BOM Bank Internet Banking Terms and Conditions

The following Terms and Conditions govern your use of Internet Banking offered by BOM Bank for accounts held at BOM. “BOM” means the bank or any of its subsidiaries or affiliates that hold a Linked Account or provide Internet Banking Services. By using Internet Banking, you agree to these Terms and Conditions. You may print this document for your files or you can request a copy by mail by calling BOM at 318-352-3060. Or you can write to: BOM, P.O. Box 7294, Natchitoches, LA 71457.

Types of Available Transfers and Services

Here’s what you’ll be able to do on your computer with Internet Banking:

• Obtain available balance information for Deposit, Savings, Loans, and Line of Credit Accounts as of the close of business on the preceding Business Day. However, debits initiated for Bill Payments, may not be reflected in the Available Balance until the next business day or later, and credits initiated for loans and lines are not reflected in the Available Balance until after two business days.
• Review transaction information for the last twenty-four months or two years of statement periods for deposit accounts (i.e. a savings account with a quarterly statement would display eight statement dates).  Review transaction information for the last twelve statement periods for revolving credit accounts, and the last twenty-four months, or fifty transactions for mortgage accounts.
• Make transfers from your checking, savings or other asset accounts or revolving credit accounts to your checking, savings or other accounts, revolving credit, installment loan or mortgage accounts.
• Access information on BOM products and services.
• Obtain a summary of checking, savings, money market, CDs, IRAs, or other, revolving credit, installment loans and mortgage accounts.
• Send Secure messages to us.
• Register for the Bill Pay service to pay bills or make payments from your account to a business or person in the United States.
• Register for personal financial management tools to aggregate, or bring together, most of your online accounts in one place.
• View, print and download electronic statements or notices and disclosures by enrolling in the eStatement Service, which will also cancel your paper statement. BOM online-only accounts receive only electronic delivery of statements, notices and disclosures.

Account Access

Access information about the following types of Accounts:

BOM Bank Products

• Checking Accounts
• Savings Accounts
• Certificate of Deposit Accounts (CDs)
• Individual Retirement Accounts (IRAs)
• Line of Credit Accounts
• Installment Loans
• Mortgages
• Home Equity Lines of Credit

Accounts Not Eligible for Access

• Fiduciary accounts
• Any account that requires two or more signatures.
• Any account in the name of a child under 18 years of age.

Any person you have authorized to access your Personal Internet Banking Account is authorized to:

• Accept these Terms and Conditions, as amended from time to time
• Access each eligible Account of yours in any manner and for any purpose available through Internet Banking, whether available now or available at some time in the future. Access includes making transactions on linked accounts, such as checking or savings accounts.

You agree that any eligible Account opened at a future date will automatically be linked to Internet Banking.

Removal of Account Access

You may remove access to any Account by notifying BOM by written correspondence. All BOM online-only accounts require that you access the accounts only through Internet Banking and such accounts will need to be closed if you want to remove online access.

Your Log On Credentials

Your log on credentials are used to identify you when accessing Internet Banking. They act as your signature.

You can change your log on credentials at any time. For your protection, you should memorize your log on credentials and not keep any notation of them on or with your computer. Your log on credentials assure that only you, or someone to whom you give your log on credentials, can access your Internet Banking Account. You agree not to give your log on credentials to anyone you do not authorize to use your Internet Banking Account. If you do, you will be responsible for any money withdrawn or transferred from your Accounts when such person uses your log on credentials. You also should not provide your log on credentials to anyone you do not want to view your financial information maintained on your PFM service.

If any of your Accounts are joint accounts or have additional authorized signers, each owner, or authorized signer is entitled to their own log on credentials to access their Internet Banking Account.

You understand and agree that to the extent permitted under applicable law each owner of an Account is jointly and individually responsible for all Internet Banking transactions that affect that Account, using Internet Banking.

Limitations on Frequency of Transfers and Dollar Amounts

You may use Internet Banking and the Bill Pay service as often as you would like. Internet transfers or Bill Payments must not exceed your Available Balance in the Account on the day the transfer is made, unless you have authorized BOM to use your usable balance from your BOM Line Account. Transfers from your line of credit account are subject to the terms of the credit agreement. If you make Internet Banking Transfers from your savings account to another of your Accounts, those transfers are counted as telephone transfers and are subject to the Transfer Limits contained in the Rules for Deposit Accounts. If you exceed the transfer limits, then BOM may be required to close your savings account and transfer the balance to a checking account.

