Agility Certificate of Deposit Account Agreement and Disclosures
The following Important Terms, Account Disclosures, Account Fee Schedule, Consumer Deposit
Account Agreement and Privacy Notice information applies to the CIBC Agility Certificate of
Deposit Account (collectively, “Account” or “Accounts”) at CIBC Bank USA (“Bank”). Please
review these documents carefully and retain them in a safe place for future reference.
1. CIBC Agility Certificate of Deposit Account Important Terms
Account Ownership:
The CIBC Agility Certificate of Deposit Account may be opened as an Individual or Joint Tenancy
with Right of Survivorship account. The Account can be established as a Payable on Death
(POD) account with one to six POD beneficiaries after it is opened. Designation of or changes to
the POD beneficiaries must be in writing on a form approved by the bank and signed by all
Account owners. POD changes may not be conducted in our Banking Centers. The type of
account you select may affect how property passes on your death.
In order to be eligible for an account, all applicants must have a current U.S. home address
(excluding US territories, with the exception of Puerto Rico), a U.S. Social
Security Number, a
valid U.S. driver’s license or state identification card number, and be 18 years of age or older.
Accounts must be owned in the name of one natural person or two natural people as a joint
te
nancy with right of survivorship. Only two signers are allowed on this Account. Any change
in signers will require a new application as maintenance to signers cannot be performed in a
Banking Center or by phone.
Accounts cannot be owned by a trust, or established as a fiduciary or custodial account.
Aut
horized signers cannot be designated for these Accounts except due to death or incompetency
of an
Account holder or as otherwise required by law.
Deposits:
The opening deposit to the Account must be at least
$1,000.00 and
may not exceed $5,000,000.00. The opening
deposit to the Account
must be made by either:
(i) An internal transfer from an existing deposit account at CIBC Bank USA for which an Account
holder is the primary or joint account holder;
(ii) An ACH debit to an account at another bank; or
(iii) Mailing a Cashier’s Check or personal check to the CIBC Bank USA, C/O CIBC Agility
Certificate of Deposit Account Department, 6825 West 111
th
St., Worth, Illinois 6048. The
Cashier’s Check or personal check should be made payable directly to the Account
Owner
2012MO424A
CD
or CIBC Bank USA. Third party checks, starter checks, foreign checks and temporary
checks will not
be accepted.
If a deposit is made by check, we reserve the right to subject the funds to a 10 Business Day hold.
The hold will not affect the date from which the maturity date will be measured. See the Deposits
section below for information regarding holds applicable to funding via ACH debit.
Required Account Balance:
If we do not receive your Certificate of Deposit account opening deposit within 30 days after your
Account has been opened, we will close your Account.
Withdrawals:
Withdrawals from the Account can be made by: (i) Sending us a message through the “Contact Us”
option in CIBC NetBanking; or (ii) Submitting a written request to CIBC Bank USA c/o CIBC Agility
Certificate of Deposit Account Department, 6825 West 111th St. Worth, Illinois 60482.
Withdrawals will be made by check, payable to all holders of the Account, and mailed to the
Acco
unt holders’ address of record.
We may take up to 72 hours to process a withdrawal request.
Please note that the annual percentage yield disclosed to you for your Account assumes interest
will remain on deposit until maturity. Any withdrawal will reduce earnings. If interest is
credited to another account or paid to you by check, this may reduce earnings and may negate
the effect of interest compounding.
EARLY WITHDRAWAL PROVISIONS
We may impose a 30 day simple interest penalty if you withdraw any or all of the principal balance
of your certificate of deposit before maturity.
In certain circumstances, such as the death or incompetence of an owner of the account, the law
may p
ermit the waiver of the early withdrawal penalty. We require appropriate documentation
before waiving the penalty in these circumstances. When we have confirmed the death of the last
surviving Account owner, we will close the Account and proceed to pay the balance in the Account,
including interest accrued until that date, to the estate of the last surviving Account owner or any
Payable-on-Death (POD) beneficiary or beneficiaries, as applicable, and we will not charge an early
withdrawal penalty.
Account Statements:
Account statements will be available to you within CIBC NetBanking on an annual basis by the
second Business Day after December 31. If you do not choose to receive electronic statements,
statements will be mailed to you on the second Business Day after December 31.
2. CIBC Agility Certificate of Deposit Account Deposit Account Disclosures
2012MO424ACD
MINIMUM BALANCE REQUIREMEN
TS AND FIXED
RATE INFORMATION
The interest ra
te on your account and annual percentage yield will be paid until maturity based on
the following terms at account opening:
9 Month Term
:
You must deposit
a mi
nimum of $1,000.00
and a maximum of $24,999.99 to earn
an interest rate of
4.994% with an annual percentage yield of
5.11%.
You will be paid
this rate until maturity.
You
must depo
sit
a minimum of $25,000.00
and a maximum of $5,000,000.00 to earn an interest
rate of
4.994%
with
an annual percentage yield of
5.11%.
You will be paid this rate until maturity.
12
Month Te
rm:
You must deposit
a minimum of
$1,000.00
and a maximum of $24,999.99 to earn
an interest rate of
4.946% with an annual percentage yield of
5.06%.
You will be paid this rate until maturity.
You must deposit
a minimum of
$25,000.00
and a maximum of $5,000,000.00 to earn an interest
rate of
4.946%
with
an annual percentage yield of
5.06%.
You will be paid this rate until maturity.
13
Month Te
rm:
You must deposit
a minimum of
$1,000.00
and a maximum of $24,999.99 to earn
an interest rate of
4.899% with an annual percentage yield of
5.01%.
You will be paid this rate until maturity.
You must deposit
a minimum of
$25,000.00
and a maximum of $5,000,000.00 to earn an interest
rate of 4.899% with
an
annual percentage yield of
5.01%.
You will be paid this rate until maturity.
18
Month Te
rm:
You must deposit
a mini
mum of $1,000.00
and a maximum of $24,999.99 to earn
an interest rate of
4.381% with an annual percentage yield of
4.47%.
You will be paid
this rate until maturity.
You must deposit
a mini
mum of $25,000.00
and a maximum of $5,000,000.00 to earn an interest
rate of
4.381%
with
an annual percentage yield of
4.47%.
You will be paid this rate until maturity.
24
Month Te
rm:
You must deposit
a mini
mum of $1,000.00
and a maximum of $24,999.99 to earn
an interest rate of
4.362% with an annual percentage yield of
4.45%.
You will be paid
this rate until maturity.
You must deposit
a mini
mum of $25,000.00
and a
maximum of $5,000,000.00 to earn an interest
rate of
4.362%
with
an annual percentage yield of
4.45%.
You will be paid this rate until maturity.
30 MONTH
TERM:
Y
ou must deposit
a minimum of $1,000.00
and a maximum of $24,999.99 to earn
an interest rate of
4.169% with an annual percentage yield of
4.25%.
You will be paid
this rate until maturity.
You must deposit
a mini
mum of $25,000.00
and a maximum of $5,000,000.00 to earn an interest
rate of
4.169% with
an
annual percentage yield of
4.25%.
You will be paid this rate until maturity.
COMPOUNDING AND CREDITING
Interest w
ill
compound and credit monthly.
2012MO424A
CD
If you close your account before interest is credited, you will not receive the accrued interest.
The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal
will reduce earnings. If interest is credited to another account or paid to you by check, this may
reduce earnings and may negate the effect of interest compounding.
BALANCE COMPUTATION METHOD
We use the daily balance method to calculate interest on your account. This method applies a daily
per
iodic rate to the principal in the account each day.
ACCRUAL ON NONCASH DEPOSITS
Interest begins to accrue no later than the Business Day that the account is funded. Your account is
considered funded when we receive credit for the funds of your opening deposit.
FEES AND CHARGES
P
lease refer to the separate fee schedule provided below.
T
RANSACTION LIMITATIONS
You may not make deposits into your account until the maturity date. You may not be able to make
a w
ithdrawal of principal from the account before maturity without incurring a penalty. Once
interest is credited to the account, you will be able to withdraw the credited interest without
penalty, provided the withdrawal of such interest is made prior to the maturity of the term in which
the interest was credited.
MATURITY DATE
The maturity date of your Agility CD will be determined by the date of funding. The 9 month CD will
mat
ure 9 months from the date the account is funded. The 12 month CD will mature 12 months
from the date the account is funded. The 13 month CD will mature 13 months from the date the
account is funded. The 18 month CD will mature 18 months from the date the account is funded.
The 24 month CD will mature 24 months from the date the account is funded. The 30 month CD will
mature 30 months from the date the account is funded.
RENEWAL POLICIES
Your Account will automatically renew at maturity. You will have a grace period of 10 calendar days
af
ter the maturity date to withdraw the funds in the account without being charged an early
withdrawal penalty. The certificate will not renew if you withdraw the funds in the account at
maturity (or within the 10-day grace period mentioned above) or if we receive written notice from
you within the mentioned grace period. We can choose not to renew the certificate if we mail
notice to you at least 10 calendar days before maturity. If either you or we cause the certificate to
not renew, interest will not accrue after the final maturity.
Renewal terms are based on the term of your account. Your Certificate of Deposit will renew into
the same term as your original CD. Interest compounds and credits on a monthly basis. The
interest rate during a renewal term will be the same we offer on new time deposits on the
respective maturity date that have the same term, minimum balance requirement, and other
features as the renewing CD.
USE AS COLLATERAL
This account cannot be used as collateral to secure a loan from CIBC Bank USA nor from any
other financial institution.
2012MO424ACD
3. CIBC Agility Certificate of Deposit Account Deposit Account Fee
Schedule
Account Fees
Collections
IRS Levy, Citation, Subpoena, or Garnishment $175.00
International Services
Foreign Currency Orders Varies
Additional Services and Fees
Coin Counting - Available at Select Locations – Customer Only Free
Messenger Service/Armored Car Service Varies
Vehicle Stickers – Available at IL Branches Only - Customer Only $7.50
4. Consumer Deposit Account Agreement for the CIBC Agility Certificate
of Deposit Account
Revised April 2024
A. INTRODUCTION
This Consumer Deposit Account Agreement sets forth the terms and conditions of your Agility
Certificate of Deposit Account (“Account”) at CIBC Bank USA (“Bank”). This Consumer Deposit
Account Agreement, together with the fee schedule, Account Disclosures, privacy notice, and
any other account-opening disclosures or documents, collectively form the “Agreement” that
governs your Account and your deposit relationship with the Bank. This Agreement supersedes
any previous versions of the Consumer Deposit Account Agreement applicable to your Account.
