This agreement describes your rights and obligations as a user of PBnet, our on-line banking service ("Services"). It also describes the rights and obligations of Preferred Bank. Read this Agreement carefully. By pressing the "I Accept" button below, you agree to comply with the terms and conditions on this Agreement. The rights for Electronic Funds Transfer (EFT) described are only applicable to "Consumer Accounts". For the purpose of this Agreement, the following is the definition of a "Consumer Account". If the account holder is a natural person, and the account is used primarily for personal, family or household purposes, the account will be considered a "Consumer Account". All accounts that are not Consumer Accounts are considered "Non-Consumer Accounts".
The following definitions apply in the Agreement. PBnet Personal Online Banking is the internet-based service providing access to your account(s). Online Account means any Preferred Bank account from which you will be conducting transactions using the Service; Password is the code sent to you by Preferred Bank (or created by you in the set up process) for use during the sign-on process that establishes your connection to the Services; Time of day references are to Pacific Standard Time; and We, Us or Preferred Bank refers to Preferred Bank, which offers the Services, and which holds the accounts accessed by the Service.
Preferred Bank will provide online instructions describing how to use PBnet Personal Online Banking. You will gain access to your Online Accounts through the use of your internet-enabled device, your Internet Service Provider, your User Code and your Password.
The Services are available 24 hours a day, seven days a week, except during special maintenance periods. We will attempt to limit downtime to those hours of operation least impacted by customer usage, when such options are available. For purposes of transactions, Preferred Bank's business days are Monday through Friday, excluding holidays. All PBnet Personal Online Banking transaction requests received after 5:00pm on business days, and all transactions, which are requested on Saturdays, Sundays or holidays which Preferred Bank chooses to remain closed, will be processed on the next Preferred Bank business day.
You will be required to change your password to a new unique password, only known to you, on the first time you access PBnet Personal Online Banking. The new password must be a minimum of 6 characters with at least one alpha and one numeric digit. The password is also case sensitive, so if you change your password using lower case, you must always use the lower case characters. You may change your password at any time; however, you will be required to change it every six months. You agree not to allow anyone to gain access to the Services or to let anyone know your Password used with the Services. You agree to assume responsibility for all transactions up to the limits allowed by applicable law.
Tell us AT ONCE if you believe your Password has been lost or stolen, or if another person has discovered the Password. Telephoning is the best way of minimizing your potential losses (you could lose all the funds in your account). For personal accounts only, if you inform us within two business days that someone is using your Password without your permission; your losses will be limited to no more than $50. If you do NOT tell us within two business days after you learn of the loss or theft of your Password, and we can prove that we could have stopped someone from using the Password to make transfers without your permission had you told us, you could lose as much as $500. Also, if your statement shows transactions that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any funds you lost after the 60 days if we can prove that we could have stopped someone from taking said funds if you informed us in time. If you were prevented from informing us for good reason (such as a long trip or a hospital stay) we will consider extending our time period.
When you give someone your Preferred Bank ATM or/and PBnet Personal Online Banking Password, you are authorizing that person to use the Service, and you are responsible for all transactions the person performs using the Service. All transactions that person performs even those transactions you did not intend or want performed, are authorized transactions. If you notify us that the person is no longer authorized, then transactions that person performs after the time you notify us are considered unauthorized. (Transactions that you or someone acting with you initiates with fraudulent intent are also authorized transactions). For your protection, log off after every PBnet Personal Online Banking session and close your browser to ensure confidentiality.
In addition to viewing account information, you may use PBnet Personal Online Banking to conduct the following transactions:
Because regulators require Preferred Bank to limit pre-authorized transfers (including online transfers), the following limitations apply:
New services may be introduced for PBnet Personal Online Banking from time to time. Preferred Bank will notify you of the existence of these new services. By using these services when they become available, you agree to be bound by the rules that will be made available to you concerning these services.
