. You will be responsible for payment of any outstanding negative account balance resulting from the use of Standard Overdraft Honor.
What if I overdraw more than my Overdraft Honor Limit?
In most instances, any item which exceeds your Overdraft Honor Limit will be returned and a $36 Returned Item Fee will be assessed.
What is the difference between account Daily Balance, Current Balance and Available Balance?
Your account Daily Balance and Current Balance represent your final balance at the end of each day after all Items have been processed. The term Daily Balance will be displayed on your monthly deposit statement and the term Current Balance will be displayed in your online and mobile banking applications. The Available Balance represents the previous day’s account Daily/Current Balance adjusted for Items we have received during the business day.
What if I overdraw more than my Overdraft Honor Limit?
MemoryBank employs services to alert you when your account balance is at risk of generating a fee for nonsufficient funds or overdrafts. The two most popular methods to retrieve account balance information:
- E-mail Alerts - you can sign up for low balance e-mail alerts through your online banking account at www.mymemorybank.com. On this site, you set the amount at which you want to be notified of a low balance. When your account reaches the amount you set, an e-mail notification will be sent to the email address you have provided.
- Text Alerts - you can sign up for Mobile Banking text message alerts at www.mymemorybank.com. This service will alert you via text message at the mobile number you have provided when your checking account has reached a pre-selected low balance dollar amount. Standard message and data rates may apply from your wireless carrier.
- • Mobile Push Notifications - You can sign up for Push Notifications in MemoryBank’s Mobile App. This service will alert you via push notification when your account has reached a pre-selected low balance dollar amount. Standard message and data rates may apply from your wireless carrier.
Will my account balance reflect the correct amount I need to cover Items?
Items come to us from many networks and sources at many different times during the day. Some items are posted to your account throughout the day, but others can’t be posted until our nightly processing is complete. Only you know what items you have initiated before they get to us, so the best way to be aware of your account balance is to still keep track of it such as using a daily register.
Are there any ways to avoid these fees?
The best way to avoid fees is to practice good account management and carefully keep track of your transactions so you always know what you have available to spend or withdraw.
MEMORYBANK OVERDRAFT RULES AND RESTRICTIONS
These Rules and Restrictions apply to any checking deposit accounts provided by MemoryBank, a division of Republic Bank & Trust Company (hereafter referred to as “Bank”, “ “we”, “us” or “our”) and describe how we authorize, process, and pay transactions under our Standard Overdraft Honor Program (also referred to as “Standard Overdraft Honor” or “Program”). The terms “you” and “your” refer to accountholders.
Under this Program, references to your “Overdraft Honor Limit” involve instances where we may authorize and pay transactions (also referred to as “Items”), including checks, ATM withdrawals, debit card transactions, preauthorized automatic debits, internet banking transactions, telephone-initiated transfers or other electronic transfers up to the Overdraft Honor Limit over your account’s Daily Balance. Until you choose to provide us with authorization to authorize and pay ATM and one-time debit card transactions, your account will be enrolled in our Standard Overdraft Honor without Authorization and we will not authorize and pay ATM or one-time debit card transactions using your Overdraft Honor Limit when you do not have sufficient funds. If you want us to use your Overdraft Honor Limit to authorize and pay ATM and one-time debit card transactions, you must provide us with your authorization. At that time, we will place your account into the Standard Overdraft Honor Program with Authorization. One-time debit card transactions include one-time non-recurring point of sale purchases. This does not include a recurring debit card transaction, which is a transaction that is debited from your account on a regular scheduled basis that you authorized by providing your debit card or debit card number to a merchant for goods or services. We rely on the merchant to code debit card transactions appropriately as recurring or non-recurring.
The Overdraft Honor Limit provided under the Standard Overdraft Honor Program is not a line of credit. The Standard Overdraft Honor Program is a discretionary program and not a contractual right or obligation guaranteed to you. We may authorize and pay transactions for Items when you do not have sufficient funds, up to your Overdraft Honor Limit. Standard Overdraft Honor is not available for Personal Trusts, accounts with Representative Payees, or for all Money Market Accounts. Standard Overdraft Honor is also not available until all accountholders have reached the age of 18. Your account must also be in good standing, which may include, but is not limited to, any or all of the following criteria, subject to change without notice::
- You are not in default on any loan or other obligation to us.
- Your account is not subject to any legal or administrative order or levy.
- Your account has not been included in a bankruptcy
- You are not currently repaying an overdraft to us under the New Start Repayment Program.
When you open a new account or all accountholders reach the age of 18, provided your account is in good standing as described above, you will receive a $100 fixed Overdraft Honor Limit for the first 30 calendar days. After the first 30 calendar days, provided your account remains in good standing, your Overdraft Honor Limit will be reviewed each business day and may vary between $0 and $2,000 daily, based on your deposit behavior and account history. If at any time, your account is no longer in good standing your participation in the Standard Overdraft Honor Program will be terminated, and if applicable your authorization provided to us to authorize and pay ATM and one-time debit card transaction will be revoked.
An Overdraft Fee of $36 may be assessed for each Item that is authorized and paid when you do not have sufficient funds in your account. If you have requested Standard Overdraft Honor with Authorization, and if we authorize and pay an ATM or one-time debit card transaction using your Overdraft Honor Limit when you did not have sufficient funds, then you will be subject to the $36 Overdraft Fee for each ATM or one-time debit card transaction authorized and paid for using your Overdraft Honor Limit. Under the Standard Overdraft Honor Program (with or without Authorization), the Overdraft Fee of $36 per Item may be assessed for up to the first 5 Items that we pay each business day using your Overdraft Honor Limit. If Items we have authorized and paid result in your account’s Daily Balance being overdrawn by less than $4, the Bank will not assess a $36 Overdraft Fee for the Item(s) which caused the overdrawn Daily Balance. In the event your Overdraft Honor Limit is exceeded, the Bank may return Items and may assess a $36 Returned Item Fee for each Item which is returned. Under the Standard Overdraft Honor Program (with or without Authorization), the Returned Item Fee of $36 per Item may be assessed for up to the first 10 Items that are returned each business day.
If your account has No Coverage (you have either elected not to participate in the Standard Overdraft Honor Program, we have terminated your participation in the Standard Overdraft Honor Program because your account is not in good standing as outlined above, or your product is otherwise not eligible for the Program), the Overdraft Fee and the Returned Item Fee may still apply to your account. If the Bank pays an Item that overdraws your account, Overdraft Fees would apply, with the exception of one-time debit card and ATM transactions. It is our policy to charge a Returned Item Fee of $36 per Item, and return all returnable Items presented for payment if funds are not available. For accounts that have No Coverage, the limits of 5 Overdraft Fees per day and 10 Returned Item Fees per day do not apply to your account.
To determine your account Daily Balance, it is our practice to process account activity each evening for Items, including checks, ATM withdrawals, debit card transactions, preauthorized automatic debits, internet banking transactions, telephone-initiated transfers or other electronic transfers (“Items”), received during that business day. All deposits and other credits excluding interest earned are processed first followed by the processing of all debits each business day. Once all deposits and other credits are processed, interest and debits are processed in groups and in the following order:
- ACH Items such as preauthorized automatic debits and checks converted to ACH Items are processed in the order of lowest to highest dollar amount.
