Myislandbanking.com for Business
Agreement & Disclosure
This Myislandbanking.com for Business
Access Agreement is made by North Island Credit Union (Credit Union,
we, us, our), a California state chartered credit union, and the
Member (you, your).
You have requested the Credit Union
provide certain Internet-based cash management services to you as
described herein, and the Credit Union desires to provide such
services to you under the terms and conditions described herein. In
consideration of the mutual promises contained herein, the parties
agree as follows:
The services to be provided by the
Credit Union to you consist of an Internet Banking program known as
Myislandbanking.com for Business and all related materials and
documentation (the Program) that permit you to obtain and conduct
certain activities with the Credit Union. Such activities include
the ability to obtain certain account balance information, to
initiate electronic funds transfer services, to initiate bill
payment requests, and generally perform other account reporting
functions as provided by the Program, now or in the future, by means
of a personal computer via the Internet (collectively the Services).
Services are provided by the Credit Union for access and use by
Member and those persons sometimes referred to as users that Member
authorizes to perform Services.
This Agreement is effective from the
date on Agreement and will remain in force until termination. This
Agreement will be terminated upon (i) thirty (30) days prior written
notice by either party to the other, (ii) termination of the Account
relationship between the parties, (iii) failure of the Member to
comply with the terms and conditions of this Agreement or (iv) any
other event which causes the Credit Union to be unable to provide
the Program to the Member. The provisions of this Agreement
protecting the proprietary rights of the Credit Union will continue
in force after termination.
The Member will maintain with the
Credit Union at least one demand deposit (checking) account (the
Account(s)) for the purpose of providing available funds and for
deposit of received funds in connection with the use of the Program.
In addition to the terms of this Agreement, the Account will be
subject to a separate Business Account Agreement & Disclosure,
receipt of which is acknowledged. Unless the Credit Union otherwise
requires the Member to maintain collected funds, you agree to
maintain sufficient available funds in the Account(s) to support any
transaction initiated under the Program and to cover any fees which
you are obligated to pay under this Agreement. If at any time there
are not sufficient collected funds in the Account to cover all
outstanding transactions and other payment obligations of the Member
under this Agreement, you agree to immediately pay the Credit Union,
on demand, the amount of any deficiency in such outstanding
transactions and obligations. The Credit Union may, without prior
notice or demand, obtain payment from you for any of your
obligations under this Agreement by debiting any account of the
Member at the Credit Union.
You may authorize persons ("users"),
other than those designated as Business Owner/Authorized Signer on
the Business Account Application signed by you, to have access to
your accounts under the Program. Each such user has general
authority from you to give instructions and authorize transactions
under the Program. We may rely and act upon any instructions
received from any user without further inquiry.
5. Account Reconciliation
All transactions which result in a
debit or credit to the Account initiated by the Member under the
Program will be reflected on your monthly account statements. You
will notify the Credit Union within thirty (30) days after the
mailing or other delivery of the account statements by the Credit
Union, of any discrepancies between the account statements and the
Members records of transactions initiated through the Program.
Failure of the Member to notify the Credit Union within said period
of any such discrepancies will preclude you from asserting any
claims for damages or other liabilities against the Credit Union by
reason of such discrepancies.
There are no fees to use the Internet
Banking and Bill Payment services. Other fees that may apply in
special circumstances (requests for paper copies of payments,
insufficient funds, stop payment orders, payments returned as
undeliverable etc.) are detailed in Business Rates, Fees & Charges.
The Credit Union may change the fees charged to you any time during
the term of this Agreement by publishing a new Business Rates, Fees,
and Charges Schedule. The Credit Union agrees to provide 30 days
written notice to Member if any change to rates, fees, or charges
will adversely affect the Member. The Credit Union may deduct all
fees due from any account of Member at the Credit Union.
7. Hours of Accessibility
You can access your Credit Union
accounts through Myislandbanking.com for Business seven days a week,
24 hours a day. However, at certain times, some or all of
myislandbanking.com may not be available due to system maintenance.
The Credit Union will attempt to provide advance notice online when
such outages are anticipated.
All immediate transfers (transfers scheduled today, for completion
today) initiated through myislandbanking.com are processed
immediately. All advance transfers (transfers scheduled for
completion on a future date) will be processed at approximately 4:30
P.M. Pacific Time on the scheduled transfer dates. If the scheduled
transfer date falls on a Saturday, Sunday or Credit Union holiday,
the transfer will be posted on the next business day (Monday through
Friday, excluding Saturday, Sunday and Federal holidays).
