Read the fine print

Giving banks authority to pry at willDo you have a mortgage that was serviced by EMC?  If you missed the mailings, it is now being serviced directly by Chase, and your payment location is rolling to the Chase website.

Although other information is migrated from the EMC database, your pay-from accounts need to be re-verified in the new system.  Chase offers you two options:  the traditional deposit and verify or “Instant Verification System.”  I’m a fine print reader.  Although the IVS appealed to me so I could get on with paying the mortgage, I took the time to read.  In Internet verbiage, OMG. 

Printed below is the Chase legalese to allow them to verify your account.  I found it frightening.  Limited power of attorney with all powers to perform without a time constraint?  For the bank and subcontractors unnamed?  Are you serious?

If you have an EMC/Chase mortgage, may I suggest you not sign a power of attorney in perpetuity unless you really, really, really think the bank has your best interest at heart and will never do anything bad with their power.

I also have a listing on some swamp land which you can purchase for the bargain price of … how much did you have in savings? …. yeah, for that much.

Instant Account Verification Service Addendum   Tuesday, October 11, 2011

[Emphasis mine]

——————————————————————————–

We suggest you read this document carefully and print a copy for your reference. You may refer back to it at any time by accessing the Legal Agreements tab within the  website.

This Instant Account Verification Service Addendum (“Addendum”) states the terms and conditions that govern your use of the Instant Account Verification Service and supplements the Online Service Agreement (“Initial Agreement”) to which you agreed at your initial logon to the Online Service, and amends and becomes a part of the Initial Agreement. The terms of the Initial Agreement are hereby ratified, affirmed and incorporated herein, and shall continue to apply in all respects, as amended hereby. Any capitalized term used but not defined herein shall be given the meaning ascribed thereto in the Initial Agreement. In the event of any conflict between the terms of the Initial Agreement and this Addendum, the terms of this Addendum shall be controlling. All references hereinafter to the term “Agreement” shall mean the Initial Agreement as modified by this Addendum.

The Instant Account Verification Service is intended to verify your authority and access to deposit accounts held by financial institutions other than us (“External Accounts”) by confirming your ability to access those External Accounts. Your use of the Instant Account Verification Service is subject to this Agreement and constitutes your assent to and acceptance of this Agreement.

Provide Accurate Information

You agree to provide true, accurate, current and complete information about yourself and your External Accounts and you agree to not misrepresent your identity or your External Account information.

Instant Account Verification Service

In order to make transactions to and/or from the External Accounts through the use of certain online services offered by us, we may require you to provide certain information, including but not limited to account number, user ID and password, to verify your authority and access to such External Accounts. By using the Instant Account Verification Service, you authorize us and our subcontractors to use such information, access third party sites and retrieve information, on your behalf, for the purpose of verifying your authority and access to the External Accounts designated by you. For all purposes hereof, you hereby grant us and our subcontractors a limited power of attorney, and you hereby appoint us and our subcontractors as your true and lawful attorney-in-fact and agent, with full power of substitution and re-substitution, for you and in your name, place and stead, in any and all capacities, to access third party internet sites, servers or documents, retrieve information, and use your information, all as described above, with the full power and authority to do and perform each and every act and thing requisite and necessary to be done in connection with such activities, as fully to all intents and purposes as you might or could do in person. YOU ACKNOWLEDGE
AND AGREE THAT WHEN WE OR OUR SUBCONTRACTORS ACCESS AND RETRIEVE INFORMATION FROM THIRD PARTY SITES, WE AND OUR SUBCONTRACTORS ARE ACTING AS YOUR AGENT, AND NOT THE AGENT OR ON BEHALF OF THE THIRD PARTY. You agree that third party financial institutions shall be entitled to rely on the foregoing authorization, agency and power of attorney granted by you. You understand and agree that the Instant Account Verification Service is not endorsed or sponsored by any third party financial institutions accessible through the Account Verification Service. You are licensing to us and our subcontractors any information, data, passwords, materials or other content (collectively, “Content”) you provide through or to the Instant Account Verification Service. We and our subcontractors may use such Content to provide the Instant Account Verification Service to you, and by submitting Content, you automatically agree, or promise that the owner of such Content has expressly agreed that, without any particular time limit, and without the payment of any fees, we and our subcontractors may use the Content for that purpose.