- Checks without a check number are processed in the order of lowest to highest dollar amount followed by checks processed in check number order beginning with the lowest check number to the highest check number.
- Transactions resulting from the use of your debit or ATM card including ATM withdrawals, point-of-sale debit card transactions and recurring debit card transactions, and internal account transfers are batched together and processed in the order of lowest to highest dollar amount.
- All Bank fees and service charges will be assessed.
- Any ACH items that are paid based on the Banks discretionary decision when there are insufficient funds in your account to cover the ACH items. These decisions may be made outside of the Standard Overdraft Honor Program. These ACH Items will post lowest to highest dollar amount.
- Any Check Items that are paid based on the Banks discretionary decision when there are insufficient funds in your account to cover the Check Items. These decisions may be made outside of the Standard Overdraft Honor Program. Checks without a check number are processed in the order of lowest to highest dollar amount followed by checks processed in check number order beginning with the lowest check number to the highest check number.
- Any interest earned.
If your Overdraft Honor Limit is not sufficient to pay an Item, smaller subsequent Items may be paid in the transactional order outlined above from the Overdraft Honor Limit.
Below is an example of how our processing order may affect your account
In this example, your beginning Available Balance is $100. If in one business day you make the following deposits and the following Items are due for payment, and your account is in the Standard Overdraft Honor Program with Authorization (if you have provided us with your affirmative consent to authorize and pay ATM and one-time debit card transactions using your Overdraft Honor Limit), your account would be adjusted as follows:
|Item Processed||Item Amount||Daily Balance After Processing|
|Check Debit (No Number)||(-$50)||$50|
The above transaction sequence would result in three Overdraft Fees totaling $108: one $36 Overdraft Fee per Item for each Item which was paid using your Overdraft Honor Limit because your account did not have sufficient funds. The three Items for which an Overdraft Fee would be assessed are Check #001 in the amount of $250, Check #003 in the amount of $50, and the ATM Withdrawal of $80. After all Items have been processed, the final amount in your account would be considered your Daily Balance for that business day.
If an Item is presented for payment on your account and you do not have sufficient funds to pay that Item, pursuant to your Account Rules you agree to pay us the amount of any negative balance along with any applicable fees immediately, without notice or demand from us. Each person on your account is jointly and severally responsible under the Account Rules for paying any amounts due us.
It is our policy to operate in accordance with all applicable regulatory safety and soundness standards. Your Account Rules sets out your duties, obligations and rights with regard to your account. Your Account Rules shall control in the event of any conflict between this Overdraft Honor Rules and Restrictions and your Account Rules. If an account is overdrawn in excess of forty-five (45) days the Bank will review it to assess whether it should be charged off. All charged off accounts are reviewed by the Bank’s Collections Department to determine further action. Accounts charged off are reported to ChexSystems.
You can call us toll free at 1-877-757-3400 to obtain your Overdraft Honor Limit.
To have your account removed from the Standard Overdraft Honor Program or to revoke your authorization to cover ATM and one-time debit card transactions please submit your request in writing to:
Attn: Overdraft Honor Department
601 West Market Street
Louisville, KY 40202
Or call us at 1 (877) 757-3400.Back To Top
MEMORYBANK WHAT YOU NEED TO KNOW ABOUT OVERDRAFTS
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.We can cover your overdrafts in the following way: We have standard overdraft practices that come with your account This notice explains our standard overdraft practices that come with your account.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
- Checks and other transactions made using your checking account number
- Automatic bill payments
We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
- ATM transactions
- One-time debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.
If we do not authorize and pay an overdraft, your transaction will be declined.
If we return an item, a $36 Returned Item Fee will be assessed for up to the first 10 items returned each business day.
What fees will I be charged if MemoryBank pays my overdraft?
Under our standard overdraft practices:
- We will charge you a fee of $36 each time we pay an overdraft.
- The $36 per item fee will be assessed for up to the first 5 items that we pay each day under the Overdraft Honor Program and for up to the first 10 items that are returned each day.
What if I want MemoryBank to authorize and pay overdrafts on my ATM and one-time debit card transactions?
If you also want us to authorize and pay overdrafts on ATM and one-time debit card transactions, call 1 (877) 757-3400 or visit www.mymemorybank.com. You can also download this form, complete it and return it to MemoryBank by emailing a copy to firstname.lastname@example.org or by mailing it to MemoryBank, 601 W. Market St., Louisville, KY 40202.
Should you change your mind and decide you no longer want us to continue to authorize and pay overdrafts on your ATM and one-time debit card transactions, you may revoke your authorization at any time by contacting us in person, by mail, online or by phone at 1 (877) 757-3400.Back To Top
GENERAL ACCOUNT DISCLOSURES
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MEMORYBANK ACCOUNT RULES
These Account Rules apply to any deposit account provided by MemoryBank, a division of Republic Bank & Trust Company, (hereafter referred to as "Bank", "we," "us," or "our"). Throughout these Account Rules the terms "you," "your," and "yours" refer to each person who opens an account with us. MemoryBank deposits are not separately insured by the FDIC beyond the applicable FDIC insurance coverage available at Republic Bank & Trust Company.
To determine your account balance, it is our practice to process account activity each evening for Items, including checks, ATM withdrawals, debit card transactions, preauthorized automatic debits, internet banking transactions, telephone-initiated transfers or other electronic transfers ("Items"), received during that business day. All deposits and other credits excluding interest earned are processed first followed by the processing of all debits each business day. Interest and Debits are processed in groups and in the following order:
1. ACH Items such as preauthorized automatic debits and checks converted to ACH Items are processed in the order of lowest to highest dollar amount.
2. Checks without a check number are processed in the order of lowest to highest dollar amount followed by checks processed in check number order beginning with the lowest check number to the highest check number.
3. Transactions resulting from the use of your debit or ATM card including ATM withdrawals, point-of-sale debit card transactions and recurring debit card transactions, and internal account transfers are batched together and processed in the order of lowest to highest dollar amount.
4. All Bank fees and service charges will be assessed.
5. Any ACH items that are paid based on the Bank's discretionary decision when there are insufficient funds in your account to cover the ACH item. These decisions may be made outside of the Standard Overdraft Honor Program. These ACH Items will post lowest to highest dollar amount.
6. Any Check Items that are paid based on the Bank's discretionary decision when there are insufficient funds in your account to cover the Check Items. These decisions may be made outside of the Standard Overdraft Honor Program. Checks without a check number are processed in the order of lowest to highest dollar amount followed by checks processed in check number order beginning with lowest check number to the highest check number.
