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Severn Savings Bank, FSB Online Banking Agreement

This Online Banking Agreement ("the Agreement") explains the terms and conditions governing the basic Internet banking services offered by Severn Savings Bank, FSB ("the Bank" or "Severn"). All Online banking services of any kind whatsoever offered by the Bank (including, but not limited to funds transfers and bill payment services) will be referred to collectively as "Online Banking Services" in this Agreement. By using any of the Online Banking Services, you agree to abide by the terms and conditions of this Agreement as well as the Bank Account Agreement you received upon opening the listed account(s). "You" and "your" refers to each person who opens or is authorized to use any account at the Bank and any person who has a password chosen by the customer. The term "business day" means all days except Saturday, Sunday and all banking holidays.
                
                You agree that if you give your password to anyone or fail to safeguard its secrecy, you do so at your own risk since anyone with your password will have access to your accounts. You agree to notify the Bank immediately in the event your password is lost or stolen or is otherwise compromised. At any time, you may ask the Bank to disable your password and issue a new one to you.
                
                Each person on a joint account will be liable for all transactions that are made on that account. Each person on a joint account authorizes all transactions made by any other person on the account. Each person on a joint account agrees to be liable for the actions of the other person(s) on the account.
                
                All Online Banking Services are governed by this Agreement. All applicable fee schedules published by the Bank from time to time will apply to the Online Banking Services. You are responsible for the payment of any fees incurred by you on any account, for any service at any time. You agree to pay all such fees upon request of the Bank Further, you agree to pay all telephone charges or fees incurred by you in accessing Online Banking Services.
                
                Your initial use of any Online Banking Service in connection with your account at the Bank constitutes your acceptance and agreement to be bound by all of the terms and conditions of the Agreement. Such initial use acknowledges your receipt and understanding of the Agreement. Severn will establish access for you using a default password. You shall immediately change your password upon your first login.
                
                Severn is entitled to act upon instructions received through any Online Banking Service under your password and without inquiring into the identity of the person using that password. However, you agree that you will not, under any circumstances, disclose your password by telephone, or any other means, to any person. You acknowledge that no person from the Bank will ever ask for your password, that Bank employees do not need and should not ask for your password. You agree never to provide your password to anyone, including anyone claiming to represent the Bank. You are liable for all transactions made or authorized using your password. The Bank has no responsibility for establishing the identity of any person or determining the validity of any transaction.
                
                You agree to indemnify and release Severn from any and all liability and agree not to make any claim against the Bank or bring any action against the Bank relating to honoring or allowing any actions or transactions that were conducted using your password. You agree to reimburse the Bank for any losses it suffers or any damages, injuries, costs or expenses it incurs (including attorney's fees) as a result of the Bank's honoring or allowing transactions on the account where the password was used.
                
                The limitations of liability set forth in this Agreement are subject to, and limited by, any state or federal law mandating compliance by Bank to the contrary.
                
                Severn has the right to modify or terminate this Agreement at any time. When making changes, the Bank will comply with all legal notice requirements. You agree that the Bank may, as permitted by law, provide all applicable disclosures to you electronically. You are responsible for downloading or printing the disclosures or providing the Bank with a non-electronic address to which the disclosures may be mailed.
                
                Once this Agreement is terminated, the Bank will not allow any additional Online Banking transactions on the account. If this Agreement is modified, your continued use of the Account will represent your acceptance of the changes.
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