Electronic Funds Transfers

Eastern Bank offers several products and services that allow you to easily and conveniently perform financial transactions electronically. Electronic transactions can be made through the internet (such as through Online or Mobile Banking) or at an Automated Teller Machine (ATM) or Point-of-Sale (POS) terminal. See the information regarding “Protected Transfers.”

Electronic funds transfers to or from a consumer account are protected under the federal Electronic Fund Transfer Act and Regulation E and, for accounts governed by Massachusetts law, by comparable provisions of state law. These protections do not apply to electronic funds transfers to or from business accounts.

Limits on Losses

If you notify us that your ATM/debit card or Personal Identification Number (PIN), or both, has been lost or stolen before any unauthorized transactions take place, you will not be responsible for any transaction that occurs.

If an unauthorized transaction occurs before you give us notice that your ATM/debit card and/or PIN has been lost or stolen, you are protected from losses as described below.

If you notify us:

  •  As soon as you discover the loss or theft of your card or PIN or at any time until 60 calendar days after we sent you an account statement on which an unauthorized transaction was itemized, your liability will not exceed the lesser of the amount of the unauthorized transaction or $50.
  •  More than 60 calendar days after we sent you an account statement on which an unauthorized transaction was itemized, you could be liable for the first $50 of unauthorized transactions plus all unauthorized transactions that occur after the 60-day period if we can show we could have stopped someone from taking the money after that period if you had told us in time. This means you could lose all of the money in your account plus any amount available in a linked overdraft line of credit or overdraft savings account.

Additional Protections for MasterCard® Debit Cards.
Under MasterCard’s Zero Liability Policy, you will not be liable for any unauthorized purchase transactions made using your MasterCard debit card, if:
 

(i) you can demonstrate that you have exercised reasonable care in safeguarding your debit card from loss or theft; and

(ii) you promptly report the loss or theft of your Card to us when you discover it.

Electronic funds transfers that are protected by the Electronic Funds Transfer Act, Regulation E, and comparable state laws are transactions that use computers, chips, or magnetic stripes to authorize us to credit or debit your account. Certain telephone transactions are also included.

Protected transfers include transfers made using any of the following services:

  • ATMs
  • Point of Sale (“POS”) terminals
  • Direct Deposit (generally payroll checks or government benefits)
  • Online and Mobile Banking
  • Pay-by-Phone (a plan under which you can instruct your financial institution to make payments or transfer funds via telephone)
  • Electronic Check Conversion (scanning and converting a paper check into an electronic payment)


The following services and activities are NOT protected by the Electronic Funds Transfer laws:

  • Checks, credit cards, and check guarantee cards
  • Checks deposited through Mobile Deposit
  • Wire transfers
  • Transfers to purchase or sell securities
  • Automatic transfers between an account owned by Eastern Bank and an account owned by you
  • Automatic transfers between accounts owned by you at Eastern Bank
  • Automatic transfers between an account owned by you and an account owned by a family member at Eastern Bank
  • Transfers initiated by telephone but not under a bill payment or other existing plan

Timely reporting is critical. Tell us at once if you believe your ATM/debit card and/or Personal Identification Number (PIN), has been lost, stolen, or used (or may be used) or that any other Electronic Funds Transfer (EFT) has been made without your permission.

The best way to limit your losses is to call us at 1-800-EASTERN (327-8376) or write to us at:

Eastern Bank
Customer Service Center
P.O. Box 391
Lynn, MA 01903-0491

You should also contact us at this phone number or address if you believe an EFT has been made using information from your check without your permission.

MasterCard is a registered trademark of MasterCard International Incorporated.

Emails from Eastern Bank
We will never ask you to send confidential information to us via email, such as your logon ID, password, account numbers, or Social Security number. If you receive any such request, DO NOT respond to it. Please notify us immediately at 1-800-EASTERN (327-8376). However, in order to establish or maintain financial services offered by Eastern Bank, we may request confidential information through secure contact forms or protected online applications. We will safeguard any information you share with us using security measures that comply with federal law to ensure protections against unauthorized access.