Deutsche Bank Trust Company
Americas
Member FDIC
Deposit Account
Terms and Conditions
October, 2016
Table of Contents
I.
II.
III.
IV.
V.
VI.
VII.
VIII.
IX.
Agreement.................................................................. 5
Account opening information.................................... 5
Privacy........................................................................ 5
Ownership of account................................................ 5
1. Individual accounts............................................... 6
2. Joint accounts....................................................... 6
a.Joint account with no rights of survivorship
(also called “tenants in common”).................... 7
b.When survivorship rights apply......................... 7
3. Voluntary trust accounts aka payable on death
accounts................................................................ 7
4. Uniform Transfers to Minors Act (UTMA)............. 8
5. Powers of attorney................................................ 8
6. Other fiduciary accounts....................................... 9
7. Business and other non-personal accounts.......... 9
Types of deposit accounts.......................................... 9
1. Checking account................................................. 9
a.Interest............................................................. 10
b.Balance requirements..................................... 10
2. Negotiable order of withdrawal (NOW) account..10
a.Interest............................................................. 10
b.Balance requirements..................................... 10
c.Ownership restrictions.................................... 11
d.Notice of intent to withdraw funds................. 11
3. Money market deposit account.......................... 11
a.Transaction limitations.................................... 11
b.Interest............................................................. 11
c.Balance requirements..................................... 12
d.Notice of intent to withdraw funds................. 12
e.Special provisions regarding money market
deposit accounts: conversions/transaction
limitations........................................................ 12
4. Certificates of deposit......................................... 12
a.Limitations....................................................... 12
b.Monthly account statements.......................... 12
c.Early withdrawals............................................ 13
d.Renewal policies.............................................. 13
e.Interest............................................................. 13
f. Withdrawal of interest prior to maturity.......... 13
g.Assignment...................................................... 13
5. Cash master sweep account............................... 14
Communications...................................................... 14
1. General................................................................ 14
2. Notices................................................................ 14
3. Account statements............................................ 14
4. Canceled checks................................................. 15
Account charges...................................................... 15
Deposits.................................................................... 15
1. Making deposits in cash or by check................. 15
2. Bank’s right to refuse deposits........................... 16
3. Mail-in deposits................................................... 17
4. Collection items................................................... 17
5. Deposits received in currency other than
U.S. dollars.......................................................... 17
Money transfers....................................................... 18
1. Wire transfers...................................................... 18
2. Remittance transfers........................................... 18
3. Originating ACH transfers................................... 18
4. Receiving ACH transfer instructions................... 19
5. General provisions............................................... 19
6. Limitation of liability and indemnification........... 21
X.
XI.
XII.
XIII.
XIV.
XV.
XVI.
Charge backs............................................................ 21
Credits for deposits.................................................. 23
Electronic funds transfer services............................ 23
1. Access cards-ATM and debit cards.................... 23
a.Documentation of transfers............................ 25
b.Limitations on transactions............................. 26
i. Transaction authorizations.............................26
ii. Overdrafts.......................................................26
iii. Cash withdrawal limits...................................26
iv. Limitations on point-of-sale and signature
debits..............................................................26
2. Online banking services...................................... 27
3. Transfers by telephone, facsimile, email or
other electronic means....................................... 27
4. Special provisions regarding all electronic
requests for withdrawals from your account...... 27
5. Recording telephone calls................................... 27
6. Email security...................................................... 28
7. Special provisions regarding electronic
funds transfers.................................................... 28
a.Electronic banking disclosures........................ 28
b.Notification of unauthorized transfers and
loss of ATM cards or debit cards.......................28
c.Business days.................................................. 29
d.Right to stop payment of preauthorized
recurring debits............................................... 29
e.Preauthorized debits with varying amounts... 30
f. Liability for failure to stop payment of
preauthorized transfer..................................... 30
g.Right to verify preauthorized credits............... 30
h.Periodic account statements........................... 30
i. Receipts........................................................... 30
j. Disclosure of financial institutions’ liability
for failure to make electronic transfers........... 31
k.Disclosure of account information to third
parties.............................................................. 31
l. In case of errors or questions about your
electronic transfers.......................................... 31
Withdrawals............................................................. 32
1. Cashing checks drawn to you............................. 32
2. Cashing your checks drawn to others................ 32
3. Processing and posting orders........................... 33
4. Checks with conditions or restrictions,
incomplete, future-dated, and checks dated
more than six months before payment............... 33
5. Check stock and ink............................................ 33
6. Converting checks to electronic debits............... 34
7. Substitute checks and your rights (check 21).... 34
a.What is a substitute check?............................ 34
b.What are your rights regarding substitute
checks?............................................................ 34
c.How do you make a claim for a refund?......... 35
d.Your claim must include:................................. 35
8. When funds are available for withdrawal........... 36
Lien and setoff.......................................................... 36
Stop payments......................................................... 37
1. Postdated checks................................................ 38
Miscellaneous provisions......................................... 38
1. Closing an account.............................................. 38
2. Amendments to these terms and conditions..... 38
3. Overdrafts............................................................ 38
4. Tax information, reporting and withholding....... 39
5. Death or incompetence....................................... 40
6. Abandoned or inactive accounts........................ 40
7. Delay, waiver and severability............................. 41
8. Governing law, consent to jurisdiction and
jury waiver........................................................... 41
9. Special provision regarding subaccounts........... 42
10. Assignments and successors.......................... 42
11. Fees.................................................................. 42
XVII. Schedule A­—fees..................................................... 42
1. Negotiable order of withdrawal (NOW)
accounts.............................................................. 42
2. Money market deposit accounts........................ 42
3. Checking accounts.............................................. 43
Funds availability policy disclosure...................................... 45
Your ability to withdraw funds at Deutsche Bank Trust
Company Americas (DBTCA)................................................ 45
How to determine the availability of a deposit..................... 45
Standard funds availability schedule.................................... 45
Special rules for new accounts............................................. 46
I. Agreement
You have opened one or more deposit account(s) (each, an
“Account” and collectively, the “Accounts”), with
Deutsche Bank Trust Company Americas (the “Bank”), as
identified in your Deposit Account Opening Application
(“Application”), and you agree that your use of the Account
shall be governed by: (a) applicable Federal and New
York State laws and regulations, (b) usual and customary
banking practices, and (c) these Terms and Conditions
(hereinafter referred to as the “Terms and Conditions” or the
“Agreement”). If more than one person signs the Account
application as depositor, the words “you” or “your” shall refer
to each such person, and each such person shall be fully
bound by these Terms and Conditions.
The following are general terms and conditions pertaining to
all deposit Accounts at the Bank.
Some portions of these terms and conditions apply to
consumers. If your Account is a non-consumer Account, then
some portions of these terms and conditions may not apply
to you. The consumer related provisions are designated as
applicable only to consumers.
II. Account opening information
When you open an Account with the Bank, you provide
information about yourself and confirm that it is correct. The
Bank may rely on that information until you notify the Bank of
a change and the Bank has had a reasonable time to act on
the change.
Federal law requires that financial institutions obtain, verify
and record information that identifies each customer who
opens an Account. In this regard, the Bank will request your
name, address, date of birth and your Tax Identification
Number (or similar identifying number for non-U.S. persons).
The Bank may also ask for one or more forms of photo
identification, and in some cases, ask you for additional
information.
If your Account is funded before the Bank is able to verify
your information, you may not have access to your funds.
III. Privacy
The Bank provides you with a copy of its Privacy Notice
which describes the Bank’s privacy policy for protecting and
securing consumer information. The Bank’s Privacy Notice
also explains the limited circumstances when the Bank may
disclose consumer information. The Bank will send you
copies of its Privacy Notice at intervals required by applicable
laws and regulations.
IV. Ownership of account
Note: How you designate the Account ownership may
change how your funds are paid out if you die, even if your
will states otherwise. Please consult your estate planning
advisor or attorney about your choices.
Deposit Account Terms and Conditions 5
1. Individual accounts
The ownership of your Account is in the name of a natural
person in his or her individual capacity if it is designated as
an Individual Account in the Application.
2. Joint accounts
Unless you specify otherwise, you authorize Bank to
designate a joint account as a “joint account with right of
survivorship”. You agree that joint Accounts will be carried
on the Bank’s books in the form reflected by the Account
name appearing on the Account statement. In the event
that the Account is a joint tenancy with right of survivorship
or a tenancy by the entireties, the entire interest in the joint
Account shall be vested in the survivor or survivors on
the same terms and conditions as before the death, and
the survivors will indemnify the Bank for any loss incurred
through treatment of the Account as provided herein.
You agree that each party to the joint Account shall have
authority to deal with the Bank as if each were the sole
Account owner, all without notice to the other Account
owner(s). You agree that notice to any Account owner
shall be deemed to be notice to all Account owners. Each
Account owner shall be jointly and severally liable for this
Account. The Bank may follow the instructions of any
owner concerning this Account with respect to payments
or any other transactions even if such payments or other
transactions shall be made to one owner personally and not
to all of the Account owners. This includes the authority to
add additional persons as Account owners; to deposit funds
and withdraw or transfer funds from the Account; to endorse
for deposit to the joint Account on behalf of any other
Account owner an item payable to another owner; to instruct
the Bank to stop payment on any item drawn on the Account
owner by any other owner; to obtain an ATM or Debit Card;
to sign up for, use or cancel online access to the Account; to
obtain information about the Account, including transactions
conducted by any other owner; to pledge the Account as
security for any debts; and to close the Account. The Bank
shall be under no obligation to inquire into the purpose of
any such demands, instructions or payments and shall not be
bound to see to the application or disposition of the monies
so delivered or paid to any Account owner. Notwithstanding
the foregoing, the Bank may require joint action or written
authorization by all Account owners with respect to any
matter concerning the Account, including the giving or
cancellation of instructions and the withdrawal of monies.
In the event the Bank receives conflicting instructions from
any Account owner, it may in its sole discretion: (i) follow any
such instructions; (ii) require written or verbal authorization
of both, all, or any Account owner before acting on the
instructions from any one Account owner; (iii) send the assets
of the Account to the address of the Account; or (iv) file an
interpleader action in an appropriate court to let the court
decide the dispute.
In the event of the death of any Account owner, the
survivor(s) shall immediately give Bank written notice thereof.
Bank may, before or after receiving such notice, take such
action, require such documents, and/or restrict transactions
in the Account as necessary for its protection against any
tax, liability, penalty, or loss under any present or future
6 Deposit Account Terms and Conditions
laws or otherwise. Any cost resulting from the death of any
owner, or through the exercise by any decedent’s estate
or representatives of any rights in the Account shall be
chargeable against the interest of the survivor(s) as well as
against the interest of the estate of the decedent. The estate
of the decedent and each survivor shall continue to be jointly
and severally liable to Bank for any obligation of the joint
Account or net debit balance or loss in said Account until
such time as Bank distributes the assets in accordance with
applicable party’s instructions.
THE BANK MAY RELY UPON INSTRUCTIONS REGARDING
THE ACCOUNT FROM ONE ACCOUNT OWNER
WITHOUT INCURRING ANY LIABILITY TO THE OTHER
ACCOUNTOWNER(S). Bank shall not be liable to any Account
owner for continuing to pay checks, orders or comply with
withdrawal requests from any Account owner. The Bank may
be required by service of legal process to remit funds held
in the joint Account to satisfy a judgment entered against,
or other valid debt incurred by, any Account owner. EACH
ACCOUNT OWNER OF IS JOINTLY AND SEVERALLY LIABLE
TO THE BANK FOR ALL FEES AND CHARGES ASSESSED
AGAINST THE ACCOUNT; ALL AMOUNTS OWED TO THE
BANK ON THE ACCOUNT, SUCH AS FOR OVERDRAFTS;
AND ALL COSTS, LOSSES OR LIABILITIES RELATED TO THIS
AGREEMENT OR THE ACCOUNT.
a. Joint account with no rights of survivorship (also called
“tenants in common”)
If a joint Account does not have rights of survivorship, and
one joint Account owner dies, that owner’s interest passes
to the Account owner’s estate. Either the surviving joint
Account owners or the deceased Account owner’s estate
may withdraw the funds at any time, and we have no
responsibility for determining the respective interests of the
owners. If an Account is designated “tenants in common” or
“JTIC,” it does not have rights of survivorship.
b. When survivorship rights apply
Except as otherwise stated in this paragraph, a joint Account
has rights of survivorships unless you clearly indicate on the
signature card and in the Account title that the Account is
created without these rights. If a joint Account also contains a
“payable on death” or “in trust for” designation, the Account
always includes a right of survivorship and is payable to the
beneficiary only upon the death of the last surviving owner.
3. Voluntary trust accounts aka payable on death
accounts
This section refers to an Account which the Application
specifies is held by one or more depositors “in trust for”
(ITF) one or more beneficiaries. Alternatively, the phrases “as
Trustee for” (ATF) or “Payable on Death” (POD) may be used
in the Account title. Such an Account cannot be established
without a named beneficiary. If you wish to designate an
account as POD, please contact the Bank for a copy of the
beneficiary designation form.
