Policies & Disclosures

At the Bank of Elk River, we live true to our mission of exceeding customer expectations in everything we do. To that end, we provide full transparency of all policies and disclosures.

If you have any questions about any of the statements in this section, please call 763.441.1000, email customerservice@thebankofelkriver.com, or visit your nearest branch location.

Section 326 of The USA Patriot Act requires all financial institutions to obtain, verify, and record information that identifies each person whom opens an account.

Effective October 1, 2003, we will ask for your name, address, date of birth, and other identifying documents, such as your driver's license, when you open an account. The information you provide is protected by our Privacy Policy and federal law.

This agreement between you and The Bank of Elk River states that you are requesting to receive eDisclosures and use electronic signatures. The bank will use your electronic signature to establish your identity and sign electronic documents and forms. You further agree that, for the purposes of authorizing and authenticating electronic bank documents, your electronic signature has the full force and effect of a signature affixed by hand to a paper document.

By enrolling in eDisclosure, you are requesting and The Bank of Elk River is agreeing to receive account disclosures and bank forms via the email address you provide to the bank. By accessing your documents electronically, you acknowledge that you will not receive paper copies. To access your documents, you will need to have Adobe Reader installed on the computer that you use to view the information and any modern browser that supports 128-bit encryption.

If you wish to receive a paper copy of a disclosure/document or other information that is presented to you electronically, please contact us by phone, email, or mail at The Bank of Elk River, 630 Main Street, Elk River MN 55330. Disclosures and documents will only be mailed to the address we have on file. There is no fee to request a paper copy of a disclosure or document. This agreement will remain in effect until we receive a written request from you to cancel it.

By enrolling, you agree to the terms stated above and are able to meet the minimum requirements for printing or retaining the information provided to you. You understand that you have a duty to exercise reasonable promptness in examining the electronic disclosure and/or document. Your consent covers all disclosures and/or documents that are required or may be provided in regard to your account(s).

We may change any term of this agreement at any time. You will be notified of such changes. If you do not wish to accept the change, you may terminate this agreement by withdrawing your consent to receive disclosures and documents electronically.

We may terminate our eDisclosure/eSign service and revert to printed and mailed disclosures/documents for any reason, at any time.

You agree to inform us if you change your email address. If any emails sent to you in conjunction with this service are returned for any reason, we will attempt delivery three times. After the third time, we will not make any additional attempts for that particular notification. In order to maintain timely communications, you must provide us with your most current email address.

You agree to the terms and conditions within this disclosure, and you certify you are able to meet the minimum requirements for printing or retaining the information provided to you.

11/2016

If you have any questions about your rights as a user of this service, you can reach the administrator by email at: customerservice@thebankofelkriver.com

The Bank of Elk River understands the special duty that financial institutions have to safeguard our customer's sensitive information. This information may be required to be obtained by law or sought by the institution for proper business purposes, and such personal information is also vital to our ability to provide our customers with quality service.

The Bank of Elk River does not collect personal identifying information about site users except when specifically and knowingly provided by such users. Once you have provided personal identifying information, it will only be used for purposes of managing the website or for such other purposes as described at the point of data collection.

Our institution recognizes the reasonable expectation of privacy for all of our customers and the importance of protecting that privacy. The American Bankers Association, Consumer Bankers Association, and The Bankers Roundtable have developed joint industry privacy principles which are itemized below. The Bank of Elk River subscribes to these principles as one method to protect customer privacy.

The Principles

1. Recognition of a Customer's Expectation of Privacy. The Bank of Elk River recognizes and respects the privacy expectations of our customers.
2. Use, Collection and Retention of Customer Information. It is the policy and practice of the bank to collect, retain and use information about consumers and customers only where the bank believes the gathering of such information would be useful and allowed by law to administer the bank's business and/or provide products, services, or opportunities to its customers.
3. Maintenance of Accurate Information. Procedures are established to ensure that all customer financial information is accurate, current, and complete in accordance with reasonable commercial standards.
4. Limiting Employee Access to Information. Only employees with a legitimate business reason for knowing personally identifiable customer information shall have access to such information.
5. Protection of Information via Established Security Procedures. We maintain physical, electronic, and procedural safeguards that comply with federal regulations to protect your nonpublic personal information.
6. Restrictions on the Disclosure of Account Information. The Bank of Elk River collects, retains, and uses information about individual customers as permitted by law and in administering our business and to provide products, services, and other opportunities to customers. This information is obtained from application information, transaction information, and consumer report information. Federal law allows us to disclose the information we collect, as described above, to companies that perform marketing services on our behalf or to other financial institutions with which we have joint marketing agreements.
7. Maintaining Customer Privacy in business Relationships with Third Parties. Third parties that receive personally identifiable customer information will adhere to strict privacy policies in keeping such information confidential.
8. Disclosure of Privacy Principles to Customers. The bank's privacy notice will be provided to customers initially and in the event a change has been made to the bank's privacy policy.

