Skip Navigation Documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view, download Adobe® Acrobat Reader.
Foresight Bank
Close the Search

Consumer Deposit Account Disclosures

SUBSTITUTE CHECK POLICY DISCLOSURE
What is a substitute check?
     To make check processing faster, federal law permits banks to replace original checks with "substitute checks." These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states, "This is a legal copy of your check. You can use it the same way you would use the original check." You may use a substitute check as proof of payment just like the original check. 
     Some or all of the checks that you receive back from us may be substitute checks. This notice describes your rights when you receive a substitute check from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions. 
 
What are my rights regarding substitute checks?
    In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew month from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees). The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.
     If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within 10 business days after we received your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after we received your claim. We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.
 
How do I make a claim for a refund?
     If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at Foresight Bank, 138 West Broadway, Plainview, MN 55964 or call us at 507-534-3131. You must contact us within 40 calendar days of he date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We may extend this time period if you were not able to make a timely claim because of extraordinary circumstances. Your claim must include the following items: 
           1. A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect);
          2. An estimate of the amount of your loss; 
          3. A copy of the substitute check or the check number, the name of the person to whom you wrote the check, and the amount of the check. 
 
FUNDS AVAILABILITY DISCLOSURE
     This policy applies to "transaction" accounts. Transaction accounts, in general, are accounts that permit an unlimited number of payments to third persons and an unlimited number of telephone and preauthorized transfers to other accounts of yours with us. Checking accounts are the most common transaction accounts. Feel free to ask us whether any of your other accounts might also be under this policy.
     Our policy is to make funds from your account available to you on the first business day after the day we receive your deposit. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written. 
     Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. 
     For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit ona  business day that we are open, we will consider that day to be the day of your deposit. 
     If you make a deposit at an ATM before 2:00 P.M. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit at an ATM after 2:00 P.M. or on a day that we are not open, we will consider that the deposit was made on the next business day we are open. 
     If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it. 
     If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately, but delay your availability to deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods described elsewhere in this disclosure for the type of check that you deposited.
 
Longer Delays May Apply
     In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit. Depending on the type of check you deposit, funds may not be available until the second business day after the day of your deposit. However, the first $200 of your deposits will be available on the first business day after we receive your deposit. 
     If we are not going to make all of the funds from your deposit available on the first business day after the day after we receive your deposit, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit. 
     If you need the funds from a deposit right away, you should ask us when the funds will be available. 
     In addition, funds you deposit by check may be delayed for a longer period of time under the following circumstances: (1) We believe a check you deposit will not be paid. (2) You deposit checks totaling more than $5,000 on any one day. (3) You redeposit a check that has been returned unpaid (4) You have overdrawn your account repeatedly in the last six months. (5) There is an emergency, such as failure of communications or computer equipment. 
     We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit. 
 
Deposits at Automated Teller Machines
     Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the fifth business day of your deposit. This rule does not apply at ATMs that we own or operate. We own and operate an ATM located at 138 West Broadway, Plainview, MN. 
 
Mobile Deposit Service Deposits
     Funds from any deposits made with an internet-enabled phone or device through the Mobile Deposit Service are generally available after they are processed and once we receive the funds. If you transmit a qualifying check through the Mobile Deposit Service and we (or our contractors) receive it before 5:00 PM on a business day, we will credit your corresponding account on that same business day. Otherwise, we will credit your corresponding account on the next business day. 
 
Electronic Fund Transfers Disclosure
     This disclosure describes various types of electronic fund transfers we are capable of handling, some of which may not apply to your account with Foresight Bank (“Bank”). Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future
reference.
 
Preauthorized Credits
     You may make arrangements for certain direct deposits to be accepted into your checking or savings account(s).
 
Preauthorized Payments
     You may make arrangements to pay certain recurring bills from your checking or savings account(s). See the limitations on frequency of transfers from "Savings" or "Money Market" Accounts.
 
ATM Terminal Transfers
     You may use your Foresight Bank ATM card and personal identification number at an ATM to:
          1. Withdraw cash from your checking or savings account(s). You may withdraw up to $500 per day.
         2. Make deposits to and transfer money between your checking and savings account(s).
         3. Check the balance in your checking or savings accounts.
     Some of these services may not be available at all terminals. Please note that if you have a Ready Reserve line of credit, this amount will not be included in your available balance disclosed at the ATM. If you access your line of credit when making a purchase or ATM withdrawal, you will be subject to the terms and conditions (including fees and interest) noted in your Ready Reserve agreement.
 
