Welcome to our new website! Click HERE to apply for PPP Forgiveness.

Terms & Disclosures

Terms and Conditions of Your Account

IMPORTANT ACCOUNT OPENING INFORMATION – Federal law requires us to obtain sufficient information to verify your identity. You may be asked several questions and to provide one or more forms of identification to fulfill this requirement. In some instances we may use outside sources to confirm the information. The information you provide is protected by our privacy policy and federal law.

AGREEMENT – This document, along with any other documents we give you pertaining to your account(s), is a contract that establishes rules which control your account(s) with us. Please read this carefully and retain it for future reference. If you sign the signature card or open or continue to use the account, you agree to these rules. You will receive a separate schedule of rates, qualifying balances, and fees if they are not included in this document. If you have any questions, please call us.

This agreement is subject to applicable federal laws, the laws of the state of Massachusetts and other applicable rules such as the operating letters of the Federal Reserve Banks and payment processing system rules (except to the extent that this agreement can and does vary such rules or laws). The body of state and federal law that governs our relationship with you, however, is too large and complex to be reproduced here. The purpose of this document is to:

  1. summarize some laws that apply to common transactions;
  2. establish rules to cover transactions or events which the law does not regulate;
  3. establish rules for certain transactions or events which the law regulates but permits variation by agreement; and
  4. give you disclosures of some of our policies to which you may be entitled or in which you may be interested.

If any provision of this document is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect. We may permit some variations from our standard agreement, but we must agree to any variation in writing either on the signature card for your account or in some other document. Nothing in this document is intended to vary our duty to act in good faith and with ordinary care when required by law.

As used in this document the words “we,” “our,” and “us” mean the financial institution and the words “you” and “your” mean the account holder(s) and anyone else with the authority to deposit, withdraw, or exercise control over the funds in the account. However, this agreement does not intend, and the terms “you” and “your” should not be interpreted, to expand an individual’s responsibility for an organization’s liability. If this account is owned by a corporation, partnership or other organization, individual liability is determined by the laws generally applicable to that type of organization. The headings in this document are for convenience or reference only and will not govern the interpretation of the provisions. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so the singular includes the plural and the plural includes the singular.

LIABILITY – You agree, for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of charges. You authorize us to deduct these charges, without notice to you, directly from the account balance as accrued. You will pay any additional reasonable charges for services you request which are not covered by this agreement.

Each of you also agrees to be jointly and severally (individually) liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to this account. This liability is due immediately, and we can deduct any amounts deposited into the account and apply those amounts to the shortage. You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft.

You will be liable for our costs as well as for our reasonable attorneys’ fees, to the extent permitted by law, whether incurred as a result of collection or in any other dispute involving your account. This includes, but is not limited to, disputes between you and another joint owner; you and an authorized signer or similar party; or a third party claiming an interest in your account. This also includes any action that you or a third party takes regarding the account that causes us, in good faith, to seek the advice of an attorney, whether or not we become involved in the dispute. All costs and attorneys’ fees can be deducted from your account when they are incurred, without notice to you.

DEPOSITS – We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn “on us”). Before settlement of any item becomes final, we act only as your agent, regardless of the form of indorsement or lack of indorsement on the item and even though we provide you provisional credit for the item. We may reverse any provisional credit for items that are lost, stolen, or returned. Unless prohibited by law, we also reserve the right to charge back to your account the amount of any item deposited to your account or cashed for you which was initially paid by the payor bank and which is later returned to us due to an allegedly forged, unauthorized or missing indorsement, claim of alteration, encoding error or other problem which in our judgment justifies reversal of credit. You authorize us to attempt to collect previously returned items without giving you notice, and in attempting to collect we may permit the payor bank to hold an item beyond the midnight deadline. Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. If you deliver a deposit to us and you will not be present when the deposit is counted, you must provide us an itemized list of the deposit (deposit slip). To process the deposit, we will verify and record the deposit, and credit the deposit to the account. If there are any discrepancies between the amounts shown on the itemized list of the deposit and the amount we determine to be the actual deposit, we will notify you of the discrepancy. You will be entitled to credit only for the actual deposit as determined by us, regardless of what is stated on the itemized deposit slip. We will treat and record all transactions received after our “daily cutoff time” on a business day we are open, or received on a day we are not open for business, as if initiated on the next business day that we are open. At our option, we may take an item for collection rather than for deposit. If we accept a third-party check for deposit, we may require any third-party indorsers to verify or guarantee their indorsements, or indorse in our presence.

WITHDRAWALS –

Generally – Unless clearly indicated otherwise on the account records, any of you, acting alone, who signs to open the account or has authority to make withdrawals may withdraw or transfer all or any part of the account balance at any time. Each of you (until we receive written notice to the contrary) authorizes each other person who signs or has authority to make withdrawals to indorse any item payable to you or your order for deposit to this account or any other transaction with us.

Postdated checks – A postdated check is one which bears a date later than the date on which the check is written. We may properly pay and charge your account for a postdated check even though payment was made before the date of the check, unless we have received written notice of the postdating in time to have a reasonable opportunity to act. Because we process checks mechanically, your notice will not be effective and we will not be liable for failing to honor your notice unless it precisely identifies the number, date, amount and payee of the item.

Checks and withdrawal rules – If you do not purchase your check blanks from us, you must be certain that we approve the check blanks you purchase. We may refuse any withdrawal or transfer request which you attempt on forms not approved by us or by any method we do not specifically permit. We may refuse any withdrawal or transfer request which is greater in number than the frequency permitted, or which is for an amount greater or less than any withdrawal limitations. We will use the date the transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. In addition, we may place limitations on the account until your identity is verified.

Even if we honor a nonconforming request, we are not required to do so later. If you violate the stated transaction limitations (if any), in our discretion we may close your account or reclassify it as a transaction account. If we reclassify your account, your account will be subject to the fees and earnings rules of the new account classification.

If we are presented with an item drawn against your account that would be a “substitute check,” as defined by law, but for an error or defect in the item introduced in the substitute check creation process, you agree that we may pay such item.

