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Savings & CDs: Terms and Conditions

BANK CD AND SAVINGS PRODUCTS
IMPORTANT TERMS & CONDITIONS

GENERAL INFORMATION

FDIC-insured Certificates of Deposit (CD) and Savings Accounts (as applicable, each of a CD and a Savings Account being referred to herein as an "E-LOAN Account" or an "Account") offered are available to you and opened through the parent bank of E-LOAN, Banco Popular North America (BPNA), 85 Broad Street, 10th Floor New York, NY 10004. These CDs and Savings Accounts are "electronic" or "online" only and are therefore accessible only through the E-LOAN website and NOT through BPNA's ATM and branch network. As such, there can be no cash or check deposits to, or cash or check withdrawals from, these Accounts. Withdrawals can only be made to a bank account maintained with another financial institution. ATM, debit or credit cards, bill-paying, check-writing, and overdraft protection are not offered on these E-LOAN Accounts. In most instances, references to "E-LOAN","our","us" or "we" when used in conjunction with the E-LOAN Accounts should be read to include BPNA as the parent and chartered bank of E-LOAN, Inc. (E-LOAN) that actually holds the funds that you deposit through E-LOAN. BPNA is a Member of the FDIC.

Here's how the accounts work:

You can only open a CD or Savings Account online at our website www.eloan.com/savings. After you complete your online application, your E-LOAN Account will be opened and funded online through electronic funds transfer. As part of that opening process, you must make an opening deposit into your E-LOAN Account from an External Account (defined herein). At the same time, we will also make two small deposits of varying amounts into your External Account. You may need to log into the E-LOAN website to confirm the actual amounts of those two deposits. This will validate to us that you are the owner of the external account and that you will be utilizing that external account to move money into and out of your E-LOAN Account through electronic funds transfer. Since we depend on this process for security, if this Account validation process does not occur within 30 days of the opening of your E-LOAN Account, your E-LOAN Account will be closed, and the opening balance will be returned to you together with any accrued interest.

Once you open your E-LOAN Account, it is only available for viewing online. You affirmatively consent to receiving from us disclosures and updates electronically with respect to your E-LOAN Account and you agree and understand that receipt of disclosures and updates to policies will be delivered via email, with online access to your E-LOAN Account y or the website at www.eloan.com/savings. All electronic records may be printed at no cost by accessing your account online. You must provide a valid email address to which we can send notifications of electronic disclosures and statements that we are required by law to provide. If you do not provide a valid email address, you will not be able to consent to delivery of any electronic documents. You may withdraw your consent to participate in the electronic delivery of disclosures and statements for any E-LOAN Account at any time by contacting the E-LOAN Customer Care Center at 1-866-576-7283. Although you have the right to withdraw your consent to participate in the electronic delivery of disclosures and statements for any E-LOAN Account at any time, in the event that you do so, an early withdrawal penalty will apply to all CDs (as outlined in the "Early Withdrawal Penalty section") and your E-LOAN Accounts will be immediately closed, as E-LOAN CDs and Saving Accounts are "electronic" or "online" only. You hereby confirm your consent electronically, and demonstrate your ability to access your E-LOAN Account information, including disclosures and policy updates electronically. The Bank reserves the right to treat an invalid email address as a withdrawal of your consent to participate in the E-statement services. It is your sole responsibility to provide us with your correct personal contact information, including your email address. It is your sole responsibility to notify E-LOAN of any changes to your personal contact information by updating such information directly online; assistance with updating your personal contact information is available online or by contacting the E-LOAN Customer Care Center at the telephone number provided above. Any consent to withdraw from electronic disclosures and statements will be effective after a reasonable period of time after we have determined consent to have been made. Once you've validated your external account, you can begin transacting on your E-LOAN Account. In addition to accessing any unfinished new account applications for 30 days, you can check balances, view transactions, make deposits and withdrawals or change your personal information. And, anytime you need help or advice, you can send us a secure message and rest assured that your information will be transmitted safely and confidentially.

As part of the account opening process, you will select a Username, Password and Security Question and Answer. You should keep this information strictly confidential. We caution you not to share it with anyone. If any of this information is disclosed to another party by any means, you may be responsible for any loss resulting from the disclosure.

Please print and read this Agreement carefully and keep a copy of it for your records.

