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People Pay Disclosure

PEOPLE PAY SERVICE AGREEMENT AND DISCLOSURE

The John Marshall Bank People Pay (Transfer Service) is an optional person-to-person payment system which allows you to send and receive electronic payments in a fast and safe manner. This is a one-time payment feature and cannot be used for setting up recurring payments. To be eligible for this service, you must have an existing John Marshall Bank Checking, Savings* and/or Money Market* account and be currently enrolled in John Marshall Bank’s Personal online banking.

I understand that by selecting the Transfer Service through John Marshall Bank’s Internet Banking and accepting these terms and conditions, I authorize John Marshall Bank to post transactions generated by the Transfer Service through my John Marshall Bank account to another account at a U.S. financial institution or PayPal™ for payment to another individual. I understand and agree that John Marshall Bank uses a variety of banking channels and facilities to make payments, but will ordinarily use an Automated Clearing House (ACH) Network for transactions. All payments to another person made through the Transfer Service are subject to all terms and conditions within this Agreement and all other agreements connected with my accounts.

In addition, I understand that I may receive funds through the Transfer Service from a payment generated by another individual. I hereby acknowledge that the receipt of money from another person is subject to the terms and conditions of other account agreements between me and John Marshall Bank.

I understand and agree that when I initiate a payment from my John Marshall Bank Checking, Saving*, or Money Market* account using People Pay, the processing of the payment will begin and the debit from my account may occur immediately. Receipt of the funds by the recipient will be dependent on the acceptance of the payment by the recipient and whether information requested from the recipient has been provided. Payments sent via ACH may take 1-2 business days to be credited to the Recipient’s account depending on the receiving financial institutions processing schedule.

1. Initiating Payment.

I understand and agree that John Marshall Bank is relying upon the information I provide when originating a payment on my behalf. Any errors, including incorrect or inconsistent recipient names, email addresses, mobile phone numbers or account numbers are my responsibility. I understand and agree that John Marshall Bank has no responsibility to investigate discrepancies between names, email addresses, mobile phone numbers or account numbers. I further understand that financial institutions holding recipient accounts are not responsible for investigating discrepancies between names and numbers.

2. Payment Transfer Methods.

The Transfer Service may be utilized using one of the following payment methods:

  1. Send to Bank Account. This method allows you to send the payment directly to the recipient’s account via ACH. The payment will be debited from your account immediately and will generally be credited to the recipient’s account within one to three days after the payment is initiated in the Transfer Service. To utilize this method, you must know the recipient’s bank routing number(s) and account number(s).
  2. Send to Email Address or Mobile Phone Number. This method allows the recipient to decide how to receive the money. To initiate a transfer utilizing this method, you must provide either a valid email address or a valid mobile phone number for the recipient. After initiating the transfer, the recipient that you have designated will receive an email or text message with the instructions for how to claim the payment. A payment initiated using this method will not be debited from your account until the payment is claimed by the recipient. Once the payment has been claimed by the recipient, it will be debited from your account immediately and credited to the recipient’s account within one to three days. If the recipient has not claimed the transferred funds within ten (10) days of the transfer being initiated, then the transfer shall expire. Please note: you will not have access to any account information provided by the recipient to receive the funds.
  3. Send to PayPalTM Account. This method allows you to transfer funds to a recipient’s PayPalTM account. This type of payment cannot be modified or canceled after it is been initiated, and the payment will be debited from your account immediately. Whether or not you know the email address associated with the recipient’s PayPalTM account, the transferred funds will be deposited directly into the recipient’s PayPalTMaccount immediately. To receive the funds, the recipient must log into their PayPalTM account and the funds are available. If the recipient does not have a PayPalTM account you can still utilize this method to transfer funds to a PayPalTM account. After the transfer is initiated, the recipient will receive instructions from PayPalTM on how to open an account. Even if the recipient does not currently have a PayPalTM account, the transfer funds will still be debited from your account immediately. Please note: if the recipient does not wish to open a PayPalTM account, the recipient will have to allow the PayPalTM payment to expire and ask you to re-send the payment via a different payment method. The PayPalTM payment will not expire for 30 days, and the funds will not be credited back to your account until such expiration has occurred.

3. Payment Transfer Limits.

Transactions processed through the Transfer Service are subject to the following limits. These limits only apply to transfers attempted, made, or processed through the Transfer Service Type of Payment selected.

Type of Payment Per Transaction Limit Daily Limit
Deposit to Bank Account
(Sender knows Recipient’s Routing Transit and Account Number)
$1,000.00 $2,000.00
Send to email or mobile phone number
(Recipient choice – Check, A2A, Paypal )
$1,000.00 $2,000.00
Send to Paypal Account
(Sender knows the Recipient’s email address or mobile/cell phone and knows they have a PayPal account)
$1,000.00 $2,000.00

4. Cutoff Times.

Payments can be initiated 24 hours a day, seven days a week. The cutoff time for processing payments initiated in the Transfer Service is 5:30 PM EST. Payments sent on non-processing days, such as weekends or Federal Holidays, will be processed the next business day. Please note, that the actual debiting of your account and the crediting to the recipient’s account may differ, and may vary depending on the Payment Method utilized, as described in Section 2.

