Consumer Deposit Account Agreement
Bank: TransPecos Banks, SSB, Member FDIC
Effective Date: January 30, 2024
This Consumer Deposit Account Agreement (“Agreement”) governs your demand deposit account (“Account”) issued by TransPecos Banks, SSB (“Bank,” “we,” “us,” or “our”).
The Account may be offered or accessed through a separate application, platform, product, or service (the “Service”) provided by a third party (the “Service Provider”). The Service Provider may provide technology or servicing functions related to the Account but is not a bank and does not hold your deposits. The Bank issues the Account and holds your deposits.
This Agreement is incorporated into the terms applicable to the Service through which the Account is offered or accessed.
1. Your Account
The Account is a limited-purpose demand deposit account for personal, family, or household purposes.
Funds may be transferred only through the RTP® network using functionality made available through the Service. The Account does not support checks, debit cards, ATM transactions, ACH transactions, wire transfers, cash transactions, or other methods of moving money.
RTP transfers are available 24 hours a day, 7 days a week, 365 days a year, subject to system availability, transaction limits, security controls, and applicable law. RTP payments are generally immediate and may not be cancellable after submission.
The Bank may establish transaction or balance limits and may reject, delay, block, or restrict transactions when permitted or required by law, RTP network rules, security procedures, or this Agreement.
The Account pays no interest, charges no fees, and does not provide overdraft or credit services. Transactions exceeding your available balance will not be authorized.
2. Important Information About Opening an Account
To help the government fight the funding of terrorism and money laundering activities, federal law requires financial institutions to obtain, verify, and record information identifying each person who opens an Account.
When you open an Account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also request a driver’s license or other identifying documents.
3. Electronic Transfers and Your Rights
Electronic transfers involving your Account are subject to the Electronic Fund Transfer Act and Regulation E.
You may use the Account only for RTP transfers available through the Service, subject to any transaction or balance limits disclosed to you.
For purposes of Regulation E, our business days are Monday through Friday, excluding federal holidays.
We may disclose information about your Account to third parties when necessary to process transactions or provide the Account or Service, with your consent, to verify the existence or condition of your Account, or as otherwise permitted or required by law.
If we fail to complete a transfer to or from your Account on time or in the correct amount when properly instructed, we may be liable for your losses or damages as provided by applicable law. We will not be liable when circumstances beyond our control, insufficient funds, legal restrictions, security concerns, or other exceptions permitted by law prevent the transfer.
Unauthorized Transfers and Errors
If you believe an electronic transfer was unauthorized or incorrect, or you need more information about a transfer, contact the Service Provider through which you access your Account as soon as possible using the telephone number and mailing address provided within the Service or with this Agreement. The Service Provider is authorized to receive these notices on behalf of the Bank.
Report errors promptly. We must hear from you no later than 60 days after the first statement showing the error.
Please provide your name and Account information, describe the transfer or error and why you believe it is incorrect, and provide the dollar amount involved.
We will investigate and correct any error as required by Regulation E. If additional time is required, we may provisionally credit your Account when required by law while completing our investigation.
Nothing in this Agreement limits any rights you have under applicable law.
4. Account Use, Changes, and Closure
You may use the Account only for lawful purposes. The Bank may restrict or close the Account or reject, delay, or block transactions when permitted by law or reasonably necessary to prevent fraud, protect the Account, or comply with applicable law or RTP network rules.
You may close the Account subject to pending transactions or obligations. The Bank may change this Agreement or the Account and will provide notice when required by law.
5. Governing Law
This Agreement is governed by applicable federal law and the laws of the State of Texas, to the extent applicable. Applicable law controls if it conflicts with this Agreement.
By opening or using the Account, you acknowledge that this Agreement has been made available to you and agree that your Account is subject to these terms.
TransPecos Banks, SSB
Member FDIC