You may cancel a future transfer by finding the transfer in ‘Scheduled Transfers’. Select an account or a date range to narrow your search. Select the transfer by clicking on the date, and then you can modify or delete the transfer.

BOM may reject a transfer instruction if there are insufficient Available Funds in your Account, or in the usable balance in your BOM line of credit, or for any other reason.

Bill Payment Processing

The Bill Pay service allows you to use your accounts to pay a bill or to make payments to a business or other payee that has a mailing address within the U.S. You agree not to use the Bill Pay service to make any tax payments or any court-ordered payments. You agree that if you attempt to make payments for taxes or court-ordered payments or if you attempt to make payments to a payee outside the U.S., BOM and its agents will not be responsible for that payment.

By registering for the Bill Pay service, you authorize BOM and its agents to follow the payment instructions you have provided using your Internet Banking Account. You will provide BOM with the names, addresses, phone numbers and account information of those persons or entities to whom you wish to make a Bill Payment. When you initiate a Bill Payment, you authorize BOM to charge your account on a Business Day provided in the transaction and to remit funds to the payee on your behalf electronically, provided electronic payments are permitted and accepted by the payee. If the payee does not permit and accept electronic payments, then those funds will be remitted to the payee through the use of a paper check issued by BOM or its agent and payable to the payee. Such paper check will state that it represents a payment from you and will indicate the account number of your account with the payee.

Payments can be sent to payees electronically or by check. As a number of different factors are considered to determine how the payment will be sent, we cannot tell which method of payment will be used until the payment is processed. Based on factors considered, our payment system selects the most appropriate method.

Electronic payments are sent whenever possible. If a payee accepts checks only, an individual corporate check is sent.

While it is anticipated that most Bill Payments will be processed and completed on the same business day selected for the Bill Payment Process Date, it is understood by you that due to circumstances beyond the control of BOM, such as delays by the payee and the payee’s bank or agent in handling and posting Bill Payments, some Bill Payments may take longer to be posted to your account at the payee. For this reason, BOM recommends that you select a Bill Payment Process Date which is at least seven Business Days before the actual due date of the payments. You agree that BOM will not be responsible for any Bill Payment that is received or posted by the payee after the grace period or that result in a late charge or penalty being assessed by the payee if you did not follow this recommendation. In such event, you agree that you shall have the sole risk of incurring and the sole responsibility for paying any and all late charges or penalties assessed by the payee.

Only payees with United States addresses may be paid using the Bill Pay service. We reserve the right to limit the frequency and dollar amount of transactions from your accounts.

You may use Bill Pay service to authorize automatic recurring payments of recurring bills. These payments must be for the same amount each month and they will be paid on the same calendar day of each month, or on the next Business Day if the regular payment day falls on a weekend or holiday.

Your Right to Cancel (Stop Payment) a Bill Payment

You can cancel or stop a single Bill Payment anytime before the Bill Payment Process Date for that payment through the use of Internet Banking. If the Bill Payment is a recurring payment set up on the Bill Pay service, then you can cancel that Bill Payment: (1) Through the use of Internet Banking as long as the request is received before the Bill Payment Process Date of the next recurring Bill Payment, (2) By calling us at 318-352-3060, or (3) By writing to: BOM, P.O. Box 7294, Natchitoches, LA 71457. We must receive your call or written request at least 3 (three) Business Days before the Bill Payment Process Date of the next recurring Bill Payment. If you call, we will require you to put your request in writing and get it to us within 14 calendar days after you have made the request. If you order us to cancel a recurring Bill Payment three Business Days before the Bill Payment Process Date of the next recurring Bill Payment and we do not do so, then we will be liable to you for your losses or damages. Once a recurring bill payment is cancelled, all future payments to that payee will be cancelled and you must reschedule it if you want a Bill Payment to be made in the future.

BOM Mobile Banking

Mobile Banking is an extension of Internet Banking and is available to all customers who have enrolled in the service. To use Mobile Banking customers are required to use their Mobile Banking log on credentials.

Mobile Banking will not store your log on credentials. You agree that you will not use an auto-complete feature which stores your log on credentials and that you will not save your log on credentials on your mobile device.

You agree that you will not install software onto your mobile device that you are not familiar with or have not read the Terms and Conditions for that software.

