ELECTRONIC FUND TRANSFER DISCLOSURE AND

ELECTRONIC FUND TRANSFER DISCLOSURE AND AGREEMENT

Effective Date: May 24, 2021

Applies to consumer deposit accounts only

Independent Bank

4200 E Beltline Ave NE

Grand Rapids, Michigan 49525

800.355.0641

IndependentBank.com

For purposes of this disclosure and agreement the terms “we”, “us” and “our” refer to

Independent Bank. The terms “you” and “your” refer to the recipient of this disclosure and

agreement.

The Electronic Fund Transfer Act and Regulation E require institutions to provide certain

information to customers regarding electronic fund transfers (EFTs). This disclosure

applies to any EFT service you receive from us related to an account established primarily

for personal, family or household purposes. Examples of EFT services include direct

deposits to your account, automatic regular payments made from your account to a

third party and one-time electronic payments from your account using information from

your check to pay for purchases or to pay bills. This disclosure also applies to the use of

your Debit Card (hereinafter referred to collectively as “Debit Card”) at automated teller

machines (ATMs) and any networks described below.

TERMS AND CONDITIONS. The following provisions govern the use of EFT services

through accounts held by Independent Bank which are established primarily for personal,

family or household purposes. If you use any EFT services provided, you agree to be

bound by the applicable terms and conditions listed below. Please read this document

carefully and retain it for future reference.

DEFINITION OF BUSINESS DAY. Business days are Monday through Saturday excluding

holidays.

ELECTRONIC FUND TRANSFER SERVICES PROVIDED

DEBIT CARD SERVICES. The services available through use of your Debit Card are

described below.

DEBIT CARD SERVICES:

• You may withdraw cash from your checking account(s), savings account(s), money

market account(s), and NOW account(s).

• You may make deposits into your checking account(s), savings account(s), money

market account(s), and NOW account(s).

• You may transfer funds between your checking and savings accounts, checking and

money market accounts, checking and NOW accounts, savings and money market

accounts, savings and NOW accounts, and NOW accounts and money market accounts.

• You may make balance inquiries on your checking account(s), savings account(s), money

market account(s), and NOW account(s).

• You may use your card at any merchant that accepts Mastercard

debit cards for the

purchase of goods and services.

ATM SERVICES NETWORK.

Your ability to perform the transactions or access the accounts set forth above depends

on the location and type of ATM you are using and the network through which the

transaction is being performed. A speciﬁc ATM or network may not perform or permit

all of the above transactions. You may access your Debit Card through the following

network(s): Accel, Mastercard, and MoneyPass.

ATM FEES. When you use an ATM not owned by us, you may be charged a fee by the ATM

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operator or any network used, and you may be charged a fee for a balance inquiry even if

you do not complete a fund transfer.

POINT OF SALE TRANSACTIONS. Listed below is the card you may use to purchase

goods and services from merchants that have arranged to accept your card as a means

of payment (these merchants are referred to as “Participating Merchants”). Some

Participating Merchants may permit you to receive cash back as part of your purchase.

Purchases made with your card, including any purchase where you receive cash, are

referred to as “Point of Sale” transactions and will cause your “designated account” to be

debited for the amount of the purchase. We have the right to return any check or other

item drawn against your account to ensure there are funds available to pay for any Point

of Sale transaction. We may, but do not have to, allow transactions which exceed your

available account balance or, if applicable, your available overdraft protection. If we do,

you agree to pay an amount equal to the overdrawn balance plus any overdraft fees.

The following card and the corresponding designated account(s) may be used for Point of

Sale transactions: Debit Card: checking account.

Your Debit Card may also be used to obtain cash from your designated account(s) at

participating ﬁnancial institutions when so authorized under the terms of your Account

Agreement.

CURRENCY CONVERSION. If you perform transactions with your card with the

Mastercard logo in a currency other than US dollars, Mastercard International Inc. will

convert the charge into a US dollar amount. At Mastercard International they use a

currency conversion procedure, which is disclosed to institutions that issue Mastercard.