By agreeing to the terms and conditions of the Account presented to you through CIBC Bank USA
online account application, making a deposit to or using an Account at the Bank, or keeping an
Account open, you agree that your Account with us is governed by this Agreement.
The words “Bank”, “we,” “our,” and “us” as used in this Agreement, mean CIBC Bank USA and
the w
ords “you” and “your” mean the Owner of the Account and anyone else who has the
authority to deposit, withdraw, or exercise control over the funds in the Account. Other
capitalized terms used in this Agreement are either defined in context where they appear or in
Section J (Definitions). Section headings are for convenience only and do not affect the meaning
of the sections. Where it makes sense, words that are singular, such as Account, also apply
where there is more than one (for example, Accounts) and plural terms also include the singular.
ARBITRATION DISCLOSURE: This Agreement contains an Arbitration Agreement (Section I)
und
er which you and the Bank agree that any dispute under this Agreement or related to
2012MO424ACD
your Account or our relationship with you will be resolved in binding arbitration, and that
you will not have the right to a jury trial or to resolve the dispute in court. You have a right
to opt-out of the Arbitration Agreement within 60 days of opening your Account; see
Section I.7 for more information.
A.1 Amendments. We may make changes to this Agreement at any time and we will provide you
wi
th notice of changes if required by Applicable Law. If you keep your Account open after the
effective date of any changes to this Agreement, you will be deemed to have agreed to the new
terms.
A.2 Conflicts. If this Agreement conflicts with any statements made by our employees, the terms
of
this Agreement will control. If this Agreement conflicts with any of product-specific terms set
forth in your Account Disclosures, the Account Disclosures will govern. In the event of a conflict
between the terms of this Agreement and Applicable Law, this Agreement will be considered
changed only to the extent necessary to comply with the Applicable Law. If any term of this
Agreement is unenforceable, it will remain enforceable to the extent permitted and all other
terms of this Agreement will remain in effect.
A.3 Fees and Charges. You agree to pay all fees and charges applicable to your Account and
your deposit relationship with us, along with any taxes related to your Account. We may deduct
any fees and charges directly from the Account balance, or, at our option, the balance in any
other Account (other than a fiduciary Account) you have with us, immediately when incurred
without prior notice to you even if this causes the Account to be overdrawn. The fees and
charges applicable to your Account include those listed in the fee schedule and the disclosures
for your Account along with fees for other services you request and any other charges to the
Account. You understand that the fees and pricing information for your Account is subject to
change at any time. If there is more than one Owner, you are jointly and severally liable with
the other Owners for any and all fees and costs incurred and for any shortage in your Account
due to the payment or set off of any fees, whether caused by you or someone else. Any future
deposits into your Account, including direct deposits of government benefits, may be used to pay
outstanding fees or Overdrafts. You are also liable for all of our costs in collecting fees and other
amounts owed to the Bank in connection with the Account, including our reasonable attorneys’
fees, except as prohibited by Applicable Law.
A.4 Communicating with You. We may deliver communications to you electronically as
perm
itted by Applicable Law if you have agreed to electronic notices. By providing us your email
address, you consent to being contacted by email. To improve customer service and security,
you agree that w e may record and monitor your telephone communications with us or our
representatives. If you provide us with your mobile phone number, you agree that the Bank and
other companies working on our behalf may contact you at that number regarding your Account,
including using an automatic telephone dialer and leaving pre-recorded voice messages. You
agree that calls regarding your Account, including informational, servicing and collection calls
and text messages, are not unsolicited and you acknowledge that calls to mobile phones could
result in usage charges to you.
If we email notices to you and they are not delivered and returned to us, we will attempt to
co
ntact you by telephone. If we are unsuccessful in contacting you, we may place a hold on your
entire Account balance until you provide us with notification of your correct email address. If we
2012MO424A
CD
do not have a valid email address for an Account or do not receive any other communication
from you for a period of twenty four months, we may consider your Account dormant or close
the Account, if permitted by Applicable Law.
B. ACCOUNT OWNERSHIP AND OPENING
The Bank offers a variety of checking, money market, savings, and certificate of deposit (“CD”)
Accounts. We also offer retirement savings, retirement CDs and health savings accounts
(“HSAs”). The product-specific terms of your Account are included in the disclosures and
agreements that we give you when you open your Account or otherwise provide to you
(collectively, “Account Disclosures”).
B.1. Procedures for Opening a New Acc
ount. You agree that we may decline to open an
Account for you for any reason as required or permitted by Applicable Law. Further, you agree
that we may decline to accept any funding source for your Account.
B.2. I
dentifying our Customers at Account O pening. To help the government fight the funding
of terrorism and money-laundering activities, federal law requires all financial institutions to
obtain, verify, and record information that identifies each person who opens an Account. To
open an Account, you must provide us with current identification and an accurate Taxpayer
Identification Number (“TIN”) (typically a Social Security Number). We will ask for your name,
address, date of birth and other information that will allow us to identify you. We may also ask
to see your driver’s license or other identifying documents.
B.3. Consumer Purpose. Accounts under this Agreement must be established primarily for
per
sonal, family or household purposes and may not be used for business purposes. We may close
your Account or transfer the funds to a commercial account if it is used for business purposes.
B.4. Account Ownership. We offer the ownership types described below, including individual
and jo
int. After you open your Account, you may also designate a payable-on-death (POD)
beneficiary for your Account or appoint an agent under a power of attorney. Not all ownership
types are available for all Accounts.
B.5. Individual Accounts. An individual Account is owned by one person. If the Owner of an
indi
vidual Account dies, the balance in the Account belongs to Owner’s estate or to any POD
beneficiary, as applicable. We require appropriate documentation before we release any funds
to an estate or to any POD beneficiary. A minor generally cannot open an individual Account and
must open a joint Account with a person who is 18 years of age or older.
B.6. Joint Accounts. An Account with more than one Owner is a joint Account. The Bank may
act upon the written direction of any one Owner and may pay funds to any Owner. Each Owner
may make deposits and withdrawals and engage in any other transactions involving the Account
without the consent of the other Owners, and such actions shall be binding on all Owners. Each
Owner agrees to release the Bank from all liability in connection with any of the foregoing
2012MO424ACD
actions by any Owner, including any payments the Bank makes to any Owner.
Joint Accounts will be treated as a joint tenancy with right of survivorship unless we agree
othe
rwise in writing or Applicable Law requires other treatment. If an Owner dies, their interest
in the Account passes to the remaining Owner. However, for joint Accounts without right of
survivorship, including Wisconsin Marital Accounts, upon the death of an Owner, the deceased
Owner’s proportionate share of the Account (i.e., 50% if there are 2 Owners) will be transferred
to their estate and the surviving Owner will continue to own the remainder. The Account
balance will be paid in equal shares upon an Owner’s death unless the Bank agrees otherwise in
writing.
B.7. Payable on Death (POD) Accounts. The Owner(s) of eligible Accounts may designate up to
six (
6) payable-on-death (POD) beneficiaries in writing on the signature card or other form
approved by the Bank and signed by all Owners. POD beneficiaries must be natural persons (i.e.,
individuals) with a U.S. Social Security Number. During the lifetime of the Owner(s), they can
make deposits and withdrawals, close the Account or change the POD beneficiaries, and the
beneficiaries have no rights over the Account or to the proceeds of the Account.
POD Accounts with joint Owners will be treated as a joint tenancy with right of survivorship
unless t
he Bank agrees otherwise in writing or Applicable Law requires other treatment. If an
Owner dies, their interest in the Account passes to the remaining Owner. Upon the death of all
the Owners, the balance in the Account is payable to the surviving POD beneficiaries or their
legal representatives, as provided by statute. If no POD beneficiary is living at the time of the
death of the last surviving Owner, the proceeds of the Account pass to the estate of the last
surviving Owner.
For joint POD Accounts without right of survivorship, including Wisconsin Marital Accounts, upon
the de
ath of an Owner, the deceased Owner’s proportionate share of the Account (i.e., 50% if
there are 2 Owners) will be transferred to the POD beneficiaries and the surviving Owner will
continue to own the remainder. If two or more POD beneficiaries are named and survive the
death of the Owner, they will own the Account in equal shares unless the Bank agrees otherwise,
without right of survivorship.
NEW JERSEY R
ESIDENTS: This Account is subject to the provisions of the Multiple Party Deposit
Account
Act,
N.J.S.A.
17:16I-1
et
seq.
To request the form to designate POD beneficiaries on your existing Account, you may call our
C
lient Support Center at 844-704-7882; or write to us at CIBC Bank USA 6825 West 111th Street,
Worth, Illinois 60482.
B.8. Power Of Attorney. We may permit a duly appointed agent under a power of attorney
(PO
A) to conduct transactions on your behalf on your Account in accordance with applicable
state law. We reserve the right to refuse to honor any POA, and you agree that we are
authorized but not required to honor a POA as permitted by law. A POA document must be
acceptable to us. We may continue to honor the transactions of the agent until we receive, and
have a reasonable opportunity to act on, written notice of the termination of the agent’s
authority or the death of the Owner. You agree to indemnify and hold us harmless for any Losses
2012MO424ACD
you may incur as a result of our following instructions given by your agent acting under a POA.
There may be other situations in which you can appoint an agent to transact on your behalf with
re
spect to an Account by providing the Bank with documentation in conformance with Applicable
Law, including a court-appointed guardian or other legal representative. In such instances, you
agree to indemnify and hold us harmless for any Losses you may incur as a result of our following
instructions given by your agent.
B.9. Death or Incompetence. You must notify us immediately if any Owner or other person
per
mitted to transact on your Account dies or becomes legally incompetent. We may continue
to honor Checks, Items, and instructions on the Account from such persons until we have been
informed in writing of the death or incompetent status, received documentation to verify the
death or incompetence, and had a reasonable opportunity to act on that i nformation. We may
place a Hold on the funds in the Account or prohibit further transactions until we receive
acceptable documentation to verify the death or incompetence and determine who may transact
on the Account. We require appropriate documentation before releasing any funds from an
Account to an estate, beneficiary, representative, POD beneficiary or otherwise.
