Fees

General Fees and Costs

• Low Volume / Inactive Account Fee:
  • $9.95 per month for terminals that process less than 75 monthly transactions or are inactive. OCEAN ATM waives this fee for all terminals that process 75 or more monthly transactions.
• Pass-Through Fees: CONTRACTING PARTY is responsible for any fees, charges, or assessments from ATM networks, bank sponsors, processors, or regulatory authorities that OCEAN ATM incurs. These fees may change without notice.
• Fee Deductions: CONTRACTING PARTY authorizes OCEAN ATM to deduct all applicable fees from payments due under this agreement.
• Chargebacks and Disputes: CONTRACTING PARTY authorizes OCEAN ATM to debit their settlement account for any chargebacks, disputes, or related fees.
• Returned Payment Fees:
  • $35 for each returned check.
  • $20 for each returned ACH payment.
• Special Service Fees: CONTRACTING PARTY is responsible for any additional expenses incurred due to returned payments or inactive accounts, including fees from financial institutions and the cost of locating CONTRACTING PARTY after a returned payment.
• Fee Changes: OCEAN ATM and/or the processing networks may modify or introduce new fees without notice, except where prohibited by law.

Termination and Inactivity Fees

• Non-Activation Fee: If the ATM is not activated within 30 days of the Effective Date, CONTRACTING PARTY will pay $500 to cover setup and service costs.
• Early Termination Fee:
  • A $200 deactivation fee for setup and network service costs.
  • Liquidated Damages Calculation:
    • (Average monthly transactions over the last 12 months) × (remaining months in the contract) × $0.35 per transaction, plus OCEAN ATM’s surcharge share per transaction.
    • OR $9.95 × remaining months, if the ATM averages fewer than 75 transactions monthly.
  • Additional Charges:
    • Any out-of-pocket expenses (e.g., legal fees).
    • Recoupment of any prior credits or incentives.
    • Any unpaid one-time fees, or $500—whichever is greater.
• Fee Collection: OCEAN ATM may deduct these amounts from surcharge revenue or via electronic funds transfer from CONTRACTING PARTY’s account.

Invoices and Late Fees

• Payment Terms: All invoices are due upon receipt.
• Late Fees: Unpaid invoices after 30 days incur a 1.5% monthly late fee.
• Delinquent Accounts: Accounts over 90 days past due may result in:
  • Service suspension.
  • Full balance demand, including all late fees and remaining inactive terminal fees.
  • Collection of unpaid charges for wireless service, warranties, and ATM subsidies.
  • Reporting to credit agencies.

Maintenance

• Second Line Maintenance: OCEAN ATM provides mechanical, hardware, and software repairs (parts and labor) for terminals enrolled in our extended warranty program.
• Exclusions: Repairs due to vandalism, abuse, or natural disasters are not covered.
• First Line Maintenance: CONTRACTING PARTY is responsible for:
  • Receipt paper replenishment.
  • Clearing paper and bill jams.
  • Minor cleanings.
• Training: OCEAN ATM offers complimentary training for terminal balancing and first-line maintenance.