Currently the currency conversion rate used by Mastercard International to determine the

transaction amount in US dollars for such transactions is generally either a government

mandated rate or wholesale rate, determined by Mastercard International for the

processing cycle in which the transaction is processed, increased by an adjustment factor

established from time to time by Mastercard International. The currency conversion rate

used by Mastercard International on the processing date may differ from the rate that

would have been used on the purchase date or the cardholder statement posting date.

IMPORTANT ADDITIONAL FEE NOTICE. Mastercard charges a Cross-Border Fee on

all international transactions. Therefore, transactions completed with your Mastercard

Debit Card will be subject to a Cross-Border Fee of 3.000% of the transaction amount

when there is a currency conversion. If there is no currency conversion (the transaction

completed in the same currency as your country as cardholder), the Cross-Border Fee will

be 2.000% of the transaction amount.

SERVICES PROVIDED THROUGH USE OF TELEPHONE BANKING. You may perform the

following functions through use of Telephone Banking:

• You may initiate transfers of funds between your checking and savings accounts,

checking and money market accounts, checking and NOW accounts, savings and

money market accounts, savings and NOW accounts, NOW accounts and money market

accounts, checking and loan account(s), and savings and loan account(s).

• You may make balance inquiries on your checking account(s), savings account(s), money

market account(s), NOW account(s), and loan account(s).

• You may make payments on consumer loans, home mortgage loans, and home equity

loans that you have with us.

In addition, you may perform other transactions such as:

• Activate your Debit Card;

• Report a lost/stolen ATM or Debit Card;

• Order a replacement ATM or Debit Card; and

• Change your PIN via the telephone.

PREAUTHORIZED TRANSFER SERVICES.

• You may arrange for the preauthorized automatic deposit of funds to your checking

account(s), savings account(s), money market account(s), and NOW account(s).

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• You may arrange for the preauthorized automatic payments or other transfers from

your checking account(s), savings account(s), money market account(s), and NOW

account(s).

SERVICES PROVIDED THROUGH USE OF ONLINE AND MOBILE BANKING. Independent

Bank offers its customers use of our Online and Mobile Banking service.

Online and Mobile Banking allow customers to do all of their normal banking activities

from the convenience and privacy of their own home, or anywhere using a smartphone or

tablet device . All customer information is kept strictly conﬁdential, and all transactions

are guaranteed secure. To use Independent Bank Online and Mobile Banking services,

you must have at least one eligible deposit or loan account, and an electronic device with

internet access. Speciﬁc disclosures and applicable fees for Online and Mobile Banking will

be provided when you enroll in these services.

ELECTRONIC CHECK CONVERSION. You may authorize a merchant or other payee to

make a one-time electronic payment from your checking account using information from

your check to pay for purchases or to pay bills.

WITHDRAWAL LIMITATIONS. The number and/or dollar amount limit of withdrawal

transactions will be provided to you when you receive your card.

LIMITATIONS ON TRANSACTIONS

OTHER LIMITATIONS.

• The number and/or dollar amount limit of Point of Sale transactions will be provided to

you when you receive your card.

• The terms of your account(s) may limit the number of withdrawals you may make each

month. Restrictions disclosed at the time you opened your account(s), or sent to you

subsequently will also apply to your electronic withdrawals and electronic payments

unless speciﬁed otherwise.

• NEW CUSTOMERS - New customers have a temporary aggregate limit of $610.00 per

day and/or 30 transactions per day. These limits are in effect for 45 days after opening

new account.

LIMITS ON TRANSFERS FROM CERTAIN ACCOUNTS. Federal regulation limits the number

of checks, telephone transfers, online transfers, and preauthorized electronic transfers

to an account you have with us and to third parties (including Point of Sale transactions)

from money market and savings type accounts. You are limited to six (6) such transactions

from each money market and/or savings type account(s) you have each month for

purposes of making a payment to a third party or by use of a telephone or computer.

NOTICE OF RIGHTS AND RESPONSIBILITIES

The use of any electronic fund transfer services described in this document creates certain

rights and responsibilities regarding these services as described below.

