TERMS AND CONDITIONS LOAN PAYMENT CENTER RECURRING ON-LINE LOAN PAYMENTS
These Terms and Conditions constitute a stand alone agreement between you and First Midwest Bank (“Bank”) with respect to transfers you initiate on line to make loan payments owing to Bank. Nothing herein shall modify any said loan agreement in any manner, which loan agreement shall remain in full force and effect. More particularly, these Terms and Conditions authorize and shall apply only to, periodic loan payments you choose to make upon certain existing loans or other credit arrangements owing to the Bank (the “LPC Service”), as further described below. By using the LPC Service you agree to the following Terms and Conditions are applicable to such payments. All payments you authorize will appear on the statements for the applicable loan account. You will not be able to pay your loan payments to Bank until you have read this these Terms and Conditions and acknowledge doing so by clicking “Yes”, “I agree to the Terms and Conditions”.
As a user of the LPC Service, you represent, warrant to and agree to Bank that:
- Designated Account: Upon your acceptance of these Terms and Conditions, you will have submitted your banking account information (your "Designated Account") which may be at an institution other than Bank. A Designated Account may only be a checking or savings account, and no other type. The Designated Account must be an account established primarily for personal purposes and not a business account. When you provide information concerning your Designated Account (including the bank account number and routing number), you will have the choice as to whether you would like us to store and retain the Designated Account information for future payments. If you elect to have Bank store such information, you understand and agree Bank will retain such information in order to process any future payment transactions that you authorize under these Terms and Conditions. Whether or not you choose to have us store the information, you understand and agree that Bank will retain bank account information until completion of your payment transaction(s) and satisfaction of any applicable record retention requirements, even after you delete or change your Designated Account, you cease using the LPC Service, or we terminate the LPC Service or your use of the LPC Service.
- Certain Fees and Penalties. You are responsible for any legal, regulatory, or banking penalties and fees that may be assessed for supplying false information to us for use with the LPC Service.
- Current Terms. You will be agreeing to the then current provisions of these Terms and Conditions each time you make a payment using the LPC Service. These Terms and Conditions may have been altered or amended from the last time you used the LPC Service so be sure to read it each time before you make a payment to be certain you still agree with its provisions. Your use of the LPC Service after any changes to these Terms and Conditions will constitute your agreement to such change(s).
- Scope of LPC Service. The LPC Service may be used only for payment of consumer loan payments owing to Bank of the following kinds: personal unsecured, home mortgage, home equity, home equity line, mobile home, recreational vehicle, or a loan secured by certificate of deposit. No commercial loan payments are permitted.
- Authorization. By accepting these Terms and Conditions, you authorize Bank and its applicable vendors and agents to initiate a charge to your Designated Account according to your instructions. Each time you use the LPC Service to pay your loan, you will be reauthorizing us to charge your Designated Account. By providing Bank with the account information for your Designated Account, you authorize us to follow the payment instructions we receive from you through the LPC Service.
- Timing; Cut-Off Time. You will instruct the LPC Service to initiate each payment to us at least four (4) business days before the actual loan due date. (Business days are Monday through Friday, except for federal banking holidays). If you use the Service to send us your payment instructions after 5:30 P.M. (Central Standard Time) on a business day, then the LPC Service will treat your instruction as if it was received on the following business day.
- Loan Due Date: If your payment is received after the due date of the bill, regardless of any cause except for our failure to reasonably process your explicit payment instruction actually received by us, then you will remain responsible for any late charges and interest assessed, the same as if you mailed your payment to us and we received it after the due date. Under federal law, your payment on any line of credit (such as a home equity line) or home mortgage loan will be deemed to be received by us on the business day you authorize us to debit your Designated Account, even if we receive the funds after that date. For all other loan types, your payment will be considered received on the business day we actually receive the payment from your financial institution.
- Termination; Discontinuance. We reserve the right to terminate the LPC Service at any time, or to terminate your use of the LPC Service. If we terminate your use of the Service, you will need to pay your Bank loan bill in another manner.
- Further Representations and Warranties. By accepting these Terms and Conditions, you represent and warrant that:
i. You are 18 years old or older;
ii. You are using your actual identity and any information you provide is accurate and complete;
iii. You are legally authorized to make payments using your Designated Account;
v. Your use of the Service will not violate any local, state, national or international laws or regulations.
Limitation of Liability; Binding Agreement. Bank is not responsible for any failure to complete or delay in completing any payment due to any of the following:
- Your Designated Account does not contain sufficient funds to complete the payment or the charge is rejected or returned by your bank or financial institution.
- Your Designated Account is closed.
- Your equipment, software or any communications link is not working properly.
- The LPC Service is down and you know or we have told you about the problem before you try to authorize the payment.
- You have provided us with incorrect information about the Designated Account.
- Circumstances beyond our control (for example, fire, flood, or interference from an outside source) prevent or delay the transfer or payment from being completed.
LIMITATION OF LIABILITY. BANK DISCLAIMS ALL WARRANTIES OF ANY KIND REGARDING THE LPC SERVICE, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NONINFRINGEMENT.
EXCEPT AS REQUIRED BY LAW (INCLUDING WITHOUT LIMITATION THE FEDERAL ELECTRONIC FUND TRANSFER ACT), YOU AGREE THAT: IN NO EVENT SHALL BANK OR OUR CONTRACTORS BE LIABLE TO YOU WITH RESPECT TO YOUR USE OF THE LPC SERVICE FOR ANY AMOUNT IN EXCESS OF THE AMOUNT ACTUALLY PAID TO BANK USING THE LPC SERVICE; AND THAT NEITHER BANK NOR ANY OF OUR CONTRACTORS WILL BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES CAUSED DIRECTLY OR INDIRECTLY BY OR ARISING DIRECTLY OR INDIRECTLY OUT OF THE FOLLOWING EVEN IF BANK HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES: (A) THE USE OF THE LPC SERVICE; (B) THE FAILURE, INTERRUPTION OR AVAILABILITY OF SERVICES THROUGH THE LPC SERVICE; (C) THE TIMELINESS, ACCURACY, COMPLETENESS, MISDELIVERY OR THE FAILURE OF DELIVERY OF ANY SERVICES OR INFORMATION THROUGH THE LPC SERVICE; (D) THE UNAUTHORIZED ACCESS TO OR ALTERATION OF ANY INFORMATION OF OR RELATED TO YOUR LOAN ACCOUNT, THE DESIGNATED ACCOUNT OR THE USE OF THE LPC SERVICE; (E) ANY OTHER MATTER RELATED TO THE LPC SERVICE.
SOME STATES PROHIBIT LIMITATION OF IMPLIED WARRANTY RIGHTS AND REMEDIES. CHECK YOUR OWN STATE LAW FOR ADDITIONAL RIGHTS.
WE MAKE NO GUARANTY OR PROMISES THAT SERVICES PROVIDED THROUGH THE LPC SERVICE WILL BE UNINTERRUPTED, ON TIME, SECURE OR WITHOUT MISTAKE OR ERROR. FURTHER, WE DO NOT GUARANTY THE SECURITY, PRIVACY OR INTEGRITY OF INFORMATION TRANSMITTED THROUGH THE LPC SERVICE. These terms and conditions are the legal, binding agreement between you and Bank. Dispute Resolution. In the event of a dispute with respect to the LPC Service, the dispute resolution procedures contained in your loan billing statement shall apply.