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Magyar Bank

Online Banking Terms and Conditions

Please read these Terms and Conditions carefully and retain them for future reference. This Agreement describes your rights and obligations as a User of the Online Banking Services. By using this site, you acknowledge that you have read, understand, and accept the Terms and Conditions of this agreement and certify that the information you provided in your Registration is true and accurate.

Customer Disclosure and Agreement to Receive Electronic Communications

By selecting the "I Accept" button below, you are (1) acknowledging your receipt of the information listed below, (2) agreeing that any contract you enter into with Magyar Bank for the provision of certain Online Banking Services, may be in electronic form, and (3) agreeing that certain information that may be delivered in connection with these Services may also be in electronic form.

You are also acknowledging receipt of the following information and agree that:

• You will check your e-mail regularly for Notices from Magyar Bank.

• You authorize Magyar Bank to provide account information, transfer funds between and make loan payments through your eligible accounts, place stop payments on checks you have written in accordance with the provisions of this agreement.

• You further understand that we may use nonaffiliated third parties to provide these Services. Any third party service provider will be contractually and legally bound by our Privacy Policy to protect your personal information and for use as intended. Refer to the Bank's Privacy Policy for details.

• You will provide accurate, current, and truthful registration information and contact information (including your email address) and that you will keep this contact information up-to-date with the Bank. You must notify Magyar Bank immediately of any changes or updates to your email address or if it becomes inactive or inoperative and to provide a new email address to be used for this Service. Magyar Bank is under no obligation to re-transmit any notifications to you that were returned "undeliverable" or rejected for delivery.

• We may provide you with this Agreement and any revisions and amendments thereto in electronic form, and that, if you chose to accept the Agreement, you are consenting to enter into and are entering into an agreement electronically that will govern all future transactions you conduct using this Service.

• We may provide you revisions and amendments to the Agreement and such other information , including but not limited to information under Regulation E and under other applicable banking or financial services or regulation in connection with the Services, electronically as part of the Agreement or otherwise as part of the services. You may print and retain a copy of this Agreement or any information provided to you regarding this Service, however we will provide these documents to you electronically.

• You have the right at any time to withdraw, without service charges, your consent, to receive information electronically. However since the Agreement and information are provided only in electronic format, your withdrawal of consent will terminate all online banking services.

• If you wish to withdraw consent to receive information electronically , to terminate the services, or to update your information, such as a change of address, or email address, you may call us at 1-888-990-2265, visit any of our branch locations, or write a letter and send it to :

Magyar Bank, Attention Deposit Operations, 400 Somerset St, New Brunswick, NJ 08901

Definitions

ACH Network - is the funds transfer system, governed by the NACHA Rules, that provides funds transfer services to participating financial institutions

Affiliates - are companies related by common ownership or control

Bank - refers to Magyar Bank, which offers the Services provided under this Agreement and holds the accounts accessed by the Services.

Online Banking - the internet-based service providing access to your account(s) under the terms set forth in this Online Banking Terms and Conditions

Online Account - is a Magyar Bank account from which you will be conducting transactions using our online banking Service.

Business Day and Hours of Operation - Monday to Friday, excluding Saturday, Sunday and federal banking holidays. A banking representative is available to assist you each Business Day from 8:00 A.M. to 5:00 P.M. by calling 1-888-990-BANK (2265). All transactions requested prior to 11 pm (EST) from Monday through Friday, or prior to 8pm (EST) on Saturday will be completed the same business day. All transactions requested after 11 pm (EST) from Monday through Friday, or after 8 pm (EST) on Saturday will be completed the following business day. All transactions requested on Sunday will be completed the following business day.

Time of Day - references are to Eastern Standard Time (EST)

Consumer - a natural person who's account is established primarily for personal, family, or household purposes.

Funds Transfer - any banking transaction, including deposit or withdrawal made electronically

Password - a series of numbers, special characters, and/or letters that you select after the initial sign-on that establishes your connection to the services. Username must be 6 - 19 characters of any combination of letters, numbers or special characters. Passwords must be 8 - 17 characters and a combination of numbers and letters containing at least one of each. Username and Password are case sensitive. Remember how you entered them for future logins.