You agree to download mobile security software updates when available. You agree that your mobile device will be locked if it is left unattended. As part of the security of your data, you must accept cookies. Cookies remind BOM of your browser preferences and security requirements.

You agree to log off of Mobile Banking at the completion of your online session.

In the event that your mobile device is lost or stolen and you believe you were not logged off and or feel your log on credentials may have been compromised, please contact the bank. We also recommend that you contact your wireless service provider to have your device deactivated.

BOM does not charge a fee for the using Mobile Banking. The usual and customary fees that the Bank may charge for any products and services provided continue to apply. You may incur internet data charges and call costs from your mobile service provider/internet service provider.

Electronic Funds Transfer Provisions for Consumers

The provisions in this section apply only to electronic funds transfers that debit or credit a consumer’s checking, savings or other asset account and are subject to the Federal Reserve Board’s Regulation E (an ‘EFT’). BOM may rely on any exceptions to the provisions in this section that are contained in Regulation E. All terms not otherwise defined in these Terms and Conditions which are defined in Regulation E will have the same meanings when used in this section as they do in Regulation E.

• You must report an unauthorized EFT that appears on a periodic statement within 60 days of our transmittal of the statement to avoid liability for subsequent transfers. If you fail to do so, your liability will not exceed the amount of the unauthorized EFTs that occur after the close of the 60 days and before notice to us, and that we establish that they would not have occurred had you notified us within the 60-day period. You may, as applicable, also be liable for the amounts described in the two immediately preceding paragraphs.
• If your delay in notifying us was due to extenuating circumstances, we will extend the times specified in the three immediately preceding paragraphs to a reasonable period.

Telephone Number and Addresses

The telephone number and address to be used to notify BOM when you believe that an unauthorized EFT has been or may be made are:

• Customer Service at 318-352-3060
• Or you may write to: BOM, P.O. Box 7294, Natchitoches, LA 71457.

Your Right to Receive Documentation of Transfers

You will receive a periodic statement in the mail for each Account, unless you have chosen to receive eStatement Service. Your statement will reflect all your transactions, including your Internet Banking transactions. If you have registered for the Bill Pay service, your periodic statement will reflect bill payments.

Liability for Failure to Complete Internet Banking Transactions

If we do not complete an Internet Banking Transaction on time or in the correct amount according to this agreement with you, we will be liable for your losses or damages caused by such failure but not for any special or consequential damages, unless required by applicable law. However, there are some exceptions. We will not be liable for any indirect, incidental, special or consequential damages if our failure was not intentional and resulted from a bona fide error, notwithstanding our procedures to avoid such error, for instance:

• IF you do not have enough available funds in your Account to make your transfer, unless you have authorized BOM to use your usable balance from your Line of Credit Account.
• IF your computer malfunctions.
• IF the Web Browser or the processing center of BOM or its agent that is used for Internet Banking is not working properly and you knew or were advised by BOM or its agent about this when you made the Internet Banking Transaction.
• IF circumstances beyond our control (such as fire, flood, computer failure or interference from an outside force) prevent the Internet Banking transaction from being properly made or completed.
• IF your log on credentials have been reported lost or stolen or we have reason to believe that the Internet Banking transaction is unauthorized.
• IF the transaction would violate any applicable provision of any risk control program or applicable policies, procedures or practices, or government regulations.
• IF we have reasonable cause not to honor an instruction for our protection or for yours.
• IF your Internet Banking access has been suspended.
• IF the funds in your Account are subject to legal process or other encumbrance restricting the transfer.
• IF the Bill Payment Process Date is not at least 5 (five) Business Days prior to the due date of such payment.
• IF the payee has a mailing address outside the U.S.
• There may be other exceptions stated in our agreements with you.

In Case of Errors or Questions About Your Personal Internet Banking Transactions

If you think your Account statement sent to you by BOM or transaction information obtained by you through Internet Banking is wrong or if you need more information about an Internet Banking transfer listed on that statement, contact us as soon as possible. You must notify us no later than 60 calendar days after we sent, or you obtained through Internet Banking, the first statement in which the problem or error appeared. Call the telephone number on your statement or 318-352-3060. Representatives are available Monday – Friday 8:00am – 5:00pm CST.

You may also write BOM at:

BOM, P.O. Box 7294, Natchitoches, LA 71457.

1. Tell us your full legal name and the last four numbers of your 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.
4. Tell us the date the error occurred.

If you inform us verbally, we may require that you send us your complaint or question in writing within 10 Business Days.

