RATE INFORMATION. The interest rate on your account is 4.40% with an annual percentage yield of 4.50 %.
You will be paid this interest rate for 9 months.
ADDITIONAL RATE INFORMATION. Interest and APY rates are subject to change without prior notice.
COMPOUNDING AND CREDITING. Interest will be compounded daily and will be credited to you on a monthly basis.
The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. If interest is credited to
another account or paid to you by check, this may reduce earnings and may negate the effect of interest compounding. If you close your account
before interest is credited, you will not receive the accrued interest.
MINIMUM BALANCE REQUIREMENTS. You must deposit $500.00 to open this account.
BALANCE COMPUTATION METHOD. We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal
in the account for each day of the period and dividing that figure by the number of days in the period.
ACCRUAL ON NONCASH DEPOSITS. Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).
TRANSACTION LIMITATIONS. No additional deposits may be made into your account until the maturity date.
MATURITY DATE. Your account will mature
EARLY WITHDRAWAL PROVISIONS. We will impose a penalty if you withdraw any or all of the principal before the maturity date. The fee imposed will equal 1 month of interest.
RENEWAL POLICIES. Your account will automatically renew at maturity. You will have a grace period of 10 calendar days after the
maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.
ADDITIONAL INFORMATION REGARDING YOUR ACCOUNT. A penalty will be assessed for early withdrawal and could reduce earnings on this account. Interest and APY rates are subject to change without prior notice.
Throughout this Agreement, these termshave the following meaning:
You understand the following Account Agreement ("Agreement") governs your account with us. Your account isalso governed by other applicable documents, such as the Truth In SavingsAccount Disclosure and Privacy Policy, and where applicable, the FundsAvailability Policy and Electronic Fund Transfer (Agreement and) Disclosure("Disclosures"), which are incorporated by reference. By providing awritten or electronic signature on the Account Information document or otheragreement to open your account, or by using any of our deposit accountservices, you and any identified account owners agree to the terms contained inthis Account Agreement.
The following rules apply to all typesof accounts:
1. Authorization to Obtain Information. You authorizeus to check your account, credit and employment history, and obtain reportsfrom third parties, including credit and consumer reporting agencies, to verifyyour eligibility for the account, products and services you request and forother accounts, products, or services we may offer you or for which you mayqualify.
2. Deposits. Deposits may be made in person, by mail,or in another form and manner as agreed by us in our sole discretion. We arenot responsible for transactions mailed until we actually receive and recordthem. We may, at our sole discretion, refuse to accept particular items asdeposits. Cash deposits are credited to your account according to thisAgreement. Other items you deposit are handled by us according to our usualcollection practices. If an item you deposit is returned unpaid, we will debityour account and adjust any interest earned. You are liable to us for theamount of any item you deposit to your account that is returned unpaid. Inaddition, you are liable to us for all costs and expenses related to thecollection of any or all of that amount from you. Funds deposited to youraccount are available in accordance with the Disclosures.
3. Collection of Deposited Items. In receiving itemsfor deposit or collection, we act only as your agent and assume noresponsibility beyond the exercise of ordinary care. All items are creditedsubject to final settlement in cash or credits. We shall have the right toforward items to correspondents including all Federal Reserve Banks, and weshall not be liable for default or neglect of said correspondents for loss intransit, nor shall any correspondent be liable except for its own negligence.You specifically authorize us or our correspondents to utilize Federal ReserveBanks to handle such items in accordance with provisions of Regulation J (12CFR Part 210), as revised or amended from time to time by the Federal ReserveBoard. In the event we are subject to local clearinghouse rules, youspecifically authorize us to handle such items in accordance with the rules andregulations of the clearinghouse.
If we permit you to withdraw funds from your account beforefinal settlement has been made for any deposited item, and final settlement isnot made, we have the right to charge your account or obtain a refund from you.In addition, we may charge back any deposited item at any time before finalsettlement for whatever reason. We shall not be liable for any damagesresulting from the exercise of these rights. Except as may be attributable toour lack of good faith or failure to exercise ordinary care, we will not beliable for dishonor resulting from any reversal of credit, return of depositeditems or for any damages resulting from any of those actions.
4. Set-offs and Security Interest. If you ever owe usmoney as a borrower, guarantor, or otherwise, and it becomes due, we have theright under the law (called "set-off") and under this Agreement (bywhich you grant us security interest in your deposit account and any other accountsheld by you) to use your account funds to pay the debt, where permitted by law.If your account is held jointly, that is, if there is more than one accountowner, we may offset funds for the debt of any one of the joint owners. Similarly,we may also set-off funds from the individual accounts of any one of the jointowners to satisfy obligations or debts in the joint account. The securityinterest granted by this Agreement is consensual and is in addition to ourright to set-off.
5. Claims. In response to any garnishment, attachment,restraining order, injunction, levy, citation to discover assets, judgment,reclamation, other order of court or other legal process("Claim(s)"), we have the right to place a hold on, remove from youraccount(s) and/or remit to the designated third-party(ies) any amount ondeposit in your account as set forth in and required by such Claim(s). If theaccount(s) is/are held jointly, we may place the hold, remove from theaccount(s) and/or remit the amounts from the account(s) arising from anyClaim(s) relating to any one or more of the account holders. In addition, wemay charge against your account(s) any fee authorized by law in connection withthe Claim(s) or as otherwise set forth in the Disclosures.
6. Expenses. You agree to be liable to us for any loss,costs or expenses that we incur as a result of any dispute involving youraccount, including reasonable attorneys' fees to the extent permitted by law,and you authorize us to deduct such loss, costs or expenses from your accountwithout prior notice to you. This obligation includes disputes between yourselfand us involving the account and situations where we become involved indisputes between you and an authorized signer, another joint owner, or a third-partyclaiming an interest in the account. It also includes situations where you, anauthorized signer, another joint owner, or a third-party takes action withrespect to the account that causes us, in good faith, to seek the advice ofcounsel, whether or not we actually become involved in a dispute.
