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Mobile Deposit Service Agreement

Effective May 1, 2021

 

This Mobile Deposit Services Agreement (this “Agreement”) is entered into by and between Ivy Bank, a division of Cambridge Savings Bank (sometimes referred to as “us,” “our” or “we”) and “you” or “your”, a current Ivy Bank customer. This Agreement governs the terms of our consumer remote deposit service, which we refer to as “Ivy Bank Mobile Deposit”. Ivy Bank Mobile Deposit is designed to increase convenience to our consumer customers. The service allows you to make deposits of certain checks (sometimes referred to as “checks” or “original checks”) to your Ivy Bank savings account(s) from home or other remote locations by capturing an image of the original checks and delivering the digital images and associated deposit information (“images”) to us, or our processor, with your smartphone, tablet or other mobile device. You must be an Ivy Bank Online Banking user and have provided us with your valid and current email address to apply for and use Ivy Bank Mobile Deposit. As an Ivy Bank Online Banking user, you must have agreed to the Ivy Bank Online Banking Agreement and agreed to receive disclosures and other communications electronically. The Ivy Bank Online Banking Agreement as well as any other agreements you have entered into with Ivy Bank in connection with your account(s) and other services, including, without limitation, the Account Agreement (defined below), Ivy Bank Fee Schedule and Privacy Notice are incorporated by reference and made a part of this Agreement. In the event of a direct conflict between the terms of this Agreement and those additional agreements, the terms of this Agreement shall control. By using Ivy Bank Mobile Deposit you acknowledge and agree that you have received, understand and agree to the terms and conditions contained in this Agreement. You can obtain a copy of the current version of this Agreement from a customer service representative at our Contact Center and also online at www.ivybank.com/mobiledepositagreement.

Definitions: We use the following definitions throughout this Agreement:

Account Agreement: Your Ivy Bank account agreement is the “Ivy Bank Understanding Your Deposit Account for Personal Accounts” agreement (including the Arbitration Provision), which is available from a customer service representative at our Contact Center and also online at www.ivybank.com/handbook.

Drawn On: When this or a similar phrase is used with reference to an account, it means the account in which the funds for the check that is to be paid are held.

Endorsement: The payee’s signature(s) and other required information on the back of the check.

Funds Availability Disclosure: This is our explanation of when the funds that are represented by a check that is deposited in an Ivy Bank account become available for your use. The Funds Availability Disclosure is located in your Account Agreement.

Payee: The person to whom a check is payable.

Payor: The person who orders payment – in other words, the person who signs a check.

Limits. Approved users will receive an e-mail which details the daily and rolling 30-day deposit limits. Limits are based on a number of factors, including, without limitation, the length of time you have had your account open with Ivy Bank, any overdraft history and your average balance. We may review your account any time to assess the appropriateness of your current limits and change those limits at any time.

Ineligible items. You agree to scan and deposit only checks drawn on U.S. banks in U.S. dollars that are payable to you. You agree that you will not use Ivy Mobile Deposit to deposit:

  • Checks which are stale-dated (more than 6 months old,) or post-dated (made payable at some point in the future;
  • Checks in which you are not a payee or an original payee (i.e., payable to another party and then endorsed to you);
  • Checks payable to you and another party unless that other party is a joint owner on the account into which the check is being deposited;
  • Checks that contain evidence of alteration, or that you know or suspect, or should know or suspect, are fraudulent or otherwise not authorized by the owner of the account on which the check is drawn;
  • Checks drawn on the account into which the check is being deposited;
  • Savings bonds;
  • Traveler's checks or
  • Deposits which exceed your daily or rolling 30-day limit. 

