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This Agreement governs the use of Merchants State Bank's Internet Banking Service, jointly referred to as the "Service," provided by Merchants State Bank, also referred to as "the Financial Institution." By using the Service to conduct transactions, you agree to the terms of this Agreement. All references within this document to the term "Payment Service" reflect the Internet Bill Pay Service offered by Merchants State Bank.

Definitions

As used in this Agreement, "account" and "accounts" means the Merchants State Bank account in which you are either the owner or joint owner. "Loan account" and "loan accounts" mean any loan you have with the Financial Institution. "You," "your," and "yours" mean the person(s) using the Service. "We," "our," and "Financial Institution" refer to the individual Financial Institution (Merchants State Bank) that holds your accounts.

Deposit and Credit Agreements

The terms and conditions in this Agreement shall have priority and take precedence over any existing terms and conditions in existing account and loan agreements you have with us in the event of a conflict.

Internet Banking Service

To use Internet Banking, you must have at least one Merchants State Bank account and an Internet Banking User ID and PIN. Through Internet Banking, you will have access to any of your Merchants State Bank deposit accounts or loan accounts. Merchants State Bank reserves the right to deny access to a deposit account or loan account or to deny transactions under certain circumstances.

Description of Internet Banking

The Service allows you to perform some or all of the following functions from your Computer:

Online Account Access Functions and Limitations of Transfers

You may use Internet Banking to (a) transfer funds between your accounts; (b) obtain account balances; (c) obtain history and transaction information on your accounts; and (d) obtain loan account balance information. These features are limited to the extent, and subject to the terms, noted below.

  1. Your ability to transfer funds between certain accounts is limited by federal law and the Deposit Agreement. You should refer to the Deposit Agreement for legal restrictions and service charges applicable for excessive withdrawals or transfers. Transfers made using the Internet Banking Service are counted against the permissible number of transfers described in the Deposit Agreement.
  2. There may be at least a one-business-day delay in transferring funds between your accounts. Except as provided in this Agreement, all Internet Banking transaction instructions received by 2:00 p.m. CDT will be completed that business day. Any instruction received after 2:00 p.m. CDT will be completed the next business day.
  3. Transactional information for your accounts will be available from Internet Banking for a maximum of 12 statement cycles from the date of inquiry.

Data Recording

When you access Internet Banking to conduct transactions, the information you enter may be recorded. By using Internet Banking, you consent to such recording.

No Signature Required

When using Internet Banking to conduct transactions, you agree that the Financial Institution may debit your account to complete the transactions, or honor debits you have not signed.

Charges

You will not be charged for the "view accounts" or "transfer funds" features of Merchants State Bank's Internet Banking. NOTE: Your accounts and loan accounts are still subject to fees, charges, balance requirements, etc. articulated in the Deposit Agreement and Loan Agreement.

Bill Pay Service

I acknowledge electronic receipt of the Terms and Conditions Agreement ("Agreement") associated with Merchants State Bank's Internet Bill Pay Service and agree that I have read and will abide by this Agreement. I also agree Merchants State Bank does not need to provide me with an additions paper (non-electronic) copy of this Agreement unless specifically requested. Furthermore, I understand that a copy of this Agreement can be printed by using my browser's print command and a printer.

Use of a Third-Party Bill Pay Service Provider

FIS is the third-party bill pay service provider who Merchants State Bank has contracted with to provide bill pay service to its customers. FIS will be processing the bills. Accordingly, the term "FIS" represents the customer service provided by FIS to Merchants State Bank. Merchants State Bank, at its sole discretion, reserves the right to change internet bill pay service providers.

Enrollment Request for the Internet Bill Pay Service

Merchants State Bank reserves the right to refuse enrollment in the Internet Bill Pay Service to any customer who does not meet the Internet Bill Pay Service criteria which has been established by Merchants State Bank and/or FIS. Included in these criteria is a requirement that subscribers to this payment service must live within the United States, its possessions and territories.