RIGHT TO RECEIVE DOCUMENTATION OF YOUR TRANSFERS.

TRANSACTION RECEIPTS. Depending on the location of an ATM, you may not be given

the option to receive a receipt if your transaction is $15.00 or less. Upon completing

a transaction of more than $15.00, you will receive a printed receipt documenting the

transaction (unless you choose not to get a paper receipt). These receipts (or the

transaction number given in place of the paper receipt) should be retained to verify that

a transaction was performed. A receipt will be provided for any transaction of more than

$15.00 made with your Debit Card at a Participating Merchant. If the transaction is $15.00

or less, the Participating Merchant is not required to provide a receipt.

PERIODIC STATEMENTS. If your account is subject to receiving a monthly statement, all

EFT transactions will be reported on it. If your account is subject to receiving a statement

less frequently than monthly , then you will continue to receive your statement on

that cycle, unless there are EFT transactions, in which case you will receive a monthly

statement. In any case you will receive your statement at least quarterly.

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OTHER RIGHTS TO RECEIVE DOCUMENTATION OF YOUR TRANSFERS. Please refer to

Fee Schedule for applicable fees related to Electronic Funds Transfer services.

PREAUTHORIZED DEPOSITS. If you have arranged to have direct deposits made to your

account at least once every 60 days from the same person or company, we will let you

know if the deposit is made.

USING YOUR CARD AND PERSONAL IDENTIFICATION NUMBER (“PIN”). In order to

assist us in maintaining the security of your account and the terminals, the Debit Card

remains our property and may be revoked or canceled at any time without giving you

prior notice. You agree not to use your Debit Card for a transaction that would cause your

account balance to go below zero, or to access an account that is no longer available or

lacks sufﬁcient funds to complete the transaction, including any available line of credit. We

will not be required to complete any such transaction, but if we do, we may, at our sole

discretion, charge or credit the transaction to another account; you agree to pay us the

amount of the improper withdrawal or transfer upon request.

Certain transactions involving your Debit Card require use of your PIN. Your PIN is used

to identify you as an authorized user. Because the PIN is used for identiﬁcation purposes,

you agree to notify Independent Bank immediately if your Debit Card is lost or if the

secrecy of your PIN is compromised. You also agree not to reveal your PIN to any person

not authorized by you to use your Debit Card or to write your PIN on your Debit Card or

on any other item kept with your Debit Card. We have the right to refuse a transaction on

your account when your Debit Card or PIN has been reported lost or stolen or when we

reasonably believe there is unusual activity on your account.

The security of your account depends upon your maintaining possession of your Debit

Card and the secrecy of your PIN. You may change your PIN if you feel that the secrecy of

your PIN has been compromised. You may change your PIN at an ATM.

RIGHTS REGARDING PREAUTHORIZED TRANSFERS.

RIGHTS AND PROCEDURES TO STOP PAYMENTS. If you have instructed us to make

regular preauthorized transfers out of your account, you may stop any of the payments. To

stop a payment,

call us at: 888.300.3193 or

write to: Independent Bank

Customer Service Department

4200 E. Beltline Ave NE

Grand Rapids, MI 49525

We must receive your call or written request at least three (3) business days prior to the

scheduled payment. If you call, please have the following information ready: your account

number, the date the transfer is to take place, to whom the transfer is being made and the

amount of the scheduled transfer. If you call, we will require you to put your request in

writing and deliver it to us within fourteen (14) days after you call.

NOTICE OF VARYING AMOUNTS. If you have arranged for automatic periodic payments

to be deducted from your checking or savings account and these payments vary in

amount, you will be notiﬁed by the person or company you are going to pay ten days

prior to the payment date of the amount to be deducted. 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.

OUR LIABILITY FOR FAILURE TO STOP PREAUTHORIZED TRANSFER PAYMENTS. If you

order us to stop one of the payments and have provided us with the information we need

at least three (3) business days prior to the scheduled transfer, and we do not stop the

transfer, we will be liable for your losses or damages.

