Common use of Liability for Unauthorized Transfers Clause in Contracts

Liability for Unauthorized Transfers. Tell us AT ONCE if you believe your password has been lost or stolen or if you believe that an electronic funds 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 (plus your maximum overdraft line of credit) if you fail to notify us of your unauthorized electronic transfers promptly or if your account was accessed without your permission. If you notify us within two (2) business days, you will be liable for the lesser of (1) $50.00 or (2) the amount of any money, property, or services obtained by its unauthorized use prior to the time you gave us notice. If you believe your password has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call, email, or write us at the telephone number and address below. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.