Description of Internet Bill Pay Service

As used in this Agreement, the term "Payee" means the vendor, biller, person, or entity to whom you wish a bill payment to be directed; "Payment Instructions" means the information provided by you to the Payment Service for a bill payment to be made to your Payee (e.g., Payee name, account number, payment amount, payment date, etc.); "Payment Account" means your Checking Account at Merchants State Bank, from which all bill payments may be made and/or such funds collected; "Business Day" means Monday through Friday, excluding Federal holidays; "Payment Date" means the Business Day of your choice upon which your bill payment will be made and your Payment Account will be debited; and "Cutoff Time" means 2:00 p.m. CDT on any Business Day, and is the time by which you must transmit instructions to have them considered entered on that particular Business Day.

By providing the Payment Service with the names and account information of those entities and/or persons to whom you wish to direct payment, you authorize the Payment Service to follow the Payment Instructions that it receives from you or your authorized user through the Internet Bill Pay Service. When the Payment Service receives a payment instruction, you authorize it to debit your Payment Account and remit funds on your behalf so that the funds arrive as close to the Business Day designated by you as soon as possible.

For this reason, it is necessary that all Payment Dates selected by you be no less than five (5) Business Days before the actual due date for payments that are being sent by check and 4-6 days for ACH payments, (not the late date and/or a date in the grace period). It is your responsibility to schedule your bill payments in such a manner that your obligations will be paid on time. Payment instructions entered after the Cutoff Time or on a non-Business Day will be considered entered in the Payment Service on the next Business Day. If you properly follow the procedures as described herein, and the Payment Service fails to send a payment according to the Payment Instructions received, the Payment Service will bear responsibility for all late charges. In any other event, including but not limited to choosing a Payment Date which is not five (5) Business Days before the due date or on or past the due date stated on your invoice or bill, the risk of incurring and the responsibility for paying any and all late charges or penalties shall be borne by you.

A bill payment is "In Process" starting at the Cutoff Time on the Payment Date. A bill payment is a "Pending Payment," starting from the time you enter Payment Instructions until the payment is "In Process." A bill payment is considered "In Process" on the Business Day you selected as the scheduled Payment Date. A payment is considered "Completed" when FIS issues the payment either by check or electronically. You may cancel or edit any Pending Payment (including recurring bill payments) by following the directions provided on the Internet Bill Pay system Online Help. There is no charge for canceling or editing a Pending Payment. Please note: we may not have a reasonable opportunity to act on any stop payment or cancellation order given after a payment is "In Process" and it is not possible to stop or cancel a payment which is "Completed." If you desire to cancel or stop payment which is "In Process," you must call Merchants State Bank at 1-866-228-9747. Although we will make every effort to accommodate your request, we will have no liability for failing to do so. Stop payment requests sent to us via electronic mail or in any other manner will not reach us in time for us to act on your request. Stop payment requests will be accepted by notifying Merchants State Bank orally or in writing at least 3 business days before the scheduled date of the transfer. If you call, we may also require you to present your request in writing within fourteen (14) days after you call. The charge for each stop payment order will be $15.00. The Payment Service will use its best efforts to make all your payments properly. However, the Payment Service shall incur no liability if it is unable to complete any payments initiated by you through the Payment Service because of the existence of any one or more of the following circumstances:

  1. If, through no fault of ours, your Payment Account does not contain sufficient funds to complete the payment or transfer, or the transfer would exceed the credit limit of your established line of credit account, if applicable (Note: Merchants State Bank may, at its option, pay a scheduled bill payment which exceeds the balance in the checking account by transferring the amount of the resulting overdraft from your available line of credit indicated on the Membership Application and Agreement or on any subsequent Account Change Card. Per Federal regulation, preauthorized telephone, Internet or automatic transfers from savings to cover Checking overdrafts cannot exceed six in number per calendar month);
  2. The bill payment processing center is not working properly and you know or have been advised by the Payment Service about the malfunction before you execute the transaction;
  3. The Payee mishandles or delays a payment sent by the Payment Service;
  4. You have not provided the Payment Service with the correct names, phone numbers, or account information for those persons or entities to whom you wish to direct payment;
  5. Circumstances beyond the Payment Service's control (such as, but not limited to, fire, flood, or interference from an outside force) that prevent the proper execution of transaction and the Payment Service has taken reasonable precautions to avoid these circumstances.