Payment Instruction - a payment network (such as the ACH Network) through which funds may be transferred

Service Provider - company(s) that we have engaged (and their Affiliates) to render some or all of the service to you on our behalf

Website - internet website through which the Bank offers Online Banking

Equipment and Software Requirements

• In order to use Online Banking Services, you will need a computer with a modem and a web browser (i.e. Apple Safari, Google Chrome, Internet Explorer, Mozilla Firefox, and Opera encryption). To access, download, and print eStatements, you need to have a personal computer with Internet and email access. You must also have the latest version of Adobe Acrobat Reader. To download a free copy of Adobe Acrobat Reader, please go to http://www.adobe.com.

• You are responsible for the set-up and maintenance of your electronic device and for the software used in accessing the Service. You agree that we are not responsible for any errors or failures from any malfunction of your compute or any virus or other problems related to the use of the Online Banking Services

• We may change these requirements and will give you advance notice of any such changes

• We recommend you do not enroll a public computer

Online Banking

Magar Bank will provide online instructions describing how to use the Online Banking Services. To gain access to this Service you will need your Username and Password.

To enroll in the Bank's Online Banking, you must have at least one (1) eligible Magyar Bank deposit or loan account in which you are an owner, or have rights to, including any account you wish to access. Once registration has been completed you may access any of the following accounts:

• Magyar Bank checking, statement savings and money market accounts for the purpose of transferring funds and making loan payments among your linked accounts within the Bank.

• You may not transfer funds from one of your accounts to a recipients account at Magyar Bank.

• You may not transfer funds from a passbook savings account, IRA, holiday account, or certificate of deposit.

• You may transfer funds to a passbook savings account or kid's club account.

• You may not obtain credit advances from your line of credit

• When using our Online Banking Services you waive any deposit account agreement requirements of one or more signatures for withdrawals. Any one of the persons authorized to make withdrawals from your deposit accounts is authorized to make transfers via Online Banking, even if your account agreements require more than one signature for withdrawal.

New services may be introduced for Online Banking from time to time. Magyar Bank will notify you of the existence of these new services. By using these services when they become available, you agree to be bound by the rules that will be made available to you concerning these services.

Stop Payment Authorizations

You may complete a stop payment request online. Stop payment requests placed after regular banking hours may not be processed until the next business day. Your online request to place a stop payment will be your electronic signature authorization to complete the stop payment order. All stop payments requested prior to 11 pm (EST) from Monday through Friday, or prior to 8pm (EST) on Saturday will be completed the same business day. All stop payments requested after 11 pm (EST) from Monday through Friday, or after 8 pm (EST) on Saturday will be completed the following business day. All stop payments requested on Sunday will be completed the following business day.

• Stop Payments may be issued for checks you have written or payments made through Online Banking

• Stop Payment orders must be received in a reasonable amount of time to allow us to act on the order. A reasonable time is 3 business days before the payment is scheduled to be made. The Bank assumes no responsibility for the stop payment that cannot be identified and is not liable to you if a stop payment cannot be completed.

• A Stop Payment must be received before the check/ACH has been presented for payment. Stop Payment request must be received within reasonable time to give the Bank time to act.

• Oral Stop Payments are effective for 14 calendar days, unless confirmed in writing. Written Stop Payments are valid for six (6) months, unless you request in writing that it be released or you renew the Stop Payment. At the expiration of the Stop Payment the Bank is free to pay the check and you agree to indemnify and hold the Bank harmless to any and all claims involving the Stop Payment order.

• Notice of varying amounts. If the regular preauthorized payments may vary in amount, the person who you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this 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.)

• Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is schedule, and we do not do so, we will be liable for your losses or damages.

• You may, at any time, add or delete accounts from your Online Banking

New services may be introduced for Online Banking from time to time. Magyar Bank will notify you of the existence of these new services. By using these services when they become available, you agree to be bound by the rules that will be made available to you concerning these services.

Transfer Limitations

• You may transfer up to the dollar amount of your available balance in your account each day.