B.10. Disputed Ownership or Authority. If there are competing claims for the funds or other
disputes involving the Account, including, without limitation, conflicting information or
instructions regarding Account ownership, control, signing authority or activity, the Bank may:
(a) place a Hold on the Account until we are satisfied that the dispute has been resolved; (b) pay
the funds to an appropriate court for resolution of the dispute; (c) continue to rely on the Bank’s
signature card and existing ownership information in our records; or (d) honor the competing
claim following the Bank’s receipt of evidence that we deem satisfactory in our sole discretion.
We are not liable for any actions taken pursuant to this section or for any costs or expenses you
may incur as a result of any delay or dishonor, including any Items dishonored due to a Hold. We
may charge your Account for all fees and expenses we incur in connection with disputes involving
your Account, including reasonable attorneys’ fees, court costs and our internal expenses.
B.11
. FDIC Pass-Through Deposit Insurance. If you have opened an Account on behalf of the
beneficial owner(s) of the funds in the Account (for example as an agent, nominee, guardian,
executor, custodian or in some other capacity for the benefit of others), the Account may be
eligible for “pass-through” deposit insurance from the FDIC. This means the Account could
qualify for more than the standard maximum deposit insurance amount. For such Accounts, in
order for us to comply with §370.5(a) of the FDIC’s Rules and Regulations, if the Account has
transactional features (such as check writing capability and/or the use of debit cards), you must
agree to provide a record of the interests of the beneficial owner(s) in accordance with the
FDIC’s requirements as specified below. Following these procedures may minimize the delay
that these beneficial owner(s) may face when accessing their FDIC-insured funds in the event the
Bank fails. Section 370 of the FDIC’s Rules and Regulations can be accessed on the FDIC’s
website at
https://www.fdic.gov/regulations/laws/rules/2000-9200.html
.
The FDIC has published a guide that describes the process to follow and the information you will
nee
d to provide in the event the Bank fails. The guide sets forth the FDIC’s expectations for
demonstrating eligibility for pass-through deposit insurance coverage for deposit accounts,
including those with transactional features. An addendum to the guide also describes the
2012MO424ACD
records you should keep on the beneficial owner(s) of the funds and the format in which to
provide the records to the FDIC in the event the Bank fails. The relevant portion of the guide
can be accessed on the FDIC’s website at https://www.fdic.gov/deposit/deposit
s/brokers/part-
370-appendix.html. You agree to c
ooperate fully with the Bank and the FDIC in connection with
determining the insured status of funds in such Accounts at any time. In the event the Bank fails
and the FDIC is appointed as its receiver, you agree to provide the FDIC with the information
described above in the required format within twenty-four (24) hours of the Bank’s failure for all
Accounts with transactional features and any other Accounts to which you need rapid access. As
soon as the FDIC is appointed, a hold or freeze may be placed on your Account so that the FDIC
can conduct the deposit insurance determination. That hold or freeze will not be released until
the FDIC obtains the information required to enable the FDIC to calculate the deposit insurance.
You understand and agree that your failure to provide the required information to the FDIC may
result in a delay in receipt of insured funds by the beneficial owner(s) and legal claims against
you from the beneficial owner(s). This Agreement survives after the FDIC is appointed as our
receiver, and as a result, the FDIC shall be entitled to enforce the terms of this section.
More information and tools to determine federal deposit insurance coverage can be obtained
f
rom the FDIC on its website at www.fdic.gov or by calling 1-877-ASK-FDIC or 1-800-925-4618 (for
the
hearing impaired). Our bankers can also provide you with information about the federal
deposit insurance coverage on your Accounts.
C.DEPOSITS AND WITHDRAWALS
C.
1. D
eposits. You may make deposits in person, by mail, or through other means we make
available to you. Additional restrictions on deposits to your Account are stated in the Deposit
Account Disclosures included in this document. The Bank is not liable for deposits sent by mail or
made at our night depositories until the deposit is actually received, processed and recorded by
the Bank. You agree not to send cash in the mail. All deposits received after the applicable cut-
off time on a Business Day, or on a non-Business Day, will be considered received on the next
Business Day. Our daily cut-off times are stated in Section H.19.
The Bank may refuse to accept or may return any Check or other Item for deposit, or choos
e to
accept an Item for collection rather than for deposit. All Items the Bank accepts for deposit or
collection are credited to your Account subject to the Bank’s receipt of final payment. If we
accept an Item for collection, we will not credit your Account until we receive payment for the
Item from the issuing bank, although we may give you provisional credit in the interim. You
agree to pay any fees for collecting your deposit. We are not liable for Items that are delayed,
lost or stolen during the collection process or for any Losses caused by the conduct of another
bank or person in connection with the Item. You agree to cooperate with us to locate or replace
any Item that we lose or that is lost or misrouted during the collection process. The Bank may
charge your Account for the amount of an Item that is lost or misrouted during the collection
process (and reverse any accrued interest in connection with the Item).
If a deposit is made by Check, we reserve the right to hold the funds for up to ten (10) business
days,
as well as to take any other action provided for in this Agreement, including but not
2012MO424ACD
limited to as provided in the Account Restrictions section of this Agreement, or as otherwise
required or permitted by Applicable Law.
For New Deposit Accounts, credits received from Automated Clearing House (ACH) debit
tr
ansactions will be available on the eleventh Business Day after the date of deposit. For
example, if you conduct an ACH debit transfer, the funds that are transferred from another
financial institution to your Account at CIBC Bank USA will not be available until the eleventh
Business Day after the date of deposit. When your Account is no longer considered a New Deposit
Account, provided the Account is in Good Standing, the 10 Business Day hold of funds credited
due to ACH debits will no longer apply and credits received from ACH debit transactions will be
available on the third Business Day after the date of deposit.
C.2. Returned Deposited Items. If any deposit made to your Account is later required to be
re
turned to the depositor, including the federal government, you authorize us to deduct the
returned amount and any applicable fee from the Account or any other Account you have with
us, at any time without prior notice, except as prohibited by law. We may also use any other
legal remedy to recover these amounts. We may reverse provisional or final credit for Items that
are returned unpaid and may charge a fee for a returned deposited Item as provided in the fee
schedule and/or your Account Disclosures. If a deposited Item is returned unpaid, we may
convert it to an electronic payment and redeposit it as an ACH entry. This conversion and any
related fees will not be considered electronic fund transfers.
C.3. Deposit Reconciliation. The amount credited to your Account for a deposit is based on the
amo
unt you provided to the Bank when the deposit was made. The Bank may verify the accuracy
of the deposit amount, but is not required to do so in every case. If the Bank identifies a deposit
discrepancy, where the amount you provided for the deposit is different from the actual amount
received by the Bank, we will credit or debit your Account for the discrepancy, as applicable,
unless it is less than our minimum adjustment threshold. Any adjustments made due to a deposit
discrepancy will be reflected on your Account statement. You acknowledge and agree that the
Bank may not verify the accuracy of the deposit amount in every case. You should contact the
Bank right away if you identify a deposit discrepancy that impacts your Account, as further
described in Section H.11 (Error Reporting, Limits on Claims).
C.4. Foreign Items. If the Bank accepts for deposit or collection an Item drawn on a foreign
bank o
r payable in foreign currency (a “Foreign Item”), the U.S. dollar amount credited to your
Account for the deposit is determined based on the Bank’s applicable exchange rate in effect at
the time we are paid for the deposit. Foreign Items are not subject to our Funds Availability
Disclosure and may be subject to Holds.
C.5. Withdrawals. Generally, any Owner or individual designated by the Owner to transact on
behal
f of the Owner (each, an “Authorized Signer”) on an Account may withdraw or transfer all
or any part of the Available Balance in the Account at any time. Only one signature is required
for withdrawals from any Account even if the signature card for the Account or other documents
state that more than one signature is required. Withdrawals may be limited in some instances
based on your Account type and the type of transaction involved, including limits on the number
2012MO424ACD
or dollar amount of withdrawals. Withdrawals from a CD prior to maturity may be restricted and
subject to an early withdrawal penalty. See Section H.1 (Account Restrictions) of this Agreement
and your Account Disclosures for more information about withdrawal limits and restrictions.
We may refuse any withdrawal or transfer request that is not on forms required by the Bank, is
by a me
thod we do not permit, exceeds any frequency limitations or is for an amount greater or
less than any withdrawal limitations that may apply to your Account. We may close your Account
for transactions that do not follow these requirements, even if we permit some of these
transactions. We use the date the transaction is completed by us, not the date you initiate it, to
determine the frequency of transactions. We may pay any Item drawn against your Account that
would be a substitute check if it did not contain an error or defect.
C.6. Large Cash Transactions. We may require advance notice of large cash withdrawals or
deposi
ts, and may require that you provide adequate physical security when you accept or
deposit the cash or exercise other options to lessen risks. You agree that we may limit the
amount of cash that may be withdrawn or deposited in person on a Business Day.
C.7. Overdrafts and Returned Items. We have no obligation to pay any Item presented for
paym
ent if the Available Balance in your Account is not sufficient to cover it. We may in our sole
discretion either choose to pay the Item, resulting in an Overdraft, or return the Item for
insufficient funds (“NSF”). We are only required to make this determination once each Business
Day on which we process Items for payment from your Account. Items that are returned NSF may
later be presented for payment again, and if your Available Balance is not sufficient to pay the
re-presented Item at that time, it may be returned NSF a second time.
Even if we have paid Overdrafts on your Account in the past, we are not obligated to do so in the
futur
e. Our payment of an Overdraft is not an application for credit or approval of an extension
of credit. If your Account becomes overdrawn, you must immediately return your Account t o a
positive Available Balance by making a deposit or transfer. Each Owner agrees jointly and
severally to reimburse the Bank immediately for the amount of any Overdraft, whether it was
caused by you or another Owner or Authorized Signer on the Account. You authorize us to apply
any deposit to your Account to pay the amount of any Overdraft, including direct deposits of
federal or state benefits payments, and you understand that if you do not want your benefits
applied in this way you must change your direct deposit instructions with the benefits payor.
We encourage you to keep your Account in Good Standing and to keep careful records to help
yo
u avoid initiating ATM or point of sale transactions, writing checks or authorizing other debits
to your Account without a sufficient Available Balance. If your Account is not maintained in
Good Standing, we may close your Account. We may also report you to consumer reporting
agencies and make efforts to collect any the amount you owe, which may be reflected in your
credit report and could impact your ability to open other deposit accounts with us or other
banks.