Provided none of the foregoing five (5) exceptions to the Payment Service's performance obligations are applicable, if the Payment Service causes an incorrect amount of funds to be removed from your Payment account or causes funds from your Payment Account to be directed to a person or entity which does not comply with your Payment Instructions, the Payment Service shall be responsible for returning the improperly transferred funds to your Payment Account and for directing to the proper recipient any previously misdirected payments or transfers.

Payment will be made to your Payee either electronically via the Automated Clearing House (ACH) or by check. The method of payment depends upon the processing method that can be accommodated by the Payee or FIS (e.g., some Payees are unable to accept electronic payments).

The payment may be deducted from your Payment Account by two methods depending upon the amount of the payment. The two methods are: 1.) Via an electronic debit through the Automated Clearing House Association (ACH) or 2.) Via a draft drawn on your account and processed through the Federal Reserve System (as if you had written a check drawn upon your Checking Account). All bill payments debited from your account will appear on your monthly Statement of Account and under the "BILL PAY HISTORY" section of the Internet Bill Pay on the Merchants State Bank Internet Home Banking System. ACH debits will reflect the name of the Payee (e.g., XYZ Utility Company) as well as the date and amount; payments by check will be reflected on your statement with a date, payee and address, and amount. All payments can be viewed with the Payee's name, payment amount and payment date by reviewing your recent payment history under the electronic Payment List option provided to you as part of the Internet Bill Pay Service.

Prohibited Payments

The following payment types are prohibited through the Payment Service:

  1. Tax Payments
  2. Court Ordered Payments
  3. Payments to Payees outside of the United States or is possessions/territories

THE FOREGOING SHALL CONSTITUTE THE PAYMENT SERVICE'S ENTIRE LIABILITY AND YOUR EXCLUSIVE REMEMDY. IN NO EVENT SHALL THE PAYMENT SERVICE BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES, INCLUDING LOST PROFITS (EVEN IF ADVISED OF THE POSSIBILITY THEREOF) ARISING IN ANY WAY OUT OF THE INSTALLATION, USE, OR MAINTENANCE OF THE EQUIPMENT, SOFTWARE, AND/OR THE PAYMENT SERVICE.

In the Event a Payment Service Transaction is Returned and/or Overdraws Your Payment Account

In using the Payment Service, you are requesting the system to make payments for you from your Payment Account. If we are unable to complete the transaction for any reason associated with your Payment Account (for example, there are not sufficient funds in your Payment Account to cover the transaction), the transaction may not be completed. In these cases, you agree that a non-sufficient funds (NSF) fee will be charged in accordance with Merchants State Bank's established and published fees. Further, you also agree that a NSF fee may be charged to your account even if the payment is not returned but is paid and overdraws your Payment Account.

By enrolling for and using this Internet Bill Pay Service you agree that Merchants State Bank has the right to transfer funds from your available balance on your line of credit account as well as from all of your savings accounts to recover funds for all payments that have been requested to be paid by you and your authorized user: this includes accounts on which you are the primary owner, as well as accounts on which you are the joint owner.

EXCLUSIONS OF WARRANTIES

THE PAYMENT SERVICE AND RELATED DOCUMENTATION ARE PROVIDED "AS IS" WITHOUT ANY WARRANTY OF ANY KIND, EITHER EXPRESSED OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANT ABILITY AND FITNESS FOR A PARTICULAR PURPOSE.

Personal Identification Number/Password and Security

Your Internet Banking personal identification number (PIN) is required to access Merchants State Bank's Internet Banking functions. You agree not to give or make available your PIN to any unauthorized individual. If you believe your PIN has been lost or stolen, someone has attempted to use the Internet Banking Service without your consent, your deposit account(s) or loan account(s) have been accessed, or someone has transferred money without your permission, you must notify Merchants State Bank immediately. Merchants State Bank does not maintain a record of your PIN. If you lose or forget your PIN, contact Merchants State Bank immediately so you may select a new confidential PIN.

To access the Internet Bill Pay Service you will need to log on to the Merchants State Bank's Internet Home Banking service and then click on the Bill Pay icon. From there the system will link you to the Internet Bill Pay site, where you will enter your password (using the Account Number and PIN associated with this Payment Service).