5. Cancellation of Payment Transfer.

A payment transfer that has been initiated through the Transfer Service by either the “Send to Email Address or Mobile Phone Number” or “Send to PayPalTM Account” method described in Section 2 may not be cancelled unless the recipient has not claimed the payment. A payment transfer initiated through the Transfer System using the “Send to Bank Account” method described in Section 2 may not be cancelled. To inquire about cancellation, please contact John Marshall Bank Customer Service Center at 703.289.5949 during normal business hours (9:00 am to 5:00 pm EST, Monday through Friday).

6. Expired Payment Transfers.

Transfers initiated through the Transfer Service that are sent to a recipient with an existing PayPalTM account will not expire, as they happen in real-time and will either succeed or fail immediately. If the recipient does not wish to open a PayPalTM account, you will have to allow the transfer to PayPalTM to expire (after 30 days) before the debited funds from the transfer are credited back to your account.

7. Rejection of Payment Transfers.

John Marshall Bank reserves the right to, at its sole discretion, not complete payment transfers initiated to a recipient. This may occur in situations such as where the information you provided for the recipient was inaccurate, and thus John Marshall Bank may place the payment on hold or may return the amount of the attempted transfer back to your account. Similarly, if you have insufficient funds in your account or the payment you attempted is otherwise prohibited by the terms of this Service Agreement, John Marshall may not complete the transfer. If such an attempted transfer is stopped, John Marshall will notify you via email alert.

8. Insufficient Funds.

It is important that you ensure that your account being used to initiate the payment transfer through the Transfer Service contains sufficient funds. Please note, as described in Section 2, some payment transfer transactions may not immediately be debited from your account and you must maintain sufficient funds in the account until the funds are claimed or transferred. You agree to reimburse John Marshall Bank immediately upon any demand for any transaction amount transferred or delivered for which your account does not contain sufficient funds. In addition, you agree to reimburse John Marshall Bank for any fees or costs which John Marshall Bank incurs in attempting to collect any amounts from you. We are authorized to report the return of a transaction to any credit reporting agency.

9. Third Party Fees.

You understand and acknowledge that the use of third-party services (such as PayPalTM may result in a payment or transaction fee being applied by the third-party vendor for any transferred funds. Such fees are governed by any agreements and disclosures provided by the applicable third-party vendor. John Marshall Bank is not liable or responsible for any such payment or transaction fee.

10. Proprietary Rights.

You acknowledge and agree that John Marshall Bank and parties to whom it has contracted own all rights in and to the Transfer Service. As such, you understand that you are only allowed to use the Transfer Service in the manner designated by this Agreement.

11. Suspension or termination; reinstatement.

Access to the Transfer Service may be suspended or terminated at any time at the sole discretion of John Marshall Bank. You understand and agree that such action is reasonable for us to take in order to protect John Marshall Bank from loss. In the event of any such suspension or termination, you may request reinstatement of your service by contacting us at 703.289.5949 during normal business hours (9:00 am to 5:00 pm Monday through Friday).

We reserve the right in our sole discretion to grant or deny reinstatement of your use of the Transfer Service. Please note that, because this Transfer Service is offered in conjunction with John Marshall Bank’s Personal Online Banking, any cancelation of your online banking account through John Marshall Bank will disconnect any ability for you to continue using the Transfer Service.

12. Application of this Agreement after reinstatement.

In the event your access to the Transfer Service is terminated or suspended for any reason and then reactivated or reinstated, you agree that this Agreement, or any revised or amended version of this Agreement in effect at the time of reactivation or reinstatement, will continue to apply to any payment transfers made utilizing the Transfer Service and your continued use of the Transfer Service.

13. Rules and Regulations.

In addition to this Agreement, the Transfer Service and your use of the Transfer Service is governed by all rules and regulations associated with your account (including the Electronic Funds Transfer Act), your Consumer Deposit Agreement (with any Addendums), and all other agreements connected with the account.

14. Liability.

You agree that notwithstanding any other provision of this Agreement John Marshall Bank shall not be liable for any costs, fees, losses or damages of any kind to you or any recipient of a payment transfer incurred as a result of (1) our access to the accounts; (2) our ability or inability to debit and/or credit the accounts in accordance with your funds transfer instructions; (3) any inaccuracy, incompleteness or misinformation contained in the information retrieved on the accounts; (4) any charges imposed, or actions taken, by any non-John Marshall Bank financial institution; (5) any funds transfer limitation set by any non-John Marshall Bank financial institution; and/or (6) liability arising from the receipt or non-receipt of third party notifications sent to the email address, or mobile phone number provided to John Marshall Bank, of any recipient of a payment transfer.

15. Governing Law.

This Agreement will be governed by the laws of the State of Virginia, without regard to conflict of law principles.

16. Severability.

If any one or more provisions of this Agreement is held by a court of competent jurisdiction to be illegal, invalid, unenforceable, or void, such provision shall be deemed modified to the extent necessary to allow enforcement and the remainder of this Agreement shall remain in full force and effect.