See the funds availability policy disclosure for information about when you can withdraw funds you deposit. For those accounts to which our funds availability policy disclosure does not apply, you can ask us when you make a deposit when those funds will be available for withdrawal. An item may be returned after the funds from the deposit of that item are made available for withdrawal. In that case, we will reverse the credit of the item. We may determine the amount of available funds in your account for the purpose of deciding whether to return an item for insufficient funds at any time between the time we receive the item and when we return the item or send a notice in lieu of return. We need only make one determination, but if we choose to make a subsequent determination, the account balance at the subsequent time will determine whether there are insufficient available funds.

A temporary debit authorization hold affects your account balance – On debit card purchases, merchants may request a temporary hold on your account for a specified sum of money when the merchant does not know the exact amount of the purchase at the time the card is authorized. The amount of the temporary hold may be more than the actual amount of your purchase. Some common transactions where this occurs involve purchases of gasoline, hotel rooms, or meals at restaurants. When this happens, our processing system cannot determine that the amount of the hold exceeds the actual amount of your purchase. This temporary hold, and the amount charged to your account, will eventually be adjusted to the actual amount of your purchase, but it could be three calendar days, or even longer in some cases, before the adjustment is made. Until the adjustment is made, the amount of funds in your account available for other transactions will be reduced by the amount of the temporary hold. If another transaction is presented for payment in an amount greater than the funds left after the deduction of the temporary hold amount, that transaction will be a nonsufficient funds (NSF) transaction if we do not pay it or an overdraft transaction if we do pay it. You will be charged an NSF or overdraft fee according to our NSF or overdraft fee policy. You will be charged the fee even if you would have had sufficient funds in your account if the amount of the hold had been equal to the amount of your purchase.

Overdrafts – You understand that we may, at our discretion, honor withdrawal requests that overdraw your account. However, the fact that we may honor withdrawal requests that overdraw the account balance does not obligate us to do so later. So you can NOT rely on us to pay overdrafts on your account regardless of how frequently or under what circumstances we have paid overdrafts on your account in the past. We can change our practice of paying, or not paying, discretionary overdrafts on your account without notice to you. You can ask us if we have other account services that might be available to you where we commit to paying overdrafts under certain circumstances, such as an overdraft protection line-of-credit or a plan to sweep funds from another account you have with us. You agree that we may charge fees for overdrafts. For consumer accounts, we will not charge fees for overdrafts caused by ATM withdrawals or one-time debit card transactions if you have not opted-in to that service. We may use subsequent deposits, including direct deposits of social security or other government benefits, to cover such overdrafts and overdraft fees.

Multiple signatures, electronic check conversion, and similar transactions – An electronic check conversion transaction is a transaction where a check or similar item is converted into an electronic fund transfer as defined in the Electronic Fund Transfers regulation. In these types of transactions the check or similar item is either removed from circulation (truncated) or given back to you. As a result, we have no opportunity to review the check to examine the signatures on the item. You agree that, as to these or any items as to which we have no opportunity to examine the signatures, you waive any requirement of multiple signatures.

Notice of withdrawal – We reserve the right to require not less than 7 days’ notice in writing before each withdrawal from an interest-bearing account other than a time deposit or demand deposit, or from any other savings account as defined by Regulation D. (The law requires us to reserve this right, but it is not our general policy to use it.) Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal.

CHAPTER 167D ACCOUNTS – Except as indicated below, we do not intend to subject your account to (i) a service, maintenance or similar charge, (ii) a minimum balance requirement, (iii) a charge for a check, deposit or withdrawal, or (iv) a fee for the initial order or subsequent refills of the basic line of checks offered by us if you qualify for the minor or senior citizen fee exemption under Chapter 167D of Massachusetts General Laws. You should notify us if you or your spouse qualify so that we may administer your account accordingly. Despite this exemption, we may assess a fee for certain services in accordance with our published service charge schedule, including stop payment orders, wire transfers, certified or bank checks, money orders and deposit items returned, transactions at electronic branches and through other electronic devices, and services not directly associated with the deposit, withdrawal or transfer of funds from any such account; and we may assess you a reasonable charge when payment has been refused because of insufficient funds on any check or other transaction on the account (as permitted by law).

OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION – These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds.

Individual Account – is an account in the name of one person.

Joint Account – With Survivorship (And Not As Tenants In Common) – is an account in the name of two or more persons. Each of you intend that when you die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common.

Joint Account – No Survivorship (As Tenants In Common) – This is owned by two or more persons, but none of you intend (merely by opening this account) to create any right of survivorship in any other person. We encourage you to agree and tell us in writing of the percentage of the deposit contributed by each of you. This information will not, however, affect the number of signatures necessary for withdrawal.

Revocable Trust Account – One or two of you (called trustees) may create such an account in trust for other persons. Payments may be made to the trustee, or if there are two trustees, to either or both of the trustees or the survivor. Upon the death of the trustee or the death of both trustees, payment may be made to the person or persons who survive the death of the last surviving trustee in an equal portion of the funds for whom the trust was made, or that person’s legal representative.

BUSINESS, ORGANIZATION AND ASSOCIATION ACCOUNTS – Earnings in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. You represent that you have the authority to open and conduct business on this account on behalf of the entity. We may require the governing body of the entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the entity.

STOP PAYMENTS – Unless otherwise provided, the rules in this section cover stopping payment of items such as checks and drafts. Rules for stopping payment of other types of transfers of funds, such as consumer electronic fund transfers, may be established by law or our policy. If we have not disclosed these rules to you elsewhere, you may ask us about those rules.

We may accept an order to stop payment on any item from any one of you. You must make any stop-payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it before our stop-payment cutoff time. Because stop-payment orders are handled by computers, to be effective, your stop-payment order must precisely identify the number, date, and amount of the item, and the payee. You may stop payment on any item drawn on your account whether you sign the item or not. Generally, if your stop-payment order is given to us in writing it is effective for six months. Your order will lapse after that time if you do not renew the order in writing before the end of the six-month period. If the original stop-payment order was oral your stop-payment order will lapse after 14 calendar days if you do not confirm your order in writing within that time period. We are not obligated to notify you when a stop-payment order expires. A release of the stop-payment request may be made only by the person who initiated the stop-payment order.

