Loan Payment Service Agreement

Terms and Conditions for RSI Bank’s Loan Payment Service

In these Terms and Conditions, the word “Terms” refers to the Terms and Conditions set forth in this agreement; “Bank” means RSI Bank; “you” and “your” mean each and all of those who agree to be bound by these Terms and Conditions; “Loan” means your eligible RSI Bank loan account; and “Funding Account” means your account at an outside institution that you are authorizing us to initiate payments from that will be applied to your Loan.

Our Loan Payment Service is a way for online banking users to make payments to their Loan with us from a Funding Account at another financial institution. Payments are debited using your other financial institution’s routing number and your account number. The payment is sent via an Automated Clearing House (ACH) transaction.  The origination of ACH transactions to your account must comply with the provisions of U.S. law.

  1. Acceptance of Terms and Conditions. These Terms cover the use of the Loan Payment Service. By submitting a payment, you agree to the Terms set forth in this agreement, as well as the online banking terms and conditions. If you no longer wish to be bound by these Terms, you should discontinue your usage of this service.

  2. Payments.  Your payment amount can change periodically due to escrow, interest rate changes, and/or late charges. Interest will continue to accrue and late charges may be assessed, if applicable, until final credit is given to your Loan. Payments scheduled on the current business day prior to 4:00 PM (ET) will be processed and credited to the Loan that same day. In the event a payment is scheduled on a non-business day, after the 4:00 PM cut off time, or on a Federal or Bank holiday, the payment will be processed and credited to the Loan on the next business day. The debit transaction may take up to three business days to post to the Funding Account. For this disclosure, a business day is defined as any day of the week Monday through Friday, except for Federal or Bank holidays.

  3. Limitations. This service is intended to allow users to conveniently make regularly scheduled loan payments. We may impose a limit on the dollar amount or amount of transactions allowed through this service.  Escrow or principal-only payments are not permitted through this service.  Only regular payments are allowed through this service. However, any payments made that are more than the amount owed will be applied to principal as long as there are no late charges due.

  4. Adding Your Funding Account to the Loan Payment Service. Only accounts that you own should be added to this service. If a Funding Account is found to have alternate owners than that of the Loan, we may cancel the account or discontinue this service for that user. It is your responsibility to update your Funding Account information if it changed.

  5. Fees and Other Charges. We may charge a fee to make a payment to your Loan. That charge will be disclosed to you at the time you schedule your payment and will be charged in addition to your requested payment amount. You may be subject to a late charge as disclosed in your Loan agreement.

  6. Cancellation. We may cancel your ability to use this service in the event of multiple failed payments or if your Loan is delinquent. We reserve the right to cancel this service at any time, for any reason.

  7. Notification and Confirmations. You may request that a notification be generated to you via email on the date your transaction begins to process. Any notification or confirmation number provided via our site is not a guarantee your payment has posted to your Loan. This is a confirmation that the payment will be attempted as well as a tool for us to research specific payments that are generated through this service.

  8. Contact Information. We may contact you regarding your usage of our Loan Payment Service. This communication may be via U.S. Mail, email, or phone. It is your responsibility to notify the Bank if your current contact information changes.

  9. Amendments. We may make changes to these Terms from time to time. Continued use of the Loan Payment Service will serve as your acknowledgement and acceptance of these Terms. Notification of changes will be given as required by law. You agree to receive electronic communications regarding this service. Our current Terms will be posted on our website at: https://rsi.bank/LoanPayTC.html.

  10. Questions. If you have any questions when using our Loan Payment Service, you may contact us at 732-388-1800 during our regular business hours.
     

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