Business Debit Cardholder Agreement

Eligibility for a Card and/or PIN

Unless otherwise provided in this Agreement, only an authorized signer on at least one Presidential Bank (Bank) Business Deposit Account is eligible for a card and/or PIN, which that authorized signer may use to access that account. For a Business Debit Card, a qualified business checking account must be linked, as a primary checking account, to the card. Issuance of a card and/or PIN is subject to such additional requirements as the Bank may from time to time establish with respect to that card or PIN.
Only one deposit account of each type (checking or savings) may be linked to a card designated as the “primary” account of that type for purposes of making electronic fund transfers and displaying the accounts, where available, at Presidential Bank ATMs.  Non-primary account may not display at non-Presidential ATMs.  The primary checking account will be used for all Point of Sale (POS) transactions.

Daily Limits

If a card is used to make ATM withdrawals or transfers or purchases, the following rules apply: Your card may be used each day so long as the separately disclosed daily dollar limits are not exceeded. Please note, however, that we may limit the number of authorizations we allow during a period of time. We reserve the right to deny certain transactions for any reason, including default, suspected fraudulent or unlawful activity, internet gambling, or any indication of increased risk related to the transaction. For security reasons, we cannot explain the details of how the authorization system works. You agree that the Bank will not be liable for failing to give an authorization. If the authorization is denied, the Bank may notify the person who attempted the transaction that it has been refused. You may make ATM cash withdrawals up to $550 from ATMs or Pinned POS transactions up to $2,500 each 24-hour period as long as your available balance will cover the transaction. Various institutions which participate in networks of which the Bank is a member may have withdrawal limits different from the amount set forth herein. There are limits on the number of daily POS transactions you may make. If a transaction is initiated in another time zone, it will be processed when the Bank receives it. The Bank will send notification if the Bank decreases these daily limits.

  • Card transactions are subject to a daily limit for ATM withdrawals and cash-like withdrawals (such as cash advances and money transfers), and a daily limit for purchases.

  • Your actual daily limits for business debit card transactions may vary depending on our experience with you. In certain circumstances, we may authorize business debit card transactions that will cause you to exceed your daily purchase limit. Your daily limits are subject to periodic review and are subject to change based on account history, activity, and other factors.


If funds in your access account are not sufficient for a requested purchase and an overdraft protection plan has been established for that account, then funds from the overdraft protection plan will be accessed, if available, up to the amount of the requested purchase and advanced in accordance with the overdraft agreement. If a requested purchase creates an overdraft on your access account, you agree to pay the Bank immediately upon demand for any negative (overdraft) balance arising in your Account, unless you have available overdraft privileges. If you do not have overdraft privileges, the Bank may deduct the amount of any overdraft on your Account from any other Account you have with the Bank

Illegal Transactions

Each person to whom a card is issued (a “cardholder”) agrees not to use his or her card or any credit or deposit account linked to his or her card (each, a “linked account”) for any transaction that is illegal under applicable law, including, but not limited to, “restricted transactions” as defined in the Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG issued thereunder.
In addition, we reserve the right to deny transactions or authorizations from merchants apparently engaging in the internet gambling business or identifying themselves through the card transactions record or otherwise as engaged in such business.

Protecting your Card and PIN

Each cardholder is responsible for caring for his or her card and/or PIN as he or she would care for checks and other paper items. Each cardholder is responsible for maintaining the confidentiality of his or her PIN.
If a cardholder gives his or her card or PIN to another person, you will be responsible for all transactions made by that person or anyone else to whom that person gives the cardholder’s card and/or PIN. Notify the Bank immediately if a card tied to your linked accounts is lost or stolen or is no longer secure.
Each cardholder is advised to:

  • When selecting your Personal Identification Number (PIN), do not use any number or word that appears in your wallet (such as birth date, name or address).

  • Memorize your PIN and never share it with anyone or write the number down.

  • To protect your account, Presidential Bank recommends that you change your PIN every six months. You can change your PIN by calling 1-800-300-3194.  Cardholders must call from a phone number on file at the bank. Note: Some phones mask outgoing phone numbers (caller IDs) or provide a generic caller ID (i.e. business phones caller ID may display as a general or main number vs. a direct number).  These numbers may differ from the phone number provided by the cardholder.

  • Shop with merchants you know and trust.

  • Regularly review your account statements as soon as you receive them to verify transactions. Notify Presidential Bank immediately if you identify any discrepancies (see Unauthorized Transactions).

  • Make sure any internet purchase activity you engage in is secured with encryption to protect your account information. Look for “secure transaction” symbols.

  • Always be sure to log off from any site after a purchase transaction is made with your card. If you cannot log off, shut down your browser to prevent unauthorized access to your account information.

  • Do not send your card number through email, as it is typically not secure, and don’t provide it over the phone unless you initiated the call.

  • If you have forgotten your PIN or would like to select a new one, please call 1-800-300-3194 to change your PIN.

