State Savings Bank

PO Box 139
102 N. Main St.
Rake, Iowa 50465
(641) 566-3321

Business Days:
Monday through Friday
Excluding Federal Holidays

ELECTRONIC FUND TRANSFERS

YOUR RIGHTS AND RESPONSIBILITIES

The following are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. Keep this notice for future reference.

Direct Deposits: You may make arrangements for certain deposits to be accepted into your checking or savings account(s).

Preauthorized Withdrawals: You make arrangements to pay certain recurring bills from your checking or savings account(s).

SHAZAMChek ATM Transfers: You may access your account(s) by ATM using your debit card and personal identification number to:

• Get cash withdrawals from checking account with a debit card – the dollar limit will be disclosed in writing upon account opening.
• Transfer funds from savings to checking account(s) with a debit card.
• Transfer funds from checking to savings account(s) with a debit card.

Some of these services may not be available at all terminals.

Types of SHAZAMChek Debit Card Transactions: You may access your checking account(s) to purchase goods in person or by phone: pay for services in person or by phone; get cash from a merchant if the merchant allows; or from a participating financial institution; and do anything that you can do with a credit card.

Debit Card Transactions – dollar limitations: The dollar limit will be disclosed in writing upon account opening.

Online Banking - Types of Transactions: You may access certain account(s) you maintain with us by computer using your assigned User ID and password by accessing the online banking service. You may use the online banking service to perform the following functions:

• Transfer funds between eligible accounts at State Savings Bank;
• Obtain balance information on eligible accounts;
• Review transactions on eligible accounts;
• Make payments from checking or savings to loans with us.

Electronic Check Conversion: You may provide your check to a merchant or service provider who will scan the check for the encoded bank and account information. The merchant or service provider will then use this information to convert the transaction into an electronic funds transfer. This may occur at the point of purchase or when you provide your check by other means such as by mail or drop box.

Limitations on Frequency of Transfers: In addition to those limitations on transfers elsewhere described, if any, the following limitations apply:

• Transfers from a savings account to another or to third parties by preauthorized, automatic or telephone transfer are limited to six per month.
• For security reasons, there are other limits on the number of transfers you can make by debit card.

FEES

We do not charge for direct deposits to any type of account.

Please refer to our separate fee schedule for additional information about fees.

ATM Operator/Network Fees: When you use an ATM not owned by us, you may be charged a fee by the ATM processor or any network used.

Online Banking: There is no charge for banking online with us.

RIGHT TO DOCUMENTATION

Terminal Transfers: You can get a receipt at the time you make a transfer to or from your account using an automated teller machine or point-of-sale terminal. However, you may not get a receipt if the amount of the transfer is $15 or less.

Direct Deposits: 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 us at (641) 566-3321 to find out whether or not the deposit has been made.

Periodic Statements: You will get a monthly account statement from us for your checking account(s). You will get an annual statement from us for your savings account(s) unless there are transfers in a particular month.

STOP PAYMENT PROCEDURES AND NOTICE OF VARYING AMOUNTS

Right to Stop Payment and Procedure for Doing So: If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how:

Call or write us at the telephone number or address listed in this disclosure in time for us to receive your request three business days before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.

Notice of Varying Amounts: If these regular payments may vary in amount, the person 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 three business days or more before the transfer is scheduled and we do not do so, we will be liable for your losses or damages.

STATE SAVINGS BANK’S LIABILITY

Liability for Failure to Make Transfers: If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable for instance:

1. If, through no fault of ours, you do not have enough money in your account to make the transfer;
2. If the transfer would go over the credit limit on your overdraft line;
3. If the ATM where you are making the transfer does not have enough cash;
4. If the terminal or system was not working properly and you know about the breakdown when you started the transfer;
5. If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken;
6. There may be other exceptions stated in our agreement with you.

DISCLOSURE OF ACCOUNT INFO TO THIRD PARTIES

We will disclose information to third parties about your account or the transfer you make:

1. Where it is necessary for completing transfers;
2. In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant;
3. In order to comply with government agency or court orders;
4. If you give us permission.

UNAUTHORIZED TRANSFERS

Liability Disclosure: Tell us AT ONCE if you believe your card/code has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your losses down. You could lose all of the money in your account (plus your maximum line of credit). If you tell us within two business days, you can lose no more than $50 if someone used your card and/or code without your permission. If you do not tell us within two business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could lose as much as $500. Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or hospital stay) kept you from telling us, we will extend the time periods.

Additional Limits of Liability for MasterCard-branded cards, when used for point-of-sale transactions: You will not be liable for any unauthorized transactions using your MasterCard-branded card, when used for point-of-sale transactions, if:

1. You can demonstrate that you have exercised reasonable care in safeguarding your card from the risk of loss or theft;
2. You have not reported to us two or more incidents of unauthorized use within the prior 12 month period, and
3. Your account is in good standing.

If any of these conditions are not met, your liability is the lesser of $50 or the amount of money, property, labor or services obtained by the unauthorized use before notifications to us. “Unauthorized use” means the use of your debit card by a person, other than you, who does not have actual, implied or apparent authority for such use, and from which receive no benefit. This additional limitation on liability does not apply to PIN-based transactions or transactions not processed by MasterCard.

Address and Telephone Number: If you believe your card or code has been lost or stolen or that someone has transferred or may transfer money from your account using the information from your check without your permission, call or write us at the telephone number and address listed in this disclosure.

ERROR RESOLUTION

In case of errors or questions about your electronic transfers, call or write us at the telephone number and/or address listed in this disclosure, as soon as you can. If you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt, you must contact us no later than 60 days after we sent the FIRST statement on which the problem or error appeared:

1. Tell us your name and account number (if any);
2. Describe the error on the transfer you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information;
3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing with 10 business days.

We will determine whether an error occurred within 10 business days (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days 90 days if the transfer involved a new account, a point-of-sale transaction or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.

We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.