8. Stop Payment Orders
YOU CANNOT CANCEL OR AMEND ANY BILL
PAYMENT ORDER OR FUNDS TRANSFER REQUEST INITIATED THROUGH
MYISLANDBANKING.COM FOR BUSINESS ONCE IT HAS BEEN PROCESSED BY US.
If you ask us to cancel or amend a bill payment order, or funds
transfer request, we will use reasonable effort to act on your
request. We have no liability if any attempted cancellation or
amendment is not effected. You shall reimburse us for any expenses,
losses, or damages we may incur in effecting or attempting to effect
your request for amending or canceling a bill payment order, or
funds transfer request. The Security procedure described in
Paragraph 9 applies to any requests to cancel or amend a bill
payment order, or funds transfer request.
Stop payments on checks you have written may be requested through
Myislandbanking.com for Business by clicking the "Stop Payment" link
and following the instructions that appear on the screen. For more
information on stop payments, refer to the Credit Unions Business
Account Agreement & Disclosure.
9. Unauthorized Access / Security
You will be solely responsible for:
protecting the Programs administrative functions (reports, managing
accounts and managing users), and personal computers or networks
used to access the Program, against unauthorized access. You are
also responsible for any and all losses and damages arising from any
unauthorized access to Myislandbanking.com for Business. You will
establish physical security, passwords and other security procedures
necessary to ensure the confidentiality of access features. You will
make such procedures and security features known only to those
authorized representatives who will use the Program. The Credit
Union will have no obligation, liability or control, either directly
or indirectly, over said procedures or the failure of Member to
maintain said procedures. You are solely responsible for designating
your authorized representatives (adding or deleting users) and
disclosing the identity of said representatives and all changes
thereof to the Credit Union. However, the Credit Union will not be
responsible for verifying the authenticity of any person claiming to
be your representative, or the authenticity of any instruction,
direction or information provided to any said person. Any
instructions, directions or other information provided by you, or
any representative of the Member, under the Program will be deemed
to have been authorized by you, and the Credit Union will be
indemnified and held harmless by you for acting upon any such
direction, instruction or information.
10. Bill Payment Services
You, or those properly authorized by
you, may establish the optional Bill Payment service through
Myislandbanking.com for Business. When doing so, Member will
designate a share draft (checking) account to be used for one-time
payments or recurring payments. Recurring payments will subsequently
be made from this account unless the designated account is changed.
If your designated account is closed, the ability to use the bill
payment service will be suspended until a new account is designated.
If an account is designated that requires two or more signatures,
you and all signers on the account waive all signature requirements
for the Programs related Services. All signers on the account
agree to any transaction initiated by use of a Sign On ID and
Password, and agree to be bound by the transaction.
By initiating a transaction through the bill payment service, you
authorize us to debit the designated account for the amount of the
transaction and to pay the designated payee. You are responsible for
all payments submitted using the Bill Payment service, whether made
or authorized by Member or your authorized users.
You agree, and will make sure your authorized users understand, that
when using the bill payment service:
- You authorize us, and any third party acting on
our behalf, to choose the most effective method to process your
payments. Whenever possible, payments will be made
electronically. However, due to your payee's requirements or
technical reasons beyond our control, some payments may be made
- An on-screen transaction record will be
displayed. This page constitutes confirmation of your payment
transaction(s) from your designated account;
- We are not liable for any service charges or
late charges you incur should you fail to supply correct payee
information and/or not allow sufficient time for payment
processing. Any payment you schedule that is returned to our
bill payment service provider by the U.S. Postal Service due to
an incorrect address will be subject to additional service
11. DISCLAIMER OF WARRANTY
THE CREDIT UNION MAKES NO WARRANTIES
WITH RESPECT TO THE PROGRAM NOR DOES THE CREDIT UNION WARRANT THAT
THE PROGRAM WILL MEET SPECIFIC REQUIREMENTS OF THE MEMBER. NEITHER
THE CREDIT UNION NOR ITS INTERNET BANKING VENDOR (CORILLIAN) MAKES
ANY WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, WITH RESPECT TO
THE USE OF THE PROGRAM. THE CREDIT UNION AND CORILLIAN, DISCLAIM ANY
AND ALL IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A
12. LIMITATIONS OF LIABILITY
IN NO EVENT WILL THE CREDIT UNION OR
CORILLIAN, BE LIABLE TO THE MEMBER FOR ANY DAMAGES, INCLUDING LOST
PROFITS, LOST SAVINGS OR OTHER DIRECT, INDIRECT, INCIDENTAL, SPECIAL
OR CONSEQUENTIAL DAMAGES ARISING OUT OF THE USE OR INABILITY TO USE
THE PROGRAM AND DOCUMENTATION, OR FOR ANY CLAIM BY ANOTHER PARTY.