If you stop payment on an item and we incur any damages or expenses because of the stop payment, you agree to indemnify us for those damages or expenses, including attorneys’ fees. You assign to us all rights against the payee or any other holder of the item. You agree to cooperate with us in any legal actions that we may take against such persons. You should be aware that anyone holding the item may be entitled to enforce payment against you despite the stop-payment order.

Our stop-payment cutoff time is one hour after the opening of the next banking day after the banking day on which we receive the item. Additional limitations on our obligation to stop payment are provided by law (e.g., we paid the item in cash or we certified the item).

TELEPHONE TRANSFERS – A telephone transfer of funds from this account to another account with us, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing. Unless a different limitation is disclosed in writing, we restrict the number of transfers from a savings account to another account or to third parties, to a maximum of six per month (less the number of “preauthorized transfers” during the month). Other account transfer restrictions may be described elsewhere.

AMENDMENTS AND TERMINATION – We may change any term of this agreement. Rules governing changes in interest rates are provided separately in the Truth-in-Savings disclosure or in another document. For other changes, we will give you reasonable notice in writing or by any other method permitted by law. We may also close this account at any time upon reasonable notice to you and tender of the account balance personally or by mail. Items presented for payment after the account is closed may be dishonored. When you close your account, you are responsible for leaving enough money in the account to cover any outstanding items to be paid from the account. Reasonable notice depends on the circumstances, and in some cases such as when we cannot verify your identity or we suspect fraud, it might be reasonable for us to give you notice after the change or account closure becomes effective. For instance, if we suspect fraudulent activity with respect to your account, we might immediately freeze or close your account and then give you notice. If we have notified you of a change in any term of your account and you continue to have your account after the effective date of the change, you have agreed to the new term(s).

NOTICES – Any written notice you give us is effective when we actually receive it, and it must be given to us according to the specific delivery instructions provided elsewhere, if any. We must receive it in time to have a reasonable opportunity to act on it. If the notice is regarding a check or other item, you must give us sufficient information to be able to identify the check or item, including the precise check or item number, amount, date and payee. Written notice we give you is effective when it is deposited in the United States Mail with proper postage and addressed to your mailing address we have on file. Notice to any of you is notice to all of you.

STATEMENTS – Your duty to report unauthorized signatures, alterations and forgeries – You must examine your statement of account with “reasonable promptness.” If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to do either of these duties, you will have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer.

You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance, exceed a total of 30 days from when the statement is first sent or made available to you.

You further agree that if you fail to report any unauthorized signatures, alterations or forgeries in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.

Your duty to report other errors – In addition to your duty to review your statements for unauthorized signatures, alterations and forgeries, you agree to examine your statement with reasonable promptness for any other error – such as an encoding error. In addition, if you receive or we make available either your items or images of your items, you must examine them for any unauthorized or missing indorsements or any other problems. You agree that the time you have to examine your statement and items and report to us will depend on the circumstances. However, this time period shall not exceed 60 days. Failure to examine your statement and items and report any errors to us within 60 days of when we first send or make the statement available precludes you from asserting a claim against us for any errors on items identified in that statement and as between you and us the loss will be entirely yours.

Errors relating to electronic fund transfers or substitute checks – For information on errors relating to electronic fund transfers (e.g., on-line, mobile, debit card or ATM transactions) refer to your Electronic Fund Transfers disclosure and the sections on consumer liability and error resolution. For information on errors relating to a substitute check you received, refer to your disclosure entitled Substitute Checks and Your Rights.

ACCOUNT TRANSFER – This account may not be transferred or assigned without our prior written consent.

DIRECT DEPOSITS – If we are required for any reason to reimburse the federal government for all or any portion of a benefit payment that was directly deposited into your account, you authorize us to deduct the amount of our liability to the federal government from the account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.

TEMPORARY ACCOUNT AGREEMENT – If the account documentation indicates that this is a temporary account agreement, each person who signs to open the account or has authority to make withdrawals (except as indicated to the contrary) may transact business on this account. However, we may at some time in the future restrict or prohibit further use of this account if you fail to comply with the requirements we have imposed within a reasonable time.

SETOFF – We may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt any of you owe us now or in the future. If this account is owned by one or more of you as individuals, we may set off any funds in the account against a due and payable debt a partnership owes us now or in the future, to the extent of your liability as a partner for the partnership debt. If your debt arises from a promissory note, then the amount of the due and payable debt will be the full amount we have demanded, as entitled under the terms of the note, and this amount may include any portion of the balance for which we have properly accelerated the due date.

This right of setoff does not apply to this account if prohibited by law. For example, the right of setoff does not apply to this account if: (a) it is an Individual Retirement Account or similar tax-deferred account, or (b) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect our rights under any consensual security interest), or (c) the debtor’s right of withdrawal only arises in a representative capacity. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff.

AUTHORIZED SIGNER (Individual Accounts only) – A single individual is the owner. The authorized signer is merely designated to conduct transactions on the owner’s behalf. The owner does not give up any rights to act on the account, and the authorized signer may not in any manner affect the rights of the owner or beneficiaries, if any, other than by withdrawing funds from the account. The owner is responsible for any transactions of the authorized signer. We undertake no obligation to monitor transactions to determine that they are on the owner’s behalf.

The owner may terminate the authorization at any time, and the authorization is automatically terminated by the death of the owner. However, we may continue to honor the transactions of the authorized signer until: (a) we have received written notice or have actual knowledge of the termination of authority, and (b) we have a reasonable opportunity to act on that notice or knowledge. We may refuse to accept the designation of an authorized signer.

PAYMENT ORDER OF ITEMS – The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. The payment order can affect the number of items overdrawn or returned unpaid and the amount of the fees you may have to pay. To assist you in managing your account, we are providing you with the following information regarding how we process those items.

