Terms & Conditions

TERMS AND CONDITIONS OF THE BILL PAYMENT SERVICE

This is your bill paying agreement with Central Bank. You may use Central Bank’s bill paying service to direct Central Bank 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.

Throughout this document, the terms “you,” “your” and “yours” refer to the party using the services described. The terms “we,” “our,” “ours,” and “us” refer to Central Bank. Application Forms, any Service Rules that we provide to you in connection with a particular Service, and any clearinghouse, funds transfer system (e.g. Society for Worldwide Interbank Financial Telecommunications), Federal Reserve Operating Circulars, or other third-party association rules that apply to a particular Service (“Associations Rules”) and the Account Terms (as defined below) are all ancillary to this Agreement and are referred to herein as the "Associated Agreements."

SERVICE DEFINITIONS

Agreement - these terms and conditions of the bill payment service.
Biller - the person or entity to which you wish a bill payment to be directed or is the person or entity from which you receive electronic bills, as the case may be.
Bill Pay Account - the checking account from which bill payments will be debited.
Business Day - every Monday through Friday, excluding Federal Reserve holidays.
Due Date - the day you want your Biller to receive your bill payment; the date reflected on your Biller statement for which the payment is due; it is not the late date or grace period.
Scheduled - a payment that has been scheduled through the Service but has not begun processing.
Service - the bill payment service offered by Online Bill Payment through us.

Bill Payment Service - The Bill Payment service permits you to use your Internet-enabled device to direct payments from your designated online Bill Pay Account to third parties you wish to pay. Your Bill Pay Account must be a checking account. Through the Bill Payment service, you can pay bills from your Bill Pay Account to businesses or individuals.

All payments you make will be deducted from the account that you designate as your Bill Pay Account for the Bill Payment service. Any payments you wish to make through this service must be payable in U.S. dollars to a payee located in the continental United States.

Setting up Payees/Payments – if you want to add a new “payee”, select the “payee” tab located in the service or speak to a service representative. You may add a new fixed payment to a “payee” by accessing the service and entering the appropriate information. Most other additions, deletions, or changes can be made in writing or by using the service. We reserve the right to refuse the designation of a “payee” for any reason. You may pay any “payee” with-in the United States (including U.S. territories and APO’s/AEO’s). We are not responsible for payments that cannot be made due to incomplete, incorrect, or outdated information.

We reserve the right to restrict types of payees to whom payments may be made using the Service from time to time. You should not use the Bill Payment service to make payments to settle securities purchases, payments to interest bearing accounts, tax payments, or court ordered payments. Payments for these payees will be your sole responsibility if delayed or improperly processed or credited.

The Bill Paying Process

Single Payments – Single payments do not recur and are not made until you enter the payee and amount of the current bill and submit the payment. You will select a Due Date and a payment processing date will be designated by the system. The Due Date is an Estimated Arrival Date of our payment. This is only an estimate, so please allow ample time for your payments to reach your “Payees”. A single payment will be processed on the business day designated as the payment’s processing date, provided the payment is submitted prior to the daily cut-off time on that date. The daily cut-off time, which is controlled by us, is currently 2:00 pm Central Time. A single payment submitted after the cut-off time on the designated process date will be processed on the next business day. Payments cannot be scheduled on a non-business date (generally weekends and certain holidays).

Recurring Payments - You may choose to schedule payments to recur in the same amount at regular weekly, bi-weekly or monthly intervals (a "recurring payment"). A recurring payment will be paid automatically based on the frequency you set up. Based upon your selected frequency settings for the payment, a processing date is calculated for the next occurrence of the payment. If the calculated date is a non-business date, the processing date for the new occurrence of the payment is adjusted to the first business date prior to the calculated processing date. You may change payments that are recurring payments; however, you must allow at least three (3) business days after we receive any change to information you have given us about a payee to reflect the change in our records. (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 processing date, then the last calendar day of that month is used)

Available Funds - Funds must be available in your Bill Pay Account on the designated processing date for electronically transferred funds or on the in-clearing check date for bills paid by check. After funds are withdrawn from your Bill Pay Account to make a payment, we may make the payment either by transferring funds electronically to the payee or by mailing the payee a check.

If your Bill Pay Account does not have sufficient funds to make a payment on the designated processing date for electronically transferred funds, or on the in-clearing check date for bills paid by check, the transfer or payment will be cancelled for electronically transferred funds or returned to the payee for bills paid by check, and no further attempt will be made by us to make the transfer or payment. We shall have no obligation or liability if it does not complete a transfer or payment because there are insufficient funds in your account to process a transaction. In all cases, you are responsible for either making alternate arrangements for the payment or rescheduling the payment through the Service. In the case of recurring payments, only the payment currently scheduled will be cancelled. Recurring payments scheduled for future dates will not be affected.

Cancelling a Payment - The way to cancel or change a payment is to use the Service. Payments may be changed or cancelled using the Service up to 2:00 p.m. Central Time on the process day. If you ask us to cancel a payment after it is issued and we agree to do so, we may charge you a stop payment fee. Stop payment orders, whether oral, written, or electronic, will be in effect for a period of six months. If requested by us, you will confirm any stop payment order in writing. After six months, any stop payment will terminate and must be renewed in order to continue in effect. We may pay any item that is presented following the lapse of any stop payment order.

Stop Payment Requests - Stopping the payment of a check is different from the cancellation of a bill payment. Once the bill payment has been debited from your account, you CANNOT cancel or stop a bill payment, which has been paid electronically.

You may be able to stop a SYSTEM bill payment paid by paper draft by contacting us by telephone before the paper draft has cleared. (You will have to contact us by telephone to determine if the paper draft has cleared.) If the paper draft has not cleared, and we have a reasonable time to do so, we will process your stop payment request. We will notify you if the paper draft has already cleared.

Liability - You agree to allow at least five (5) business days for paper payments and two (2) business days for electronic payments between the date you schedule a payment to be initiated and the payment due date (that is, the due date shown on your invoice or provided in your agreement with the payee, not taking into account any applicable grace period). If you do not, you will be fully responsible for all late fees, finance charges or other action taken by the payee. If you schedule your payment and follow all instructions provided, and the payment is not received by the payee in a timely manner, a representative of Central Bank will work with the payee on your behalf to have any late fees or charges reversed.

We are only responsible for exercising ordinary care in processing and sending payments upon your authorization in accordance with this Agreement. We are not responsible for a bill payment that is not made if you did not properly follow the instructions for making a bill payment. You will be responsible for any bill payment request you make that contains an error or is a duplicate of another bill payment. We will not be liable in any way for damages you incur if you do not have sufficient funds in your Bill Pay Account to make the payment on the processing date, for delays in mail delivery, for changes to the payee's address or account number unless you have advised us of the change sufficiently in advance, for the failure of any payee to correctly account for or credit the payment in a timely manner, or for any other circumstances beyond our control.

Amendment – We have the right to change this agreement at any time by notice mailed to you at the last address shown for the account on our records, by posting notice in branches, by posting electronic notice, or as otherwise permitted by law.

Termination – We have the right to terminate this agreement at any time. You may terminate this agreement by written notice to us. We are not responsible for any fixed payment made before we have had a reasonable opportunity to act on your termination notice. You remain obligated for any payments made by us on your behalf.