You will continue to receive your regular account statements either monthly or quarterly, depending on the type of account (unless you enroll in eStatements, then statements will only be available online to view, print and/or store). If your statement shows transfers that you did not make, notify Preferred Bank immediately by calling us at (213)891-1188, Monday through Friday from 9:00am to 5:00pm.
If you do not notify Preferred Bank within sixty (60) days after the statement was mailed to you, you may not recover any money lost after the sixty (60) days which would not have been lost if Preferred Bank had been notified in time. If a good reason (such as a long trip or hospital stay) delayed you from contacting Preferred Bank, Preferred Bank will consider extending these time periods.
In case of errors or questions regarding PBnet Personal Online Banking or Bill Payment transactions, please call Preferred Bank at (213)891-1188, Monday through Friday from 9:00am to 5:00pm or write us at:
Attention: Internet Customer Service
601 S. Figueroa St. 29th Floor
Los Angeles, CA 90017
We must hear from you at the specified telephone number or address no later than sixty (60) days after we sent you the first statement on which the problem or error appeared. We will need:
If the report is made orally, we may require that you send the complaint or question in writing within ten (10) business days. We will notify you with the results of the investigation within ten (10) business days and will correct any error promptly. If more time is needed, however, we may take up to forty-five (45) days to investigate a complaint or question. If this occurs, we will credit your account within ten (10) business days for the amount you think is in error. This will allow you to use the money during the time it takes us to complete our investigation. If your complaint or question is not received in writing within ten (10) business days, we may not credit your account until the investigation is completed.
If the alleged error involves an electronic funds transfer outside a state or territory or possession of the United States, the applicable time periods for action by us are twenty (20) business days (instead of ten) and ninety (90) calendar days (instead of forty-five).
If we determine that no error occurred, we will send you a written explanation within three (3) business days after the investigation is complete. You may request copies of the documents that were used in the investigation.
You agree that Preferred Bank may respond to you by electronic mail with regard to any claim of unauthorized electronic funds transfer related to the Service. Any such electronic mail sent to you by Preferred Bank shall be considered received within three (3) days of the date sent by Preferred Bank, regardless of whether or not you sign on to the Service within that time frame.
You agree that we may send notices and other communications including Password confirmations, to the current address shown in our records, whether or not that address includes a designation for delivery to the attention of any particular individual. You further agree that Preferred Bank will not be responsible or liable to you in any way if information is intercepted by any unauthorized person, either in transit or at your place of business. You agree to:
THE BANK WILL HAVE NO LIABILITY TO YOU FOR ANY UNAUTHORIZED PAYMENT OR TRANSFER MADE USING YOUR PASSWORD THAT OCCURS BEFORE YOU HAVE NOTIFIED US OF POSSIBLE UNAUTHORIZED USE AND WE HAVE HAD A REASONABLE OPPORTUNITY TO ACT ON THAT NOTICE. We may suspend or cancel your Password even without receiving such notice from you, if we suspect your Password is being used in an unauthorized or fraudulent manner.
By using PBnet Personal Online Banking, you acknowledge and agree that this Agreement sets forth security procedures for electronic banking transactions, which are commercially reasonable. You agree to be bound by instructions, whether authorized or unauthorized, which we implement in compliance with these procedures, unless you have given us prior notice of possible unauthorized use as described above (and we have had a reasonable opportunity to act on such notice).
