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"Gotchas" In The Americanet Bank Online Agreement And Disclosure

Wednesday, November 16, 2011 - 10:42 PMAmericaNet Bank - Details
"Gotchas" in the AmericaNet Bank Online Agreement and Disclosure

As of 11/16/11, When logging in you will have to agree to their Disclosure before you can check your accounts.  Of course they do not give you enough time to actually read the disclosure, so you will have to log in again after you decide to accept it.  If you do not accept it you will lose online access to your account.

Anything in brackets are my summaries or notes.

2b. HARDWARE & INTERNET USE/NO LIABILITY:
...[the bank] will not be liable for any damage, whether direct, indirect etc [for any reason whatsoever]

4. AVAILABILITY OF SERVICE:
[the bank] shall not be liable under this Agreement for failure to provide access.
Your access to the Service shall be determined by the sole discretion of the Bank.
Subject to applicable law, the Bank reserves the right to modify, suspend, or terminate access to the Service at any time and for any reason without notice or refund of previously incurred fees.

6d. FUND TRANSFERS AND ACCOUNT INFORMATION
The Account balance shown will be current as of the immediately preceding Business Day.
The Account balance may include deposits still subject to verification by us...

15. LIMITATIONS OF BANK'S RESPONSIBILITY FOR PROCESSING TRANSACTIONS
The Bank's sole responsibility for an error in a fund transfer or bill payment will be to correct the error, but in no case shall the Bank be liable for any indirect, punitive, special, incidental or consequential damages...[or] limited to the extent permitted by Applicable Law [Federal & Oklahoma law].

[In other words, if the bank makes an error, the problems are all yours, unless you can benefit from the mysterious "Applicable Law".]

16. DISCLAIMER OF WARRANTIES
Our service providers are independent contractors and not our agents. To the extent permitted by Applicable Law, we will not be responsible for any error, damage or other loss caused by any service provider.

Neither the Bank nor any Service Provider makes any warranty, express or implied, to you concerning the Service, including, without limitation,
any warranty of merchantability or
fitness for particular purpose or
non-infringement of third-party rights [?],
unless disclaiming such warranty is prohibited by applicable law. [Federal & Oklahoma law]

19a. TERMINATION/INTERNET BANKING SERVICE
[must call or write to terminate; same for Bill Payment Service]

19c. TERMINATION/BY BANK
We may terminate your use of the Service or the Bill Payment Service, in whole or in part, at any time without prior notice. We will try to notify you in advance, but we are not obligated to do so.

20. AMENDMENTS
You agree to be bound by any amendments or modifications to this Agreement after notice has been sent to you at your last known address contained in our records, which may include your e-mail address, or
upon our posting of such notice in the lobby of our branch offices or on our web site.
Where prior notice of a change in terms is required by applicable law [need to post this exact law], we will send the notice to you the required number of days in advance of the effective date of the change.

21. ELECTRONIC COMMUNICATIONS
You agree that we may send all notices, disclosures, amendments and other communications regarding this Agreement or the Service to you by electronic mail.
You further agree that procedures and requirements of the Service may be incorporated as part of our web site and communicated to you through the Service. [If you don't log in, you don't get the message.]
To the extent permitted by Applicable Law (as defined below [Federal & Oklahoma]), you agree that each such communication will be binding and enforceable to the same extent as if it were delivered to you in writing by mail or in person.

23. ASSIGNMENT
[the bank] may assign this Agreement or delegate any or all of our rights and responsibilities under this Agreement to any third parties. [i.e. you may not be working with actual bank employees]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
I did not include the gotchas in the Bill Payment section.  I wouldn't use it, since the risk is all yours and the profits are all theirs.

There are additional unfriendly rules in this Disclosure and each person should seriously read and decide if they want their cash to be subject to the stated rules. 

And without having access to all their mysterious "Applicable Laws", there are further unknown risks.

This Disclosure may also apply to Evantage and Redneck banks.

 
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waywardwayward49 posts since
Feb 17, 2011
Rep Points: 143
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