Electronic Fund Transfer (EFT) Services Policy

Nelnet Bank may provide you with EFT services, including direct deposits into your Account, preauthorized transfers from your Account and telephone transfers. For these services, you authorize us to charge and deduct from your Account any and all charges applicable to the EFT service(s) we provided to you. Applicable fees are disclosed in the “Truth-in-Savings Disclosures and Fees” Section of your deposit account agreement. In addition, insufficient funds fees are applicable to any EFT service we may offer. Any EFT service we offer is also subject to the transaction limitations set forth in your deposit account agreement. We reserve the right to restrict your access to any EFT service(s) based on a review of your debit history or how you use your Account. The EFT services we may offer are described below.

1. Types of Electronic Fund Transfers Permitted. Electronic fund transfers to or from your Account may be made by ACH. Nelnet Bank does not permit other types of electronic fund transfers for the types of Accounts. The limitations on the frequency and amounts of transactions are set forth in your deposit account agreement.
2. Your Liability for Unauthorized Transactions, Reporting and Disputing Errors

   Your Liability for Unauthorized Transactions.

   Tell us AT ONCE if you believe that an electronic fund transfer has been made without your permission, or if you believe your access device has been stolen. Telephoning us is the best way of keeping your possible losses down. You could lose all the money in your account. If you tell us within two (2) Business Days after you learn of the unauthorized electronic fund transfer or theft of your access device, you can lose no more than $50.

   If you do NOT tell us within two (2) Business Days after you learn of the unauthorized electronic fund transfer or theft of your access device, and we can prove we could have stopped someone from making an unauthorized electronic fund transfer if you had told us, you could lose as much as $500.

   Also, if your statement shows transfers that you did not make, including those made by code or other means, tell us at once. If you do not tell us within sixty (60) days after the statement was made available to you, you may not get back any money you lost after the sixty (60) days 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 a long trip or a hospital stay) kept you from telling us, we will extend the time periods.

   Error Resolution Notice.In case of errors or questions about your electronic fund transfers, contact us as soon as you can by telephoning us at 800-446-4190 or emailing us at Deposits@NelnetBank.com, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared. When contacting us for such purposes, we ask that you:

   – Tell us your name and Account number (if any);
   – Describe the error or the 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; and
   – Tell us the dollar amount of the suspected error. If you tell us orally, we also require that you send us your complaint or question in writing

   If you tell us orally, we also require that you send 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 we hear 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. If we decide to do this, we will credit your Account within ten (10) Business Days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we do not receive your complaint or question in writing within ten (10) Business Days, we may not credit your Account.

   For errors involving new Accounts (an Account is considered to be a new Account for the first thirty (30) days after opening or after funds are deposited into the Account, whichever occurs later), or for foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. For new Accounts, we may take up to twenty (20) Business Days to credit your Account for the amount you think is in error.
   We will tell you the results within three (3) Business Days after completing our 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.

3. Our Liability for Failure to Complete Transactions. If we do not complete a transfer to or from your account on time or in the correct amount according to our Agreement with you, we will be liable for your losses or damages. However, we will not be liable for your losses or damages, even if we do not complete a transfer to or from your Account on time or in the correct amount according to your deposit account agreement, under the following circumstances:
   1. If, through no fault of ours, you do not have enough funds available in your Account to complete the transaction, including if there is a hold on your funds or if your funds are subject to legal process, another encumbrance restricting their use, other legal restrictions, or right of set-off;
   2. If we have reason to believe the requested transaction is unauthorized, including for fraud and related concerns;
   3. If circumstances beyond our control (such as fire, flood or computer or communication failure) prevent the completion of the transaction, despite reasonable precautions that we have taken; or
   4. For any other exception stated in your deposit account agreement.

4. Disclosure of Account Information to Third Parties. In order that your privacy may be protected, we will only disclose information to third parties about your Account or the transfers you make:
   1. Where it is necessary for completing transfers;
   2. In order to verify the condition and existence of your Account for a third party, such as a credit bureau or merchant;
   3. In order to comply with government agency or court orders;
   4. To our employees, auditors, service providers, attorneys, or collection agents in the course of their duties;
   5. As disclosed in our privacy notice, available at https://www.nelnetbank.com/privacy-notice/; or
   6. If you give us your permission.

5. Right to Stop Payment. If you have told us in advance to make regular payments out of your Account, you can stop any of these payments. Here’s how:

   Call us at 800-446-4190, or write us at Deposits@NelnetBank.com, in time for us to receive your request three (3) Business Days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within fourteen (14) days after you call.

   If you order us to stop one of these payments three (3) Business Days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

6. Preauthorized Transfers in Varying Amounts. When a preauthorized electronic fund transfer from your account will vary in an amount from the previous transfer under the same authorization or from the preauthorized amount, we will send you written notice of the amount and date of the transfer at least ten (10) days before it is scheduled to occur. You may choose instead to get this notice on when the payment would differ by more than a certain amount from the previous payment or the preauthorized amount, or when the amount would fall outside certain limits that you set.
7. Termination. We reserve the right to terminate your use of our EFT services for any reason and at any time. You also have the right to terminate your use of the EFT services described in your deposit account agreement at any time. If you terminate the use of EFT services by telephone, we may require you to put your request in writing and get it to us within fourteen (14) calendar days after you call. If you terminate your use of our EFT services and you have arranged for preauthorized transfers involving third parties, you are responsible for informing any third parties that the transfers will cease. Any termination of your use of our EFT services, whether initiated by you or us, will not affect any of your or our rights and obligations under your deposit account agreement that have arisen before the effective date of such termination.
8. Periodic Statements. Your right to receive periodic statements for your Account is set forth in your deposit account agreement.