We will report back to you within 10 Business Days after we hear from you and will correct any error promptly. If we require more time, however, we may take up to 45 calendar days to investigate your complaint or question. If we decide to do this, we will credit your Account within 10 Business Days for the amount you think is in error, so that you can use 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 10 Business Days, we do not have to re-credit your Account.

If a notice of error involves a Internet Banking transaction that occurred within 30 days after the first deposit to the account was made, the time period for action listed above will be 20 Business Days in place of 10 Business Days and the time period for investigation will be 90 calendar days in place of 45 calendar days.

If we decide that there was no error, we will send you a written explanation within 3 Business Days after we finish our investigation. You may ask for copies of the documents that we used in our investigation.

If your Account is in the joint names of you and one or more other persons, then each of you will be responsible for Internet Banking transactions made by any of you.

Electronic Delivery of Notices and Disclosures

• If you choose the eStatement Service for BOM Bank Product account(s), you will receive an email alert when your periodic online statement is ready or when notices or other disclosures are available. It is your responsibility to inform us of any changes to your email address.
• Savings accounts are eligible for eStatements.
• Any statement shown on Internet Banking that does not have the electronic statement indicator selected will continue to be delivered through the U.S. Mail.

Accessing eStatements

BOM will send electronic notice to the email address provided and deliver selected periodic account statements, notices and other disclosures to your BOM Internet Banking account. You will have access to an electronic version of your account statement(s) for up to 12 months. This service provides you with the flexibility to print and save account statements that are made available online. You may select electronic delivery of one or all of the listed statements.

Your paper statement on request

At your request, BOM will send you a paper copy of your electronic statement previously delivered through the Internet Banking service at any time. BOM’s standard fee then in effect and charged for paper delivery copies of account statements will apply. Paper copies of electronic statements can be requested by contacting BOM at 318-352-3060 or other location as BOM may advise. A request for a paper copy does not cause a termination of the electronic statement service. A paper copy of electronic statements can be obtained until the copy is no longer required to be maintained as a record for the designated account under applicable law or regulation.

BOM will mail to you paper copies of account disclosures, statements, notices and other communications for accounts included in your eStatement Service, including any applicable IRS Forms 1099.

Joint personal account holders

Each joint account holder may sign up to receive eStatements individually.

BOM may deliver paper disclosures at its discretion, BOM may deliver statements, notices, agreements, disclosures and information about your account(s) in paper form to your last postal mailing address of record.

BOM will send an email alert when your eStatement is available The only notice that you will receive advising you that your electronic periodic statement has been posted to Internet Banking will be by email alert sent to the single, specific email address selected and confirmed and validated by you upon enrollment. One attempt will be made to notify you by email that your eStatement is available to view. This email will be the only notice you will receive and no other notice will be sent. Any and all notices sent by BOM to the email address will constitute sufficient and effective delivery to you and all owners of the information contained in your electronic statement whether or not you access or review the notice, Internet Banking site or specific electronic statement, and shall be deemed to have been delivered to you personally, whether actually received or not. You agree to maintain access to Internet Banking in a manner that gives you continuous ability to access, review and print your electronic statements and to receive and access all notices sent to you at the designated email address. It is your sole responsibility to advise BOM immediately of any changes or updates to the designated email address. There are certain risks associated with the transmission of email notices through the Internet including but not limited to unauthorized access, system outages, delays, disruption in telecommunications services and the Internet. Email is not private or secure. The email notice sent to you by email is an unencrypted, automatic notice. Although the notice is not intended to contain personally identifiable confidential financial information, it may contain in its design, part or all of your name or other identifier, which could be seen or intercepted by others if delivered to your business address or other computers or electronic devices not exclusively under your control. Do NOT respond to the email notices by return email, or use the reply function to request information, service, paper copies or other items or to revoke consent. BOM will not be responsible to act upon requests made in that manner.

Canceling the eStatement Service

You or any designated account owner may revoke consent for the eStatement Service for one or more BOM Bank account(s) accessed through Internet Banking, at any time by contacting the bank.  Upon such termination, delivery of paper copies of periodic account statements, notices and disclosures will resume within a reasonable time. Termination of the eStatement Service does not affect the validity or legal effect of any eStatement Service delivered to you or any owners of the account(s) through Internet Banking. Termination of the eStatement Service does not terminate the Internet Banking service unless otherwise so stated.

