TERMS & CONDITIONS AGREEMENT

I hereby accept Nantucket Bank's Online Banking service and agree to the Terms and Conditions in Nantucket Bank's Electronic Funds Transfer Disclosure Statement currently in effect and as Terms and Conditions may be amended. The Terms & Conditions covering the Online Banking Service and the Bill Pay Service are listed below.

Submission of my Bill Pay application authorizes Nantucket Bank to initiate the service in my name using the account listed on the application. In addition, as a user of Nantucket Bank's Bill Pay Service, I authorize Nantucket Bank to post the payment transactions I make using this service to the account indicated on my Bill Pay application. I understand that I am in full control of my account, and, if at any time I wish to discontinue the Bill Pay Service, I can do so by giving written notification to Nantucket Bank. My use of the Bill Pay Service signifies that I have read and accepted all the terms and conditions of this service. I UNDERSTAND that payment may be sent either electronically or by check, and the payments may take up to ten (10) days to reach the payee. I understand that I am responsible for any loss or penalty that I may incur due to the lack of sufficient funds, or other conditions that may prevent the withdrawal of funds from my account. The NSF fee for Bill Pay is $30.00 and the stop payment fee is $25.00.

ELECTRONIC BANKING DISCLOSURE STATEMENT

The electronic banking services that allow you to transfer funds between your accounts with Nantucket Bank or make bill payments to third parties by telephone or via the Internet are governed by the Electronic Fund Transfer Disclosure Statement and Funds Transfer Agreement, as amended by this statement. This sets forth your rights and responsibilities in connection with the use of this service, as well as existing services, and constitutes a legally binding contract. By using your Personal Identification Number (PIN), Customer User ID, or performing a telephone or Internet transfer or inquiry or paying bills, you agree to comply with the terms of these documents.

A. Authorization for Account Inquiries and Telephone/Internet Transfers

When you first access the Bank’s telephone or Internet banking services to perform an account inquiry, to transfer funds or to pay bills, the services require that you use the last four digits of the social security number (for individuals) or the federal ID number (for incorporated businesses) on file at Nantucket Bank for the designated account. The service then asks you to select a PIN (Personal Identification Number) for the account. When performing transfers, the service will ask for and verify the PINs of the accounts to and from which funds will be transferred when transferring by phone; or the single PIN if you are performing transfers using the Internet. You may change your PIN at anytime. You agree that the verification procedure described is the only authorization procedure the Bank will perform before processing a transfer or bill payment. You agree that this verification of your Personal Identification Number is a reasonable security procedure, and you agree to safeguard your PIN. Tell the Bank AT ONCE if you believe your PIN has been stolen or has been or may be used without your permission. You can authorize us to charge/credit your designated account(s) for deposits received in connection with transfers and bill payments to third parties along with any applicable fees as outlined under Fees and Charges on this website.

B. NOW Accounts, Direct Deposit Accounts, Statement Savings Accounts Transaction Limits

Telephone/Internet transfers to and from these accounts are not limited.

C. Passbook Savings Accounts, Money Market Accounts, CDs and IRAs

Transfers from Passbook Savings accounts are not permitted. CDs and IRAs do not qualify for funds transfer or bill payment services. Money Market accounts are limited to six electronic debits with no more than 3 checks per statement period.

D. Loan Transaction Limits

Loan payments will be accepted on all types of real estate and consumer loans. Advances on lines of credit are not permitted.

E. Bill Transaction Limits

Bill payments may only be initiated from regular checking accounts and are limited to $9,999 per transaction.

F. Documentation of Telephone/Internet Transfers and Bill Payments

You will be sent a monthly statement covering all telephone/Internet transfers to or from your accounts and bill payments. Your statement will indicate the amount and calendar date of each bill payment and telephone/Internet transfer and corresponding account/payee to or from which the funds were transferred.

Upon completion of a transfer or bill payment, you will be provided with a confirmation number. For transfers, this confirmation number will also appear on your monthly statement.

Other terms and conditions applicable to this service, including but not limited to your liability for unauthorized use of your PIN, our telephone number and address for notification in the event of unauthorized use, our business hours, and error resolution procedures are set forth below.

G. Termination

You may terminate the Fund Transfer Agreement of Bill Payment Service by written notice to us.

Resolving Errors & Questions

In case of errors or questions about your electronic fund transfers (EFTs) or if you think your statement or receipt is wrong or you need more information about a transfer listed on your statement or receipt, telephone us as soon as you can (508)228-0580 or (800)533-9313 (except Saturdays, Sundays or Holidays) between 8:30 a.m. and 5:00 p.m. or write us at Nantucket Bank, P.O. Box 988, Nantucket, MA 02554. We must hear from you no later than 60 days after we sent your FIRST statement on which the problem or error appeared.

    1. Tell us your name and account number.

    2. Describe the error or the transfer you think is incorrect and clearly explain why you believe it is an error, or why you need more information.

    3. Tell us the dollar amount of the suspected error.

If you notify us orally, we have the right to require you to send us your complaint or question in writing within ten business days following the date you notified us.

We will report to you the results of our investigation within ten calendar days following the date you notified us. We will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint, or question, following the date you notified us. If we decide to use more time to investigate, within ten calendar days following the date you notified us, we will re-credit your 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 in writing, and we do not receive it within ten calendar days following your oral notification, we may not re-credit your account.

If we decide that there was no error, we will send you a written explanation within three business days after we finish our investigation. You may ask for copies of the documents that we used in our investigation, and we must make these available to you for your inspection. For a reasonable fee covering our duplication costs, we will provide you with copies of any such documents that you request. If your alleged error concerns a transfer to or from a third party, our investigation may be limited to a review of our own records. If we decide that there was no error, you may want to contact the third party to pursue the matter further.

If you comply with the conditions set forth above, in cases in which you think that a transfer from your account was initiated by a third party that was not authorized to initiate any transfers from your account, we will request a copy of the third party’s authorization. If you do not request it within 30 days, we will re-credit your account for the transfer you think is unauthorized, so you will have the use of your money until we determine whether you had authorized the transfer.