Requirements. Each image must provide all of the information that is contained on the front and back of the original check at the time presented to you by the Payor, including, but not limited to, the following information: information about the Payor and the paying bank that is preprinted on the original check; the numerical encoded information on the bottom of the check; the Payor’s signature(s); and all required endorsements applied to the back of the original check. The image quality must meet the standards established by the American National Standards Institute, the Board of Governors of the Federal Reserve, and any other regulatory agency, clearing house or association. Endorsements must be made on the back of the check within 1½ inches from the top edge. Your endorsement must include your signature, your account number and the words “FOR MOBILE DEPOSIT ONLY AT IVY BANK”. Any loss we incur from a delay or processing error resulting from an irregular endorsement or other markings by you will be your responsibility. We reserve the right to refuse any deposit if a check is not endorsed by all payees or otherwise does not meet our standards.

Cooperation with Investigations. You agree to cooperate with us in the investigation of unusual transactions, poor quality transmission, and resolution of any claims, including by providing, upon request and without further cost, any originals or copies of checks deposited through Ivy Bank Mobile Deposit in your possession and your records relating to such checks and transmissions.

Receipt of Deposit. All images processed for deposit through Ivy Bank Mobile Deposit will be treated as “deposits” under your Account Agreement with us and will be subject to all terms of the Account Agreement. As noted in your Account Agreement, deposits of Ivy Bank and Cambridge Savings Bank are combined for FDIC insurance purposes and are not separately insured. When you initiate a mobile deposit, it is not deemed “received” by us until we have processed and credited the deposit to your account. This process does not mean that the image contains no errors. We are not responsible for any image we do not receive. We may process the mobile deposit by preparing a “substitute check” or using the image you have provided to clear the item. We reserve the right to reject any deposit made through Ivy Bank Mobile Deposit which fails to satisfy any of our processing requirements, as determined by us in our sole discretion. We will notify you of rejected images. Reasons for rejection may include, without limitation, any of the following: incomplete or missing endorsement; illegible check or poor image quality; altered check; or duplicate check. You acknowledge and agree that checks you deposit using Ivy Bank Mobile Deposit are not considered an “electronic funds transfer” as defined in Regulation E promulgated by the Bureau of Consumer Financial Protection. For information on when checks that you deposit will be made available for your use, please refer to our Funds Availability Disclosure, which is located in your Account Agreement.

Original checks. After you receive confirmation that we have received an image, you must securely store the original check for ninety-one (91) days after transmission to us and make the original check accessible to us at our request. We may request to view the original check for a variety of reasons, such as we have concerns with the accuracy or validity of the image. Upon our request, and within five (5) business days, you must deliver to us, at your expense, the original check. If you do not provide the original check in a timely manner, the deposit in question may be reversed from your account. At the end of this ninety-one (91) day period, you must destroy the original check by first marking it “VOID” and then securely and irretrievably destroying it using commercially reasonable means of destruction. After destruction of an original check, the image will be the sole evidence of the original check. You agree that you will never re-present the original check. You understand that you are responsible if the original check is ever presented again for payment whether by you or someone else.

Returned Deposits. Credit to your account for any check deposited using Ivy Bank Mobile Deposit is provisional. If an original check deposited through Ivy Bank Mobile Deposit is dishonored, rejected or otherwise returned unpaid for any reason, including without limitation issues relating to the quality of the image that you have transmitted to us, you will receive an image, reproduction or substitute of the original check and we will charge the deposit amount back to your account. As with any returned item, you will be responsible for reimbursing us for all loss, cost, damage or expense caused by or relating to the processing of the returned item. You are prohibited from attempting to deposit or otherwise negotiate an original check through Ivy Bank Mobile Deposit if it has been charged back to you. You may be able to negotiate a returned item by mail, and should speak to a customer service representative at our Contact Center if you require such assistance. As described in your Account Agreement, if you deposit a check that is returned to Ivy Bank for any reason, including insufficient funds of the Payor, we may setoff the amount of the returned item. We may set-off by debiting the account into which you deposited the returned item or by transferring funds from another Ivy Bank or Cambridge Savings Bank account held by you. We may do so whether or not the reason for the returned item was presented to us on a timely basis.