Our policy is to process ACH/Bill Payment Deposits first, larger deposits followed by smaller deposits on the day they are processed. We process ACH/Bill Payment Withdrawals second, by dollar amount – smallest to largest on the day they are processed. We process Inclearing Check Items third, by dollar amount – smallest to largest on the day they are processed. We process Debit Card/POS Transactions fourth, in the order they are received on the day they are processed. We process ATM Deposits/Withdrawals fifth, in the order they are received on the day they are processed. We process Online/Telephone Transfers sixth, in the order they are received (post at the time of transfer, unless future dated) on the day they are processed.

If a check, item or transaction is presented without sufficient funds in your account to pay it, we may, at our discretion, pay the item (creating an overdraft) or return the item for insufficient funds (NSF). We will not charge you a fee for paying an overdraft of an ATM or everyday debit card transaction if this is a consumer account and you have not opted-in to that service. The amounts of the overdraft and NSF fees are disclosed elsewhere, as are your rights to opt in to overdraft services for ATM and everyday debit card transactions, if applicable. We encourage you to make careful records and practice good account management. This will help you to avoid creating items without sufficient funds and potentially incurring the resulting fees.

RESTRICTIVE LEGENDS OR INDORSEMENTS – The automated processing of the large volume of checks we receive prevents us from inspecting or looking for restrictive legends, restrictive indorsements or other special instructions on every check. For this reason, we are not required to honor any restrictive legend or indorsement or other special instruction placed on checks you write unless we have agreed in writing to the restriction or instruction. Unless we have agreed in writing, we are not responsible for any losses, claims, damages, or expenses that result from your placement of these restrictions or instructions on your checks. Examples of restrictive legends placed on checks are “must be presented within 90 days” or “not valid for more than $1,000.00.” The payee’s signature accompanied by the words “for deposit only” is an example of a restrictive indorsement.

CREDIT VERIFICATION – You agree that we may verify credit and employment history by any necessary means, including preparation of a credit report by a credit reporting agency.

FACSIMILE SIGNATURES – Unless you make advance arrangements with us, we have no obligation to honor facsimile signatures on your checks or other orders. If we do agree to honor items containing facsimile signatures, you authorize us, at any time, to charge you for all checks, drafts, or other orders, for the payment of money, that are drawn on us. You give us this authority regardless of by whom or by what means the facsimile signature(s) may have been affixed so long as they resemble the facsimile signature specimen filed with us, and contain the required number of signatures for this purpose. You must notify us at once if you suspect that your facsimile signature is being or has been misused.

CHECK PROCESSING – We process items mechanically by relying solely on the information encoded in magnetic ink along the bottom of the items. This means that we do not individually examine all of your items to determine if the item is properly completed, signed and indorsed or to determine if it contains any information other than what is encoded in magnetic ink. You agree that we have exercised ordinary care if our automated processing is consistent with general banking practice, even though we do not inspect each item. Because we do not inspect each item, if you write a check to multiple payees, we can properly pay the check regardless of the number of indorsements unless you notify us in writing that the check requires multiple indorsements. We must receive the notice in time for us to have a reasonable opportunity to act on it, and you must tell us the precise date of the check, amount, check number and payee. We are not responsible for any unauthorized signature or alteration that would not be identified by a reasonable inspection of the item. Using an automated process helps us keep costs down for you and all account holders.

CHECK CASHING – We may charge a fee for anyone that does not have an account with us who is cashing a check, draft or other instrument written on your account. We may also require reasonable identification to cash such a check, draft or other instrument. We can decide what identification is reasonable under the circumstances and such identification may be documentary or physical and may include collecting a thumbprint or fingerprint.

INDORSEMENTS – We may accept for deposit any item payable to you or your order, even if they are not indorsed by you. We may give cash back to any one of you. We may supply any missing indorsement(s) for any item we accept for deposit or collection, and you warrant that all indorsements are genuine.

To ensure that your check or share draft is processed without delay, you must indorse it (sign it on the back) in a specific area. Your entire indorsement (whether a signature or a stamp) along with any other indorsement information (e.g. additional indorsements, ID information, driver’s license number, etc.) must fall within 11/2” of the “trailing edge” of a check. Indorsements must be made in blue or black ink, so that they are readable by automated check processing equipment.

As you look at the front of a check, the “trailing edge” is the left edge. When you flip the check over, be sure to keep all indorsement information within 11/2” of that edge.

image

It is important that you confine the indorsement information to this area since the remaining blank space will be used by others in the processing of the check to place additional needed indorsements and information. You agree that you will indemnify, defend, and hold us harmless for any loss, liability, damage or expense that occurs because your indorsement, another indorsement or information you have printed on the back of the check obscures our indorsement.

These indorsement guidelines apply to both personal and business checks.

DEATH OR INCOMPETENCE – You agree to notify us promptly if any person with a right to withdraw funds from your account(s) dies or is adjudicated (determined by the appropriate official) incompetent. We may continue to honor your checks, items, and instructions until: (a) we know of your death or adjudication of incompetence, and (b) we have had a reasonable opportunity to act on that knowledge. You agree that we may pay or certify checks drawn on or before the date of death or adjudication of incompetence for up to ten (10) days after your death or adjudication of incompetence unless ordered to stop payment by someone claiming an interest in the account.

FIDUCIARY ACCOUNTS – Accounts may be opened by a person acting in a fiduciary capacity. A fiduciary is someone who is appointed to act on behalf of and for the benefit of another. We are not responsible for the actions of a fiduciary, including the misuse of funds. This account may be opened and maintained by a person or persons named as a trustee under a written trust agreement, or as executors, administrators, or conservators under court orders. You understand that by merely opening such an account, we are not acting in the capacity of a trustee in connection with the trust nor do we undertake any obligation to monitor or enforce the terms of the trust or letters.