7. Any interest earned.
Payment of Checks & Withdrawals
We will honor all properly payable checks drawn on your account, including “remotely created checks” that do not bear your signature but which indicate they have been authorized by you, if there are sufficient available funds in your account for their payment. We are not obligated to pay any check drawn on your account for which there are insufficient available collected funds on deposit. We reserve the right and you grant us the right to charge a fee to non-customers on presentment of a check for immediate payment. You may only use checks furnished or pre-approved by us. We may pay any check regardless of whether or not it contains a restrictive legend or regardless of the date written on the check or even if it is not dated. However, we reserve the right not to pay any check that is more than six months old. You agree to indemnify us from any losses resulting from improperly placed endorsements. We may charge back any returned deposit items against your account. We may require you to furnish satisfactory identification before you withdraw money from your account. You are liable for the improper use of, or your failure to control, your facsimile signature stamp. We are not obligated to verify and shall be held harmless by you for paying any dual signature checks that do not have two signatures.
You may request that we stop payment on an unpaid check or item, including an electronic item, such as an ACH. You must allow us a reasonable time (a minimum of one business day for a check and three business days for a scheduled electronic payment (ACH)) to implement your stop payment order. You may request a stop payment by telephone, in person, via internet banking, or in writing. You must provide us with the following information, which must be complete and correct: your name, account number, date the item was issued or transaction date, the amount, the payee, and the check number, if applicable. Stop payment requests on checks are valid for six months or until we receive notice that the stop payment has been revoked. You may renew stop payments on checks for additional six- month periods prior to the expiration of the current stop payment order. If you allow a stop payment order to expire before you renew it, we may pay the check without liability to you during the period between the expiration of the stop payment and the placing of a new stop payment order. If your account is a personal (consumer) or business account, you may stop payment on a single electronic debit entry or on multiple debit entries. A stop payment order on a consumer or business account electronic debit entry will remain in effect until the earlier of (1) your withdrawal of the stop payment or (2) the return of the debit entry, or where a stop payment order is applied to more than one debit entry under a specific authorization involving a specific originator (payee), until the return of all such debit entries. If you wish to block all future payments related to a particular authorization or originator, we may ask you to confirm to us in writing that you have revoked the authorization directly with the originator.
Pursuant to the Bank's Account Rules, you agree to pay us the amount of any overdraft and applicable fees immediately, without notice or demand from us. Each account holder for your account is jointly and severally responsible under these Account Rules for paying any amount due to us.
Right of Set-Off
At any time, we may apply funds in your account, including benefits payment deposits, to pay any debt due us except as prohibited by law. If your account is a joint account, we may apply any portion of the funds to pay the debt of all or any joint account holder. We will notify you promptly in writing if we take such action.
You hereby grant a security interest in your account (including without limitation any account held jointly or by the entireties) to us and to each of our affiliates as collateral for any and all indebtedness owed by you to us or any of our affiliates, however or whenever incurred or evidenced, except for indebtedness incurred by you for personal, family, or household purposes under a credit card plan. This security interest is in addition to our right of setoff against your account.
We will send you monthly periodic statements by mail, unless you have agreed to receive online statements. You agree to examine your statement and check images with "reasonable promptness." If you discover (or reasonably should have discovered) any unauthorized signature, alteration or other irregularity, you must promptly notify us of the relevant facts. You agree that the time you have to examine your statement and check images and report to us will depend on the circumstances, but will not, in any circumstance, exceed a total of 30 calendar days from when the statement is first sent or made available to you. You agree that if you fail to notify us of any unauthorized signature, alteration or other irregularity in your account within 30 calendar days after the statement was first sent or made available to you, you cannot assert against us (1) any unauthorized signature, alteration or other irregularity if we will suffer a loss as a result of your failure to notify us within the 30-day period, or (2) any unauthorized signature, alteration or transaction by the same wrongdoer on any item paid or transaction completed after the 30-day period. You also agree that if you fail to notify us of any unauthorized signature, alteration or other irregularity within 60 calendar days after the statement was first sent or made available to you, 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, without regard to whether we used ordinary care. You also agree to notify us of any errors regarding electronic transactions within required regulatory timeframes as outlined in the Electronic Funds Transfer Disclosure provided to you at account opening and available at www.mymemorybank.com. For any claim made by you alleging an unauthorized signature, alteration or other wrongful transaction on your account, you agree to make timely claim against all applicable policies of insurance and, if we request, to file a police report and cooperate fully in any investigation of or prosecution related to the alleged wrongdoing; as between you and us, your failure to do any such act will constitute your ratification of the alleged wrongdoing.
If you make a deposit, we may provide a receipt, but the amount on your deposit receipt is based entirely on the deposit slip you complete. We may confirm the funds you deposit and, after review, may adjust your account for any errors including any errors on your deposit slip. The amount of your deposit (including any adjustment) will appear on your account statement. If an adjustment to your deposit is made, it will appear as “Deposit Correction” on your statement.
Federal Reserve Requirements
For certain categories of deposits, banks are required to maintain on deposit with the Federal Reserve Bank a portion of those deposits. From time to time, but no more than six (6) times per month, MemoryBank will transfer funds from your transaction (checking) account to a non-transaction account. This is an internal procedure that has no effect on your monthly periodic statement, availability of funds, your FDIC insurance coverage, or any of the other terms disclosed herein.
Modification of Terms
We reserve the right to modify the terms and conditions herein, at any time, at our sole discretion, subject to any prior notice requirements as may be required by law.
Your account can be closed at any time for any reason by either you or the Bank. We may require your account to remain open until all outstanding items clear your account. We will close your account if you notify us that your checks have been lost or stolen. If there is a collected balance when you close your account, we will forward the funds to you.
Joint Account Rules
If your account is a joint account, all funds in it are owned jointly by each of the persons named on the account. At any time, any one of you may withdraw the full amount on deposit. Each joint owner appoints any other owner as his/her attorney-in-fact with the power to endorse or deposit checks or other items which may be payable to one or more joint account owners. In some instances, we may reserve the right to require individual endorsements. Survivorship rights apply to any joint account, unless the Bank and all joint account owners have entered into a written agreement to the contrary.
Death of an Account Owner
If you or a joint owner of your account dies, we may require certain documentation necessary to certify that death or substantiate that a particular individual has been appointed officially as the administrator/executor of the applicable estate. The survivor(s) on a joint account must notify us of any other owner's death.
We may charge your account for services according to our Fee Schedule in effect at the time we perform the services. A copy of our Fee Schedule was provided to you at account opening and is available at www.mymemorybank.com. You will be notified of any fee changes as required by law.
Certain promotional bonuses and fee reimbursements may require tax reporting. We will provide you a 1099-INT or 1099-MISC for this purpose, when applicable.
If your account is authorized for electronic transactions, including telephone, fax, and internet transactions and you initiate the transaction via one of these means, we will rely on your verbal or electronic authorization to process the transaction.
When you give us your phone number, we have your permission to contact you at that number about all your MemoryBank accounts. Your consent allows us to use artificial or prerecorded voice messages and automatic dialing technology for informational and account service calls, but not for telemarketing or sales calls. It may include contact from companies working on our behalf to service your accounts. If the phone number you provide is your cell phone number, you give us consent to use text message in addition to the communication methods listed above for informational and account service messages, but not for telemarketing or sales messages. Message and data rates may apply. To opt-out of this service or update your preferences, call us at 1 (877) 757-3400.