If there are multiple Account owners (a joint POD Account),
until the death of all Account owners, the Account shall
be treated as a joint Account with rights of survivorship as
described above. In any event, upon the death of the last
Deposit Account Terms and Conditions 7
remaining Account owner, any balance in the Account not
subject to lien and setoff shall be paid directly to the named
beneficiary upon presentation of a certified copy of the
death certificate and such other documentation as the Bank
shall request from the beneficiary. In the event of multiple
beneficiaries, the balance will be divided equally between or
among the named beneficiaries. A balance in the Account
over $1,000 shall not be paid directly to a minor or minors.
Balances up to $10,000 may in the discretion of the Bank be
paid to a parent or parents of a minor. Otherwise, balances
shall be paid only to a court-appointed guardian for the minor.
If the beneficiary(ies) predeceases the last remaining Account
owner, the Account shall become an individual Account of
the Account owner if he or she is the sole remaining Account
owner or a joint Account with rights of survivorship among the
Account owners if there are multiple Account owners.
The Bank shall have no duty to monitor the Account or the
status of the account owners or beneficiary(ies).
4. Uniform Transfers to Minors Act (UTMA)
This type of Account is established under the New York
Uniform Transfers to Minors Act. In an UTMA Account, an
adult (donor) makes an irrevocable transfer to a minor. The
donor acting as custodian, or other custodian appointed by
the donor, retains the authority to control the funds in the
Account. No more than one custodian and no more than one
minor may be designated on an UTMA Account.
The Bank shall be entitled to rely upon instructions from the
custodian named on the Account and shall only pay the funds
in the Account to the custodian upon request. The minor
shall have no authority to withdraw funds from the Account
notwithstanding his or her having attained the age of majority
under New York law.
Upon the withdrawal of all funds in the Account by the
custodian, the Bank shall have no further responsibility to
either the custodian or the minor, and the Account will be
closed. Upon the death or evidence satisfactory to the Bank of
the incapacity of the custodian named in the Application, the
Bank may rely upon the instructions of a successor custodian
specified in the Application. If a successor custodian is not
specified in the Application, the Bank reserves the right to
require any documents it deems necessary to satisfy the
Bank that the purported successor has authority to act on the
Account(s). The Bank does not have to permit any withdrawal
from the Account(s) until the Bank receives all requested
documents.
The Bank shall have no duty to monitor the Account or the
status or age of the custodian or minor. However, the Bank
reserves the right to refuse to distribute assets to the custodian
once the beneficiary is no longer a minor.
5. Powers of attorney
You may provide another person with a power of attorney
over your Account(s) with the Bank. However, the form and
execution of the power of attorney must be acceptable to the
Bank. The Bank may require an affidavit from the person with
the power of attorney attesting that such power of attorney
8 Deposit Account Terms and Conditions
is in full force and effect. In addition, you agree that the Bank
may refuse to accept an instruction from the person with
the power of attorney to add such person as a joint Account
holder or beneficiary to your Account(s).
6. Other fiduciary accounts
If you open an estate Account, trust Account, guardianship
or conservatorship Account, or other similar type of Account,
the Bank reserves the right to require any documents it deems
necessary to satisfy the Bank that you are authorized to open
and use the Account(s), including withdrawing the funds.
The Bank does not have to permit any withdrawal from the
Account(s) until it receives all requested documents. The Bank
has no fiduciary duties to you as the trustee, executor, guardian,
or conservator, or to the beneficial owners of the Account(s).
7. Business and other non-personal accounts
If the owner of the Account is a corporation, unincorporated
association, limited liability company, partnership or limited
partnership, trust or estate, nonprofit organization or other
entity (each being an “Entity”), each person signing the
Application or Signature Card represents that:
—— The Entity is fully authorized and has the power to establish
and maintain the Account and to enter into this Agreement.
—— All necessary actions and approvals have been received
in accord with applicable law and regulation and the
organizational documents of the Entity. He or she has
the authority to execute all documents relating to the
Account in his or her stated capacity and has furnished all
documents or other information necessary to demonstrate
that authority.
—— All information provided in the Application is true
and accurate.
The foregoing representations shall continue until the Account
is closed. The Bank may require further documentation from
you demonstrating the capacity of the Entity and the authority
of such signatories to maintain the Account.
The Bank may rely on the accuracy and completeness of all
resolutions, signature cards, or other documents that are
delivered to the Bank in connection with the Account.
The Bank may refuse to recognize any resolution affecting the
Account that is not on the Bank’s form or that appears to be
incomplete or improperly executed.
V. Types of deposit accounts
The Bank offers various types of deposit Accounts. These
include Checking Accounts, NOW Accounts, Money Market
Deposit Accounts, Certificates of Deposit and Cash Master
Sweep Accounts. If interest is payable on the Account, then
interest rate information is set forth in the Truth-in-Savings
Disclosure Rate Information Addendum provided to you. You
may contact the Bank at any time for current interest rate
information.
1. Checking account
This type of Account is a demand deposit Account. Except
as provided below, it does not bear interest, but permits
an unlimited number of checks, electronic debits and ATM
Deposit Account Terms and Conditions 9
transactions during each Account statement period.
It is suitable for those clients who anticipate a high level of
activity in their Account. If you select the Preferred Cash
Management Service, your Checking Account will earn
interest as follows:
a. Interest
The demand deposit Account associated with the Preferred
Cash Management Service allows you to earn a variable
rate of interest on funds you keep on deposit. The Bank may
change the interest rate, and therefore, the annual percentage
yield at any time without prior notice to you. The rate of
interest the Bank pays on this Account may depend on the
amount of the end-of-day collected balance in your Account.
The Bank uses the daily balance method to calculate the
interest on this Account. This method applies a daily periodic
rate (calculated on a 365/366 day year) to the principal in
the Account. Interest will be compounded and credited to
the Account on a monthly basis. Interest begins to accrue
no later than the business day the Bank receives credit for
the deposit of non-cash items (for example, checks). If the
Account is closed before accrued interest is credited to the
Account, you will receive such accrued interest.
b. Balance requirements
You must deposit a minimum of $25,000 to open a demand
deposit Account. Please see Schedule A for fees applicable to
Account Maintenance.
Please contact the Bank for details regarding the Preferred
Cash Management Service.
2. Negotiable order of withdrawal (NOW) account
This type of Account bears interest and permits an unlimited
number of checks, electronic debits and ATM transactions
during each Account statement period. NOW Accounts have
certain restrictions and limitations as described below.
a. Interest
The NOW Account allows you to earn a variable rate of
interest on funds you keep on deposit. The Bank may change
the interest rate, and therefore, the annual percentage yield
at any time without prior notice to you. The rate of interest
the Bank pays on this Account may depend on the amount of
the end-of-day collected balance in your Account.
The Bank uses the daily balance method to calculate the
interest on a NOW Account. This method applies a daily
periodic rate (calculated on a 365/366 day year) to the principal
in a NOW Account. Interest will be compounded and credited
to the Account on a monthly basis. Interest begins to accrue
no later than the business day the Bank receives credit for the
deposit of non-cash items (for example, checks). If a NOW
Account is closed before accrued interest is credited to the
Account, you will not receive such accrued interest.
b. Balance requirements
You must deposit a minimum of $25,000 to open a NOW
Account. See Schedule A for fees applicable to Account
maintenance and checks.
10 Deposit Account Terms and Conditions
c. Ownership restrictions
The NOW Account permits an unlimited number of checks,
electronic debits and ATM transactions each Account
statement period. However, Regulation D of the Federal
Reserve Board generally restricts the eligibility for NOW
Accounts to individuals (including sole proprietors), certain
nonprofit organizations, state or local governmental entities
or where the entire beneficial interest in the monies in
the Account is held by one or more individuals. The Bank
may close or convert an Account to a non-interest-bearing
checking Account if it believes that the Account holder is not
eligible to hold a NOW Account.
d. Notice of intent to withdraw funds
In accord with Regulation D of the Federal Reserve Board,
the Bank reserves the right to require seven days written
notice from you of your intent to withdraw any funds from a
NOW Account.
3. Money market deposit account
This is a variable rate interest-bearing Account with limited
check and Debit Card access. Under Regulation D of the
Federal Reserve Board, you are limited to a total of six
preauthorized transfers and electronic debits (e.g. check,
ACH, Debit Card, wire transfers, online banking transfers and
telephone) per Account statement period.
a. Transaction limitations
Your Account is permitted a total of six preauthorized
transfers and electronic debits by check, Automated Clearing
House (ACH), Debit Card, wire transfers, online banking
transfers, telephone or similar order payable to a third party.
The following transactions are not included in the calculation
of the number of permissible transfers: withdrawals at
an ATM, in-person transactions at the branch and mail or
messenger transactions. If you exceed six preauthorized and
electronic transfers per Account statement period, the Bank
may charge an excess transaction fee and convert the Money
Market Deposit Account to another type of Account, such as
a non-interest-bearing checking Account.
b. Interest
A Money Market Deposit Account earns a variable rate of
interest on funds you keep on deposit. The Bank may change
the interest rate, and therefore, the annual percentage yield
at any time without prior notice to you. The rate of interest
the Bank pays on this Account may depend on the amount of
the end-of-day collected balance in your Account.
The Bank uses the daily balance method to calculate the
interest on a Money Market Deposit Account. This method
applies a daily periodic rate (calculated on a 365/366 day
year) to the principal in a Money Market Deposit Account.
Interest will be compounded and credited to a Money
Market Deposit Account on a monthly basis. Interest begins
to accrue no later than the business day the Bank receives
credit for the deposit of non-cash items (e.g., checks). If a
Money Market Deposit Account is closed before accrued
interest is credited to the Money Market Deposit Account,
you will not receive such accrued interest.
Deposit Account Terms and Conditions 11
c. Balance requirements
You must deposit a minimum of $25,000 to open a Money
Market Deposit Account. Please see Schedule A for fees
applicable to Account maintenance.
d. Notice of intent to withdraw funds
In accord with Regulation D of the Federal Reserve Board,
the Bank reserves the right to require seven days written
notice from you of your intent to withdraw any funds from a
Money Market Deposit Account.
e. Special provisions regarding money market deposit
accounts: conversions/transaction limitations
The Bank may either close or convert your Account to
another type of Account whenever it deems it appropriate
or necessary. Federal Regulation D places a monthly limit
on the number of transfers you may make by preauthorized
transfers and electronic debits from your savings accounts
including Money Market Deposit Accounts. As mandated
by Regulation D, if there are excess transfers in more than
three months during a rolling 12-month time period, or if
you are intentionally attempting to evade the transfer limit,
the Account will be converted to a Checking Account. The
Bank’s practice is to monitor the number of transactions
in Money Market Deposit Accounts. For example, we will
prepare and send you a series of written notifications if you
have exceeded the number of permitted transactions. The
Bank may convert your Money Market Deposit Account to
a Checking Account if you exceed the number of permitted
preauthorized transfers and electronic debit transactions.
If you are counting the number of transactions that you
make each Account statement period, you should know
that the Bank counts an item on the date that it posts to
your Account. This date may be different from the date you
authorize a transfer or write a check.
Moreover, the Bank may close, revoke privileges, or convert
your Account to another Account type if you frequently
overdraw your Account or if you use a personal Account
for business purposes, or for any other reason the Bank
considers appropriate.
4. Certificates of deposit
A Certificate of Deposit (CD) provides a fixed interest rate on
funds you agree to leave on deposit for a specific period of
time, i.e. the term of the CD. The interest rate is set at the
time you make the deposit. You may choose a term from
among those offered at the time you open or renew your CD.
For any particular term the Bank may offer higher interest
rates for larger deposit amounts. The Bank may change the
rates and terms that it offers on the CD at any time without
notice. Please note that the CD is not issued in physical form.
a. Limitations
The minimum deposit amount to open a CD is $100,000.
After the CD is opened, you may not make deposits into the
CD until its maturity date.
b. Monthly account statements
A monthly Account statement will be issued for CD.
12 Deposit Account Terms and Conditions
c. Early withdrawals
The Bank will impose a penalty if you withdraw all or any part
of the deposited funds within the first six days after opening
and funding the CD in accordance with Regulation D of the
Federal Reserve Board. The penalty will equal seven days
simple interest on the amount withdrawn. After the initial six
day period, the Bank will impose a penalty if you withdraw all
or part of the deposited funds before the maturity date. The
penalty will equal 30 days of simple interest on the principal
amount of the CD if the CD has a maturity of one year or less
or all interest if the CD has a maturity of less than one month.
If the CD has a maturity greater than one year, the penalty
will equal three months simple interest on the principal
balance of the CD.