The Important Terms and Conditions set forth herein (the "Agreement") govern your E-LOAN Account. When you open an Account with us, you agree to the terms and conditions described in this Agreement, as well as to the terms and conditions of any other documents specifically incorporated into these terms and conditions. Your and our rights and obligations under this Agreement are governed by and interpreted according to state and federal law. If any of the clauses of this Agreement are declared null and void or illegal, the remaining provisions will retain their full force and effect.

Throughout this Agreement, the words "Account Owner", "you", "your" and "yours" refer to the Account owner or owners. Each person who submits an electronic signature in connection with the opening of an E-LOAN Account shall be deemed to be an owner of that Account.

OWNERSHIP OF ACCOUNT

These CDs and Savings Accounts are managed by E-LOAN and owned by BPNA. They are offered to US citizens and permanent residents with a valid SSN/TIN and a permanent U.S. address. Accounts may be opened with the following forms of ownership only: Individual, Joint, or Living Trust. Trust or other fiduciary relationship type Accounts are limited to revocable living trusts (or family-type trusts), which specify whom will receive the trust assets upon the death of the grantor or owner. During the Account application process, trust Account holder(s) must agree to standardize titling of the Account (meaning that the trust Account must bear a uniform name, or title), which must be the same as the title of the External Account. Upon request, the trust Account holder(s) will supply to us an affidavit, certification or other documentation, including, without limitation, copies or excerpts of any agreement, instrument or order pertaining to the Account or fiduciary relationship. No other fiduciary or trust-type structure will be accepted, including accounts held on behalf of minors. If more than one individual is on an Account, it will be held in joint tenancy with rights of survivorship. Each Account holder authorizes BPNA to make electronic withdrawals at the request of any other Account Owner. In the event of a dispute concerning ownership of the funds, we may, without liability to any party, forbid deposit and withdrawal Account activity pending resolution of all ownership issues. In each case, the type of Account shall be determined by the terms of the contract of deposit between the depositor and us. If you establish a joint Account and designate other parties as Account Owner(s), you agree to hold us harmless for reliance on your designation of the other joint Account Owner(s) listed in our records. In making payments from funds deposited in an Account, we may rely conclusively and entirely upon the form of the Account and the terms of the contract of deposit at the time the payments are made. Unless we have actual or written knowledge of the existence of a dispute between, or death or incompetency of, depositors, beneficiaries, payees or other persons claiming an interest in funds deposited in an Account, all payments made by us from an Account at the request of any depositor to the Account, and/or the agent of any depositor to the Account, in accordance with the terms of this Agreement and any other Account disclosures and applicable regulations shall constitute a complete release and discharge of us from all claims for the amounts so paid, whether or not the payments are consistent with the actual ownership of the funds deposited in an Account by a depositor and/or the beneficiaries of revocable trusts, and/or their heirs, successors, personal representatives and assignees.

IDENTITY VERIFICATION

By requesting to open an Account with us, or by agreeing to be the authorized Account Owner or by obtaining any other service from E-LOAN or BPNA, you (and, if acting in a representative capacity, individually and for such entity or principal) agree that we may independently verify and confirm certain of the information that you supply to us. Such verification and confirmation may include credit information from check or credit reporting agencies. You agree that we may obtain such information (i) at the time you open the Account; (ii) at any time you request any service, while your Account is open, or (iii) after your Account or service is closed if you owe us any amounts related to your Account or service. We may use such information at our discretion.

Note: To help the U.S. government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens a bank account. In order to do so, when you open an Account, we will ask for your legal name, physical address, date of birth, Tax Identification or Social Security number, and certain other information that will allow us to verify your identity. If all required documentation is not provided, we will be unable to open an Account or establish a relationship with you.

DEATH OR ADJUDICATION OF INCOMPETENCY

You agree to notify us immediately of the death or court-declared incompetency of any Account Owner on your Account. We may freeze, refuse, or reverse deposits and transactions and/or return governmental benefit payments made to the Account Owner if any Account Owner dies or if any Account Owner is adjudicated incompetent. If you give us instructions regarding your Account that are to be effective upon maturity of your Account, and you or another Account Owner of the Account dies or is adjudicated incompetent prior to maturity, the instructions shall remain effective unless we receive written notice of the death or incompetency prior to honoring such instructions.