Your Warranties and Representations. You make the following warranties and representations with respect to each deposit you make and each image you transmit to us using Ivy Bank Mobile Deposit:

  • Each image is a true and accurate rendition of the front and back of the original check, without any alteration, and the Payor of the check has no defense against payment of the check.
  • Each deposit is authorized under the terms of this agreement.
  • All data and information you provide to us, including, without limitation, the amount, payee(s), signature(s), and endorsement(s) on the image and on the original check are legible, genuine, authorized and accurate.
  • You will not create a duplicate image, transmit a duplicate image to us or deposit or negotiate the original check or any duplicate image.
  • You have not negotiated and will not negotiate a check or image that you have deposited using Ivy Bank Mobile Deposit: (i) a second time with us; or (ii) with any third party, including, without limitation, another bank. You will not deposit or otherwise endorse to a third party the original check and no person will receive a transfer, presentment, or return of, or otherwise be charged for, the check (either the original item, or a paper or electronic representation of the original item) such that the person will be asked to make payment based on a check or item it has already paid.
  • No subsequent transferee of the images, including, without limitation, us, a collecting or returning bank, drawer, drawee, endorser or payee, shall sustain any loss as the result of the fact that the image was presented for payment or returned instead of the original check.
  • The original check was authorized by the Payor in the amount stated on the original check and to the payee(s) stated on the original check.
  • You are authorized to enforce and obtain payment of the original check.
  • You have possession of the original check and no party will submit the original check for payment.
  • You will notify us immediately if you learn of any loss or theft of the original check.
  • You will comply with this Agreement as well as all other applicable laws, rules and regulations and you will use the Ivy Bank Mobile Deposit only for lawful purposes. With respect to each image, you make to us all representations and warranties that we also make, or are deemed to make, to any party pursuant to law, regulation or clearing house rule.
  • You agree that files and images transmitted to us will not contain viruses or any other disabling features that may have an adverse impact on our network, data, or related systems.

 

Ivy Bank Mobile Deposit Unavailability. Ivy Bank Mobile Deposit may be temporarily unavailable due to system maintenance or technical difficulties, including those of the Internet service provider, cellular service provider and/or Internet software. In the event that Ivy Bank Mobile Deposit is unavailable, you may deposit original checks by mailing the original check to:

Ivy Bank

P.O. Box 540047

Waltham, MA 02454

Security. You agree you will complete each deposit via Ivy Bank Mobile Deposit promptly. If you are unable to complete your deposit promptly, you will ensure that your mobile device remains securely in your possession until the deposit has been completed. It is your responsibility to take all necessary steps to safeguard against unauthorized deposits. You must notify us immediately by telephone at 1-855-IVY-BANK (855-489-2265) and with written confirmation if you learn of any loss or theft of original checks. You agree to ensure the safety and integrity of original checks from the time of receipt until the time of destruction.

Additional Customer Responsibilities. The software provided by Ivy Bank to you contains software provided by one or more third parties (“Third Party Software”) under contract with Ivy Bank (each a “Technology Partner”). You are solely responsible for the quality, completeness, accuracy, validity and integrity of any image transmitted to us using Ivy Bank Mobile Deposit. You are solely responsible if you intentionally or unintentionally submit fraudulent, inaccurate, incorrect, illegible or otherwise improper or unusable images to us. You are also solely responsible if Ivy Bank Mobile Deposit is used by any person other than you, whether or not you have authorized such other person, to submit fraudulent, unauthorized, inaccurate, incorrect, illegible or otherwise improper or unusable images to us.

You agree to notify us immediately if there is any deposit made to your account that you do not recognize. In addition, you agree that you will not yourself, and will not permit any agent or third party to: (i) sell, provide distribute, lease, rent, lend, relicense, sublicense or display Third Party Software or related documentation except as necessary to use the software for mobile check deposits; (ii) decompile, disassemble, reverse engineer, or attempt to reconstruct the Third Party Software, identify or discover any source code, trade secret, know-how, or ideas underlying user interface techniques or algorithms of Third Party Software by any means whatsoever, or disclose any of the foregoing; (iii) create any derivative works or any other software program based upon Third Party Software or related documentation or modify Third Party Software in any way; or (iv) use Third Party Software or documentation to develop or enhance any product that competes with Third Party Software.