7. Financial Exploitation. As permitted by law, we mayact or decline to act to prevent, stop, or mitigate financial exploitation ofan adult. For example, we may (1) delay, decline, or place a hold on atransaction or disbursement involving the adult; (2) approve or deny other requestsor modifications to the account, such as a transfer of funds, change inownership, or change in beneficiaries; or (3) notify a third party of thefinancial exploitation. We will not be liable for the actions we take on theaccount if we acted in good faith and exercised reasonable care. For purposesof this section, "adult" means vulnerable adult, elder adult, senioradult, eligible adult, or other person as defined by applicable law.
8. Dormant/Inactive Accounts. You understand that ifyour account is dormant or inactive, you may be charged the fee specified inthe Disclosures and we may stop paying interest to the extent permitted by law.You understand that your account balance may be escheated (that is, turned overto the state) in accordance with state law.
9. Release of Funds upon Death. Upon the death of anyperson named on the account, funds will be subject to the procedures set forthin New Jersey's estate tax statutes.
10. Multiple-Party Accounts. If your account isdesignated as a multiple-party account, trust account, or P.O.D. account, itwill be subject to the provisions of the Multiple Party Deposit Account Act,N.J.S.A. 17:16I-1 et seq. (P.L. 1979, c.491). We will not have any liabilityfor any payments made pursuant to the Act.
11. Individual Account. The named party in anindividual account owns the account and may withdraw all or some of theaccount. On the death of the party, ownership passes as part of the party'sestate.
12. Joint Account. If this account is noted as a jointaccount, ownership of this account cannot be changed by will. Each party tothis account has a present right to payment from this account. Each party ownshis/her net contribution to the account. In the absence of proof of netcontribution, and unless the parties have specifically otherwise agreed, eachparty will own an equal share of this account. We may make payment from thisaccount, including payment of the entire account balance, (i) pursuant to anystatutory or common law right of set off, levy, attachment or other valid legalprocess or court order, relating to the interest of any one or more of theparties; and (ii) on request to a trustee in bankruptcy, receiver in any stateor Federal insolvency proceeding, or other duly authorized insolvencyrepresentative of any one or more of the parties. We are not required todetermine net contributions. Any person named on the account is liable for theamount of any overdraft fees regardless of whether he or she signed the item orbenefited from the proceeds of the item. Upon receiving written notice from anyperson named on the account, we may freeze the account. The account may befrozen until we receive written notice, signed by all parties named in theaccount, as to the disposition of funds.
13. Joint Account With/Without Right of Survivorship. Ifthis account is noted as a joint account with right of survivorship, upon the death of a party to this account: (a) where there is only one surviving party,the entire account will belong to the survivor; (b) where there are two or more surviving parties each party will continue to own his/her proportionate share.The portion of the account owned by the deceased party will be shared equally by the survivors. If this account is noted as a joint account without right ofsurvivorship, the death of any party to this account will have no effect on the beneficial ownership rights of the account, other than to transfer the rightsof the decedent party to his or her estate. When there is only one surviving party, the survivor's share of the account, after the transfer of rights to the decedent party's(ies') estate, will then belong to the survivor alone. When there are two or more surviving parties, each surviving party will continue to own his or her proportionate share of the funds remaining in the account, after the transfer of rights to the decedent party's(ies') estate, and the account shall remain a joint account without a right of survivorship. For both types of accounts, we may require specific information from a party who makes a request that either further account withdrawals not be permitted, or that the survivorship form of the account be altered. In either circumstance, we will require that the request be in writing, include the current address of every other party affected, if known, be signed by a party, received by the financial institution during the party's lifetime, and not countermanded by other written order of the same party during his or her lifetime.
14. In Trust For or Payable on Death Account. If this account is noted as an In Trust For or Payable on Death account, the trustee(s)may change the named beneficiary(ies) at any time by a written direction to us.The trustee(s) reserves the right to withdraw all or part of the deposit at anytime. Such payment or withdrawal shall constitute a revocation of the trust agreement as to the amount withdrawn. The beneficiary(ies) acquires the right to withdraw only if: (i) all of the trustees die, and (ii) the beneficiary is then living. The beneficiary(ies) is only entitled to the amount that is in the trust after all of the trustee's(s') outstanding debits and items have been paid. If all of the beneficiaries predecease the trustee(s), the named beneficiary's(ies') death shall terminate the trust and title to the money that is credited to the trust shall vest in the trustee(s). If two or more beneficiaries are named and survive the death of all of the trustees, suchbeneficiaries will own this account in equal shares without right of survivorship, unless otherwise indicated. If the primary beneficiary predeceases the owner(s), when two or more contingent beneficiaries are named and survive the death of the owner(s), such beneficiaries will own this account in equal shares without the right of survivorship, unless otherwise indicated.Named beneficiaries are assumed to be primary unless indicated as contingent.
15. Fiduciary and Custodial Accounts. A fiduciary or custodial account is subject to applicable law as adopted by the state in which the account is opened. The documents that authorize the custodianship may be required for the account. An account opened under the Uniform Transfers toMinors Act must be opened in the name of a custodian "as custodian for(name of minor) under the Uniform Transfers to Minors Act". There may be only one custodian and one minor as beneficiary for each minor account.
16. Change in Form of Account. If this is amultiple-party account, you may only change the form of this account by awritten notice or order given to us by a person named on the account whichorders us to change the form of the account or to stop or vary payment underthe terms of the account. The order or request must be signed by a person namedon the account, received by us during that person's lifetime, and notcountermanded by other written order of the same person during his or herlifetime. We may require that the person giving the notice provide us with acurrent address for every other party affected by the notice.
