I. Introduction
Welcome to the Southeast Financial Credit Union (hereafter referred to as “Southeast Financial”, “we”, “us” or “our”) Loan Pay Service (the “Service”). This Agreement and Disclosure Statement for external Loan Pay Services (the “Agreement”) sets forth the terms and conditions for use of our external Loan Pay service, as described herein. The member (referred to as “you” or “your”) should read this Agreement carefully and keep an electronic or printed copy of it for your records. By using any electronic symbols, or processes we provide in order to establish your acceptance of this Agreement and/or other terms and conditions related to the Agreement, you acknowledge and agree that you are using an electronic signature to signify your intent to be bound, and you agree to do business with us and exchange information electronically, as provided in this Agreement and as we may direct. Each time you use any Service described in this Agreement, or allow any other person to use any Service in relation to any of your accounts or financial products or services, you are confirming your acceptance of the terms of this Agreement (including, but not limited to, the terms of that particular Service) that are in effect at that time.
II. Description of Services
With Loan Pay, you may draft a checking account from another financial institution to pay a Southeast Financial Credit Union Loan. Once your account with us has terminated for any reason, you will have no further right or access to use the Service. Any member who is authorized to view loan accounts using the Online Banking system is eligible for this service.
III. Transaction Limits.
We have the right, at any time, to set dollar limits on daily and monthly transactions. If you attempt to initiate a deposit in excess of these limits, the system will not allow you the ability to continue.
IV. Eligible Items.
Using the Service, you are able to submit payments to the following Southeast Financial loan types: Secured Consumer, Mortgage, Line of Credit, Personal, Commercial, and Home Equity.
V. Requirements.
Each transaction must have a valid routing number and full account number when submitting the payment. We offer the Loan Pay service as an added convenience to you. We have the right to terminate this agreement for any reason with no prior written notice.
VI. Receipt of Deposit
Any confirmation from us that we have received the file does not mean that the file contains no errors. We are not responsible for any files we do not receive. Following receipt, we will process the deposit by processing the file. Southeast Financial reserves the right, at our sole and absolute discretion, to reject any file for external loan payments into your loan account. We will notify you of rejected files.
VII. Returned Payments.
Any credit to your loan account is provisional. You agree that the provisional credit to the loan account will be reversed if any of the following occur: the original payment is dishonored, rejected or otherwise returned for payment. You will reimburse us for all loss, cost, or expense caused by or relating to the processing of the returned item.
VIII. Your Warranties.
You make the following warranties and representations with respect to each payment.
• Each payment is a true and accurate account.
• The amount is accurate.
• You are an authorized signer on the account you have provided to us.
With respect to each payment, you make to us all representations and warranties that we make or are deemed to make to any party pursuant to law, regulation or clearinghouse rule.
IX. Compliance with Law.
You will use this system for lawful purposes and in compliance with all applicable laws, rules and regulations. You warrant that you will only transmit acceptable items for payments and in accordance with applicable laws, rules and regulations.
X. Loan Pay Unavailability.
Loan Pay may be unavailable temporarily due to system maintenance or technical difficulties, including those of the Internet service provider, cellular service provider and Internet software. In the event that Loan Pay is unavailable, you may make payment on Southeast Financial loans at any of our branches, via Automatic Transfer Authorization, or through the BillPay service which can be accessed in Online Banking.
XI. Your Responsibility.
You are solely responsible for the completeness, accuracy, validity and integrity of each external loan payment initiated. You are solely responsible if you, intentionally or unintentionally, submit fraudulent or incorrect transfer information to us or if Loan Pay is used by authorized or unauthorized persons to submit fraudulent, unauthorized, inaccurate, incorrect or otherwise improper information to us for processing.
XII. Accountholder’s Indemnification Obligation.
You understand and agree that you are required to indemnify us and hold us harmless against any and all claims, actions, damages, liabilities, costs, and expenses, including reasonable attorneys’ fees and expenses arising from your use of the Service and/or breach of this Disclosure and Agreement. You understand and agree that this paragraph shall survive the termination of this Agreement. You understand and agree that you are required to indemnify our technology partners, including but not limited to NCR and hold harmless NCR, its affiliates, officers, employees and agents, from and against any third party claims, suits, proceedings, actions or demands, including to claims of another financial institution, business entity or governmental authority, and all losses, liabilities, damages, fines, penalties, costs and expenses, including court costs and reasonable attorney fees and expenses, arising from such claims, to the extent such claim is related to Southeast Financial or End User’s use of the Services, NCR Applications, unless such claim directly results from an action or omission made by NCR in bad faith. You understand and agree that this paragraph shall survive the termination of this Agreement.
DISCLAIMER OF WARRANTIES.
YOU AGREE THAT YOUR USE OF THE LOAN PAY SERVICE AND ALL INFORMATION AND CONTENT (INCLUDING THAT OF THIRD PARTIES) IS AT YOUR RISK AND IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. WE DISCLAIM ALL WARRANTIES OF ANY KIND AS TO THE USE OF ANY OF THE LOAN PAY SERVICE, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. WE MAKE NO WARRANTY THAT THE LOAN PAY SERVICE WILL MEET YOUR REQUIREMENTS OR WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE.
LIMITATION OF LIABILITY.
YOU AGREE THAT WE WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER LOSSES INCURRED BY YOU OR ANY THIRD PARTY ARISING FROM OR RELATED TO THE USE OF, INABILITY TO USE, OR THE TERMINATION OF THE USE OF THE LOAN PAY SERVICE, REGARDLESS OF THE FORM OF ACTION OR CLAIM (WHETHER CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE), EVEN IF WE HAVE BEEN INFORMED OF THE POSSIBILITY THEREOF, EXCEPT AS OTHERWISE REQUIRED BY LAW.
XIII. Financial Information.
You must inform us immediately of such items as, but not limited to; compromise of your Online Banking credentials, whether suspected or confirmed, or the posting of any unauthorized or fraudulent items to your loan accounts. You authorize us to review your history from time to time and agree to provide any financial information we reasonably request during the term of this Agreement.
To report suspicious activity including but not limited to the items listed, call Southeast Financial at 615-743-3700 (800-521-9653), send an email to members.service@southeastfinancial.org, or write to: Southeast Financial Credit Union, Attn: Member Services, P.O. Box 331788, Nashville, TN 37203.