Hardware and Software Requirements

You agree that you have or will have access at all times to a personal computer capable of supporting at your cost; high level browser encryption, Internet access, a valid email address, and Internet Banking. You must also have access to Adobe Acrobat Reader to utilize PDF files.

If the method of electronic delivery by BOM changes so as to require additional software, upgrades, plug-ins or additional security features in your hardware of software system used by you for BOM Bank Products account(s), you may terminate the eStatement Service or you may agree to upgrade your hardware or software system to the required standards.

If BOM determines that a change to the eStatement Service concerning any future system or hardware enhancement creates a material risk that you may not be able to access or retain a subsequent electronic record, BOM will notify you of such change and allow you to withdraw consent for this eStatement Service for BOM Bank Products account(s), whereupon BOM may terminate this service until you choose to enroll again in this service and deliver a new consent to participate in this service by accepting BOM’s online consent form posted on Internet Banking

You understand that your accessing electronic statements through Internet Banking and receiving email notices may incur certain costs associated with email, electronic access, downloading, online time and subscription costs associated with Internet and telecommunications service providers, paper and printing costs, and equipment or software upgrades if necessary. You agree that you will pay all such costs and expenses in connection with your use of the eStatement Service.

Indemnification

Except to the extent that we are liable under these Terms and Conditions or an agreement that governs an Account of yours, if you are an owner of an Account, you agree to indemnify and hold us, our directors, officers, employees and agents harmless from all loss, liability, claims, demands, judgments and expenses arising out of or in any way connected with an Account or the performance of Internet Banking, PFM, Mobile Banking, or Bill Pay Services. This indemnification is provided without regard to whether our claim for indemnification is due to the use of Internet Banking by you or your authorized representative.

Limitation of Liability

Except as specifically provided in these Terms and Conditions or where applicable law requires a different result, NEITHER WE NOR OUR SERVICE PROVIDERS OR OTHER AGENTS WILL BE LIABLE FOR ANY LOSS OR LIABILITY RESULTING IN WHOLE OR IN PART FROM ANY ACT OR FAILURE TO ACT OF YOUR EQUIPMENT OR SOFTWARE, OR THAT OF AN INTERNET BROWSER PROVIDER, OR BY AN INTERNET ACCESS PROVIDER, BY AN ONLINE SERVICE PROVIDER OR BY AN AGENT OR SUBCONTRACTOR FOR ANY OF THEM, NOR WILL WE OR OUR SERVICE PROVIDERS OR OTHER AGENTS BE RESPONSIBLE FOR ANY DIRECT, INDIRECT, SPECIAL, OR CONSEQUENTIAL ECONOMIC OR OTHER DAMAGES ARISING IN ANY WAY OUT OF YOUR ACCESS TO OR USE OF, OR FAILURE TO OBTAIN ACCESS TO PERSONAL INTERNET BANKING, EASYVIEW, OR BILL PAY SERVICES.

Secure Messages

We will respond to your Secure Message promptly after we receive it. Do not use Secure Message if you need to contact us immediately. Call us at 318-352-3060. We may use Secure Message to communicate occasional updates of new features, surveys and special offers from BOM.

Fees

Personal Internet Banking and the Bill Pay service are FREE to all BOM Customers. Your Internet service provider may charge fees. Electronic transaction charges may apply. Please refer to your account agreement.

Changes to the Terms of the Agreement

BOM may change this Agreement by electronically sending to you a Secure Message notice, mailing to you a notice or posting a notice of such change in an BOM branch where you maintain your Account. However, if the change results in (1) increased or new fees or charges, (2) increased liability for you, (3) fewer types of available Internet Banking services, or (4) stricter limitations on the frequency or dollar amounts of transfers, then, unless the change must be made immediately for security reasons, at least 30 days before the effective date of the change BOM will either electronically send you a Secure Message notice or mail a written notice to you.

Any notice to you will take effect when it is personally delivered to you or by Secure Message to you by Internet Banking or mailed to the last address we have for you in our records.

Other Rules

Internet Banking transactions are also subject to BOM account agreements and rules, and your access and use of Internet Banking is also subject to these terms and conditions.