Or, write us at: MemoryBank
Attn: Client Service
601 West Market Street
Louisville, Kentucky 40202
Credit Bureau Reports
We reserve the right and you agree that we may request and review a credit bureau report at any time in connection with our ongoing review or collection of your account
Reporting of Negative Credit Information
We may report information about your account to credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.
Customer Identification Program Notice
In order to help the government fight the funding of terrorism, money laundering activities, and identity theft, the USA PATRIOT Act requires all financial institutions to obtain, verify, and record information that identifies each person or business that opens an account.
What that means to you is that when you open an account with MemoryBank, we will ask for your name, street address, taxpayer identification number, date of birth, and other information that will allow us to identify you. We will also ask to see an unexpired, government-issued, photo ID or other similar document.
READ THIS ARBITRATION PROVISION CAREFULLY. IT WILL GOVERN ANY AND ALL CLAIMS AND DISPUTES ARISING IN CONNECTION WITH YOUR ACCOUNT AND WILL HAVE A SUBSTANTIAL IMPACT ON THE WAY YOU OR WE WILL RESOLVE ANY SUCH CLAIM OR DISPUTE, NOW OR IN THE FUTURE. FOR EXAMPLE, WE CAN REQUIRE INDIVIDUAL ARBITRATION OF ANY LEGAL DISPUTE BETWEEN YOU AND US REGARDING THE ACCOUNT (EXCEPT A SMALL CLAIM YOU BRING INDIVIDUALLY) AND YOU WILL NOT HAVE THE RIGHT TO BRING OR PARTICIPATE IN ANY CLASS ACTION OR SIMILAR PROCEEDING IN COURT OR IN ARBITRATION. HOWEVER, THIS ARBITRATION PROVISION WILL NOT APPLY TO ANY CLAIM THAT IS THE SUBJECT OF A CLASS ACTION FILED IN COURT THAT IS PENDING AS OF THE EFFECTIVE DATE OF THIS ARBITRATION PROVISION IN WHICH YOU ARE ALLEGED TO BE A MEMBER OF THE PUTATIVE CLASS.
1. Parties Subject to Arbitration; Certain Definitions: Solely as used in this Arbitration Provision: (a) the terms "we," "us" and "our" include: (i) Republic Bank & Trust Company and/or Republic Bank, their parents, subsidiaries and affiliates, their successors, if any, and the employees, officers, directors and controlling persons of all such companies and banks (the "Bank Parties"); and (ii) any other person or company who provides any services in connection with the account if you assert a Claim against such other person or company at the same time you assert a Claim against any Bank Party; (b) the terms "you" and "your" include each holder or owner of the account, each person who signs a signature card for the account, and their respective heirs, successors, representatives and beneficiaries (including pay-on-death and similar beneficiaries); and (c) the term "account" includes the account established by the Account Rules and any updated or substitute account for the same accountholders, whether or not you execute a new or substitute signature card for the account.
2. Covered Claims: "Claim" means any claim, dispute or controversy between you and us (other than an Excluded Claim or Proceeding set forth in paragraph 3) that in any way arises from or relates to the Account Rules, the account, any other contracts, agreements, policies or programs between you and us relating to your account, the relationship between you and us or any product, service or disclosure provided by us to you, any ATM Card, debit card, check card or similar card, any account transaction or attempted transaction (including deposits, payments, transfers and withdrawals, whether by check, card, ACH or otherwise), overdraft protection services, any overdraft line of credit or overdraft transfer agreement, non-sufficient funds and overdraft items, and the advertising, disclosures, practices and procedures related to any of the foregoing. "Claim" includes disputes arising from actions or omissions prior to the time this Arbitration Provision becomes part of the Account Rules. "Claim" has the broadest possible meaning, and includes initial claims, counterclaims, cross-claims and third-party claims. It includes disputes based upon contract, tort, consumer rights, fraud and other intentional torts, constitution, statute, regulation, ordinance, common law and equity (including any claim for injunctive or declaratory relief).
3. Excluded Claim or Proceeding: Notwithstanding the foregoing, "Claim" does not include any dispute about the validity, enforceability, coverage or scope of this Arbitration Provision or any part thereof (including, without limitation, paragraph 7, captioned "Prohibition Against Certain Proceedings" (the "Class Action Waiver"), the final sentence in paragraph 13, captioned "Severability," and/or this sentence); all such disputes are for a court and not an arbitrator to decide. However, any dispute about the validity or enforceability of the Account Rules as a whole is for the arbitrator, not a court, to decide. In addition, the following claims or proceedings will not be the subject of this Arbitration Provision: (a) any individual action brought by you in small claims court or your state's equivalent court, unless such action is transferred, removed or appealed to a different court; (b) the exercising of any self-help rights, including set-off; or (c) any individual action in court by one party that is limited to preventing the other party from using a self-help remedy and that does not involve a request for damages or monetary relief of any kind. The institution and/or maintenance of any such right, action or litigation shall not constitute a waiver of the right of either party to compel arbitration regarding any other dispute subject to arbitration pursuant to this Arbitration Provision. Moreover, this Arbitration Provision will not apply to any Claims that are the subject of a class action filed in court that is pending as of the effective date of this Arbitration Provision in which you are alleged to be a member of the putative class.
4. Electing Arbitration: To the extent permitted by the Federal Arbitration Act (the "FAA") and any other applicable federal law, arbitration may be elected by either party with respect to any Claim, even if that party has already initiated a lawsuit with respect to a related or different Claim. Arbitration is elected by giving a written demand for arbitration to the other party, by filing a motion to compel arbitration in court or by initiating an arbitration proceeding against the other party. If a party files a lawsuit in court asserting Claim(s) that are subject to arbitration and if a court grants the other party's motion to compel arbitration of such Claim(s), it will be the responsibility of the party prosecuting the Claim(s) to commence the arbitration proceeding.
5. Choosing the Administrator: "Administrator" means the American Arbitration Association ("AAA"), 1633 Broadway, 10th Floor, New York, NY 10019, www.adr.org.; JAMS, 620 Eighth Avenue, 34th Floor, New York, NY 10018, www.jamsadr.com; or any other company selected by mutual agreement of the parties. The rules and forms of the AAA and JAMS may be obtained on their web sites listed above or by writing to them at the above addresses. If both AAA and JAMS cannot or will not serve and the parties are unable to select an Administrator by mutual consent, the Administrator will be selected by a court. The arbitrator will be appointed by the Administrator in accordance with the rules of the Administrator. However, the arbitrator must be a retired or former judge or a lawyer with at least 10 years of experience. The party initiating an arbitration may select the Administrator by filing a Claim with the Administrator of that party's choice. Notwithstanding any language in this Arbitration Provision to the contrary, no arbitration may be administered, without the consent of all parties to the arbitration, by any Administrator that has in place a formal or informal policy that is inconsistent with the Class Action Waiver.