 In this agreement, “you’ and “your” refer to each person or business entity that uses the Cash Management service. This disclosure states the terms and conditions that apply when you use The Bank of Elk River’s World Wide Banker Cash Management service. These terms and conditions are in addition to those that apply to any accounts you have with the bank or any other services you obtain from the bank. By signing the World Wide Banker Cash Management Agreement, you agree to follow the terms, conditions, instructions, and procedures applicable to the services described in this disclosure. 

CASH MANAGEMENT ADMINISTRATOR

You will identify an Administrator with the responsibility and authority to authorize other Users to use World Wide Banker and Cash Management. The Administrator will have access to all accounts on your World Wide Banker Agreement and all Cash Management functionality. Functions include but are not limited to: viewing and printing account activity, transferring funds between accounts, initiating ACH transactions, Bill Pay, Business Desktop Deposit, Wire Transfers, and Positive Pay. Further, the Administrator will have control over whom is an Authorized User.

It is your responsibility to maintain the integrity and confidentiality of your World Wide Banker and Cash Management identification numbers and passwords (PINs). The bank may rely on the instructions of any Authorized User. The bank will not ordinarily confirm the authority of persons obtaining reports, transferring funds, initiating transactions, or engaging in any activities on the World Wide Banker Cash Management service. All acts performed and transactions initiated by an Authorized User are solely your responsibility. You shall not hold The Bank responsible or liable for any damages, losses or injuries you may sustain as a result of any use, authorized or unauthorized, of your World Wide Banker Cash Management identification numbers, passwords (PINs), or secure tokens.

Your Cash Management Administrator may notify the bank, in writing, that a particular person is no longer an Authorized User, though the bank requires a reasonable opportunity to act on such information. It is possible that acts may be performed or transactions initiated during a brief period after such notification to the bank, and such acts and transactions will still be considered authorized acts or transactions.

CASH MANAGEMENT USERS

Authorized Users may obtain information, transfer funds, and initiate transactions through the Cash Management service. All acts performed and transactions initiated by an Authorized User are solely your responsibility and the bank may rely on the instructions of any Authorized User. If the bank receives conflicting instructions, or if the bank believes that Cash Management service security may be at risk, the bank may suspend or terminate any Authorized User, without prior notice to such person or any account owner.

CASH MANAGEMENT TRANSACTIONS

Requirements for access or for particular transactions which would require the physical presence of one or more persons if performed at a traditional teller, such as verifying two or more signatures on an item or comparing signatures to confirm identity will not apply to acts and transaction(s) through the Cash Management service. If you make a person an Authorized User, that person has the ability to perform the functions authorized by the administrator through the Cash Management service, regardless of any other instruction or agreement you may have with the bank.

CASH MANAGEMENT FEES

A schedule of fee(s) is set forth below. You agree to the terms of this service and to the schedule of fee(s) that may be imposed. You authorize the bank to deduct these fees from the accounts indicated. We may change our fees from time to time upon written notice to you. 

Cash Management Monthly Maintenance Fee............................... N/A 

Two Free Secure Tokens. Each Additional……..………………………….$10.00

Auxiliary Products Available (Additional Fees Apply)

• ACH Origination
• Business Desktop Deposit (account analysis)
• Positive Pay
• Wire Transfers
• Bill Pay (Secure Token not required)

CASH MANAGEMENT SECURITY

If you believe your World Wide Banker, Cash Management identification number, password (PIN) or secure token have been lost or stolen, or that someone has used them without your authorization, call the bank immediately at 763.241.8522 to reduce your possible losses.