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Notice of Change in Terms of Treasury Management Services Agreements

 

August 22, 2011

In this Notice, “we”, “us” and “our” refer to RBC Bank (USA) and the terms “you” and “your” refer to our customers who are using or receiving any of our Treasury Management Services.

  1. We have changed the terms of the following documents:

    Document Location of Change
    Treasury Management Services Terms and Conditions Section D.6.1
    ACH Services Product Guide Section entitled Activation of Services
    Treasury Connect Product Guide Section entitled Activation of Services
    webACCESS and ACCESS SYSTEMS Product Guide Sections entitled Wire Transfer Services and Activation of Services
    Wire Transfer Product Guide Section entitled Activation of Services
    Remote Deposit Product Guide Section entitled Activation of Services

    The above documents have been changed by adding in each a revised notice regarding “dual controls.” Previously, we had notified you that we strongly recommended the use of “dual controls.” As a result of new regulatory requirements, we are now requiring the use of “dual controls.” The change in the above documents is substantially as follows:

    With respect to security requirements and procedures, we require that all instructions or directives you give to us, or you give to any other persons, relative to any one or more of the Services, including those involving the transfer of funds, be initiated by you through internal security procedures that include dual controls. The reason for this requirement is the prevalence, generally in businesses but not necessarily with our customers, of fraudulent or other unauthorized instructions or directives where internal security systems include only single controls. For the purposes hereof, “dual controls” is a control procedure whereby the active involvement of a minimum of two people is required to complete a specified process, such as dual physical control (e.g., two people required to perform a specific task) or dual logical control (e.g., a higher level authorization password required to permit the entry of data created by another person).

  2. We have changed the terms of the following documents to reflect that “dual controls” are now mandatory:

    ACH Schedule of Services
    Treasury Connect Schedule of Services
    Remote Deposit Schedule of Services

    The above documents have been changed by adding, after the first paragraph in each, a notice regarding “dual controls” that is substantially as follows:

    Notice: All instructions or directives you give relative to any of the Services must be initiated by you through internal security procedures that include dual controls (i.e., active involvement of two persons).

    We have also changed the above three documents to permit marking of the selections, rather than initialing. We changed the EDI Schedule of Services in a like manner.

  3. We have changed the Treasury Connect Product Guide and the Treasury Connect Schedule of Services to reflect that BAI Downloads Service has been changed to Scriptable File Download Service, and we have changed the ACH Schedule of Services to reflect the current options under Account Information/Corporate ACH Entries.