17. Account For Minors. We may require any account established by a minor to be a joint account with an owner who has reached the age of majority under state law and who is jointly and severally liable to us for any returned Item, overdraft, or unpaid amount on such account and for any related fees and charges. We may pay funds directly to the minor regardless of their age. Unless a parent or guardian is an account owner, the parent or guardian will not have access to the account. We have no duty to inquire about the use or purpose of any transaction except as required by applicable law. We may not change the account status when the minor reaches the age of majority unless the change is authorized in writing by all account owners.
18. Authorized Signer (Agent) Designation. If you designate an agent, your named agent may make account transactions for you but has no ownership or rights at death unless named as a Payable on Death beneficiary or named as an In Trust For beneficiary, if applicable. If you have designated that the agent shall continue to have power after your disability or incapacity, the agent's authority survives your disability or incapacity. The agent may act for a disabled or incapacitated party until the authority of the agent is terminated. If you have noted that the agent shall not have power after your disability or incapacity, the agent's authority terminates upon your disability or incapacity. If you failed to specify whether or not the agent's authority survives or instead terminates upon your disability or incapacity, the authority will be presumed to survive your disability or incapacity. Death of the sole party or last surviving party terminates the authority of the agent. We may continue to rely on the agency designation to the extent permitted by law, until we have proper notice of an event of termination and have had a reasonable period of time to act upon it.
19. Power of Attorney. If you wish to name another person to act as your attorney in fact or agent in connection with your account, we must approve the form of appointment.
20. Payment of Interest. For interest bearing accounts, interest will be calculated and paid in accordance with the Disclosures provided to you at the time you opened the account.
21. Fees, Service Charges and Balance Requirements. You agree you are responsible for any fees, charges, balance, or deposit requirements as stated in the Disclosures. We also reserve the right to impose a service charge for cashing checks and other items drawn on your account if the person cashing the check or item is not a customer of this financial institution.
22. Special Account Instructions. You may request thatwe facilitate certain trust, will, or court-ordered account arrangements.However, because we do not give legal advice, we cannot counsel you as to whichaccount arrangement most appropriately meets the specific requirements of your trust,will, or court order. If you ask us to follow any instructions that we believemight expose us to claims, lawsuits, expenses, liabilities, or damages, whetherdirectly or indirectly, we may refuse to follow your instructions or mayrequire you to indemnify us or provide us with other protection. We may requirethat account changes requested by any account owner, such as adding or closingan account or service, be evidenced by a signed document that evidences achange to an account and accepted by us. You and any surviving owner orbeneficiary agree to indemnify and hold us harmless from any claim or liabilityasserted against us as a result of the disposition of funds in reliance on thisAgreement and any account designations of yours.
23. Non-Sufficient Funds and Overdrafts. If youraccount lacks sufficient funds to pay a debit transaction or item presented forpayment as determined by your available account balance or actual (ledger)balance, we may (1) return the debit or item or (2) pay the debit or item atour discretion.
Available Balance. We use an available balance methodto determine if there are sufficient funds in your account to pay a debittransaction or item and to assess non-sufficient funds and overdraft fees.
How We Decide to Pay a Debit or Item. The availablebalance reflects deposits and transactions that have been posted to youraccount and transactions that have not posted to your account, including thefollowing: checks you have written, if applicable; deposit holds; and holds ondebit card transactions that have been authorized but not yet posted (i.e.,preauthorization holds). These pending transactions and holds reduce youravailable balance. For example, you have $100 in your account and a pendingtransaction of $30. Your available balance is $70 because the pending $30transaction reduces your available account balance.
How We Assess Fees. If there are insufficient funds topay a debit transaction or item based on your available balance, we may either:1) return the debit or item or 2) pay the debit or item at our discretion. Wemay charge you fees if we return the debit or item or pay the debit or item onyour behalf.
Return Item for Non-Sufficient Funds. If we do not paythe debit or item on your behalf and return the debit or item, we may chargeyou non-sufficient funds fee. Pursuant to Nacha Operating Rules and Guidelinesand other applicable laws, a debit or item may be presented for payment morethan one time.
Overdrafts. If we pay the debit or item on your behalf,you will be responsible for the overdrawn balance, and we may charge youoverdraft fees. As discussed above, subsequent pending transactions and holdsimpact your available balance, which may cause your account to become overdrawnand subject to overdraft fees. For example, you have $100 in your account. Youuse your debit card at a gas station and a preauthorization hold of $60 isplaced on your account because the amount of the transaction is not known atthe time of authorization even though your gas was only $50. The authorizationhold reduces your available account balance to $40. You then spend $50 ongroceries. If we pay this debit on your behalf, you will be responsible forpaying the overdrawn balance, and we may charge you overdraft fees.
Actual (Ledger) Balance. We use an actual (ledger)balance method to determine if there are sufficient funds in your account topay a debit transaction or item and to assess non-sufficient funds andoverdraft fees.
How We Decide to Pay a Debit or Item. The actual(ledger) balance method calculates your account balance only based ontransactions that have settled, and it does not reflect pending transactions orchecks, if applicable, that have not posted to your account. For example, youhave $100 in your account and a pending transaction of $30. Your actual(ledger) balance is $100 because the pending $30 transaction does not reduceyour actual (ledger) account balance until it posts to your account.
How We Assess Fees. If there are insufficient funds topay a debit transaction or item based on your actual (ledger) balance, we mayeither: 1) return the debit or item or 2) pay the debit or item at ourdiscretion. We may charge you fees if we return the debit or item or pay thedebit or item on your behalf.