No penalty will be charged for early withdrawal upon the
death or loss of legal competency of any individual who is
the holder of the CD, however, written verification acceptable
to the Bank may be required in such an event.
d. Renewal policies
Unless the Bank is otherwise advised, the principal and
accrued interest on the maturing CD will automatically renew
at maturity into the same type of CD with the same interest
period as the maturing CD and prevailing interest rate for
similar amounts on deposit on the date of maturity. There is
a seven calendar day grace period following the automatic
renewal of a CD to withdraw funds without penalty unless
the original maturity was less than 30 days, in which case the
grace period is three calendar days. If the CD is not renewed,
interest earned during the grace period, after the maturity
date, may be paid at the Bank’s discretion. The funds shall
be held in a non-interest-bearing Account if the Bank has
been instructed not to renew and no other instructions for
disposition have been delivered to the Bank. Certain types
of CDs do not automatically renew. If your CD information
states that your CD does not automatically renew, then your
CD does not earn interest after its maturity date.
e. Interest
The Bank uses the daily balance method to calculate the
interest on the CD. This method applies a daily periodic rate
(calculated on a 365/366 day year) to the principal in the
CD. For CDs with terms of one year or less, interest will be
credited to the CD at maturity.
f. Withdrawal of interest prior to maturity
The annual percentage yield on a CD assumes that interest
will remain on deposit until maturity. A withdrawal will
reduce the interest earned on the CD.
g. Assignment
As mentioned above, a CD is a time deposit that is not
evidenced by a physical certificate but is recorded on the
records of the Bank and is not assignable or transferable
except on such records. In the event of any such assignment,
the term “Payee” shall mean such assignee or transferee in
place of the named payee. The Bank is entitled to rely on its
records for all purposes.
Deposit Account Terms and Conditions 13
5. Cash master sweep account
A Cash Master Sweep Account is comprised of both a
Checking Account and a Money Market Deposit Account.
All of the terms and conditions (including any limitations)
for these Accounts shall be as set forth respectively in the
sections of this document entitled “Checking Account”
and “Money Market Deposit Account.” Additionally, the
Checking Account will have a “target amount” and a
“trigger amount” as determined by you and the Bank. If the
balance in the Checking Account exceeds the target amount,
then all amounts in excess of the target amount shall be
automatically transferred into the Money Market Deposit
Account. If the balance in the Checking Account ever falls
below the trigger amount, then money will automatically be
transferred from the Money Market Deposit Account into
the Checking Account in an amount sufficient to bring the
balance in the Checking Account to an amount equal to the
target amount.
VI. Communications
1. General
The Bank may:
—— Provide communications in English.
—— Send communications to one Account owner at the
address of record for the Account. Such communications
shall be deemed sent to all Account owners.
—— Send communications to you at the electronic or street
address that the Bank has in its records. YOU AGREE
TO NOTIFY THE BANK IF YOU CHANGE YOUR EMAIL
ADDRESS AND/OR YOUR STREET ADDRESS.
—— Destroy communications that are returned as
undeliverable.
—— Stop sending Account statements and other communications
to you if three consecutive mailings to your address on the
Bank’s records are returned as undeliverable.
The Bank is not responsible for communications, or for any
checks or other accompanying items, lost while not in our
possession.
2. Notices
Notices informing you of changes affecting your rights and
obligations generally will be mailed to you unless you have
elected to receive communications electronically. In some
cases, the Bank may post a notice in its banking offices or on
its website. The notice may be in the form of a message on,
or an insert to, your Account statement. You are responsible
for reading all communications from the Bank.
3. Account statements
The Bank will provide you with an Account statement when
there is activity in your Account. When there is no activity
in your Checking Account, the Bank may choose not to
provide an Account statement. You may generally obtain an
additional copy of your Account statement for a fee. Please
refer to Schedule A for information on fees for additional
Account statements. Except as set forth in the section
entitled “Money Transfers”, each Account statement will be
presumed true and correct unless you notify the Bank within
30 DAYS after the Account statement is mailed or made
14 Deposit Account Terms and Conditions
available to you or within 14 DAYS if an irregularity relates to
your unauthorized signature on, or alteration of, a check or
other item. You agree to provide the Bank with all information
necessary for the Bank to investigate any alleged errors
or unauthorized items. Please refer to the section entitled
“Electronic Funds Transfers” for information on the applicable
time periods for reporting errors or unauthorized items in
connection with electronic fund transfers. Account statement
periods generally vary from 28 to 33 days and may end on
different days during the month.
4. Canceled checks
The Bank will return to you checks or check images that
have been paid against your Account. Enclosed within your
monthly Account statement, you will be provided with your
canceled checks or image copies of checks paid against
the Account.
VII. Account charges
You authorize the Bank to debit the Account for any
applicable service charges, overdrafts, fees and penalties
then in effect in accordance with Schedule A annexed hereto,
as same may be amended from time to time without prior
notice (the “Account Charges”). If there are insufficient
funds in your Account to satisfy your obligation for Account
Charges, the Bank may (but is not obligated to) deduct
without prior notice the amounts you owe from one other
Account of yours at the Bank, including, but not limited
to, a custody account, trust account and/or an investment
advisory account. In the alternative, the Bank may overdraw
your Account, in which case you agree to pay fees as
specified in Schedule A attached hereto.
VIII. Deposits
1. Making deposits in cash or by check
Deposits to the Account may be made at any time in cash
or by check payable to you and endorsed by you. However,
the Bank reserves the right to impose a processing charge
for cash deposits in unusual denominations, such as a large
number of loose coins, may incur a processing charge.
The Bank may accept a check or other item for deposit
to your Account from any person without questioning
the authority of such person. Any check that lacks your
endorsement may be, or may be deemed to be, endorsed
by the Bank on your behalf, and the Bank’s rights and your
liabilities shall be determined as if you had actually endorsed
the item. Further, any check deposited to your Account
that bears your stamped or facsimile endorsement shall be
deemed to bear your actual endorsement whether or not
such endorsement was affixed or authorized by you.
The back of a check has an area specifically set aside for your
endorsement. Your endorsement, and any other information
that you place or imprint on the back of the check, must be
contained within this area. Otherwise, you may interfere with
endorsements of financial institutions and cause delays in
processing. You agree to indemnify the Bank for any loss that
results from late return of a check due to information you
entered outside this area that obscured or interfered with the
Bank’s or another financial institution’s endorsement.
Deposit Account Terms and Conditions 15
Without prior written approval of the Bank, you will not
knowingly deposit items into your Account that do not
have either a true original signature of the person on whose
Account it is drawn or an authorized mechanical reproduction
of that person’s signature.
Deposits are only accepted when received at the Bank’s
Branch at 345 Park Avenue, NY, NY 10154. You may send
deposits to other locations of the Bank and its affiliates,
however, the deposits will not be processed until they
are received at 345 Park Avenue, NY, NY 10154. YOU
UNDERSTAND THAT THE BANK CANNOT PROCESS
DEPOSITS IN OFFICES THAT ARE NOT LICENSED TO
CONDUCT DEPOSITORY ACTIVITIES.
Until deposits are received at the location indicated above,
you shall bear the risk of loss. When you send deposits by
mail, or place deposits in a depository, the Bank may treat
them as received at the time it received actual delivery of
deposits sent by mail or when it removes the deposits from
the depository. If the Bank receives a deposit on a day that is
not a business day, the deposit will be considered received
on the next business day.
Deposits in cash or by check must be accompanied by a
deposit ticket in a form prescribed by the Bank. You must
correctly identify the Account to which you want funds
deposited, and you shall be responsible for any loss caused
by your failure to so identify such Account or any delay in
processing your deposit. You understand that the Bank may
credit an Account based solely on the Account number listed
on the deposit ticket even if the Bank’s record identifies
a party different from the entity identified by name in the
record, and the Bank will have no duty to detect any such
inconsistency in identification.
When the Bank receives your deposit, the Bank gives
provisional credit in the amount set forth on the deposit slip
subject to later verification. If the Bank determines that such
amount is incorrect, the Bank may adjust (debit or credit)
your Account. In all events, the amount of any deposit shall
be determined by the Bank’s records.
2. Bank’s right to refuse deposits
The Bank may refuse or return all or part of any deposit
to your Account at any time and will not be liable to you
for doing so even if such action causes outstanding items
to be dishonored and returned. Refused deposits will be
returned to you. You must not deposit any substitute checks
(other than those that are deposited return items) unless
the Bank specifically agrees to accept such deposit. In the
event the Bank accepts any substitute check for deposit,
such acceptance shall not be deemed to be an agreement to
accept any other substitute checks for deposit. In addition,
you will be solely responsible for any loss or liability the Bank
sustains in connection with the deposit of substitute checks.
The Bank may refuse to accept for deposit to your Account
items payable to another person. In order to accept a check
for deposit or to cash a check, the Bank may require a payee
endorsement. The Bank may accept for deposit checks
16 Deposit Account Terms and Conditions
payable to any signer on your Account when endorsed by any
other signer. However, the Bank may require that checks and
other items you want to deposit or have cashed be endorsed
by all parties to whom the items are payable. The Bank may
refuse to accept for deposit or to cash a third-party check,
or in the alternative, require that any third parties have their
financial institution verify or guarantee their endorsements.
3. Mail-in deposits
To mail a deposit, you should use the Bank’s standard mail
deposit envelope which is available upon request. It should
be mailed to the following address:
Deutsche Bank Trust Company Americas
Branch Operations
345 Park Avenue MS NYC20-0102
New York, NY 10154
You should endorse each mailed check “For Deposit Only”
and specify the proper Account number for the Account into
which you want each item deposited. YOU SHOULD NEVER
SEND DEPOSITS OF CASH BY MAIL.
4. Collection items
The Bank may accept certain items­—such as certain checks
payable in foreign currencies or at foreign locations1—on a
collection basis only. The Bank processes such collection
items separately. Generally, the Bank will not credit your
Account for such items until the Bank receives payment for
them. However, if the Bank credits your Account prior to
collection and then does not receive payment for an item,
the Bank may debit your Account for the amount of the item,
even if this causes your Account to become overdrawn.
In receiving items for collection, the Bank acts as your
collecting agent and assumes no responsibility beyond
reasonable care. The Bank will use reasonable care in the
selection of collecting agents but will not be liable in case of
their negligence for losses in transit. If a check is lost during
the collection process, the Bank may charge your Account for
the amount of the check. A lost check may not be returned
for some time. Despite any delay, the Bank may charge your
Account when it receives either the returned check, a copy of
the check or a notice of return.
The Bank and each of its correspondents may send checks
subject to collection, directly or indirectly, to any bank,
depository, maker or drawee in accord with usual custom
and may accept checks, drafts or credits as conditional
payment. You agree to exert reasonable efforts to assist
the Bank in locating or obtaining replacements of items
lost while in its possession. The Bank may agree with other
banks and clearing houses to vary procedures and to waive
deadlines regarding the collection or return of items.
5. Deposits received in currency other than
U.S. dollars
The actual credit for items payable in a foreign currency will
be at the Bank’s exchange rate for conversion into U.S. dollars
in effect at the time of final collection. Regardless of whether
such items are accepted for deposit or on a collection basis,
the Bank’s Funds Availability Policy will not apply.
Canadian Only
1
Deposit Account Terms and Conditions 17
IX. Money transfers
The following provisions apply to money transfers, i.e. wire
transfers and ACH transfers. They do not apply to electronic
funds transfers governed by Regulation E of the Federal
Reserve Board, which are covered in the Electronic Funds
Transfer section of this document.
1. Wire transfers
This paragraph applies to wire transfers and not to transfers
made via ACH, which are covered separately. You may request
a wire transfer only if you have available funds in your Account
sufficient to cover the wire transfer. By providing such a
request to the Bank, you authorize the Bank to initiate a wire
transfer on your behalf. Notwithstanding any routing indicated
in your instructions, the Bank may select any intermediary
bank, funds transfer system or means of transmittal to send
your transfer instructions. When you send or receive a wire
transfer, the Bank, or other financial institution involved, may
use Fedwire, and to the extent that the wire transfer is effected
through Fedwire, your rights and obligations will be governed
by Regulation J of the Federal Reserve Board. The cutoff time
for wire transfer requests is 2:00 p.m. EDT. The Bank may treat
a wire transfer request received after such cutoff time as if
received the following business day.
2. Remittance transfers
The term “Remittance Transfer” as used in this Agreement
shall have the meaning set forth in Regulation E of the
Consumer Financial Protection Bureau. Generally, a
Remittance Transfer is an international electronic transfer
of funds from a U.S. consumer to a designated consumer
or business abroad. A Remittance Transfer is subject
to applicable provisions of Regulation E, Section XII of
this Agreement, and the terms of this Section IX of this
Agreement applicable to wire transfers generally to the
extent not inconsistent with Regulation E.
With respect to a Remittance Transfer that is not otherwise
subject to Uniform Commercial Code Article 4A, you agree
that as between you, the Bank and all persons interested in
the Remittance Transfer, the Remittance Transfer also shall be
subject to the terms of UCC Article 4A, as adopted in the State
of New York, to the extent that the application of UCC Article
4A is not inconsistent with Regulation E.
