Wolters Kluwer continuously monitors regulatory changes and evaluates potential improvements to our Terms and Conditions. As part of our standard process, we assess those possible improvements over time and try to consolidate the implementation of multiple changes when either a regulatory change occurs, or we have sufficient changes that provide a significant benefit to the financial institutions that use our Terms and Conditions.
We consider a wide variety of sources in evaluating potential improvements. Among other things, we consider:
- Court decisions
- Customer requests
- Recommendations found in professional publications
- Changes in technology
- Industry trends
- Questions we receive from our customers on the meaning or purpose of particular provisions
Our goal is to continue to improve our Terms and Conditions to:
- Make them easier to read and understand (for our customers and their account holders).
- Help reduce the risks to financial institutions of disputes with account holders or third parties.
- Help financial institutions better protect themselves from liability.
The 2022-2023 TC changes involve updates to many sections, the addition of two new sections and several state-specific changes. Some sections have more than one change.
Here’s a summary of the sections that changed in our recent updates:
- Understanding and avoiding overdraft and nonsufficient funds (NSF) fees
- Agreement
- Withdrawals
- Ownership of account and beneficiary designation
- Stop payments
- Amendments and termination
- Correction of clerical errors – This is a new section
- Notices
- Statements
- Direct Deposits – Reimbursement of federal benefit payments
- Check processing
- Check cashing
- Truncation, substitute checks, and other check images
- International ACH transactions – This is a new section
- Authorized signer/Agent/Additional authorized signatory
- Legal actions affecting your account
- Account security
- Telephonic instructions
- Monitoring and recording telephone calls and consent to receive communications
- Claim of loss
- Early withdrawals penalties
- Address or name changes – Changes in name and contact Information
If you’d like to talk to us about what changes you may need, simply fill out your information and we will be in contact with you.