Return Item for Non-Sufficient Funds. If we do not paythe debit or item on your behalf and return the debit or item, we may chargeyou non-sufficient funds fee. Pursuant to Nacha Operating Rules and Guidelinesand other applicable laws, a debit or item may be presented for payment morethan one time.
Overdrafts. If we pay the debit or item on your behalf,you will be responsible for the overdrawn balance, and we may charge youoverdraft fees.
We use an available balance to determine if we pay a debit oritem and we use an actual (ledger) balance to assess fees. If this is the case,the rules from 1) the Available Balance - How We Decide to Pay a Debit or Itemsection will apply and pending transactions and holds will reduce youravailable balance, and 2) the rules from the Actual (Ledger) Balance - How WeAssess Fees section will apply and if there are insufficient funds to pay adebit transaction or item, we may, at our discretion, either return the debitor item and charge you non-sufficient funds fees or pay the debit or item andcharge you overdraft fees plus you will be responsible for the overdrawnbalance.
If applicable, overdrafts may be covered by our standardoverdraft practice that comes with your account or an overdraft protectionplan, such as a link to an account or a line of credit. As part of our offeredstandard overdraft practice, we do not authorize and pay overdrafts on ATM oreveryday debit card transactions unless you request us to do so. Please referto the Overdraft Services Consent Form for more information about overdraftsand our standard overdraft policies, if applicable, and refer to your Truth InSavings disclosure for more information about our overdraft privilege policy.
24. Processing Order. We will process debit and credittransactions in accordance with our processing order policy. The
processing order of these debits and credits is importantbecause if your account balance has insufficient funds to pay for the debitsand credits in the order that they are processed, we may charge younon-sufficient funds fees if we return the debit or charge you overdraft feesif we pay the debit on your behalf.
25. Amendments and Alterations. Except as prohibited bylaw, we may amend this Agreement by adding, removing, or changing terms at anytime. We will notify you of amendments as required by applicable law. Yourcontinued use of the account evidences your agreement to any amendments. Noticeswill be sent to the most recent address shown on the account records. Only onenotice will be given in the case of joint account holders.
26. Severability. If a court for any reason holds aprovision of this Agreement to be unenforceable, the rest remains fullyenforceable. All headings are intended for reference only and are not to beconstrued as part of the Agreement.
27. Enforcement. You are liable to us for any losses,costs, or expenses we incur resulting from your failure to follow thisAgreement. You authorize us to deduct any such losses, costs, or expenses fromyour account without prior notice to you. If we bring a legal action to collectany amount due under or to enforce this Agreement, we shall be entitled,subject to applicable law, to payment of reasonable attorney's fees and costs,including fees on any appeal, bankruptcy proceedings, and any post judgment collectionactions.
28. Notices. You are responsible for notifying us ofany address or name changes, the death of an account holder or otherinformation affecting your account. Notices must be in a form and manneracceptable to us with enough information to allow us to identify the account.Notice sent by you to us is not effective until we have received it and have areasonable opportunity to act on it. Written notice sent by us to you iseffective when mailed to the last address supplied.
29. Liability. If we do not properly complete atransaction according to this Agreement, we will be liable for your losses ordamages not to exceed the amount of the transaction, except as otherwiseprovided by law. We will not be liable if, for example: (1) your accountcontains an insufficient available balance for the transaction; (2)circumstances beyond our control prevent the transaction; (3) your loss iscaused by your or another financial institution's negligence; or (4) youraccount funds are subject to legal process or other claim. We will not beliable for consequential damages, except liability for wrongful dishonor. Weare not responsible for checks that are paid by us if we acted in acommercially reasonable manner and exercised ordinary care. We exerciseordinary care if our actions or non-actions are consistent with applicablestate law, Federal Reserve regulations and operating letters, clearing houserules, and general financial institution practices followed in the area weserve. You grant us the right, in making payments of deposited funds, to relyexclusively on the form of the account and the terms of this Agreement. Anyconflict regarding what you and our employees say or write will be resolved byreference to this Agreement.
30. Taxpayer Identification Number and Backup Withholding. Youmust provide a taxpayer identification number (hereinafter TIN) with youraccount with us. If you fail to provide your TIN within a reasonable time, wemay suspend opening your account or close your account and return the balanceto you, less any applicable service fees. We may withhold taxes from interestearned on your account as required by federal or state law or regulations. Yourfailure to furnish a correct TIN or meet other requirements may result inbackup withholding. If your account is subject to backup withholding, we mustwithhold and pay to the Internal Revenue Service a percentage of interest andcertain other payments.
31. Certified Beneficial Owner Information. If you areobligated to certify beneficial owner information at the time the account isopened, you are responsible for notifying us of any changes to the certifiedbeneficial ownership information that was provided to us. Notice should be madeto us as soon as practical upon a change to the beneficial ownershipinformation in a form and manner acceptable to us.
32. Unlawful Internet Gambling. Restricted transactionsare prohibited from being processed through your account with us as required bythe Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG. Arestricted transaction is a transaction or transmittal involving any credit,funds, instrument, or proceeds in connection with the participation of anotherperson in unlawful Internet gambling. You will notify us if your businesspractices regarding Internet gambling change in the future.
33. Telephone and Electronic Communication. You agreethat we may call or send text messages to you at the telephone numbers that youprovide to us, including a cell phone number, which may result in charges toyou, for informational purposes regarding your account(s) with us. These callsand text messages may be made from an automatic telephone dialing system (i.e.,an autodialer) or from an artificial or prerecorded voice message system.Additionally, you agree that we may send electronic communication to you at theemail addresses you provide to us. You may contact us at any time if you nolonger want to receive these communications from us. You also agree that we maymonitor and record telephone and electronic communications that affect youraccount(s) with us to the extent permitted by law. We need not provide furthernotice to you or receive additional approval.