3. Originating ACH transfers
You may transfer funds from your Account to an account at
another financial institution using the Automated Clearing
House (ACH) system. The Bank may send these ACH
transfers to any ACH processor selected by the Bank or
directly to another financial institution. You agree to comply
with the Operating Rules of the National Automated Clearing
House Association (NACHA) and any local ACH operating
rules then in effect for all ACH transfers. You acknowledge
that ACH transfers may not be initiated that violate the laws
of the United States or other applicable law. Each time you
initiate an ACH transfer, you warrant that you have obtained
appropriate authorizations from any persons to whom you
are sending the transfer, and the ACH transfer conforms to
the authorization and complies with the NACHA Rules. You
make the same warranties to the Bank as it makes under the
18 Deposit Account Terms and Conditions
NACHA Rules.
A request for an ACH transfer from your Account that you
submit before the cutoff time on a business day normally is
processed at the end of that day and results in movement
of funds on the next business day. Transfer requests that
you submit after the cutoff time are processed the following
business day and normally result in movement of funds on
the second business day. All funds transfer requests must be
submitted to the Bank by 2:00 p.m. EDT in order for the Bank
to process the transfer request the same day. The time as
recorded on the Bank’s computer is the “time of record” for
each transfer request.
You must initiate your transfer request before the cutoff time at
least one business day in advance of the transfer date, and you
must have available funds on deposit in your Account at least
one business day in advance of the transfer date. The Bank
will debit your Account on the business day before the transfer
date. The receiving financial institution will normally credit the
receiving account on the transfer date. However, the Bank
cannot guarantee the date that another financial institution will
credit the receiving account.
4. Receiving ACH transfer instructions
From time to time, originators that you authorize may send us
instructions to pay funds to or from your Account via an ACH
credit or debit. Each such ACH transaction is subject to the
Operating Rules of the National Automated Clearing House
Association (NACHA) and any local ACH operating rules
then in effect. The Bank may rely on the representations and
warranties contained in these operating rules and either credit
or debit your Account, as instructed by the originator of the
ACH transaction. Under the current ACH rules, transfers sent
through an ACH system are provisional and may be revoked
prior to final settlement. If an ACH credit to your Account is
revoked before final settlement, and the Bank does not receive
final settlement, it may charge your Account for any amount
credited. In such case, the Bank may not provide you with a
separate notice, but will indicate any such charges on your
next periodic Account statement.
Similarly, the Bank will generally not send a separate notice
of each completed ACH transaction. ACH transactions will,
however, be listed on your periodic Account statement. If
you are expecting a money transfer and want to find out if it
has been credited or debited to your Account, you may call
your Private Banker or check your Account online if you have
online banking.
5. General provisions
The following provisions apply generally to all money transfers
by wire transfers, ACH transfers and Remittance Transfers
to the extent not inconsistent with Regulation E provisions
applicable to Remittance Transfers. All money transfers you
send or receive through the Bank must be in U.S. currency.
Your Account may be charged a fee for sending or receiving
a money transfer which may be deducted from your Account
or from the amount of the transfer. Please refer to attached
Schedule A for the Bank’s fees and charges.
Except for preauthorized transfers and Remittance Transfers,
Deposit Account Terms and Conditions 19
you have no right to amend or cancel a transfer request after
the Bank receives it. If you ask to do this, the Bank may (but
is not obligated to) make a reasonable effort to act on your
request. However, the Bank shall not be liable if a transfer
request is not amended or canceled. Moreover, you agree to
reimburse the Bank for any costs, losses or damages that it
incurs in connection with your request to amend or cancel.
You may cancel a Remittance Transfer for a refund within
30 minutes of your payment authorization, unless the
funds have been picked up or deposited. However, if the
Remittance Transfer is scheduled to be made three or
more business days after your payment authorization, you
may cancel for a refund only if we receive the cancellation
request at least three business days before the transfer date.
A beneficiary’s financial institution, including the Bank,
may rely solely on the account number or other identifying
number when making payment to a beneficiary even if the
name on the transfer instruction is inconsistent with the
name on the account. Similarly the Bank, or any intermediary
bank, may send payment instructions to an intermediary
bank or the beneficiary’s financial institution based solely
on the financial institution’s identifying number, even if you
provide a different financial institution name. Neither the
Bank nor any other financial institution shall have any duty
to determine whether a transfer instruction contains an
inconsistent name and number. For Remittance Transfers,
in the event you provide an incorrect account number or a
beneficiary’s financial institution identifier which resulted in
the deposit of the Remittance Transfer in an account other
than that of the designated beneficiary, you could lose the
transfer amount.
The Bank may reject any transfer request in its sole discretion.
Any notice of rejection (whether given orally, electronically or
in writing) shall be effective when given, and the Bank shall
not be liable for such rejection, nor obligated to pay interest or
compensation for any period before you receive the notice of
rejection. Whenever you request a money transfer, the Bank
may use a security procedure to verify your identity.
The Bank will list money transfers in your Account on your
periodic Account statement. If you think a money transfer
shown on your Account statement or other notice is incorrect,
you must send the Bank written notice, including a statement
of relevant facts, no later than 60 CALENDAR DAYS (or one
year if the transfer is a wire transfer), after the Bank sends or
makes available to you the FIRST notice or Account statement
on which the error appears. If you fail to provide such notice
within the 60 CALENDAR DAY period, you agree that the
Account statement activity and your Account balance are
correct for all purposes with respect to these transfers and
waive all claims against us to recover any losses resulting from
said unauthorized or erroneous transfer. You have a right to
dispute errors regarding a Remittance Transfer within 180 days
after the disclosed availability date of the funds.
If the Bank becomes obligated to pay for loss of interest that
results from its error or delay regarding a payment order, the
Bank will pay such compensation or credit your Account. Such
compensation will be calculated for a non-interest-bearing
Account using a rate equal to the average of the Federal
Funds rate for the relevant day as reported by the Federal
Reserve Bank of New York, less a factor reserve to account for
reserves. Compensation for an interest-bearing account will be
20 Deposit Account Terms and Conditions
calculated using the interest rate applicable to the Account.
6. Limitation of liability and indemnification
For money transfers subject to Article 4A of the Uniform
Commercial Code, (U.C.C.Art.4A) or Regulation J of the Federal
Reserve Board and for Remittance Transfers to the extent
not inconsistent with the applicable provisions of Regulation
E, the Bank shall be liable only for damages required to be
paid under the applicable law or regulation. EXCEPT TO THE
EXTENT REQUIRED BY APPLICABLE LAW OR REGULATION
FOR A REMITTANCE TRANSFER, IN NO EVENT SHALL THE
BANK BE LIABLE FOR ANY SPECIAL, PUNITIVE, INDIRECT
OR CONSEQUENTIAL DAMAGES (EVEN IF IT HAS BEEN
INFORMED OF THE POSSIBILITY OF SUCH DAMAGES),
INCLUDING, WITHOUT LIMITATION, LOSS OF PROFITS OR
REVENUE. EXCEPT AS MAY BE REQUIRED BY APPLICABLE
LAW, YOU WILL INDEMNIFY THE BANK AGAINST AND
HOLD IT HARMLESS FROM AND DEFEND IT AGAINST
ANY LOSSES, CLAIMS, COSTS, EXPENSES, DAMAGES OR
LIABILITIES (INCLUDING, BUT NOT LIMITED TO, ATTORNEYS’
FEES) ARISING OUT OF OR RELATING TO DISPUTES OR
LEGAL ACTIONS BY PARTIES OTHER THAN YOU OR THE
BANK CONCERNING ANY MONEY TRANSFER. YOU WILL
USE REASONABLE EFFORTS TO ASSIST THE BANK IN
RECOVERING THE AMOUNT OF ANY OVERPAYMENT FOR
WHICH IT IS LIABLE. THESE OBLIGATIONS WILL SURVIVE
THE TERMINATION OF THIS AGREEMENT.
X. Charge backs
This section applies to checks or other items that you deposit
with the Bank as well as those that the Bank cashes for you
(a “cashed or deposited item”) and includes items drawn on
the Bank as well as items drawn on other financial institutions.
When the Bank accepts a check or other negotiable instrument
including a substitute check or an automated clearinghouse
(ACH) entry or other funds transfer for deposit (such checks
and transfers collectively “items”), the Bank gives you
provisional credit for such item. If the Bank is informed that the
item is being or has been returned unpaid or if a check drawn
on another account at the Bank is dishonored, the Bank may
revoke the provisional credit and charge the amount of the item
back to your Account or any other account maintained by you,
without regard to whether such return or dishonor is timely.
The Bank may charge your Account whether or not the check
is returned to the Bank, and whether or not the Bank can return
the item or a copy to you.
Even if the Bank verifies a deposited or cashed check and tells
you that the check has been paid, that will not release your
liability as an endorser. This right to charge back shall extend to
any check or other item deposited into your Account or cashed,
that is finally paid and then is returned because a claim is made
that the check or other item was altered, forged, unauthorized,
has a missing signature or should not have been paid for any
reason. The Bank may accept the return, pay the claiming
party, and charge the item to your Account without regard to
whether the item has been finally paid or returned in accord
with any applicable midnight deadline or clearinghouse rule.
The Bank is not obligated to assess the truth or the timeliness
of the claim, to take any action to recover payment of a
Deposit Account Terms and Conditions 21
returned item or to assert any defense on your behalf.
If the Bank cashes a check or other item for you, it is treated
as deposited into your Account followed by a withdrawal of
cash therefrom. Accordingly, the cashed check is treated as a
deposited item for return purposes. If an item deposited in your
Account has been paid by the financial institution on which
it is drawn and that financial institution later returns the item
claiming that it was altered, forged, unauthorized or should not
have been paid for any other reason, the Bank may debit your
Account for the amount of the item.
In lieu of charging your Account, the Bank may withhold an
amount equal to such check or other item from your Account
until a final determination of the validity of such claim has been
made. The Bank has no duty to return a check that has
been charged back to an Account if that Account has become
overdrawn. The Bank is not required to give you next-day notice
if a deposited or cashed item is dishonored.
The Bank may also deduct from your Account any interest
that may have been credited with respect to the item and may
charge you a fee for each returned item. The Bank may debit
your Account for a returned item at any time after the earlier of
the return of the item to the Bank by electronic or other means
or the Bank’s receipt of notice that the item is being returned.
In some cases, the financial institution on which the returned
check or other item is drawn may send an electronic notice of
return instead of returning the item. The Bank may act on, and
you agree to be bound by, the electronic notice of return to the
same extent as if the original item had been returned.
If a check or other item you deposit is returned unpaid for
“insufficient funds” or “uncollected funds,” the Bank may
redeposit the item on your behalf in an attempt to collect the
funds. Generally, the Bank will not give you notice that the
check was dishonored before putting the check through for
collection again. This means that you “waive” your right to
“notice of dishonor.” If a redeposited item is returned unpaid
again, the Bank will charge your Account for the amount of
the item and for any interest you may have earned on the item,
and send the check to you. The check serves as a notice of
nonpayment and dishonor.
There may be situations in which, after the Bank has been
unable to collect funds by redepositing the item, it decides to
send the item out for collection. The Bank routes and processes
collection items separately and normally credits your Account
for collection items only after it receives payment for them. But
if the Bank does credit your Account and then does not receive
payment, the Bank may debit your Account for the amount of
the item. Although the Bank does not charge a collection fee if
it decides to send an item for collection, the financial institution
on which the collection item is drawn may charge fees to you
for such transaction. If the other financial institution requires
payment of a fee before it will process the collection item, the
Bank may pay the fee and charge your Account. Alternatively,
the other financial institution may subtract its fee from the
amount of the payment the Bank receives. These fees may
apply even if the collection item is returned unpaid.
The Bank does not have to notify you in advance of its actions
22 Deposit Account Terms and Conditions
with respect to a returned item. The Bank will, however, notify
you of the receipt of any claim and make available to you a
copy of any supporting affidavit or other document. Unless
you challenge the claim within 60 days after your receipt of
notice of it, the claim shall be presumed to be valid. If you do
not have sufficient available funds to cover a returned item,
the Bank’s charging the item to your Account will cause your
Account to be overdrawn. The Bank will not be liable to you
if there are insufficient funds to pay your items because the
Bank withdraws funds from your Account or otherwise restricts
access to funds due to a hold or debit to your Account as a
result of a returned item. Such an overdraft shall be subject to
the section of this document entitled “Overdrafts.”
XI. Credits for deposits
A receipt may be provided or made available upon request for
all deposits to your Account (except for remote deposits, e.g.,
lockbox, night depository services and certain funds transfers).
However, the amount on your deposit receipt is based solely on
your deposit ticket. Funds from your deposits to your Account
may not be made immediately available.