If we fail or delay in making a payment or transfer pursuant to your instructions, or if we make a payment or transfer in an erroneous amount with is less than the amount per your instructions, unless otherwise required by law, our liability shall be limited to interest on the amount which we failed to timely pay or transfer, calculated from the date on which the payment or transfer was to be made until the date it was actually made or you cancelled the instructions. We may pay such interest either to you or the intended recipient of the payment or transfer, but in no event will be liable to both parties, and our payment to either party will fully discharge any obligation to the other. If we make a payment or transfer in an erroneous amount which exceeds the amount per your instructions, or if we permit an unauthorized payment or transfer after we have had reasonable time to act on a notice from you of possible unauthorized use as described above, unless otherwise required by law, our liability will be limited to a refund of the amount erroneously paid or transferred, plus interest thereon from the date of the payment or transfer to the date of the refund, but in no event to exceed 60 days' interest. If we become liable to you for interest compensation under this Agreement or applicable law, such interest shall be calculated based on the average federal funds rate at the Federal Reserve Bank, in the district where the Bank is headquartered for each day interest is due, computed on the basis of a 360-day year. UNLESS OTHERWISE REQUIRED BY LAW, IN NO EVENT WILL THE BANK BE LIABLE TO YOU FOR SPECIAL, INDIRECT OR CONSEQUENTIAL ATTORNEYS' FEES, EVEN IF WE ARE ADVISED IN ADVANCE OF THE POSSIBILITY OF SUCH DAMAGES.
Under the Bank Secrecy Act, the Bank is prohibited from transacting business with persons or entities listed as "blocked" by the Office of Foreign Asset Control (OFAC). The official listed is published in the Federal Register and updated from time to time. You agree not to transact business with persons or entities blocked by OFAC.
Preferred Bank agrees to make reasonable efforts to ensure full performance of PBnet Personal Online Banking. Preferred Bank will be responsible for acting only on those instructions sent through PBnet Personal Online Banking, which are actually received, and cannot assume responsibility for malfunctions in communication facilities not under our control, which may affect the accuracy or timeliness of messages you send. Preferred Bank is not responsible for any losses incurred should you give incorrect instructions, or if your payment instructions are not given sufficiently in advance to allow for timely payment or delays in mail service.
Any information you receive from Preferred Bank or Other Information Providers is believed reliable. However, it can only be provided on a best-efforts basis for your convenience and is not guaranteed. Preferred Bank is not liable for any deficiencies in the accuracy, completeness, availability or timeliness of such information, or for any investment or other decision made using this information.
Neither Preferred Bank nor Other Information Providers are responsible for any computer virus or related problems, which may be attributable to services provided by an Access Service Provider.
You are responsible for obtaining, installing, maintaining and operating all computer hardware and software necessary for performing PBnet Personal Online Banking. Preferred Bank will not be responsible for any errors or failures from the malfunction or failure of your hardware or software.
Except as otherwise provided in the Preferred Bank's Responsibility section below, and in the absence of negligence on the part of Preferred Bank, neither Preferred Bank, any Other Information Provider, nor any Other Software Supplier is responsible for any direct, indirect, special, incidental or consequential damages arising in any way out of the use of PBnet Personal Online Banking.
Preferred Bank will be responsible for your actual losses if they were directly caused by our failure to:
However, we will not be responsible for your losses if:
There may be other exceptions stated in the Agreement and in other agreements with you. In no event shall we be liable for damages in excess of your actual loss due to our failure to complete a transfer, and we will not be liable for any incidental or consequential damages.
If any of the circumstances listed above shall occur, we shall assist you with reasonable efforts in taking appropriate corrective action to reprocess the transactions that may have not been completed or to correct incorrect transactions that have been processed.
If you send Preferred Bank an electronic mail message, Preferred Bank will be deemed to have received it on the following business day. Preferred Bank will have a reasonable time to act on your email.
You should not rely on electronic mail if you need to communicate with Preferred Bank immediately. Transactions such as notification of an unauthorized transaction from one of your accounts, or if you need to place a stop payment must not be sent through email.
You agree that Preferred Bank may respond to you by electronic mail with regard to any matter related to the Service, including responding to any claim of unauthorized electronic funds transfer that you make. Any such electronic mail sent to you by Preferred Bank shall be considered received within three (3) days of the date sent by Preferred Bank, regardless of whether or not you sign on to the Service within that time frame.
At Preferred Bank we take security very seriously. The latest methods in internet system security, as upgraded from time to time, are used to increase and monitor the integrity and security of our system.
