Terms & Conditions

BUSINESS BILL PAY SERVICE TERMS AND CONDITIONS


PART A: GENERAL MATTERS

Part A sets forth general matters that apply to Business Bill Pay Service.

The Business Bill Pay Service allows you to make payments to third parties, subject to the terms and conditions set forth in Part C: Business Bill Pay Service Terms and Conditions. In order to initiate Payments through the Business Bill Pay Service you must first agree to the terms and conditions of the Business Bill Pay Service by making the proper designation on the Enrollment Form and Application. You must also make the proper designation on the Enrollment Form and Application that you agree to the terms and conditions of Exhibit A to the Enrollment Form.

After the Bank receives your Payment requests, the Bank will make your Payment either by: (a) transferring funds electronically from your Bill Pay Account to the Payee; or (b) electronically debit your Bill Pay Account in order to prepare a check and issuing it payable to the payee (the check may not be drawn off of your Bill Pay Account, and therefore may be drawn off the Bank’s vendor’s checking account).

PART B: DEFINITIONS AND FEES


Definitions.</B>
For purposes of these terms and conditions, the following terms shall be defined as follows:

“ACH” means an Automated Clearing House.

“Application” means the Grandpoint Treasury Services Application, including the Treasury Services Account Detail Addendum, Restricted Account Transfer Instructions Form, Zero Balance Account (ZBA) Instructions, ACH Setup Form, ACH Line Recommendation, Account Reconcilement/Positive Pay Application and any other document that the Bank may designate as part of the Application at any time and from time to time.

“Bank” along with the words, “we,” “our,” “us” and other similar terms means Grandpoint Bank or any of its designated processors for the Busines Bill Pay Service, ACH Service, Positive Pay Service or other Services.

“Bill Pay Account” means the checking account from which Payments will be debited.
“Busines Bill Pay Service” means the services described in Schedule A to this GTS Agreement, which allows you to make payments to third parties located in the United States.

“Business Day” means Monday through Friday. Holidays or any other day that the Bank is authorized or required to be closed are not included.

“Code” along with the word “Codes,” means the Company ID, System Administrator IDs, Authorized User IDs, user names, passwords, passmark photo and phrase, SiteKey, challenge questions, tokens and any other tool or method offered or required by the Bank as part of its epoint and/or Service to verify the authenticity of any Communication received by Bank in your name. Some Services also present to you the option to choose supplemental Security Procedures that (with the Codes) may be used to verify the authenticity of Communications.

“Customer” along with the words, “you,” your,” “account holder,” “Authorized User” and other similar terms means the customer of the Bank that has executed the Grandpoint Bank Treasury Services Enrollment Form, the Application and anyone else authorized by that customer to exercise control over that customer's funds through one or more Services.

“epoint” means the Bank’s online banking system.

“Enrollment Form” means the Grandpoint Bank Treasury Services Enrollment Form, which includes its Exhibits.

“Estimated Arrival Date” means the date determined by the Busines Bill Pay Service after you have designated a Process Date Date.

“Payee” means the person or entity to which you wish a Payment to be directed.

“Payment” means a payment made by you to third parties through the Busines Bill Pay Service.

“Payment Instructions” means the information provided by you to the Busines Bill Pay Service for a Payment to be made to the Payee (such as, but not limited to, Payee name, Payee account number and Estimated Arrival Date).

“Process Date” means the day you want your Payment through the Busines Bill Pay Service to begin processing and is also the day your Bill Payment Account will be debited, unless the Process Date falls on a non-Business Day in which case it will be considered to be the next Business Day.

The singular includes the plural. References to “person” include natural and non-natural persons (e.g., corporations, limited liability companies, partnerships, trusts and other non-natural legal entities). The term “or” is used to mean “and/or” or is used in the disjunctive, as the context may require. The term “include” means “including but not limited to” and that examples given or references made are illustrative but are not comprehensive. The term “may,” when used in reference to the Bank, means at our option and sole discretion. All references to time (for example, “1:00 p.m.”) refer to local time of the Bank, unless otherwise specified.

Fees and Charges. The fees and charges are set forth in the Bank Products and Standard Schedule of Fees and Charges (Fee Schedule). By previously executing the Grandpoint Treasury Services Agreement you have agreed to the fees and charges in the Fee Schedule and any other fees that Bank may impose as communicated to you by the Bank, which may be amended from time to time and are incorporated by this reference. Any fees incurred by you and imposed by the Bank may be reduced or eliminated pursuant to any earnings credits that you may have earned under an account analysis agreement or arrangement with the Bank.


PART C: BILL PAYMENT SERVICE TERMS AND CONDITIONS

The following terms and conditions apply to Customer’s use of the Busines Bill Pay Service.

Set up and Processing. You must designate the Bill Pay Account for which a Payment will be debited. In order to make a Payment to a third party, the Payee must be on your authorized list of Payees. You can add a Payee to your authorized list by using epoint. If the Business Bill Pay Service approves your Payee, then the Business Bill Pay Service will place the Payee on your list of authorized Payees.
If a Payment request “rejects” due to incorrect information (i.e. wrong account number), then the Bank will receive notification of the rejected Payment request from the Business Bill Pay Service on the Business Day following the Deliver By day. However, your Bill Pay Account may not be recredited for the rejected Payment request immediately if the Payee of the rejected Payment is an electronic payee. Specifically, the Bank will recredit your Bill Pay Account for a rejected Payment request when the Bank receives the credit from the Business Bill Pay Service. Also, you agree that if your Bill Pay Account receives the recredit for the rejected Payment request via ACH, then the Bank is not required to give you next day notice of the ACH credit and that notification is sufficient by posting the recredited amount to the Bill Pay Account via epoint and listing it on your periodic statement. You may resubmit the Payment request once you have sufficient available funds. You accept responsibility to correct the Payee information before resubmitting the rejected Payment.

