Heritage Bank – Bank to Bank Transfer Service

This Agreement contains the terms and conditions that apply to use of Heritage Bank, NA (“we”, “us”, “the Bank”) Bank to Bank Transfer Service (“Service”). In this Agreement, the words “you” and “your” refer to you as the person entering into this Agreement. The words “you” and “your” also include any user you authorize to use the Service on your behalf. The words “we,” “us,” and “our” refer to Heritage Bank, NA.

OTHER AGREEMENTS YOU MAY HAVE ENTERED INTO WITH US INCLUDING ONLINE BANKING, MOBILE SERVICES, DEPOSIT ACCOUNT AND RELATED ACCOUNT DISCLOSURES AND FEE SCHEDULES ARE INCORPORATED BY REFERENCE AND MADE A PART OF THIS AGREEMENT AND ALSO APPLY TO TRANSACTIONS MADE USING THE SERVICE. YOU SHOULD REVIEW THOSE AGREEMENTS FOR ANY APPLICABLE FEES, FOR LIMITATIONS ON THE NUMBER OF TRANSACTIONS YOU CAN MAKE, AND FOR OTHER RESTRICTIONS THAT MIGHT IMPACT YOUR USE OF AN ACCOUNT WITH BANK TO BANK TRANSFER SERVICE.

THESE TERMS AND CONDITIONS MAY BE AMENDED, SUPPLEMENTED OR CHANGED AT ANY TIME. FAILURE TO COMPLY WITH ANY OF THESE TERMS MAY RESULT IN YOUR SUSPENSION OR TERMINATION OF USING THE SERVICE.

General Terms and Scope

a. Accepting the Agreement. By using the Bank to Bank Transfer Service (“Service”), you acknowledge and accept this Agreement and agree to be bound by these terms and conditions in order to use the Service and to conduct account transfers between your bank accounts with us and your other external financial institution accounts. You also acknowledging that you are at least 18 years of age or older and have read, understood and agree to all terms and conditions within this Agreement.

b. Customer Acknowledgement. You agree not to use the Service to conduct any business, activity or solicit the performance of any activity that is prohibited by law, or any contractual provision by which you are bound. You agree to comply with all applicable laws and regulations in connection with our Online Banking. You also agree to any applicable fee displayed online when a Bank to Bank Transfer is requested.

Bank to Bank Transfer Service
Subject to any applicable transfer limitations (discussed below), Online Banking permits you to transfer funds between your deposit Accounts at Heritage Bank and your accounts at other financial institutions in the United States. You are responsible for enrolling and verifying your non- Heritage Bank accounts that you wish to use for these transfers. You agree that you will enroll accounts only for which you have the authority to transfer funds.

Bank to Bank Transfers can be initiated on either a one time or recurring basis. Heritage Bank cannot guarantee the transfer or return of funds if another financial institution does not respond in a timely manner. We may make any Bank to Bank Transfers through any payment system or Automated Clearing House processor selected by us. You agree that Bank to Bank Transfers made through any Automated Clearing House processor are subject to the National Automated Clearing House rules.

a. Outbound Transfers. Outbound transfers are transfers from your Heritage Bank Account to your account at another U.S. Financial Institution. Funds will be debited from your Heritage Bank Account on the Business day after you direct us to initiate processing of the transfer. If you selected next day service, then your funds will be available on the next available business day. If you selected a standard transfer then your funds will be available generally within three business days after the transfer initiated. Please see chart 1 & 2.

b. Inbound Transfers. Inbound transfers are transfers to your Heritage Bank Account from your account at another U.S. Financial Institution. Funds will be debited from your external Account on the Business day after you direct us to initiate processing of the transfer. If you selected next day service, then your funds will be available on the next available business day. If you selected a standard transfer then your funds will be available generally within three business days after the transfer initiated. Please see chart 1 & 2.

c. Transfer Cutoff Time. Bank to Bank Transfer Service Cutoff Times are as follows:

  1. Standard Inbound and Outbound 11:59pm
  2. Next Day Inbound and Outbound 6:59pm

Standard Transfer Timing (Chart #1)

For transfers submitted by 11:59pm Central Time on: Your withdrawal will post to your account on: Your deposit will post to your account on:
Monday Tuesday Thursday
Tuesday Wednesday Friday
Wednesday Thursday Monday
Thursday Friday Tuesday
Friday Monday Wednesday
Saturday Monday Wednesday
Sunday Monday Wednesday

