Account disclosures

Account disclosures

Commercial and Small Business Banking
Rules Governing Deposit Accounts

Effective: August 27, 2025 

Welcome to Capital One, National Association (“Bank”). These Rules Governing Deposit Accounts, as amended from time to time (“Rules”), are the deposit agreement by and between the entity that established the Account (“Customer”) and Bank that governs all of the business deposit accounts opened and maintained by Customer at Bank (each, an “Account”). By opening or continuing to maintain an Account with Bank, Customer accepts and agrees to be bound by these Rules, and all applicable agreements, amendments, addenda, Account Disclosures, and other documents made a part hereof or incorporated herein, as well as by all Applicable Laws. Capitalized terms used herein shall have the meaning as provided in Part 10 of these Rules. This version of the Rules replaces all previous versions of the Rules. 

PART 1      OPENING AN ACCOUNT; NOTICES 

Section 1.1. Customer Identification Program. To help the United States Government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information identifying each person who opens an Account. When Customer opens an Account, Customer must provide Bank with Customer’s name, street address (a post office box may not be used), employer identification number (or social security number for sole proprietorships), and other information required by Bank that will allow Bank to identify Customer, its owners, and its Authorized Representatives. Bank may ask for documentation to verify Customer’s business existence, and for the driver’s license or other identifying documents for Customer’s beneficial owners and Authorized Representatives. This information may be required even if Customer is already a customer of Bank. Customer agrees that Bank may verify the information provided by any available means, including obtaining and reviewing a credit report from a credit reporting agency. Customer agrees to notify Bank immediately if any of the information described above changes. Bank is authorized to rely on the information contained in its records unless and until Customer notifies Bank that such information has changed. In the event Bank is unable to produce a record of a document relating to the Account or there is a conflict between Customer’s records and Bank’s records, Customer agrees that Bank’s records will be deemed conclusive. 

Section 1.2. Authorized Representatives. The forms that Bank may require when Customer opens an Account include corporate resolutions, a commercial signature card or other form of account opening document (the “Record of Account”), and other documents that identify and establish the authority of the person(s) authorized to access and transact on Customer’s Accounts (“Authorized Representatives”), including any person identified to Bank as an agent of Customer. Bank is not obligated to honor Checks or process transactions on Customer’s Account until Bank receives properly completed authorization forms, and Customer agrees to provide such information upon request to Bank. Bank may require additional information and documents for these purposes at any time. An Authorized Representative is authorized to make deposits, withdrawals, give instructions to Bank, close the Account, sign any agreements or documents related to the Account, or do anything else involving the Account on Customer’s behalf, and Customer agrees to indemnify and hold Bank harmless from any Losses in connection with any of the foregoing acts by an Authorized Representative. Bank is entitled to recognize the authority of each Authorized Representative until Customer provides written notice in a form acceptable to Bank that the existing authorization is changed or terminated along with any supporting documents that Bank requests and Bank has received and had a reasonable opportunity to act on that notice. Bank is not responsible for any Losses if Customer fails to timely and properly notify Bank of a change in Authorized Representatives, including any Losses incurred before Bank has had a reasonable opportunity to implement the change on its systems. 

Section 1.3. Representations and Warranties. Customer hereby represents, warrants and covenants that: (a) the individual who signs (electronically or otherwise) the Record of Account is the duly Authorized Representative of Customer; (b) Customer is organized and existing under state or federal law, validly existing and in good standing; (c) all actions by shareholders, directors, members and all others necessary to execute the Record of Account and establish an Account with Bank have been taken; (d) Customer is opening any Account as a “business account” and Customer agrees not to use the Account for personal, family or household purposes; and (e) each Authorized Representative is authorized to transact on the Account and Customer will be responsible for all transactions of the Authorized Representatives. In the event that one or more of the signatures on the Record of Account or otherwise provided to Bank as an authorized signature for the Account are facsimiles or made or reproduced by any mechanical means, Bank is authorized to rely upon and treat the same, in good faith, as a true and valid signature, and Customer hereby holds Bank harmless and indemnifies Bank from and against any Losses that Bank may suffer or incur as a result of such reliance. 

Section 1.4. Compliance with Applicable Laws. Customer agrees that it will use its Account only for lawful business purposes and in compliance with Applicable Laws, including the Operating Rules. Customer is prohibited from processing any illegal transactions through an Account or its relationship with Bank, including those prohibited under the Unlawful Internet Gambling Enforcement Act, 31 U.S.C. 5361 et seq. Customer agrees to reimburse and indemnify Bank from any Losses Bank incurs due to any U.S. or foreign government entity seizing, freezing, or otherwise asserting or causing Bank to assert control over any Account or funds in an Account. 

Section 1.5. Conflicts; Treasury Management Services. If these Rules conflict with something said by one of Bank’s employees or in its sales materials, these Rules will govern. If Customer uses other Bank products or services related to the Account, they will be governed by these Rules and the terms and conditions provided when Customer enrolls in those products or services. In the event of a conflict between these Rules and the terms and conditions for the other Bank products or services, the terms and conditions for the other Bank products or services will govern. If Customer uses or otherwise receives Bank’s treasury management services related to an Account, Bank’s Treasury Management Terms and Conditions Agreement (the “Treasury Terms”) will control in the event of a conflict with these Rules. 

Section 1.6. Notices. (a) Notice to Customer. All statements and notices from Bank to Customer in connection with the Account or the Rules (collectively, “Notices”) shall be deemed effective when sent to the address Bank has on record for the Account or to such address designated by Customer or its Authorized Representative. If Customer has agreed to electronic delivery, Bank may provide Notices to Customer by email, posting on Bank’s website, or such other electronic methods as permitted under Applicable Law. Bank is not responsible for Notices lost while not in its possession (e.g., lost in the mail or by Customer after delivery). Notice to any Authorized Representative constitutes notice to Customer. 

(b) Notice to Bank. Notices from Customer to Bank must be in writing and will be deemed effective upon receipt by Bank. Customer shall send notices to Bank at Capital One, N.A., Attn: Commercial Services, 15075 Capital One Drive, Richmond, Virginia 23238, or such other address as Bank may specify. 

Section 1.7. Address Changes. Customer is responsible for notifying Bank of any change in Customer’s address or contact information. Bank may change Customer’s mailing address in its records and send Notices to that new address if Bank receives information that Customer’s address has changed from the U.S. Postal Service or a third party vendor in the business of providing correct addresses. If any Notices sent to Customer are returned undeliverable, Bank may charge Customer a Fee. In such instances, Customer agrees that Bank may discontinue sending Notices to Customer and the information contained in all Notices will be deemed available to Customer on the date they would have been mailed or otherwise delivered to Customer and will be binding on Customer as of the effective date set forth therein. Customer agrees that the procedures described herein are an acceptable method of delivery of Notices to Customer and agrees to indemnify and hold Bank harmless for following these procedures. 

Section 1.8. Other Communications; Recording. Customer agrees that Bank may communicate with Customer regarding an Account by mail, telephone, email, fax, text message or other means allowed by Applicable Law and Customer consents to Bank monitoring or recording any conversation or other communication with Customer. Customer agrees that Bank may contact Customer and its Authorized Representatives at any telephone number provided to Bank, including any mobile telephone number, using an automated telephone dialing system or similar device and such contact may include artificial, automated or prerecorded calls or text messages. Message and data rates may apply, and Customer and its Authorized Representatives agree that Bank will not be liable to Customer or its Authorized Representatives for any such fees, inconvenience, annoyance or loss of privacy in connection with such communications. Customer and its Authorized Representatives agree to notify Bank immediately in the event of a change to any telephone number or email address provided to Bank or if Customer or its Authorized Representative ceases to be the owner, subscriber or primary user of such telephone number or email address so that Bank may update its records accordingly. 

PART 2       DEPOSITS AND WITHDRAWALS 

Section 2.1. Making Deposits. Customer may make deposits to the Account in person, by mail, at select ATMs, by Electronic Funds Transfer, or such other deposit methods as Bank may permit from time to time. Additional deposit options are available through Bank’s Treasury Management Services. Bank is not liable for deposits sent by mail, made by night depository or other outside depository means until the deposit is actually received, processed and recorded. Customer agrees not to send cash in the mail. 

Section 2.2. Accepting Items for Deposit, Collection. Bank may accept, accept for collection only, refuse, or return all or part of any deposit. In accepting Items for deposit, Bank acts only as Customer’s agent for collection and shall not be responsible for any Losses caused by the negligence or failure of Bank’s agents, correspondents, or other banks, or for Items that are lost or destroyed in the collection process. All Items accepted for deposit or collection are credited to the Account subject to final payment and receipt of proceeds by Bank. This means that until Bank has actually received the funds or until such Items become final under Applicable Law, a deposit Item can be returned and charged back to the Account. Customer’s Account may also be debited for any special Fees incurred in processing Items for collection. Customer hereby waives notice of dishonor, nonpayment, or protest with respect to any Items credited to or charged against Customer’s Account. 

Section 2.3. Crediting of Deposits. Deposits made to an Account will be credited pursuant to the Bank’s Deposit Availability Disclosure (included as Part 5 of the Rules below), which describes when funds from a deposit will be made available for withdrawal or for paying other transactions on Customer’s Account. Bank may credit a deposit to the Account based solely on the Account number listed on the deposit slip or other instruction, even if the name on the deposit slip or other instruction differs from the name on the Account. If Customer fails to properly identify the Account into which a deposit is made or intended to be made, Customer is responsible for any Losses caused by such failure. If Bank mistakenly credits Customer’s Account for funds to which Customer is not the rightful owner, Bank may deduct those funds from Customer’s Account at any time and without prior notice to Customer, even if this causes that Account to be overdrawn. 

Section 2.4. Deposit Reconciliation. The amount of Customer’s deposit is based on the amount shown on the deposit receipt, deposit slip, or otherwise provided by Customer when the deposit is made. After Customer makes a deposit, Bank may verify the accuracy of the deposit amount, although Bank reserves the right not to do so in every case. If Bank determines that a deposit amount is incorrect, Bank may adjust (credit or debit) Customer’s Account for any discrepancy, although Bank reserves the right not to do so if the discrepancy is less than Bank’s standard adjustment amount. Bank may change its standard adjustment amount at any time without notice to Customer. Adjustments will be reflected on Customer’s Account statement and Bank has no obligation to provide separate notice of any adjustment to Customer. 

Section 2.5. Returned Items. Customer is responsible for returned Items. Bank may charge Customer a Fee if a deposited Item is returned unpaid and subtract the amount of that Item plus any Fee from the Account without prior notice to Customer and regardless of whether settlement of such Item was considered final. When a deposited Item is returned unpaid, Customer may not receive the original deposited Item; instead, Bank may provide an image or other record of the Item at its discretion, which Customer agrees will be sufficient to protect its rights against the maker. If an Item is returned as a counterfeit item, altered item, or for any other reason, Customer is liable to Bank for any Losses regardless of any confirmation of availability of funds Bank may have provided to Customer. Bank reserves the right to re-present an unpaid Item for payment or collection, either in its original form or by converting it to an electronic payment and redepositing it as an ACH entry, in each case without notice to Customer, and may charge Customer a Fee for such re-presentment. 

Section 2.6. Withdrawals. Subject to the limitations set forth in these Rules, Customer may make withdrawals from the Account in any manner permitted by Bank for the type of Account that Customer has opened. Bank may debit the Account on the day an Item is presented by electronic or other means or at an earlier time based on notification received by Bank that such Item drawn on Customer’s Account has been deposited for collection in another financial institution or is intended to be deposited for charges reserved or incurred. 

Section 2.7. Transaction Limitations. Bank may allow withdrawals at any time, but reserves the right to require Customer to provide seven (7) day’s prior written notice of its intention to withdraw funds from any savings, money market and negotiable order of withdrawal (NOW) Account. Money market and savings Accounts are also subject to transaction limits during each monthly service charge cycle. Unless otherwise provided in the Account Disclosures, money market and savings Accounts are limited to six (6) transactions per monthly service charge cycle by means of preauthorized, automatic, telephone or online transfers. Withdrawals from a teller at any Bank branch or at an ATM are not subject to this transaction limit. If Customer exceeds the transaction limit during any monthly service charge cycle, Bank may charge a Fee for each transaction in excess of the limit. See the Account Disclosures for details. If Customer exceeds the transaction limitations applicable to Customer’s savings or money market Account three (3) or more times during any twelve-month period, Customer agrees that Bank may convert Customer’s Account to a different product type that is not subject to these transaction limits. 

Section 2.8. Large Cash Transactions. Bank reserves the right to place a limit on the amount of cash that may be deposited or withdrawn in person on a Business Day. Bank may require advance notice of a large cash withdrawal, and Bank may require that the cash be obtained by an armored carrier at Customer’s expense. Bank may also refuse to accept a cash deposit for a large amount. 

Section 2.9. Available Funds. The Available Funds in an Account are the funds that are available for Customer to use at any given time, which may be updated throughout the Business Day. The amount of Available Funds in an Account may not be the same as the Account balance, since funds included in the Account balance could be subject to a hold or pending transaction and thus unavailable for Customer to use. Withdrawals and debit Items, pending transactions, and holds can all reduce the amount of Available Funds in an Account. Account statements generally do not show holds or distinguish between Available Funds and unavailable funds in an Account, but Customer may use other information reporting systems offered by Bank to track the Account balance and Available Funds. 

Section 2.10. Overdrafts and Returned Items. (a) Bank has no obligation to pay any Item unless the Account has sufficient Available Funds when the Item is presented. When the Account does not contain sufficient Available Funds to pay an Item, Bank may in its discretion choose to pay the Item and create an Overdraft or return the Item unpaid. Bank may charge a Fee for each Overdraft Item and for each Item that is returned unpaid. See the Account Disclosures for details. Multiple Fees may be charged on a single Item if such Item is initially returned unpaid and then later re-presented for payment when the Account does not contain sufficient Available Funds to pay it. 