YOUR RESPONSIBILITY TO NOTIFY US OF LOSS OR THEFT. If you believe your Debit

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Card or PIN or internet banking access code has been lost or stolen,

call us at: 800.236.2442 (24 hours a day, 7 days a week)

or write to:

Independent Bank

Customer Service Department

4200 E. Beltline Ave NE

Grand Rapids, MI 49525

You should also call the number or write to the address listed above if you believe a

transfer has been made using the information from your check without your permission.

CONSUMER LIABILITY. Tell us AT ONCE if you believe your Debit Card or PIN or Internet

banking access code has been lost or stolen or if you believe that an electronic fund

transfer has been made without your permission using information from your check.

Telephoning is the best way of keeping your possible losses down. You could lose all the

money in your account (plus your maximum overdraft line of credit , if applicable). If you

tell us within two (2) business days after you learn of the loss or theft of your Debit Card

or PIN or Internet banking access code you can lose no more than ﬁfty dollars ($50)

if someone used your Debit Card or PIN or internet banking access code without your

permission. If you do NOT tell us within two (2) business days after you learn of the loss

or theft of your Debit Card or PIN or internet banking access code and we can prove

we could have stopped someone from using your Debit Card or PIN or internet banking

access code without your permission if you had given us notice, you can lose as much as

ﬁve hundred dollars ($500).

Also, if your statement shows transfers you did not make, including those made by card,

code, or other means, tell us at once. If you do not tell us within sixty (60) days after the

statement was transmitted to you, you may not receive back any money you lost after

the sixty (60) days, and therefore, you may not get back any money in your account

(including your maximum overdraft line of credit, if applicable), if we can prove that we

could have stopped someone from taking the money had you given us notice in time. If a

good reason (such as a long trip or hospital stay) keeps you from giving the notice, we will

extend the time periods.

CONSUMER LIABILITY FOR UNAUTHORIZED TRANSACTIONS INVOLVING DEBIT CARD.

The limitations on your liability for unauthorized transactions described above generally

apply to all electronic fund transfers. However, different limitations apply to certain

transactions involving your card with the Mastercard branded card.

If you promptly notify us about an unauthorized transaction involving your card and the

unauthorized transaction took place on your Mastercard branded card, including any PIN-

based ATM or POS transactions, zero liability will be imposed on you for the unauthorized

transaction. In order to qualify for the zero liability protection, you must have exercised

reasonable care in safeguarding your card from the risk of loss or theft and, upon

becoming aware of such loss or theft, promptly reported the loss or theft to us.

ILLEGAL USE OF DEBIT CARD. You agree not to use your Debit Card for any illegal

transactions , including internet gambling and similar activities.

IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR TRANSACTIONS. In case of errors or

questions about your electronic fund transfers,

call us at: 800.355.0641

or write to:

Independent Bank

Customer Service Department

4200 E. Beltline Ave NE

Grand Rapids, MI 49525

or use the current information on your most recent account statement.

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Notiﬁcation should be made as soon as possible if you think your statement or receipt

is wrong or if you need more information about a transaction listed on the statement or

receipt. You must contact Independent Bank no later than 60 days after we sent you the

ﬁrst statement on which the problem or error appears. You must be prepared to provide

the following information:

• Your name and account number.

• A description of the error or transaction you are unsure about along with an explanation

as to why you believe it is an error or why you need more information.

• The dollar amount of the suspected error.

If you provide oral notice, you will be required to send in your complaint or question in

writing within ten (10) business days. We will determine whether an error occurred within

ten (10) business days (twenty (20) business days for new accounts) 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 new accounts and foreign initiated or Point

of Sale transfers) to investigate your complaint or question. If we decide to do this, we

will credit your account within ten (10) business days (twenty (20) business days for new

accounts) for the amount which you think is in error, so that you will have the use of the

money during the time it takes to complete our investigation. If we ask you to put your

complaint or question in writing and we do not receive it within ten (I0) business days,

we may not credit your account. The extended time periods for new accounts apply to all

electronic fund transfers that occur within the ﬁrst thirty (30) days after the ﬁrst deposit

to the account is made, including those for foreign initiated or Point of Sale transactions.

