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In addition, a Check that you write may be truncated in the collection process and replaced with a substitute. You authorize us to pay, process, or return a substitute Check in the same manner as a “Check” or “item” under this Agreement. Substitute Checks are governed under the Check Clearing for the 21st Century Act (“Check 21 Act”) and the terms of this Agreement to the extent not modified by the Check 21 Act. Nonetheless, you understand that your Checks are drawn on an omnibus account maintained by BNY Mellon (on behalf of Vanguard Brokerage) with the Bank and that as a result, you are not considered a “consumer” as that term is used in the Check 21 Act. You agree to indemnify and hold harmless us, our employees, and agents from any loss, claim, damage, or expense that you or any other person may incur directly or indirectly as a result of any action taken by us to process a Check image or substitute Check instead of the original Check, including the destruction of the original Check, as described above, to the extent permitted by applicable law. 5.13 Bank Branches. The Bank need not pay any Check presented at a PNC Bank branch office. The Bank reserves the right to refuse or to impose a charge on anyone who asks the Bank to cash a Check that you have written. Even if your Check is otherwise properly payable, we will not be liable to you for dishonor of your Check or otherwise as a result of such refusal. 5.14 Our Duty of Care. Our duty of care to you is satisfied if reasonable banking procedures are followed. Unless we have specifically agreed with you in writing, our duties will not include monitoring nonstandard instructions or other legends appearing on Checks. We shall be deemed to have exercised ordinary care as to your signature if we process your Check by automated means only (so as to clear the largest number of checks at the lowest cost to customers) or if any unauthorized signature or alteration is so skillfully made that a reasonably careful person would not readily detect it. A clerical error or mistake in judgment is not to be considered a failure to meet the duty of care. 6. Billpay Service. Important: If more than one person is authorized to sign on the Account, you authorize us to establish the Billpay Service and process any Billpay Transaction at any time upon the authorization of any one account owner or authorized signer identified on the appropriate account documentation—even if you have signed documentation on file with us that states you require more than one signature to act on your Account. 6.1 Bill Payment Scheduling. The earliest possible Scheduled Payment Date for each Payee (typically four [4] or fewer Business Days from the current date) will be designated within the application when you are scheduling the payment. You must select a Scheduled Payment Date that is no later than the actual Due Date reflected on your Payee statement unless the Due Date falls on a non-Business Day. In that case, you must select a Scheduled Payment Date that is at least one Business Day before the actual Due Date. Scheduled Payment Dates should be prior to any late date or grace period. In some cases beyond the control of Vanguard Brokerage and/or the Billpay Provider, payment may be made by means of a check mailed to the Payee via U.S. mail rather than by electronic transfer. In such cases, the check may take up to eight [8] days to be received by the Payee. To ensure that your payment is received by the Due Date, we recommend that you select a Scheduled Payment Date that is at least eight [8] Business Days before the actual Due Date. 6.2 Billpay Service Guarantee. Due to circumstances beyond the control of Vanguard Brokerage and/or the Billpay Provider, particularly delays in handling and posting payments by Payees or financial institutions, some transactions may take longer to be credited to your Payee account. We will bear responsibility for any late-payment-related charges up to $50 should a payment post after its Due Date as long as the payment was scheduled in accordance with the guidelines described in Section 6.1 above. 11 of 31
6.3 Payment Authorization and Payment Remittance. 12 of 31 6.3.1 By providing us with names and account information of Payees to whom you wish to direct payments, you authorize us to follow the Payment Instructions that we receive through the Billpay Service. In order to process payments more efficiently and effectively, we may edit or alter payment data or data formats in accordance with Payee directives. 6.3.2 When we receive a Payment Instruction, you authorize us to debit your Payment Account and remit funds on your behalf so that the funds arrive as close as reasonably possible to the Scheduled Payment Date designated by you. You also authorize us to credit your Payment Account for payments returned to us by the United States Post Office or Payee, or payments remitted to you on behalf of another authorized user of the Billpay Service. 6.3.3 We will use our best efforts to make all your payments properly. However, we shall incur no liability and the Billpay Service Guarantee shall be void if we are unable to complete any payments initiated by you because of the existence of any one or more of the following circumstances: If, through no fault of ours, your Payment Account does not contain sufficient funds to complete the Billpay Transaction or the Billpay Transaction would exceed the credit limit of your overdraft protection through a margin account, if any; The Billpay Service website is not working properly and you know or have been advised by us about the malfunction before you execute the Billpay Transaction; You have not provided us with the correct Payment Account information or the correct name, address, phone number, or account information for the Payee; and/or Circumstances beyond our control (such as, but not limited to, fire, flood, or interference from an outside force) prevent the proper execution of the Billpay Transaction and we have taken reasonable precautions to avoid those circumstances. Provided none of the foregoing exceptions are applicable, if we cause an incorrect amount of funds to be removed from your Payment Account or cause funds from your Payment Account to be directed to a Payee that does not comply with your Payment Instructions, we shall be responsible for returning the improperly transferred funds to your Payment Account, directing to the proper Payee any previously misdirected Billpay Transactions, and, if applicable, any late-payment-related charges. 6.4 Payment Methods. We reserve the right to select the method by which to remit funds on your behalf to your Payee. These payment methods may include but may not be limited to electronic payment, electronic-to-check payment, or laser draft payment. 6.5 Payment Cancellation Requests. You may cancel or edit any Scheduled Payment (including recurring payments) at no charge by following the directions at the Billpay Service website. Once we have begun processing a payment, it cannot be canceled or edited; a stop payment request must be submitted. 6.6 Stop Payment Requests. Our ability to process a stop payment request will depend on the payment method, whether or not a check has cleared, and whether we have a reasonable opportunity to act after a payment has been processed. If you desire to stop any payment that has already been processed, you must contact Vanguard Brokerage at 800-992-8327. Although we will make every effort to accommodate your request, we will have no liability for failing to do so. We may also require you to present your request in writing within 14 days. The charge for each stop payment request will be the current charge listed in the Vanguard Brokerage Services Commission and Fee Schedules. 6.7 Prohibited Payments. Payments to Payees outside of the United States or its territories through the Billpay Service are prohibited.
Page 1 and 2: What’s inside: Commission and Fee
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Page 5 and 6: Mutual funds from other companies:
Page 7 and 8: Fees for other services VanguardAdv
Page 9 and 10: Form VAACFPC Brokerage Account Upgr
Page 11 and 12: Form VAACFPC 3. Authorization of Al
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Page 17 and 18: When you upgrade to a VanguardAdvan
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Page 21 and 22: “Billpay Transaction” means any
Page 23 and 24: 4 of 31 3.2.2 You authorize Vanguar
Page 25 and 26: 3.6 Foreign Transactions. 6 of 31 3
Page 27 and 28: 5.5 Check Transactions. Checks can
Page 29: 10 of 31 You may have the right to
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Page 41 and 42: 4. Liquidation Whenever it is neces
Page 43 and 44: 10. Arbitration Agreement You agree
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