(b) If an Account becomes overdrawn, Customer agrees to immediately make a deposit or transfer into the Account to cover the amount of the Overdraft and pay Bank any associated Fees. Customer also authorizes Bank to apply any subsequent deposit to the Account to pay the Overdraft and any Fees. If Customer fails to bring the Account to a positive balance following an Overdraft, Bank may close the Account and seek to collect the amount owed by Customer. 

Section 2.11. Processing Order of Transactions. Bank receives withdrawals, deposits and other transactions at different times throughout the Business Day, some of which may show up as pending transactions during the day while others may not. Bank posts transactions to the Account using automated systems that will generally group transactions into categories and process them based on the applicable category. As a result of Bank’s posting order, Items may not be posted to the Account in chronological order and Overdrafts may occur. Customer acknowledges that Bank may change its posting order at any time and such changes will not be deemed an amendment to the Rules. Customer can avoid Overdrafts by always making sure the Account has enough Available Funds to cover Customer’s transactions. Please read the Deposit Availability Disclosure section of the Rules for more information on when Bank makes funds from Customer’s deposits available for use. 

PART 3       CHECK AND ITEM PROCESSING 

Section 3.1. Endorsements. Bank reserves the right to require Customer’s endorsement prior to accepting any Check for deposit. Bank may also accept and process any Check deposited to the Account without Customer’s endorsement and process the Check as if Customer had endorsed it. Customer authorizes Bank to supply missing endorsements and warrants that all endorsements are genuine. Customer’s endorsement, and the endorsement of any prior endorser, must appear on the back of a Check within the first 1.5 inches of the trailing edge of the Check. The trailing edge is the left side of the Check when looking at it from the front. Customer agrees to reimburse and hold Bank harmless from any Losses resulting from Customer’s failure to comply with these endorsement standards or properly endorse any Check, from any illegible endorsements, and from any marks or writing entered on the back of a Check that obscured or interfered with a bank’s endorsement or caused delays in processing or returning the Check. 

Section 3.2. Post-dated or Stale Checks; Restrictive Legends. If Customer writes a Check with a future date on it (a post-dated Check), Bank may pay the Check and charge it against Customer’s Account regardless of the future date and Customer agrees to hold Bank harmless from any Losses incurred as a result of paying a post-dated Check. Bank is not obligated to pay a Check presented for payment more than six months after its date (a stale check), and Customer agrees to hold Bank harmless from any Losses if Bank elects to pay a stale check. If Customer does not want Bank to pay a stale check, Customer must place a stop payment order on the Check. Bank is not required to honor any restrictive legend placed on Checks that Customer writes. Examples of restrictive legends include, “must be presented within 90 days” or “not valid for more than $1000.00.” Bank is not responsible for any Losses that result from Customer’s placement of restrictive legends or other special instructions on Customer’s Checks. 

Section 3.3. Automated Processing. In accordance with general banking standards, Bank has adopted automated collection and payment systems which rely on information encoded onto each Check in magnetic ink. Customer agrees that Bank may disregard all information on any Check drawn on Customer’s Account (front and back) other than Customer’s signature, the amount of the Check and the information encoded in magnetic ink. Customer further agrees that Bank shall not be deemed to have failed to exercise ordinary care in paying an Item solely because Bank’s procedures do not require Bank to perform a sight examination of Items except in certain limited circumstances. Bank is not required to maintain signature cards for any Account, and regardless of whether Bank maintains signature cards, in no event shall Bank be obligated to inspect any Check for the presence or authenticity of any signature, determine whether or not the signature is authorized, or review the number or combination of signatures on a Check. Notwithstanding the foregoing, if Bank receives a Check drawn against Customer’s Account which does not contain Customer’s signature as reflected on Customer’s Record of Account, Bank may return the Check unpaid in its discretion. Bank will not be responsible or liable to Customer for following these procedures, and Customer acknowledges and agrees that Bank has no duty to perform a sight examination of Checks. 

Section 3.4. Checks and Forms. All Checks, withdrawal forms, deposit slips and transfer instructions used in connection with an Account must be on forms obtained through or approved by Bank. Customer agrees to protect its Checks and other Account forms from theft and unauthorized use, and to notify Bank immediately if Customer becomes aware that any Checks or forms have been lost or stolen. Customer is responsible and will hold Bank harmless for any Losses that Customer suffers if: (a) any deposit made into or Check issued from the Account is returned, (b) processing of a Check is delayed as a result of any writing or marking that Customer or a prior endorser placed on the front or back of the Check, (c) there is improper printing on a Check, (d) Customer fails to maintain adequate safeguards against unauthorized use of its Checks, or (e) Customer fails to issue Checks in a manner so as to prevent unauthorized completion, alteration or addition. 

Section 3.5. Check Cashing. Bank reserves the right to refuse to cash Checks payable to business Accounts and require Customer to deposit a Check instead of cashing it. Bank may also refuse, and Customer agrees it will not be a wrongful dishonor to refuse, to cash a Check drawn on Customer’s Account for payment to a person who is not a deposit customer of Bank. If Bank elects to cash such a Check, Bank may charge the person a Fee and require them to provide identification that is acceptable to Bank. 

Section 3.6. Remotely Created Checks. A remotely created check is created by the payee and not signed by the payor. Bank may, in its discretion, accept a remotely created check for deposit, refuse to accept it, or accept it as a conditional deposit until the amount is collected by Bank, in which case the Deposit Availability Disclosure will not apply. By presenting a remotely created check to Bank for deposit, Customer represents and warrants to Bank that: (a) the person on whose account the check was drawn authorized the issuance of the check in the amount and to the stated payee on it; (b) if Customer created the check, Customer has express, verifiable proof of such authorization, which Customer will maintain for at least two (2) years following the date of authorization and provide to Bank upon request; and (c) if the check is returned, Customer will reimburse Bank for the amount of the check (regardless of when it is returned) plus any Losses that Bank may incur as a result of Customer’s breach of these representations and warranties or arising from any claim that such remotely created check is not authorized. If Customer voluntarily gives information about its Account to a party to create a remotely created check, Customer agrees that such check will be deemed authorized as if the check was actually signed by an Authorized Representative of Customer. 

Section 3.7. Substitute Checks. To make Check processing faster, federal law permits banks to replace original Checks with “substitute Checks.” Substitute Checks are similar in size to original Checks with a slightly reduced image of the front and back of the original Check. The front of a substitute Check states “This is a legal copy of your check. You can use it the same way you would use the original check.” Customer may use a substitute Check as proof of payment just like the original Check. Some or all of the Checks that Customer receives back from Bank may be substitute Checks. Bank reserves the right to refuse to accept a substitute Check created by a person other than a bank which has not yet been transferred by another bank, unless otherwise agreed to by Bank in writing; and if such a substitute Check is accepted for deposit, Customer agrees to reimburse Bank for any Losses and gives Bank the same warranties and indemnities as Bank would give under Applicable Law as a reconverting bank. Bank may limit or impose conditions on Customer’s right to deposit a substitute Check at any time. 

Section 3.8. Stop Payment Orders. Customer or any Authorized Representative may request Bank to stop payment on a Check written on Customer’s Account by providing Bank with the Account number, Check issue date, Check number, the exact amount of the Check, the name of the Check payee, and such other information as Bank may require (collectively, the “Required Information”). The stop payment request is subject to a Fee and must be received by Bank in sufficient time to give Bank a reasonable opportunity to act on such request before Bank pays the Check. Customer understands and agrees that Bank may be unable to identify the Check for which a stop payment has been requested and the Check may be paid if (a) Bank does not receive complete and accurate Required Information from Customer or (b) the bank of first deposit has not properly encoded any of the Required Information, and in either event Bank shall not be liable to Customer for any Losses resulting from Bank’s inability to stop payment of such Check. In addition to Customer’s indemnification obligations elsewhere in the Rules, by initiating a stop payment request for a Check payable from Customer’s Account, Customer agrees to indemnify and hold Bank harmless from and against any Losses arising in connection with Bank’s refusal to pay the Check. 

Customer cannot stop payment on certain types of Checks, such as official, certified, cashier’s, or teller’s Checks issued by Bank, and Bank may pay a Check to a person who becomes a “holder in due course” even if a stop payment order is in effect for that Check. Under certain circumstances, current transaction information may not be available, and the Check upon which a stop payment has been requested may already have been paid. If the Check upon which Customer has stopped payment has already been paid, Bank will refund the stop payment Fee at Customer’s request. 

A stop payment order will remain in effect for a period of six (6) months from the date thereof, but it may be renewed at Customer’s request. Customer will be charged a Fee for initial and renewed stop payment orders. Bank has no obligation to notify Customer when a stop payment order expires and Bank assumes no responsibility if the Check is paid after expiration of the stop payment order. 

Section 3.9. Facsimile or Computer-Generated Signatures. Bank reserves the right to pay or refuse to pay a Check bearing any form of facsimile or computer-generated signature, including any stamp, legend or other mark produced using an automatic Check writing service (“Mechanical Signature”). If Customer uses a Mechanical Signature or provides a signature card or other documentation authorizing a Mechanical Signature, Customer will be solely responsible for any Check bearing a similar signature, regardless of whether Customer was negligent or whether the signature was the same one that Customer previously used. Bank is not liable to Customer or any other person for any unauthorized use or misuse of a Mechanical Signature or if Bank dishonors any Item if Bank in good faith believes that the signature is not genuine or authorized. Customer acknowledges that using a Mechanical Signature may increase the risk of unauthorized transactions and Check fraud and Customer agrees to indemnify and hold Bank harmless from and against any Losses that Bank or Customer may incur related to the use, misuse or unauthorized use of a Mechanical Signature by any person. 

Section 3.10. Sub-Accounts. For accounting purposes, each checking Account may consist of two (2) sub-Accounts: a transaction sub-Account to which all financial transactions are posted, and a holding sub-Account into which Available Funds above preset levels are transferred daily. Bank may transfer funds between these sub-Accounts for its internal accounting records. Both sub-Accounts are treated as a single Account for purposes of Customer’s deposits, withdrawals, access and information, tax reporting, fees, FDIC insurance coverage, and payment of interest (if applicable). 

Section 3.11. Foreign Checks. Foreign Checks are handled as collection items only, and Bank may return a foreign Check uncollected. When a foreign Check is sent for collection, Bank may deduct its Fees along with any fees or charges imposed by other parties in the collection process, including the paying bank, from the amount collected or from Customer’s Account. If a currency conversion is required, the foreign Check will be exchanged at the Bank’s current daily exchange rate on the day of payment and credited to the Account in U.S. dollars. All foreign Checks that are returned to Bank unpaid will be charged back to Customer’s Account at the rate used when initially credited along with any applicable Fees. Foreign Checks are not subject to the Deposit Availability Disclosure section of the Rules and may be subject to an extended hold when deposited to an Account. Please note that the collection process for foreign Checks takes significantly longer than other non-foreign Checks, often up to four to six weeks, and Bank has no control over the process once a Check is sent for foreign collection. Customer understands that a foreign Check may be returned long after it was initially presented for deposit and Customer’s obligation with respect to the returned Item could arise at any time. 

PART 4       ERROR REPORTING, ACCOUNT CONTROLS, CLAIMS 

Section 4.1. Error Reporting. Customer is responsible for promptly examining and reconciling its Account statements, notices, any canceled Checks, and other information regarding the Account and transactions in the Account, and notifying Bank in writing of any errors, discrepancies or irregularities, including but not limited to unauthorized signatures, alterations, forgeries, improper charges, unauthorized transfers or withdrawal of funds, nonreceipt of an expected periodic statement, or that any deposit was not properly credited to Customer’s Account (each, an “Error”) as soon as possible. Bank will not be responsible for any Losses suffered by Customer or claims related to the Error if Customer fails to notify Bank in writing within (i) fourteen (14) days for Errors involving Checks, and (ii) thirty (30) days for all other Errors, following the date on which Bank first sent or made available the Account statement for the period during which the Error occurred. In addition, if Customer does not notify Bank of an Error within the applicable time period, Bank is not responsible for any additional Items with unauthorized signatures or alterations by the same person(s) involved in the original Error. 

Please note the time period in which Customer must notify Bank of an Error may be shorter if the transaction is related to an Electronic Funds Transfer, including ACH and wire transfers (see Section 6.7), or any Treasury Management Service, as provided for elsewhere in these Rules and in the Treasury Terms. 

If Customer fails to report an Error within the applicable time period: (a) Customer will be conclusively deemed to have failed to exercise reasonable care and promptness in examining its Account statements or providing reasonably prompt notice of an Error; (b) any Check or other Item or transaction charged to the Account will be deemed fully enforceable against Customer; (c) Bank will not be obligated to re-credit or refund the amount of the Error; and (d) Bank shall not be liable for, and Customer will hold Bank harmless from, the amount of such Losses that could have reasonably been prevented by Customer providing timely notice of the Error. Customer further agrees not to bring any claims or legal actions against Bank regarding any Error more than one (1) year after the date Bank sends or makes available the Account statement for the period during which the Error occurred. The notice requirements and time limits on claims described in this section do not apply with respect to any attempt by Customer or Bank acting on Customer’s behalf to seek recovery or other recourse against other banks, clearing organizations, or other parties, none of which are third party beneficiaries of these Rules. 

Section 4.2. Claim of Loss. If Customer claims a credit or refund because of an Error, Customer agrees to cooperate with Bank in the investigation of the Error. Customer’s cooperation may include, but not be limited to, providing Bank with an affidavit containing whatever reasonable information Bank requires concerning the Account, the transaction and the circumstances surrounding the Error and notifying law enforcement authorities of any criminal act related to the Error. Customer agrees to pursue all rights or claims Customer may have under any insurance policy that may cover its Losses related to the Error before making a claim against Bank, or to assign such rights or claims to Bank so that Bank may pursue them. Customer agrees not to waive any rights Customer has to recover its Losses against any other party who may be obligated to repay, insure or otherwise reimburse Customer with respect to the Error. Bank’s liability for any Error will be reduced by the amount Customer recovers or is entitled to recover from these other sources, in addition to the limits on Bank’s liability for Errors that are not timely reported as described in Section 4.1. 