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.

DISPUTES REGARDING POINT OF SALE TRANSACTIONS.

REVERSAL OF TRANSACTION. Independent Bank will reverse an EFT resulting from a

Point of Sale transaction at a Participating Merchant and recredit your account for the full

amount of the transfer if all of the following occur:

1. You provide us notice of having made a good faith attempt to seek redress and make an

assurance to us of the return to the Participating Merchant of related goods in dispute,

where returnable goods are involved.

2. The amount of the transaction is $50.00 or more.

3. Within four (4) calendar days following the transaction, we receive from you during

our normal business hours a written or oral request for the reversal. You must verify any

oral reversal order, notice and assurance in writing within fourteen (14) calendar days

following the oral notiﬁcation, on a form to be provided by us for that purpose. If written

veriﬁcation is not furnished, we will reinstate the original debits and credits involved in

the transaction.

Our set-off rights apply with regard to any overdraft which occurs due to these

transactions.

LIABILITY FOR FAILURE TO COMPLETE TRANSACTION. 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 as provided by law. However, there are

some exceptions. We will NOT be liable, for instance:

• If through no fault of ours, you do not have enough money in your account to make the

transfer.

• If the transfer would result in your exceeding the credit limit on your line of credit, if you

have one.

• If the electronic terminal was not working properly and you knew about the breakdown

before you started the transfer.

• If circumstances beyond our control (such as ﬁre or ﬂood, computer or machine

breakdown, or failure or interruption of communications facilities) prevent the transfer,

despite reasonable precautions we have taken.

• If we have terminated our Agreement with you.

• When your Debit Card has been reported lost or stolen or we have reason to believe that

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something is wrong with a transaction.

• If we receive inaccurate or incomplete information needed to complete a transaction.

• In the case of preauthorized transfers, we will not be liable where there is a breakdown

of the system which would normally handle the transfer.

• If the funds in the account are subject to legal action preventing a transfer to or from

your account.

• If the electronic terminal does not have enough cash to complete the transaction.

There may be other exceptions provided by applicable law.

CHARGES FOR TRANSFERS OR THE RIGHT TO MAKE TRANSFERS.

We reserve the right to impose a fee and to change fees upon notice to you. Please refer

to Fee Schedule for applicable fees related to Electronic Funds Transfer Services.

DISCLOSURE OF ACCOUNT INFORMATION. You agree that merchant authorization

messages transmitted in connection with Point of Sale transactions are permissible

disclosures of account information, and you further agree to release Independent Bank

and hold it harmless from any liability arising out of the transmission of these messages.

We will disclose information to third parties about your account or electronic fund

transfers made to your account:

1. Where necessary to complete a transfer or to investigate and resolve errors involving the

transfer(s); or

2. In order to verify the existence and condition of your account for a third party such as a

credit bureau or merchant; or

3. In order to comply with government agency or court orders; or

4. If you give us your permission in a record or writing.

AMENDING OR TERMINATING THE AGREEMENT. We may change this agreement from

time to time. You will be notiﬁed at least thirty (30) days before a change will take effect

if it will cause you an increase in costs or liability or it will limit your ability to make

electronic fund transfers . No notice will be given if the change is necessary for security

reasons. We also have the right to terminate this agreement at any time.

SAFETY PRECAUTIONS FOR ATM TERMINAL USAGE. Please keep in mind the following

basic safety tips whenever you use an ATM:

• Have your Debit Card ready to use when you reach the ATM. Have all of your forms ready

before you get to the machine. Keep some extra forms (envelopes) at home for this

purpose.

• If you are new to ATM usage, use machines close to or inside a ﬁnancial institution until

you become comfortable and can conduct your usage quickly.

• If using an ATM in an isolated area, take someone else with you if possible. Have them

watch from the car as you conduct your transaction.

• Do not use ATMs at night unless the area and machine are well-lighted. If the lights are

out, go to a different location.