LEGAL ACTIONS AFFECTING YOUR ACCOUNT – If we are served with a subpoena, restraining order, writ of attachment or execution, levy, garnishment, search warrant, or similar order relating to your account (termed “legal action” in this section), we will comply with that legal action. Or, in our discretion, we may freeze the assets in the account and not allow any payments out of the account until a final court determination regarding the legal action. We may do these things even if the legal action involves less than all of you. In these cases, we will not have any liability to you if there are insufficient funds to pay your items because we have withdrawn funds from your account or in any way restricted access to your funds in accordance with the legal action. Any fees or expenses we incur in responding to any legal action (including, without limitation, attorneys’ fees and our internal expenses) may be charged against your account. The list of fees applicable to your account(s) provided elsewhere may specify additional fees that we may charge for certain legal actions.

SECURITY – It is your responsibility to protect the account numbers and electronic access devices (e.g., an ATM card) we provide you for your account(s). Do not discuss, compare, or share information about your account number(s) with anyone unless you are willing to give them full use of your money. An account number can be used by thieves to issue an electronic debit or to encode your number on a false demand draft which looks like and functions like an authorized check. If you furnish your access device and grant actual authority to make transfers to another person (a family member or coworker, for example) who then exceeds that authority, you are liable for the transfers unless we have been notified that transfers by that person are no longer authorized.

Your account number can also be used to electronically remove money from your account, and payment can be made from your account even though you did not contact us directly and order the payment.

You must also take precaution in safeguarding your blank checks. Notify us at once if you believe your checks have been lost or stolen. As between you and us, if you are negligent in safeguarding your checks, you must bear the loss entirely yourself or share the loss with us (we may have to share some of the loss if we failed to use ordinary care and if we substantially contributed to the loss).

Except for consumer electronic fund transfers subject to Regulation E, you agree that if we offer you services appropriate for your account to help identify and limit fraud or other unauthorized transactions against your account, such as positive pay or commercially reasonable security procedures, and you reject those services, you will be responsible for any fraudulent or unauthorized transactions which could have been prevented by the services we offered, unless we acted in bad faith or to the extent our negligence contributed to the loss. If we offered you a commercially reasonable security procedure which you reject, you agree that you are responsible for any payment order, whether authorized or not, that we accept in compliance with an alternative security procedure that you have selected.

TELEPHONIC INSTRUCTIONS – Unless required by law or we have agreed otherwise in writing, we are not required to act upon instructions you give us via facsimile transmission or leave by voice mail or on a telephone answering machine.

MONITORING AND RECORDING TELEPHONE CALLS AND CONSENT TO RECEIVE COMMUNICATIONS – Subject to federal and state law, we may monitor or record phone calls for security reasons, to maintain a record and to ensure that you receive courteous and efficient service. You consent in advance to any such recording.

To provide you with the best possible service in our ongoing business relationship for your account we may need to contact you about your account from time to time by telephone, text messaging or email. However, we first obtain your consent to contact you about your account in compliance with applicable consumer protection provisions in the federal Telephone Consumer Protection Act of 1991 (TCPA), CAN-SPAM Act and their related federal regulations and orders issued by the Federal Communications Commission (FCC).

  • Your consent is limited to your account, and as authorized by applicable law and regulations.
  • Your consent is voluntary and not conditioned on the purchase of any product or service from us.

With the above understandings, you authorize us to contact you regarding your account throughout its existence using any telephone numbers or email addresses that you have previously provided to us by virtue of an existing business relationship or that you may subsequently provide to us.

This consent is regardless of whether the number we use to contact you is assigned to a landline, a paging service, a cellular wireless service, a specialized mobile radio service, other radio common carrier service or any other service for which you may be charged for the call. You further authorize us to contact you through the use of voice, voice mail and text messaging, including the use of pre-recorded or artificial voice messages and an automated dialing device.

If necessary, you may change or remove any of the telephone numbers or email addresses at any time using any reasonable means to notify us.

CLAIM OF LOSS – If you claim a credit or refund because of a forgery, alteration, or any other unauthorized withdrawal, you agree to cooperate with us in the investigation of the loss, including giving us an affidavit containing whatever reasonable information we require concerning your account, the transaction, and the circumstances surrounding the loss. You will notify law enforcement authorities of any criminal act related to the claim of lost, missing, or stolen checks or unauthorized withdrawals. We will have a reasonable period of time to investigate the facts and circumstances surrounding any claim of loss. Unless we have acted in bad faith, we will not be liable for special or consequential damages, including loss of profits or opportunity, or for attorneys’ fees incurred by you.

You agree that you will not waive any rights you have to recover your loss against anyone who is obligated to repay, insure, or otherwise reimburse you for your loss. You will pursue your rights or, at our option, assign them to us so that we may pursue them. Our liability will be reduced by the amount you recover or are entitled to recover from these other sources.

EARLY WITHDRAWAL PENALTIES (and involuntary withdrawals) – We may impose early withdrawal penalties on a withdrawal from a time account even if you don’t initiate the withdrawal. For instance, the early withdrawal penalty may be imposed if the withdrawal is caused by our setoff against funds in the account or as a result of an attachment or other legal process. We may close your account and impose the early withdrawal penalty on the entire account balance in the event of a partial early withdrawal. See your notice of penalty for early withdrawals for additional information.

ADDRESS OR NAME CHANGES – You are responsible for notifying us of any change in your address or your name. Unless we agree otherwise, change of address or name must be made in writing by at least one of the account holders. Informing us of your address or name change on a check reorder form is not sufficient. We will attempt to communicate with you only by use of the most recent address you have provided to us. If provided elsewhere, we may impose a service fee if we attempt to locate you.

RESOLVING ACCOUNT DISPUTES – We may place an administrative hold on the funds in your account (refuse payment or withdrawal of the funds) if it becomes subject to a claim adverse to (1) your own interest; (2) others claiming an interest as survivors or beneficiaries of your account; or (3) a claim arising by operation of law. The hold may be placed for such period of time as we believe reasonably necessary to allow a legal proceeding to determine the merits of the claim or until we receive evidence satisfactory to us that the dispute has been resolved. We will not be liable for any items that are dishonored as a consequence of placing a hold on funds in your account for these reasons.