C.8. Available Balance. Your “Available Balance” is the amount of money you have in your
Acco
unt that is available for you to use, which is updated throughout the Business Day. We
2012MO424A
CD
calculate your Available Balance by taking your Account balance at the beginning of any Business
Day and subtracting: (a) any deposits that are not available for withdrawal, (b) any pending
transactions and Holds on your Account, and (c) any withdrawals or other debits posted to your
Account. In the event of a discrepancy between your calculation of the Available Balance and
the calculation made by us, the Bank’s calculation shall control. Your Available Balance does not
include every transaction you have initiated, such as outstanding Checks you wrote that have not
been presented to the Bank for payment and future-dated bill payments or transfers.
C.9. Pending Transactions and Holds. If you review your Account during the day, you may see
some t
ransactions shown as “pending.” Pending debit transactions will reduce your Available
Balance when the Bank becomes aware of them, but t hey have not yet been posted to your
Account. When a transaction is shown as pending, this is not a guarantee that it will be paid.
The Bank may still return a pending transaction unpaid if your Available Balance is not sufficient
to pay it during processing at the end of any Business Day. When a pending transaction is
completed, it will be posted to your Account with all other Items we received that Business Day
in the posting order described herein.
Like pending transactions, Holds reduce your Available Balance. Holds may be placed on your
Account
for a variety of reasons, such as when there is a dispute regarding ownership or legal
process involving your Account or as otherwise set forth under the terms of this Agreement.
Holds are often placed when you make a purchase with your debit Card and the Bank is asked to
authorize the transaction to ensure that your Account has sufficient funds to pay for your
purchase. When the Bank authorizes the purchase, it will place a Hold on your Account for the
purchase amount provided by the merchant, which generally remains in place for three (3)
Business Days. Because the Hold reduces your Available Balance, you may not have sufficient
Available Funds to pay other transactions presented for payment received while the Hold is in
effect.
C.10. Posting Order. We may receive Items throughout the Business Day, but we generally post
them to
your Account during end-of-day processing. We use automated systems that organize
Items into categories based on the transaction type for processing, which means that
transactions will not always be posted chronologically in the order in which they occurred. The
posting order is important because it may result in certain Items not being paid if the Available
Balance in your Account is not sufficient. We may determine whether your Available Balance is
sufficient to pay an Item at any time between the time we receive the Item and when we return
the Item or send a notice in lieu of return. We are required to make this determination only
once but may also review it again.
We generally post Items to your Account in the order listed below during end-of-day pr
ocessing.
Please note the posting order includes some of the most common transaction types, but is not an
exhaustive list and there may be other Items posted to your Account such as fees even though
they are not specifically listed below:
First, we w
ill post debit card transactions, ATM withdrawals, and Zelle
®
transfers;
Second, we wil
l post wire transfers and cash withdrawals made at one of our branches;
Third, we w
ill post Checks drawn on your Account that are cashed at one of our branches;
Fourth, we will post ACH debit transactions; and
Fifth, we will post Checks not included above.
2012MO424ACD
Within each of these categories, Items that are time-stamped will be posted chronologically and
checks with check numbers will be paid in Check number order, from the lowest number to the
highest number. We reserve the right to change our posting order at any time.
D. CHECK AND ITEM PROCESSING
D.
1. Au
tomated Processing. We may process Checks and other Items mechanically by relying
on the Magnetic Ink Character Recognition (“MICR”) information encoded along the bottom of
the Items. You agree that we have not failed to exercise ordinary care solely because we use an
automated system to process Items and do not inspect all Items to determine if they are properly
completed, signed and indorsed. You agree that only one signature is required for us to process
an Item even if the signature card for the Account or other Account records or documents on file
with the Bank state that more than one signature is required, and that we have no duty to
inspect any Check for the number or combination of signatures or to determine whether the
signature is authorized. If the dollar amount written in words does not match the numerical
amount on a Check, we may use either one when paying it. You further agree that Bank may
disregard any information on an Item other than the MICR data, signature of drawer and identity
of payee. You must use Checks and other Account documents obtained through or approved by
us. The Bank is not responsible for Losses that result from improper or inaccurate printing on
documents we do not approve. We may refuse to pay Checks if they are in a form that w e
cannot mechanically process using our ordinary equipment.
D.2. E
ndorsements. All Checks for deposit should be properly endorsed. We may accept any
Check or other Item for deposit payable to any Owner, even if it is not endorsed by you or if an
endorsement is made electronically or by any Signature Device, as described further below. You
authorize the Bank to supply missing endorsements and accept these Items for deposit and you
agree to hold the Bank harmless for any Losses incurred as a result of supplying or guaranteeing
your missing endorsement or for accepting illegible or improper endorsements on Items
deposited into your Account. At our option, we may refuse Items that are endorsed by third
parties or require that they be verified or guaranteed. You warrant that all endorsements are
genuine.
D.3. Ch
eck Cashing. We may charge a fee to anyone that does not have an Account with us
who presents a Check written on your Account to be cashed at one of our branches as provided in
the fee schedule for your Account. We may refuse to cash the Check or may require reasonable
identification, including fingerprints. You agree that our refusal to cash a Check will not be
considered a wrongful dishonor if the person presenting the Check refuses to pay the fee or
cannot be identified to our satisfaction.
D.4. Stop Payments. This section addresses stop payment requests for Checks drawn on your
Ac
count. We may accept a request t o stop payment on a Check from any Owner or Authorized
Signer and we will charge you a fee as indicated in the fee schedule for your Account. You must
provide us with the Account number, Check number, date, dollar amount and name of the payee
of the Check in order for us to process your stop payment request. If this information is not
exact, your stop payment request will not be effective and we will not be responsible for failing
to stop the payment. If you give us your stop payment request in writing, it is effective for six
months. If you do not make your stop payment request in writing, you must provide us with
2012MO424A
CD
written confirmation of the information in the stop payment request notification that we send
you within 14 calendar days or we may not continue to honor it. Your stop payment request will
end after six months if you do not renew it in writing. We may not notify you when your stop
payment request expires.
We cannot stop payment on certain types of Checks, including any official, certified, cashier’s or
tel
ler’s Checks issued by the Bank, Checks that we have already cashed, or deposited Checks
where the funds have already been withdrawn. In addition, if the bank of first deposit has not
properly encoded any information on a Check for which you requested to stop payment, we may
be unable to timely identify the Check and it may be paid, and you agree that we will not be
liable any Losses resulting from our inability to stop payment on such a Check. Our acceptance
of a stop payment order will not constitute a representation that the Check has not already been
paid or that the Bank has had a reasonable opportunity to act on your order. A stop payment
request will not be effective unless it complies with this section and we have a reasonable
opportunity to act on the request and verify that the Check has not been paid. When you place a
stop payment order, you agree to indemnify the Bank for any Losses we incur due to our refusal
to pay the Check. You assign to us all rights against the payee or any other holder of the Check.
You agree to cooperate with us in any Legal Action or legal proceeding that we may take against
these parties. Applicable Law may permit other limitations on our obligation to stop payments.
Rules for stopping electronic fund transfers such as ACH payments are addressed in section E.3
(Sto
p Payments for Preauthorized Transfers).
D.5. Restrictive Legends and Stale Items. We do not honor any restrictive legends on your
Chec
ks. Examples of restrictive legends are “must be presented within 90 days” or “not valid for
more than $1,000.00.” We may pay any Item when it is presented to us even if it is not dated or
is dated after we receive it and we received notice that it is postdated. We may pay a Check
presented for payment more than six months after its date but are not required to do so. If you
do not w ant us to pay a stale-dated Check, you must place a stop payment order on the Check as
described in Section D.4 (Stop Payments) of this Account Agreement.
D.6. Signature Devices. We may in our sole discretion honor or refuse to honor Checks drawn
using a Signature Device. If you use a Signature Device, you: (a) are responsible for maintaining
its security and you bear the risk of unauthorized use of the Signature Device whether or not you
are negligent, (b) authorize us to accept and pay any Check drawn using a Signature Device as
though you had signed your own name to such Check, even if the Signature Device was used
without your authority, and (c) agree to hold us harmless from any Losses we incur as a result of
the unauthorized use or misuse by any person of a Signature Device in connection with your
Account.
D.7. Lost, Destroyed or Stolen Cashier’s Checks. If you are the purchaser or payee of a lost,
destr
oyed or stolen cashier’s Check that has not been paid, you may ask the Bank to replace the
Check (or refund the money used to purchase the Check if you request a stop payment) 90 days
after it was issued. You must complete our form and provide specific information about the
Check. You must also provide us with sufficient identification. The Bank has no further liability
for the Check after it is replaced or your money is refunded. The Bank, at its option, may
replace the Check before the end of the 90 day waiting period. If the Bank replaces the Check
prior to the end of the 90 days or stops payment of the Check, we may require that you provide
2012MO424A
CD
sufficient indemnification, such as a surety bond or pledged account.
E. ELECTR
ONIC FUNDS TRANSFERS
This section contains important information regarding electronic funds transfers (“EFTs”), such
as ATM and de
bit card (collectively, “Card”) transactions and automatic deposits and other pre-
authorized fund transfers to and from your Accounts. Some EFT services may not be available
for certain types of Accounts, and you may be required to sign a separate agreement or receive
additional disclosures when you enroll in EFT services. Fees may apply to EFT services; see the
fee schedule for your Account and any separate agreement for the applicable EFT service for
more information. This section does not apply to wire transfers or other transactions that are not
governed by the Electronic Funds Transfer Act and its implementing regulation.
E.1. T
ypes of EFT Services. An EFT is any transaction that is accomplished electronically to
debit or credit a consumer account, including transfers resulting from Card transactions. Below
are some examples of EFT services offered by the Bank:
(a) Card services. Card transactions and purchases and ATM transfers are EFTs. Available C
ard
services are described in the Consumer ATM and Debit Card Agreement.
(b) Third Party Transfers. You may send or receive EFT transfers between your Account and an
account of a third party, including direct deposits to your Account such as payroll and benefits
payments, preauthorized payments from your Account to pay bills, and electronic check
conversions where you authorize a merchant or other payee to make a one-time electronic
payment using information from your Check to pay for a purchase or bill.
(c) CIBC NetBanking. Through CIBC NetBanking, our online banking service, you may initiate
EFTs including transfers between your designated Accounts and payments from your Account to a
third party. You may also initiate EFTs on your phone using our Mobile Banking App. The terms
and conditions for CIBC NetBanking are contained in the CIBC NetBanking Services Agreement you
receive when you enroll.