Bank will have a reasonable period of time to investigate the facts and circumstances surrounding any Error. If Bank recommends that Customer close the Account due to Bank’s suspicion that it may be compromised and Customer declines to do so, then Customer agrees that Bank will not be liable to Customer for subsequent losses or damages on the Account due to unauthorized activity. 

Section 4.3. Account Controls. Customer is responsible for implementing reasonable Account controls and internal procedures to mitigate the risk of unauthorized activities, such as keeping Checks in a secure location, prohibiting signing blank Checks, reviewing Account statements and transaction activity regularly, and separating duties for Check writing and payment approval from duties for Account reconciliation. Customer agrees to safeguard the Account number, Checks, and any access device such as an ATM or debit Card or PIN. If Customer learns that any of its Account information, Checks, or access devices have been lost or stolen, Customer must notify Bank immediately. If Customer fails to protect its Account information or fails to provide such notice to Bank, Customer may be liable for the entire amount of any Losses from the Account. 

Section 4.4. Bank Actions on Account. Customer agrees that Bank may place a hold on an Account, decline or block any or all transactions to or from an Account, reverse or delay any specific transaction on an Account, remove funds from an Account to hold them pending investigation, or close an Account, in order to protect Customer or Bank or to comply with Applicable Law, including when: (a) Bank suspects that any transaction may involve illegal activity or may be fraudulent; (b) Bank suspects that Customer may be the victim of a fraud, scam or financial exploitation, even though Customer has authorized the transaction; (c) Bank receives conflicting information or instructions or there is a dispute regarding Account ownership, signing authority, control or activity; (d) an Account is involved in any legal or administrative proceeding; (e) Bank is complying in its sole judgment with any Applicable Law or with its policies adopted to assure that Bank complies with Applicable Law; or (f) Bank reasonably believes that doing so is necessary to avoid Losses or reduce risk to Bank. 

Bank reserves the right to close an Account and assign and transfer the Account information to a replacement Account number in its sole discretion, including when the Account is reported compromised by Customer or any Authorized Representative. If Bank issues a replacement Account number, these Rules will continue to apply to that Account. Additionally, Bank shall have the right to close an Account and pay the funds into an appropriate court for resolution, in which case Customer agrees to reimburse Bank for its costs and expenses, including attorney’s fees, which Bank may charge to Customer’s Account prior to any distribution. 

Customer agrees that Bank will have no liability for any action taken hereunder and Bank 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 Bank to conduct transaction monitoring or otherwise detect fraudulent activity with respect to any Account. 

Section 4.5. Legal Process Against an Account. If the Bank receives any process, subpoena, summons, order, injunction, execution, garnishment, distraint, levy, lien or other legal notice (collectively, “legal process”) that affects an Account, Bank may place a hold on the Account and refuse to permit withdrawals or transfers without liability to Customer until the legal process is satisfied, dismissed or otherwise resolved. Customer may have rights to contest the legal process under applicable state law, and it is Customer’s responsibility to exercise those rights if Customer disputes any issue related to the legal process or seeks to claim an exemption. Any legal process is subject to Bank’s security interest and set-off rights in the Account and to any Fees charged by Bank for such legal process. Customer agrees to reimburse all expenses, including court costs and attorney’s fees, incurred by Bank related to any legal process involving Customer’s Account, and Bank may deduct any such expenses from the Account without prior notice. 

PART 5       DEPOSIT AVAILABILITY DISCLOSURE 

Section 5.1. General Deposit Availability. Bank’s general policy is to make funds from Check deposits available on the first Business Day after the day Bank receives the deposits. Cash deposits, wire transfers and other electronic payments (such as ACH direct deposits) will be available on the day Bank receives the deposit. Once the funds are available, Customer can withdraw the funds in cash, and Bank will use the funds to pay Checks that Customer has written. Customer understands that even after Bank has made the funds available and Customer has withdrawn the funds, Customer remains responsible for any Checks deposited to its Account that are returned to Bank unpaid and for any other problems involving Customer’s deposit. 

For the purpose of determining the availability of deposits, every day is a Business Day except Saturdays, Sundays, and federal holidays. Banking office cutoff times may vary, but in no event shall a cutoff time be earlier than 2:00 p.m. local time. If Customer makes a deposit in a branch before 2:00 p.m. local time, or such later time posted at the branch, on a Business Day that Bank is open, Bank will consider that day to be the day of deposit. If Customer makes a deposit at one of Bank’s ATMs before 9:00 p.m. ET on a Business Day, Bank will consider the deposit to be made that day. However, if Customer makes a deposit after these cutoff times, or on a day Bank is not open, Bank will consider the deposit to be made on the next Business Day that Bank is open. 

Section 5.2. Longer Delays May Apply. In some cases, Bank will not make all of the funds that Customer deposits by Check available on the first Business Day after the day of deposit. Depending on the type of Check that Customer deposits, funds may not be available until the second Business Day after the day of deposit. The first $275 of Customer’s deposits, however, may be available on the first Business Day after the day of deposit. If Bank is not going to make all of the funds from Customer’s deposit available on the first Business Day, Bank will notify Customer at the time the deposit is made. Bank will also tell Customer when the funds will be available. If Customer’s deposit is not made directly to one of Bank’s employees, or if Bank decides to take this action after Customer has left the premises, Bank will mail Customer the notice by the day after Bank receives the deposit. If Customer will need the funds from a deposit right away, Customer should ask Bank when the funds will be available. 

In addition, funds deposited by Check may be delayed for a longer period under the following circumstances: 

  • Bank believes a Check deposited by Customer will not be paid. 
  • Customer deposits Checks totaling more than $6,725 on any one day to any Account(s) Customer maintains at Capital One Bank. 
  • Customer redeposits a Check that has been returned unpaid. 
  • Customer has overdrawn its Account(s) repeatedly in the last six months. 
  • There is an emergency, such as failure of computer or communications equipment. 

Bank will notify Customer if Bank delays Customer’s ability to withdraw funds for any of these reasons, and Bank will tell Customer when the funds will be available. The funds will generally be available no later than the seventh Business Day after the day of deposit. 

Section 5.3. Special Rules for New Accounts. For new Customers, the following special rules will apply during the first thirty (30) days the Account is open: 

  • Funds from wire transfers and electronic deposits (such as ACH credit transfer direct deposits) will be available on the day Bank receives the deposit. 
  • Funds from the following deposits are available on the first Business Day after the day of deposit: U.S. Treasury Checks, USPS Money Orders, Federal Reserve Bank & Federal Home Loan Bank Checks; and when the deposit is made in person to a Bank employee, State or Local government Checks, Cashier’s, Certified, Teller’s and Travelers Checks. When the deposit is not made in person to a Bank employee, at least $6,725 of the day’s total deposits of State or Local government Checks, Cashier’s, Certified, Teller’s and Travelers Checks will be made available on the second Business Day and the remainder will be available no later than the fifth Business Day after the day of deposit. 
  • Funds from all other Check deposits will be available no later than the fifth Business Day after the day of deposit. 

Section 5.4. Expedited Availability. Based on Customer’s overall relationship with Bank, Bank may make a portion of Customer’s Check deposits available on an expedited basis. Bank will periodically reevaluate the usage and handling of Customer’s Account based on Customer’s history with Capital One Bank. This review could result in reducing the availability schedule currently applied to Customer’s Check deposits. In the event of such a reduction, funds will be made available to Customer as described in the preceding sections of this disclosure. 

As described above, deposits made after Bank’s branch or ATM cut-off time will be considered to be made on the next Business Day. In some instances, however, Customer may be able to withdraw the funds at a branch or ATM on the same calendar day the deposit was made, but the funds will not be available to pay incoming ACH transactions or Checks that Customer has written. 

Section 5.5. Holds on Other Funds. If Bank cashes a Check for Customer that is drawn on another financial institution, Bank may withhold the availability of a corresponding amount of funds that are already in Customer’s Account. These funds will be available at the time that funds from the Check that Bank cashed would have been available if Customer had deposited the Check. 

If Bank accepts for deposit a Check that is drawn on another bank, Bank may make funds from the deposit available for withdrawal immediately but delay Customer’s availability to withdraw a corresponding amount of funds that Customer has on deposit in another Account with Bank. The funds in Customer’s other Account would then not be available for withdrawal until the time periods that are described the preceding sections of this disclosure. 

PART 6       ELECTRONIC FUNDS TRANSFERS 

The following terms apply to Electronic Funds Transfers that Customer originates out of an Account, and that Bank receives into Customer’s Account, unless Customer has entered into a separate agreement for Electronic Funds Transfers with Bank, in which case that separate agreement will govern and control to the extent of any inconsistency with the terms below. Any instructions from Customer to Bank to make such Electronic Funds Transfers (including amendments and cancellations) shall be deemed Payment Orders. By initiating or receiving Electronic Funds Transfer into an Account, Customer agrees to be bound by the Operating Rules. For terms relating to Card transactions, see Part 7 below. 

Section 6.1. Submitting Payment Orders. Customer agrees to submit Payment Orders in accordance with Bank’s procedures, including the Security Procedures, as they are modified from time to time. Customer is solely responsible for the content of each Payment Order and the accuracy and completeness of the information contained therein. Bank will rely on the information contained in the Payment Order in carrying out Customer’s instructions. No instructions or other restrictions accompanying a Payment Order shall be effective unless expressly accepted and agreed to in writing by Bank. 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 Customer’s behalf before accepting it for processing. 

Section 6.2. Security Procedures. (a) Customer agrees to submit Payment Orders in compliance with the Security Procedures established by Bank and made available to Customer. Customer acknowledges that Bank offers certain Security Procedures for the origination of Payment Orders and sending Electronic Funds Transfers and that Customer was offered, have reviewed and chosen from among these Security Procedures, and that the Security Procedures selected by Customer are commercially reasonable for the type, amount and frequency of Payment Orders originated by Customer. Customer’s origination of a Payment Order and use of an Electronic Funds Transfer service constitutes Customer’s agreement that such Security Procedures used by Customer are a commercially reasonable method of preventing unauthorized Payment Orders. Customer acknowledges that the Security Procedures are used to verify the authenticity of, and not to detect errors in, any Payment Order. 

(b) Customer agrees that any Payment Order that Bank acts on in good faith in compliance with the Security Procedures, whether or not in fact authorized by Customer, will constitute an authorized funds transfer and Customer will be obligated to pay Bank the amount of such transfer. Bank is not obligated to accept any Payment Order that is communicated to Bank in a manner that varies from the Security Procedures, and Bank is not liable for refusing to act on a Payment Order that Bank does not accept. If Bank accepts a Payment Order communicated to Bank in a manner that varies from the 

Security Procedures, then Customer agrees to be bound by such Payment Order, whether or not authorized, and Customer will be deemed to have refused the Security Procedures that the Bank offers and recommends as commercially reasonable. Customer further agrees to be bound by any Payment Order, whether or not it is communicated to Bank in compliance with the Security Procedures, if Customer did in fact issue the Payment Order or otherwise benefited from the Electronic Funds Transfer. 

Section 6.3. Processing Payment Orders. Bank may accept a Payment Order in its sole discretion and pursuant to the terms of the Rules. Any Payment Order received after Bank’s cutoff time may be treated as if received on the next Business Day. Bank will choose the payment network processor and intermediary banks as necessary to carry out Customer’s Payment Order and shall have no liability for selecting such payment network or intermediary bank in good faith. If a Payment Order identifies a beneficiary by both name and an identifying number, and the name and number identify different persons or account holders, the Payment Order may be processed by any financial institution solely on the basis of the identifying number. If a Payment Order identifies an intermediary bank or beneficiary bank by both name and an identifying number and the name and number identify different persons, the Payment Order may be processed by any financial institution solely on the basis of the identifying number. Customer agrees to pay Bank the amount of any Electronic Funds Transfer that Bank executes based on Customer’s Payment Order. Customer also agrees to pay Bank the amount of any Fees applicable to Electronic Funds Transfer, plus any fees or charges assessed by a payment network or other third party. Such Fees and charges may be deducted from the Account or from the amount of the Electronic Funds Transfer. 

Section 6.4. Rejection of Payment Orders. Bank reserves the right to refuse to accept a Payment Order for any reason, including Customer’s failure to maintain a sufficient balance in an Account or failure to use the Security Procedures when originating the Payment Order. Bank will not be liable for any Losses sustained by Customer for Bank’s refusal to accept a Payment Order. Customer can check the status of its Payment Order using Bank’s information reporting systems or by contacting Bank, and Customer acknowledges that Bank has no obligation to separately notify Customer in the event Bank rejects a Payment Order or if an Electronic Funds Transfer is returned to Bank after its execution. If a Payment Order is rejected by Bank or by any payment network processor or intermediary bank, Bank is not obligated to resubmit the Payment Order and it will be Customer’s responsibility to resubmit the Payment Order to Bank if desired. 

Section 6.5. Cancellation or Amendment. Customer has no right to cancel, amend or modify any Payment Order after it has been submitted to Bank. However, if Bank receives an amendment or cancellation request from Customer before Bank has executed the Payment Order, Bank may, but is not required to, make a reasonable effort to act on Customer’s request. If Bank acts on a cancellation or amendment instruction, Customer will indemnify the Bank from any and all Losses incurred by Bank relating to the cancellation or amendment. Bank will have no liability to Customer or any third party if the requested cancellation or amendment is not accomplished, and Customer will be obligated to pay the Payment Order as transmitted. 

