Banc of California’s new Business Online platform is launching on Monday, July 22, 2024. As a result, your Business Online Security Procedures are changing. Please review this information, and call your Relationship Manager or 877-770-BANC (2262) if you have any questions or concerns.
You may also look for more details about these changes at bancofcal.com/resources.
Thank you for your business. We look forward to continuing to serve you.
Banc of California
IMPORTANT NOTICE AND AGREEMENT TO CHANGE IN TERMS
We are providing you with this Notice and Agreement to Change in Terms ("Change in Terms") to alert you to amendments to the security measures we have agreed to use with you in connection with the ACH transfers and wires ("Payment Orders") that you request through Treasury Management Services (including modifications thereto, the “Service”). As contemplated in Section 20 of our Treasury Management Services Agreement, this Change in Terms updates and amends the Security Procedures agreed to in our Treasury Management Service Request Form with you. Please review this Change in Terms in full.
As part of that review, you must consider the size, type and frequency of Payment Orders you normally make or anticipate making, along with such other factors you deem relevant or appropriate for your business. You will separately receive notice of amendments to the treasury agreements governing the Service (including the Treasury Management Services Disclosure, the Business Online Services Security Supplement and the Acceptance of Treasury Management Services), which also go into effect on July 22, 2024. You can review those terms and conditions here. These documents describe the terms and conditions applicable to Payment Orders you request, and the impact the Security Procedures have on your responsibility for Payment Orders.
By continuing to maintain your enrollment in the Service as of July 22, 2024, or by requesting any Payment Order on or after July 22, 2024, through the Service, you confirm that (i) you have considered the factors described above, (ii) you have reviewed the security procedures described below, and any updated security measures we provide through the Service (collectively, "Updated Security Procedures"), (iii) you agree that the Updated Security Procedures are a commercially reasonable method of verifying the authenticity of a Payment Order and whether it is authorized, and (iv) that you will be obligated on a Payment Order processed in compliance with the Updated Security Procedures, whether or not authorized by you.
As of July 22, 2024, the Updated Security Procedures we provide to you in connection with the Service include:
- We will require users to be authenticated at login by entering a security measure such as a password, a one-time passcode, a registered device, a security token, another type of authenticator or a combination of these security measures.
- Users will be required to enter an additional security measure each time a Payment Order is approved and each time dual approval controls are triggered (for customers currently enrolled in dual approval controls); the additional security measure may include a security token, a one-time passcode, another type of authentication or a combination of these factors.
You must contact us immediately if, after reviewing the above, you do not agree to the Updated Security Procedures. The Updated Security Procedures will govern your use of the Service as of July 22, 2024. As of July 22, 2024, any previously agreed-upon security procedures will be of no further force or effect.
Additional Important Changes to Online User Administration, Approvals and Limits
Please be aware that the new Business Online supports administration, approvals and limits differently than your current system. User settings will be converted to the new Business Online based upon the settings in your current system as of June 14, 2024, at 5 p.m. PT.
Administrators: Administrators with access to ALL the accounts and Payment Orders services that your overall company has on your current system will be converted as an administrator for the new Business Online. Other administrators will be converted to the new Business Online as users.
Approvals for Payment Orders: The number of users required to enter and approve Payment Orders must be the same for all users at your company, by payment type. If all users at your company had single approval authority for Payment Orders, there will be no change when you are converted to the new Business Online.