34. Online or Mobile Services. If you open an accountor obtain a product or service from us using our online or mobile services, wemay record your personal information from a scan or a copy of your driver'slicense or other personal identification card, or we may receive an image ormake a copy of your driver's license or other personal identification card. Wemay store or retain this information to the extent permitted by law.
35. Closing Account. We may close the account at anytime, with or without cause, after sending you notice if advance notice isrequired by law. If applicable, a notice may be sent to you that specifies whenthe account will be closed. At our discretion, we have the authority to pay anotherwise properly payable item, which is presented after the closing of youraccount. Such termination will not release you from any fees or otherobligations incurred before the termination. We will send a check for the balancein our possession to which you are entitled.
36. Transfers and Assignments. We may assign ortransfer any or all of our interest in this account. You cannot assign ortransfer any interest in your account unless we agree in writing.
37. Applicable Laws and Regulations. You understandthat this Agreement is governed by the laws of the state in which the accountis opened unless federal law controls. Changes in these laws may change theterms and conditions of your account. We will notify you of any changes asrequired by law. If any of the terms of this Agreement come into conflict withthe applicable law and are declared to be invalid or unenforceable, those termswill be nullified to the extent that they are inconsistent with the applicablelaw and the applicable law will govern. However, this shall not affect thevalidity of the remaining provisions.
38. ACH and Wire Transfers. This Agreement is subjectto Article 4A of the Uniform Commercial Code - Funds Transfers as adopted bythe state in which the account is opened. If you send or receive a wiretransfer, you agree that Fedwire® Funds Service may be used. Federal Reserve BoardRegulation J is the law that covers transactions made over Fedwire® FundsService. When you originate a funds transfer for which Fedwire® Funds Serviceis used, and you identify by name and number a
beneficiary financial institution, an intermediary financialinstitution or a beneficiary, we and every receiving or beneficiary financialinstitution may rely on the identifying number to make payment. We may rely onthe number even if it identifies a financial institution, person or accountother than the one named. If you are a party to an Automated Clearing House("ACH") entry, you agree that we may transmit an entry through theACH, and you agree to be bound by the Nacha Operating Rules and Guidelines, therules of any local ACH, and the rules of any other systems through which theentry is made.
Provisional Payment. Credit we give you is provisionaluntil we receive final settlement for that entry. If we do not receive finalsettlement, you agree that we are entitled to a refund of the amount creditedto you in connection with the entry, and the party making payment to you viasuch entry (i.e., the originator of the entry) shall not be deemed to have paidyou in the amount of such entry.
Notice of Receipt. We will not provide you with noticeof our receipt of the order, unless we are so requested by the transferoriginator in the order. However, we will continue to notify you of the receiptof payments in the periodic statements we provide to you.
Choice of Law. We may accept on your behalf payments toyour account which have been transmitted, that are not subject to theElectronic Fund Transfer Act, and your rights and obligations with respect tosuch payments shall be construed in accordance with and governed by the laws ofthe state where we are located.
International ACH Transactions. If your transactionoriginates from a financial agency that is outside of the territorialjurisdiction of the United States, it may be subject to additional review forcompliance with the rules of the Office of Foreign Assets Control (OFAC). Ifadditional review is required, the International ACH transaction will not beavailable to you until it passes final verification.
39. Direct Deposits. We may offer direct depositservices, including preauthorized deposits (e.g., payroll checks, SocialSecurity or retirement checks, or other government checks) or preauthorizedtransfers from other accounts. If your account is overdrawn, you authorize usto deduct the amount of the overdraft from any deposit, including deposits ofgovernment payments or benefits. If we are required to reimburse the U.S.government for any benefit payment directly deposited into your account, we maydeduct the amount returned from any of your accounts, unless prohibited by law.
40. Real-Time Payments. You may send and receivecertain payments or payment-related messages through a real-time paymentssystem, such as The Clearing House's Real Time Payment (RTP®) network or theFederal Reserve's FedNow® Service. Real-time payments, or instant payments, allowyou to have immediate availability of these funds twenty-four (24) hours a day,seven (7) days a week, and fifty-two (52) weeks a year. These payments may besubject to transaction limits (e.g., $500,000) and settlement is final andirrevocable. Real-time payments are intended for domestic payments only.Payments sent or received by a person outside of the United States areprohibited. Transfers using a real-time payments system are subject to theapplicable operating or governing rules of the real-time payments system used,as well as the Uniform Commercial Code 4A in effect in the state in which weare located, the Electronic Fund Transfer Act (Regulation E), and the rules ofOFAC.
41. Stop Payments.
Stop Payments on Checks. If you request us to stoppayment on a check you have written, you will give written or otherconfirmation as allowed by us within 14 days of making the request. If you failto confirm an oral stop payment request within the 14 days, unless our policyprovides otherwise, we reserve the right to cancel the request. Your stoppayment request must describe the check or account with reasonable certaintyand we must receive the request in a time and way that gives us a reasonableopportunity to act on it. A stop payment on a check you have written willremain in effect until the earlier of 1) six months or other time period notless than six months as specified in the Stop Payment Order, or 2) until wereceive written revocation of the stop payment. If the check on which a StopPayment Order has been placed has not yet cleared or been returned to you bythe payee, you may renew the Stop Payment Order for an additional six months byproviding a request to us in a record or writing within the time period theStop Payment Order is in effect. Our acceptance of a stop payment request doesnot constitute a representation by us that the check has not already been paidor that we have had a reasonable opportunity to act on the request. We may accepta stop payment request on lost or stolen checks, whether a single check orseries, unless our policy requires we open a new account for you to ensure yoursecurity. Written communication includes communication by electronic record.