DEPOSITING FUNDS

To make a deposit, you must visit the E-LOAN website for instructions. Minimum required opening deposits are as set forth on the E-LOAN website, www.eloan.com/savings (such minimum requirements may be changed by E-LOAN from time to time; any such changes will be published on the E-LOAN website). Through an existing deposit account with another U.S. financial institution (the "External Account"), individual depositors can set up and make electronic funds transfer (or EFT) deposits to, and withdrawals from, their E-LOAN CDs and Savings Accounts through the E-LOAN website exclusively. You may also arrange for the direct deposit of your Social Security or other regular check deposits, such as your payroll check, to your E-LOAN Savings Account. The maximum amount of any single deposit into your Account is $999,999.99.

INSTRUCTIONS TO THE BANK

For electronic funds transfer deposits and withdrawals, our business days are Monday through Friday (excluding Federal Reserve Bank holidays).

Any instruction from you that is required or permitted according to the provisions of this Agreement and is received on or before 12:00 p.m. (Pacific Time) on any business day will generally be processed on the same day it is received. If your instructions are received after that time or during any non-business day, it generally will be processed on the next business day.

Note: No other type of deposit method, including checks, incoming wire transfers, cash, or mail-in deposits, will be available to you for this Account. If deposits are received using these other methods, the funds will be returned to you by the same method received.

RESTRICTIONS ON ACCOUNTS AND SERVICES/RIGHT OF REFUSAL AND TERMINATION OF ACCOUNT

We reserve the right to refuse to open any Account or to service or to accept additional deposits to an existing Account, or to comply with any instruction or request you make, in each case under certain circumstances (usually those involving suspicious activity or in which we have grounds for believing that there may be fraud or other violations of law involved). Each of E-LOAN and BPNA reserves the right to terminate, freeze or restrict an Account at any time.

We may terminate your E-LOAN Account by sending to you a notice (prior to or immediately after closing the Account if and as required by law) and/or by electronic funds transfer (EFT) of your Account balance to your External Account of record. Thereafter, the funds will stop earning interest. You agree that we shall have no liability for EFT withdrawals attempted after the effective date of termination. If closure of your Account is due to a negative balance condition, we may report this condition to applicable check or credit reporting agencies. We may take or require additional security measures to protect us from losses resulting from the misuse of your E-LOAN Account.

RIGHT OF SETOFF

If you are indebted or become indebted to BPNA or E-LOAN, each of BPNA and E-LOAN has the right to pay or satisfy any of your debts by applying funds from any Account(s) held at BPNA, if allowed by law. If your Account is a joint account, funds will be debited for payment, regardless of how much was deposited by each owner. This may also be accomplished through the sale of any repossessed vehicle(s) or property foreclosed on. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff.

STATEMENTS AND NOTICES

We will inform you of important changes in your rights and obligations by providing a notice to you. In some cases, we may post a notice of a change on the E-LOAN website. Otherwise, we will provide it to you electronically at the e-mail address that you provided to us. We may include a notice with or on your electronic statement. If you don't receive a notice, the change will still be effective. If notices we e-mail to you electronically are returned to us, we may delete/destroy them. If a notice of a change to this Agreement is returned to us, the change contained in the notice will still be effective. For Accounts with more than one Account Owner, we may send notices to any one co-owner. A notice sent to any one owner of an E-LOAN Account is effective as to all owners of that Account.

We will post your E-LOAN Savings Account electronic statements to the E-LOAN website at least quarterly. Statements will not be mailed to you and will not be provided for CDs.

INTEREST ON DEPOSITS

We use the daily balance method to calculate the interest on your Account. This method applies a daily periodic rate to the balance in the Account each day. Interest begins to accrue no later than the business day we receive credit for the deposit. Deposits by Electronic Funds Transfer (EFT) that are received by 12:00 p.m. Pacific Time (PT) on a business day, excluding Federal Reserve Bank holidays, generally accrue interest from the day the EFT is received. Deposits by EFT received after 12:00 p.m. PT generally begin to earn interest from the next business day. For example, interest will generally begin to accrue from the following Monday for Friday deposits received after 12:00 p.m. PT.