Termination

BOM may cancel your Internet Banking access without prior notice if there has been no Internet Banking activity for a period of 3 consecutive months or for any other reason. BOM may suspend your Bill Payment service without prior notice if there has been no Bill Payment activity for a period of 3 consecutive months or for any other reason. You may cancel the PFM Service at any time by sending a request for cancellation via the secure email form on the PFM site. Upon confirmation of your request, your PFM Service will be cancelled and all your account information will be deleted. Please keep in mind that extended periods of inactivity may also result in your PFM Service being cancelled. If your Internet Banking access is cancelled for any reason your access to PFM Service will also be cancelled.

Assignment

We may assign our rights under this Agreement to a company affiliated with us or to any other party.

Applicable Law

This Agreement shall be governed by the laws of the State of Louisiana and applicable federal law and regulations.

Mobile Remote Deposit Capture Terms and Conditions

Enrollment

Due to the risk involved in Mobile Remote Deposit Capture (MRDC), customers will be limited to a weekly dollar limit of $10,000.00 to be deposited. This amount can be increased on an account-to-account basis with approval by the Officer on the account.

Deposits will have the same “business day” and “cut-off” times as in the lobbies of the physical branches.

Check Handling Procedures

Mobile Remote Deposit Capture (MRDC) allows you to deposit checks electronically, eliminating the need to make a physical bank deposit.

This document outlines check handling procedures for the entire process of creating and clearing electronic deposits. BOM reserves the right to audit MRDC customers for compliance with the guidelines included in this document.

Eligible Checks

MRDC allows customers to deposit most U.S. consumer and business checks, however certain checks are not supported through the remote deposit channel. These items include but are not limited to: third party checks, foreign checks, substitute checks, government bonds, checks payable in a medium other than U.S. dollars, U.S., state, or other savings bonds.

Inspecting Physical Checks and Check Images

• Customers are responsible for inspecting both the physical check items and check images as they appear on your PC or mobile phone screen. Because some physical security features on the actual checks, such as watermarks, may not survive the imaging process, you must manually examine checks prior to transmission to the bank to verify their authenticity.
• Additionally, when depositing a check via MRDC, you are required to examine check images to ensure the payee name, amount, signature and other important pieces of information are legible and in accordance with the physical check. If they are not, cancel the scan/photograph and rescan/photograph the item.
• Any original paper check items that remain illegible after repeated scanning/photographing attempts must be physically deposited at the branch.
• You should regularly inspect your mobile phone image camera to ensure that they are operating optimally. Please refer to your mobile phone owner’s manual for instructions on equipment cleaning and care.

 MICR Lines on the Check

The bottom of checks contains numeric information that identifies the bank the check is drawn on, the account number and the check number. This information is known as the MICR line (Magnetic Ink Character Recognition). A MICR defect, such as a tear in the MICR line, or markings over the MICR line may inhibit the scanner or mobile phone’s ability to read this information. If you receive error messages indicating that the scanner or mobile phone is unable to read the MICR line, the check with defects in the MICR line must be physically deposited at the branch.

Endorsing Electronically Deposited Checks

To help minimize fraud, the Customer is required to place a physical payee endorsement on all check items prior to scanning/photographing through MRDC. Endorse the back of the check with your signature, the words “for deposit only”, and optional account number to which you are depositing the check.

Marking Electronically Deposited Checks as Deposited

To help ensure that an electronically deposited check is not processed multiple times either as an electronic item and/or a physical check, the bank requires that the customer mark the face of the check to indicate that it has already been deposited electronically. Marking a check in this way will allow you to identify that the item has been scanned/photographed and deposited if it becomes intermingled with other un-deposited checks. Customers are required to mark all checks manually, with a stamp, or use some other means of marking the physical checks to indicate they have been electronically deposited. Items should be marked after you receive confirmation that the deposit was received and accepted for processing by BOM.

Check Safekeeping, Retention and Destruction

• Check storage and the destruction of items processed through MRDC is the customer’s responsibility because the paper checks are never physically deposited with the bank.
• BOM requires that MRDC customers use commercially reasonable methods to securely store all source documents and all related banking information until destruction. We require that deposited check items be securely stored in a location away from daily processing activities. To help ensure that checks are not electronically processed more than once or physically deposited at the bank after being electronically deposited, procedures should be established to ensure that only authorized personnel have access to these checks during the retention period.
• BOM recommends retention of the checks for at least seven business days after the deposit is made in case a check is returned and the customer needs to collect on the check by re-depositing the original item. All items must thereafter be destroyed as soon as reasonably possible. BOM requires destruction of all checks within 30 days from deposit. Cross-cut shredding is strongly recommended for check destruction.