• Transfers to your loan should be made for the exact amount of the monthly loan payment. Partial payments and additional payments are accepted. Payoffs will be not be accepted online.

• You may transfer funds to others persons at Magyar Bank through Popmoney.

• If we are unable to complete the transaction for any reason associated with your payment account the transaction will not be completed.

Federal Regulations limit the number of transfers which may be made from a Money Market or Savings account. You are authorized to make no more than six (6) transfers and withdrawals, or a combination of such transfers and withdrawals, per statement cycle for the following covered transactions:

• Transfers or withdrawals made to another account of yours at Magyar Bank, if made by: A preauthorized transfer, an automatic transfer, by telephone (including fax), and with the Bank's Online Banking Service

• Transfers or withdrawals to a third-party (or to an account of yours at another bank, if made by: A preauthorized transfer, an automatic transfer, by telephone (including fax), and with the Bank's Online Banking Service

• Transfers to a third party (or to an account of yours at another bank, if made by check, draft, debit card, or similar order made by you and payable to third parties).

Alerts & Messages

Internet banking alerts allow you to set up automated alert events based on your own criteria. Alerts may be sent via email or in an online message box within Online Banking, or both. Email alerts will be sent to the email address you provide in creating the alert.

Online Bill Pay

You have registered for Magyar Bank's Online Banking Service only. If you have registered or will be registering for Magyar Bank's Bill Pay Service you will be required to read and accept a separate Terms and Conditions for the Bill Pay Service.

Download Services

"Download Services" allow you to download specific information from your online banking into Quicken®. It is your responsibility to obtain a valid and separate license agreement with the provider of the software application.

You acknowledge and agree that:

• The information you download is for tracking purposes only and should not be considered an official record. Magyar Bank's generated Statements are the sole official record of account history.

• Account information will only reflect information as of the time you downloaded the information.

• You are responsible to update your downloaded account information to your software application.

• Magyar Bank is not liable for any loss, damages or expenses of any kind as a result of your reliance upon the downloaded information in your software application.

Hours of Operation

Online Banking is generally available 24 hours a day, 7 days a week, except during special maintenance and upgrade periods. When this occurs the Online Banking will not be available. Posting of Transactions: All transactions requested prior to 11 pm (EST) from Monday through Friday, or prior to 8pm (EST) on Saturday will be completed the same business day. All transactions requested after 11 pm (EST) from Monday through Friday, or after 8 pm (EST) on Saturday will be completed the following business day. All transactions requested on Sunday will be completed the following business day.

Fees

Magyar Bank offers the benefits and convenience of the Online Banking Services to you with no monthly maintenance fee. Other financial fees associated with your deposit accounts and other Magyar Bank service will continue to apply. Account research, stop payment, and other fees may be assessed as established in Magyar Bank's Fee Schedule. Fees are subject to change. Magyar Bank will notify you in writing regarding any fee changes 30-days in advance of the effective date of these changes.

You are responsible for any Internet service provider fees that may be assessed by your provider.

Electronic Mail (EMAIL)

If you send Magyar Bank an electronic mail message through the Service, Magyar Bank will be deemed to have received it on the following Business Day.

Emails will be answered within a reasonable timeframe.

You should not rely on electronic mail if you need to communicate with Magyar Bank immediately (e.g., if you need to report an unauthorized transaction from one of your accounts, or if you need to stop a payment that is scheduled to occur).


You agree that Magyar Bank may respond to you by electronic mail with regard to any matter related to the Service, including responding to any claim of unauthorized electronic funds transfer that you make. Any such electronic mail sent to you by Magyar Bank shall be considered received within three (3) days of the date sent by Magyar Bank, regardless of whether or not you sign on to the Service within that time frame.

Statements

You will continue to receive your regular account statements either monthly or quarterly depending on the type of account, either by mail or via eStatements as previously established.

IF YOUR STATEMENT SHOWS TRANSFERS THAT YOU DID NOT MAKE

If your statement shows transfers that you did not make, notify Magyar Bank immediately at 1-888-990-2265, or write a letter and send it to:


Magyar Bank

Attention: Deposit Operations

400 Somerset St.

New Brunswick, NJ 08901


If you do not notify Magyar Bank within sixty (60) days after the statement was mailed to you, you may not recover any money lost after the sixty (60) days which would not have been lost if Magyar Bank had been notified in time.


