Disclosure of Account Terms. When you open your deposit account, or upon request, you will receive a disclosure of account terms and a fee schedule, which are part of this Agreement. Your account disclosure will provide you with information pertaining to your account, such as the interest rate and applicable annual percentage yield, minimum balance requirements (if any) and method of compounding and crediting interest. If any information in this disclosure or the fee schedule changes, and that change adversely affects you, we will provide notice to you. When required by law, we will notify you in writing at least 30 days prior to the effective date of the change. Deposit Protection Your deposit accounts at Salem Five are fully insured by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The basic insurance amount provided by the FDIC is $250,000 per depositor per deposit category. All deposits above this amount are insured by DIF. Taxpayer Information When you open a deposit account, you are required to certify the Taxpayer Identification Number (TIN) you provide us. You must also certify that you are not subject to backup withholding of federal income taxes. If you are a U.S. person and you fail to furnish us with a certified TIN, if the IRS notifies us that the TIN you gave us is incorrect, or if the IRS notifies you that you failed to report all your interest and dividends on your tax return, we may be required to close your account or withhold a percentage of your interest payments and provide it to the IRS. This is known as “backup withholding”. Account Opening Consumer deposit accounts may only be opened for personal, family or household purposes. Deposit accounts will be considered open once the Bank has received and approved all required account opening documentation. We reserve the right to require additional signature or other verification documentation from you during your account relationship.
Disclosure of Account Terms. The following information is being provided to you in accordance with Regulation E and the Electronic Funds Transfer Act.
Disclosure of Account Terms. With your authorization, Share Transfer Overdraft Protection (S.T.O.P.) allows us to transfer money from a share account to cover checking account overdrafts. Transfers will be made in $100 increments for a nominal fee. COURTESY PAY DISCLOSURE OF ACCOUNT TERMS Courtesy Pay is a service we add to your checking account to cover overdrafts to a set limit, subject to the eligibility criteria as explained below. While we reserve the right to unilaterally refuse to pay any item that is presented, with Courtesy Pay we will generally pay your overdraft items up to $1,000. When we pay eligible overdraft items for you, you will be charged our Courtesy Pay fee per presentment. Both the amount of the overdraft presentments and all applicable prior Courtesy Pay fees are included in this limit. You may be assessed up to daily maximum fees of $360, dependent on the number of presentments which overdraw your account. You may be charged a fee each time a transaction is presented for payment, even if the same transaction is presented for payment multiple times. Eligibility is based on you managing your checking account in a responsible manner. Initiating Courtesy Pay for checks, Automated Clearing House (ACH) debits, and recurring debit card transactions requires no action on your part. You are eligible to opt in for Courtesy Pay for everyday debit card and ATM transactions. You will never be charged a fee on Courtesy Pay for everyday debit card transaction overdrafts until your negative balance exceeds $25, if you opt in. For those 18 years of age and older, you are eligible to opt in for Courtesy Pay for everyday debit card and ATM transactions. You will be eligible for Courtesy Pay unless: • You have a checking account that has been open for less than thirty (30) days. • If your account goes negative and remains so for five (5) consecutive days during the first thirty (30) days it is open. • You are more than fifteen (15) days past due on any credit union loan or delinquent on any other obligation to us. • You are subject to any legal or administrative orders, levy, or are currently a party in a bankruptcy proceeding. • You have an outstanding balance on an Overdraft Repayment Plan. • You have an outstanding balance due on an Early Pay Loan. • An extended hold is being placed on your checking account or any other account relationship, in which case your Courtesy Pay may be suspended without prior notice. • Your account is a fiduciary account, including trust, estate or e...
Disclosure of Account Terms. Interest Rate Information The Secured Account is a non-interest bearing account. Therefore, no interest will be paid to you on the Secured Funds in the Secured Account. Minimum Balance Requirements There is no minimum balance required for the Secured Account. Fee Schedule There are no fees for the Secured Account. Transaction Limitations There are no limits to the number of transactions with respect to the Secured Account. FDIC Insurance The funds held in the Secured Account (“Secured Funds”) are insured by the Federal Deposit Insurance Corporation (“FDIC”) up to the maximum allowable limits. For more detailed information on FDIC coverage, contact the FDIC directly at 1-877-ASKFDIC (0-000-000-0000), (TDD: 0-000-000-0000) or visit xxx.xxxx.xxx. You and we acknowledge that subject to our possession of and security interest in the Secured Account and the Secured Funds, you retain beneficial ownership of the Secured Account and the Secured Funds for FDIC insurance purposes.
Disclosure of Account Terms. X. Xxxxxx Deposit Account
Disclosure of Account Terms. When you open your deposit account, or upon request, you will receive a disclosure of account terms and a fee schedule, which are part of this Agreement. Your account disclosure will provide you with information pertaining to your account, such as the interest rate and applicable annual percentage yield, minimum balance requirements (if any) and method of com- pounding and crediting interest. If any information in this disclosure or the fee schedule changes, and that change adversely affects you, we will provide notice to you. When required by law, we will notify you in writing at least 30 days prior to the effective date of the change. Deposit Protection Your deposit accounts at Salem Five are fully insured by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The basic insurance amount provided by the FDIC is $250,000 per depositor per deposit category. All deposits above this amount are insured by DIF. Taxpayer Information When you open a deposit account, you are required to certify the Taxpayer Identification Number (TIN) you provide us. You must also certify that you are not subject to backup withhold- ing of federal income taxes. If you are a U.S. person and you fail to furnish us with a certified TIN, if the IRS notifies us that the TIN you gave us is incorrect, or if the IRS notifies you that you failed to report all your interest and dividends on your tax return, we may be required to close your account or withhold a percentage of your interest payments and provide it to the IRS. This is known as “backup withholding”. Account Opening Consumer deposit accounts may only be opened for personal, family or household purposes. Deposit accounts will be consid- ered open once the Bank has received and approved all required account opening documentation. We reserve the right to require additional signature or other verification docu- mentation from you during your account relationship. Account Ownership You may open your account in one or more names. Minors may not open accounts as sole owners. Joint Accounts: If opened in more than one name, your account will be treated as a joint account with right of survivor- ship. If one owner dies, funds will be payable to the surviving owner(s). The TIN assigned to the account for IRS reporting purposes shall be that of the first listed owner. Any account owner may withdraw any or all of the funds, regardless of any information we may have regarding actual ownership of the fund...
Disclosure of Account Terms