Section 6.6. Provisional Credit; Settlement. Any credit to an Account resulting from an Electronic Funds Transfer is provisional until Bank receives final settlement for the funds. If Bank does not receive final settlement for the funds, Customer agrees that Bank may reverse the credit to the Account or that Customer will otherwise reimburse Bank if the Account does not contain sufficient funds. If Bank receives satisfactory documentation that a credit to the Account was made in error, or for an erroneous amount, Bank may debit the Account for the amount erroneously credited, or Customer agrees to otherwise reimburse Bank if the Account does not contain sufficient funds. In the event that an outgoing Electronic Funds Transfer from the Account does not become final, Customer’s underlying obligation to the payee will not be discharged. If an incoming Electronic Funds Transfer to the Account does not become final, then that payor’s underlying obligation to Customer will not be discharged. 

Section 6.7. Notice of Errors. Customer acknowledges that all Electronic Funds Transfers will be reflected on the periodic statement for the Account and Bank is not required to provide a separate notice of incoming or outgoing Electronic Funds Transfers. Customer agrees to review each statement promptly and notify Bank in writing upon the earlier of: (a) Customer’s discovery of any Error, or (b) within fourteen (14) days from the date the statement showing the Error is made available to Customer. The Error Reporting terms in Section 4.1 apply to any Errors involving Electronic Funds Transfers, and the applicable time frame for reporting an Error involving a wire transfer is fourteen (14) days from the date the statement showing the Error is made available to Customer, and Errors involving ACH entries must be reported to Bank immediately so that Bank has a reasonable opportunity to act on Customer’s notice prior to expiration of the time frame for return requests under the Nacha Rules. Customer acknowledges that the originating depository financial institution has no obligation to accept an ACH return request if such request is not made within the applicable time frame set forth in the Nacha Rules, in which case Customer’s return request may not be honored and Customer could incur Losses. 

Section 6.8. Transfers in Foreign Currency; International Wire Transfers. Any Payment Order in a currency other than U.S. Dollars shall first require that Customer validly purchase such foreign currency from Bank or Bank shall purchase such amount from Bank’s affiliate or correspondent bank. Unless otherwise agreed between Bank and Customer, the value of any such Electronic Funds Transfer shall be reported to Customer in the U.S. Dollar equivalent of the amount of foreign currency transferred. Any loss of exchange arising from a subsequent cancellation of such Payment Order or because of a rejection of delivery for any reason shall be charged to Customer’s Account. Customer agrees that if Bank utilizes the services of other banks for the purpose of giving effect to any Payment Order in foreign currency, then Bank does so for Customer at Customer’s risk. 

Bank’s Fees only cover its own costs for international wire transfers; additional costs or fees over which Bank has no control may be incurred during processing and Customer agrees to pay any such additional costs or fees. In addition, foreign countries and their subdivisions, any intermediary bank and the beneficiary’s bank may charge transfer taxes and other transfer fees that will reduce the amount received by the beneficiary. Customer is obligated to comply with all laws relating to the transfer of funds to or from foreign countries, individuals, or agencies. Noncompliance may result in the delay of wire transfers, fines equivalent to a percentage of the principal, or confiscation of the entire principal amount of the wire transfer if an attempt is made to transfer funds to a sanctioned individual, agency and/or country. 

PART 7      TERMS FOR ATM AND DEBIT CARDS 

Section 7.1. Types of Card Transactions. Cards may be used to conduct the following transactions: 

  • Withdraw cash from the Account; 
  • Make deposits to the Account; 
  • Pay for purchases from merchants that have agreed to accept the Card; 
  • Pay bills directly from the Account; or 
  • Check the balance in the Accounts at an ATM. 

Some of these services may not be available on all Accounts, with all Cards, or at all terminals. 

Section 7.2. Customer’s Obligations. Customer is responsible for all transactions arising from authorized use of the Card by any Card User, whether such use is at an ATM, banking terminal, electronic funds transfer device, any debit program or any other means of access. If Customer has authorized another person to use the Card in any manner, that authorization shall be deemed to include the authorization to make withdrawals or transfers of funds to or from the Account, and such authorization shall be deemed to continue until Customer has taken all steps necessary to revoke it by preventing such use by that person, including, without limitation, notifying the Card User and contacting Bank to provide notice that such Card User is no longer authorized. Customer warrants and agrees that the Cards will only be used by Customer and its Card Users for business purposes and will not be used for personal, household or family purposes. 

Section 7.3. Card Users. Customer is solely responsible for selecting its Card Users. Customer must require each Card User to comply with the terms and conditions of these Rules and Customer is responsible for the non-compliance of any Card User therewith. Customer acknowledges and agrees that Customer is solely responsible for retrieving the Cards if Customer revokes a Card User’s authority to use a Card, including if a Card User terminates its employment with Customer (if applicable). Except as otherwise limited in these Rules, Customer will remain responsible for all Card transactions. 

Section 7.4. Agreement to Pay. Customer agrees to pay Bank on demand for all purchases made, services utilized, and any cash advances made by or to any Card User. Cancellation of a Card or termination of the Account shall not excuse Customer’s obligation to pay for all purchases or other transactions incurred against or in connection with the Account through the effective date of the cancellation or termination. 

Section 7.5. Cancellation of the Card. Customer may cancel a Card at any time by notifying Bank in writing, calling the number on the back of the Card, or visiting a Bank branch location. These Rules shall remain in effect for purchases made and services rendered prior to such cancellation, and Customer agrees to immediately surrender or destroy the Card(s) upon Bank’s request. Bank may cancel or refuse Customer’s use of the Card at any time in its sole discretion and without notice. If Bank cancels the Card, all Card Users must surrender or destroy the Cards immediately upon request. Customer acknowledges that using a Card after notice of its cancellation is fraudulent and will subject Customer or any Card User of the Card to legal proceedings. The Cards are not transferrable and remain the property of Bank. 

Section 7.6. Waiver. Unless prohibited by Applicable Law, Customer hereby agrees to waive as against Bank all claims, defenses, rights and offsets that Customer or any Card User now or hereafter may have against any merchant or other payee for merchandise or for services acquired by use of the Card. 

Section 7.7. Transaction Limitations. Bank may, from time to time, limit the type, number and dollar amounts of any transactions made using the Card and Customer agrees to comply with any such transaction limitations and be responsible for all Card Users’ compliance with such limits. 

Section 7.8. Fees. Bank reserves the right to charge, and Customer agrees to pay, fees imposed in connection with the Card, including fees for the issuance, reissuance or use of the Card or for the reinstatement of any Card privileges which have been suspended, as well as an annual fee and transaction fee. Fees may be charged to use an ATM that does not display Bank’s logo. Also, when Customer or any Card User uses an ATM that is not owned by Bank, a fee may be charged by the ATM operator or any network used, and a fee may be charged for a balance inquiry at an ATM even if Customer does not complete a fund transfer. 

Section 7.9. Security. Customer agrees that the PIN is a commercially reasonable method of verifying whether any transfer or other payments were authorized by any Card User. Customer further acknowledges and agrees that the PIN is not intended to detect any errors to, or arising out of, a transfer or other payment. Customer agrees to notify Bank immediately and assist Bank in its investigation if a Card or PIN is lost or stolen or if Customer believes someone is using the Card without Customer’s authorization. In the event Customer identifies an unauthorized transaction or other Error involving a Card on its Account statement or information reporting made available by Bank, Customer is obligated to report the Error within thirty (30) days as required under the Error Reporting terms in Section 4.1 of the Rules. Customer agrees not to write the PIN on the Card or otherwise keep a written record of the PIN on any materials kept with or near the Card. 

Section 7.10. Limitation of Bank’s Responsibility. In addition to the other limits on Bank’s liability in these Rules, Customer agrees that in no event will Bank be liable for not processing or completing a Card transaction if: (a) the ATM terminal where Customer is making the transfer does not have enough cash; (b) the ATM, point-of-sale terminal, or other applicable system was not working properly and Customer should have known about the breakdown when Customer started the transfer; (c) Bank has not received proper authorization and notice; (d) the merchant or financial institution fails to accept the Card; (e) there is an allegation of fraudulent activity concerning the Account; (f) the Card and/or PIN has been reported lost or stolen or Bank has cancelled the Card and/or PIN; or (g) other Bank policies, rules, regulations, or agreements so provide. 

PART 8       GENERAL TERMS APPLICABLE TO ALL ACCOUNTS 

Section 8.1. Fees. Customer agrees to pay the Fees and any other charges associated with the Account and its deposit relationship with Bank, including Fees described in the Account Disclosures and on any statement for the Account. Bank may change the Fees at any time and will provide prior notice if required by Applicable Laws. Bank may debit the Account in the amount of the Fees owed, even if that makes the balance negative. For Electronic Funds Transfers, Bank may deduct its Fees from the proceeds of such transfers. Customer is responsible for all taxes attributable to its use of the Account, excluding taxes based on Bank’s employees, property or net income. 

Section 8.2. Amendments. Bank reserves the right to change Bank’s Fees, these Rules and any or all of the agreements, disclosures, and other documents incorporated by reference at any time. If Bank changes these Rules, the then-current version of these Rules supersedes all prior versions and contains the terms governing Customer’s Account. Amendments will be made in any manner deemed acceptable by Bank, including, without limitation, by general posting on the Bank’s website. Customer acknowledges that if Bank amends the Agreement by general posting on the Bank's website, Bank shall be under no obligation to communicate directly to Customer that any such amendments have been made; it being understood that Customer's access to the website shall be viewed as sufficient notice thereof. Customer agrees that the Rules may be amended in this manner. Customer agrees that its continued use of the Account will constitute Customer’s agreement to any and all new Fees, Rules, agreements, disclosures and other documents incorporated by reference. 

Section 8.3. Grant of Security Interest and Right to Set-Off. To secure payment of any amounts that Customer may owe Bank or any of Bank’s affiliates, Customer grants Bank a continuing security interest in all of its Accounts and all funds that Customer may now and in the future maintain on deposit with Bank, with the exception of funds held in a trust or fiduciary account, or in other qualified tax-deferred accounts. Customer agrees that Bank may apply (set-off) funds that Customer maintains on deposit with Bank, or any of its affiliates, against any amount that Customer may then owe to Bank or any of Bank’s affiliates under a loan, Overdraft, guaranty, or any other obligation or liability at any time and without prior notice to Customer. Bank may set-off Customer’s Account at any time whether or not Customer is then in default in making payment to Bank, and Bank may exercise Bank’s right of set-off without liability to Customer even if it results in an interest penalty or loss of interest, dishonor of subsequent transactions, early withdrawal penalty or any other consequence. Customer agrees to indemnify and hold Bank harmless from any claim arising from its exercise of set-off rights. 

Section 8.4. Multiple-Signer Accounts. Bank is not required to comply with any multiple-signature requirement, even if Customer’s signature card or other Record of Account specifies that multiple signatures are required or Customer has otherwise instructed Bank to do so. Customer acknowledges that any instruction requiring multiple signatures is for Customer’s internal control purposes only and is not binding on Bank. Bank will have no liability to Customer for disregarding instructions to allow withdrawals from the Account only upon multiple signatures with respect to Checks, Electronic Funds Transfers and other Items. 

Section 8.5. Collection Expenses. Customer agrees to pay and reimburse Bank for Bank’s reasonable costs and expenses in attempting to collect amounts that Customer owes Bank arising out of transactions on Customer’s Account. This includes payment and reimbursement of fees Bank incurs for collecting such amounts, including, without limitation, attorneys’ fees (including Bank’s in-house attorneys) and court costs. 

Section 8.6. Closing an Account. Customer can close its Account at any time for any reason by giving Bank written notice, subject to any advance notice of withdrawal from the Account and provided all Fees have been paid and all Items have been paid or collected. Bank may close any Account in Bank’s sole discretion at any time, for any or no reason and without notice to Customer. Bank may charge a Fee if an Account is closed early or because it has a negative balance. If the Account balance is insufficient to pay any amounts owed to Bank at the time of closing, Customer will remain liable to Bank for such amounts until they are paid in full. Bank is not liable for any Losses resulting from the termination of an Account relationship. Any Items received after an Account is closed will be returned unpaid; provided, that Bank reserves the right to reopen a closed Account if a debit or credit is received or to process trailing activity for Bank’s accounting purposes and such activity will remain subject to the terms of the Rules including Bank’s set-off rights. If an Account is closed with a positive balance remaining after payment of any Fees and Items, Bank may transfer the funds to another Account owed by Customer or return the funds to Customer by Check, external transfer or as otherwise determined by Bank. 

Section 8.7. Unclaimed Property. Each state has laws that govern when deposit accounts are considered abandoned and must be surrendered to the applicable state as unclaimed property. The applicable state is usually the state listed in the address on Customer’s Account statement. Generally, the funds in Customer’s Account are considered unclaimed if Customer has not had any transactions or activity over a period of years. Customer agrees that an Account will stop earning interest once it is presumed abandoned in accordance with state law. Once Customer’s funds are surrendered to the state as unclaimed property, Bank no longer has any liability or responsibility to Customer with respect to the funds and will close the Account. 

Section 8.8. FDIC Insurance; Special Provisions for Pass-Through Accounts. Customer’s deposits are insured up to the applicable limits under the Federal Deposit Insurance Corporation (FDIC) insurance coverage rules based on the category of account ownership. More information and tools to determine federal deposit insurance coverage can be obtained from the FDIC on its web site at www.fdic.gov or by calling 1-877-ASK-FDIC or 1-800-925-4618 (for the hearing impaired). Customer’s deposits will be insured based upon its Account relationship with Bank. The bankers at Bank can also provide Customer with information about the FDIC insurance coverage on its Accounts. 