Use of Your Username and Password

For access to Magyar Bank's Online Banking Services, you will be required to enter a Username and Password. First-time Users will be prompted to change your Password. You may also change your Password at any time through the by clicking on Forgot Password.

You acknowledge that your Username and Password are your electronic signature and identifies you to us and authorizes and validates your directions to us.

The safety of our customers' accounts and account information is of paramount importance to Magyar Bank. We go through great lengths to protect confidentiality and the security of your account, and urge you to do the same. You agree not to allow anyone to gain access to the Services or to let anyone know your Password used with the Services. You agree to assume responsibility for all transactions initiated through the Services with your Magyar Bank Username, up to the limits allowed by applicable law. While Magyar Bank continues to provide our customers with the level of online security we believe necessary and appropriate, customers who share their Usernames and Passwords are giving up the full benefit of our security measures and legal protections to which they may be entitled.

You agree to promptly notify the Bank if an unauthorized person has obtained your Username and/or Password or if unauthorized transactions or errors appear on your account statement. As a 'consumer' you agree that your liability to the Bank for any and all transfer to and from your account(s), whether authorized or not, as well as your liability for failure to report unauthorized transactions or account errors is limited only by the provisions of the Electronic Funds Transfer Act.

No representative from Magyar Bank will ever call or e-mail and ask for your Username or User Password; however, if you contact the Bank you may be asked for your Username and other personal Information to verify your identity.


Electronic Funds Transfers - Your Rights and Responsibilities

You may access your account(s) by computer through the internet by logging onto our website www.magbank.com and using your Username and your Password, to:

• Get information about checking, savings, and loan account(s)

If your Password Has Been Lost or Stolen

If your Password has been lost or stolen, call Magyar Bank immediately at 1-888-990-2265. Telephoning the Bank is the best way of minimizing your losses. DO NOT USE EMAIL TO NOTIFY US. You may also restore the security of your Service by immediately changing your Password, by selecting Forgot Password. If you believe your Password has been lost or stolen and you notify us within two Business Days after you learn of the loss or theft, you can lose no more than $50.00 if someone uses your Password to conduct unauthorized electronic funds transfers without your permission. If you do NOT notify us within two Business Days after you learn of the loss or theft of your Password, and we can prove we could have stopped someone from using your Password to conduct unauthorized electronic funds transfers without your permission if you had told us, you could lose as much as $500.00.

Limit of Magyar Bank's Responsibility

Magyar Bank agrees to make reasonable efforts to ensure full performance of Online Banking. Magyar Bank will be responsible for acting only on those instructions sent through Online Banking which are actually received, and cannot assume responsibility for circumstances over which the bank has no direct control. This includes but is not limited to, the failure or malfunctions in communication facilities, which may affect the accuracy or timeliness of messages you send. Magyar Bank is not responsible for any losses should you give incorrect instructions, or if your payment instructions are not given sufficiently in advance to allow for timely payment or delays in mail service.


Any information you receive from Magyar Bank is believed to be reliable. However, it can only be provided on a best-efforts basis for your convenience and is not guaranteed. Magyar Bank is not liable for any deficiencies in the accuracy, completeness, availability, or timeliness of such information, or for any investment or other decision made using this information.


Magyar Bank is not responsible for any fees incurred for Internet access, or for any computer virus or related problems that may be attributable to services provided by any Internet access service provider.


You are responsible for obtaining, installing, maintaining, and operating all computer hardware and software necessary for performing Online Banking. Magyar Bank will not be responsible for any errors or failures from the malfunction or failure of your hardware or software.


The limit of Magyar Bank's liability shall be as expressly set forth herein. Under no circumstances will Magyar Bank be liable in contract, tort, or otherwise for any special, incidental, or consequential damages, whether or not foreseeable. By consenting to use the Services, you agree to waive any and all rights to any of the aforesaid, and you acknowledge that the limit of your remedy is as otherwise expressly set forth herein.