NON-SUFFICIENT FUNDS

You shall maintain sufficient funds at all times to cover any EFT withdrawal of funds. IF THERE ARE INSUFFICIENT FUNDS IN THE ACCOUNT, WE WILL NOT HAVE ANY OBLIGATION WHATSOEVER TO PROCESS THE TRANSFER(S). In addition, we may, at our option and to the extent that funds are available, initiate ACH withdrawals from your External Account to the extent necessary to cover amounts overdrawn from your E-LOAN Account(s).

Other Terms: We shall make all reasonable efforts to ensure full compliance of our obligations in processing your EFT withdrawal requests and to resolve problems that may arise. We shall not, however, be liable for any damages or inconveniences whatsoever that you may be subject to if we proceed according to the instructions you provide. If we do not comply with our obligations of processing your EFT withdrawal requests according to the provisions of this Agreement, our liability shall be limited to the reimbursement of those late charges imposed against you by the financial institution at which you hold the External Account. You agree that if at any time our systems shall cause or be subject to any temporary disconnection or malfunction due to any problem that affects our ability to provide services hereunder, our sole obligation in that event shall be to restore our systems and perform any tasks impeded or obstructed thereby within a reasonable period of time.

This Agreement shall not be constructed as an appointment of us as your agent or your representative before your creditors or third parties. Our responsibility regarding EFT withdrawals shall be limited to processing your EFT withdrawal request to the External Account. You shall not transfer or assign this Agreement to any person or entity. You shall not assign or transfer to any person or entity the authority to issue instructions to us regarding any EFT withdrawal request.

HANDLING YOUR ACCOUNT

To improve customer service and security, you agree that we and/or our affiliates or service providers may monitor or record telephone calls with you. If we believe there is a dispute about ownership or control of your Account, we may place a hold on it and not release funds until we receive either a court order or an instruction signed by all persons claiming an interest in the Account. We may also choose to file an interpleader action. We may deduct amounts you owe us under this Agreement, such as fees and charges, from your Accounts with us or with our affiliates, as allowed by law. This does not apply to any consumer credit covered by the Federal Truth in Lending Act. Each authorized owner is individually, jointly and severally liable for debts owed to us on an Account, regardless of which signer incurred the debt.

CHANGE OF ADDRESS

You must notify us immediately if you change your address.

CHANGES TO AGREEMENT

We may change this Agreement at any time as allowed by law. You may be bound by these changes, with or without notice.

EXAMINING STATEMENTS AND REPORTING PROBLEMS

You must notify us of an error on your electronic statement within sixty (60) days after your statement is made available online. You may do so by calling us at 866-576-7283 or by logging into your Account and sending to us a secure message.

FEDERAL DEPOSIT INSURANCE

All deposit products offered through E-LOAN will be opened through Banco Popular North America (BPNA), a FDIC-member institution and a New York state chartered bank insured by the FDIC that is the direct parent company of E-LOAN (i.e. E-LOAN is a wholly-owned subsidiary of BPNA). Processing services are provided by BPNA. All deposits with BPNA are insured for the maximum amount allowed by law, and all balances on deposit with BPNA (whether directly or through E-LOAN) would be combined for purposes of determining FDIC coverage eligibility. Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category. For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit https://www.fdic.gov/deposit/deposits/

ABANDONED ACCOUNTS

State and federal law govern when deposit accounts are considered "inactive," "dormant" or "abandoned." The applicable state law to determine abandonment will be the law of the state in which the Account owner resides. Generally in instances where you have not communicated with us and/or you have not increased or decreased the balance in your Account for an extended period of time, as provided in applicable law or regulation, your Account shall be deemed "abandoned." For certain purposes, automated transactions (for example, automated transfers between your Accounts) may not be considered activity for this purpose, even if your balance changes. Account charges or interest payments are not considered activity affecting the balance in your Account. Logging into your Account online to check your Account balance and other information would in most instances constitute activity that prevents your Account from being deemed inactive, dormant, or abandoned. In accordance with applicable law, BPNA would remit "abandoned" funds to the applicable state and neither E-LOAN nor BPNA shall have any further liability to you for such funds. E-LOAN may, at its option, attempt to contact you prior to remittance of funds to the applicable state and will attempt to do so if required by applicable law. Once your abandoned funds are remitted to the relevant state authorities, you must apply to the appropriate state agency to reclaim such funds. After the funds on deposit have been remitted to the relevant state authorities, the Account will be closed and interest would cease to accrue on any interest-bearing Account. The fact that you have a separate active Account with BPNA would not keep your E-LOAN Accounts from potentially becoming inactive, dormant, or abandoned.