• If someone else is using the machine you want to use, stand back or stay in your car until

the machine is free. Watch out for suspicious people lurking around ATMs, especially

during the times that few people are around.

• When using the machine, stand so you block anyone else’s view from behind.

• If anything suspicious occurs when you are using a machine, cancel what you are doing

and leave immediately.

• If going to your car, lock your doors.

• Do not stand at the ATM counting cash. Check that you received the right amount later

in a secure place, and reconcile it to your receipt then.

• Keep your receipts and verify transactions on your account statement. Report errors

immediately. Do not leave receipts at an ATM location.

ADDITIONAL PROVISIONS

Your account is governed by the terms and conditions of other applicable agreements

between you and Independent Bank. Your Debit Card (excluding ATM and HSA cards)

will automatically close if inactive for 12 months. You agree not to reveal your PIN to any

person not authorized by you to access your account.

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NOTICE REGARDING EFT CARD SERVICES. Independent Bank may honor any card-based

transaction that may overdraw your account including ATM withdrawals and transfers as

well as any PIN-based, PIN-less or Mastercard transaction (signed, internet or telephonic).

Independent Bank may assess a fee for each paid debit transaction resulting in an overdraft,

as provided in the Fee Schedule applicable to your account. Additionally, you agree to

reimburse Independent Bank immediately, upon demand, for the daily fee for accounts

that are not promptly repaid. Purchases and/or cash withdrawals may be subject to prior

authorization from Independent Bank. Authorization may be denied if the amount of all

outstanding authorizations exceeds daily or other limits established by us. If you elect to

have Independent Bank decline all ATM withdrawals and transfers as well as PIN-based,

PIN-less transactions or Mastercard transactions (signed, internet or telephonic) when your

account does not have a sufﬁcient balance to cover the requested transaction, you are

responsible for contacting us. ATM and Debit Cards are authorized at the time of transaction,

therefore, these transactions are not eligible for stop payments. Independent Bank has the

right to refuse a transaction on your account when your card has been reported lost or stolen

or when Independent Bank reasonably believes there is unusual activity on your account.

Effective July 1, 2010, Regulation E gives you the opportunity to “opt-in” or “opt-out” of

certain card-based overdraft services . Information related to this opportunity is provided to

you in the document titled, “What You Need to Know About Overdrafts and Overdrafts Fee.”

MASTERCARD AUTOMATIC BILLING UPDATER. Merchants that participate in the

Mastercard Automatic Billing Updater (ABU) will receive updated cardholder information

for recurring Mastercard Debit Card transactions. Information such as expiration date, card

number (if the original card was lost/stolen or transferred), and closed card notiﬁcations

are updated daily and communicated directly to participating merchants with whom

you have recurring payments. This service applies to recurring Mastercard Debit Card

payments. As a result, you will no longer have to contact the merchant to update your

card information, which will prevent disruption of your recurring payments. Your card, and

all future cards will automatically be enrolled in this service. To opt out, please contact

your local branch or customer service at 800.355.0641.

HEALTH SAVINGS ACCOUNT DEBIT CARDS. Debit Cards for Health Savings Accounts

(HSA) are a tool intended to be used by you, the HSA owner, and any authorized signer

(optional) on the HSA, to pay for qualifying medical expenses. You also understand that

such amounts will be reported to the Internal Revenue Service as distributions at the end

of the year. You understand any nonqualiﬁed distributions may be taxed and, if applicable,

subject to an additional IRS penalty tax. You assume full responsibility for your actions.