If Customer opened an Account on behalf of the legal or beneficial owner(s) of the funds in the Account (for example as a trustee, agent, nominee, guardian, executor, custodian or funds held in some other capacity for the benefit of others), those legal or beneficial owner(s) may be eligible for “pass-through” insurance from the FDIC. This means the Account could qualify for more than the standard maximum amount of FDIC deposit insurance coverage. To ensure that the legal or beneficial owner(s) of the funds qualify for the appropriate amount of FDIC deposit insurance coverage as depositors, Customer must be able to provide a record of the interests of the actual owner(s) in accordance with the FDIC’s requirements in the event Bank fails, including the records Customer keeps on the legal or beneficial owners of the funds, identifying information for those owners, and the format in which to provide the records to the FDIC upon bank failure. Customer agrees to provide this information in a timely manner in order for the actual owner(s) of the Account to receive pass-through insurance coverage. Customer understands and agrees that Customer’s failure to provide the necessary information to the FDIC may result in legal claims against Customer by the actual owners of the funds in the Account. If Customer does not provide the required information, the Account may only be insured up to $250,000 in the aggregate with other accounts Customer has in the Bank and Customer will be responsible for any claims above this amount from the legal or beneficial owners of the funds. Notwithstanding other provisions in the Rules, this section survives after a receiver is appointed for Bank, and the FDIC is considered a third party beneficiary of this section. Customer agrees to cooperate fully with Bank and the FDIC in connection with determining the insured status of funds in such Accounts at any time. Customer agrees that Bank has the right to audit Customer’s records and that Customer has the ability to timely produce the records and information as required by the FDIC upon request. In the event of the Bank’s failure, Customer agrees to provide the FDIC with the information described above in the required format within 24 hours of Bank’s failure. As soon as a receiver is appointed, a hold will be placed on Customer’s Account and that hold will not be released until the FDIC determines Customer has complied with its alternative recordkeeping requirements. Customer’s failure to meet this obligation will be considered a breach of these Rules, which will survive after the FDIC is appointed as Bank’s receiver and the FDIC will be entitled to enforce the terms of this section. 

Section 8.10. Obtaining Credit Reports. Bank may request a consumer (credit) report in connection with Customer’s Account(s). Upon Customer’s request, Customer will be informed whether or not a consumer (credit) report was requested, and if such report was requested, informed of the name and address of the consumer (credit) reporting agency that furnished the report. Bank may also request subsequent consumer (credit) reports for all legitimate purposes in connection with updating, renewing, reviewing, modifying, and/or taking collection action on Customer’s Account(s). 

Section 8.11. Reporting Information to Credit Bureaus and Check Verification Systems. Bank may report information about Customer’s Account to credit bureaus and/or Check verification systems. Defaults on Customer’s Account may be reflected in Customer’s credit report. This could affect Customer’s ability to open accounts in the future. In the event Bank reports Customer’s Account to a Check verification system, Customer acknowledges that even if Customer pays Bank all amounts owed, Bank is not required to remove an accurate report of Account mishandling from any such Check verification system. 

Section 8.12. Reproduction of Bank Records. If Customer requests Bank to research and/or reproduce records regarding any of Customer’s Accounts with Bank (statements, Checks, deposits, withdrawals, etc.), Bank may charge a Fee and Customer agrees to pay this Fee. If the expected Fee is large, Customer may be asked to pay the Fee in advance. Bank reserves the right to provide Customer with an imaged item in lieu of the original item. 

Section 8.13. Electronic Agreements. Customer agrees that Bank may make agreements and otherwise do business and communicate with Customer electronically regarding the Accounts and these Rules. When accessing an Account through Bank’s online portal, by telephone or other electronic means, Customer’s authorization or instructions may be given by the use of codes, personal identification numbers, passwords, private keys, and similar means. All communications and access to Customer’s Account using such methods are deemed valid, authentic and duly authorized by Customer, and Customer intends and agrees that those electronic communications and agreements will be given the same legal effect as written paper communications signed by Customer. Customer further agrees that electronic copies of communications and agreements are valid, and Customer will not contest the validity of the originals or copies, absent proof of altered data or tampering. 

PART 9       GENERAL LEGAL TERMS 

Section 9.1. Limitation on Liability. (a) Notwithstanding any provisions of the Rules to the contrary, Bank’s liability to Customer for failure to exercise ordinary care resulting in a delay in executing, improper execution of, or failure to execute a Payment Order will be limited to an amount equal to interest losses attributable thereto; provided, that Bank’s liability to Customer for any Losses arising from or relating to the Account or these Rules that are outside the scope of Article 4A of the UCC, regardless of the form of action, shall be limited to direct damages attributable to Bank’s willful misconduct or gross negligence. Bank’s liability hereunder for interest losses will be calculated by using the daily federal funds rate in effect at the Federal Reserve Bank of New York for the period involved. In addition, Customer agrees that Bank shall be not be liable for acting upon Customer’s instructions or failing to act upon Customer’s instructions when Bank reasonably believes that doing so would expose Bank to civil or criminal liability or conflict with Applicable Laws or industry standard banking practices. If Bank fails to stop payment on an Item, or pays an Item bearing an unauthorized signature, forged drawer's signature, or forged endorsement or alteration, Bank’s liability, if any, will be limited to the face amount of the Item. 

(b) In no event shall Bank be liable for: (i) any punitive, indirect, incidental, consequential or special damages or lost profits, even if Bank has been advised of the possibility of such damages or losses; (ii) the acts or omissions of Customer (including its Authorized Representatives and other current or former employees and agents) or any third party servicer or vendor used by Customer, or any Losses incurred by any person or entity in connection therewith, excepting damages attributable to Bank’s gross negligence or willful misconduct; (iii) any Losses to Customer in connection with the Account or Customer’s use thereof, excepting damages attributable to Bank’s gross negligence or willful misconduct; (iv) any interception of any information relating to Customer or its use of the Account as a result of Customer’s Payment Orders or other instructions to Bank or use of the Internet or other software; (v) any inaccuracy or omission in a notice or communication received by Bank from Customer or any other third party, excepting Bank’s Service Providers; (vi) the lack of Available Funds in an Account to complete a transaction; (vii) Bank’s inability to confirm to Bank’s satisfaction the authority of any person to act on Customer’s behalf; (viii) any clerical error or oversight or honest mistake of judgment by Bank, or, to the extent permitted by Applicable Law, errors that do not result in a financial loss to Customer; or (ix) Customer’s failure to follow any applicable instructions relating to its use of the Account. 

(c) Any claim, action or proceeding by Customer to enforce the terms of the Rules or to recover for any Losses related to the Account must be commenced within one (1) year from the date that the event giving rise to the claim, action or proceeding first occurs. Customer agrees to cooperate with Bank in any loss recovery efforts Bank undertakes to mitigate any loss or liability that arises in connection with the Account or the Rules. 

(d) Customer agrees that: (i) Bank will be excused from failing to transmit or any delay in transmitting or processing a Payment Order or other instruction if such transmittal or processing would violate any provision of any risk control program of the Federal Reserve, any OFAC sanctions, or any other Applicable Laws, and (ii) Bank will not be responsible for the acts or omissions of any other financial institution, funds transfer system, Federal Reserve Bank, intermediary, payment network, transmission or communications facility, or any other third party, none of whom shall be deemed Bank’s agent for this purpose. 

Section 9.2. Customer’s Indemnification Obligations. (a) Customer agrees to indemnify and hold harmless Bank, its affiliates, licensors and Service Providers, and their respective directors, officers, shareholders, employees, agents, successors and representatives against any and all third party suits, proceedings, claims, demands, causes of action, damages, costs, expenses (including reasonable attorneys’ fees, court costs and other legal expenses), liabilities and other losses (collectively, “Losses”) that result from or arise out of: (i) the acts or omissions of Customer or any person acting on Customer’s behalf (including Customer’s Vendors and current or former directors, officers, shareholders, employees, agents, successors and representatives), in connection with Customer’s use of the Services, including, without limitation: (A) the breach by Customer of any provision, representation or warranty of the Agreement; (B) any misuse of the Services or Software by Customer, Customer’s Vendors or any other third party within the control or acting on behalf of Customer; or (C) the failure by Customer to comply with Applicable Laws; (ii) any act or omission of Bank that is in accordance with the Agreement or Customer’s Payment Orders or other Instructions; or (iii) any loss or corruption of data in transit from Customer or its Vendor to Bank. 

(b) Customer agrees to reimburse Bank for: (i) any fines or penalties and any associated costs (including reasonable attorneys’ fees and other legal expenses) imposed on or assessed against Bank by Nacha, any Federal Reserve Bank, any ACH Operator, any state or federal regulatory agency or other Bank or foreign governmental body, or any clearinghouse or other third party having oversight or rulemaking authority over networks relating to any of the Services, when the fine, penalty or other expense is caused by or related to Customer or Customer’s use of the Services, and (ii) reasonable attorneys’ fees, court costs and other legal expenses incurred by Bank in the event Bank deems it necessary to file an action to enforce the terms of the Agreement or initiate or participate in any litigation or other proceeding relating to Customer’s use of the Accounts or Services, including an action in interpleader, or any bankruptcy or insolvency proceeding or other litigation (or threatened litigation) involving Customer. Such amounts shall be immediately due and payable by Customer to Bank, notwithstanding whether Bank or Customer may have a claim against a third party. 

Section 9.3. Force Majeure. Bank will not be liable for any Losses caused by events beyond its reasonable control, including if such events prevent or delay Bank in performing its obligations under the Rules. Circumstances beyond Bank’s reasonable control include, without limitation, emergency conditions; power failure; natural disasters; acts of God; acts of terrorism; legal constraint or government shutdown; war; epidemic or disease outbreak; legally mandated quarantine or travel or work restrictions; strike or stoppage of labor; the breakdown or failure of Bank’s equipment, any communication or transmission facilities, or any mail or courier service; disruptions in the financial markets; adverse weather conditions; suspension of payments by another bank (including a Federal Reserve Bank); or Customer’s acts, omissions, negligence or fault. 

Section 9.4. Limitations on Assignment and Transfer of Ownership and Security Interests. Customer may not assign or transfer ownership of Customer’s Accounts with Bank without obtaining Bank’s prior written approval. In addition, Customer may not grant a security interest in funds held in Customer’s deposit accounts in favor of any other creditor without obtaining Bank’s prior written approval, which Bank has the right to withhold for any or no reason. If any ownership interest in an account is proposed to be transferred or if there is any change in Account title, Bank may require that the Account be closed and a new Account be opened. 

Section 9.5. Service Provider. Customer acknowledges and agrees that Bank may arrange for some or all of the functions and services related to the Account to be performed or provided by a third-party service provider, vendor or processor (each a “Service Provider”). Customer agrees not to bring a claim or any form of legal action against any Service Provider and agrees to hold any Service Provider harmless in connection with the Rules and acknowledges that any such claims will be brought only against Bank. 

Section 9.6. Confidentiality. Customer acknowledges and agrees that Bank may disclose any information concerning Customer or the Account to Bank’s Service Providers and affiliates in connection with the Account and the Rules. In addition, Bank may disclose such information to third parties where it is necessary for completing transactions involving the Account, in order to verify the existence and condition of the Account for a third party (e.g., a credit bureau or merchant), in order to comply with Applicable Laws, and as otherwise required to carry out Customer’s instructions or with Customer’s written permission. 

Section 9.7. Relationship. Customer agrees that the relationship created by any deposit or Account is that of debtor and creditor and otherwise the relationship between Bank and Customer is that of independent contractor, and that no fiduciary or other special relationship exists except as required by Applicable Laws. 

Section 9.8. Complete Agreement; Severability. Unless Bank agrees otherwise in writing, the Rules constitute the entire agreement between Customer and Bank with respect to the Account. If Bank’s provision of the Account and related services in accordance with the terms of the Rules would result in a violation of Applicable Laws, then the Rules will be deemed amended to the degree necessary to comply with such Applicable Laws and Bank will incur no liability to Customer as a result of such violation or amendment. If any provision of these Rules is deemed to be invalid or unenforceable, such invalidity or unenforceability will not affect the validity and enforceability of the remaining provisions of these Rules or of any agreements, disclosures or other documents incorporated by reference herein. 

Section 9.9. Waiver of Rights. Bank reserves the right to waive any one or more of Bank’s rights hereunder in Bank’s sole discretion, however, any such waiver shall only apply to that specific instance. Any such waiver of rights can also be terminated at any time, in Bank’s sole discretion. 

Section 9.10. Caption Headings. The caption headings in these Rules are for convenience purposes only and are not to be construed as a summary of each provision of these Rules. 

Section 9.11. Third Party Beneficiaries. Except as expressly provided herein, nothing in the Agreement is intended to confer any rights or remedies under the Agreement to any third party. Unless Customer has Bank’s prior written consent, Customer may not use the Account to process transactions for or on behalf of third parties. 

Section 9.12. Governing Law; Forum Selection; Waiver of Jury Trial. All actions relating to an Account or these Rules will be governed by federal laws and regulations and the substantive laws of the State of Virginia without giving effect to the conflict of law or choice of law provisions thereof. Any and all disputes between the parties, whether sounding in contract, tort or otherwise, shall be exclusively brought in the state or federal courts of Virginia. Customer consents and waives all objections to personal service of process of documents, including a summons or complaint, and agrees that the service thereof may be made by certified or registered mail at the Customer’s last known address. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT IT MAY LEGALLY AND EFFECTIVELY DO SO, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDINGS (WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE) ARISING OUT OF, OR RELATED TO, THE RULES OR ANY ACCOUNT. Customer acknowledges that Bank would not have opened or maintained any Account for Customer if this waiver of jury trial were not part of these Rules. 

PART 10       DEFINITIONS 

The meanings of defined terms shall be equally applicable to the singular and plural forms of the defined terms. All references to “include,” “includes,” or “including” shall be deemed to be followed by the words “without limitation.” 

“Account” has the meaning given in the preamble of these Rules, and excludes any deposit account opened for personal, family or household purposes. 

“Account Disclosures” means the disclosure statement provided for the type of Account Customer has opened and includes additional terms for that Account, including, as applicable, Fees, minimum deposit requirements and calculation, compounding and crediting of interest. 

