Transfer Funds Service

A. Business Use Only. By submitting the Enrollment Form, agreeing to this Agreement, and using the Services, you agree and warrant to us that the use of the Services by the Authorized Users shall be solely for business and commercial purposes and that no consumer use of the Services shall be permitted under any circumstances. You further agree that any consumer use of the Services shall be immediate grounds for termination of this Agreement. YOU ACKNOWLEDGE AND AGREE THAT THE SERVICES WILL NOT BE TREATED AS ELECTRONIC FUNDS TRANSFERS BY A CONSUMER ACCESS DEVICE UNDER THE PROVISIONS OF THE ELECTRONIC FUNDS TRANSFER ACT, REGULATION E, OR ANY OTHER FEDERAL OR STATE LAW. THEREFORE, YOU WILL NOT HAVE THE BENEFIT OF ANY LIMITATION OF LIABILITY WITH RESPECT TO THE UNAUTHORIZED USE OF THE SERVICES. YOU AGREE TO ACCEPT ANY ADDITIONAL RISK ASSOCIATED WITH THE USE OF THE SERVICES AND AGREE TO ASSUME THE LIABILITY DESCRIBED IN THIS AGREEMENT. YOU ALSO AGREE TO ACCEPT DELIVERY OF THIS AGREEMENT AND ANY FUTURE AMENDMENT TO THIS AGREEMENT ELECTRONICALLY.

B. Transfer Requests. Once you are provided access to your Account(s) through Online Banking, you may transfer available funds from your designated account(s) to other accounts with us. However, the number of transfers per monthly statement cycle from a savings account and a money market account is limited as described in the applicable account terms and conditions. If a hold has been placed on a deposit made to an account from which you wish to transfer funds, you cannot transfer the portion of the funds held until the hold expires.

C. Deposit Account Transfer Limitations. (a) Transfers from your deposit account may not be completed if you do not have sufficient funds in your Account to do so, if the funds in your checking or savings account are subject to legal process or other encumbrances restricting the transfer, or if the funds in your Accounts are subject to a hold on the funds pursuant to our current hold policy. You may not transfer funds from any of your savings accounts that are pledged as collateral for loans you have with the Bank or a third-party. You may not use the Services to close or renew your time deposit accounts or transfer funds to and from your time deposit accounts.

D. Overdrafts and Returned Checks: If you do not have sufficient funds to cover the amount of the check, automatic deduction, in-person withdrawal, ATM withdrawal or other electronic transaction, such as an ACH item, debit card transaction, preauthorized automatic transfer, telephone-initiated transfer and any other electronic transfer, the check or transaction may be returned or rejected without payment. However, at our sole discretion, we may create an overdraft by paying the check or permitting the transaction. In both cases, there will be a service charge for items returned unpaid due to insufficient funds or a service charge for items paid against insufficient funds for each item or transaction, limited to three (3) overdraft and/or return item fees per day per account, and these fees will be waived on any day that your ending account balance is or would have been overdrawn by $5.00 or less. Refer to the applicable Schedule of Fees. You agree to pay us the amount of any overdraft immediately, without notice or demand from us. Each authorized signer is jointly and severally responsible for paying any overdrafts created by any authorized signer(s) or party to your account. Please note that we may discontinue permitting overdrafts without notice to you and close your Account for this reason.

E. Limited Transactions On Your Savings or Money Market Savings Account (Excludes Christmas Savings). Transactions involving your savings or money market savings accounts (excluding Christmas Savings) are limited by law. You may only make up to six withdrawals and/or transfers out of the account each monthly statement period by preauthorized or automatic transfer (e.g., automatic payments to an insurance company). If you exceed these limitations, we may refuse to honor the excessive transactions, remove your transfer privileges, close the account without prior notice, convert it to another type of account, and/or impose a fee for exceeding the limits (see Schedule of Fees). We may refuse or limit telephone and mail withdrawals at our discretion. The law does not limit the number of withdrawals you can make in person at your branch of account, at any of our CPB ATMs, at other ATMs, or transfers made for the purpose of repaying loans at CPB, nor is there any limit on the number of deposits that can be made to your account each month (e.g., in person or by preauthorized or automatic transfer.)

F. Cutoff Hours for Transfer Requests. Transfer Requests made after 9:00 p.m. (Hawaii Standard Time) may not post to your account until the next business day. You may designate when a Transfer Request is to be scheduled by entering the date of transfer ("Transfer Date").

G. Amendments and Cancellations. You may cancel or amend a Scheduled Transfer Request at any time before the Transfer Cut-Off on the Transfer Date. Requests for amendment or cancellation of a Transfer Request received by us after that time will be treated as a new Transfer Request, the effect of which should be to adjust or reverse the already consummated Transfer Request.

H. Rejection of Transfer Requests. We may reject any Transfer Request if (1) it fails to comply with this Agreement; (2) it is incomplete, ambiguous, or does not conform to our requirements; (3) you lack sufficient available funds (including any amount available under any overdraft protection plan, if any, linked to the Account from which the funds are to come) to cover the transaction; or (4) the transaction would cause the Bank to exceed any legal, regulatory, payment system or government policy limitation (e.g., the Federal Reserve Policy Statement on Payments System Risk). We also reserve the right to refuse any Transfer Request for any other reason, without prior notice. If we refuse a Transfer Request for any reason, we will notify you of our refusal by phone, in writing, via Secure Messaging transmission, or by facsimile no later than the next business day.