'.... Hi! I received a new "Account Agreement and Disclosure" effective
February 23rd from Riverside Bank here in Minneapolis which confirms the info posted to the listserv about a week and a half ago. I
received a 30 page pamphlet in a 6 point font. Needless to say this is not "light reading". There are several paragraphs I want to share with you. These ammendments were NOT listed in the sections on withdrawals
or accounts but in the back area under "OTHER TERMS" and "FUNDS AVAILABILITY DISCLOSURE". Emphasis added and [ ] bracketed comments
are mine.
OTHER TERMS:
A. Limitation of Liability. If we fail to properly carry out a
transaction in your account in accordancewith this Agreement, our liability to you for any losses or damages you may suffer because of our failure is limited to the amount of the transaction unless the law requires otherwise. We are not liable to you for consequential
damages (indirect losses or injuries that result from an act or omission to act) ** nor for ANY loss to you caused by an event beyond our control such as natural disasters, wars, riots, strikes, computer failure, or loss of power, communications, or transportation facilities.** We are not liable to you if use of your account is
interrupted or affected by some legal process or claim of another person or party.
C. Account Information. You agree that at any time we may, as
permitted by law, obtain credit reports, employment verification and other information regarding the opening of your account, review of account activity, collection of amounts you owe us, and for any other reason related to the services we provide. We may provide information
on your accounts: 1. to a credit bureau...[etc] 2. In Response to
legal process...[etc] 3. In connection with the collection of
debts...[etc]
4. AS REQUIRED OR IN AGREEMENT WITH A GOVERNMENTAL REGULATORY BODY
WITH AUTHORITY OVER US.
D. SUB ACCOUNT Your checking account at Riverside Bank may consist of
a transaction sub account and a savings sub account. Funds not
routinely needed to pay debits may be transferred to a savings sub account. The bank may periodically transfer funds between these two
sub accounts. If your Account is an interest-bearing account, your
interest calculation will remain the same. Otherwise, the savings sub
account will be non interest bearing. The savings sub account will be
governed by the rules governing our other savings accounts indicated within the Withdrawls section of this agreement. This process will
not affect your available balance, the interest you may earn, FDIC insurance protection, your monthly statement, or any other features of your account.
FUNDS AVAILABILITY DISCLOSURE:
A. Reservation of Right to Hold....[This paragraph was standard
description of when deposits would be available depending on what type of deposit they are and where the check was drawn.]
B. LONGER DELAYS MAY APPLY. We may delay your ability to withdraw
funds deposited by check into your account an additional number of days for these reasons: - you deposit checks totaling more than
$5,000 on any one day. - you redeposit a check that has been returned unpaid. - you have overdrawn your account repeatedly in the last six
months. - We believe a check you deposit will not be paid. - THERE IS
AN EMERGENCY, SUCH AS FAILURE OF COMMUNICATIONS OR COMPUTER EQUIPMENT.
Automated Teller Machine Service:
LIMITATIONS ON FREQUENCY AND AMOUNT.
For security purposes, there are limits on the frequency and amount of transfers you may make at ATMs. You may withdraw up to a maximum of
$200 per day if there are sufficient funds in your account.
DEBIT CARD LIMITATIONS ON FREQUENCY AND AMOUNT:
For security purposes, there are limits on the frequency and amount of transfers you may make at POS (Point of Sale) terminals. Purchases
and/or cash advances are limited to a combined maximum amount of $1500 for 72 hour periods each begining at 4:30pm on each day. - - - - - - - -
For Security purposes? Whose security?! These amendments seem
particularly suited to protecting themselves from a possible bank run don't you think?
Marcella Pyrocelli
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Roleigh Martin ourworld.compuserve.com
( easy to remember alias is: webalias.com )
(A Web Site that focuses on Y2k threat to Utilities, Banks & more)
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