For checking Accounts, funds will be made available according
to Federal Reserve Regulation CC, which may be amended
from time to time, and the Bank’s Funds Availability Policy
included with these Terms and Conditions. In addition, the
availability of funds for withdrawal does not mean that the
deposited check or other item is “good,” has “cleared” or
has been paid by the paying bank, or that the item will not
be returned unpaid and your Account subsequently debited,
notwithstanding the passage of any period of time or any
representation or belief to the contrary.
XII. Electronic funds transfer services
This Section XII applies to your use of an ATM Card, Debit
Card or other device or code to access your Account to make
electronic funds transfers. This section does not apply to a
Remittance Transfer under Regulation E of the Consumer
Financial Protection Bureau. A Remittance Transfer is subject
to certain provisions of Section IX of this Agreement and the
provisions of Regulation E applicable to Remittance Transfers.
If the Bank gives you an ATM Card, Debit Card or other device
or code to access your Account, you agree to use such card,
device or code access method only in the manner and for
the purposes described below and in any specific disclosure
applicable to such access method provided to you by the Bank.
If you attempt to use the access method in any other manner
or for any other purpose, the Bank may reject the transaction;
or, at its discretion, the Bank may complete the transaction
without incurring any obligation to honor the same type of
transaction on future occasions. The Bank may decide not to
issue a specific access method to any client, and the Bank
may also terminate a specific access method without cause
or notice.
1. Access cards-ATM and debit cards
If the Bank issues you an ATM Card or Debit Card (“Access
Card”), the Access Card, along with your Personal
Identification Number (PIN), will enable you to access your
Account at Automated Teller Machines (ATMs). In this regard,
Deposit Account Terms and Conditions 23
an Access Card may be issued to each Account owner and
multiple Accounts can be linked to the Access Card. You
may use your Access Card at an ATM to withdraw cash
from, make balance inquiries regarding your Account, and
in cases where your Account includes multiple Accounts,
transfer funds among such Accounts. Your ability to perform
these transactions or to access your Account will depend
on the location and type of ATM you are using and the
network through which the transaction is processed. You
may be charged a fee for transactions using the Debit Card,
depending on the Bank’s rules and regulations for the
Account from which the funds are withdrawn.
The Bank does not impose fees for ATM transactions. However,
when you use your ATM Card at an ATM not owned by the
Bank, you may be charged a fee by the ATM operator and/or
the applicable automated transfer network, and you may be
charged a fee for a balance inquiry even if you do not complete
a withdrawal or transfer.
You are responsible for maintaining the confidentiality of your
PIN and preventing unauthorized use. YOU ASSUME FULL
RESPONSIBILITY FOR ANY UNAUTHORIZED ACCESS OR
MISUSE OF YOUR ACCESS CARD. Subject to the section
entitled Electronic Banking Disclosures below, you agree to
notify the Bank immediately if you believe your PIN or any other
security measures have been compromised.
If your Access Card is also a Debit Card, then the Access Card
along with your PIN, enables you to pay for purchases using a
point-of-sale debit. (Note: In some cases, a point-of-sale (POS)
transaction requires a signature instead of a PIN.) If you use
your Access Card to effect a transaction in a currency other
than U.S. dollars, the transaction will be converted into
U.S. dollars in accordance with the rules in effect at the time
the transaction is processed.
You are solely responsible for complying with applicable local
and foreign laws and regulations when you use your Access
Card outside of the United States. You agree not to use your
Access Card for illegal gambling or other illegal purposes.
Display of a payment card logo by, for example, an on-line
merchant, does not necessarily mean that transactions are
lawful in all jurisdictions in which you may be located.
You are not required to accept the Debit Card if you feel that an
ATM Card would better suit your needs.
Various card features, services and enhancements are or may
be provided through, Visa USA, Inc. and we have no liability for
those features, services or enhancements.
The Debit Card allows you to directly access your Bank demand
deposit Account or NOW Account.
The ATM Card allows you to directly access your Bank demand
deposit Account, NOW Account or savings/money market
deposit Account.
In order to activate the Debit Card, you must sign the back of
the Debit Card and you must activate it by calling the number
provided on the Debit Card or by using it at any ATM or POS
24 Deposit Account Terms and Conditions
terminal that requires you to enter your PIN. However, use of
the Debit Card at “pay at the pump” gas station POS terminal
will not activate the Debit Card. In order to activate the ATM
Card, you must sign the back of the ATM Card and you must
activate it by calling the telephone number provided on the
ATM Card or by using it at any ATM.
To protect against unauthorized use of the Debit Card or the
ATM Card, do not write your PIN on the Debit Card or the ATM
Card or keep your PIN in the same place as the Debit Card or
ATM Card. Do not give your Debit Card or ATM Card or your
PIN to anyone not authorized to write checks on your account.
With your Debit Card you may make purchases at any
merchant displaying the Visa logo (a “Debit Card Purchase
Transaction”). These transactions are POS Debit Card Purchase
Transactions, which will NOT require you to use your PIN.
All references in these Terms and Conditions to a “POS
transaction” will include both Debit Card Purchase Transactions
and use of your Debit Card at POS terminals using your PIN.
The services described in these Terms and Conditions will
be available to you only as long as you maintain an Account
with the Bank.
Use of the Debit Card or the ATM Card and the privileges
associated with it can be cancelled by the Bank at any time for
whatever reason the Bank decides and without prior notice to
you. The Debit Card and the ATM Card are the property of the
Bank and are non-transferable. Upon request, you must return
them to the Bank.
The Bank’s policy is to post and pay Debit Card and ATM Card
transactions in the order they are received. The Bank reserves
the right to pay Debit Card and ATM Card transactions before
checks and other items.
Your Debit Card or ATM Card may be captured if you key in
an incorrect PIN multiple consecutive times at NYCE or PLUS
terminals.
Cards reported as lost or stolen will not be returned by a NYCE
or PLUS terminal. Should a machine retain your card for any
reason, it will be destroyed and it will be necessary to have a
new card issued.
Merchants may process your Debit Card purchase transaction
as a Visa transaction (“Visa Purchase Transaction”) or process
it as a transaction through NYCE (a “Non-Visa Purchase
Transaction”). In some cases merchants may provide you with
a way of choosing between a Visa Purchase Transaction or a
Non-Visa Purchase Transaction. Please be advised that if the
transaction is processed as a Non-Visa Purchase Transaction,
you may not receive the protections provided under these
Terms and Conditions with respect to your liability for
unauthorized transfers. Additionally, any features, services or
enhancements provided by, or through Visa U.S.A., Inc. may
not be applicable to a Non-Visa Purchase Transaction.
a. Documentation of transfers
You can get a transaction record at the time you make any
Deposit Account Terms and Conditions 25
transfer to or from your Account using an ATM or a POS
terminal. However, this transaction record is not final since
each transaction is subject to verification by the Bank. If the
transaction record and the Bank’s records conflict, the Bank’s
records will control.
b. Limitations on transactions
i. Transaction authorizations
Any purchase or cash withdrawal may be subject to
authorization by the Bank.
ii. Overdrafts
You agree not to use your ATM Card or Debit Card for a
transaction that would cause your balance to go below zero, or
to access an Account that is no longer available or that lacks
sufficient funds to complete the transaction. The Bank will not
be required to complete any such transaction, but if it does
so, in our sole discretion, you agree to pay the Bank upon its
request the amount of the improper withdrawal or transfer fees
and overdraft fees as set forth on Schedule A attached hereto.
iii. Cash withdrawal limits
You may withdraw up to $1,000 per day from your Account via
ATMs. Please contact your Private Banker if you desire to have
this limitation changed.
iv. Limitations on point-of-sale and signature debits
You may withdraw a maximum of $1,000 per day for pointof-sale transactions and $7,500 per day for Signature Debits.
Please contact your Private Banker if you desire to have this
changed.
The maximum amount of daily withdrawals and transfers from
any Account through the use of an ATM or POS terminal may
also be limited by the rules and regulations of the Account from
which such withdrawals or transfers are made and the policies
of the ATM and POS terminal operators. All such withdrawals
and transfers are subject to both our rules and those statutes
and regulations governing the availability of funds.
If you make withdrawals at other financial institutions by
the use of a teller, such withdrawals may require the Bank’s
our approval. Such approvals are referred to in these Terms
and Conditions as “authorizations.” The Bank may limit
the number of authorizations that the Bank provides to
any cardholder each day, as for example, where necessary
to safeguard your Account. If for any reason the financial
institution requesting the authorization is not able to contact
the Bank, or the Bank is unable to respond to them, you may
not be able to complete the transaction even though it would
not exceed your available balance or the limitations contained
in these Terms and Conditions.
The daily transaction limits set for Debit Card purchase
transactions are separate from those set for other POS
transactions and ATM transactions. You may use up to the
maximum in each category but any unused portion in one
category cannot be applied to the other category. For example,
an authorized user makes a $7,000 Debit Card purchase (limit
$7,500) cannot then withdraw $1,500 at an ATM ($1,000 limit
26 Deposit Account Terms and Conditions
plus $500 not used for Debit Card transactions).
2. Online banking services
You may use a computer to access your Account and perform
certain banking transactions using the Internet, including bill
payments. When you subscribe to these services, the Bank
will provide you with a separate agreement and disclosures
governing the terms of use. You shall be solely responsible
for complying with all applicable local and foreign laws and
regulations when you access your Account through the
Internet from outside of the United States.
3. Transfers by telephone, facsimile, email or other
electronic means
The Bank may permit you to request a transfer of funds from
your Account(s) at the Bank by telephone, facsimile, email or
other electronic means (“Verbal Instructions”). You agree that
the risk and possible losses from Verbal Instructions are yours.
You agree that the Bank shall not be liable for any losses arising
from Verbal Instructions and you will indemnify the Bank and
hold it harmless against any claims by you or third parties, in
the event that the Bank effects a transfer after receiving Verbal
Instructions and such instructions were not authorized by you,
or were misunderstood. In this regard, the Bank may, but shall
not be required to, seek verification of such Verbal Instructions
by call back to you or other procedure. The Bank may in its
sole discretion refuse to execute Verbal Instructions without
incurring any liability to you and shall have no obligation to
transfer funds in the absence of written instructions from you.
If your Account is a Money Market Deposit Account, transfers
requested by Verbal Instructions will generally count toward
the number of transfers that you are allowed per Account
statement period.
You may authorize a merchant or other payee to make a onetime electronic payment from your checking Account using
information from your check to pay for purchases or pay bills.
4. Special provisions regarding all electronic requests
for withdrawals from your account
You authorize the Bank to withdraw the necessary funds from
your designated Account on the date you schedule a transfer
request. You agree that you will instruct the Bank to make a
withdrawal only when sufficient available funds are or will be
available in your Account at the time of the withdrawal. If you
do not have sufficient funds, the Bank may refuse to complete
the transaction. Whether the Bank completes the transaction or
not, the Bank reserves the right to impose a fee for insufficient
funds, and the Bank will make no further attempt to process
the transfer request. The Bank is under no obligation to notify
you if it does not complete a transfer because there are
insufficient funds in your Account to process the transaction.
5. Recording telephone calls
You agree that the Bank may record telephone calls and
other electronic communications between you and the Bank
and acknowledge that the Bank need not remind you of its
recording of such calls and communications except as may be
Deposit Account Terms and Conditions 27
required by law.
6. Email security
The use of unencrypted email carries a risk of possible
interception and revelation to unintended parties. You should
not use unencrypted email to send confidential information,
such as social security numbers or Account numbers.
7. Special provisions regarding electronic funds
transfers
Except as provided below, this Section 7 (including paragraphs
a through I below) applies only to Accounts established
primarily for personal, family or household purposes. If you
are a business or other entity that is not a natural person, this
section does not apply to your Account, except as provided
below. You are solely responsible for the security of your PIN
and all uses of your ATM Card and/or Debit Card (“Access
Card”). Any transaction made with your Access Card is
conclusively presumed to have been authorized by you. Also, if
you are a business or other entity that is not a natural person,
while the Bank will attempt to resolve any suspected errors
with respect to your automated banking transactions as soon
as possible, we are not bound by the resolution time limits
specified below.
a. Electronic banking disclosures
This disclosure statement covers your rights and responsibilities
with regard to “electronic funds transfers” as defined by
Regulation E of the Federal Reserve Board. “Electronic
funds transfers” include Automated Teller Machine (ATM)
withdrawals and transfers, Debit Card transactions, direct
deposits of Social Security payments, electronic funds transfers
resulting from your providing merchants with information
obtained from checks, preauthorized debits to your Account to
pay recurring charges or other ACH transactions.