6. Court and Jury Trials Prohibited; Other Limitations on Legal Rights: FOR CLAIMS SUBJECT TO ARBITRATION, YOU WILL NOT HAVE THE RIGHT TO PURSUE THAT CLAIM IN COURT OR HAVE A JURY DECIDE THE CLAIM. ALSO, YOUR ABILITY TO OBTAIN INFORMATION FROM US MAY BE MORE LIMITED IN AN ARBITRATION THAN IN A LAWSUIT. OTHER RIGHTS THAT YOU WOULD HAVE IF YOU WENT TO COURT MAY ALSO NOT BE AVAILABLE IN ARBITRATION.
7. Prohibition Against Certain Proceedings: NOTWITHSTANDING ANY OTHER LANGUAGE IN THIS ARBITRATION PROVISION TO THE CONTRARY, FOR CLAIMS SUBJECT TO ARBITRATION: (1) YOU MAY NOT PARTICIPATE IN A CLASS ACTION IN COURT OR IN A CLASS-WIDE ARBITRATION, EITHER AS A PLAINTIFF, CLASS REPRESENTATIVE OR CLASS MEMBER; (2) YOU MAY NOT ACT AS A PRIVATE ATTORNEY GENERAL IN COURT OR IN ARBITRATION; (3) CLAIMS BROUGHT BY OR AGAINST YOU MAY NOT BE JOINED OR CONSOLIDATED WITH CLAIMS BROUGHT BY OR AGAINST ANY OTHER PERSON; AND (4) THE ARBITRATOR SHALL HAVE NO POWER OR AUTHORITY TO CONDUCT A CLASS-WIDE ARBITRATION, PRIVATE ATTORNEY GENERAL ARBITRATION OR MULTIPLE-PARTY ARBITRATION. THIS PARAGRAPH DOES NOT APPLY TO ANY LAWSUIT OR ADMINISTRATIVE PROCEEDING FILED AGAINST US BY A STATE OR FEDERAL GOVERNMENT AGENCY EVEN WHEN SUCH AGENCY IS SEEKING RELIEF ON BEHALF OF A CLASS OF BORROWERS INCLUDING YOU. THIS MEANS THAT WE WILL NOT HAVE THE RIGHT TO COMPEL ARBITRATION OF A CLAIM BROUGHT BY SUCH AN AGENCY.
8. Location and Costs of Arbitration: Any arbitration hearing that you attend must take place in a venue reasonably convenient to where you reside. We will pay any and all fees of the Administrator and/or the arbitrator if applicable law or the Administrator's rules require us to, if and to the extent you prevail in the arbitration or if you make a written request for us to pay such fees and you act reasonably and in good faith. We will always pay any fees or expenses that we are required to pay for this Arbitration Provision to be enforced. If we elect to require arbitration of a Claim you initiate, we will pay your reasonable attorneys' and experts' fees if and to the extent you prevail. Also, we will bear any such fees if applicable law requires us to or to the extent required for this Arbitration Provision to be enforced. Regardless of the outcome of the arbitration, we will not seek from you reimbursement of any of the fees of the Administrator and arbitrator or our attorneys' fees and expert costs unless we are permitted to recover such fees from you under the Account Rules or any other contract or agreement between you and us and applicable law.
9. Governing Law: This Arbitration Provision involves interstate commerce and is governed by the FAA and not by any state arbitration law. The arbitrator must apply applicable substantive law consistent with the FAA and applicable statutes of limitations and claims of privilege recognized at law. The arbitrator may award any remedy provided by the substantive law that would apply if the action were pending in court, including, without limitation, punitive damages (which shall be governed by the Constitutional standards employed by the courts) and injunctive, equitable and declaratory relief. At the timely request of either party, the arbitrator must provide a brief written explanation of the basis for the award.
10. Right to Discovery: In addition to the parties' rights to obtain discovery pursuant to the arbitration rules of the Administrator, either party may submit a written request to the arbitrator to expand the scope of discovery normally allowable under such rules.
11. Arbitration Result and Right of Appeal: Judgment upon the arbitrator's award may be entered by any court having jurisdiction. The arbitrator's decision is final and binding, except for any right of appeal provided by the FAA. However, if the amount of the Claim exceeds $50,000 or involves a request for injunctive or declaratory relief that could foreseeably involve a cost or benefit to either party exceeding $50,000, any party can, within 30 days after the entry of the award by the arbitrator, appeal the award to a three-arbitrator panel administered by the Administrator. The panel shall reconsider anew any aspect of the initial award requested by the appealing party. The decision of the panel shall be by majority vote. Reference in this Arbitration Provision to "the arbitrator" shall mean the panel if an appeal of the arbitrator's decision has been taken. The costs of such an appeal will be borne in accordance with paragraph 8 above, captioned "Location and Costs of Arbitration."
12. Rules of Interpretation: This Arbitration Provision shall survive the closing of the account, any legal proceeding and any bankruptcy to the extent consistent with applicable bankruptcy law. In the event of a conflict or inconsistency between this Arbitration Provision, on the one hand, and the applicable arbitration rules or the other provisions of the Account Rules, on the other hand, this Arbitration Provision shall govern.
13. Severability: If any portion of this Arbitration Provision, other than the Class Action Waiver, is deemed invalid or unenforceable, the remaining portions shall nevertheless remain in force. If a determination is made that the Class Action Waiver is unenforceable, only this sentence of the Arbitration Provision will remain in force and the remaining provisions shall be null and void, provided that the determination concerning the Class Action Waiver shall be subject to appeal.
14. Notice and Cure; Special Payment: Prior to initiating a Claim, you may give us a written Claim Notice describing the basis of your Claim and the amount you would accept in resolution of the Claim, and a reasonable opportunity, not less than 30 days, to resolve the Claim. Such a Claim Notice must be sent to us by certified mail, return receipt requested, at MemoryBank, Attn. General Counsel, 601 W. Market St., Louisville, KY 40202. This is the sole and only method by which you can submit a Claim Notice. Upon receipt of a Claim Notice, we will credit your account for the standard cost of a certified letter. If (i) you submit a Claim Notice in accordance with this paragraph on your own behalf (and not on behalf of any other party); (ii) you cooperate with us by promptly providing the information we reasonably request; (iii) we refuse to provide you with the relief you request; and (iv) the matter then proceeds to arbitration and the arbitrator subsequently determines that you were entitled to such relief (or greater relief), you will be entitled to a minimum award of at least $7,500 (not including any arbitration fees and attorneys' fees and costs to which you will also be entitled). We encourage you to address all Claims you have in a single Claim Notice and/or a single arbitration. Accordingly, this $7,500 minimum award is a single award that applies to all Claims you have asserted or could have asserted in the arbitration, and multiple awards of $7,500 are not contemplated.Back To Top
MEMORYBANK FUNDS AVAILABILITY POLICY
It is the policy of MemoryBank, a division of Republic Bank & Trust Company (hereinafter referred to as "Bank", "We", and "Us"), to provide the most reasonable availability of funds for deposited items.