Stop Payments on ACH Debits. A Stop Payment Order maybe placed on either a one-time debit transfer or on a multiple debit entrytransfer. If you request a Stop Payment Order on an Electronic Check Conversionor other one-time debit transfer, we must receive the request, orally or in arecord or writing, in a period of time that provides us a reasonableopportunity to act on it prior to acting on the debit entry, otherwise the StopPayment Order shall be of no effect. If you requested a stop payment on a multipleor future debit entry transfer, we must receive the Stop Payment Order, orallyor in a record or writing, at least three business days before a scheduleddebit entry. Requests to stop all future payments on an ACH debit transfer mayrequire additional documentation to be supplied to us. Oral stop payment ordersare binding on us for 14 calendar days only, unless our policy providesotherwise, and must be confirmed by you in a record or writing within thatperiod. A Stop Payment Order on an ACH debit will remain in effect until theearlier of 1) your withdrawal of the Stop Payment Order, or 2) the return ofthe debit entry, or, where a Stop Payment Order is applied to more than onedebit entry under a specific authorization involving a specific payee(Originator), the return of all such debits. When a stop is placed on amultiple or future debit entry transfer, we may require your confirmation in arecord or writing stating that you have canceled your authorization for thetransfer with the payee (a Stop Payment Order does not revoke authorization).Written communication includes communication by electronic record.
The Stop Payment Order shall be governed by the provisions ofArticle 4A of the Uniform Commercial Code as adopted by the state in which theaccount is opened, the Electronic Fund Transfer Act (Regulation E), NachaOperating Rules, and any applicable state law. You may be charged a fee everytime you request a Stop Payment Order and for each Stop Payment Order renewalyou make. You understand that we may accept the stop payment request from anyof the joint owners of the account regardless of who signed the check orauthorized the transfer. A release of the Stop Payment Order may be made onlyby the person who initiated the stop payment request.
42. Checks. All negotiable paper ("checks")presented for deposit must be in a format that can be processed and we mayrefuse to accept any check that does not meet this requirement. Allendorsements on the reverse side of any check deposited into your account, oron any check issued by you, must be placed on the left side of the check whenlooking at it from the front, and must be placed so as to not go beyond an arealocated 1-1/2 inches from the left edge of the check when looking at it fromthe front. It is your responsibility to ensure that this requirement is met.You are responsible for any loss incurred by us for failure of an endorsementto meet this requirement.
43. Electronic Checks and Electronically-Created Items. Pursuantto Regulation CC, electronic checks may be treated the same as paper checks forcheck collection and processing purposes. See the Substitute Checks section formore information. Electronically-created items ("ECI") are check-likeitems created in electronic form that never existed in paper form. For example,you set up automatic bill payments with us to pay your utility bill. From youraccount information, we create an ECI that is sent to your utility company forpayment. An ECI cannot be used to create a substitute check since it neverexisted in paper form.
44. Substitute Checks. To make check processing faster,federal law permits financial institutions to replace original checks with"substitute checks." These checks are similar in size to originalchecks with a slightly reduced image of the front and back of the originalcheck. The front of a substitute check states: "This is a legal copy ofyour check. You can use it the same way you would use the original check."You may use a substitute check as proof of payment just like the originalcheck. Some or all of the checks that you receive back from us may besubstitute check(s). An electronic check can be used to create a substitutecheck since the electronic image and electronic information was derived fromits paper form.
45. Remote Deposit Capture. Remote deposit capture("RDC") allows you to make deposits to your account from remotelocations by electronically transmitting digital images of your original paperchecks, which are drawn on or payable through United States financial institutionsin United States dollars to us. We may then use the digital image to create anelectronic check or substitute check for collection. If you use our RDCservices, if applicable, we may require you to endorse the back of the papercheck to indicate that it has been remotely deposited. For example, "formobile deposit only."
46. Preauthorized Checks or Drafts. You should guardinformation about your account (such as your routing number and your accountnumber) as carefully as you would guard blank checks. If you voluntarily givesuch information about your account to a party which is seeking to sell yougoods or services, without physically delivering a check to it, any debit to orwithdrawal from your account it initiates will be deemed authorized by you.
47. Stale or Postdated Checks. We reserve the right topay or dishonor a check more than 6 months old without prior notice to you. Ifyou can write checks on your account, you agree not to postdate any check drawnon the account. If you do and the check is presented for payment before thedate of the check, we may pay it or return it unpaid. We are not liable forpaying any stale or postdated check. Any damages you incur that we may beliable for are limited to actual damages not to exceed the amount of the check.
48. Verifying Funds Availability for Check. Youauthorize us to release funds availability information about your account toindividuals or merchants who represent to us that they have received a check orother item from you.
49. Check Safekeeping. If you can write checks on youraccount and utilize check safekeeping or any other system offered by us for theretention of your checks, you understand that the canceled checks will beretained by us and destroyed after a reasonable time period or as required bylaw. If for any reason we cannot provide you with a copy of a check, ourliability will be limited to the lesser of the face amount of the check or theactual damages sustained by you. When you request a copy of a check it may besubject to a fee as defined in the Disclosures.
50. Remotely Created Checks. A remotely created check,as defined in Regulation CC, means a check that is not created by the payingbank and that does not bear a signature applied, or purported to be applied, bythe person on whose account the check is drawn. By having a deposit accountwith us, you certify that all remotely created checks deposited to youraccount(s) will be expressly and verifiably authorized by the payor. And wereserve the rights to refuse for deposit any such remotely created check if wehave any reason to believe that the item is fraudulent in any manner, and toobtain from the payor's express, verifiable authorization for any such check.