“Applicable Laws” means, as applicable to an Account, a party, or the activities of a party, any declaration, decree, directive, legislative enactment, order, ordinance, law, rule or regulation, or other binding restriction of or by any governmental authority (including any federal, State, municipal, local, territorial, or other governmental department, whether domestic or foreign), including but not limited to the UCC and the regulations and sanctions administered by OFAC, and the rules of the association or organization through which transactions are processed, including the Operating Rules. References to “Applicable Laws” shall mean such laws as they may be amended, modified or otherwise exist from time to time. 

“Authorized Representatives” has the meaning given in Section 1.2 of the Rules 

“Available Funds” means the funds that are available for Customer to use at any given time based on Bank’s availability schedule in effect from time to time, as described further in Section 2.9. 

“Business Day” means Monday through Friday, excluding any day on which Bank is required or permitted to be closed or on which the Federal Reserve Bank of New York is closed. 

“Card” means a business debit card or ATM card linked to an Account. 

“Check” means a draft that is payable on demand, drawn on, or payable through a United States financial institution, whether negotiable or not, and in whatever medium including an imaged or substitute check. 

“Electronic Funds Transfer” means any and all transactions on Customer’s Account for the electronic payment or receipt of funds, including wire transfers, ACH entries, Real-Time Payments, SWIFT or the use of any other electronic payments network or system by Customer or by a third party to make payments to, or receive payment from, Customer’s Account. 

“Error” has the meaning given in Section 4.1 of the Rules. 

“Fees” means the fees charged by Bank with respect to an Account, as they may be changed by Bank from time to time. 

“Item” means any transaction posted to an Account, including Checks, in-person withdrawals or transfers, ATM transactions, credit card or other Card transactions, Electronic Funds Transfers, Automated Clearing House (“ACH”) entries and any other credits or debits to an Account. 

“Losses” means any and all lawsuits, proceedings, claims, demands, causes of action, damages, costs, expenses (including reasonable attorneys’ fees, court costs and other legal expenses), liabilities and other losses. 

“Mechanical Signature” has the meaning given in Section 3.9 of the Rules. 

“Nacha Rules” means the Operating Rules and Guidelines of the National Automated Clearing House Association (Nacha). 

“Notices” has the meaning given in Section 1.6 of the Rules. 

“OFAC” means the United States Office of Foreign Assets Control. 

“Operating Rules” means, collectively, the Nacha Rules and the rules, regulations and operating guidelines of any other payment network or trade association, including the Real-Time Payments network (RTP) and Electronic Check Clearing Organization (ECCHO), card associations, clearinghouses or other associations as in effect from time to time and used by Bank to effect transactions to or from an Account. 

“Overdraft” means a negative balance of Available Funds in an Account. An Overdraft occurs when Bank pays an Item presented for payment from an Account even though the Available Funds in that Account are not sufficient to cover the Item. 

“Payment Order” has the meaning as set forth in Article 4A of the UCC, and shall include, but not be limited to, instructions given for the origination, processing and payment of electronic funds transfers, including any wire transfers and any internal funds transfers between Accounts. 

“Record of Account” has the meaning given in Section 1.2 of the Rules. 

“Required Information” has the meaning given in Section 3.8 of the Rules. 

“Rules” has the meaning given in the preamble. 

“Security Procedures” has the meaning as set forth in Article 4A of the UCC. 

“Service Provider” has the meaning given in Section 9.5 of the Rules. 

“Treasury Terms” has the meaning given in Section 1.5 of the Rules. 

“UCC” means the Uniform Commercial Code as enacted in the State of Virginia, as amended from time to time.


Electronic Fund Transfer Agreement and disclosure for personal and commercial accounts

Effective February 9, 2022

Welcome to Capital One, N.A. (hereinafter referred to as “Capital One Bank,” “us,” “our,” or “we”). In this Agreement, “you,” “your,” and “yours” mean the authorized person or persons who conduct electronic fund transfers, including but not limited to persons to whom a Capital One Bank ATM or Debit Card is issued. Capital One Bank provides various electronic banking services to you. These services include, but are not limited to:

  • Automated Teller Machine (“ATM”) transactions.
  • Telephone transfers.
  • Point-of-Sale (“POS”) transactions, whether or not initiated through an electronic terminal.
  • Pre-authorized transfers to or from an account (“ACH”).
  • Smartphone or other mobile device transfers.
  • Online banking (see the Online Banking Terms and Conditions at www.capitalone.com/corporate/terms/).

This Electronic Fund Transfer Agreement and Disclosure (“Agreement”) contains disclosures required by Regulation E that apply to consumer accounts in addition to disclosures that apply to commercial accounts as they relate to electronic banking services, and it contains our terms and conditions with respect to these services. A consumer account is an account held by an individual and used primarily for personal, family, or household purposes.

  1. Your access device and your Personal Identification Number: An access device is a card, personal identification number ("PIN"), or other code used to initiate an electronic fund transfer ("EFT") to or from your account. The Capital One Bank, ATM card, platinum Debit Card, or Business Debit Card (hereinafter referred to collectively as "ATM/Debit Card") that you have requested is an access device.

You have selected or have been provided with a special PIN, a code you must enter into the ATM or that you may be required to enter into the POS terminal whenever you use your ATM/Debit Card. For your own protection, please memorize the PIN, and do not keep any notation of the PIN on the ATM/Debit Card or in the same wallet or purse as the ATM/Debit Card, and do not disclose the PIN to anyone who is not authorized to use your ATM/Debit Card.

Important information concerning international use of your ATM or Debit Card: Capital One Bank employs fraud monitoring and protection capabilities to help protect you from ATM/Debit Card fraud. These protection systems are designed to block transactions that occur outside of our customers’ ordinary transaction patterns and may block transactions originating in countries that are experiencing a high incidence of card fraud.

  1. Accounts that may be accessed: The accounts you link to your ATM/Debit Card are referred to in this Agreement as "designated accounts." You may access only the designated accounts. If you requested access to multiple accounts, you chose one checking account and one savings account as your primary checking and savings accounts. We may limit the number of accounts that can be linked to an ATM/Debit Card. If you wish to access additional accounts or change your primary accounts, please contact your banking officer.

You may use your ATM/Debit Card and PIN to access the following types of designated accounts:

  1. Checking account.
  2. NOW account.
  3. Savings account.
  4. Money Market account*

* At certain ATMs, when accessing your Money Market accounts you may need to select the ‘checking’ option rather than the ‘savings’ option.

  1. Types of transactions that can be completed: You may use your ATM/Debit Card at any Capital One Bank ATM. You may also use your ATM/Debit Card to complete transactions at non-Capital One Bank ATMs that are members of the EFT networks in which we participate.

Purchases may also be made using your ATM/Debit Card at merchant locations that are members of the POS networks in which we participate. You may also use your Debit Card or Business Debit Card to make purchases at locations that accept Debit MasterCard™ Cards. (Note: Your Debit Card or your Business Debit Card is not a MasterCard credit card, and this Agreement does not replace or affect any MasterCard account agreement that you may have with us or any other financial institution.)

Please note that some of the below services may not be available at all ATMs.

  1. Cash withdrawals: You can use your ATM/Debit Card and PIN at ATMs to obtain cash withdrawals from your designated accounts. At certain ATMs, cash withdrawals may only be made from your primary savings and primary checking account. Withdrawals made at ATMs owned and operated by other entities will be automatically deducted from your designated primary checking or savings account. Each time you use your ATM/Debit Card, we may place a hold on a corresponding amount of funds in your account until the transaction is posted against your account.
  2. Deposits: You can use your ATM/Debit Card and PIN at Capital One Bank-branded ATMs to make deposits into your designated accounts. Deposits made at an ATM may not be available for immediate withdrawal. Please refer to the Deposit Availability Disclosure contained in our Rules Governing Deposit Accounts Agreement to determine when the deposit will be credited to your account and when funds will be available for withdrawal or for paying transactions on your account.
  3. Transfers between your Capital One accounts: You can use your ATM/Debit Card and PIN at a Capital One Bank-branded ATM to transfer available funds between your designated accounts. Transfers made at a non-Capital One Bank ATM can only be made between your designated primary checking and primary savings accounts.

You may also transfer funds between your Capital One Bank accounts via the telephone, online banking, or by establishing an automatic transfer schedule.

  1. Purchases: You can use your ATM/Debit Card and PIN to make purchases at merchant locations that are members of POS networks in which we participate.

You may also use your ATM/Debit Card without your PIN to make purchases at merchant locations accepting Debit MasterCard Cards. The merchant may request a preauthorization for the transaction. If we authorize the transaction, the funds will be debited from your primary checking account immediately, or a hold may be placed on your account for up to several days after the purchase transaction has occurred, depending upon the promptness with which the merchant processes your transaction.

Some purchases may result in a longer hold. Sometimes the preauthorization requests may be in amounts different from the total amount of the transaction. For example, a gas station typically requests authorization in the amount of $1.00. Also, restaurants typically request authorization for 20% more than the price of the meal. If the preauthorization request varies from the amount of the actual transaction, payment of the transaction may not remove the preauthorization hold immediately. Generally, the preauthorization hold may remain on your account for up to three (3) business days after the date of the transaction and may affect the availability of funds from your designated account for other transactions. We will not be responsible for damages for wrongful dishonor of an item resulting from a preauthorization hold. You agree not to withdraw, write checks, or make point-of-sale purchases against funds that are needed to pay ATM/Debit Card transactions that have not yet posted against your account.

  1. Inquiries: You can use your ATM/Debit Card and PIN at ATMs to check the balance in your designated accounts. At non-Capital One Bank ATMs, you may only make balance inquiries on your designated primary checking or savings account. You may also check the balance in your designated accounts via our telephone or online banking service.
  2. Transfers between your Capital One Bank accounts and accounts at other financial institutions (or third parties) and check conversion: You can authorize a third party to initiate transfers between your accounts and the third party’s accounts by providing the third party with our routing number and your account number.

You may also authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to: (i) pay for purchases, or (ii) pay bills.

When you provide a check as payment, you authorize us to use information from your check to make a one-time electronic fund transfer from your account. In certain circumstances, such as for technical or processing reasons, we may process your payment as a check transaction. When we use information from your check to make an electronic fund transfer, funds may be withdrawn from your account on the same day you make your payment.

You should only provide your financial institution and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate electronic fund transfers.

  1. Limitations on Transactions: There are certain limitations on the use of electronic banking services. These include, but are not limited to, the following:
    1. Designated accounts: You may only access your designated accounts with Capital One Bank.
    2. Daily limitation: A daily spending limitation exists on all ATM/Debit Cards. This limitation combines three categories: cash withdrawals, cash advances and point-of-sale purchases. You may not aggregate transactions during any one (1) day (including either cash withdrawals, purchases, cash advances or a combination of the three) that exceed the established card limit. See the chart below for the limits established for the card product that you have. The limits listed below are the current default limits for our standard ATM/Debit Card products. Some cards might have different prevailing limits for their product at time of issuance. We do offer specialty ATM/Debit Cards with different default limits. If you have received a Wealth Management debit card or a Deposit Only ATM card, please refer to the documentation you received when you opened your account for details about limits for these cards.

Other ATM owners and operators may impose lower dollar limitations on the amount of cash withdrawals made at their ATMs.

  1. Online banking external funds transfer limitation: You may enroll in online banking to perform electronic transfers. When you enroll, you will be provided with additional terms and conditions that apply to electronic transfers using our online banking services. The below charts provide the default limits established for online banking transfers into and out of your designated accounts. Different limits may be assigned on a case-by-case basis. These limits do not apply to internal transfers between accounts opened in a Capital One Bank branch and accounts opened with Capital One Direct Banking accounts (both National Direct Bank [NDB] and 360 accounts), bill pay transfers, or pre-authorized third party payments.

The below limits apply to High Yield Checking and High Interest Checking accounts:

The below limits apply to all other products (excluding High Yield Checking and High Interest Checking):

Small Business accounts have different limits that change based on multiple factors.

  1. Third party transaction limitation: Our savings and money market accounts permit no more than six (6) transfers per statement cycle to a third party or to any of your other deposit accounts at Capital One. There is no limit in the number of transfers that you may make into your account. Note: We are currently not enforcing the transfer limits on consumer accounts. You'll be notified if we choose to re-impose these limits.
  2. Other reasons: We and other ATM owners and operators may limit or refuse to complete your ATM/Debit Card transactions for security or technical reasons.

We may also suspend your ATM/Debit Card if we consider your designated account to be inactive or dormant.

  1. Overdraft situations: An overdraft occurs when you do not have enough money in your designated account to cover a transaction, but we pay it anyway. Generally, we will not authorize and pay overdrafts for ATM withdrawals and everyday debit card transactions against your designated account unless you have authorized us to do so.* You understand and agree that even if you have authorized us to do so, you have no right to overdraw your account at any time, for any reason, and our decision to pay overdraft items is solely within our discretion. You further agree that if we elect to pay overdraft items, you must deposit additional funds into your designated account immediately in an amount sufficient to cover the overdraft. Available credit on an overdraft protection line of credit associated with the designated account may be used to fund ATM/Debit Card transactions when you do not have sufficient collected funds in your designated account(s). If the amount of the overdraft causes you to exceed the balance in the overdraft protection deposit account linked to the overdrawn deposit account, you agree to pay the amount by which the deposit account has been overdrawn *Applies only to consumer accounts.
  2. Transactions that are not completed: If we do not complete a transfer to or from your account on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
    1. If, through no fault of ours, you do not have enough money in your account to make the transfer;
    2. if we have terminated this Agreement for any reason;
    3. if the funds in your designated accounts are subject to legal process or other encumbrance restricting the transaction;
    4. if circumstances beyond our control (such as fire or flood) prevent the transaction from being completed despite reasonable precautions that we have taken;
    5. if an ATM does not have enough cash to complete the transaction;
    6. if there is a technical malfunction in the ATM that is known to you when you try to perform the transaction;
    7. if we have reason to believe that you or someone else is using our electronic banking services for fraudulent or illegal purposes;
    8. if you exceed the transfer limits listed in Section 4, "Limitations on Transactions," of this Agreement;
    9. if your ATM/Debit Card has deteriorated or has been damaged so that it does not function properly;
    10. if your ATM/Debit Card or PIN has been reported lost or stolen;

You agree that we will not be liable for any damages resulting from a refusal for any reason to authorize a transaction that you have attempted. You further agree that we will not be responsible or liable for a merchant's refusal to accept your ATM/Debit Card.