The term “electronic funds transfers” does not include, and
therefore, this disclosure statement does not cover:
—— Debits which the Bank is authorized to make from your
Account for service charges and other fees,
—— Preauthorized transfers that you have instructed the
Bank to make to another of your Accounts (or a family
member’s) at the Bank,
—— Loan payments to the Bank, or Wire Transfers and
ACH Transfers, which are covered in the section of this
document entitled Money Transfers.
b. Notification of unauthorized transfers and loss of ATM
cards or debit cards
For consumers and other clients, call the Bank AT ONCE at
1-866-362-4796 if you believe that someone has transferred
or may transfer money from your Account without your
permission, or if you believe your ATM or Debit Card has
been lost or stolen or if an unauthorized person has learned
your access code (PIN) or if you believe that an electronic
fund transfer has been made without your permission using
information from your check. If your card is lost or stolen
28 Deposit Account Terms and Conditions
after 5 p.m. ET, please call 1-800-236-2442.
You can notify the Bank by telephone at the number above,
or by calling your Private Banker, or in writing at the
following address:
Deutsche Bank Trust Company Americas
Branch Operations
345 Park Avenue, MS NYC20-0102
New York, NY 10154
Telephoning immediately is the best way of keeping your
possible losses down. You could lose all the money in your
Account. For Accounts with more than one signer, the Bank
may accept this report from any signer. We may block or cancel
that signer’s card and any or all of the other signers’ cards.
If you are a consumer and you notify us within two business
days after you learn of the loss or theft of your Debit Card, ATM
Card or PIN, you can lose no more than $50 if someone used
your ATM Card or Debit Card or PIN without your permission
or otherwise made an unauthorized electronic funds transfer
from your Account. If you do not tell the Bank within two
business days after you learn of the loss or theft of your ATM
Card or Debit Card or PIN, and the Bank can show that, had
you told the Bank, it could have stopped someone from using
your ATM card or Debit Card or PIN without your permission or
making other unauthorized electronic funds transfers from your
Account, you could lose as much as $500.
If your Account statement shows transfers that you did not
make including those made by ATM Card, Debit Card, PIN or
other means, tell us at once. You must notify the Bank within
60 days after the Account statement was mailed to you. You
may not get back money lost after those 60 days if the Bank can
show that your prompt notice could have prevented the loss.
If a good reason (such as a long trip or a hospital stay) kept you
from telling the Bank, we will extend the time periods.
If you are not a consumer, you may be liable for unauthorized
transactions on your Debit Card or ATM Card if we reasonably
determine, based on substantial evidence, that you were grossly
negligent or fraudulent in the handling of your Account or the
Debit Card or ATM Card. You will not otherwise be liable for the
unauthorized transactions on your Debit Card or ATM Card.
For consumers:
c. Business days
Business days are Monday through Friday. Holidays and other
days on which banks are authorized to be closed in New York
City are not included.
d. Right to stop payment of preauthorized recurring debits
If you have directed the Bank in advance to make regular
payments out of your Account or if you have authorized
someone to make preauthorized debits from your Account,
|you can stop any of these payments. Please call the Bank at
1-866-362-4796 at least three business days before the
Deposit Account Terms and Conditions 29
payment is scheduled to be made. You can also notify the
Bank in writing at the following address in time for the Bank to
receive your request at least three business days before
the payment is scheduled to be made:
Deutsche Bank Trust Company Americas
Banking Services Team
345 Park Avenue, MS NYC20-0108
New York, NY 10154
If you call, the Bank will also require you to put your request
in writing and deliver it to the Bank within 14 days after your
call. (The Bank’s fees for Stop Payment Orders are listed on
attached Schedule A.)
You recognize that such a stop payment on a preauthorized
debit will be effective solely for a single transaction and you will
be responsible for notifying the originator that you have placed
a stop payment on that specific transaction. IF YOU WISH TO
STOP ALL FUTURE PREAUTHORIZED DEBITS FROM THAT
ORIGINATOR, YOU MUST GIVE THE ORIGINATOR A WRITTEN
NOTICE REVOKING YOUR AUTHORIZATION.
To effect a stop payment order on a preauthorized debit, you
need to provide your Account number, the amount and date of
the debit order and the originator. The Bank may require both
the company name and company identification number for
the originator. If you provide the wrong company identification
number or if the originator has changed its company
identification number, the Bank may pay the item.
e. Preauthorized debits with varying amounts
If preauthorized payments out of your Account vary in amount,
the person being paid should tell you, 10 days before each
payment, when it will be made and how much it will be. You
may choose instead (by agreement with the payee) to get
that notice only when the payment would differ by more than
a certain amount from the previous payment, or when the
amount would fall outside certain limits that you set.
f. Liability for failure to stop payment of preauthorized
transfer
If you order the Bank to stop one of these payments three
business days or more before the transfer is scheduled, and
the Bank does not do so, the Bank will be liable for your actual
losses or damages. In no event will the Bank be liable for
special, punitive or consequential damages.
g. Right to verify preauthorized credits
If you have arranged to have direct deposits made to your
Account at least once every 60 days from the same person
or company, you can call the Bank at 1-866-362-4796 to
determine whether the deposit has been made.
h. Periodic account statements
All electronic funds transfers posted to your Account during
the Account statement period will be listed on your monthly
Account statement.
i. Receipts
You can get a receipt at the time you make any transfer to or
from your Account using one of our ATMs or point-of-sale
30 Deposit Account Terms and Conditions
terminals.
j. Disclosure of financial institutions’ liability for failure to
make electronic transfers
If the Bank does not complete a transfer to or from your
Account on time or in the correct amount according to its
agreement with you, the Bank will be liable for your losses or
damages. However, there are some exceptions. For example,
the Bank will not be liable if:
—— Through no fault of the Bank, you do not have enough
money in your Account to make the transfer.
—— The automated teller machine where you are making the
transfer does not have enough cash.
—— The terminal or system was not working properly, and you
knew about the breakdown when you started the transfer.
—— Circumstances beyond the Bank’s control (such as fire or
flood) prevent the transfer, despite reasonable precautions
that it has taken. As otherwise set forth in this Agreement.
k. Disclosure of account information to third parties
This section k applies to both consumers and other clients. We
will disclose information to third parties about your account:
—— Where it is necessary for completing transactions.
—— To verify the existence and condition of your Account for a
third party, such as a credit bureau or merchant.
—— To comply with applicable laws, regulations and
court orders.
—— To service providers who help the Bank meet your needs by
assisting the Bank in providing or offering Bank products
and services.
—— As permitted by our Privacy Notice
l. In case of errors or questions about your electronic
transfers
Telephone the Bank at 1-866-362-4796 or write to Deutsche
Bank Trust Company Americas, 345 Park Avenue, ATTN:
Banking Department, MS NYC20-0108, New York, NY 10154,
as soon as you can, if you think your monthly Account
statement or receipt is wrong or if you need more information
about a transfer listed on the monthly Account statement or
receipt. The Bank must hear from you no later than 60 days
after it sent the first monthly Account statement on which the
problem or error appeared.
To report an error or get more information:
—— Provide your name and Account number.
—— Describe the error or the transfer in question, and explain
as clearly as you can why you believe it is an error or why
you need more information.
—— Provide the dollar amount of the suspected error.
If you notify the Bank orally, we may require that you send us
your complaint or question in writing within ten business days.
The Bank will determine whether an error occurred within
10 business days after it hears from you and will correct the
error promptly. If the Bank needs more time, however, the
Bank may take up to 45 days to investigate your inquiry. If the
Bank decides to do this, it will provisionally credit your Account
within 10 business days for the amount you think is in error,
so that you will have use of the money during the time it takes
the Bank to complete its investigation. The Bank will notify you
of the amount and date of the provisional credit within two
Deposit Account Terms and Conditions 31
business days of providing the provisional credit to you.
If the Bank asks you to put your inquiry in writing and does not
receive the written inquiry within 10 business days, the Bank
may not credit your Account.
If the Bank has provided a provisional credit to your Account
in the amount of the claimed error, and after investigation the
Bank determines that no error was made, then the Bank will
notify you within three business days that the Bank will reverse
the provisional credit. However, the Bank will continue to honor
checks, drafts, similar items and preauthorized transfers for five
business days following the notice of its intention to reverse the
provisional credit.
The Bank will tell you the results within three business days
after completing our investigation. The Bank will correct the
error within one business day after the Bank determines an
error occurred. If the Bank decides that there was no error, the
Bank will send you a written explanation within three business
days. You may ask for copies of the documents that the Bank
used in its investigation.
For errors involving new Accounts, point-of-sale or foreigninitiated transactions, we may take up to 90 days to investigate
your complaint or question. For new Accounts, we may take up
to 20 business days to credit your Account for the amount you
think is in error.
XIII. Withdrawals
The Bank may forward requests for withdrawals and other
transactions to its processing center and use the date that
the processing center receives the transaction as the effective
date of the transaction.
1. Cashing checks drawn to you
The Bank may establish cashless branches at which check
cashing services will not be available. If the Bank does cash
a check drawn to you or any owner of your Account and the
check is returned unpaid for any reason at any time, the Bank
may deduct the amount of the check from your Account,
even if this causes your Account to become overdrawn. If the
Bank cashes a check or other items for you, the Bank may
deduct from the proceeds of such item fees, overdrafts and
other amounts you owe the Bank.
2. Cashing your checks drawn to others
A person to whom you have drawn a check may cash the
check at 345 Park Avenue, NY, NY 10154. However, the Bank
reserves the right to:
—— Require satisfactory identification,
—— Charge a check cashing fee, and
—— Impose such additional requirements OR DOLLAR
LIMITATIONS as the Bank in its sole discretion deems
appropriate.
If the person to whom you have drawn a check fails to
satisfy such requirements, OR IF THE CHECK EXCEEDS THE
DOLLAR LIMITATION IMPOSED, the Bank may refuse to cash
the check. The Bank shall not be liable to you for refusing to
32 Deposit Account Terms and Conditions
cash the check or for charging a check-cashing fee.
3. Processing and posting orders
The Bank may accept, pay, post, or charge checks,
withdrawals and other debit items to your account in any
order the Bank may choose, at our discretion. The Bank may
establish different priorities, categories or order for checks
and other items, and process and post checks and other
items according to the priorities the Bank establishes. The
Bank may change the priorities categories or order at any
time without notice to you.
The Bank typically processes teller transactions, checks, ACH
debit items and ATM Card and Debit Card transactions as
separate categories. For ACH debit items and ATM Card and
Debit Card transactions, the Bank typically processes these
items in the order that they are received by the Bank from the
payment system(s) and other financial institutions. The Bank
typically processes checks in the order that they are received
by the Bank from different check deposit and clearing
channels. In certain cases, the Bank may not receive date
and time information for transactions, and our processing
system will assign a different processing sequence to such
transactions. For example, the Bank may process such
transactions in the order the dollar amount of the items
starting with the highest dollar item.
Even if the Bank provisionally post checks or other items to
your Account during the day, the Bank may treat them as
if the Bank received all of them at the end of the day and
process them in any order the Bank chooses. The Bank
may choose the processing and posting method at our sole
discretion, regardless of whether additional fees may result
from the processing method selected.
4. Checks with conditions or restrictions, incomplete,
future-dated, and checks dated more than six
months before payment
Some clients write incomplete checks, conditions or other
restrictive instructions on a check, such as “not valid after
90 days” or “not valid over $1,000.” The Bank may disregard
such conditions or other restrictive instructions and pay
the check even if the condition or instruction has not been
satisfied. The Bank shall not be liable for its failure to abide by
such conditions or other restrictive instructions.
We may choose to pay or not to pay a check that is dated
more than 6 months before it is presented for payment
regardless of how old it is, and if we pay it, you will be
responsible for the check.
5. Check stock and ink
Checks you write may be converted into electronic images
(truncated) during the check collection and return process.
You shall bear the risk of loss if:
—— You use check stock that contains defects or features (such
as security features) that impede such truncation.
—— You use checks printed by a vendor that has not been
approved by the Bank.
—— You make out a check in a way that causes critical data to
Deposit Account Terms and Conditions 33
be obscured upon truncation.
6. Converting checks to electronic debits
Payees may convert checks that you give them into electronic
debits and then send such electronic debits to the Bank.
When the Bank receives an electronic debit, it charges your
Account. Because the Bank may receive the electronic debit
shortly after the payee receives your check, you may have
a limited time to stop payment on the check and you may
incur an overdraft if you do not have sufficient funds in your
Account to cover the amount of the check at the time you
write the check or authorize the transaction.
Since the check is not sent to the Bank, it does not have a
copy of your check. The Bank lists any electronic debits on
your Account statement. If the payee is a business that uses
your check to initiate an electronic debit at the point of sale,
the payee should give you notice of the conversion and return
the voided check to you. A payee that receives your check
by mail and converts it to an electronic debit may give you
notice of the conversion and destroy the original check.
7. Substitute checks and your rights (check 21)
In some cases, the Bank may be sent, instead of your
original check, an indemnified copy of your original check, a
substitute check or other image of your check (“Secondary
Documentation”). The Bank may act upon presentment of
such Secondary Documentation and pay your check against
your Account to the same extent as if the original check had
been presented.