(d) CIBC Bank USA Automated Telephone Banking. You may use Automated Telephone Banking
to transfer funds between Accounts you maintain with us by calling 877-825-5554 and using your
Personal Identification Number (PIN). We will not be responsible for any Losses that you or
others incur if we act on any request, order, or instruction received through Automated
Telephone Banking that we believe to be genuine. We may refuse to make any telephone
request.
E.2. Documentation.
(a) Preauthorized credits. If you have arranged to have direct deposits made to your Account at
lea
st once every 60 days from the same person or company, you can call us at 877-825-5554 or
use CIBC NetBanking to find out whether or not the deposit has been made. These deposits will
also be shown on your periodic statement.
(b) Periodic statements. You will receive a monthly Account statement from us for your
checking and money market Accounts. You will receive a monthly Account statement from us for
your savings Account if it is linked to a checking Account, or for those periods when EFTs occur.
E.3. Stop Payments for Preauthorized Transfers. If you have told us in advance to make
recurring electronic payments out of your Account, you can stop any of these payments. To do
2012MO424AC
D
so, call us at 844-704-7882 or write to us at CIBC Bank USA, ATTN: Client Support Center, 6825
West 111th Street, Worth, Illinois 60482 in time for us to receive your request three (3) Business
Days or more before the payment is scheduled to be made. If you call, we may also require you
to put your request in writing within 14 days after you call. A Stop Payment fee will be charged;
please refer to the fee schedule for your Account for details. If you order us to stop one of these
payments three (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.
If recurring payments from your Account may vary in amount, the person you are going to pay
wi
ll tell you 10 days before each payment, when it will be made and how much it will be. (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.)
E.4. Unauthorized Transactions. (a) Tell us AT ONCE if you believe your Card, Personal
Identification Number (PIN), or code has been lost or stolen, or if you believe that an EFT has
been made without your permission, including the use of information from your Check. You can
call us at 844-704-7882 or write to us at CIBC Bank USA, ATTN: Client Support Center, 6825 West
111th Street, Worth, Illinois 60482. Calling us is the best way of keeping your possible losses
down. You could lose all of the money in your Account (plus your maximum overdraft line of
credit, if applicable). If you tell us within two (2) Business Days after you learn of the loss or
theft, you can lose no more than $50.00 if someone used your Card, PIN, or code without your
permission. If you do NOT tell us within two (2) Business Days after you learn of the loss or
theft, and we can prove we could have stopped the unauthorized transaction if you had told us,
you could lose as much as $500.00.
Also, if your statement shows transfers that you did not make, including those made b
y Card,
PIN, or other means, tell us at once. If you do not tell us within 60 days after we send the
statement to you, you may not get back any money you lost after the 60 days if we can prove
that we could have stopped the unauthorized transaction if you had told us in time. We may
extend this 60-day time period if extraordinary circumstances such as a long trip or a hospital
stay prevented you from timely notifying us.
E.5. Error Resolution Notice. In case of errors or questions about your EFTs, if you think your
st
atement or receipt is wrong or you need more information about a transfer listed on the
statement or receipt, call us at 844-704-7882 or write to us at CIBC Bank USA, ATTN: Client
Support Center, 6825 West 111th Street, Worth, Illinois 60482 as soon as you can. We must hear
from you no later than 60 days after we sent the FIRST statement on which the problem or error
appeared. Please provide us with the following:
Your name and Account number,
Describe the error or the transfer you are unsure about, and explain as clearly as you can
why
you believe it is an error or why you need more information, and
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 determine whether an error occurred within 10 Business Days after we
hear from you and will correct any error promptly. If we need more time, however, we may take
2012MO424ACD
up to 45 days (90 days if the transfer involved a new Account, a POS transaction, or a foreign-
initiated transfer) to investigate your complaint or question. If we need additional time to
investigate this matter, we will provide you with a provisional credit to your Account within 10
Business Days (20 Business Days if the transfer involved a new Account) for the amount you think
is in error, so that you will have the use of the money during the time it takes 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 three (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 that we used in our investigation.
E.6. Our Liability for Failure to Complete Transfers. If we do not c omplete a transfer to or
fr
om 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:
If, through no fault of ours, you do not have enough money in your Account to make the
tr
ansfer;
If you have an overdraft line of credit and the transfer would go over the credit limit;
If the ATM where you are making the transfer does not have enough cash;
If the ATM or ATM network was not working properly and you knew about the breakdown
whe
n you started the transfer;
If circumstances beyond our control (such as fire or flood) prevent the transfer, despite
re
asonable precautions that we have taken;
If a merchant or financial institution refuses to honor your Card;
If a transfer is not completed due to systems or communications failure;
If access to the Account is restricted due to its involvement in legal proceedings or by
ot
her claims or actions;
If there is an allegation of fraudulent activity concerning your Account; or
If other Bank agreements, terms or disclosures so provide. For example, there may be
ot
her exceptions set forth in the Consumer ATM and Debit Card Agreement and the CIBC
NetBanking Services Agreement.
E.7. Confidentiality. We will disclose information to third parties about your Account or the
tr
ansfers you make:
Where it is necessary for completing transfers or resolving errors or claims;
To verify the existence and condition of your Account for a third party, such as a credit
bure
au or merchant;
To comply with Applicable Law, network rules, government agency or court orders, or the
te
rms and conditions of third party service providers;
If you give us written permission; or
2012MO424ACD
As permitted by this Agreement or our separate privacy notice.
F. Wire Transfers
F.1. Governing Rules. This section applies with respect to wire transfers from your Account.
The Bank may execute wire transfers using the funds transfer system of the Federal Reserve Bank
or any other funds transfer system. By requesting a wire transfer, you agree to be bound by the
rules and regulations governing the use of the applicable funds transfer system and all Applicable
Laws. As used herein, “payment order” shall have the meaning provided in Article 4A of the
Uniform Commercial Code (“UCC”) and any wire transfer request you submit will be deemed
your payment order. The person or business who receives the wire transfer payment is the
“beneficiary.” A “Remittance Transfer” is a wire transfer initiated by a consumer primarily for
personal, family or household purposes to a beneficiary in a foreign country. You will receive
additional disclosures at the time you initiate a Remittance Transfer explaining your rights under
the Electronic Funds Transfer Act.
F.2. Submitting Payment Orders. You agree to submit payment orders in accordance with the
Bank’
s procedures, as they are modified from time to time. The Bank may in its sole discretion,
but is not obligated to, require evidence of the authority of the person submitting the payment
order to act on your behalf before accepting it for processing. The Bank’s receipt and processing
of payment orders is subject to cut-off times, which are subject to change from time to time.
When we receive a payment order after our cut-off time or on a non-Business Day, we will treat
it as having been received on the next Business Day. Notwithstanding the foregoing, we reserve
the right to delay executing a payment order based on concerns regarding its accuracy or
authenticity or for any other reason in our sole discretion. A payment order is considered
accepted by the Bank when we execute it.
You are solely responsible for the content of each payment order and the accuracy and
completeness of the information contained therein, and we have no obligation to detect any
errors in your payment orders. The Bank and any receiving bank or intermediary will rely on the
information contained in your payment order and process your instructions based on the account
number and bank identifying number indicated therein, even if the number identifies a different
person than the named beneficiary or bank, and your obligation to pay the amount of the
payment order is not excused in those circumstances. No instructions or other restrictions
accompanying your payment order shall be effective unless expressly accepted and agreed to in
writing by the Bank.
F.3. Security Procedures. Y
ou agree to submit payment orders to us in accordance with the
Security Procedures offered by the Bank and recommended as commercially reasonable for the
amount, type and frequency of your transfer activity. “Security Procedures” are devices, systems
and procedures such as telephone call-backs that may be used to verify the authenticity of
payment orders. You acknowledge that the Security Procedures are used to verify the
authenticity of, and not to detect errors in, any payment order. Your submission of a payment
order constitutes your acceptance of the Security Procedures as commercially reasonable and as
a means of authenticating a payment order communicated to the Bank by you or on your behalf.
Any payment order received in accordance with the Security Procedures shall be enforceable
2012
MO424ACD
against you, whether or not actually authorized by you, if the Bank accepts such payment order
in good faith. Regardless of whether the Bank verifies any payment order in compliance with the
Security Procedures, you agree to be bound by any payment order that you initiated and to pay
the amount of any wire transfer that you benefited from. If you choose to communicate a
payment order to the Bank in a manner that varies from the Security Procedures, you will be
deemed to have refused the Security Procedures recommended by the Bank as commercially
reasonable and you agree to be bound by any such payment order accepted by the Bank in good
faith, whether or not authorized. However, you agree that we are not obligated to accept any
payment order that is communicated to us other than in compliance with our approved methods
and Security Procedures and we will not be responsible for refusing to act upon any such
payment order.
We may, in our discretion, use additional procedures to verify the authenticity of any payment
or
der or instruction, which shall not be considered part of the Security Procedures. You agree to
implement any Security Procedures or other reasonable authentication measures established by
us from time to time.
F.4. Authorization; Agreement to Pay. You authorize us to debit or credit your Account for
any w
ire transfers to or from your Account that we receive through a payment network or based
upon your payment order without prior notice to you. You are responsible for all payment orders
that are authorized by you, submitted by an Authorized Signer or received by Bank using the
Security Procedures assigned to you, and you agree to pay the amount of any wire transfers
executed based on such payment orders together with any applicable fees and charges. If we do
not receive final settlement for any wire transfer previously credited to your Account or if we
receive satisfactory documentation that a wire transfer was made in error or for an incorrect
amount, you agree that we may reverse the credit t o your Account or you will otherwise
reimburse us if your Account has insufficient funds at that time. In the event that your wire
transfer does not become final, your underlying obligation to the beneficiary will not be
discharged and if a wire transfer to you from a third party does not become final, then that third
party’s underlying obligation to you will not be discharged.
F.5. Notice of Errors. We will notify you in your periodic Account statement or other Account
in
formation made available to you of any credit t o or debit from your Account r esulting from our
receipt of any wire transfers, and we will not be required to provide any other notice to you. You
agree to notify the Bank in writing of any unauthorized or erroneous wire transfers from your
Account within 14 days from the date the Bank provides notice of execution of the wire transfer,
whether such notice is given by periodic Account statement, wire confirmation or any other
means. If you do not notify the Bank within 14 days, you will be responsible for any Losses the
Bank incurs as a result of your failure to provide timely notice and you will be prevented from
making a claim against the Bank for lost interest on the unauthorized or erroneous wire transfer.