51. Statements. If your account is a Checking, NOW,Money Market, or Statement Savings account, we will provide you with a periodicstatement showing the account activity. The last address you supply us inwriting will be deemed the proper address for mailing this statement to you.The account holder who receives this statement is the agent for his/herco-account holder(s) for purposes of receiving the statement and items. Youmust exercise reasonable care in reviewing your statement and reasonablepromptness in notifying us of any discrepancies, such as alterations or forgedor unauthorized signatures, even if by the same wrongdoer. You must notify uswithin 30 days after we mail or otherwise make the statement available to youof any discrepancies, except for transfers governed by the Wire TransferAgreement. If you fail to notify us with reasonable promptness, you will haveno claim against us to the extent permitted by law. Additionally, you agreethat we will not be liable for discrepancies reported to us after one yearafter we mail or otherwise make the statement or items available to you, evenif we failed to exercise reasonable care. However, if the discrepancy is theresult of an electronic fund transfer, the provisions of our Disclosures willcontrol its resolution. If you do not receive a statement from us because youhave failed to claim it, or have supplied us with an incorrect address, we maystop sending your statements until you specifically make written request thatwe resume sending your statements and you supply us with a proper address.
52. Electronic Statements and Notices. You may have theoption to have statements and notices regarding this account provided to you inan electronic form, including to a designated e-mail address, through an onlinebanking portal, or other electronic method, upon your authorization. The authorizationmay be withdrawn at any time to return to a mailed paper form by providingwritten notice to us at the address provided. The fees for receiving in eitherform, and for receiving paper copies, are described in your Disclosures. Inorder to receive your account information in an electronic form, the receivingsystem may have to meet specific requirements. We will keep you informed of anychange to the minimum hardware or software requirements.
53. Signatures. Your signature on the AccountInformation form is your authorized signature. You authorize us, at any time,to charge you for all checks, drafts, orders, or other items for the payment ofmoney, that are drawn on us regardless of by whom or by what means yoursignature (including facsimile signature(s)) may have been affixed so long asthey resemble the signature specimen in our files. For withdrawal and for otherpurposes relating to any account you have with us, we are authorized to recognizeyour signature; and we will not be liable to you for refusing to honor signedinstruments or instructions if we believe in good faith that one or more of thesignatures appearing on the instrument or instruction is not genuine.
If your items are signed using any facsimile signature ornon-manual form of signature, you acknowledge that it is solely for yourbenefit and convenience. You agree that no facsimile signature you haveauthorized us to honor may be considered a forgery or an unauthorizedsignature, and that every authorized facsimile signature shall be effective asthe signatory's own original, manual signature. You accept sole responsibilityfor maintaining security over any device affixing the signature as such signaturewill be effective regardless of whether the person affixing it was authorizedto do so. Your authorization notwithstanding, we are not obligated to accept orpay any items bearing facsimile signatures.
Further, most checks, drafts, orders, or other items areprocessed automatically, i.e., without individual review of each item.
Therefore, unless we agree in a separate writing, in our solediscretion, upon your request and due to unique circumstances to conductindividual review of checks, drafts, orders, or other items for more than onesigner, you agree that we are acting within common and reasonable bankingpractices by automatically processing these items. You agree to indemnify,defend, and hold us harmless from and against all loss, costs, damage,liability, and other injury (including reasonable attorney fees) that you or wemay suffer or incur as a result of this practice.
54. Restrictive Legends. We are not required to honorany restrictive legend on checks you write unless we have agreed to therestriction in a writing signed by an officer of the financial institution.Examples of restrictive legends are "two signatures required", "mustbe presented within 90 days" or "not valid for more than$1,000.00."
55. Our Waiver of Rights. You understand and agree thatno delay or failure on our part to exercise any right, remedy, power orprivilege available to us under this Agreement shall affect or preclude ourfuture exercise of that right, remedy, power or privilege.
56. Your Waiver of Notice. By signing the signaturecard/Account Information form, you waive any notice of non-payment, dishonor orprotest regarding any items credited to or charged against your deposit accountto the extent permitted by law. For example, if a check that you deposited isdishonored and returned to us, we are not required to notify you of thedishonor.
57. Death or Incompetency. Neither your death nor alegal adjudication of incompetence revokes our authority to accept, pay, orcollect items or to account for proceeds until we know of the fact of death orof an adjudication of incompetence and have a reasonable opportunity to act onit. To the extent permitted by law, even with knowledge, we may for 10 daysafter the date of death pay checks drawn on or before the date of death unlessordered to stop payment by a person claiming an interest in the account.
In addition to the General Rules, the following rules apply tospecific types of accounts:
Checking Accounts. If your account is a checkingaccount, it will be either non-interest bearing or interest bearing as definedin the Truth In Savings Disclosure.
Withdrawals. Deposits will be available for withdrawalconsistent with the terms of our Disclosures. Withdrawals may be subject to aservice charge.
Withdrawal Notice Requirements. If your account is aNOW account or a non-demand deposit checking account, we have the right torequire seven (7) days prior written notice from you of your intent to withdrawany funds from your account.
Withdrawals. We have the right to require seven (7)days prior written notice from you of your intent to withdraw any funds fromyour account. Withdrawals may be subject to a service charge.
Transaction Limitations. Our policy allows us torestrict the number of transfers or withdrawals you can make on a Money MarketAccount and Savings Account, or we may allow you to make an unlimited number oftransfers or withdrawals from these accounts.
Restrictions on Money Market and Savings Accounts. Ifwe restrict the number of transfers or withdrawals you can make on theseaccounts, you understand that we will not allow more transfers or withdrawalsthan the maximum number specified in the Disclosures, and we may close youraccount, take away your ability to transfer funds, charge you a fee, or convertthe account to a checking or other transaction account if the restriction isviolated.