Internet security does not rely on one technology alone. Without everyone's participation, all the security systems and technology in the world are worthless. You must treat your User ID and password with the utmost confidentiality. Passwords should NOT consist of obvious data about the user (i.e. children's names, birthdays or spouse's name). Selecting letters that do not create a common word but instead represent the first letter of each word in a favorite phrase, poem or song can create a memorable but difficult to crack password.
Data security between the customer browser and our web server is handled through a security protocol called Secure Sockets Layer (SSL). SSL provides data encryption, server authentication and message integrity for an internet connection. In addition, SSL provides a security "handshake" that is used to initiate the connection. This handshake results in the client and server agreeing on the level of security they will use and fulfills any authentication requirements for the connection. Currently, Preferred Bank's online banking application supports data encryption at the highest level (128 bit). In order to get this level of encryption, you will need a browser that supports it. Please consult your browser's technical requirements.
Preferred Bank is constantly working hard to add additional security measures to our online banking services so that our customers have the confidence that their information is being protected. Preferred Bank has two different layers of security that are designed to protect your financial information.
Click the First Time Log In button. You will be presented with the PBnet Personal Online Banking Agreement to print and/or read. To go forward, you must scroll to the bottom of the page and click on I Accept.
Enter the following required fields and click Submit.
When you do a First Time Log In, you have the option to change your Access ID. You can either enter your account number or a personal Access ID. It must be at least 6 digits. You will also be asked to create a password. Your password must be a minimum of 6 characters with at least on alpha and one numeric digit. The password is also case sensitive, so if you change your password using lower case, you must always use the lower case characters. Click on Submit.
To complete our enhanced layer of internet security using a device print, please complete the following:
The next time you log onto PBnet Personal Online Banking, Preferred Bank will recognize you and display the image and personal description you were assigned. On consecutive logins, you will be able to change your picture by selecting it from our image library. If we don't recognize the computer you are using to log in, we will ask you to answer one or more of the security questions you previously created. After completion of the steps above if you don't see the image you selected, exit the site immediately and notify the bank.
In addition to this Agreement, you and Preferred Bank agree to be bound by and comply with the requirements of the agreements applicable to each of your Online Accounts. Your use of PBnet Personal Online Banking is your acknowledgement that you have received these agreements and intend to be bound by them. (You should review other disclosures received by you when you opened your accounts at Preferred Bank, including the charges that may be imposed for electronic funds transfers or the right to make transfers listed in the fee schedules accompanying those disclosures).
Preferred Bank may modify the terms and conditions applicable to this Service from time to time upon mailing or delivering a notice of the modifications to you at the address shown on our account records, and the revised terms and conditions shall be effective at the earliest date allowed by applicable law. We may send any notice to you via electronic mail and you will have been deemed to have received it three (3) days after it was sent. We reserve the right to terminate this Agreement and your use of the Services in whole or part at any time without prior notice.
You are responsible for complying with all the terms of this Agreement and with the terms of the agreement governing the deposit accounts which you access using electronic banking services. We can terminate your PBnet Personal Online Banking privileges under this Agreement without notice to you if you do not pay any fee required by this agreement when due, if you do not comply with the agreements governing your deposit or loan accounts or your accounts are not maintained in good standing. We will notify you if we terminate this Agreement or your use of the Services for any other reason.
If you are not paying a monthly service charge for the Service, we may convert your account to inactive status if you do not sign on to the Service or have any transaction scheduled through the Service during any consecutive ninety (90) day period. If your account is considered inactive, you must contact us to have the Service activated before you will be able to schedule any transactions through the Service.
To cancel PBnet Personal Online Banking, you must notify Preferred Bank and provide your name, address and the effective date to stop the service.
You may notify Preferred Bank by one of the following methods:
Attention: Internet Customer Service
601 S. Figueroa St. 29th Floor
Los Angeles, CA 90017
This Agreement is governed by the laws of the State of California and applicable federal laws.