You agree not to give or make available your Merchants State Bank Account Number and PIN to any unauthorized individuals. You are responsible for all bill payments you, and your Internet Bill Pay authorized user, authorize using the Payment Service. If you permit other persons to use the Payment Service or your Merchants State Bank Account Number and PIN (even though you have agreed not to disclose this information); you are responsible for all transactions they authorize. If you believe that your Merchants State Bank Account Number and PIN has been lost, stolen, or compromised, or that someone may attempt to use the Payment Service without your consent or has transferred money from your account by accessing your account without your permission, you must notify Merchants State Bank at once by calling us during business hours.

You also agree that Merchants State Bank may revoke your Internet Bill Pay and/or Internet Home Banking account access services if unauthorized account access and/or transactions occur as the apparent result of negligence in the safeguarding of Account Number and PIN(s) belonging to you and/or your authorized user. Further, you agree that, if Merchants State Bank is notified that you have included the financial institution in the filing of a petition of bankruptcy, Merchants State Bank may revoke or refuse to grant you Internet Bill Pay Service and/or Merchants State Bank Internet Home Banking account access to your account.

Your Liability for Unauthorized Transfers (Consumer Liability)

Tell us AT ONCE if you believe your account information and/or PIN have been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your accounts (plus your maximum overdraft privilege and open-end credit). If you believe your account information and/or PIN has been lost or stolen, and you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50.00 if someone used your account information and/or PIN without your permission. If you do NOT tell us within two business days after you learn of the loss or theft of your account information and/or PIN, and we can prove we could have stopped someone from using your account and/or PIN without your permission if you had told us, you could lose as much as $500.00. 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 we could have stopped someone from taking the money if you had told us in time.

Errors and Questions

Telephone us 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. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared. Your inquiry must include the following information:

  1. Your name and account number
  2. A description of the error or the transfer you are unsure about and an explanation of why you believe it is an error or why you need more information
  3. The dollar amount of the suspected error
  4. The date of occurrence

If you tell us orally, we must require that you send us your complaint or question in writing within 10 Business Days. We will generally tell you the results of our investigation within 10 Business Days of the receipt of your complaint or question (20 Business Days if the transaction involved an account opened within the past 30 days). If we need more time, however, we may take up to 45 days. If we decide there was no error, we will send you a written explanation within three Business Days after we finish our investigation. You may ask for copies of the documents that we used in our investigation. Contact us at:

Merchants State Bank

PO Box 399

305 S Main ST

Freeman, SD 57029

By phone: (605)925-4222 or toll free: (866)228-9747

Business Days: Monday, Tuesday, Wednesday, Thursday and Friday (Holidays are not included)

Disclosure of Account Information to Third Parties

We will disclose information to third parties about your account or transfers you made on the following conditions:

  1. If we return transfers or payments made from your account which are drawn on insufficient funds or if we are unable to complete an electronic transfer or payment because of insufficient funds
  2. When it is necessary to complete the transfers
  3. In order to verify the existence and conditions of your account for a third party, such as a credit bureau or merchant
  4. In order to comply with a government agency or court orders
  5. If you gave us written permission

Alterations and Amendments

The terms of this Agreement, applicable fees, and service charges may be altered or amended by Merchants State Bank from time to time. In such event, Merchants State Bank shall send notice to you either at your address as it appears on Merchants State Bank's records or by online notice through Internet Banking. Any continuation of Internet Banking after Merchants State Bank sends you a notice of change will constitute your agreement to such change(s). Further, Merchants State Bank may, from time to time, revise or update the program, services, and/or related material(s) rendering such prior versions obsolete. Consequently, Merchants State Bank reserves the right to terminate this Agreement as to all such prior versions of the programs, services, and/or related material(s) and limit access to Merchants State Bank's more recent versions and updates.

Address Changes

You agree to promptly notify Merchants State Bank, in writing, of any address change. Changing your address on the Payment Service does not automatically update your address of record at Merchants State Bank. Similarly, updating your address at Merchants State Bank does not automatically update the address on the Payment Service.