DISCLOSURE OF ACCOUNT INFORMATION

Your Account is subject to the Privacy Policy, which is provided in its entirety below and can also be found online at https://savings.eloan.com/savings. In addition, all customers shall receive copies of all applicable privacy policies on an annual basis. To request a current copy of the Privacy Policy, call or write us at the contact number or address shown in How to Reach Us below.

PRIVACY POLICY

Click here to view our Privacy Policy.

FEES

We will not assess or charge any fees in connection with your E-LOAN Account(s).

WITHDRAWING FUNDS

Withdrawals can only be made through the E-LOAN website by transferring funds from your E-LOAN account to your External Account. You cannot change your External Account during the first 60 days after opening your E-LOAN account. Thereafter, you may change your External Account. However, each time you change your External Account, you may not change it for 60 days.

POTENTIAL RESTRICTIONS ON THE AVAILABILITY OF A DEPOSIT:

We will automatically place a five (5) business day "hold" on any funds that you deposit in your E-LOAN Account(s). This automatic five (5) business day hold will not apply, however, to direct deposits of your Social Security or other regular check deposits, such as your payroll check, to your E-LOAN Savings Account. If you need any additional information regarding cutoff times for your deposits, please call our Customer Service Department 1-866-576-7283.

In addition, we may place a "hold" on a deposited item if:

  • We learn that the item has been or will be dishonored; for instance, if sufficient funds for payment are not on deposit at the paying institution;
  • We believe that the person, or the paying institution, has become or may become subject to bankruptcy or a similar proceeding, or that fraud or "kiting" exists;
  • The item is delayed in processing; for instance, if there is a delay in presenting it to the paying institution or it is improperly encoded;
  • Your Account has been overdrawn or items have been returned for insufficient funds any time within six (6) months (in this case, we may place holds on any item during the six-month period following the last overdraft or return);
  • Your Account has been open for less than thirty (30) days;
  • There is a dispute as to who owns the Account or as to who is entitled to the funds in the Account; or
  • The activity on the Account appears suspicious to us.

Any hold will be immediately effective, and you will not have use of the money represented by the item on hold until the hold period expires, which in the case of automatic holds typically occurs within five (5) business days and in the case of extraordinary holds typically occurs within eleven (11) business days. If a deposited item earns interest and then is not honored, you must pay back any interest that the deposited item earned. We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when these funds will be available.

LIMITATIONS ON THE FREQUENCY OF FUNDS WITHDRAWALS

Per Federal banking regulations, a limit of six (6) pre-authorized transfers per statement cycle applies to your E-LOAN Savings Account. These limitations are applied according to the date when the transaction is posted to the Account and not the date when the transfer is authorized. If these limits are exceeded on three (3) monthly statement cycles during a period of twelve (12) consecutive months, the Account will be closed as described in ACCOUNT CLOSURE below.

We reserve the right to refuse any EFT withdrawal or funds transfer. Each EFT withdrawal or funds transfer is subject to the other terms and conditions of your Account with us. We shall be liable hereunder only for direct damages resulting from our failure to exercise ordinary care or to act in good faith. Ordinary care shall be determined in accordance with reasonable commercial standards in the state in which the funds transfer originates.

LIMITS ON LIABILITY

You will indemnify and hold us harmless for any loss caused by our acting in accordance with this Agreement or in reliance on any representation or authorization you give us. You will also indemnify us and hold us harmless from any unauthorized debits from other accounts that you initiate and from claims that others make on the funds in your Account. You agree to pay us back for any losses or damages (including, but not limited to, reasonable attorneys fees) that we suffer if we take an action based on your (or what appears to be your) oral, written or electronic instruction. We are not liable for the accuracy of any information you provide to us. We are not responsible for any losses or damages resulting from the use of the account, unless we were grossly negligent or acted in bad faith. We will not under any circumstances be responsible for special, indirect, consequential, exemplary or punitive damages resulting from this Agreement.