  1. Charges for ATM/Debit Card transactions: When you use your ATM/Debit Card at a non-Capital One Bank branded ATM, the ATM owner/operator may charge you a fee for your use of their ATM, and you may be charged a fee for a balance inquiry, even if you do not complete a cash withdrawal or funds transfer. You may also be charged a fee by us, as disclosed in our then current Schedule of Fees and Charges, for each cash withdrawal, funds transfer, or balance inquiry that you may make using a non-Capital One Bank branded ATM.

For international transactions, MasterCard's currency conversion procedure includes use of either a government mandated exchange rate, or a wholesale exchange rate selected by MasterCard for the processing cycle in which the transaction is processed. The currency conversion rate used by MasterCard on the processing date may differ from the rate that would have been used on the purchase date or cardholder statement posting date.

Withdrawals from an ATM outside of the United States, Puerto Rico, and U.S. Virgin Islands may incur an international transaction fee, as disclosed in our then current Schedule of Fees and Charges.

  1. Receipts and account statement: You will be given a receipt for transactions made with your ATM/Debit Card at ATMs owned by Capital One Bank unless you decline to receive the receipt. Your periodic account statement(s) for your designated accounts will also detail electronic transfer activity on the designated account. Generally, if you have a consumer account, you will receive a monthly statement if you have an EFT in that month. In any case, you will get the statement at least quarterly.
  2. In case of errors or questions about your electronic transfers: (For information pertaining to the error resolution process for international wire transfers, please refer to the Wire Funds Transfer Disclosure Statement and related disclosures.)

Call us at1-866-536-9023; Small Business: 1-833-368-5386

Write to us at:
Capital One, N.A.
7933 Preston Rd.
Plano, TX 75024
Attn: Customer Service Center

Log into your account at capitalone.com and click on the transaction.

Contact us as soon as you can if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt.

The following section applies only to consumer accounts: We must hear from you no later than sixty (60) days after we sent you the FIRST statement on which the problem or error appeared.

  1. Tell us your name and account number.
  2. Describe the error or 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.
  3. Tell us the dollar amount of the suspected error.

If you tell us verbally, we may require that you send us your complaint or question in writing within ten (10) business days.

We will determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days (ninety (90) days for those transactions at merchant POS terminals, processed on a new account, or initiated outside the United States) to investigate your complaint or question. If we decide to do this, we will credit your account within ten (10) business days for the amount you think is in error so that you will have full 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 ten (10) business days, we may not credit your account.

For errors involving new accounts (an account where the first deposit to the account occurs less than 30 days before the error), we may take up to twenty (20) business days to credit your account for the amount you think is in error.

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.

The following section applies only to commercial accounts: If you are a business or other entity that is not a natural person, the above referenced procedures do not apply to any accounts held by you. If you believe that an unauthorized transaction has occurred, we must hear from you within twenty four (24) hours of the time the transaction posts to your account. We will require you to submit an affidavit of unauthorized activity in connection with any such transaction immediately thereafter.

  1. Pre-authorized payments:
    1. Right to stop payment: If you have authorized regular payments out of your account, you can stop any of these payments. If the account requires multiple signatures to transact the withdrawal of funds, it is understood that we will recognize and accept stop payment instructions from any one authorized signer. Here is how: Visit your nearest Capital One Bank location. You may also:

Call us at1-800-655-2265

Write us at:
Capital One, N.A.
7933 Preston Rd.
Plano, TX 75024
Attn: Customer Service Center

We must receive your request at least three (3) business days before the payment is scheduled to be made. If you call us, we may also require you to put your request in writing to the above address and to get it to us within fourteen (14) days after you call. If you do not, then your verbal request will expire after fourteen (14) days. We will charge you a fee as disclosed in our then current Schedule of Fees and Charges for each stop payment order you give.

Merchants may allow returns or refunds on purchases; however, except as provided above for recurring payments, you cannot stop a one-time payment on any ATM/Debit Card transactions. For this reason, you should inquire about the merchant’s return or refund policy before entering into a purchase transaction. Merchandise purchased using your ATM/Debit Card that is subsequently returned will be reflected as a credit on your designated account statement, provided you elect to have the return credited to your designated account. Please refer to Section 9 for information on error resolution.

  1. Varying amounts: If these regular payments vary in amount, the person you are paying must tell you ten (10) days before each payment when it will be made and how much it will be. If you do not know this information, you may be unable to have the payment stopped without closing your account. (If we are required to provide this notice, 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.)
  2. Liability: 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 actual losses or damages, unless you failed to give us proper instructions that would enable us to stop the transfer. We will pay other damages only as required by applicable law. We will not be liable for any consequential or special losses or damages unless we act in bad faith. In addition, we will not be liable if the merchant or other third party initiating the transaction changes the dollar amount of the transaction or makes other changes so that we do not recognize it as the payment you stopped.
  1. Verifying pre-authorized deposits: You can verify whether a direct deposit has been processed to your account by calling us at 1-800-655-2265.
  2. Joint accounts: If more than one person signed your request for electronic banking services, each person who signed will be bound by this Agreement and will be responsible for paying all amounts owed as a result of this Agreement. If two (2) signatures are required to transact business on a designated account, any ONE (1) signer may initiate an electronic banking transaction on the account.
  3. Liability for unauthorized transfers on consumer accounts only:
    1. Notify us immediately if you believe your ATM/Debit Card has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your designated accounts (plus any available revolving 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 ATM/Debit Card without your permission.
    2. If you DO NOT tell us within two (2) business days after you learn of the loss or the theft of your ATM/Debit Card, and we can prove we could have stopped someone from using your ATM/Debit Card without your permission if you had told us, you could lose as much as $500.00.
    3. If you think that a transfer or withdrawal shown on your periodic statement is incorrect, or if you believe an unauthorized transfer or withdrawal has taken place, including those made by your ATM/Debit Card, code, or other means, contact us at once. We must be notified within sixty (60) days after the first statement we mailed to you on which the suspected problem appeared. If you do not contact us within this sixty (60) day time period, you could be held responsible for all unauthorized transfers and withdrawals that occurred between the end of the sixty (60) day period and the time you actually notified us if the transaction could have been prevented if we had been notified.
    4. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we may extend the above time periods.
    5. If you believe that your ATM/Debit Card has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, you may:

Call us at1-800-655-2265

Write us at:
Capital One, N.A.
7933 Preston Rd.
Plano, TX 75024
Attn: Customer Service Center

  1. MasterCard Zero Liability: You may have additional rights under the MasterCard rules. Provided that the PIN is not used as the cardholder verification method, you will not be responsible for unauthorized use of the Platinum Debit and Business Debit Cards under the following conditions:
    1. Your account is in good standing;
    2. You have exercised reasonable care in safeguarding your card from any unauthorized use. Unauthorized use means that you did not provide directly, by implication or otherwise, the right to use your card, and you received no benefit from the "unauthorized" purchase; and
    3. You have not reported two or more unauthorized events in the past 12 months.

If you have questions regarding zero liability coverage or you suspect unauthorized use of your debit card, contact us IMMEDIATELY.

  1. Evidence: If we go to court for any reason, we can use a copy, microfilm, or microfiche of any document or electronic documentation, e-mail, or database information to prove what you owe or that a transaction has taken place. These facsimiles will have the same validity as the original documents.
  2. Our rules and regulations and other agreements: The designated deposit accounts are also subject to other agreements that you may have with us including, but not limited to, our Rules Governing Deposit Accounts and Online Banking Terms and Conditions.
  3. Disclosure of information about your account: In the ordinary course of business, we may disclose information to third parties about your designated accounts or the transfers you make:
  • Where it is necessary for completing transfers or resolving errors involving transfers;
  • In order to verify the existence and condition of your account for a third party, such as a consumer reporting agency or a merchant;
  • In order to comply with orders or subpoenas of government agencies or courts;
  • If you give us your written permission;
  • As disclosed in our Privacy Notice; or
  • As otherwise permitted by law.
  1. Our business days: For purposes of this Agreement, our business days are Monday through Friday. Federal holidays or other days we are closed are not considered business days.
  2. Terminating this Agreement: You can terminate this Agreement at any time by notifying us in writing. We reserve the right to deactivate any ATM/Debit Card that has not been used for an extended period of time. We can also terminate this Agreement at any time. The termination of this Agreement by either party will not affect your obligations under this Agreement, even if we allow any transaction to be completed after this Agreement has been terminated.
  3. Changing this Agreement: We have the right to change the terms of this Agreement from time to time. We will notify you at least twenty-one (21) days before the change will take effect if the change will cause you greater costs or liability or if it will limit your access to your designated accounts. We will not have to notify you in advance, however, if the change is necessary for security reasons.
  4. Notices: All notices from us will be effective when we have e-mailed them, mailed them or delivered them to the last address that we have for you in our records. Notices from you will generally be effective when received at the appropriate address specified in this Agreement, but notices under Section 14 ("Liability for Unauthorized Transfers on Consumer Accounts Only") will be effective once you have done whatever is reasonably necessary to give us the information we need. A mailed notice will be considered delivered to us when it is received by us at the notice address in Section 14 of this Agreement. If more than one person signs your request for electronic banking services, notice to or from one of the people who signed the request will be effective for everybody who signed.
  5. Collection expenses: If we have to file a lawsuit to collect whatever you owe us, you will pay our reasonable expenses, including attorney's fees.
  6. Governing law: Any questions under this Agreement will be decided by applicable federal law, or, if no federal law exists, applicable state law. If any term of this Agreement cannot legally be enforced, the Agreement is to be considered changed to the extent necessary to comply with the law.
  7. Acceptance of this Agreement: You have agreed to be bound and obligated under the terms of this Agreement and any subsequent amendments to this Agreement by using our electronic banking services.

 


Wire Funds Transfer Disclosure Statement

Effective September 17, 2020

In this Wire Funds Transfer Disclosure Statement and Agreement (this “Agreement”), the words “you” and “your” mean a Capital One Bank account owner, and the words “us,” “we,” and “our” mean Capital One Bank. Capital One Bank is used as a trade name for Capital One, N.A. This Agreement defines your responsibilities and our responsibilities with respect to transfers of funds from your account(s) with us by wire transfer for credit to an account at another financial institution or another account with us (“Funds Transfers”), whether such transfers are domestic or international, made pursuant to: (a) written instructions, signed by you or your authorized representative (“Authorized Representative”), which we receive (i) in person from you or from someone present on your behalf, (ii) via facsimile transmission, (iii) via email, or (b) instructions we receive via our telephone wire request channel [(a) and (b) are collectively referred to herein as the “Funds Transfer Service”; (b) referred to herein as “Remote Channel”]. You understand that, except as specifically modified by this Agreement, your account(s) will continue to be governed by the terms and conditions contained in other agreements and/or disclosures that you have been provided with in connection with your account(s), which are incorporated herein by reference. Unless otherwise defined herein, the terms used in this Agreement shall have the same meaning as set forth in Article 4A of the Uniform Commercial Code and, to the extent applicable, the Electronic Fund Transfer Act (EFTA) and its implementing regulations.

  1. How to make a funds transfer: You may request or authorize a Funds Transfer (“Funds Transfer Request”) either in person, through our Telephone Wire Request Service, or strictly for an outbound international wire from a business account, by email. All Funds Transfer Requests delivered in person, by email, or by facsimile must be in writing, signed by you or your Authorized Representative and must contain detailed and specific instructions in a form acceptable to us in our sole discretion. Your Authorized Representative may be: (1) any joint owner on your account; (2) an authorized attorney-in-fact of an individual or joint owner on the account, acting pursuant to a power of attorney recognized by us; (3) an authorized fiduciary, such as a trustee, executor, administrator, custodian, guardian or conservator; (4) an authorized signatory on a business account, or (5) an individual indicated on a business resolution as someone authorized to initiate a Funds Transfer.
  2. Method used to make the funds transfer: We may select any means for the transmission of funds that we consider suitable, including but not limited to Fedwire. We may make use of correspondents, agents, subagents and funds transfer and communication systems. Such third parties shall be deemed your agents and we shall not be liable for any errors, delay, misdelivery, or failure of delivery by any of them unless applicable law says otherwise.
  3. Cut-off times: We have cut-off hours for processing Funds Transfers. Cut-off times vary depending on the location. Check with your local branch or contact the call center for cut-off hours. We may treat any Funds Transfer Request received at or after our cut-off time as if it were received that business day or we may treat it as if it were received at the opening of the next business day.
  4. Security procedures: You agree and consent to the use of certain security procedures by us to confirm the validity of the Funds Transfer Request made pursuant to this Agreement. You understand the security procedures are not designed to detect errors in the content of the Funds Transfer Request or to prevent duplicate transfers.

Some elements of the procedures will vary depending upon the method used to initiate a Funds Transfer. You hereby agree that your utilization of any security procedure established hereunder shall constitute your agreement to its use and affirmative acknowledgment of its commercial reasonableness. You further agree that any Funds Transfer Request that is acted upon in good faith by us in compliance with these security procedures, whether or not in fact authorized by you, shall constitute an authorized Funds Transfer.

The following security procedures shall apply to this Agreement: Before accepting any such Funds Transfer Requests, we will: (1) perform verification on the individuals initiating the Funds Transfer Request that is designed to ensure they are the individuals previously authorized to initiate a Funds Transfer for the account in question; (2) apply fraud-related screens to the wire instructions; (3) contact you using information from your account records to verify the Funds Transfer for wires that are not initiated in person (this contact may be through a method different than the one you used to request the Funds Transfer (e.g., phone versus e-mail) or it may be through the same channel to obtain a password or other information that only you should have); and (4) request and receive any other proof of identification or any other documentation from you or your Authorized Representative which we may, in our sole discretion, require under the circumstances.