Payment Instructions. You can pay bills periodically as you request to any of your Payees by providing the Business Bill Pay Service with your Payment Instructions. Payment Instructions consists of the following:
• Name, address and telephone number of your Payee;
• Payee account number;
• Amount of the payment for your Payee bill (the “Payment”);
• The Process Date; and
• Any other information necessary for the Business Bill Pay Service to issue a Payment on your behalf.
The Business Bill Pay Service not the Bank is responsible if a Payment is not made to a Payee because you provided the Business Bill Pay Service with incomplete, incorrect or outdated information regarding the Payee or you attempted to make a Payment to a Payee that is not on your list of authorized Payees.

Payment Limitations. No daily limit may exceed $99,999.99. You cannot use savings accounts to make a Payment. You may not be able to make a Payment if: (a) the Payment amount exceeds this daily limitation; (b) the Payment will cause your Bill Pay Account to be overdrawn; or (c) your Bill Pay Account has insufficient available funds. Also, notwithstanding the foregoing, the Bank has no obligation to execute a Payment. If the Bank does exercise this right, then the Bank will notify you as soon as is practicable that the Bank refused to execute a Payment. Unless required by law, in the event a Payment is returned for any or no reason, the Bank will not provide you with a return notice. The Bank will not be liable to you or any third party if a Payment is not made under these circumstances. You are solely responsible for making alternate arrangements for any such Payment.

Prohibited Payments. The following Payments are prohibited through the Business Bill Pay Service: (a) tax payments to the Internal Revenue Service or any state or other government agency; (b) court-ordered payments; or (c) payments to Payees outside the United States. The Bank will not notify you if you attempt to make a prohibited payment. The Bank will not be liable to you or any third party if the Bank makes or fails to make a prohibited payment that you scheduled in violation of these Bill Payment Service Terms and Conditions. You are solely responsible for making alternate arrangement for these prohibited payments.

Scheduling Payments. When you provide the Bank with Payment Instructions, you authorize the Bank to, and agree that the Bank may, following your Payment Instructions, debit your Bill Pay Account in the amount of the Payment and send the Payment on your behalf to the Payee on the Process Date Date. The Bank will not send any Payment or debit your Bill Pay Account unless and until you authorize the Bank to do so. You agree that the use of any of the Codes and the provision of your Payment Instructions will have the same effect as your signature authorizing the Bank to debit the amount of a Payment from your Bill Pay Account.

Cutoff Time. The Business Bill Pay Service is available to you 24 hours a day and 7 days a week (except at times where there are periods of unavailability due to maintenance or upgrades to epoint). The Bank must receive your Payment Instructions before 1:00 p.m. on the Business Day you designate as the Process Date. Specifically, the Bank will process your Payment Instructions at the end of the Business Day if you complete and transmit the Payment Instructions by 1:00 p.m. on the Process Date. Payment Instructions submitted after the cutoff time or on a non-Business Day will be considered to have a Process Date that is the next Business Day.

Receipt of Payment Instructions. You can schedule a Process Date up to a year in advance through the Business Bill Pay Service. You can choose any future Business Day as a Process Date for your Payment. You can also instruct the Bank to have a Payment automatically recur in the future. Specifically, you can use the automatic payment rule option set forth in the Business Bill Pay Service and request that a Payment have a fixed amount and continue to be paid for a fixed frequency. You understand and acknowledge that your Payment Instructions must be established in the Business Bill Pay Service in a timely manner so as to afford the Bank a reasonable opportunity to act on and process your Payment Instructions. Once you schedule a Process Date, the Business Bill Pay Service will communicate to you the Estimated Arrival Date. If the Estimated Arrival Date given in the Business Bill Pay Service is not on or before the due date reflected on your Payee statement for which the Payment is due, which does not include any grace period, then you must reschedule the Process Date in order for the Business Bill Pay Service to designate another Estimated Arrival Date that is on or before the due date, otherwise the Payment will be late and the Bank will not be responsible. Also, the Bank is not responsible for mail delays. When scheduling your Payment you should not include any grace period that the Payee may allow. You further understand and acknowledge that, due to circumstances beyond the Bank’s control (e.g., delays in handling and posting Payments by Payees) some of your Payments may not be received or processed by your Payee in a timely manner. You are solely responsible for any late payment, interest or other penalties that may be imposed as a result of circumstances beyond the Bank’s control or your failure to timely establish your Payment Instructions in the Business Bill Pay Service, except as otherwise provided for in Schedule A of the Grandpoint Treasury Services Agreement.

Issuing a Payment. A Payment will only be issued in denominations of U.S. dollars. Payments may be made by: (a) transferring funds electronically from your Bill Pay Account to the Payee; or (b) electronically debiting your Bill Pay Account in order to prepare a check and issuing it payable to the payee (the check may not be drawn off of your Bill Pay Account, and therefore may be drawn off the Bank’s vendor’s checking account).

Changing or Cancelling Payments. If you schedule a Payment, you may cancel it through the Business Bill Pay Service or call the Bank with the request. However, the Bank must receive your request to change or cancel a Payment before 1:00 p.m. on or before the Business Day of the Process Date of the Payment. Although the Bank will make every effort to accommodate your request to change or cancel a Payment, the Bank will have no liability for failing to do so if the Bank has not received your request in a timely manner. You may not stop a Payment after the foregoing cutoff time.