NOTIFICATION OF REGULATORS. Your rights in connection with electronic fund

transactions and this agreement are governed by Michigan and federal law. You may

contact the following agency if you believe a violation of the law has occurred:

MICHIGAN AGENCY:

Department of Insurance and Financial Services Division of Financial Institutions

PO Box 30224

Lansing MI 48909

www.michigan.gov/DIFS 877.999.6442

FEDERAL AGENCY:

Federal Reserve of Chicago 230 S LaSalle St

Chicago IL 60604

312.322.5322

877.999.6442

Electronic Fund Transfer Disclosure And Agreement - 0D8108

www.compliancesystems.com

Page 8

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FUNDS AVAILABILITY POLICY DISCLOSURE

Effective Date: May 24, 2021

Applies to both consumer and business accounts

DEPOSITS AT AUTOMATED TELLER MACHINES. If you make a deposit at an automated

teller machine (ATM) that is owned and operated by us before 10:00 PM (ET) on a

Business Day that we are open, we will consider the deposit made that day. However, if

you make a deposit at an ATM that is owned and operated by us after 10:00 PM (ET) or on

a day that we are not open, we will consider the deposit made on the next Business Day

we are open. This was previously midnight.

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OVERDRAFT COVERAGE OPTIONS:

OVERDRAFT PRIVILEGE AND OVERDRAFT PROTECTION

Effective Date: May 24, 2021

Applies to both consumer and business accounts

Independent Bank offers Overdraft Coverage on our checking accounts. This service is

designed to protect your account from unexpected overdrafts.

Overdraft Coverage Options

The choice is yours. Consider these ways to cover overdrafts:

Service Cost

Overdraft Protection Link to Another

Deposit Account you have at Independent

Bank

$7 fee per day if transfer is needed

Overdraft Protection Line of Credit

1, 2, 3

Subject to interest & annual fee

Overdraft Privilege $34 Overdraft Fee per item. Daily fees may

apply. ($6 daily fee begins after the 5th

consecutive day overdrawn)

Call us at 800.355.0641 or visit a branch to sign up or apply for these services;

subject to credit approval;

available only on consumer accounts.

Overdraft Protection services apply to all transactions and may help prevent overdrafts by

automatically transferring funds to your checking account from another account or line of

credit you may have at Independent Bank for a ﬁnance charge. Please note that overdraft

lines of credit are subject to credit approval.

Overdraft Privilege allows you to overdraw your account up to the disclosed limit* for a fee

in order to pay a transaction. Even if you have overdraft protection, Overdraft Privilege is still

available as secondary coverage if the other protection source is exhausted.

*New accounts opened within the past 30 calendar days have an introductory limit of

$100.00. After 30 calendar days, the Overdraft Privilege limit is $1,000 for eligible business

accounts and $600 for eligible personal accounts.

Transactions Covered

with Overdraft Privilege

Standard Coverage

(No action required)

Extended Coverage

(Your consent required)*

Checks X X

ACH - Automatic Debits X X

Recurring Debit Card

Payments

X X

Teller Window Transactions X X

ATM Transactions X**

Everyday Debit Card

Transactions

X**

If you would like to select Extended Coverage for future transactions:

• Call us at 800.355.0641

• Visit any branch

• Complete the A-9 consent form and mail it to us at:

PO Box 279

Belding, MI 48809

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**If you choose Extended Coverage, ATM withdrawals and everyday debit card transactions

will be included with the transactions listed under Standard Coverage.

You can discontinue the Overdraft Privilege in its entirety by contacting us at 800.355.0641

or visiting any branch.

What Else You Should Know

• A link to another account or a line of credit is a less expensive option than an overdraft.

A single larger overdraft will result in just one fee, as opposed to multiple smaller

overdrafts. Good account management is the best way to avoid overdrafts. Use our

mobile banking, Internet banking, and telephone banking services to keep track of your

balance. For additional ﬁnancial education resources, please visit www.mymoney.gov.

• The $34 Overdraft Fee is the same fee amount that is charged if a check is returned

as unpaid. If multiple items overdraw your account on the same day, each item will be

assessed an appropriate Overdraft Fee or a Return Fee of $34. All fees and charges will

be included as part of the Overdraft Privilege limit amount. Your account may become

overdrawn in excess of the Overdraft Privilege limit amount as a result of a fee.

• If your account balance remains overdrawn for longer than 5 business days, including

Saturday, we will charge your account a daily overdraft fee of $6 for each of the

consecutive business days the account remains overdrawn, beginning with day 6.