The following provisions help explain some of the rights a
consumer has under a Federal law commonly referred to as
Check 21, which was enacted to increase the efficiency of
the U.S. check clearing system. These provisions apply only
to consumer Accounts—i.e., Accounts used primarily for
personal, family or household purposes.
a. What is a substitute check?
To make check processing faster, Federal law permits banks
to replace original checks with “substitute checks.” These
checks are similar in size to original checks with a slightly
reduced image of the front and back of the original check.
The front of a substitute check states: “This is a legal copy of
your check. You can use it the same way you would use the
original check.” You may use a substitute check as proof of
payment just like the original check.
Some or all of the checks that you receive back from the
Bank may be substitute checks. This notice describes rights
you have when you receive substitute checks from the Bank.
The rights in this notice do not apply to original checks,
or check images or to electronic debits to your Account.
However, you have rights under other law with respect to
those transactions.
b. What are your rights regarding substitute checks?
In certain cases, Federal law provides a special procedure
that allows you to request a refund for losses you suffer if a
substitute check is posted to your Account (for example, if
you think that the Bank withdrew the wrong amount from
34 Deposit Account Terms and Conditions
your Account or that the Bank withdrew money from your
Account more than once for the same check). The losses you
may attempt to recover under this procedure may include
the amount that was withdrawn from your Account and fees
that were charged as a result of the withdrawal (for example,
bounced check fees).
The amount of your refund under this procedure is limited
to the amount of your loss or the amount of the substitute
check, whichever is less. You also are entitled to interest on
the amount of your refund if your Account is an interestbearing Account. If your loss exceeds the amount of the
substitute check, you may be able to recover additional
amounts under other law.
If you use this procedure, you may receive up to $2,500 of
your refund (plus interest if your Account earns interest)
within 10 business days after the Bank receives your claim
and the remainder of your refund (plus interest if your
Account earns interest) not later than 45 calendar days after
the Bank receives your claim.
The Bank may reverse the refund (including any interest on
the refund) if it later is able to demonstrate that the substitute
check was correctly posted to your Account. If the Bank
determines that your claim is invalid, the Bank will send you a
notice explaining why.
c. How do you make a claim for a refund?
If you believe that you have suffered a loss relating to a
substitute check that you received and that was posted to
your Account, please contact the Bank at 1-866-362-4796
or write to:
Deutsche Bank Trust Company Americas
ATTN: Banking Department
345 Park Avenue
MS: NYC20-0108
New York, New York 10154
You must contact the Bank within 40 calendar days of the
date that the Bank mailed (or otherwise delivered by a means
to which you agreed) the substitute check in question or the
Account statement showing that the substitute check was
posted to your Account, whichever is later. The Bank will
extend this time period if you are not able to make a timely
claim because of extraordinary circumstances.
d. Your claim must include:
—— A description of why you have suffered a loss (for example,
you think the amount withdrawn was incorrect);
—— An estimate of the amount of your loss;
—— An explanation of why the substitute check you received is
insufficient to confirm that you suffered a loss; and
—— A copy of the substitute check or the following information
to help the Bank identify the substitute check: your
Account number, the check number, the name of the
person to whom you wrote the check, the amount of the
Deposit Account Terms and Conditions 35
check and the date of the check.
8. When funds are available for withdrawal
Funds deposited to your Account may not be immediately
available for withdrawal. Until the funds are available, you
may not withdraw the funds and the Bank will not use the
funds to pay checks drawn on your Account or pay other
debits to your Account. You remain responsible for checks
deposited to your Account that are returned unpaid. (See
Funds Availability Policy within this Terms and Conditions.)
XIV. Lien and setoff
You pledge the assets in your Account and grant the Bank
a lien and a right of setoff against your Account and on all
accounts with the Bank (including but not limited to any
custody account or investment management account),
to secure any present or future obligation of yours for the
payment of money to the Bank or any of its affiliates, whether
matured or unmatured. You agree that the Bank may, without
prior notice or demand, apply or set off the funds in your
Account at any time to pay off any debt, whether direct or
indirect, you have with the Bank or any of its affiliates and/or
any fees or service charges, and you grant the Bank and its
affiliates a security interest in each Account to secure such
debt, as it may arise. With respect to all of the foregoing,
Bank will have all rights of a secured creditor under the
New York Uniform Commercial Code, as in effect from time
to time, or other applicable law.
If your Account is a joint Account and one or more joint
owners are indebted to the Bank or any of its affiliates in any
manner, the Bank or its affiliates may use the funds in the
joint Account to pay the debt without prior notice to you. This
right of setoff does not apply if your right to withdraw funds
from the Account arises only in a representative capacity.
You further acknowledge and agree that any Federal benefits
or other payments deposited to your Account after a date of
ineligibility must be returned to the Federal government or
other payor, as applicable, and the Bank may set off against
any of your Accounts in order to recover any ineligible
benefits or payments you may have received if the Bank is
obligated to return such payments. If the Bank or any of its
affiliates effects a setoff against your Account, you agree
to release and indemnify the Bank and its affiliates from all
liability for its actions.
The Bank will notify you of the set off together with the
reasons for the set off prior to or on the same business day
of such action. Failure to provide the notice required by this
section shall not be deemed to affect the validity of the right
of set off.
The Bank may not assert, claim or exercise any right of
set off against any Account into which social security or
supplemental security income payments are deposited
pursuant to an agreement with such banking institution which
provides that such payments be deposited directly into such
Account without presentation to the depositor at the time of
deposit.
36 Deposit Account Terms and Conditions
In the event that your Account(s) are involved in legal
proceedings and the Bank incurs any fees or expenses in
connection with such matter, such as for responding to
subpoenas, then the Bank may charge your Account(s) for
such fees or expenses actually incurred.
XV. Stop payments
You may stop payment on a check drawn on your Account
if the Bank has not accepted, certified, made final payment
on or otherwise become accountable for the item. Any joint
owner may order the Bank to stop payment on any check
drawn on your Account. You may not stop payment on an
ATM or POS transaction (other than recurring debits on
going forward basis) If your POS transaction involves a
dispute with the merchant regarding the quality of goods or
services purchased you are responsible for resolving it with
the merchant.
To stop payment on a check, you should use the form that
the Bank will supply for this purpose. In any event, you must
provide the Bank with the precise Account number, check
number, amount of the item (dollars and cents), date and
payee. The Bank may also require the name of the person
who signed or authorized the item. You acknowledge that
the Bank uses a computer system to identify items and that
if you fail to supply complete information, the Bank may
pay the item. A stop payment order shall become effective
no earlier than one full business day after the Bank has
received such order, which you agree is a reasonable time.
Generally, an oral stop payment order expires after 14 days
and a written stop payment order after six months. If you do
not want the oral stop payment order to expire, you must
deliver to the Bank a renewal of the stop order in writing
prior to its expiration. Nevertheless, the Bank may, in its sole
discretion, elect to honor an oral stop payment order for a
longer period of time without notice to you. Each renewal is
treated as a new order. If you want the order to expire in less
than six months, or to be definitely invalid at six months, you
must cancel the order in writing. Your request to cancel the
order will not be effective until the Bank has a reasonable
opportunity to act on it. The Bank will cancel the order
automatically when the Account on which the item is drawn
is closed. If the item is presented for payment after the order
expires or is canceled, the Bank may pay the item.
If the Bank, nevertheless, pays an item subject to a proper
and timely stop payment order, the Bank will not be liable if
any other checks drawn by you are returned unpaid, unless
the Bank has been grossly negligent in handling the item
subject to the stop payment order. The Bank’s liability for
paying an item subject to a stop payment order is limited to
the actual loss suffered up to the amount of the item. You
must prove such loss to the Bank’s satisfaction. IN ANY
EVENT, THE BANK SHALL NOT BE LIABLE TO YOU FOR
ANY PUNITIVE, SPECIAL OR CONSEQUENTIAL LOSS OR
DAMAGE OF ANY KIND.
The Bank shall have no obligation to accept any order
to stop payment on any check certified by the Bank. If a
cashier’s check, teller’s check (“official check”) or certified
Deposit Account Terms and Conditions 37
check is lost, destroyed or stolen, you may assert a claim
to the amount of the check if you give us a declaration of
loss statement and an indemnification agreement in a form
acceptable to us, and the check has not been presented for
payment for 90 days from the issue date or in the case of
certified checks, from the date of acceptance.
1. Postdated checks
If you write a postdated check, the Bank may pay it and
charge it to your Account even if it is presented for payment
before its date. Provided that you act in a timely manner, you
may give the Bank a stop payment order with respect to a
postdated check and indicate the expiration date for the order.
(Generally, this would be the date of the check.) If a postdated
check is presented to the Bank for payment while a stop
payment order is in effect, the Bank may return the check with
the designation “payment stopped” or “refer to maker.”
XVI. Miscellaneous provisions
1. Closing an account
At any time at the Bank’s sole discretion, the Bank may
close your Account without giving you prior notice and pay
over to you the net balance subject to the Bank’s right of
prior setoff and lien. The Bank may mail a check for such
net balance to you at the address to which it sent your last
Account statement unless you have notified the Bank of a
new address. If your Account reaches a zero balance, the
Bank may consider your Account closed. After your Account
is closed, the Bank may return deposits and checks and other
items that it receives without any liability on the part of either
you or the Bank.
You may generally close your Account at any time without
advance notice. The Bank may, however, require you to give
it advance notice when you intend to close your Account by
withdrawing all your funds from a Money Market Deposit
Account as specified in the section of this document on
Withdrawals. You or the Bank may close a Certificate of
Deposit Account at maturity without advance notice.
After your Account is closed, we have no obligation to accept
deposits or pay any outstanding checks. We will have no
liability for refusing to honor any check drawn on a closed
Account. We have the right to advise consumer reporting
agencies and other third party reporting agencies of
Accounts closed for misuse, such as, without limitation kiting
or overdrafts.
2. Amendments to these terms and conditions
The Bank will send you a notice at least 30 days prior to the
effective date of any changes to these Terms and Conditions.
If you continue to maintain your Account(s) with the Bank
after the effective date of the amendments, then you will
be deemed to have accepted the amendments to these
Terms and Conditions. This Agreement may be changed or
terminated without notice if necessary to comply with any
applicable federal or state law or regulation.
3. Overdrafts
You are not authorized to overdraw your Account, and the Bank
38 Deposit Account Terms and Conditions
shall have no obligation to pay or honor any item or withdrawal
request unless it is drawn or requested against available funds
credited to your Account at the opening of business on the day
the item is presented for payment or the request is received,
even if the Bank has paid an item or honored a withdrawal
request drawn or requested against insufficient funds in
the past. Funds in your Account are not available if they are
subject to a hold, dispute or legal process that prevents their
withdrawal. If the Bank pays an item or honors a request of
yours that overdraws your Account, or if a deposited item has
been returned unpaid, or for any other reason your Account
has become overdrawn, you agree to pay the amount of
the overdraft together with any applicable fees immediately,
whether or not you signed or requested the withdrawal or
participated in the transaction creating the overdraft.
You hereby authorize the Bank to apply any subsequent
deposit to the Account against the amount of any overdraft
and resulting fees or charges, including any Federal or state
benefit payments that you choose to deposit in any Account
(including direct deposit of Social Security). You understand
and agree that if you do not want your benefits applied in this
way, you may change your direct deposit instructions to the
payor of such benefits.
You agree to pay all costs and expenses, including attorneys’
fees, incurred by the Bank in the collection of any overdraft.
4. Tax information, reporting and withholding
The Bank is generally required each year to report to you
and to the Internal Revenue Service (IRS) interest. If you are
a citizen or resident alien of the United States, when you
open your Account, the Bank is required to obtain a certified
U.S. Taxpayer Identification Number (TIN) and information
regarding your backup withholding status. You must
certify that you have provided your correct TIN and backup
withholding status.
For individual Accounts, the TIN is your Social Security
Number (SSN). For joint Accounts with more than one owner,
the TIN of the first person listed on the Account is used.
Resident aliens who do not qualify for Social Security should
provide their Individual Taxpayer Identification Number
(ITIN). For other Accounts, the TIN is the owner’s Employer
Identification Number (EIN).
If you do not provide a certified name and TIN, or if the IRS
notifies the Bank that the name and TIN you provided is
incorrect, or if the IRS notifies the Bank that you failed to
report all your interest and dividends on your tax return, the
Bank will be required to impose backup withholding on the
interest earned on your Account and pay the withheld
amount to the IRS. You should be able to claim a credit for
such amounts on your Federal income tax return.
Subject to certain exceptions, if you are a nonresident
alien, your Account is exempt from information reporting
and backup withholding, provided that you give the Bank a
completed IRS Form W-8 certifying your status. For Accounts
with multiple owners, all owners must certify their status as
foreign persons. Generally, you must renew your status as an
exempt foreign person or entity prior to the end of the third
Deposit Account Terms and Conditions 39
calendar year following the year in which you last certified
your status.