Magyar Bank's Responsibility

Magyar Bank may be responsible for your losses, as allowed by law, if they were directly caused by our failure to:

• Complete an Electronic Funds Transfer to or from your account on time or in the correct amount according to our agreement with you, we may be liable for your losses or damages.

• Cancel an Electronic Funds Transfer as properly requested

However there are some exceptions. We will not be liable when:

• If, through no fault of ours, you do not have sufficient funds in your account to make the transfer

• If you have an overdraft line of credit and the transfer would exceed your credit limit

• If circumstances beyond our control (such as telecommunications service interruption or emergency conditions such as fire or flood) prevent the transfer, despite reasonable precautions we may have taken

• If a court or legal order prohibits the Bank from allowing withdrawals on the account

• If there are any other reasons stated in this agreement

• If there are issues with your internet access or computer software or hardware

Unauthorized Transfers

Consumer Liability

You must tell us IMMEDIATELY if you believe your Username and/or Password has been lost or stolen, or if your believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way to keep your losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within 2 business days after you learn of the loss or theft of your Username and/or Password, you can lose no more than $50 if someone used your Username and/or Password without your permission. If you do not tell us within 2 business days after you learn of the loss or theft of your Username and/or Password, and we can prove we could have stopped someone from using your Username and/or Password without your permission if you had told us, you could lose as much as $500.

Also, if your account statement shows transfers that you did not make, including those made by Username and Password or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you or provided electronically, you may not get back any money after the 60 days if we can prove that we could have stopped someone from taking the money if you had notified us in time.

Error and Questions

In case of errors or questions regarding an Online Banking or Online Bill Payment transaction, you may call Magyar Bank at 1-888-990-2265, or write a letter and send it to: Magyar Bank, Attention: Deposit Operations, 400 Somerset St, New Brunswick, NJ 08901


We must hear from you at the specified telephone number or address no later than sixty (60) calendar days after we sent you the first statement on which the problem or error appeared. We will need:

* Your name and account number.

* A description of the error or the transfer in question, and an explanation concerning why you believe it is an error or need more information.

* The dollar amount of the suspected error.

* The date on which it occurred.


If the report is made orally, we may require that you send the complaint or question in writing within ten (10) Business Days from your initial contact. We will notify you with the results of the investigation within ten (10) Business Days after you contact us and will correct any error promptly. If more time is needed, however, we may, at our sole discretion, take up to forty-five (45) calendar days to investigate a complaint or question. If this occurs, we will credit your account within ten (10) Business Days for the amount you think is in error. This will allow you to use the money during the time it takes us to complete our investigation. If your complaint or question is not received in writing within ten (10) Business Days from your original contact, we may not credit your account until the investigation is completed.


If your notice of error concerns a transaction that occurred during the first 30 days after the first deposit to the account was made, the applicable time periods are 20 Business Days in place of 10 Business Days and 90 calendar days in place of 45 calendar days.


If we determined that no error occurred, we will send you a written notice within three (3) Business Days. You may request copies of the documents that were used in the investigation.


You agree that Magyar Bank may respond to you by e-mail with regard to any claim of unauthorized electronic fund transfer related to the Service. Any such electronic mail sent to you by Magyar Bank shall be considered received within three (3) Business Days of the date sent by Magyar Bank, regardless of whether or not you sign on to the Service within that time frame.

Advisory Against Illegal Use

You agree not to use your Online Banking Services for illegal gambling or other illegal purpose. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions.

Other Agreements

In addition to this Agreement, you and Magyar Bank agree to be bound by and comply with the requirements of the agreements applicable to each of your Online Accounts. Your use of the Online Banking service or the Online Bill Payment Service is your acknowledgment that you have received these agreements and intend to be bound by them. You should review other disclosures received by you when you open your accounts at Magyar Bank, including the charges that may be imposed for electronic funds transfers or the right to make transfers listed in the fee schedules accompanying those disclosures and the fee schedule at the end of this Agreement. We will automatically deduct any fees related to this Service from your Bill Pay Account each month. All terms and conditions of the disclosures provided to you at account opening, including but not limited to, the Truth in Savings, Regulation E Disclosure, Depositor's Agreement and Terms and Conditions apply to this Service.