• For consumer accounts, there is a limit of 5 Overdraft Fees ($170) per day we will

charge. For business accounts, there is a limit of 10 Overdraft Fees ($340) per day we

will charge. We will not charge an Overdraft Fee if a transaction for $5 or less overdraws

your account. Overdraft fees could be assessed on a Saturday.

• We generally post items as they are received. Most items are posted immediately (real

time) as they are presented. This includes credit/debit transactions performed at an

Independent Bank branch and electronic transactions such as: ATM transactions, debit

card transactions, mobile/online banking transactions, pre-authorized transactions and

wires. Items presented via ACH (direct deposits or debits) are posted as received during

multiple daily presentments. Checks transacted at other ﬁnancial institutions will be

posted as received. Funds authorizations and fee assessments (including overdraft fees

and return item fees) are based on available balance at the time a transaction is posted.

Holds on funds may also impact funds availability and fee assessments.

• Although under payment system rules, Independent Bank may be obligated to pay

some unauthorized debit card transactions, Independent Bank will not authorize debit

card or ATM transactions unless there are available funds (including Overdraft Coverage

Options) to cover the transactions and any fee(s).

• Independent Bank authorizes and pays transactions using the available balance in your

account. We may place a hold on deposited items in accordance with our Deposit

Account Agreement and Disclosure, which will reduce the amount of your available

balance. On accounts with Standard Coverage, the available balance for authorizing

ATM and everyday debit card transactions is the current balance, less any holds on

certain deposited items pursuant to Regulation CC, and pending debit card transactions,

plus any available Overdraft Protection, but does NOT include the Overdraft Privilege

limit. On accounts with Extended Coverage, the available balance for authorizing ATM

and everyday debit card transactions is the current balance, less any holds on certain

deposited items pursuant to Regulation CC, and pending debit card transactions, plus

any available Overdraft Protection and the applicable Overdraft Privilege limit.

• Please be aware that the Overdraft Privilege amount is not included in your available

balance provided through online banking, mobile banking, or Independent Bank’s ATMs.

• Independent Bank will reduce the available balance for authorized debit card

transactions until the transactions settle or as permitted by payments system rules.

In some cases, the reduction for the authorized debit card transactions may exceed

the amount of the settled transaction. When the transaction settles, your account will

update to reﬂect the available balance. If your account is overdrawn after the transaction

settles, an Overdraft Fee(s) may be assessed.

• Except as described in this letter, Independent Bank may not pay items if your account

does not contain available funds (including the Overdraft Privilege limit) to cover the

item(s) and the amount of any fee(s).

• Independent Bank may suspend your debit card if your account is overdrawn more

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than thirty (30) consecutive calendar days. Debit cards on your account will remain

suspended until you make sufﬁcient deposits so that your account balance is positive.

• If your debit card is suspended, you will be unable to use your debit card for purchases

or to access your account at the ATM, and if you use your debit card for recurring

payments, e.g., utilities, you are responsible to make other arrangements for your

recurring debit payment(s).

• Overdraft Privilege is not a line of credit; it is a discretionary overdraft service that can

be withdrawn at any time without prior notice.

• Overdraft Privilege may be discontinued if you default on any loan (30 days or more past

due, bankruptcy) or other obligation to us, your account becomes subject to any legal or

administrative order, garnishment or levy, or if you fail to maintain this account in good

standing by not bringing your account to a positive balance within 30 calendar days for

a minimum of one business day.

• Depositor and each Authorized Signatory will continue to be liable, jointly and severally,

for all overdraft and fee amounts, as described in the Deposit Account Agreement and

Disclosures. The total (negative) balance, including all fees and charges, is due and

payable upon demand.

• New accounts opened within the past 30 calendar days have an introductory limit

of $100.00. After 30 calendar days, the Overdraft Privilege limit is $1,000 for eligible

business accounts and $600 for eligible personal accounts.

If you have any questions about Overdraft Protection or Overdraft Privilege, please call us at

800.355.0641 or visit any branch.

Rev 4.22.2021