If the Bank fails to exercise ordinary care and this causes the delay, failure or improper
execution of a payment order, our liability will be limited to an amount equal to interest losses
attributable to such delay, failure or improper execution using the average federal funds rate for
that time period. Please note this paragraph does not apply to Remittance Transfers, which will
be subject to disclosures provided at the time of initiation.
F.6. Amending or Cancelling Payment Orders. You have no right to cancel or amend any
paym
ent order after it has been received by us. If we receive a request to cancel or amend any
2012MO424A
CD
payment order before we have processed it, we will use reasonable efforts to act on your
request, but we will have no liability if such cancellation or amendment is not effected and you
will remain obligated to pay the original amount of such payment order. When you ask us to
cancel or amend a payment order, you agree to indemnify us for all Losses we incur related to
acting upon your request. Notwithstanding the foregoing, you have thirty (30) minutes to request
the Bank to amend or cancel any Remittance Transfer as further described in the disclosures
provided at the time of initiation.
F.7. Rejection of Payment O
rders. We have the right to reject, and refuse to accept, any
payment order for any reason, including your failure to maintain a sufficient Available Balance in
an Account. We will have no liability to you based on such rejection or refusal. If we reject any
payment order, or if a wire transfer is returned to us, we will attempt to notify you but we will
have no liability to you based on any failure or delay in providing such notice. We have no
obligation to re-send a wire transfer that is returned to us if we complied with the original
payment order.
F.8. Transfers in Foreign Currency. Any r
equest for the wire transfer of funds in a currency
other than U.S. Dollars shall require you to first validly purchase such foreign currency from us
or we will purchase such amount from our affiliate or correspondent bank. Unless otherwise
agreed, the value of any such wire transfer shall be reported to you in the U.S. Dollar equivalent
of the amount of foreign currency transferred. Any loss of exchange arising from a subsequent
cancellation of such wire transfer request or because of a rejection of delivery for any reason
shall be charged to the Account. You agree that if we utilize the services of other banks for the
purpose of giving effect to any request or order for the wire transfer of funds in foreign
currency, then we do so for your account and at your risk and you will pay any fees imposed by
such other banks or intermediaries, which may be deducted from the amount of the wire transfer
or otherwise charged to your Account. For Remittance Transfers, we will provide required fee
and payment disclosures at the time of initiation.
G. Terms Applicable to Interest-Bearing Accounts
Current r
ate information is available to you by contacting the CIBC BANK USA Digital Service Team
at 844-704-7882 during regular business hours. Interest will be
credited directly to your
Account unless otherwise provided in this Agreement, including your Account Disclosures, or if the
Bank agreed to a different interest crediting method for your Account. Interest
adjustments may
not be made for amounts less than $1.00.
Interest will be
computed for actual days on a 365 day basis. Interest
paid on all interest
bearing Accounts is subject to any limitations imposed by Applicable Laws. The Bank may
reverse interest paid on deposits from returned Items. At its option, the Bank may not
pay
interest
on
Accounts
subject
to
a
tax
levy,
garnishment,
citation
to
discover
assets,
or
other
Legal
Action.
Although the Bank usually pays
withdrawals
and Checks without prior notice, we retain the
right to require
at least seven (7) days’ written notice
before permitting any withdrawals
of
funds that have
been deposited into
an interest-bearing Account.
H. General Terms and Conditions
H.1 Account Restrictions.
You a
gree
that
we may
take action as described in this s
ection to protect
2012MO424ACD
you or us or to comply with Applicable Law, including placing a Hold on your Account or otherwise
limiting access, dishonoring certain Items, removing funds from your Account to hold them pending
investigation, or closing your Account. For example, we may take these types of actions when:
Your Account is involved in any Legal Action;
We receive conflicting information or instructions regarding Account ownership, control or
activity;
We suspect that you may be the victim of a fraud, scam or financial exploitation, even though
you have authorized the transaction;
We suspect that any transaction may involve illegal activity or may be fraudulent or you have
reported that your Account information or Checks have been compromised, lost or stolen;
We are complying in our sole judgment with any Applicable Law or with our policies adopted
to assure that we comply with Applicable Law; or
We reasonably believe that doing so is necessary to avoid Losses or reduce risk to us.
We can close your Account and assign and transfer your Account information to a replacement
Ac
count number in our sole discretion, including when your Account is reported compromised by you
or any other Owner. If we issue you a replacement Account number, this Agreement will continue to
apply to that Account. You agree that we will have no liability for any action we take under this
section and we may take such action without prior notice except where prohibited by Applicable
Law. This section and the actions authorized hereunder shall not be construed as obligating us to
conduct transaction monitoring or otherwise detect fraudulent activity with respect to your Account.
H.2. Cash Transaction Reporting. All financial institutions must gather and report information on
ce
rtain types of cash transactions to help law enforcement agencies detect illegal activities. We
must refuse to handle a transaction if you do not provide us with the information required to
complete the report.
H.3. Credit Verification. You agree that we may verify your credit at any time, including by
obtaining a credit report from a credit reporting agency.
H.4. Legal Actions or Claims Affecting Your Account. If we are served with a subpoena, summons,
restraining order, injunction levy, garnishment, citation to discover assets, search warrant, lawsuit,
request for information from a government agency or other legal or administrative order pertaining
to your Account, or your Account is involved in any other legal or administrative proceeding (“Legal
Action”), we will comply with that Legal Action as required or allowed by Applicable Law. You may
have the right to contest certain Legal Actions under applicable state law. If we determine it is
appropriate, we may place a Hold on the funds in the Account and not allow any payments out of
the Account until we receive a final legal determination regarding the Legal Action. We may place a
Hold the assets in the Account even if the Legal Action does not involve all of the Owners. Any Legal
Action is subject to our set off rights. You agree that we shall have no liability to you for any
dishonored Items, Items returned NSF o r Overdrafts arising as a r esult of the Bank withdrawing or
restricting access to the Account funds due to the Legal Action or the Hold we place on the Account
in response to such Legal Action. Your Account will be charged a f ee for handling the Legal Action
as stated in the fee schedule. Our ability to charge this fee does not depend on the ultimate
disposition of the Legal Action, such as whether the Legal Action is ultimately withdrawn, or
whether we pay funds from your Account in response to that Legal Action. We may also charge your
Account and/or invoice you for all additional fees and expenses we incur in connection with the
Legal Action (including reasonable attorneys’ fees, court costs, and our internal expenses).
H.5. Dormant Accounts. We will consider a checking, savings or money market Account dormant if
2012MO424A
CD
there has been no customer contact or transaction activity for a period of time as described in your
fee schedule. Once an Account is dormant, we may stop sending Account statements to you. We
may also charge a dormant fee on the Account until it becomes active again or is closed, unless
prohibited by applicable state law. Please review the fee schedule for your Account for more
information on fees. We must receive a written statement from an Owner to reinstate a dormant
Account.
Once your Account is considered abandoned property in accordance with applicable state law, we
are required to remit the funds in the Account to the state as unclaimed property. Generally, an
Account is considered abandoned if you have not initiated any activity or written communication
with us regarding your Account for a period of years that varies by state law. Subject to applicable
state law, preauthorized and automatic recurring deposits or withdrawals may not be considered
“activity” for purposes of determining whether an Account is abandoned if such pre-authorized or
automatic recurring activity was established prior to the applicable time period. You agree that
your Account will stop earning interest once it is presumed abandoned in accordance with applicable
state law, and we will transfer the remaining balance of your Account to the state as unclaimed
property and have no further liability to you for such funds. You must contact the applicable state
agency to reclaim them.
H.6. FDIC Insurance. P
roducts eligible for FDIC insurance coverage include checking, savings, and
money market Accounts and CDs. Products not eligible for FDIC insurance coverage include mutual
funds, stocks, bonds, repurchase agreements and o ther investments, and investments purchased
through an insured bank. Funds that are swept from a n Account that is eligible for FDIC insurance
into an Account that is not eligible for insurance are not insured by the FDIC. Your deposits are
insured up to the applicable limits under the FDIC insurance coverage rules based on the category of
account ownership.
H.7. Notices; Address or Name Changes.
(a) Notices to You.
We will send notices, periodic statements and other communications
related to your Account or this Agreement (collectively, “Notices”) to the most current address we
have in our records, or, if you have agreed to electronic delivery, the most recent email address that
you provided to the Bank or by posting to our website or through CIBC NetBanking or such other
electronic methods as permitted by Applicable Law. If there is more than one Owner on an Account,
we may send Notices to any Owner. You must notify the Bank right away of any change to your
physical address, email address, phone number or name. Unless we agree otherwise, an Owner or
Authorized Signer must notify the Bank in writing of any such changes as described below in part (b)
of this section; simply changing your address or name on a check reorder form is not sufficient
notice. If we receive notice from the U.S. Postal Service or its agents that your address has
changed, we may send Notices to that new address. If any Notices we send are not delivered or are
returned to us, we may discontinue sending Notices to you until you provide us with written
notification of your correct address and the information contained in all Notices will be deemed
available to and binding on you on the date they would have been sent to you or the effective date
indicated in the Notice, as applicable. If we do not have a valid address for an Account for six (6)
months or more, we may consider your Account dormant or close the Account. You agree that any
Notices that we send in accordance with this section, including Notice of amendments to the terms
of this Agreement, will be considered effective notice to you. You further agree that the procedures
described in this section are an acceptable method of delivering Notices and you agree to indemnify
and hold the Bank harmless for following these procedures.
(b) Notices to the Bank. Notices you provide to the Bank under this Agreement or otherwise
related to the Account must be in writing unless a different notice method is required hereunder.
Any notice or deposit mailed to us will be considered delivered when it is actually received by us
2012MO424ACD
based on our ordinary business practices. Except as otherwise provided in this Agreement, all
written notices and instructions you provide to us for your Account remain in effect until we receive
written notice from you to change them and have a reasonable amount of time to act upon your
request. At our discretion we may not act on instructions you give us by facsimile (fax) transmission,
e-mail message or leave by voice mail unless we specifically agree to do so in writing.