  • Always protect your card and keep it in a safe place, just like you would cash, credit cards or checks.

  • If your card is ever lost or stolen, immediately notify us at 1-800-383-6266 or 240-333-9059.

ATM Safety

For your safety when using an ATM, please remember (and advise each cardholder of) the following tips:

  • Be aware of your surroundings and exercise caution when withdrawing funds.

  • Inspect the ATM before using it for possible tampering or for presence of any unauthorized attachment that could capture your card information or PIN.

  • Watch for suspicious persons or activity around the ATM. If you notice anything out of the ordinary, come back later or use an ATM elsewhere. If you observe suspicious persons or circumstances, do not use the ATM at that time. If you are in the middle of a transaction, cancel the transaction, take your card and leave the area and come back at another time or use an ATM at another location.

  • Report all crimes immediately to the operator of the ATM or local law enforcement.

  • Consider having someone accompany you when using an ATM after dark.

  • Ensure no one sees you enter your PIN.

  • Refrain from displaying cash, and put it away as soon as your transaction is completed. Wait to count your cash until you’re in the safety of a locked enclosure, such as a car or home.

  • Safe-keep or securely dispose of your ATM receipts.

  • When using a drive-up ATM, keep your engine running. Aside from the driver’s window, keep all of your doors and windows locked.

In Case of Errors

Telephone us at 240-333-9059 or 1-800-383-6266 or write us at Presidential Bank, Attn: EFT, 4520 East-West Highway, Bethesda. MD 20814 as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt.  We must hear from you no later than 60 days after we sent you the FIRST statement or made it available to you online (3-business days after month end) on which the error or problem appeared.

  1. Tell us your name and account number.

  2. Describe the error or transfer you are unsure about, and explain as clearly as you can why you believe there is an error or why you need more information.

  3. Tell us the dollar amount of the suspected error.

We will investigate your complaint and will correct any error promptly.  If we take more than 5-business days to do this, we will provisionally credit your account for the amount you think is in error, so that you will have use of the money during the time it takes us to complete the investigation. 

Unauthorized Transactions

An “unauthorized transaction” is a transaction that does not benefit you or the business and is made by a person who does not have your actual, implied, or apparent authority to use a card.  With Visa Zero Liability protection, unauthorized transactions do not include (that is, you are liable for):

  • Any transaction by a co-owner (even though that co-owner is not a cardholder), a cardholder or person authorized by a cardholder, or other person with an interest in or authority to transact business on your account

  • Any transaction by a cardholder that exceeded the authority given by you

  • Any transaction that resulted from inadequate internal controls in your organization

  • Any transaction a merchant has processed in error, or a transaction involving goods or services with which the cardholder is not satisfied

If a cardholder suspects that his or her card has been lost or stolen, or that an unauthorized transaction has been made with his or her card or card number, notify the Bank as soon as possible by calling Presidential Bank’s Customer Service Center at 1-800-383-6266.  The sooner the Bank is notified, the sooner the Bank can protect your linked accounts. A delay in reporting the unauthorized transaction may affect your liability protection, as defined below.

General Liability

Except as otherwise provided below, you shall be fully responsible for any transactions made by use of your Business Debit Card (card) to the extent provided in this paragraph. You agree to immediately reimburse us for any loss, claim or damage that we sustain as a result of the use of any card issued at your request. We shall have no liability for any loss, claim or damage that you sustain as a result of the use of your card. This is true even if your card is lost, stolen or obtained or retained by a person not authorized by you to use your card or access your accounts with us unless such unauthorized use or access occurs after you have asked us, pursuant to notice given in the manner required in the section or this agreement entitled “Termination of Card Privileges” to deactivate your card and we have had a reasonable time to act on your request.

Visa Zero Liability Policy

Visa Zero Liability on the card provides protection to you for unauthorized transactions posted to your account subject to the conditions described below. You are responsible for each card linked to your accounts. You will not be liable for unauthorized transactions except as explained below.

Your Responsibility

You have Zero Liability for an unauthorized transaction made with a card or card number as defined above if the Bank is notified of the unauthorized transaction within 60 days of when the first statement for your account showing the unauthorized transaction was mailed or otherwise made available. If you notify us verbally, we may require that you send us your complaint or question in writing within 10 business days.

Termination of Card Privileges

Each card is the property of the Bank. The Bank may terminate a cardholder’s card privileges at any time without notice. A cardholder may terminate his or her card privileges at any time by writing the Bank at Presidential Bank, Attn: EFT, 4520 East-West Highway, Bethesda. MD 20814. You agree to immediately notify the Bank in writing if a cardholder’s authorization to use a card and/or PIN has been terminated and to return that cardholder’s card to the Bank. If your card privileges are terminated (or the privileges of any authorized signers), you agree to immediately surrender your card(s) to the Bank. Termination of card privileges will not affect any rights and obligations for transactions made with a card before the privileges were terminated.

Last Modifications: 9/28/2018 4:54:20 PM