  1. International Funds Transfer: For commercial transactions involving an international Funds Transfer (also known as a “remittance transfer”), you are responsible for providing us with the name and address of an intermediary bank at the time of the Funds Transfer. If you do not supply us with an intermediary bank, we will select one of our choosing. We will not be held liable if we have not confirmed the intermediary bank with you. For a consumer international Funds Transfer, we will select the intermediary bank through which the Funds Transfer is transmitted.

Selection of currency: Unless you state otherwise on the Funds Transfer Request form, Funds Transfers sent to foreign countries may be converted to the currency of the destination country at our rate of currency exchange for remittance transfers. Even if you tell us that you want the Funds Transfer sent in U.S. dollars, we cannot guarantee that the beneficiary/designated recipient will receive the funds in U.S. currency. The actual amount that the beneficiary/designated recipient receives may be reduced by fees and taxes imposed by the beneficiary bank, or a correspondent bank, including currency conversion charges.

Refund: Refunds of U.S. dollar consumer international Funds Transfer Requests shall be in U.S. dollars in the total amount of funds provided by you at the time of the Funds Transfer; refunds of commercial U.S. dollar international Funds Transfer Requests shall be in U.S. dollars in the amount of U.S. dollar payment that we receive from the bank returning the funds to us at such bank's rate of currency exchange, less any fees therefore. Refunds of foreign currency consumer international Funds Transfer Requests shall be in the total amount of foreign currency funds provided by you at the time of the Funds Transfer; refunds of commercial foreign currency international Funds Transfer Requests shall be in the amount of U.S. dollars that can be bought by us for the applicable non-U.S. dollar currency amount at our then current rate of currency exchange. You shall bear all risk of loss due to fluctuation in the currency exchange rate.

Conversion rate: For international Funds Transfers involving non-U.S. currencies, the exchange rates we use for your transactions are not necessarily the bank-to-bank negotiated exchange rate or other potentially more favorable rate. FDIC deposit insurance does not insure against any loss due to foreign currency fluctuations. Consult your attorney or investment advisor regarding the potential risks associated with foreign exchange transactions.

  1. Force majeure: We will not be liable for our inability to perform our obligations under this Agreement when such inability arises out of causes beyond our control, including but not limited to, any act of God, accident, labor disputes, power failures, system failure, equipment malfunction, suspension of payment by another bank, refusal or delay by another bank to accept the funds transfer, war, emergency conditions, fire, earthquake or the failure of any third party to provide any electronic or telecommunication service used in connection with the execution or cancellation of a Funds Transfer.
  2. Inconsistency of name and account number: You acknowledge and agree that when you (or your Authorized Representative), provide us with a name and account number in order for us to process a Funds Transfer, payment may be made by the beneficiary's/designated recipient's bank solely on the basis of the account number, even if the account number identifies a person different from the beneficiary so named. We or an intermediary bank may send a Funds Transfer to an intermediary bank or beneficiary's/designated recipient's bank based solely on the bank identifying number, even if the payment order indicates a different name. We may rely on all information contained in the Funds Transfer Request, regardless of who may have provided the information. You further agree that your obligation to pay the amount of a Funds Transfer to us is not excused in such circumstances. Except as provided by applicable law, any losses resulting from an incorrect account number or your misidentification of the beneficiary/designated recipient is your responsibility and not ours.
  3. Acceptance and execution of request by Capital One Bank: A Funds Transfer Request is considered accepted by us when we execute it. There is a deadline for each type of Funds Transfer Request. Please contact your Capital One Bank branch or Capital One Call Center for this information. If a Funds Transfer Request is received prior to the deadline, it will be executed by us that business day, provided we are able to validate your request that same business day as described in Section 4. A Funds Transfer Request received after the cut-off time may be executed on the next business day, again provided we are able to validate your request that next business day as described in Section 4. You can verify whether your Funds Transfer Request has been executed by calling us at 1-800-655-BANK (2265).
  4. Payment to Capital One Bank: You must pay us the amount of the Funds Transfer, plus any applicable fees, before we will execute the Funds Transfer Request. Please contact your Capital One Bank branch or Capital One Call Center for fees applicable to Funds Transfers and any other related pre-payment disclosures.
  5. Rejection of Funds Transfer: We have no responsibility to accept any incoming Funds Transfer(s) for your benefit. Likewise, we have a right to reject any Funds Transfer Request(s) for an outgoing Funds Transfer for reasons including, but not limited to, insufficient or uncollected funds in the account specified in the Funds Transfer Request, a request that fails the security procedures outlined in Section 4, our inability to execute the Funds Transfer for the reasons set out in the Section of this Agreement entitled Method Used to Make the Funds Transfer above, or if we are unable to verify the authenticity of the Funds Transfer Request.
  6. Notice of Funds Transfer not executed: If we determine, in our sole discretion, not to honor, execute or accept a Funds Transfer Request, we will endeavor to notify you, but we shall have no liability for delay or failure to do so. We will also endeavor to notify you promptly if a Funds Transfer is returned to us after its execution but shall have no liability by reason of our delay or failure to do so. We shall have no obligation to resend a Funds Transfer if we complied with the original Funds Transfer Request and such Funds Transfer was returned to us.
  7. Cancellation or amendment of Funds Transfer:
    1. Domestic Funds Transfers: Once we receive a domestic Funds Transfer Request, it may not be able to be canceled or amended. However, at our discretion, we may use reasonable efforts to act on any request for cancellation or amendment, provided that the method by which we are notified of a request for cancellation or amendment complies with our security procedures. However, we shall have no liability if such cancellation or amendment is not effected. You agree to indemnify and hold us harmless from any and all liabilities, claims, damages, costs and expenses we may incur in attempting to cancel or amend the Funds Transfer. Any cancellation or amendment of a Funds Transfer by us shall relieve us of any obligation to act on the original Funds Transfer Request.
    2. Consumer International Funds Transfers: Cancellation requests for consumer international Funds Transfers, must be received no later than 30 minutes after payment is made for the Funds Transfer. Cancellation requests received outside of this time frame may not be able to be processed.
  8. Account statements: Except as provided by applicable law, you agree that we are not required to provide you with a separate notice of incoming or outgoing Funds Transfer. All Funds Transfers will be reflected on your periodic bank statement. You should review your statement for any discrepancies, unauthorized transactions or errors in connection with any Funds Transfers. Except as otherwise provided herein, if you think a Funds Transfer is wrong or if you need more information about a Funds Transfer, you must contact us in writing upon discovery of the error or within fourteen (14) days from the date your statement is postmarked or otherwise made available to you, whichever is earlier. Failure to do so will relieve us of any obligation to pay interest on the amount of an unauthorized or erroneous Funds Transfer for which we are liable. Furthermore, you will also be liable to us for any damages or losses we may incur as a result of your failure to notify us within the time period stated in this Section.
  9. Change in authorized representative: Any changes in the authority of persons authorized to make a Funds Transfer on your behalf shall not be binding upon us until we have received written notice from you. The notice must be in a form acceptable to us and be given within a reasonable period of time for us to act upon the change.
  10. Duty of reasonable care: We shall exercise good faith and reasonable care in processing Funds Transfer Requests. You shall similarly exercise good faith and reasonable care in observing and maintaining security procedures, in communicating Funds Transfer Requests to us, and in reviewing periodic bank statements for any discrepancies.
  11. Liability of Capital One Bank: We shall be responsible only for performing the Funds Transfer Service expressly provided for in this Agreement; provided however, we shall be liable only for our own gross negligence or willful misconduct in performing such service. We shall not be liable to any third party or for any act or omission of yours or any third party, including, but not limited to, third parties used by us in executing a Funds Transfer or performing a related act and no such third party shall be deemed to be our agent. IN NO EVENT SHALL WE BE LIABLE FOR ANY DAMAGES OF ANY KIND INCLUDING WITHOUT LIMITATION DIRECT, INDIRECT, PUNITIVE, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOST PROFITS, LOSSES OR EXPENSES ARISING OUT OF OR IN CONNECTION WITH THE FUNDS TRANSFER SERVICE, EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SAME. Except as otherwise provided by applicable law, the maximum period for which we shall be liable for interest on any amount to be refunded or paid to you with respect to an unauthorized, erroneous or other Funds Transfer Request is thirty days.

Interest compensation: In the event we are liable to you for interest compensation under this Agreement, or applicable law, interest shall be calculated at the average of the federal funds rate published by the Federal Reserve Bank for the period involved; or at such other rate that we may agree to, in writing, from time to time.

Consumer International Wire Fund Transfer error resolution: In case of errors contact us at 866-536-9023, or write us at:

Capital One Bank
Claims Processing Center
PO Box 85039
Richmond, VA 23285-5039

You must contact us within 180 days of the funds availability date on your Funds Transfer receipt, or within 60 days of the date we provided you with any requested documentation, additional information or clarification concerning a Funds Transfer.

When you do, please tell us:

(1) Your name and address [or telephone number];
(2) The error or problem with the transfer, why you believe it is an error or problem and, if possible, the date of the error;
(3) The name of the designated recipient of the funds and, if possible, the designated recipient’s telephone number and address;
(4) The dollar amount of the transfer; and
(5) The confirmation code or number of the transaction.

We will determine whether an error occurred within 90 days after you contact us and report the results to you within three (3) business days of completing our investigation. If we determine an error occurred, we will notify you of the available remedies and will correct the error promptly and in accordance with the remedy you select.

If we determine no error occurred, we will send you a written explanation. You may ask for copies of the documents on which we relied for our determination.

  1. Liability of the customer: Except as otherwise provided by law, you shall be liable for any loss or damage to which your negligence contributed or which resulted in unauthorized, fraudulent or dishonest acts by your current and/or former Authorized Representatives. Such liability includes instances when a current or former Authorized Representative effects one or more Funds Transfers or improper use of telephone security procedures to effect a Funds Transfer to your detriment.
  2. Compliance with Anti-Money Laundering and Exchange Control Regulations and OFAC Enforced Sanctions:
    1. You covenant with us to observe all Anti-Money Laundering and Exchange Control laws and regulations including economic and trade sanctions promulgated by the Office of Foreign Assets Control of the U.S. Department of Treasury in relation to any Funds Transfer and you will use all reasonable endeavors to assist us to do likewise. In particular, you covenant that the information given to us by you is accurate. We may disclose any information given to us that we in our sole discretion think necessary or desirable to disclose; except we will only disclose confidential information if required by law, a court, or legal, regulatory, or governmental authority, or as permitted by law in order to combat, prevent, or investigate issues arising under anti-money laundering laws, economic sanctions, or criminal law.
    2. Sometimes legal, regulatory, or governmental authorities require additional information, either in respect of individuals, entities, or particular transactions. You agree to promptly supply all such information, which any such authority may require, and/or which we may be required to supply, in relation to the individual, entity, or particular transaction.
    3. If you, or your Authorized Representative, breach any such laws or regulations, you irrevocably agree that we may retain any monies or funds transmitted to us pursuant to this Agreement and/or not fulfill any Funds Transfer Request if we are required to take or refrain from such action by any legal, regulatory or governmental authority or if we reasonably believe that such action may violate any laws or regulations described herein, and such monies shall not bear interest against us. You further agree that we may pay such monies to the appropriate legal, regulatory or governmental authority, if and when required by law.
  3. Indemnification: In consideration of Capital One Bank agreeing to accept Funds Transfer Requests in the manner set forth herein, you shall forever indemnify and hold Capital One Bank, its officers, directors, shareholders, employees, successors, predecessors, representatives, principals, agents, assigns, parents, subsidiaries and/or insurers, harmless from and against all liability, claims, damages, costs, claims or expenses (including reasonable attorneys' fees) that we may incur, without regard to the merit or lack thereof, arising out of, or related in any way to the matters set forth herein, or to the Funds Transfer Service, which shall be provided pursuant to the terms of this Agreement. Your agreement to indemnify us and hold us harmless shall survive the expiration and/or termination of this Agreement and all provisions contained herein.
  4. Recording of communication: You agree that all telephone conversations made in connection with the Agreement may be recorded and retained by us.
  5. Termination of Agreement: We may terminate the right to make Funds Transfers at any time or amend or change the terms of this Agreement or cancel this Agreement without advance notice to you.
  6. Agreement controls: Both you and Capital One Bank will be bound by this Agreement. If there is a conflict between this Agreement and something said by one of our employees, you agree that this Agreement controls. This Agreement and the terms of the Account Agreement(s) related to your deposit accounts, which are incorporated herein by reference, constitute the entire Agreement between you and us regarding your use of the Funds Transfer Service. If any inconsistency exists between the account disclosure statements and agreement(s) and this Agreement, then the terms of this Agreement shall control. No representation or statement not expressly contained in this Agreement or in any amendment hereto shall be binding upon you or us.
  7. Governing law: All actions arising out of or concerning the Funds Transfer Service or these terms and conditions shall be heard by a judge sitting without a jury. In any such action, Capital One Bank shall be entitled to its reasonable attorneys' fees. The Funds Transfer Service and these terms and conditions shall be governed by the internal laws of the State of Virginia without regard to its conflicts of rules and the laws of the United States.
  8. Severability: In the event that any court or tribunal of competent jurisdiction determines that any provision of the Agreement is illegal, invalid or unenforceable, the remainder of this Agreement shall not be effected thereby.

Please note that from time to time, Capital One may revise the Rules Governing; therefore, it is strongly recommended that you review the modifications to ensure you are aware of any changes that are applicable to you.

If you have any questions about the Rules Governing, one of our associates will be happy to assist you. Please call your Treasury Management Advisor, or contact our Client Services team at 866-632-8888.