Intellectual Property. Ivy Bank or the Technology Partners, as the case may be, retain all rights, title and interests, including intellectual property rights, in and to the Third Party Software and services, any improvements, translations, modifications or derivatives thereof, and any related documentation provided or made available to you, including all intellectual property rights therein. You acknowledge that the Third Party Software and related documentation contain copyrighted materials, trade secrets, and other material that is proprietary to one or more Third Parties. Except as expressly stated herein, this Agreement does not grant you any intellectual property rights in the Third Party Software, services, or any related documentation or materials and all rights not expressly granted herein are reserved by Ivy Bank and the Technology Partners. You agree to assign, and hereby do assign, to the Technology Partners all rights, title and interest, including all intellectual property rights, in any ideas, modifications, enhancements, improvements, inventions, works of authorship or any other suggestion that you or any of your agents propose, create, author or develop relating to that Technology Partner’s software or services, and will take all necessary action, including execution of relevant documents, to perfect such party’s ownership thereof.

Indemnity. To the maximum extent permitted by law, you agree to indemnify, defend and hold harmless us (including Cambridge Savings Bank),our Technology Partners, our affiliates, subsidiaries, parent company and each of their respective officers, employees, directors and agents from and against any and all third party claims, including claims of another financial institution, business entity or governmental authority, demands, actions, causes of action, damages, losses, liabilities, costs and expenses of any kind, including reasonable attorneys’ fees and expenses, caused directly or indirectly by, arising out of, or related to: (i) your use of Ivy Bank Mobile Deposit; or(ii)any misrepresentation, breach of warranty or any other breach of the terms and conditions of this Agreement by you or anyone acting on your behalf. You understand and agree that this paragraph shall survive the termination of this Agreement.

DISCLAIMER OF WARRANTIES. IVY BANK AND EACH TECHNOLOGY PARTNER DISCLAIMS ANY AND ALL REPRESENTATIONS AND WARRANTIES, EXPRESS OR IMPLIED, STATUTORY OR OTHERWISE HEREUNDER, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, NON-INFRINGEMENT, OR FITNESS FOR A PARTICULAR PURPOSE. THE IVY BANK MOBILE DEPOSIT AND ANY SOFTWARE PROVIDED BY OR ON BEHALF OF A THIRD PARTY UNDER THIS AGREEMENT ARE PROVIDED “AS IS." WITHOUT LIMITING THE FOREGOING, EACH TECHNOLOGY PARTNER DOES NOT REPRESENT OR WARRANT, AND EXPRESSLY DISCLAIMS ANY REPRESENTATION OR WARRANTY, THAT THE OPERATION OF THE IVY BANK MOBILE DEPOSIT OR THIRD PARTY SOFTWARE WILL BE UNINTERRUPTED OR ERROR-FREE, THAT THE FUNCTIONS OR FEATURES OF THE IVY BANK MOBILE DEPOSIT OR SOFTWARE WILL MEET YOUR REQUIREMENTS OF THAT THE IVY BANK MOBILE DEPOSIT OR SOFTWARE WILL OPERATE COMPATIBLY WITH PRODUCTS, SERVICES, HARDWARE OR SOFTWARE USED OR OFFERED BY ANY OTHER THIRD PARTY.