You should consult your tax advisor for additional
information.
5. Death or incompetence
You agree to notify the Bank promptly if any owner or
authorized signer on your Account dies or is declared
incompetent by a court. Until the Bank receives a notice
of death or incompetency, it may continue to accept,
pay or collect checks for or otherwise act with respect to
your Account as if all owners and signers were alive and
competent and the Bank shall not be liable for any actions or
inactions taken in this regard. Moreover, under New York law,
the Bank may for 10 days after the death of any owner of
your Account, pay or certify checks drawn prior to that date,
unless ordered not to do so by a person claiming an interest
in the Account.
When the Bank receives a notice that an owner has died
or been declared incompetent, it may place a hold on your
Account and refuse to accept deposits or permit withdrawals.
The Bank may hold any funds in your Account until it knows
the identity of the successor owner or owners.
If the Bank receives a deposit of salary, pension, Social
Security or other income payable to a deceased owner
after the date of his or her death, and the Bank credits such
deposit to your Account, it may debit your Account for the
deposit and return such amount to the payor.
6. Abandoned or inactive accounts
Unclaimed property laws of the various states require the
Bank to turn over personal property in abandoned Accounts.
In this regard, the applicable state is generally the state of your
last known address as shown in the Bank’s records, which is
usually the address used for your Account statements.
Your Account is usually considered abandoned if you have
not performed at least one of the following activities for the
period of time specified in the applicable state’s unclaimed
property law:
—— Made a deposit or withdrawal in your Account;
—— Written to or otherwise contacted us about your
Account; or
—— Otherwise shown an interest in your Account, such as
asking the Bank to keep the Account active.
You need to actively perform the activity yourself, so direct
deposits and preauthorized debits may not be treated as
activity under your state’s unclaimed property laws.
The Bank is required by the unclaimed property laws to turn
over abandoned Accounts to the applicable state. Before
turning over an abandoned Account, the Bank may, as
required by law, send a notice to the address it currently has
for the Account statement. The Bank may not send this notice
if mail previously sent to this address was returned. Unless
prohibited by the applicable state law, the Bank may charge
the Account costs incurred in remitting funds to the state
including the expenses of any notice, advertisement, payment
and delivery of the Account to the applicable state agency.
40 Deposit Account Terms and Conditions
These charges are not refundable. You may recover unclaimed
property turned over to a state by contacting that state.
If your Account has been inactive for 1 year or longer, then
(unless prohibited by law) the Bank may:
—— Charge dormant Account fees on the Account in addition
to regular monthly service charges and other fees,
—— Stop sending Account statements,
—— Stop paying interest on the Account, and
—— Refuse to pay items drawn on or payable out of the
Account.
7. Delay, waiver and severability
A delay by the Bank in enforcing its rights will not affect
your obligations to the Bank under this Agreement. Also, if
the Bank waives a provision of this Agreement, the waiver
applies only to that provision in that specific instance and not
to other provisions or future situations.
If any part of this Agreement is invalid or unenforceable
under any applicable law, such invalidity or unenforceability
shall not affect the remainder of this Agreement, which shall
remain in full force and effect.
8. Governing law, consent to jurisdiction and
jury waiver
Except to the extent preempted by Federal law, this
Agreement and the rights and obligations of both you and
the Bank shall be governed by the laws of the State of
New York without giving effect to provisions relating to the
choice of law. Each party hereto consents specifically to
the exclusive jurisdiction of the Federal courts of the United
States sitting in the Southern District of New York, or if such
Federal court declines to exercise jurisdiction over any action
filed pursuant to this Agreement, the courts of the State of
New York sitting in the County of New York. In connection
with the foregoing consent, each party irrevocably waives,
to the fullest extent permitted by law, any objection which it
may now or hereafter have to the court’s exercise of personal
jurisdiction over each party to this Agreement or the laying
of venue of any such proceeding brought in such a court and
any claim that any such proceeding brought in such a court
has been brought in an inconvenient forum.
THE PARTIES HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVE, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT THAT THEY
MAY HAVE TO TRIAL BY JURY OF ANY CLAIM OR CAUSE
OF ACTION, OR IN ANY LEGAL PROCEEDING, DIRECTLY
OR INDIRECTLY BASED UPON OR ARISING OUT OF THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED
BY THIS AGREEMENT (WHETHER BASED ON CONTRACT,
TORT OR ANY OTHER THEORY). EACH PARTY (A) CERTIFIES
THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY
OF THE OTHER PARTIES HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT ANY SUCH OTHER PARTY WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HAVE BEEN INDUCED TO ENTER
Deposit Account Terms and Conditions 41
INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE
MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.
9. Special provision regarding subaccounts
At the Bank’s discretion, the Bank may divide your Account
into two subaccounts: a transaction subaccount and
a MMDA subaccount. For purposes of recordkeeping,
fees, minimum balances and your Account access, these
subaccounts will be treated as a single Account. You may
access the holding subaccount through dealings on your
transaction subaccount. Your Account statement and other
records of your Account activity (e.g. ATM receipts) will not
reflect the subaccounts in any way.
Should your transaction subaccount balance exceed a
threshold amount, the Bank may transfer all funds in excess
of that amount into your MMDA subaccount. As funds in
the MMDA subaccount are needed to pay items presented
against your transaction subaccount, they will be transferred
back into the transaction subaccount. The Bank may make
up to six transfers in an Account statement cycle from your
MMDA subaccount to your transaction subaccounts. Upon
the sixth transfer in any Account statement cycle, the entire
balance of the holding subaccount will be transferred into the
transaction subaccount. The Bank sets the threshold balance,
which may be changed any time at its discretion.
10. Assignments and successors
This Agreement shall be binding on your heirs, executors
and successors. You may not assign, transfer or grant a
security interest in your Account(s) without the prior written
permission of the Bank.
11. Fees
The Bank will charge various fees in connection with your
Account as set forth on attached Schedule A.
XVII. Schedule A­—fees
1. Negotiable order of withdrawal (NOW) accounts
A minimum balance fee of $50 will be imposed for each
Account statement period in which the average daily balance
falls below $50,000. Such average daily balance is calculated
by adding the principal in the Checking with Interest Account
for each day of the period and dividing that sum by the
number of days in the period. There is no minimum balance
requirement to obtain the disclosed annual percentage yield.
The first 10 checks paid per month will not incur a service
charge. Each additional check may incur a 25 cent service
charge.
2. Money market deposit accounts
You must deposit a minimum of $25,000 to open a Money
Market Deposit Account. A minimum balance fee of $50 may
be imposed for each Account statement period in which the
average daily balance falls below $50,000. Such average daily
balance is calculated by adding the principal in the Money
Market Deposit Account for each day of the period and
42 Deposit Account Terms and Conditions
dividing that sum by the number of days in the period. There
is no minimum balance requirement to obtain the disclosed
annual percentage yield.
3. Checking accounts
A minimum balance fee of $50 may be imposed for each
Account statement period in which the average daily balance
falls below $5,000. Such average daily balance is calculated
by adding the principal in the Checking Account for each day
of the period and dividing that sum by the number of days in
the period. The first 10 checks paid per month will not incur
a service charge. Each additional check may incur a 25 cent
service charge.
Deposit Account Terms and Conditions 43
ServicesFee
Stop payment
$15.00
Overdraft fee (item paid): created by check, in-person
withdrawal, ATM withdrawal, or
other electronic means
$30.00 per day
NSF return item fee: Checks or other items returned unpaid
$30.00 per day
Uncollected funds (item paid or returned)
$30.00 per item
Checks deposited and returned
$10.00 per item
Collections $150.00
3
Excessive Money Market Deposit Account transactions
$15.00
Certified checks
$10.00
Official checks
$10.00
Incoming ACHs
No charge
Outgoing ACHs
No charge
Outgoing money transfer-International
$50.00
Outgoing money transfer-Domestic
$25.00
Incoming money transfer
$10.00
Additional Account statements
$10.00
Photocopy of check
$2.00
Standing instructions
$25.00
Transcript of checking account
Rolled coin
$7.00
$0.10 per roll
Levies against your account
$15.00
Consulate letter
$5.00
Bulk currency deposit 1
$12.00/hour, $0.20/minute
Payroll envelope1$1.00
Check printing ordered
Special handling
Depends on style of check
$50.00 per handling2
Expedite Debit/ATM Card
$65.00
Expedite PIN Mail Reminder
$65.00
Private Wealth Online Plus – $40.00 per month/per account
Positive PayService
Private Wealth Online Plus –
Account Reconciliation Service
— Full Account Reconciliation $40.00 per month/per account
— Deposit Reconciliation
$20.00 per month/per account
— Partial Reconciliation
$15.00 per month/per account
For accounts
Dependent on courier used, additional charges may apply
Minimum collection amount is $500.00
1
2
3
44 Deposit Account Terms and Conditions
Funds availability policy disclosure
Your ability to withdraw funds at Deutsche Bank Trust
Company Americas (DBTCA)
This disclosure describes when deposited funds with DBTCA
become available to you for withdrawal. DBTCA’s policy
is to make deposited funds available in an expeditious
manner. However, certain delays can apply. Prior to the time
deposited funds are available, you may not withdraw these
funds in cash and DBTCA will not use those funds to pay
checks that you have written.
How to determine the availability of a deposit
The length of delay is counted in Business Days from the
day of your deposit. Every day except Saturday, Sunday and
a federal holiday is a Business Day. Generally, if you make a
deposit before 3:00 p.m. ET on a Business Day that DBTCA
is open, that day will be the day of deposit. However, if you
make a deposit after 3:00 p.m. ET or on a day when DBTCA
is not open, the day of deposit may be the next Business Day
that DBTCA is open. Please remember that when figuring the
delay, do not count the day of deposit.
Standard funds availability schedule
Same day availability
Electronic direct deposits including wire transfers will be
available on the day we receive the deposit or transfer.
Next day availability
—— U.S. Treasury checks payable to you.
—— Cash.
—— State and local government checks that are payable to you
if you use a special deposit slip available from DBTCA.
—— Checks drawn on DBTCA.
—— Cashier’s, certified and teller’s checks that are payable to
you if you use a special deposit slip available from DBTCA.
—— Federal Reserve Bank checks, Federal Home Loan Bank
checks and postal money orders, if these items are payable
to you.
Availability of other check deposits
For checks not subject to next-day availability, a minimum of
$200 of your deposit will be available on the first Business
Day after the day of your deposit. DBTCA’s policy is that
the remainder of the funds will be available by the second
Business Day after the day of deposit.
Longer delays may apply (exception holds)
In some cases, DBTCA will not make all of the funds that
you deposit by check available at the times shown above.
Depending on the type of check that you deposit, funds may
not be available until the seventh Business Day after the
day of your deposit. If DBTCA is not going to make all funds
from your deposit available at the times shown above, we
will send you notice of the delay in availability within one
Business Day after we receive your deposit. At that time we
will tell you when the funds will become available.
Deposit Account Terms and Conditions 45
The circumstances under which funds deposited by check
may be delayed for a longer period of time are as follows:
—— DBTCA believes a check you deposit will not be paid.
—— You have overdrawn your Account repeatedly in the past
six months.
—— There is an emergency, such as a failure of
communications or computer equipment.
—— You deposit checks totaling more than $5,000 on any one
Business Day.
—— You redeposit a check that has been returned unpaid.
Special rules for new accounts
If you are a new customer, the following special rules may
apply during the first 30 days your Account is open. Funds
from electronic direct deposits and wire transfers to your
Account will be available on the day we receive the deposit
or transfer. Funds from deposits of cash, the first $5,000 of a
day’s total deposits of cashier’s, certified, teller’s or traveler’s
checks, postal money orders, Federal Reserve Bank checks,
Federal Home Loan Bank checks and federal, state and local
government checks will be available on the first Business Day
after the day of your deposit if the checks are payable to you
(and you may have to use a special deposit slip). The excess
over $5,000 will be available on the sixth Business Day after
the day of your deposit. If your deposit of these checks (other
than a U.S. Treasury check) is not made in person to one of
our employees, the first $5,000 will not be available until the
second Business Day after the day of your deposit. Funds
from all other check deposits will be available on the tenth
business day after the day of your deposit.
46 Deposit Account Terms and Conditions
Intentionally Left Blank
“Deutsche Bank” means Deutsche Bank AG and its affiliated
companies. Deutsche Bank Wealth Management represents
the wealth management activities conducted by Deutsche
Bank AG or its subsidiaries. Clients are provided Deutsche
Bank Wealth Management products or services by one or
more legal entities that are identified to clients pursuant
to the contracts, agreements, offering materials or other
documentation relevant to such products or services.
Banking and lending services are offered through Deutsche
Bank Trust Company Americas, member FDIC, and other
members of the Deutsche Bank Group.
© 2016 Deutsche Bank AG.
All rights reserved. WM168299 015119-B.110816