Amendments

These Terms and Conditions constitute an agreement by you to use the Services as described herein and may be modified or amended by us upon written notice sent to you or by posting to the Web Site and sending you a Notice or similar written notice. Your continued use of the Service after such notification of change shall be understood as your agreement to be bound by all changes. This Agreement is in addition to and part of the Terms and Condition of the other agreements governing your accounts and relationship with Magyar Bank and constitutes an amendment of those agreements specifically where section relate to delivery of Electronic Records for designated accounts. We may amend this Agreement and any applicable fees and charges for the Service at any time by posting a revised version on the Site. The revised version will be effective at the time it is posted unless a delayed effective date is expressly stated in the revision. Any use of the Service after a notice of change will constitute your agreement to such changes. Further, we may, from time to time, revise or update the Service and/or related applications or material, which may render all such prior versions obsolete. Consequently, we reserve the right to terminate this Agreement as to all such prior versions of the Service, and/or related applications and material, and limit access to only the Service's more recent revisions and updates. We reserve the right to terminate this Agreement and your use of the Services in whole or in part at any time without prior notice.

Confidentiality, Disclosure of Information to Third Parties, and our Privacy Policy

We are offering this Service through one or more service providers that we have engaged to render some or all of the Service to you on our behalf. You agree that we have the right under this Agreement to delegate to service providers all of the rights and performance obligations that we have under this Agreement, and that the service providers will be third party beneficiaries of this Agreement and will be entitled to all the rights and protections that this Agreement provides to us.

We may disclosure certain information to third parties about your account or transfers as necessary for:

• To verify the existence and condition of your account for a third party (such as a merchant or credit bureau),

• At our discretion, as allowed by New Jersey law providing for the release of account information pertaining to suspected or illegal activities.

A copy of Magyar Bank's Privacy Policy is available upon request at any of our branches, can be mailed to you upon request by calling Magyar Bank at 1-888-990-BANK (2265), or writing a letter and send it to :

Magyar Bank, Attention Deposit Operations, 400 Somerset St, New Brunswick, NJ 08901

You may also access our Privacy Policy online by clicking on the Privacy link on our website at www.magbank.com

Inactivity

Any Username that has been inactive for the previous six (6) months will be deleted without further notice. If your Username is deleted, you may re-Register through our website at www.magbank.com

Termination

• We reserve the right to terminate your right to participate in these Services at any time if you fail to comply with these Terms and Conditions or the Terms and Conditions of your account agreements with Magyar Bank. We can terminate this agreement without cause, and at any time, without prior notice to you. When terminating this service, we will advise you as soon as practical.

• If you wish to terminate your Online Banking Services you may call Magyar Bank at 1-888-990-2265, or write a letter and mail it to Magyar Bank, Attention Deposit Operations, 400 Somerset St, New Brunswick, NJ 08901

• Any payment(s) the Service has already processed before the requested cancellation date will be complete by the Service. All Scheduled Payments including recurring payments will not be processed once the Service is cancelled. The provider may terminate or suspend Service to you at any time and for any reason. Termination nor suspension shall not affect your liability or obligations under this Agreement.

Governing Law

This agreement shall be governed by and construed and enforced in accordance with the laws of the State of New Jersey. In the even any provision of this agreement conflicts with state of federal law or is held to be invalid by court order, the remainder of the agreement will continue to be valid.

Contact Information

If you believe your Username and/or Password has been lost or stolen, call or write us at the telephone number or address listed below. You should immediately change your Password if you believe it was compromised. You should also call the number or write to the address listed below if you believe a transfer has been made using the information from your check without your permission.

During normal business hours by telephone: 1-888-990-BANK (2265)

In writing: Magyar Bank, Attention Deposit Operations, 400 Somerset St, New Brunswick, NJ 08901

©2015 Magyar Bank. All rights reserved. Member FDIC

 

View the FFIEC Account Authentication and Online Banking Guide here

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