THE CREDIT UNION WILL BE DEEMED TO HAVE EXERCISED ORDINARY CARE AND
TO HAVE ACTED REASONABLY IF THE CREDIT UNION HAS ACTED IN ACCORDANCE
WITH THE TERMS OF THIS AGREEMENT AND WILL BE LIABLE FOR LOSS
SUSTAINED BY MEMBER ONLY TO THE EXTENT SUCH LOSS IS CAUSED BY THE
CREDIT UNIONS GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. THE CREDIT
UNION WILL NOT BE LIABLE FOR ANY CONSEQUENTIAL, SPECIAL OR PUNITIVE
DAMAGES, REGARDLESS OF THE CREDIT UNIONS ACT OR OMISSION. THE CREDIT
UNION WILL HAVE NO LIABILITY FOR ANY LOSS OR DAMAGE:
- RELATED TO THE DISHONESTY OF THE MEMBERS
EMPLOYEES, OFFICERS OR AGENTS;
- RESULTING FROM ANY RECEIVING FINANCIAL
INSTITUTIONS OR PAYEES FAILURE TO ACCEPT ANY FUNDS TRANSFER
- RESULTING FROM ANY DELAY IN THE PERFORMANCE OF
THIS AGREEMENT, WHICH IS CAUSED BY AN ACT OF GOD, FIRE OR OTHER
CASUALTY, ELECTRICAL OR COMPUTER FAILURE, DELAYS OR FAILURE TO
ACT BY ANY CARRIER, MEDIUM OR AGENT OPERATING BETWEEN THE CREDIT
UNION AND THE MEMBER OR BETWEEN THE CREDIT UNION AND THIRD
PARTIES OR ANY OTHER CONDITION OUTSIDE THE CREDIT UNIONS
CONTROL. NO THIRD PARTY WILL HAVE RIGHTS OR CLAIMS AGAINST THE
CREDIT UNION UNDER THIS AGREEMENT. THE TERMS OF THIS SECTION
WILL SURVIVE TERMINATION OF THIS AGREEMENT.
You will defend, indemnify and hold us
harmless against and in respect to any and all loss, liability,
expense and damage, including consequential, special and punitive
damages, directly or indirectly resulting from: (i) the processing
of any request received by the Credit Union under the Program; (ii)
any breach of the provisions of this Agreement or the Rules; (iii)
any request for stop payment; (iv) any dispute between You and any
third party in connection with the use of the Program; and (v) any
and all related actions, suits, proceedings, claims, demands,
judgments, costs and expenses (including attorneys fees). The terms
of this Section will survive termination of this Agreement.
14. Records Retention
We will retain a record of all data
transmitted in connection with the Myislandbanking.com for Business
system in effect for any required retention period under applicable
state or federal law.
Unless otherwise stated herein, all
notices required by this Agreement will be sent by prepaid U.S.
mail, or through Myislandbanking.com for Business email, and will
not be deemed to have been given until received by the other party.
Until either party advises the other party of a change in how
notices will be addressed, all notices will be sent to addresses
If to the Credit Union:
North Island Credit Union, P.O. Box 85833, San Diego, CA.
If to Member:
(The Members primary address of record in the Credit Unions host
16. Entire Agreement / Severability
This Agreement, together with all
exhibits, schedules and attachments, Business Account Agreement &
Disclosure and Business Rates, Fees & Charges (as provided to the
Member) represent the entire agreement and understanding of the
parties. If any portion of this Agreement is found to be
unenforceable, all remaining portions will remain in full force and
effect. In the event of any inconsistency or conflict between the
terms of this Agreement and any present or future statute,
regulation or governmental policy to which the Credit Union is
subject and which governs or affects the transactions contemplated
by this Agreement, then this Agreement will be deemed amended to the
extent necessary to comply with such statute, regulation or policy
and the Credit Union will incur no liability to the Member as a
result of such violation or amendment.
17. Assignment / Sublicense
Member agrees not to assign, transfer
or dispose of your rights and obligations under this Agreement and
not to further sublicense, assign or transfer the Program, except as
expressly provided in this Agreement.
18. Governing Law
This Agreement is governed by the laws
of the State of California (except to the extent Federal law
19. Amendment / Modification
This Agreement may not be amended or
modified except by a written instrument signed by both the Member
and the Credit Union.
By clicking on the I Agree button
below, the Member acknowledges having read and accepted the terms
and conditions of this Agreement, and agree to be bound by its terms
and conditions. A paper hard copy of this Agreement will be made and
signatures of all parties obtained upon completion of the
Myislandbanking.com for Business enrollment process.
Business Access Agreement-online rev.11/12/10)