NO WARRANTIES

We make no representations or warranties with respect to processing under this Agreement Conditions or the accuracy of any report or other form furnished under this Agreement. Our responsibility is limited to the exercise of ordinary care. Transactions to your Account will be processed mechanically, and we will not necessarily review every item. This is the standard of "ordinary care" that we will follow in good faith. We will not be liable for our failure to act if the failure is due to your action or inaction, failure of our equipment, acts of God, acts of war or terrorism, government regulations, labor disputes, mechanical or electrical breakdowns, weather conditions, or other so-called "Force Majeure" events beyond our control.

APPLICABLE LAW; SEVERABILITY; CHANGE OF TERMS

E-LOAN Accounts are subject to New York State banking laws, excluding conflict of law rules. Applicable federal laws and regulations and our then-current policies and procedures (including but not limited to fees) for Accounts of this type also apply. If any section, paragraph, sentence, clause, phrase, or any part of this Agreement is declared to be void or unenforceable, or if for any reason is declared to be invalid or of no effect, the remaining sections, paragraphs, sentences, clauses, phrases, or parts hereof shall be in no manner affected thereby, but shall remain in full force and effect. We may change, add to, or delete from this Agreement, but will give you any prior notice required by law on the E-LOAN website and at the most recent e-mail address you provided to us.

ASSIGNMENTS

E-LOAN Accounts are not transferable. If you pledge or assign any Account to a third party, we may close the Account. If you pledge or assign a CD and we close the Account, early withdrawal penalties may apply. You may not use your Accounts as collateral for a loan unless we agree otherwise.

BACKUP WITHHOLDING

You must notify us promptly if at any time the Internal Revenue Service determines that interest earned by you is subject to backup withholding. In that event, we may close your Account. You are required to provide us with a social security number or taxpayer identification number (TIN), certified under the penalty of perjury. Proper completion of IRS Form W-9 or other forms we provide to you requesting TIN certification using the TIN of the person or entity listed on the first ownership line fulfills this requirement. For individuals, the TIN is the social security number. Under certain conditions we may be required to withhold and pay to the IRS a certain percentage of payments of interest (under those circumstances, we may elect to close your Account). The percentage withheld will be determined by the rate in effect under IRS regulations. Interest payments may be subject to backup withholding if:

  • The IRS notifies us that you furnished an incorrect TIN;
  • We are notified by the IRS that you are subject to backup withholding; or
  • You fail to certify to us that you are not subject to backup withholding

ATTACHMENT AND LEVY

If the Account is subject to attachment or levy, we may refuse to allow any withdrawals until the attachment or levy is satisfied. In the case of Savings Accounts, we will not be liable to you even if paying the money to the third party leaves insufficient funds to cover preauthorized or individual electronic withdrawals

HOW TO REACH US

E-Loan, Inc.
PO Box 4906
Miami Lakes, FL 33014
1-866-576-SAVE (7283)

  • E-mail address: deposits@eloan.com
  • Log into your Account at www.eloan.com/savings and send us a secure message

EFT DISCLOSURE STATEMENT

You may arrange for an organization (for example, your employer, a government agency, or a financial institution) to make electronic deposits to your Account at regular intervals. No ACH withdrawals initiated by a third party (financial institution or otherwise) will be allowed from your Savings Account. After your Account is opened, you may provide us ACH instructions to make a deposit to your External Account through the E-LOAN website. You may arrange to have a recurring ACH electronic funds transfer of interest made from your CD Account with us to your External Account at regular intervals.

Inconsistent Name and Account Number:

If you designate a beneficiary of an Electronic Funds Transfer of interest by name and account number, the transfer will be made solely according to that account number even if the name and account number are different and identify different parties. Therefore, you need to make sure that you designate the correct account number in such circumstances. If you provide us with an incorrect account number in this context, you will indemnify and hold us harmless for any resulting damage or loss to you or us. In the case of a trust Account, you must certify that the titling on the recipient External Account exactly matches the titling on your E-LOAN Account.

Our Liability for Failure to Make Transfers:

We'll make all reasonable efforts to give you access to your Accounts and accurate information. However you agree that we are not responsible for any interruption in service or loss caused by events beyond our control, such as natural disasters, wars, riots, strikes, computer failures or losses of power, communications or transportation facilities. We will not be responsible for any direct losses or damages resulting from your use of the Account, unless we were negligent or acted in bad faith. We are not responsible for indirect, special, or consequential losses or damages.

