Disclosures

USA Patriot Act

The USA PATRIOT Act (officially known as the “Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism” Act) was enacted by the federal government in 2001. One major purpose of this federal legislation was to strengthen measures throughout the United States banking system to detect, prevent and prosecute money laundering and the financing of terrorism.

In compliance with Section 326 of the USA PATRIOT Act (which prescribes minimum standards banks must use to verify the identification of customers applying to open accounts at financial institutions), Shelby State Bank requires proper identification before opening any new account (or loan).

If you have questions about Shelby State Bank’s compliance with the USA PATRIOT Act, please contact your local branch banking office for further information.

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Important Information About Insurance Products Offered in Connection with Extensions of Credit:

  1. We may not condition the extension of credit on your purchase of an insurance product or annuity from us or any of our affiliates.
  2. We may not condition the extension of credit on your agreement not to obtain an insurance product or annuity from an unaffiliated entity, nor may we prohibit you from obtaining the insurance product or annuity from an unaffiliated entity as a condition of the extension of credit.
  3. Credit insurance products are not a deposit or other obligation of, nor guaranteed by us or any of our affiliates.
  4. Credit insurance products are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other agency of the United States Government.

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Bank Privacy

Please view our bank privacy notice here.

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Reg E Disclosure

Please view our Regulation E Disclosure here.

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ATM Cards

You may access your account by automated teller machine (ATM) by using your ATM card and personal identification number (PIN).

Types of Transfers: You may use the automated teller machine card (ATM) card and personal identification number (PIN) issued to you to initiate transactions at ATMs of ours, at ATMs within the networks identified on your ATM card and such other facilities as we may designate from time to time. Unless you specify a different account during automated teller machine (ATM) transactions, your primary account will be used for your transactions. At present you may use your ATM card to (some of these services may not be available at all ATMs):

·         Deposit funds to your checking account.

·         Withdraw cash from your checking account.

·         Deposit funds to your savings account.

·         Withdraw cash from your savings account.

·         Transfer funds between your checking and savings accounts.

·         Obtain balance information on your deposit accounts.

·         Make loan payments from your deposit accounts.

·         You may change your PIN number at any Shelby State Bank ATM.

Limitations on Frequency and Amount:

·         You may withdraw up to a maximum of one thousand dollars ($1,000.00) per day – if there are sufficient funds in your account.

·         For security purposes, there are limits on the frequency and amount of transfers you may make using ATMs.

Fees and Charges for ATM Transactions:

·         We do not charge for ATM transactions at a Shelby State Bank ATM machine at this time.

·         However, when you use an ATM not owned by us, you may be charged a fee by the ATM operator.  This may include a fee for a balance inquiry even if you do not complete a fund transfer.

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Debit Cards

Types of Transactions: You may use the card and PIN issued to you to pay for purchases from merchants who have agreed to accept the card at point of sale (POS) terminals within the networks identified on your card and such other terminals as the bank may designate from time to time. Point of sale (POS) transactions will be deducted from your primary account, which must be a checking account. Point of sale (POS) transactions involving a refund will be credited to your primary account.

Limitations on Frequency and Amount:

·         You may purchase up to a maximum of two-thousand dollars ($2,000.00) worth of goods and services per day, exclusive of ATM withdrawals.

Fees and Charges:

·         We do not charge for any POS transactions.

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Preauthorized ACH Transactions

Direct Deposit of your pay check, Social Security benefits, or Retirement benefits provides convenience and security.  Your employer or benefit office will need your account number and the Bank’s routing and transit number (072411708) to arrange for this service. If you would like assistance in arranging for this service, contact your local branch office for assistance.

Electronic deductions from your account are also offered.  If you wish to authorize a third party to deduct funds from your account, the third party will also need your account number and the Bank’s routing and transit number (072411708).

Limitations on Frequency and Amount:

·         Regulation D limits transfers and/or preauthorized debit transactions with a third party to a maximum of six per month from a savings account or money market account.

Fees and Charges

·         We do not charge for direct deposits to any type of account. Except as indicated elsewhere, we do not charge for electronic fund transfers.

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PhoneBank

Types of Audio Response Services: You may access your deposit accounts by using a separate personal identification number (PIN) assigned to you and your account number in our audio response system. At the present time you may use the system to:

  • Transfer funds between your deposit accounts.
  • Obtain balance information on your deposit accounts.
  • Verify the last date and amount of your payroll deposit,
  • Determine if a particular check has cleared your account.

Limitations on Frequency and Amount:

  • There are no limits on the number or dollar amount of inquiries, transfers or withdrawals you may make per day.

Fees and Charges for Audio Response Transactions:

  • We do not charge for any audio response transactions.

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Funds Availability Policy

Please view our Funds Availability Policy here.

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