Availability of Deposits
We make your funds available in accordance with Federal regulatory requirements and our check-clearing schedule. Generally, this allows checks to be available on the first business day after the business day of deposit. If your check is cleared through electronic presentment, those funds may be available sooner. Electronic deposits are available on the effective date of the deposit. Once funds are available, you can withdraw the funds in cash or electronically or we will apply your available funds on deposit to pay checks or other items you have authorized.
For determining the availability of your deposits, each day except Saturday, Sunday, and federal holidays is considered a business day. We consider your item deposited when it is received before the local cut-off time for your banking center on a business day. If we receive your deposit after the local cut-off time or on a day that is not a business day, it will be considered to be received on the next business day. The local cut-off time is posted at each banking center.
In some instances, a merchant or other payee may convert your paper check into a "presentment notice" and present it electronically for payment on your account. Presentment notices are considered electronic funds transfers and may clear your account more quickly than regular checks. For further information about electronic transactions, please consult the Electronic Funds Transfer Disclosure provided to you at account opening or available at www.mymemorybank.com.
If you make a deposit at a Republic Bank Automated Teller Machine (ATM), you can withdraw the first $200 of all aggregate deposits on the next business day after the day of your deposit. Deposits of cash or checks drawn on a MemoryBank account at a Republic Bank ATM may be withdrawn on the next business day after the day of the deposit. Any other deposited item at a Republic Bank ATM will be available for withdrawal on the second business day after the day of the deposit. Any deposit made at an ATM after the posted ATM cut-off time or on a Saturday, Sunday or federal holiday will be considered to be made on the next business day.
Next Day Availability
Some deposited items are available on the first business day after the day of your deposit, including:
- U.S. government checks that are payable to you
- Wire transfers or other electronic payments
- Checks drawn on MemoryBank or Republic Bank & Trust Company
If you make the deposit in person to a Republic Bank & Trust Company employee, funds from the following deposits are also available on the first business day after the day of your deposit:
- State and local government checks that are payable to you. The state or local government entity must also be located in the same state as Republic.
- Cashier's and certified checks that are payable to you.
- Federal Reserve Bank checks, Federal Home Loan Bank checks, and U.S. postal money orders payable to you.
If your deposit is not made in person to one of our employees (e.g., if it is mailed to the Bank), funds from those deposits will generally be available on the second business day after the day we receive your deposit.
When a Longer Delay May Apply
On a case-by-case basis, we may not make deposited funds drawn on another depository institution available for withdrawal on the next business day. However, the first $200 of your aggregate deposits will be available on the first business day after the day of your deposit. If we do not make all of your funds available to you on the next business day after the day of your deposit, we will notify you of the case-by-case hold at the time that you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, we will mail or provide you the notice by the next business day after we receive your deposit.
Your deposited funds may not be made available for an additional number of days in certain instances, such as:
- We believe the deposited check is uncollectible;
- You make deposits in any one day that exceed $5,000;
- You redeposit a check that has been returned unpaid;
- Your account was overdrawn on six or more business days in the preceding six months or your account was overdrawn by $5,000 or more on two or more business days during the preceding six months; or
- Certain emergency conditions prevent the availability of normal banking services.
If we delay the availability of your funds for any of the above reasons, we will notify you and will tell you when the funds will be available. We may not immediately know when your funds will be available. If this is the case, we will mail or provide you a notice by the next business day following your deposit. Generally, in these instances, funds will be available no later than the seventh business day after the day of your deposit. Extended holds of this nature are referred to as exception holds.
Special Rules for New Accounts
If you or any joint owner on your account has not had a previous deposit relationship with us, for the first thirty (30) days after establishing a deposit account relationship you may be subject to a new account exception hold. For new accounts, we may hold the entire balance of any deposits that you make into your account.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Deposits consisting of cash; wire transfers; U.S., state and local government checks; cashier's check; certified checks; U.S. postal money orders; traveler's checks and checks drawn on a MemoryBank or Republic account will generally be available on the next business day after the day of your deposit. These items must be made payable to you.
For all other items deposited into a new account, funds could be held up to seven business days from the date of the deposit.
MemoryBank may make exceptions to this policy to the extent permitted by law. Additional specialized rules may apply for cash withdrawals and deposits made outside the continental United States. If you have any additional questions, please contact us at 1 (877) 757-3400.Back To Top
MEMORYBANK ELECTRONIC FUNDS TRANSFER DISCLOSURE STATEMENT AGREEMENT
This Agreement and disclosure statement (“Agreement”) applies to any Debit Card issued by MemoryBank, a division of Republic Bank & Trust Company (“Bank”, “We”, “Us,” or “Our”). By signing an application for or using the Debit Card, you agree to be bound by the provisions of this Agreement. (“You,” “Your,” and “Yours” refer to each person who signs an application for or uses the Debit Card). This disclosure also sets forth your rights and obligations as a user of MemoryBank’s electronic funds transfer services. It is also a statement of MemoryBank’s rights and obligations as a provider of electronic fund transfer services.
Tell us AT ONCE if you believe your Debit Card or Personal Identification Number (PIN)has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account(including your Overdraft Honor or Ready Reserve amount). If you tell us within (2)business days after you learn of the loss or theft of your Debit Card or PIN, you can lose no more than $50 if someone used your Debit Card or PIN without your permission. If you do NOT tell us within (2) business days after you learn of the loss or theft of your Debit Card or PIN, and we can prove we could have stopped someone from using your Debit Card or PIN without your permission if you had told us, you could lose as much as$500. Also, if your account statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within (60)calendar days after the statement was mailed to you, you may not get back any money you lost after the (60) calendar 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.
TELEPHONE NUMBER AND ADDRESS TO BE USED IN THE EVENT OF AN UNAUTHORIZED TRANSFER
If you believe your Debit Card or PIN has been lost or stolen or that someone has transferred or may transfer money from your account without your permission: Call us at 1 (877) 757-3400. Our Customer Service Professionals are available to assist you 7:30AM to 8:00 PM (EST).
Or, write to us at: MemoryBank
Attn: Client Service
601 West Market Street
Louisville, Kentucky 40202
You should also call the number or write to the address listed above if you believe a transfer has been made using the information from your check without your permission.
MEMORYBANK BUSINESS DAYS
For purposes of these disclosures our business days are Monday through Friday. Transactions processed after the end of a business day will be counted on the next business day. The period from the end of Friday’s business day until the beginning of the next business day is considered part of the next business day. Bank holidays are NOT considered a business day.
TYPES OF AVAILABLE TRANSFERS
(a) Terminal transactions: Some of these transactions may not be available at all terminals. You may use your Debit Card to:
1. Purchase goods or services from any merchant or company that accepts Mastercard.*
2. Obtain cash from any financial institution that accepts Mastercard.*
3. Withdraw cash from your MemoryBank account at any Automated Teller Machine (ATM).**
4. Obtain balance information from your MemoryBank account at any participating ATM.**
5. Make deposits to your MemoryBank account at Republic Bank proprietary ATMs.
6. Transfer funds between your MemoryBank accounts whenever you request.
7.Pay bills directly from your account in the amounts and on the days you request.