If we do not complete a transfer to or from your Account on time or in the correct amount, we will be liable for your losses or damages. There are some exceptions, however: We will NOT be liable, for instance, if:

  • Through no fault of ours, you do not have enough money in the Account to make the transfer.
  • The funds in your Account are subject to legal process or some other encumbrance restricting such transfer.
  • Circumstances beyond our control (such as fire, flood, or power failure) prevent the transfer despite reasonable precautions we have undertaken.
  • There may be other exceptions not specifically mentioned here (for example, if a payment is not made due to limitations of a payee or financial institution).

Unauthorized Transfers:

Tell us at once if someone has transferred or may transfer money from your Account without your permission. Call or send us a secure message online immediately to report any unauthorized transfers (telephoning us under those circumstances is generally the quickest and best way to minimize loss). If the Account electronic statement shows electronic transfers that you did not make, tell us at once. If you do not tell us within sixty (60) days after the electronic statement is available, you may not get back any money lost after that sixty (60) day period if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as an extended trip out of the country or a hospital stay) kept you from telling us, we will extend the time period at our discretion.

You agree to safeguard your User ID, Password and Security Question and Answer. You will not share them with anyone or allow anyone to review or access them. You will ensure that any computer you use to access the account is secure and will not leave a computer unattended after logging into your account.

Errors or Questions:

In case of errors or questions about your electronic transfers, contact us at the toll-free telephone number or address specified in the How to Reach Us section above as soon as you can if you think the statement is wrong or if you need more information about a transfer listed on the statement. We must hear from you no later than sixty (60) days after we have sent the FIRST statement on which the problem or error appeared. You should:

  • Tell us your name and Account number;
  • Describe the error or the transfer in question, and explain clearly why it may be an error or why more information is needed;
  • Tell us the dollar amount of the suspected error.

If you notify us orally, we may require you to send to us your complaint or question in writing within ten (10) business days. We will determine whether an error occurred within ten (10) business days after hearing from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question (90 days for new Account transactions). If we decide to do this, we will we will provisionally credit your account your Account within ten (10) business days (twenty (20) business days for new Account transactions) from the date of you reporting it to us, for the amount 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 (10) business days, we may not make a provisional credit to your Account. We will tell you the results within (3) three business days after finishing the 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.

ADDITIONAL DISCLOSURES FOR CERTIFICATE OF DEPOSIT ACCOUNT

When you open an Account, you agree to maintain the funds on deposit until the maturity date stated on your Account summary. This Account allows you to earn interest at the fixed rate on funds you leave on deposit for a specific period of time, called a term. The interest rate is fixed for the term and is based on the rates in effect at the time you make the deposit.

INTEREST RATE AND BALANCE COMPUTATION METHOD

Interest begins to accrue the day we receive your funds, and is calculated as stated in the Interest on Deposits Section above, daily up to the maturity date. The interest rate and annual percentage yield on your Account are determined on the date the account is opened or renewed and are shown in your Account summary. The interest rate and annual percentage yield paid upon renewal will be available to you at that time. The annual percentage yield is based on a 365-day year and assumes that all interest will remain on deposit until maturity. Any withdrawal of interest or principal, as well as the imposition of any fees, will reduce earnings. If the term of your Account is less than one (1) year, the full dollar amount of the annual percentage yield will not be earned. Interest is credited to your Account monthly.

ACCOUNT DISCLOSURES FOR CDs

Deposits may be made only upon opening and renewal of your CD Account. The APY for a Certificate of Deposit (CD) account is effective as of 1/30/2015 and subject to change without notice. There is a $10,000 minimum opening account deposit and balance requirement. APY assumes principal and interest remain on deposit until maturity. A penalty will be imposed for early withdrawal.

EARLY WITHDRAWAL PENALTY

Normally, withdrawals will not be permitted during the first ninety (90) days the Account is open. After that, they may be permitted at our discretion. We will impose an interest penalty on early withdrawals of principal before the end of your Account term. Early withdrawal penalties will be deducted from accrued interest and from the principal if sufficient interest has not yet been earned at the time of withdrawal. Withdrawal without penalty will be permitted in the event of your death or adjudication of incompetence.

