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Bill Pay Disclosure
Terms and Conditions
Pay anyone you currently write a check to for only $2.50 a month, unlimited transactions, and the first month is free.
This is your bill paying agreement with LorMet Community Federal Credit Union (LorMet). You may use LorMet Bill Pay Service to direct LorMet to make payments from your checking account (Designated Account) to the Payees you choose in accordance with this agreement. The terms and conditions of this Agreement are in addition to the account agreements, disclosures and other documents in effect from time to time governing your Designated Account.
“You” or “your” means each person who is authorized to use the service. “Payee” means any person or entity, including LorMet, you wish to designate a bill payment to be directed and LorMet accepts as a payee; “we”, “us”, or “our” refers to LorMet and any agent or third party service provider LorMet may, at its sole discretion, engage in providing Bill Payment Service to you.
ACCESSING THE SERVICE
You must have a LorMet Personal share draft (checking) account, access to the internet, valid e-mail address and a LorMet Online Banking User Account Number and Password. Correct responses will give you access to the service. LorMet is not responsible for any errors or failures from the malfunction or failure of your hardware, software or any Internet access services.
HOW TO SET UP PAYEES/PAYMENTS
Complete a bill paying enrollment form. After enrollment is confirmed, if you want to add a new payee, use the “Manage Payees” option on the Payments Page, or speak to a Subscriber’s Service Representative. You must provide sufficient and accurate information as directed in screen messages, to properly direct a payment and permit the Payee to identify you as the payment source. You may add a new fixed or recurring payment to a Payee, only if the Payee is on your authorized list of payees, and by accessing the Service and entering the appropriate information. Most other additions, deletions, or changes can be by using the Bill Pay Service. We reserve the right to refuse the designation of a Payee for any reason. Each Payee accepted will be assigned a payee code. You may pay any payee you wish in the fifty United States. LorMet is not responsible if a Bill Payment can not be made due to incomplete, incorrect or outdated information provided by you regarding a Payee or if you attempt to pay a Payee that is not on your Authorized Payee list.
THE BILL PAYING PROCESS
Single Payments
A single payment will be charged to your on the business day (generally Monday through Friday, except certain holidays) that you designate as the payment’s process date, provided the payment is submitted prior to the daily cut-off time on that date. The daily cut-off time, is currently 2:00 p.m. Eastern Time. A single payment submitted after the cut-off time on the designated process date will be charged to your account on the following business day. If you designate a non-business date (generally weekends and certain holidays) as the payment’s process date, the payment will be processed on the first business day following the designated process date.
Recurring Payments
You may schedule recurring payments to be automatically paid on regular intervals. When a recurring payment is processed, it is automatically rescheduled by the system. Based upon your selected frequency settings for the payment, a process date is calculated for the next occurrence of the payment. If the calculated process date is a non-business date (generally weekends and certain holidays), it is adjusted based upon the following rules:
- If the recurring payment’s “Pay Backward” option is selected, the process date for the new occurrence of the payment is adjusted to the first business date prior to the calculated process date.
- If the recurring payment’s “Pay Backward” option is not selected (or if the “Pay Backward”option is not available), the process date for the new occurrence of the payment is adjusted to the first business date after the calculated process date.
Note: If your frequency settings for the recurring payment specify the 29th, 30th, or 31st as a particular day of the month for processing and that day does not exist in the month of the calculated process date, then the last calendar day of that month is used as the calculated process date.
For Single and Recurring Payments, YOU MUST ALLOW THREE (3) to FIVE (5) BUSINESS DAYS, PRIOR TO THE DUE DATE, and by the Cutoff Time (2:00 p.m. Eastern Time) of the current date, for each bill payment to reach the Payee. (For West Coast payees, allow 8 days.) Any bill payment can be changed or canceled by following the directions within the Bill Pay Service, provided you access the Bill Pay Service prior to the cut-off time on the business day prior to the business day the bill payment is going to be initiated.
When you schedule the process date the recommended number of days prior to the due date, it is understood that due to circumstances beyond our control, such as delays in handling and psoting payments by payees or financial institutions, some transactions may take a day or even a few days longer to be credit by your Payee to your Payee account.