Scope of Use

You agree that the results of the Instant Account Verification Service are for use by you, us and our subcontractors only in connection with the Instant Account Verification Service. You agree not to reverse engineer or reverse compile any of the service technology, including but not limited to, any Java applets associated with the Instant Account Verification Service.

Limitation of Liability; No Warranties

IN ADDITION TO ANY LIMITATIONS ON LIABILITY AND DISCLAIMERS
FOUND IN THE INITIAL AGREEMENT, YOU AGREE THAT NEITHER WE, NOR OUR AFFILIATES, NOR OUR SUBCONTRACTORS NOR ANY OF THEIR AFFILIATES, THIRD PARTY FINANCIAL INSTITUTIONS OR ANY OF THEIR AFFILIATES WILL BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES, EVEN IF WE OR OUR SUBCONTRACTORS HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, RESULTING FROM THE USE OR THE INABILITY TO USE THE INSTANT ACCOUNT VERIFICATION SERVICE, CONTENT OR ANY OTHER MATTER RELATING TO THE INSTANT ACCOUNT VERIFICATION SERVICE, INCLUDING BUT NOT LIMITED TO (i) THE COST OF GETTING SUBSTITUTE GOODS AND SERVICES, (ii) ANY PRODUCTS, DATA, INFORMATION OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO, THROUGH OR FROM THE INSTANT ACCOUNT VERIFICATION SERVICE; (iii) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; (iv) STATEMENTS OR CONDUCT OF ANYONE ON THE INSTANT ACCOUNT VERIFICATION SERVICE; OR (v) THE USE, INABILITY TO USE, UNAUTHORIZED USE, PERFORMANCE OR NON-PERFORMANCE OF ANY THIRD PARTY FINANCIAL INSTITUTION WEBSITE SITE, EVEN IF THE PROVIDER HAS BEEN ADVISED PREVIOUSLY OF THE POSSIBILITY OF SUCH DAMAGES.  YOU UNDERSTAND AND AGREE THAT YOUR USE OF THE INSTANT ACCOUNT VERIFICATION SERVICE IS AT YOUR SOLE RISK AND ON AN “AS IS” “WHERE-IS” AND “WHERE AVAILABLE” BASIS, AND IS SUBJECT TO CHANGE AT ANY TIME WITHOUT NOTICE TO YOU. YOU ACKNOWLEDGE THAT WE MAKE NO WARRANTY THAT THE INSTANT ACCOUNT VERIFICATION SERVICE WILL BE UNINTERRUPTED, TIMELY, SECURE OR ERROR-FREE UNLESS OTHERWISE STATED ON THE SITE OR IN ANY APPLICABLE AGREEMENT.
TO THE FULLEST EXTENT PERMITTED BY LAW, WE DISCLAIM ALL REPRESENTATIONS, WARRANTIES AND CONDITIONS OF ANY KIND (EXPRESS, IMPLIED, STATUTORY OR OTHERWISE, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT OF PROPRIETARY RIGHTS). NO
LICENSE TO YOU IS IMPLIED IN THESE DISCLAIMERS.

Indemnification

In addition to an indemnification obligations set forth in the Initial Agreement, you agree to indemnify and hold harmless us, our affiliates and our subcontractors and their affiliates from any and all third party claims, liability, damages, expenses and costs (including, but not limited to, reasonable attorneys fees) caused by or arising from your use of the Instant Account Verification Service or your violation of these terms.

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One thought on “Read the fine print

  1. I agree with your assessment that this is poorly written. IANAL, but it does look like the power of attorney is limited to “verifying your authority”. The indemnification statement is, unfortunately, S.O.P.

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