Terms and Conditions
Summary of Changes to the Terms and Conditions of Your Account:
This Summary of Changes provides a high-level overview of the main changes to the Terms and Conditions of your account, which will be effective February 1, 2021. However, it is not meant to be a comprehensive discussion of every change made, and we strongly recommend that you review the Terms and Conditions of your account in their entirety for a full understanding.
Simmons Bank is updating the Terms and Conditions of your account to, among other things:
- Provide additional clarity concerning costs and attorneys’ fees in the event of a dispute between you and the bank.
- Identify counterfeit cashier’s checks as an example of an item that the bank may charge back to your account.
- Discuss the risks and liability associated with cash withdrawals.
- Further clarify certain limitations of the bank with respect to transactions where a check or similar item is converted into an electronic fund transfer.
- Update the provisions associated with stop payments and telephone transfers.
- Provide additional clarity concerning your duty to examine your account statement and report errors.
- Update the provisions associated with positive pay and other fraud prevention services.
- Clarify that certain provisions in the “Claim of Loss” section do not apply to a transaction or claim related to a consumer electronic fund transfer governed by Regulation E.
- Add an optional arbitration program for customers in order to resolve disputes through binding arbitration rather than through jury trials or class action lawsuits.