No Restrictions on Money Market and Savings Accounts. Ifwe do not restrict the number of transfers or withdrawals you can make on theseaccounts, your account may still be subject to other transaction limitations.Please refer to the Disclosures to understand which transaction limitations, ifany, apply to your account.
Passbooks. If your account is a passbook account andyou wish to make a withdrawal without your passbook, we can refuse to allow thewithdrawal. If your passbook is lost or stolen, you will immediately notify usin writing.
Account Terms. The Certificate bears interest at therate and basis as set forth on the Certificate. The terms of the Certificate,such as the interest rate(s), Annual Percentage Yield ("APY"), lengthof term period, renewability, and date of maturity are specified on theCertificate and in the Disclosures provided to you at the time of accountopening. Interest will not be compounded unless noted and will be paid to youat the frequency and in the method noted. If interest compounds during the termof the Certificate and may be withdrawn prior to maturity, the withdrawal ofinterest prior to maturity will affect the APY.
Withdrawal Prior To Maturity. You have contracted tokeep the account funds on deposit from the issue date until the maturity date.We may accept a request by you for withdrawal of some or all of the accountfunds prior to the maturity date at our discretion or as otherwise described inthe Disclosures.
Additional Deposits During The Term. No additionaldeposits will be allowed to this account during its term unless otherwisedescribed in the Disclosures.
Early Withdrawal Penalty. Unless provided otherwise inthe Disclosures, we will assess an early withdrawal penalty on any withdrawal,either partial or in whole, that we allow you to make from your account priorto the account's maturity date. The method for determining that penalty isdescribed in the Disclosures.
Renewal. Automatic Renewal Certificates will renewautomatically on the stated maturity date of its term. Such renewal will be fora time period equal or similar to the original term and subject to these termsand conditions. Interest for that renewal term will be paid at the interestrate then in effect at this financial institution for similar accounts. If youclose the Certificate within the grace period following the maturity date, wewill not charge an early withdrawal penalty for that withdrawal. The graceperiod following a maturity date is described in the Disclosures.
Single Maturity. Single Maturity Certificates will notautomatically renew at maturity. The Disclosures describe our policy concerningthe account's status following the maturity date. To ensure a continuation ofinterest earning, you must arrange for a new investment of the account balance.
Our general policy is to allow you to withdraw funds deposited in an account by the second Business Day after the day of deposit. Funds from electronic direct deposits will be available on the day we receive the deposit.In some cases, we may delay your ability to withdraw funds beyond the secondBusiness Day after the day of deposit. This disclosure describes your ability to withdraw funds at Five Rivers Bank. It only applies to the availability of funds in your transaction accounts (e.g., checking accounts). We reserve the right to delay the availability of funds deposited to these accounts for periods longer than those outlined in this disclosure. Please ask us if you have a question about which accounts are affected by our availability policy.
For purposes of this disclosure, the terms "you" or"your" mean customer and the terms "our," "we,"or "us" mean Five Rivers Bank.
YOUR ABILITY TO WITHDRAW FUNDS. Our policy is to make funds from your cash and check deposits available to you on the same business day that we receive your deposit. Electronic direct deposits will be available on the day that we receive the deposit. Once they are available, you can withdraw the funds in cash, and we will use the funds to pay checks that you have written. For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit before the close of business on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after the close of business or on a day that we are not open, we will consider the deposit made on the next business day we are open.
DEPOSITS AT OTHER LOCATIONS. This availability policy only applies to funds deposited at Five Rivers Bank. Please inquire forinformation about the availability of funds deposited at other locations.
LONGER DELAYS MAY APPLY. In some cases, we will not make all of the funds that you deposit by check available to you on the same business day that we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the first business day after the day of your deposit. The first $275.00 of your deposits, however, may be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the same business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will send you the notice by the day after we receive your deposit. If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the 7th business day after the day of your deposit.
SPECIAL RULES FOR NEW ACCOUNTS. If you are a new customer, the following special rules will apply during the first 30 days your account is open.
Same-Day Availability. Funds from electronic direct deposits to your account, cash, and checks drawn on Five Rivers Bank will be available on the day we receive the deposit.
Next-Day Availability. Funds from wire transfers will be available by the first business day after the day of your deposit. The first$6,725 of a day's total deposits of the following will be available by the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you.
The excess over $6,725 of a day's total check deposits will be available by the 9th business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $6,725 will not be available until the first business day after the day of your deposit. Funds from all other check deposits will be available by the 9th business day after the day of your deposit.
HOLDS ON OTHER FUNDS FOR CHECK CASHING. If we cash acheck for you that is drawn on another financial institution, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.
SubstituteChecks and Your Rights
WHAT IS A SUBSTITUTE CHECK? To make check processing faster, federal law permits banks to replace original checks with"substitute checks." These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: "This is a legal copy of your check. You can use it the same way you would use the original check."You may use a substitute check as proof of payment just like the original check.
Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions.
WHAT ARE MY RIGHTS REGARDING SUBSTITUTE CHECKS? In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).
The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.
If you use this procedure, you may receive up to $2,500.00 of your refund (plus interest if your account earns interest) within 10 business days after we received your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after we received your claim. We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.
HOW DO I MAKE A CLAIM FOR A REFUND? If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us by:
You must contact us within 40 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances.
Your claim must include:
An expedited recredit claim must be submitted in writing. When a claim has been submitted orally, we must receive that written claim within 10business days of the oral claim.
FEES AND CHARGES. The following fees and charges may be assessed against your account:
Check printing fees vary by the style of check ordered.
**This fee applies to overdrafts created by check, in person withdrawal, ATM withdrawal, or other electronic means. This fee will be imposed for each occurrence even if the item or transaction has already been presented and returned.