Updated Terms and Conditions for All Accounts

Gulf Capital Bank
Update to Terms and Conditions for All Accounts:
Disclosure Regarding Re-presented Transactions

As of 12.1.2022

 

Some merchants and other parties who process check, ACH, debit card, and other types of payments
against your deposit accounts may attempt to process failed or refused payments more than once. The
Bank does not control such third parties, and the Bank may not be able to distinguish between represented
payments and multiple payments for the same or similar amounts. This Re-presentment
Addendum and Disclosure Regarding Re-presented Transactions (“Re-presentment Disclosure”) amends
your deposit account agreement and describes the Bank’s treatment of such payments.

To the extent this Re-presentment Disclosure conflicts with your deposit account agreement or related
disclosures and documents, this Re-presentment Disclosure controls solely with respect to the timing and
number of NSF Fees charged to you or your accounts. This document does not address the Bank’s
overdraft fees or practices. The Bank may update its NSF Fee amount or practices at any time by
providing 30 days’ written notice to you or as otherwise permitted by law.

YOU MAY AVOID NSF FEES BY REGULARLY KEEPING TRACK OF THE PAYMENTS YOU MAKE
AGAINST YOUR ACCOUNT, AND REFRAINING FROM ATTEMPTING TO MAKE PAYMENTS THAT
EXCEED THE AMOUNT OF FUNDS YOU DEPOSIT IN YOUR ACCOUNT.

Definitions. In this Re-presentment Disclosure,

“You,” “your,” or “yours” mean the Customer named above and “Bank” means [bank name].

“Transaction” means a transaction that you, or a person authorized to request payments against your
account, requested or otherwise authorized via a check, ACH, wire, debit card, payment card, electronic
portal, or any other means to be paid against your account. You acknowledge that merchants and other
third parties may present a Transaction to the Bank more than once for payment against your account.

“Re-presented Transaction” means a Transaction that a merchant or any other person presents or
otherwise transmits to the Bank for payment one or more times following the Bank’s refusal or failure to
pay the Transaction.

“NSF Fee” means, for purposes of this Re-presentment Disclosure, a fee the Bank charges when the
Bank declines a Transaction because, at the time the Transaction is processed by the Bank, the account
against which the Transaction is to be paid lacks sufficient funds to pay the Transaction.

 

NSF Fees for Re-presented Transactions

1. NSF Fees. The Bank charges an NSF Fee for each Transaction presented or otherwise
transmitted to the Bank for payment. The amount of the Bank’s NSF Fee is listed in the Bank’s fee
schedule and is currently $35. The Bank will charge you an NSF Fee for each new Transaction which is
presented or otherwise transmitted to the Bank for payment against your account.

2. NSF Fees for Re-presented Transactions. The Bank additionally charges an NSF Fee for each
Re-presented Transaction presented or otherwise transmitted to the Bank for payment up to the cap
Update to the Terms and Conditions: Disclosure Regarding Re-presented Transactions
described in the following Section 3. A Transaction may be re-presented once each business day, and
the Bank may charge an NSF Fee each time the Transaction is re-presented.

3. Cap on NSF Fees for Re-presented Transactions. There is no limit on NSF Fees charged with
respect to a Transaction.

4. Multiple Transactions. If you, or a person authorized to request payments against your account,
gives multiple requests or authorizations for a single payment, each request will be deemed to result in a
separate Transaction which may incur an NSF Fee.

YOU AGREE TO REPORT ANY ERRONEOUS FEES OR OTHER ERRORS REPORTED TO YOU ON
YOUR STATEMENTS OR OTHERWISE WITHIN THE TIMELINES DESCRIBED IN YOUR DEPOSIT
ACCOUNT AGREEMENT. YOU ACKNOWLEDGE THAT, AS PERMITTED BY LAW, YOU MAY LOSE
YOUR ABILITY TO RECOVER ERRONEOUS FEES REPORTED ON YOUR STATEMENTS IF YOU
FAIL TO TIMELY REPORT ERRORS ON YOUR STATEMENTS OR OTHER ACCOUNT NOTICES.