Next Day Transfer Timing (Chart #2)

For transfers submitted by 11:59pm Central Time on: Your withdrawal will post to your account on: Your deposit will post to your account on:
Monday Tuesday Tuesday
Tuesday Wednesday Wednesday
Wednesday Thursday Thursday
Thursday Friday Friday
Friday Tuesday Tuesday
Saturday Tuesday Tuesday
Sunday Tuesday Tuesday

d. Limitations. Bank to Bank Transfer Services are generally available 24 hours after you have enrolled in Online Banking. Bank to Bank Transfers are subject to limitations for the amount and frequency as established by us. A minimum transfer amount of $10 is required. There is a transaction, daily, and 30 day/monthly limit. Each limit directly affects the other. Please see chart. Contact us for alternative deposit/withdrawal options and associated fees if your transfer amount will exceed the allowable limits.

We may vary these limitations at our sole discretion at any time and will provide Consumer Account holders prior notice of any decrease in the transaction limits, as may be required by banking regulations.

Service Type Transaction Fee Transaction Maximum Daily Maximum Monthly Maximum
Standard In-bound NONE $4,000 $4,000 $10,000
Standard Out-bound NONE $4,000 $4,000 $10,000
Next Day In-bound $7.50 per transfer $2,000 $2,000 $5,000
Next Day Out-bound $7.50 per transfer $2,000 $2,000 $5,000

e. Qualifying for Standard Transfers: The Service has qualification requirements as described below, and we reserve the right to change your qualification at any time without prior notice. We reserve the right to change, suspend, or discontinue the Service, in whole or in part, or your use of the Service, in whole or part, immediately and at any time without prior notice to you. You may also discontinue your use of the Service at any time.

In general, the qualification requirements are:

  1. Any of your deposit accounts with us must be current or in good standing.
  2. Your funding account has been open for more than 24 hours.
  3. You have not had an overdraft, an over-limit item, or an item returned for insufficient funds with respect to any Bank deposit account during the current or 3 prior calendar months.
  4. You have not had any prior transfer canceled, revoked, or uncompleted due to insufficient funds, revoked authorization, stopped payments, frozen accounts, fraudulent activity, or any similar reason.
  5. On our sole discretion we determine that you have abused the service.

f. Qualifying for Next Day Transfers: Next Day Transfers have a per transaction fee of $7.50 and are available to those who qualify. Customers must continue to meet these qualifications in order to continue to have Next Day Transfers capabilities. Customers who no longer meet the following Next Day Transfer qualifications must re-qualify.

In-Bound Next Day Transfer Service Qualifications:

  1. Complete at least one In-bound Transfer of at least $1,000.00;
  2. Have at least 30 days pass since the qualified $1,000.00 transfer;
  3. Have no more than one (1) NSF Bank to Bank Transfer in the last six (6) calendar months

Out-bound Next Day Transfer Service Qualifications:

  1. Have no more than two (2) NSFs on your Heritage Bank account in the last one (1) calendar month; and
  2. Have at least the full transfer value plus the transfer fee available in your Heritage Bank account for any Out-bound transfer request.

In addition, we must receive your instruction to initiate a Bank to Bank Transfer prior to the applicable cutoff time displayed in the above charts. If we do not receive your instruction before that time, we cannot process the transaction until the next Business Day.

 


Heritage Locations

MINNESOTA:

  • Pennock MN – 242 1st Street N PO Box 189 Pennock, MN 56279-0189
  • Raymond MN – 202 Cofield Street PO Box 235 Raymond, MN 56282
  • Spicer MN – 110 South Street W PO Box 658 Spicer, MN 56288-0658
  • Willmar MN – 310 1st Street SW PO Box 1124 Willmar, MN 56201-1124

IOWA:

  • Alta IA – 202 Main St Alta, IA 51002
  • Anthon IA – 115 E Main St P.O. Box G Anthon, IA 51004
  • Aurelia IA – 148 Main St P.O. Box 626 Aurelia, IA 51005
  • Cushing IA – 107 Main St P.O. Box 136 Cushing, IA 51018
  • Holstein IA – 101 N Main St P.O. Box 100 Holstein, IA 51025
  • Lytton, IA – 200 Main St P.O. Box 229 Lytton, IA 50561
  • Sioux City IA – Downtown – 505 5th Street, Suite 100 Sioux City, IA 51101
  • Sioux City IA – Morningside – 4530 Singing Hills Blvd Sioux City, IA 51106



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Revised: 04/08/2016