LIMITATION OF LIABILITY. YOU AGREE THAT IN NO EVENT WILL WE OR ANY TECHNOLOGY PARTNER  BE LIABLE FOR ANY LOSS OF PROFITS OR FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER LOSSES INCURRED BY YOU OR ANY THIRD PARTY ARISING FROM OR RELATED TO THE USE OF, INABILITY TO USE, OR THE TERMINATION OF THE USE OF, IVY BANK MOBILE DEPOSIT REGARDLESS OF THE FORM OF ACTION OR CLAIM (WHETHER CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE), EVEN IF WE HAVE BEEN INFORMED OF THE POSSIBILITY THEREOF, EXCEPT AS OTHERWISE REQUIRED BY APPLICABLE LAW. IN NO EVENT WILL OUR LIABILITY OR THE LIABILITY OF ANY TECHNOLOGY PARTNER EXCEED YOUR ACTUAL DAMAGES AND WE WILL NOT BE LIABLE FOR ANY LOSSES OR DAMAGES OTHER THAN THOSE CAUSED SOLELY AND DIRECTLY BY OUR GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, EXCEPT AS OTHERWISE REQUIRED BY APPLICABLE LAW.

Amendments and Termination. We may change any terms of this Agreement at any time; provided, however, that we will generally notify you in advance of any such change if it would materially adversely affect your rights or obligations under this Agreement unless such changes are made for security reasons. You will be deemed to accept any changes to this Agreement if you continue to maintain and use Ivy Bank Mobile Deposit after the date of any change to this Agreement. We may restrict or cancel, without prior notice, your ability to use Ivy Bank Mobile Deposit in our sole discretion. You may terminate this service anytime by sending a written request by electronic mail to: ivyinfo@ivybank.com or by first class mail to: Ivy Bank, Contact Center, P.O. Box 540047, Waltham, MA 02454. Termination by either you or us will not affect your obligations under this agreement, even if we allow a transaction to be complete after the termination of this Agreement.

Confidentiality. As used herein “Third Party Confidential Information” means trade secrets, know-how, data, methods, documents, devices, software code, technology, technical information, as well as business, financial or customer information of a Technology Partner. Confidential Information will not include any information that you can prove: (i) was publicly known in the trade or business prior to its receipt of the Third Party Software; or (ii) was entirely and independently developed by you without any use or reference to Third Party Confidential Information. You acknowledge that our Technology Partners own all rights, titles and interests, including all intellectual property rights in Third Party Confidential Information. You may use the Third Party Confidential Information only in connection with your utilization of the Third Party Software and Ivy Bank Mobile Deposit, and not for any other purpose. You agree to protect the Third Party Confidential Information from unauthorized use or access.

Severability. To the extent permitted by applicable law, you and us each hereby waive any provision of law that would render any provision of this Agreement invalid or otherwise unenforceable in any respect. In the event that a provision of this Agreement is held to be invalid or otherwise unenforceable, such provision will be interpreted to fulfill its intended purpose to the maximum extent permitted by applicable law, and the remaining provisions of this Agreement will continue in full force and effect.

Entire Agreement. This Agreement, including all agreements and other documents incorporated by reference, embodies the entire agreement between the parties. Any oral agreements, promises, negotiations, or representations not expressly set forth in this Agreement are of no force or effect.

No Waiver. No waiver of the performance or breach of, or default under, any condition or obligation in this Agreement will be deemed to be a waiver of any other performance, or breach or any other condition or obligation of this Agreement.

Governing Law. This Agreement is governed by and shall be construed in accordance with the laws of the Commonwealth of Massachusetts without regard to the conflict of laws principles thereof and applicable federal law.

Disputes. Any dispute relating in any way to your use of Ivy Bank Mobile Deposit or to this Agreement, shall be handled in accordance with the dispute resolution provisions in your Account Agreement.

Notices. Any communication, notice, statement or demand required to be served on any of the parties under this Agreement shall be in writing and sent either by electronic mail, first class mail or registered mail to the respective addresses of the parties as indicated in this Agreement or, in the case of any such communication, notice, statement or demand from us to you, to the most recent address for you that we maintain in our records as of such time or otherwise in accordance with any agreement between you and us to provide or receive such information electronically. You agree to tell us immediately if your email address or other contact information changes. If we deliver disclosures or any other notice to you using the information we have on file, you will be deemed to have received such disclosures and notices even if our message is returned to us as undeliverable.