Termination and Discontinuation

The use of Internet Banking requires enrollment on your behalf. If you wish to discontinue the Internet Banking service you must contact Merchants State Bank within 10 days prior to the actual discontinuation date. However, any transactions or payments you have previously authorized will be completed as instructed.

In the event you wish to discontinue the Payment Service, you must contact Merchants State Bank within 10 days prior to the actual Payment Service discontinuation date. You must request the Payment Service discontinuation by written correspondence sent via the mail. Written notice must be signed and sent to:

Merchants State Bank

PO Box 399

Freeman, SD 57029

Merchants State Bank may terminate Payment Service to any individual at any time with cause, but without advance notice. Neither termination nor discontinuation shall affect your liability or obligation under this Agreement.

Periodic Statements

Merchants State Bank will send your periodic statements for each monthly cycle in which an EFT has occurred, and at least quarterly if no EFT has occurred

Payee Limitations

Merchants State Bank reserves the right to impose a frequency or dollar limit on or refuse to make any payment you have directed. Merchants State Bank is obligated to notify you promptly if it decides to refuse to complete your payment instruction.

The Bill Payment Service reserves the right to refuse to pay any person or entity to which you may direct a payment. The Payment Service is obligated to notify you promptly if it decides to refuse to pay a person or entity designated by you. This notification is not required if you attempt to pay tax or court-related payments or payments outside the United States and its possessions/territories (American Samoa, Guam, Marshall Islands, Micronesia, N. Mariana Islands, Palau, Puerto Rico and the Virgin Islands), which are prohibited under this Agreement.

Information Authorization

Through your enrollment in the Internet Bill Pay Service, you agree that Merchants State Bank (or its third-party bill pay service provider) reserves the right to request a credit agency report and/or a review of your credit rating at its own expense through an authorized credit agency bureau. In addition, you agree that the Payment Service reserves the right to obtain financial information regarding your account from a merchant or financial institution to resolve payment-posting problems.

Disputes

In the event of a dispute regarding Internet Banking or the Payment Service, you and Merchants State Bank or the Payment Service agree to resolve the dispute by looking to this Agreement. You agree that this Agreement is the complete and exclusive statement of the agreement between you and Merchants State Bank or the Payment Service, which supersedes any proposal or prior agreement, oral or written, and any other communications between you and Merchants State Bank or the Payment Service relating to the subject matter of this Agreement. If there is a conflict between what one of Merchants State Bank.s or the Payment Service's employees says and the terms of this Agreement, the terms of this Agreement have final control.

Business Days

Business days are Monday through Friday (excluding Federal Holidays or any holidays recognized by Merchants

State Bank Financial Institutions Liability

If Merchants State Bank does not complete a transfer to or from you account on time or in the correct amount according to out 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 you have an overdraft line and the transfer would go over the credit limit
  3. If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken
  4. There may be other exceptions stated in our agreement with you

Assignment

You may not assign this Agreement to any other party. Merchants State Bank or the Payment Service may assign this Agreement to any present or future, directly or indirectly, affiliated company. Merchants State Bank or the Payment Service may also assign or delegate certain of its rights and responsibilities under this Agreement to independent contractors or other third parties.

No Waiver

Merchants State Bank or the Payment Service shall not be deemed to have waived any of its rights or remedies hereunder unless such waiver is in writing and signed by Merchant State Bank or the Payment Service. No delay or omission on the part of Merchants State Bank or the Payment Service in exercising any right or remedy shall operate as a waiver of such right or remedy or any other rights or remedies. A waiver on any particular occasion shall not be construed as a bar or waiver of any rights or remedies on future occasions.

Captions

The captions of sections hereof are for convenience only and shall not control or affect the meaning or construction of any of the provisions of this Agreement.

Governing Law

This Agreement shall be governed by the laws of the jurisdiction in which Merchants State Bank is located and by applicable Federal laws and regulations.

Federal Disclosure

You agree to accept this disclosure online rather than a paper disclosure. We recommend you print this entire Agreement and Disclosure for your records. If you are unable to print this, please request a paper disclosure be mailed to you.

Rev: 2015-01

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