.Point of Sale Terminal Transfers
     The bank offers a Foresight Bank MasterCard Debit Card (“Debit Card”) that may be linked to your checking account. You may pay for purchases at places that have agreed to accept the Debit Card. Your purchases may total up to $1,000 per day (unless you have requested and received approval for a different limit). Please note that there are no stop payment procedures available for this type of transfer and disputes not involving unauthorized transactions must be resolved directly with the merchant.
 
Electronic Check Conversions
     You may authorize a merchant to use your check for a source of information for the bank routing number, your account number, and your check number to initiate a one-time, electronic fund transfer (“EFT”) payment. This type of transaction is covered by the Electronic Funds Transfer Act and the provisions in this disclosure.
 
ACH Transfers
     If you authorize an EFT transaction through the internet or by telephone by providing a third party with your account number and bank routing number, they will initiate the electronic transfer through the Automated Clearing House (“ACH”) Network. We will process these transactions under the Electronic Funds Transfer Act
regulations.
 
Telephone Transfers
     You may use our "Answer Line" service by calling 507-534-9281 to transfer funds between checking and savings accounts. See the limitations on the frequency of transfers from savings and money market accounts.
 
Internet and Mobile Banking (“iBanking”)
     You may request this service to be able to access your accounts from your personal computer and mobile device via the Internet to:
          1. Make balance and transaction inquiries, transfer funds between your accounts, make loan payments, and deposit checks                       from your mobile device.
         2. Use the electronic "Bill Pay" feature that enables you to pay businesses and individuals via direct electronic payments or                           electronic requests for checks to be issued and mailed.
         3. Request to receive your bank account statements electronically.
 
iBanking Limitations
     Information on limitations on the amount and frequency of deposits from your mobile device is provided when you enroll in that service. Bill Pay payments can only be made from checking accounts, and must be more than $0.99 and less than $50,000.00. Transfers within the internet banking system can be made between checking and savings accounts and to pay loan accounts at the bank. Transfers from savings and money market accounts are limited by federal regulations as described below.
 
Limitation on Frequency of Transfers
     Transfers from your savings and money market accounts to another account or to third parties by check, debit card, or other similar order, or preauthorized, automatic transfers initiated by telephone, facsimile, or computer are limited to six per month. There are no limitations on transfers made in person at the bank, by mail, or by using an ATM. There are no limitations on transfers from checking accounts.
 
No Fees for Preauthorized Transactions
     We do not charge for direct deposits to your account(s). We do not charge for preauthorized payments from your account(s).
 
ATM and Debit Card Transaction Fees
     We will charge all non-Classic Club ATM cardholders $1.00 per ATM withdrawal at a terminal that is not a PULSE machine. Other ATM owners may charge you a fee for using their machine. We do not charge for Debit Card transactions, with the exception of Debit Card transactions that occur occur outside of the United States, which are subject to a fee equal to 1% of the transaction amount.
 
Internet Banking Transaction Fees
     There is no fee for iBanking Bill Pay payments for Foresight Checking, Interest Checking, Classic Club Checking, and Premium Checking. There is no charge for iBanking inquiries or transfers between your accounts at Foresight Bank.
 
Contact in Event of Unauthorized Transfer
If you believe your card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call us at 800-443-8605 or write to us at Foresight Bank, 138 West Broadway, Plainview, MN 55964.
 
Right to Stop Preauthorized Payments and Corresponding Procedure
     If you have told us in advance to make regular payments out of your account, you can stop any of these payments. To stop one or more of these payments, call us at 800-443-8605 or write to us at 138 West Broadway, Plainview, MN 55964 in time for us to receive your request 3 business days or more before that payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call. We will charge you $15.00 for each stop-payment order that you give to us.
     Notice of Varying Amounts: If these regular payments may vary in amount, the party you are going to pay will tell you the amount of the payment and the payment date at least 10 days before each payment. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
     Liability for Failure to Stop Payment of Preauthorized Transfer: If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.
 
Financial Institution’s Liability
     If we do not complete a transfer to or from your account on time or in the correct amount according to our 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 the automated teller machine where you are making the transfer does not have enough cash;
         4. If the terminal or system was not working properly and you knew about the breakdown when you started the transfer;
         5. If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions we have                         taken; or
         6. If there are other applicable exceptions stated in our agreement with you.
 