H.8. Account Transfer of Assignment. You may not transfer, pledge or assign your Account to
so
meone else without our prior written consent. Unless we agree otherwise in writing, our right of
set off or prior security interest has priority over any rights of the party to whom the Account is
transferred, pledged or assigned. If we consent to a transfer, pledge or assignment, we are not
required to notify you or anyone else before disbursing any funds from your Account in accordance
with what we in good faith believe are the terms of the transfer, pledge or assignment. We may
assign your Account and our rights and obligations under this Agreement without your consent
H.9. Compliance with Laws. You agree to comply with all Applicable Laws with respect to your
Acc
ount and not to use your Account for any illegal activity, including unlawful internet gambling.
We may refuse any transaction we believe may involve illegal activity and any transaction involving
gambling, even if it is legal. You agree to reimburse and indemnify the Bank from a ny Losses we
incur due to any U.S. or foreign government entity seizing, freezing, or otherwise asserting o r
causing us to assert control over any Account or the funds on deposit therein.
H.10. Closing Your Account. You may close your Account at any time for any reason by giving us
written notice, provided all fees have been paid and all Items have been collected. We may also
close your Account at any t ime for any reason, and without prior notice to you unless required by
Applicable Law. We may charge you a fee if your Account is closed within ninety (90) days o f being
opened; see the fee schedule for Account for details. Any withdrawal that reduces the amount in an
Account to zero may automatically close that Account. If your Account is closed before interest is
credited, you will not receive the accrued interest. The provisions of this Agreement which by their
nature are intended to remain binding after your Account is closed shall survive and remain binding
on both you and us, including but not limited to indemnification obligations and limitations on
liability. If your Account balance is insufficient to pay fees and any o ther amounts owed to us, you
will continue to be liable to us for such amounts until they are paid in full. If your Account has a
remaining balance after deducting any fees or other amounts owed to the Bank, we will send you a
check or EFT for the balance. Any Items received after your Account is closed will be returned
unpaid. We are not liable for any Check, withdrawal, or other Item presented after an Account is
closed. We have the right to advise credit bureaus if your Account is closed for misuse and this may
be reflected in your credit report. In addition, we reserve the right to change your Account type at
any time and will provide prior notice if required by A pplicable Law.
H.11. Error Reporting, Limits on Claims. This section does not apply to funds transfers subject to
the
Electronic F unds Transfer Act or to wire transfers. For error resolution and other information
relating to EFTs and w ire transfers, see Sections E (Electronic Funds Transfers) and F (Wire
Transfers) of this Agreement.
You are responsible for reviewing all Notices including Account statements and other information
regarding your Account as well as the transactions in your Account, and notifying us of any errors,
unauthorized signatures, alterations, forgeries, fraud; missing or incorrect credits or debits to your
Account; failure to receive a scheduled s tatement, or other issues with y our Account or activity in
your Account (each, and collectively, an “Account Issue”) as soon as possible. You must notify the
Bank by calling us at (844) 704-7882 or writing to us at CIBC Bank USA, 6825 West 111
th
St., Worth, IL
60482, Attention: Client Support Center.
2012MO424A
CD
You acknowledge you are in the best position to discover an Account Issue and you agree to notify
the Bank immediately if you know or suspect that an Account Issue has occurred in order to mitigate
potential Losses. If you fail to notify us about an Account Issue within thirty (30) days from when we
first sent or made available your Account statement for the period during which the Account Issue
occurred, the Bank is not liable for any claims related to the Account Issue. Also, if you do not
notify us within this thirty (30) day period, the Bank is not responsible for any additional Items with
unauthorized signatures or alterations by the same person(s) involved in that Account Issue
If you claim a credit or refund because of an Account Issue, you must provide us with sufficient
inf
ormation, sign an affidavit and cooperate with our investigation of your claim. You also agree to
file a police report. We will have a reasonable period of time to investigate the facts and
circumstances surrounding any claim of loss, and may place a Hold on funds in your Account during
such investigation. You must pursue your rights against any other party related to your claim or, at
our option, assign them to us so that we may pursue them. Any liability of the Bank for the claim
will be reduced by the amount you recover or are entitled to recover from another party.
If you fail to report an Account Issue within thirty (30) days as described above: (i) you will be
con
clusively deemed to have failed to exercise reasonable care and promptness in examining your
Account statements and information and providing reasonably prompt notice of an Account Issue; (ii)
any Check or other Item or transaction charged to your Account will be deemed fully enforceable
against you; (iii) Bank will not be obligated to re-credit or refund the amount of the Account Issue;
and (iv) Bank shall not be liable for, and you will hold the Bank harmless for, the amount of such
Losses that could have reasonably been prevented. You further agree that you will not bring any
Legal Action against us regarding any Account Issue more than one (1) year after the date we send or
make available the Account statement for the period during which the Account Issue occurred. The
notice requirements and time limits on claims described herein do apply with respect to any attempt
by you or Bank on your behalf to seek recovery or other recourse against other banks, clearing
organizations, or other parties, none of which are third party beneficiaries of this Agreement.
H.12. Security Interest and Right of Set Off. You grant us a s ecurity interest in all Accounts owned
by y
ou, now or in the future, with us or an Affiliate, regardless of the amount you contributed to the
Account, to secure payment of all claims, including any fees and charges we may have against you or
any other Owner. This applies regardless of whether another party is a lso liable for the claims and
whether the claims relate to the Account, an overdraft protection plan, a credit agreement or other
circumstances.
We may set off the funds in your Account against any debt you owe us or any of our Affiliates and
any claim related to the Account now or in the future without prior notice if permitted by Applicable
Law. You agree that this includes the right to set off against all future deposits to your Account,
including direct deposits of government benefits to the extent permitted by law. Debt based on a
note includes the total amount that the Bank may demand at the time of set off, including any
accelerated balance. This right of set off does not apply to IRA or other tax-deferred retirement
Accounts or a claim from a consumer credit card transaction. This right of set off also does not
apply to a fiduciary Account except to the extent the debts or claims being set off relate to such
Account. We are not required to pay nor are we liable for any Item that is dishonored because we
set off a debt against your Account and there were insufficient funds left to pay the Item. You
agree to hold us harmless from any claim in connection with our exercise of our right of set off. All
of our rights in this section also apply to any of our Affiliates. The rights granted in this section are
in addition to any other rights of the Bank, including the rights the Bank has under other security
documents with you.
H.13. Our Liability. You agree that w e will only be liable to you to the extent we fail to exercise
or
dinary care and our actions resulted in a direct financial loss to you. WE WILL NOT BE LIABLE
2012MO424A
CD
FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES
OR LOST INCOME UNDER THIS AGREEMENT, EVEN IF WE WERE ADVISED OR SHOULD HAVE KNOWN
OF THE POSSIBILITY OF THOSE DAMAGES OR LOSSES. We will not be liable for actions taken
based on your instructions or for actions permitted under this Agreement, even if such actions
cause you to incur Losses. Our liability shall be limited to the face amount of the Item in the event
we fail to stop payment on an Item or pay an Item bearing an unauthorized signature, forged
drawer’s signature or forged endorsement or alteration. We will not be liable for a mere clerical
error or an honest mistake, or, to the extent permitted by Applicable Law, for errors that do not
result in financial loss to you. You agree that the Bank will not be liable to you for any Losses
caused by events beyond our reasonable control, including but not limited to a natural disaster,
adverse weather conditions, acts of God, acts of terrorism, emergency conditions, pandemic, a
legal constraint or governmental action or inaction, strike or labor stoppage, power failure, the
breakdown or unavailability of any communication or transmission facilities, suspension or failure of
payments by another bank including a Federal Reserve Bank, or your actions, omissions, negligence
or fault.
H.14. Indemnification; Joint and Several Liability. Y
ou agree to indemnify u s and hold us
harmless from all Losses arising out of or related to: (a) your Account, this Account Agreement
or your use of any Account or any se rvices provided under this Agreement; (b) the Bank
following your instructions or refusing to follow your instructions that we reasonably believe
create liability for the Bank or do not comply with common banking practices or Applicable Law;
(c) your breach of any of the terms of this Agreement; and (e) your Account becoming involved
in any Legal Action. This indemnification does not apply with respect to Losses caused by the
Bank’s gross negligence or willful misconduct. You agree that you will be jointly and severally
liable for any Losses hereunder with any other Owner of an Account, and your other obligations
to the Bank under this Agreement will be joint and several including with respect to payment of
any fees and expenses or other liabilities.
H.15. Governing Law. Your Account and this Agreement are governed by Applicable Law.
H.16. Waiver. Any delay in enforcing our rights under this Agreement will not act as a waiver
of our rights and will not affect your obligations under this Agreement. If the Bank waives any
provision of this Agreement, that waiver will apply only on that occasion and does not change or
amend the terms of this Agreement.
H.17. No Third Party Beneficiary. No person or entity will be deemed t o be a third party
ben
eficiary under this Agreement.
H.18. N
o Fiduciary Relationship. The Bank’s relationship with you concerning your Account is
that of debtor and creditor; no fiduciary, quasi-fiduciary, or special relationship exists between
you and the Bank.
H.19 Cutoff Times.
(a) Offices in Illinois. Cut-off time for deposits at Illinois offices will vary by location. The cut-
off t
ime for deposits is the closing time of the office where the deposit is made, which is no earlier
than 4:00 P.M. local time Monday through Friday. If you make a deposit at an Illinois office before
closing time 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 Illinois office on a Business Day after the closing time,
or on a day we are not open, we will consider that the deposit was made on the next Business Day
we are open. For a listing of offices locations and hours, please visit our website at
2012MO424ACD
www.cibc.com/us.
(b) Offices outside of Illinois. If you make a deposit at an office located outside of Illinois
on a b
usiness day that we are open and that occurs before 5:00 P.M. local time for all Eastern
Time Zone locations or 5:00 P.M. Central Time for all other locations (collectively, “Outside
Cutoff Time”) Monday through Friday, we will consider that day to be the day of your deposit.
However, if you make a deposit at an office located outside of Illinois after the Outside Cutoff
Time Monday through Friday, or on a day we are not open, we will consider that the deposit was
made on the next business day we are open.
(c) Automated Teller Machine (ATM). If yo
u make a deposit at an ATM on a business day that
we are open and that occurs before 2:00 P.M. Central Time Monday through Friday, 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. Central Time Monday through Friday, or on a day we are not open, we will consider that
the deposit was made on the next business day we are open.