WAIVER OF NOTICES – To the extent permitted by law, you waive any notice of non-payment, dishonor or protest regarding any items credited to or charged against your account. For example, if you deposit a check and it is returned unpaid or we receive a notice of nonpayment, we do not have to notify you unless required by federal Regulation CC or other law.

ACH AND WIRE TRANSFERS – This agreement is subject to Article 4A of the Uniform Commercial Code – Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearing house association rules. These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. Credit entries may be made by ACH. If we receive a payment order to credit an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.

CHECK STORAGE AND COPIES – You agree that you will not receive your canceled checks. We will store your canceled checks or copies of them for a reasonable retention period. You may request copies from us in the manner we require.

UNLAWFUL INTERNET GAMBLING NOTICE – Restricted transactions as defined in Federal Reserve Regulation GG are prohibited from being processed through this account or relationship. Restricted transactions generally include, but are not limited to, those in which credit, electronic fund transfers, checks, or drafts are knowingly accepted by gambling businesses in connection with the participation by others in unlawful Internet gambling.

_________________________________

ELECTRONIC FUND TRANSFERS
YOUR RIGHTS AND RESPONSIBILITIES

Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.

Electronic Fund Transfers Initiated By Third Parties. You may authorize a third party to initiate electronic fund transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third party transfers will require you to provide the third party with your account number and bank information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your bank and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include, but are not limited to:

  • Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your checking, statement savings, or money market account(s).
  • Preauthorized payments. You may make arrangements to pay certain recurring bills from your checking, statement savings, or money market account(s).
  • Electronic check conversion. You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to pay for purchases or pay bills.
  • Electronic returned check charge. You may authorize a merchant or other payee to initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.

Please also see Limitations on frequency of transfers section regarding limitations that apply to savings accounts.

Voice Response Telephone Transfers – types of transfers – You may access your account by telephone 24 hours a day at 1-800-955-9978 using your personal identification number, a touch tone phone, and your account numbers, to:

  • transfer funds from checking to checking
  • transfer funds from checking to statement savings or money market
  • transfer funds from statement savings to checking or money market
  • transfer funds from statement savings to statement savings
  • transfer funds from money market to checking or statement savings
  • transfer funds from money market to money market
  • make payments from checking, statement savings or money market to loan accounts with us
  • get information about:
    • the account balance of checking accounts
    • the account balance of statement savings or money market accounts
    • transaction history, current interest rates on your account, and mortgage balances

Please also see Limitations on frequency of transfers section regarding limitations that apply to telephone transfers.

Your Option to Limit Cash Withdrawals – In addition to dollar amount limitations for withdrawals using your ATM or Debit Card and/or code that we may establish, you have the option to limit the amount of cash that can be withdrawn by your ATM or Debit Card and/or code to $50.00 per day or some other amount acceptable to us.

ATM Transfers – types of transfers and dollar limitations – You may access your account(s) by ATM using your ATM card and personal identification number or debit card and personal identification number, to:

  • make deposits to checking account(s) with an ATM or debit card
  • make deposits to statement savings or money market account(s) with an ATM or debit card
  • get cash withdrawals from checking account(s) with an ATM or debit card
    • you may withdraw no more than $500.00 per business day
  • get cash withdrawals from statement savings or money market account(s) with an ATM or debit card
    • you may withdraw no more than $500.00 per business day
  • transfer funds from statement savings to checking or money market account(s) with an ATM or debit card
  • transfer funds from checking to statement savings or money market account(s) with an ATM or debit card
  • transfer funds from money market to checking or statement savings with an ATM or debit card
  • transfer funds from an account to the same type of account
  • make payments from checking, statement savings or money market account(s) with an ATM or debit card to loan accounts with us
  • get information about:
    • the account balance of your checking account(s)
      • with an ATM card
      • with a debit card
    • the account balance of your statement savings or money market account(s)
      • with an ATM card
      • with a debit card

Some of these services may not be available at all terminals.

Please also see Limitations on frequency of transfers section regarding limitations that apply to ATM transfers.

Types of ATM Card Point-of-Sale Transactions – You may access your checking account(s) to purchase goods (in person), pay for services (in person), and get cash from a merchant, if the merchant permits, or from a participating financial institution.

Point-of-Sale Transactions – dollar limitations – Using your card:

  • you may not exceed $1,000.00 in transactions per business day

Types of Debit Card Point-of-Sale Transactions – You may access your checking account(s) to purchase goods (in person or by phone), pay for services (in person or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.

Point-of-Sale Transactions – dollar limitations – Using your card:

  • you may not exceed $1,000.00 in transactions per business day

Please also see Limitations on frequency of transfers section regarding limitations that apply to debit card transactions.

Advisory Against Illegal Use. You agree not to use your card(s) for illegal gambling or other illegal purpose. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located.

Please see your cardholder agreement for additional information relating to the use of your Debit Card.

Online Banking Computer Transfers – types of transfers – You may access your account(s) by computer through the internet by logging onto our website at www.bankgloucester.com and using your user identification and your password, to:

  • transfer funds from checking to checking
  • transfer funds from checking to statement savings or money market
  • transfer funds from statement savings to checking or money market
  • transfer funds from statement savings to statement savings
  • transfer funds from money market to checking or statement savings
  • transfer funds from money market to money market
  • make payments from checking to third parties (Bill Payment)
  • make payments from checking, statement savings or money market to loan account(s) with us
  • get information about:
    • the account balance of checking account(s)
    • the account balance of statement savings or money market account(s)
    • balances on all accounts

Please also see Limitations on frequency of transfers section regarding limitations that apply to computer transfers.

Limitations on frequency of transfers. In addition to those limitations on transfers elsewhere described, if any, the following limitations apply:

  • Transfers from a Statement Savings account to another account or to third parties by preauthorized, automatic, computer or telephone transfer are limited to six per statement cycle with no transfers by check, draft, debit card, or similar order to third parties.
  • Transfers from a Personal Money Market or Premier Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by check or similar order to third parties are limited to six per statement cycle.

Termination –

  • You may terminate the electronic fund transfer agreement by written notice to us.
  • We may terminate the electronic fund transfer agreement by written notice to you.