Payments are generally processed by Electronic Fund Transfers (EFT). Your payment may be remitted by electronic funds transfer; by mailing your Payee a check drawn on an account we maintain for this purpose; by mailing your Payee a check drawn on your Designated Account or by other means, at our sole discretion. Please see the Electronic Funds Transfers Disclosure Statement included or received when you opened your account, which discloses important information concerning your rights and obligations.
You agree to have available and collected funds on deposit in your Designated Account in amount sufficient to pay for all bill payments requested, as well as, any other payment obligations you have to LorMet. LorMet reserves the right, without liability, to reject or reverse a bill payment if you fail to comply with this requirement or any other terms of this agreement. If you do not have sufficient funds in the Designated Account and LorMet has not exercised its right to reverse or reject a bill payment, you agree to pay for such payment obligations on demand. You further agree LorMet, at its option, may charge any of your accounts with LorMet to cover such payment obligations. LorMet reserves the right to change the cut-off time. You will receive notice if it changes.
LIABILITY
You agree to protect the security of your User Account number(s) and Password(s). You are solely responsible for controlling the safekeeping of and access to, your User Account number(s) and Passwords. You are liable for all transactions you make or that you authorize another person to make, even if that person exceeds his or her authority. If you want to terminate another person’s authority, or if you believe someone may attempt to use LorMet Bill Pay without your consent or has transferred money without your permission, you must notify LorMet immediately and arrange to change your Password. You will be responsible for any Bill Payment request you make that contains an error or is a duplicate of another Bill Payment. LorMet is not responsible for a Bill Payment that is not made if you did not properly follow the instructions for making a Bill Payment. LorMet is not liable for any failure to make a Bill Payment if you fail to promptly notify LorMet after you learn that you have not received credit from a Payee for a Bill Payment, or if the Payee mishandles or delays a payment sent by us. LorMet is not responsible for your acts or omissions or those of any other person or entity, including, without limitation, any transmission or communications facility, and no such party shall be deemed to be LorMet’s agent. In any event, LorMet will not be liable for any special, consequential, incidental, or punitive losses, damages, or expenses in connection with the Agreement or the Service, even if LorMet has knowledge of the possibility of them. LorMet is not liable for any act, failure to act or delay in acting, if it is caused, in whole or in part, by any cause beyond LorMet’s reasonable control.
Amendment and Termination
LorMet has the right to change this Agreement at any time by notice mailed to you at the last address shown for your account on LorMet’s records, by posting notice in LorMet’s branches, or as otherwise permitted by law.
LorMet has the right to terminate or suspend this Agreement or Bill Pay Service at any time, without prior notice. Your Bill Pay Service may be suspended for excessive insufficient funds activity. You may terminate this Agreement by written notice to LorMet. LorMet is not responsible for any fixed payment made before LorMet has a reasonable opportunity to act on your termination notice. You remain obligated for any payments made by LorMet on your behalf. You will not receive a refund of any service fee if you cancel.
Fees:
You agree to pay LorMet a service fee of $2.50 each month, for an unlimited number of monthly payments using the Bill Payment Service. You authorize LorMet to deduct the Bill Payment Service fee each month on the anniversary date of your enrollment. If the anniversary date is a non-business date, the fee will be processed the business day after. This fee is in addition to any regular transaction fees that may be in effect for your LorMet account(s). We will assess the current Non-sufficient Funds fee in effect for any bill payment request drawn against insufficient funds in your Designated Account. If you do not use Bill Pay for three (3) consecutive months, we may assess an Inactive Fee of $5.00 each month thereafter that Bill Pay is not used. Once inactive for three (3) consecutive months, we may terminate your Bill Pay Service. Once your Bill Pay Service is terminated due to inactivity, or your own request, a Re-enrollment Fee of $10.00 will apply.
Additional Charges for Customer Requested Services and Other Items
These charges will only be assessed if you request one or more of the services listed here.
There is an additional charge for use of LorMet Bill Pay Gift Service for gifts and donations. This fee is disclosed in the Gift Service prior to initiating the transaction.
There will be NO Charge for any item if needed to correct a LorMet error.
Written Correspondence to Payee: $10.00
Per Proof of Payment not necessitated by a dispute: $10.00
Payments returned due to customer error: $5.00
LorMet reserves the right to charge you for research time involving payments no longer available in your screen history. You will be informed of any such charges before they are incurred.
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