Unauthorized Transfers (Consumer Accounts Only)
     Notify Foresight Bank immediately if (1) you believe your ATM or debit card, the corresponding account number, the corresponding PIN, or any combination thereof (“Card-Access Information”) has been lost or stolen; (2) you believe someone has used your card or PIN, or otherwise accessed your accounts without your permission; or (3) you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). Unless otherwise noted, the limitations on your liability apply only if the account is a consumer account (and not a business account). You will not be liable for unauthorized transactions on your MasterCard debit card if you (a) exercised reasonable care in safeguarding the Card-Access Information from loss and theft, and (b) reported the loss/theft of the Card-Access Information within two business days of discovering it. This limit on your potential liability also applies to “small business” accounts as defined by MasterCard. You can lose no more than $50 due to unauthorized transactions on your ATM card if you report the loss/theft of the Card-Access Information within two business days of discovering it. If you do not tell us within two business days after you learn of the loss/ theft, and we can prove we could have stopped
someone from using your Card-Access Information without your permission if you had told us, you could lose as much as $500.
     If your account statement shows an unauthorized electronic fund transfer, tell us immediately. If you do not tell us within sixty days after the statement was delivered to you, you may be liable for unauthorized transaction(s) that occur after the sixty-day period ends. If your delay in notifying us was due to extenuating
circumstances, we may extend the two-business day/sixty-day period to a reasonable period.
     To notify Foresight Bank of a loss/theft of Card-Access Information or an unauthorized transaction, call us at 507-534-3131 or 800-443-8605, or write to us at Foresight Bank, 138 West Broadway, Plainview, MN 55964, pursuant to the Error Resolution Notice procedures listed below.
 
Error Resolution Notice (Consumer Accounts Only)
     Call us at the telephone number or write to us at the address shown on the bottom of this page as soon as you can if you think your statement or receipt is wrong or if you need more information about an electronic transfer listed on the statement or receipt.
     We must hear from you no later than 60 days after we sent the first statement on which the problem or error appeared. When you contact us, communicate the following information:
          1. Tell us your name and account number;
         2. Describe the error or the transfer you are unsure of, and explain as clearly as you can why you believe there is an error or why                 you need more information; and
         3. Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.
     We will tell you the results of our investigation within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transaction in question is a debit card transfer or a foreign-initiated transfer) to investigate your complaint or question. If we decide to take more than 10 business days to investigate, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes for us to complete our investigation. If we ask you to put your complaint or question in writing and we do
not receive it within 10 business days, we may not credit your account.
     We will tell you the results within 3 business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents we used in our investigation.
 
Business Days
For purposes of this disclosure, our business days are Monday through Friday, excluding federal holidays.
 
Confidentiality
     We will disclose information to third parties about your account or the transfers you make:
          1. Where it is necessary for completing transfers; or
         2. In order to verify the existence and condition or your account for a third party, such as a credit bureau or merchant; or
         3. In order to comply with government agency or court orders; or
         4. If you give us written permission.
 
Right to Bring Civil Action
     You may bring a civil action against any person violating any provision of Minnesota Statutes 47.69 (governing consumer privacy and unauthorized withdrawals). If you prevail in such an action, you may recover the greater of actual damages or $500. You may also be entitled to recover punitive damages, your court costs and reasonable attorney's fees.
 
Documentation 
     Preauthorized Credits: If you have arranged to have direct deposits made to your account at least once every 60 days from the same person, company or organization, you can call us at 507- 534-3131 to find out whether or not the deposit has been made.
     ATM Terminal Transfers: You can get a receipt at the time you make any transfer to or from your account using an automated teller machine.
     Point of Sale Terminals: You can get a receipt at the time you make a purchase using your debit card.
     Periodic Statements: You will get a monthly account statement from us (unless there are no electronic transfers in a particular statement cycle). In any case, you will get a statement at least quarterly. A description of EFT transactions will appear or your statement.
 
Termination
     You may terminate the electronic transfer agreement by written notice to us. We may terminate the electronic fund transfer agreement by written notice to you.
 
FAIR CREDIT REPORTING NOTICE
     We may report information about your account to the credit bureaus. Late payments, missed payments, or other defaults on your account may be reflected in your credit report.