I. AGREEMENT TO ARBITRATE
This Section I (“Arbitration Agreement”) describes our agreement to resolve disputes or claims
related to your Account in binding arbitration. PLEASE READ THIS ARBITRATION AGREEMENT
CAREFULLY. UNLESS YOU OPT OUT OF THIS ARBITRATION AGREEMENT, YOU AND WE ARE AGREEING
TO BINDING ARBITRATION, WAIVING THE RIGHT TO HAVE ANY CLAIM OR DISPUTE LITIGATED IN ANY
COURT, EXCEPT SMALL CLAIMS COURT, WAIVING ANY RIGHTS TO A JURY TRIAL, AND WAIVING ANY
RIGHT TO BRING OR PARTICIPATE IN ANY CLASS OR OTHER REPRESENTATIVE ACTION. YOUR RIGHT
TO OPT OUT OF THIS ARBITRATION AGREEMENT IS DESCRIBED IN SECTION I.7 BELOW.
I.1. Claims or Disputes
Subj
ect
to Arbitration.
This Arbitration Agreement applies to all claims or
disputes between you and us related to your Account, including but not limited to any
transactions,
any related product or service, the Agreement,
any prior deposit account agreement
with us, any
disclosures, or advertising regarding your Account (collectively “Claims”), regardless of
the legal
theory on which they are based on or
whether
they arose in the past, may currently exist, or arise
in the future.
If a third party is also involved in a Claim between you and us, then the third party’s
Claim will also be decided in arbitration, and the third party must be named as a party as required
under the
rules for the arbitration. The arbitrator will decide all issues,
including the arbitrability
of Claims or
the scope,
and enforceability of
this Arbitration Agreement, the interpretation of the
prohibition of class and representative actions,
and non-individualized relief.
I.2 Claims or Disputes Not Subject to Arbitration.
This Arbi
tration Agreement does not
apply to (a)
actions within the
jurisdiction of small
claims court so long as it proceeds on an individual basis, or
(b)
the
collection by us of a credit obligation. It
also does not affect
the
Bank’s rights to exercise
self-help remedies, including set off or other offset, Holds, freezes or repossession.
I.3. Arbitration Process.
The par
ty filing an arbitration claim must select either JAMS or
the
American Arbitration Association (“AAA”) as the
arbitrator.
That organization will apply its rules
of
procedure in effect at
the time
the arbitration claim is filed.
If you initiate the arbitration, you
must notify us in writing at:
CIBC Bank USA, 120 South LaSalle Street, Chicago, Illinois 60603
Attention: Legal Department/Legal Process
If
we initiate the arbitration, we will notify you in writing at your last known address. You can
2012MO424ACD
obtain the arbitration rules and additional information about initiating arbitration by contacting the
following arbitration organizations:
American Arbitration Association
1-800-778-7879 (toll-free)
Website: www.adr.org
J
AMS
1-800-352-5267 (toll-free)
Website: www.jamsadr.com
If there is a conflict between the rules of procedures of the applicable arbitration organization and
this Arbitration Agreement or the Agreement, this Arbitration Agreement and the Agreement will
control. If JAMS or the AAA is unable to handle the Claim for any reason, then the Claim will be
arbitrated by a neutral arbitrator selected by agreement of the parties pursuant to the AAA rules of
procedure. If the parties cannot agree on an arbitrator, one will be selected by a court in
accordance with the Federal Arbitration Act (the “FAA”).
A single arbitrator will conduct the arbitration and will use applicable substantive law, including
the U
niform Commercial Code, consistent with the FAA and the applicable statutes of limitations or
conditions precedent to suit, and will honor claims of privilege recognized by law. The arbitrator
will have the power to award to a party any damages or other relief provided under Applicable
Law.
The arbitrator’s decision will be final and binding on the parties. A party can file a written appeal
to
the arbitration administrator within 30 days after the award is issued. The appeal must request
a new arbitration in front of three neutral arbitrators designated by the same arbitration
administrator. Any final arbitration award will be binding on the parties and enforceable by any
court with jurisdiction. Neither you nor we may disclose the existence, content or results of any
arbitration except as required by Applicable Law, as necessary for judicial review or as we may be
required in the ordinary course of our business.
I.4. Costs and Expenses.
The
party initiating
the arbitration will pay the initial filing fee. All
other fees and costs will be allocated in accordance
with the
rules of
the arbitration forum.
However,
we
will advance or reimburse filing and other
fees if
the arbitrator rules that you cannot
afford to pay
them or finds other good cause for requiring us to do so, or if you ask us and we
determine
there is good reason to do so.
I.5. No Class Actions and Representative Procedures.
YO
U AND WE AGREE NOT TO:
(A) SEEK
TO
PROCEED ON ANY
CLAIM IN ARBITRATION AS A CLASS CLAIM OR CLASS ACTION OR OTHER
COMPARABLE REPRESENTATIVE PROCEEDING; (B) SEEK TO
CONSOLIDATE IN ARBITRATION ANY
CLAIMS INVOLVING
SEPARATE CLAIMANTS (EXCEPT FOR CLAIMANTS WHO
ARE ON THE SAME
ACCOUNT),
UNLESS ALL
PARTIES AGREE; (C) BE PART OF, OR BE REPRESENTED IN, ANY CLASS
ACTION
OR OTHER REPRESENTATIVE ACTION BROUGHT BY ANYONE ELSE;
NOR (D) SEEK ANY AWARD
OR
REMEDY IN ARBITRATION AGAINST
OR ON BEHALF OF ANYONE WHO IS
NOT A NAMED PARTY TO
THE ARBITRATION.
If these terms regarding
class or representative procedures are legally
unenforceable for any
reason with respect
to a Claim, then this Arbitration Agreement
will not
apply to that Claim.
I.6.
Governing Law, Severability,
a
nd Amendments
to
this Arbitration Agreement.
You and we
agree that our
relationship includes transactions involving interstate
commerce and that this
Arbitration Agreement is governed by, and enforceable under, the FAA.
To the extent state law is
applicable, Applicable Law governs this Arbitration Agreement. With respect to any disputes not
submitted to arbitration pursuant
to
this Arbitration Agreement, you and we hereby
waive
the right
2012MO424A
CD
to a trial by jury to the extent permitted by Applicable Law and consent to personal jurisdiction
and venue exclusively in a state or federal court located in Chicago, Illinois. This Arbitration
Agreement shall survive: (a) termination or changes to your Account or any related products and
services we provide; (b) the bankruptcy of any party; and (c) the transfer or assignment of your
Account, or any related products or services we provide.
I.7. Opt-Out Right. You have the right to opt out of this Arbitration Agreement if you tell us
wit
hin 60 days of opening your Account (or within 60 days of the effective date of this Arbitration
Agreement, if your Account w as already open). If you want t o opt out, write to us at:
CIBC Bank USA, ATTN: Client Support Center, 6825 West 111
th
Street, Worth, Illinois 60482
The opt-out notice must include your name, address and the Account number(s) to which the opt-
out
applies. If you opt out of this Arbitration Agreement, all other parts of the Agreement continue
to apply.
J. DEFINITIONS
The following terms have the meanings stated below when used in this Agreement:
Affiliate means any entity that directly or indirectly controls, is controlled by, or is under
common c
ontrol with the Bank or you, as the context may require.
Applicable Law means applicable federal law and Illinois law (when it is not superseded by
fede
ral law), and applicable rules and regulations, including but not limited to, those issued by the
Consumer Financial Protection Bureau (“CFPB”), Board of Governors of the Federal Reserve System
(“Federal Reserve”) and other federal banking regulators, the State of Illinois, and applicable
clearinghouse and card association rules. State as used in this Agreement refers to a state in the United
States. Your Account is maintained in Illinois. For Accounts with a Payable on Death (POD) designation,
after the death of the last surviving Account owner, we will distribute the balance in the Account
according to the law of the state of the last surviving Account Owner’s primary address on file with us
at the time of that Account Owner’s death. If that state’s statutes do not specify how the distribution
is required to be made, or if the primary address on file with us at that time is not in a U.S. state or
the District of Columbia, we will pay according to Illinois law.
Business Day means Monday through Friday excluding federal holidays and any other days on
which the Bank is required or permitted to be closed. Even though we may be open on a Saturday or
Sunday, transactions on Saturday, Sunday and other non-Business Days are posted on the next Business
Day.
Check means any check, draft, electronic image, or other negotiable instrument, including
substit
ute checks, deposited to or debited from your Account.
Good Standing means your Account has not been overdrawn more than 6 times in a 6 month
peri
od if you do not have an overdraft line of protection. If you have an overdraft line of protection,
it means your overdraft line of protection is not at its limit on the day we determine if your Account
is in Good Standing.
Hold means that we put a hold on (or “freeze”) some or all of the funds in your Account,
meani
ng that we may refuse to: (i) allow withdrawals from the Account; (ii) pay Items drawn against
2012MO424ACD
your Account or process other debit transactions to your Account; and (iii) accept deposits to your
Account or process other credit transactions to your Account. When we place a Hold on funds in your
Account, your Available Balance is reduced by the amount of the Hold.
Item means any order, instruction or authorization to debit or credit an Account, including
Chec
ks, in-person withdrawals or transfers, ATM transactions, Card transactions, preauthorized EFTs,
ACH entries or any other credits or debits to your Account.
Losses means any losses, costs, liabilities, claims, damages or expenses, including reasonable
attorneys’ fees and court costs.
New Deposit Account means a deposit account that has not been open for longer than 90
cale
ndar days. This definition is only applicable to external transactions as outlined within this
Agreement.
Overdraft means a negative balance in your Account that results when the Available Balance
in your Account is less than the amount of any Item(s) that are presented for payment and paid by the
Bank.
Owner means the legal owner of the Account, including any natural person(s), limited liability
compa
ny or trust.
Security Procedures are the use of secure devices and additional procedures, including out-
of-band aut
hentication, security tokens, dual control, encryption, PINs and other systems that may be
used in connection with transaction methods that we will make available to you or payment orders
that w e accept from you.
Signature Device means any automatic check-writing service that operates through a
facsi
mile signature, stamp or personal computer or any other method of affixing a signature on
a Check by mechanical, digital or other electronic means.
5. CIBC Bank USA Privacy Notice is available at:
https://us.cibc.com/en/legal/privacy-notice.html
2012MO424ACD