*You agree to sign a sales draft ("draft") or withdrawal slip for each purchase or cash withdrawal and credit voucher originated by the use of your Debit Card.
** Non-Republic ATM transactions will be assessed a fee per transaction. Please refer to our established fee schedule for rate of charge.
(b) Electronic Check Conversion: You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to (i) pay for purchases or (ii) pay bills.
(c) Prearranged Transfer: You may also authorize MemoryBank to automatically debit or credit your account to or from third parties including:
1. Accept certain direct deposits to your MemoryBank account.
2. Pay certain recurring bills from your MemoryBank account.
3. (a) Provisional Payment: Credit given by us to you with respect to an automated clearing house (ACH) credit entry is provisional until we receive final settlement for such entry through a Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry, and the party making the payment to you via such entry (i.e. the originator of the entry shall not be deemed to have paid you in the amount of such entry.)
3. (b) Notice of Receipt of Entry: Under the operating rules of the National Automated Clearing House Association, which are applicable to ACH transactions involving your MemoryBank account, we are not required to give next-day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statement we provide to you.
3. (c) Choice of Law: We may accept on your behalf, payments to your MemoryBank account which have been transmitted through one or more ACH transactions and which are not subject to the Electronic Funds Transfer Act. Your rights and obligations with respect to such payments shall be construed in accordance with and governed by the law of the state where your account was opened.
LIMITATIONS ON USE OF YOUR DEBIT CARD
When you want to use your Debit Card to purchase goods or services from a merchant or company or to make cash withdrawals from a financial institution, that merchant, company or financial institution may be required to obtain authorization for transactions over a certain dollar amount. As a security measure, we may limit the amount which may be withdrawn from your checking account by the Debit Card over certain periods of time. The use of your Debit Card may otherwise be limited by us at our discretion, and the privilege of using your Debit Card in no way constitutes an absolute right to withdraw funds from your checking account through the use of your Debit Card. If a transaction is approved, we reserve the right to place a hold on your checking account or your Debit Card for the approved amount.
This means we may not approve subsequent transactions and we may not pay other items drawn on your checking account even if the approved transaction is not completed. We will have no liability to you if, as a result of holds placed on your checking account when we approve any authorized use of your Debit Card, we refuse to pay any check, draft or other item drawn on your checking account. We will also have no liability to you if we do not authorize your use of the Debit Card for any reason.
There are limits on the number of transactions you can make and the dollar amount you can withdraw from ATMs each business day. The default daily limits on dollar amounts for our checking products is $1,500 for point-of-sale (POS) and $510 for ATM withdrawals*. You can conduct 40 POS transactions and 20 ATM transactions each day. For additional information regarding your spending limits, please call us at 1 (877) 757-3400.
*Please consider any applicable ATM fees as these will be applied to your ATM withdrawal amount.
DISCLOSURE OF CHARGES FOR ELECTRONIC FUND TRANSFER ACTIVITY
(a) Transactions at a Republic Bank ATM--There are no extra charges for the initiation of (or the right to initiate) electronic fund transfers to or from any of your MemoryBank accounts in addition to the normal charges that apply to the account.
(b) Non-Republic Bank ATM transactions will be assessed a fee per transaction. Please refer to our established fee schedule for rate of charge.
(c) If you request a stop payment of any electronic banking transaction, you may be assessed a stop payment fee per item. Please refer to our established consumer fee schedule for rate of charge.
(d) If any electronic banking transaction is returned or there are insufficient funds in your account to complete your transaction, you may be assessed a fee per returned and/or NSF transaction. Please refer to our established consumer fee schedule for rate of charge.
(e) There will be a three-percent (3%) of the transaction amount fee assessed to all transactions occurring and/or billed in foreign countries.
(f) When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (including fees for a balance inquiry even if you do not complete a fund transfer).
(g) If you choose to have a card rushed to you, there will be a Rush Card Fee. Please refer to our established fee schedule for rate of charge.
RIGHT TO STOP PAYMENT AND PROCEDURE FOR DOING SO
If you have told us in advance to make regular payments out of your account, you can stop any of these payments. To cancel payments, call us at 1 (877) 757-3400 or write to us at:
Attn: Client Service
601 West Market Street
Louisville, Kentucky 40202
in time for us to receive your request three (3) business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within fourteen (14) business days after you call. Please refer to our established fee schedule for rate of charge.
You can establish prearranged transfers on your MemoryBank account. If the amounts of the prearranged transfers vary, the person or company you are scheduled to pay will tell you when the payment will be made and how much it will be at least ten (10) days before each payment. (You may choose instead to get this notice only when 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). If you order us to stop one of these payments three (3) business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
Purchases and ATM transactions occurring and/or billed in foreign countries will be debited to your checking account in U.S. dollars. The rate of exchange between the Transaction Currency and the Billable Currency used for processing of international transactions is the wholesale market rate or the government-mandated rate in effect on the processing date, increased by three percent. There will be a three-percent (3%) of the transaction amount fee assessed to all transactions occurring and/or billed in foreign countries.
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 exceptions. We will not be liable, for instance:
1. If through no fault of ours, you do not have enough money in your account to make the transfer.
2. If you are attempting to draw against deposits of checks, drafts or other non- cash items that have not yet been collected. Generally, a check is collected when we present it to the bank it is drawn on and that bank pays us its value.
3. If you are attempting to draw against funds deposited in an ATM before the amount of your deposit has been manually verified by us and credited to your account.
4. If the transfer would exceed the credit limit on your overdraft line.
5. If the ATM where you are making the transfer does not have enough cash.
6. If the ATM was not working properly and you knew about the breakdown when you started the transfer.
7. If circumstances beyond our control (such as a fire or flood) prevent the transfer despite reasonable precautions that we may have taken.
8. If the funds in the account have been offset by MemoryBank in payment of a delinquent load or if the funds have been attached or otherwise proceeded against us as a result of a lawsuit that someone has brought against you or against a joint depositor on your account.
DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES
We will disclose information to third parties about your account or the transfers you make as follows:
1. Where it is necessary to complete transfers
2. In order to verify the existence and condition of your account for a third party such as a credit bureau or merchant
3. In the event we close your account due to a deficient balance or excessive overdrafts
4. In order to comply with government agency or court orders
5. If you give us your written permission
(a) Terminal Transfers. You can get a receipt at the time you make a transfer to or from your account using one of our ATMs.
(b) Preauthorized Credits. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at 1 (877) 757-3400 to find out whether the deposit has been made.
(c) Periodic Statements. You will get a monthly account statement.
IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC TRANSFERS contact us at the following address or phone number as soon as you can if you think yourstatement or receipt is wrong or if you need more information about a transfer listed on your statement or receipt.
Call us at: 1 (877) 757-3400
Or, write to us at: MemoryBank
Attn: Client Service
601 West Market Street
Louisville, Kentucky 40202
We must hear from you no later than sixty (60) days after we sent the FIRST statement onwhich the problem or error appeared.
a) Tell us your name and account number (if any).
b) Describe the error or transfer you are unsure about and provide a clear explanation whyyou believe it is an error or why you need more information.
c) Tell us the dollar amount of the suspected error.