Minimum account balance –

  • We do not require you to maintain a minimum balance in any account as a condition of using an access device (card or code) to accomplish a transfer.

FEES

  • We do not charge for direct deposits to any type of account.
  • We do not charge for preauthorized payments from any type of account.

Except as indicated elsewhere, we do not charge for these electronic fund transfers.

ATM Operator/Network Fees. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).

DOCUMENTATION

  • Terminal transfers. You can get a receipt at the time you make a transfer to or from your account using an automated teller machine or point-of-sale terminal.
  • Preauthorized credits. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at (978) 283-8200 to find out whether or not the deposit has been made.
  • Periodic statements.
    You will get a monthly account statement from us for your checking, statement savings, and money market accounts.
    You will get a semiannual account statement from us for all your passbook accounts.

PREAUTHORIZED PAYMENTS

  • Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how:
    Call or write us at the telephone number or address listed in this disclosure in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.
    Please refer to our separate fee schedule for the amount we will charge you for each stop-payment order you give.
  • Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
  • Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

ADDITIONAL INFORMATION REQUIRED
BY MASSACHUSETTS LAW

  1. Any documentation provided to you which indicates that an electronic fund transfer was made to another person shall be admissible as evidence of the transfer and shall constitute prima-facie proof that the transfer was made.
  2. The initiation by you of certain electronic fund transfers from your account, except as otherwise provided in the agreement, will effectively eliminate your ability to stop payment of the transfer.

Unless otherwise provided in this agreement, you (the consumer) may not stop payment of electronic fund transfers; therefore you should not employ electronic access for purchases or services unless you are satisfied that you will not need to stop payment.

FINANCIAL INSTITUTION’S LIABILITY

If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

  1. If, through no fault of ours, you do not have enough money in your account to make the transfer.
  2. If you have an overdraft line and the transfer would go over the credit limit.
  3. If the automated teller machine where you are making the transfer does not have enough cash.
  4. If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
  5. If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
  6. If the funds are subject to legal process or other encumbrance restricting such transfer.
  7. There may be other exceptions stated in our agreement with you.

CONFIDENTIALITY

In order that your privacy may be protected, we will not disclose any information about you or your account to any person, organization, or agency except:

  1. for certain routine disclosures necessary for the completion of a transfer; or
  2. for verification of the existence and condition of your account for a credit bureau or merchant; or
  3. to persons authorized by law in the course of their official duties; or
  4. to our employees, auditors, service providers, attorneys or collection agents in the course of their duties; or
  5. pursuant to a court order or lawful subpoena; or
  6. to a consumer reporting agency as defined in Chapter 93 of Massachusetts General Laws; or
  7. by your written authorization which shall automatically expire 45 days after our receipt of your authorization.

If an unauthorized disclosure has been made, we must inform you of the particulars of the disclosure within 3 days after we have discovered that an unauthorized disclosure has occurred.

UNAUTHORIZED TRANSFERS

(a) Consumer liability.

• Generally. Tell us AT ONCE if you believe your card and/or code has been lost or stolen, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way of keeping your possible losses down. You could lose up to $50 if someone used your card and/or code without your permission.

Also, if your statement shows transfers that you did not make, including those made by card, code or other means, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back the money you lost (up to $50) after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time.

If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time period.

Additional Limits on Liability for Debit Card. You will not be liable for any unauthorized transactions using your Debit Card if: (i) you can demonstrate that you have exercised reasonable care in safeguarding your card from the risk of loss or theft, and (ii) upon becoming aware of a loss or theft, you promptly report the loss or theft to us. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

(b) Contact in event of unauthorized transfer. If you believe your card and/or code has been lost or stolen, call or write us at the telephone number or address listed in this disclosure. You should also call the number or write to the address listed in this disclosure if you believe a transfer has been made using the information from your check without your permission.

PROTECTED CONSUMER USE

Chapter 167B of the Massachusetts General Laws was enacted to provide a means for financial institutions, businesses, and consumers to conduct their business relations more conveniently. Transferring funds electronically will supplement the use of checks, credit, and cash and will not replace these present methods of doing business. As a consumer, you should be aware of your rights if you choose to utilize this system.

  1. Prohibition of compulsory use. No person may:
    -require you to use a preauthorized electronic fund transfer as a condition of the extension of credit unless the credit is being extended in connection with an overdraft checking plan, or is being extended to maintain a specified balance in your account, or
    -require you either to accept a transfer service or to establish an account which is accessed electronically as conditions of employment or receipt of governmental benefit, or
    -require you to pay electronically for the purchase of goods or services.
    If your account is to be credited by a preauthorized transfer you may choose the financial institution to which the transfer may be made, if the institution is technically capable of receiving such preauthorized transfer.
  2. Waiver of rights. No writing or agreement signed by you can waive the rights conferred to you by Chapter 167B of the Massachusetts General Laws unless you decide to waive these rights in settlement of a dispute or action.
  3. Refunds. If it is the policy of a store or retail business to give cash refunds in return for an item purchased by cash, then this policy must also cover refunds for items purchased by electronic fund transfer unless it is clearly disclosed at the time the transaction is consummated that no cash or credit refunds are given for payments made by electronic fund transfers.
  4. Suspension of obligations. If a person agrees to accept payment by means of an electronic fund transfer and the system malfunctions preventing such a transfer, then the consumer’s obligation is suspended until the transfer can be completed, unless that person, in writing, demands payment by other means.
  5. Prohibited means of identification. Your Social Security number cannot be used as the primary identification number although it can be used as secondary aid to identify you.
  6. Criminal liability. Procuring or using a card, code or other means of electronic access to an account with the intent to defraud is a basis for criminal liability.

ERROR RESOLUTION NOTICE

In case of errors or questions about your electronic transfers, call or write us at the telephone number or address listed in this document, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

  1. Tell us your name and account number (if any).
  2. Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
  3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 business days (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.

We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.

You may ask for copies of the documents that we used in our investigation.