The following penalties apply on early withdrawals for accounts opened on or after November 10, 2011:

Original Term

Penalty

Less than 3 months: 89 days simple interest
3 months up to 12 months: 120 days simple interest
12 months up to 36 months: 270 days simple interest
36 months up to 60 months: 365 days simple interest
60 months or Greater: 730 days simple interest

AUTOMATIC RENEWAL OF ACCOUNT

The maturity date for your Account is specified in your Account opening materials. Unless you have contacted us with contrary instructions, we, at our discretion, may automatically renew the Account as of the stated maturity date for the same term, at the rate in effect on the maturity date. After an automatic renewal, we allow a ten (10) calendar day "grace period" during which you can withdraw funds without being charged a penalty. The grace period begins on the day after the maturity date of your CD. No interest is paid past the maturity date on accounts closed during the grace period.

STATEMENTS

We will not provide periodic statements for your CD account.

ACCOUNT DISCLOSURES FOR SAVINGS ACCOUNTS


INTEREST RATE COMPUTATION

Interest accrues as stated in the INTEREST ON DEPOSITS section above and compounds daily up to the day of withdrawal. Savings Accounts are "variable-rate Accounts"---the interest rates and annual percentage yields may change as often as daily at our discretion. Interest is credited to your Account monthly. The current interest rates and annual percentage yields can be obtained by logging on to our website or calling us.

STATEMENTS

Electronic statements will be available monthly if activity other than interest posting occurs on your Account or quarterly if you only have interest posted to your Account. The electronic statement will show the annual percentage yield earned during the period up to the statement date and a complete listing of all transactions relating to your Account. You may also call us or visit the E-LOAN website if you would like to know the current annual percentage yield on your Account. If the term of your Account is more than one (1) year and interest is paid at maturity, we are required by the Internal Revenue Service to report interest earned for the year in which it accrued, even if you have not yet received that interest. Your electronic statements provide the information needed to balance your Account, to help prepare tax returns, and for other record-keeping purposes. With an E-LOAN Account, you accept that you will receive your statements electronically and that they will not be delivered by mail.

INTEREST RATES

The interest rate and Annual Percentage Yield (APY) your money earns depend on the tier into which the end-of-day balance in your Account falls. A tier is a range of account balances; different rates may apply to different tiers. We may change the tiers at any time. The Annual Percentage Yield (APY) for a Savings Plus Account is effective as of 1/30/2015 and subject to change without notice. There is a $5,000 minimum opening account deposit and balance requirement. The Savings Plus account is a money market account that allows up to six withdrawals per month.

ACCOUNT CLOSURE

You will be expected to maintain a balance of at least $500.00 in your Savings Account. If your balance is less than $500.00 for ninety (90) calendar days or more during any 12-month period, your Account may be closed. If we decide to close your Account, we will either return any funds in that Account (along with any accrued interest) to your External Account or send to you a check for that total amount.

USING AN ACCOUNT FOR BUSINESS PURPOSES

If you use a personal Account for business purposes, we may elect to close that Account.

* The Annual Percentage Yield (APY) for a Savings Plus Account is effective as of 7/31/2015 and subject to change without notice. There is a $5,000 minimum opening account deposit and balance requirement. The Savings Plus account is a money market account that allows up to six withdrawals per month.

** The APY for a Certificate of Deposit (CD) account is effective as of 7/31/2015 and subject to change without notice. There is a $10,000 minimum opening account deposit and balance requirement. APY assumes principal and interest remain on deposit until maturity. A penalty will be imposed for early withdrawal.

*** All deposit products offered through E-LOAN, Inc. (E-LOAN) will be opened through Banco Popular North America (BPNA), a FDIC-member institution and a New York state chartered bank insured by the FDIC that is the direct parent company of E-LOAN (i.e. E-LOAN is a wholly-owned subsidiary of BPNA). Processing services are provided by BPNA. All deposits with BPNA are insured for the maximum amount allowed by law, and all balances on deposit with BPNA (whether directly or through E-LOAN) would be combined for purposes of determining FDIC coverage eligibility. Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category. For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html.

Important information about procedures for opening a new account: Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.

Today's Great Interest Rates

5 Year CD

Minimum $10,000

2.45
4 Year CD

Minimum $10,000

2.00
3 Year CD

Minimum $10,000

1.85

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