If you tell us orally, we may require you send us your complaint or question in writingwithin ten (10) business days. If we ask you to put your compliant or question in writingand we do not receive it within 10 (ten) business days, we may not credit your Account.
We will investigate your complaint or questions and determine whether an error occurredwithin (10) ten 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) calendar days toinvestigate your complaint or question. If we decide to do this we will credit your Accountwithin ten (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.
For errors involving new accounts, point-of-sale transactions, or foreign initiatedtransactions, we may take up to ninety (90) days to investigate your compliant or question.For new accounts, we may take up to twenty (20) business days to re-credit your accountfor the amount you think is an error.
We will tell you the results of our investigation within three (3) business days aftercompleting our investigation. If we decide that there was no error, we will send you awritten explanation. You may ask for copies of the documents that we used in ourinvestigation.
If you have a problem with property or services purchased with your Card, you must first try in good faith to return them or give the merchant a chance to correct the problem before we can help you resolve the problem.
DUTY TO COOPERATE
If you report any unauthorized transaction on your account, you agree to cooperate with us in our investigation of your claim. This includes submitting, upon our request, a written statement containing whatever information we reasonably require concerning your account, the transaction in question and the circumstances surrounding the claimed loss. Your failure or refusal to cooperate with us in our investigation may impede or limit the scope of the investigation, making it more difficult for us to determine that an unauthorized transaction occurred.
Your Debit Card is NOT a credit card. If any draft originated by the use of your Debit Card results in an overdraft on your account, you will be notified. You agree to make immediate payment to us of the amount of such overdrafts together with such service charge or fee as set in forth your account Agreement. Please refer to our established fee schedule for rate of charge.
You agree to pay us immediately for the amount of any drafts originated by the use of your Debit Card that we are unable to charge to your account because it is closed or funds are otherwise unavailable. In such event, you also agree to discontinue the use of your Debit Card immediately and to return it to us.
CANCELLATION OF CARDHOLDER PRIVILEGES
We may refuse to issue a Debit Card and we may revoke your Debit Card privileges with or without cause or notice other than that required by federal or state law. Your Debit Card remains our property at all times and may be repossessed by us at any time. Upon cancellation of cardholder privileges, you must surrender the Debit Card to us or our authorized agent upon demand or knowledge of cancellation. You agree not to use or attempt to use an expired, revoked or otherwise invalid Debit Card. If the Debit Card is used other than as permitted by this Agreement, we may, at our option and without waiving any rights, recognize the transactions and debit or credit your account accordingly. The cancellation of Debit Card privileges, by you or by us, does not affect other rights and privileges under your account Agreement.
(1) We have no liability or responsibility if, for any reason, your Debit Card is not honored by any merchant, company, financial institution or at other business establishment. (2) The Agreements, rules and regulations governing your accounts will continue to apply to any of your obligations to us and our responsibilities to you which are not covered by this Agreement. (3) The term "Sales Draft" as used herein means the paper document approved by us for use when a transaction is originated by a Debit Card. (4) We may rely on your address appearing on your application for the Debit Card, until we receive written notice in a change of address from you. (5) We may modify or amend this Agreement, in whole or in part, upon reasonable written notice in compliance with Federal law and regulations. (6) If any provision of this Agreement and Disclosure Statement is declared to be invalid by any court of law or appropriate regulatory body, the remaining provisions of the Agreement and Disclosure Statement shall not be affected thereby. (7) The descriptive headings of this Agreement and Disclosure Statement are for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. (8) This Agreement will be governed by the laws of the Commonwealth of Kentucky. (9) When you give us your phone number, we have your permission to contact you at that number about all of your MemoryBank accounts. Your consent allows us to use text messaging, artificial or prerecorded voice messages and automatic dialing technology for informational and account service calls, but not for telemarketing or sales calls. It may include contact from companies working on our behalf to service your accounts. Message and data rates may apply.
Revised January 2019Back To Top
|Below Balance Fee
|ATM Fees||$0||Terminal surcharges may still apply to out-of-network ATMs1|
|Overdraft Fee||$36||per check or in-person, ATM or electronic withdrawal|
|Daily Overdraft Fee||$0||per business day|
|Returned Item Fee||$36||per item|
|Stop Payment Request||$36||per item|
|Account Closing Fee||$0|
|Cashier's Check||$0||per check|
|Return Deposit Fee||$12||per item|
|Debit Card Replacement Fee||$0|
|Rush Card Fee||$25||Next day fee upon request|
|International Rush Card Fee||$100|
|Monthly Paper Statement Fee||$3||not applicable to all accounts; consult your TISA disclosure.|
|Dormant Fee||$0||per month|
|Wire Transfer||$20||per wire after 30 days of account-opening. Any incoming wire occurring within the first 30 days from the date your account was opened will be refunded this fee.|
|USPS Certified Mail Fee||$7.50|
|Expedited Delivery Fee||Varies||based on requested service|
|Statement Reproduction Fee||$3||per statement|
|CD Generation Fee||$25||per item|
1You will not be charged for ATM transactions occurring outside of MemoryBank's member network. You may be assessed a fee by the terminal owner if outside MemoryBank's network. MemoryBank networks include Allpoint, MoneyPass, SUM, and Presto.Back To Top
|FACTS||WHAT DOES MEMORYBANK, A DIVISION OF REPUBLIC BANK & TRUST COMPANY, DO WITH YOUR PERSONAL INFORMATION?|
|Why?||Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.|
|What?||The types of personal information we collect and share depend on the product or service you have with us. This information can include:
|How?||All financial companies need to share customers' personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers' personal information, the reasons MemoryBank chooses to share, and whether you can limit this sharing.|
|Reasons we can share your personal information||Does MemoryBank share?||Can you limit this sharing?|
|For our everyday business purposes-
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
|For our marketing purposes-
to offer our products and services to you
|For joint marketing with other financial companies||No||We don't share|
|For our affiliates' everyday business purposes-
information about your transactions and experiences
|No||We don't share|
|For our affiliates' everyday business purposes-
information about your creditworthiness
|No||We don't share|
|For nonaffiliates to market to you||No||We don't share|
|Questions?||Call 1-877-757-3400 or go to www.mymemorybank.com|
|Who we are|
|Who is providing this notice?||MemoryBank, a division of Republic Bank & Trust Company.|
|What we do|
|How does MemoryBank
protect my personal information?
|To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.|
|How does MemoryBank
collect my personal information?
|We collect your personal information, for example, when you:
|Why can't I limit all sharing?||Federal law gives you the right to limit only:
|Affiliates||Companies related by common ownership or control. They can be financial and nonfinancial companies.
|Nonaffiliates||Companies not related by common ownership or control. They can be financial and nonfinancial companies.
|Joint Marketing||A formal agreement between nonaffiliated financial companies that together market financial products or services to you.|