BANK GLOUCESTER
CUSTOMER SERVICE
160 MAIN STREET
GLOUCESTER, MASSACHUSETTS 01930
Business Days: Monday through Friday
Business Hours: Monday through Wednesday 8:30 A.M. – 4:00 P.M.
Thursday 8:30 A.M. – 7:00 P.M., Friday 8:30 A.M. – 6:00 P.M.
and Saturday 8:30 A.M. – 1:00 P.M.
Drive-up tellers open daily 7:30 A.M.
Closes with lobby
Excluding Federal Holidays
Phone: (978) 283-8200

MORE DETAILED INFORMATION IS AVAILABLE ON REQUEST

__________________________________________________________

YOUR ABILITY TO WITHDRAW FUNDS

This policy statement applies to all deposit accounts.

Our policy is to make funds from your cash, check, and electronic direct deposits available to you on the same day we receive your deposit. At that time, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

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 closing 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 closing or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

If you make a deposit at an ATM before 2:00 P.M. 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 at an ATM after 2:00 P.M. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

If we cash a check for you that is drawn on another bank, 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.

If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.

LONGER DELAYS MAY APPLY

Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you on the same day we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $225 of your deposits, however, will be available on the same day.

If we are not going to make all of the funds from your deposit available on the same day we receive your deposit, 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 mail 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.

Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

We believe a check you deposit will not be paid.
You deposit checks totaling more than $5,525 on any one day.
You redeposit a check that has been returned unpaid.
You have overdrawn your account repeatedly in the last six months.
There is an emergency, such as failure of computer or communications equipment.

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 seventh 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.

Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the same day as the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,525 will be available on the ninth 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 $5,525 will not be available until the first business day after the day of your deposit.

Funds from all other check deposits will be available on the ninth business day after the day of your deposit.

DEPOSITS AT AUTOMATED TELLER MACHINES

Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we own or operate will not be available until the first business day after the day of your deposit.

_________________________________

TRUTH-IN-SAVINGS DISCLOSURE

COMMON FEATURES FOR ALL CHECKING ACCOUNTS

The following features apply to all interest bearing checking accounts:

Rate Information – Your interest rate and annual percentage yield may change.

Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

The following features apply to all checking accounts:

Minimum balance to open the account – You must deposit $50.00 to open any checking account.

Electronic Statements – Must have electronic statements or we will impose a monthly paper statement fee. Please refer to fee schedule.

Free ATM Deposits/Withdrawals/balance inquiries (foreign and on us)*

Free Debit Card transactions

Free POS transactions

Free Online Banking

Free Bill Pay

Unlimited check writing

Check imaged statements

Your account may be subject to additional fees. Please refer to the Fee Schedule brochure for more details regarding additional fees.

* Other owners of ATMs outside of the SUM program may impose a charge for using their machines. You have an opportunity to void such transactions.

ESSENTIAL CHECKING ACCOUNT

A free account that does not earn interest. Must have electronic statements or we will impose a monthly paper statement fee. Please refer to fee schedule.

SIGNATURE CHECKING ACCOUNT

Service Charge Fees – A service charge fee of $6.00 will be imposed every statement cycle. You have the opportunity to reduce your monthly fee by $0.15 using your BankGloucester Debit Card for each Point of Sale purchase up to $6.00 max. Transactions must post and clear before the end of the statement cycle to receive credit. Must have electronic statements or we will impose a monthly paper statement fee. Please refer to fee schedule.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

ATM FEE REIMBURSEMENT

We will reimburse you for all non-Bank Gloucester Domestic ATM fees per statement cycle up to $20. ATM fee reimbursements will be credited to your account on the last business day of your statement cycle. ATM fees of $4.99 or less will be reimbursed up to a maximum of $4.99 per individual transaction. ATM fees of $5.00 and higher will be reimbursed if the appropriate ATM receipt is presented to a representative of the bank. If you believe that you have not been reimbursed the correct amount, please contact us. We must hear from you no later than 30 days after the statement cycle when the reimbursement was applicable.

Effect of closing an account: If you close your account before interest is credited, you will receive the accrued interest.

ATM reimbursements: If you close your account prior to your statement cycle cut off, your ATM fees will not be reimbursed.

SIGNATURE PLUS CHECKING ACCOUNT
(THIS ACCOUNT IS NOT FOR NEW ACCOUNTS)

Service Charge Fees – No monthly service charge fee.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

ATM FEE REIMBURSEMENT

We will reimburse you for all non-Bank Gloucester Domestic ATM fees per statement cycle up to $20. ATM fee reimbursements will be credited to your account on the last business day of your statement cycle. ATM fees of $4.99 or less will be reimbursed up to a maximum of $4.99 per individual transaction. ATM fees of $5.00 and higher will be reimbursed if the appropriate ATM receipt is presented to a representative of the bank. If you believe that you have not been reimbursed the correct amount, please contact us. We must hear from you no later than 30 days after the statement cycle when the reimbursement was applicable.

Effect of closing an account: If you close your account before interest is credited, you will receive the accrued interest.

ATM reimbursements: If you close your account prior to your statement cycle cut off, your ATM fees will not be reimbursed.

ELITE CHECKING ACCOUNT

Minimum balance to avoid imposition of fees – A service charge fee of $10.00 will be imposed every statement cycle if the balance in the account falls below $1,500.00 any day of the cycle.

Electronic Statements – Must have electronic statements or we will impose a monthly paper statement fee. Please refer to fee schedule.

ACCOUNT QUALIFICATIONS

To qualify to earn our higher interest rate you must:

  1. Agree to accept your monthly bank statement online with E-Statements through our Online Banking service.
  2. Have at least FIFTEEN (15) debit card purchases post and clear.
  3. Have at least ONE (1) ACH Direct Deposit or Auto Debit post and clear.

Debit card transactions processed by merchants and received by the bank as ATM transactions do not count towards qualifying debit card transactions. Only debit card transactions processed by merchants and received by the bank as POS transactions count towards qualifying debit card transactions.

To qualify for the rewards, transaction activity will be measured for items posted to your account for the monthly period beginning on the last business day of the previous statement cycle through to the next to last business day of the current statement cycle. Qualification cycle is the last business day of the month. If that business day falls on a Saturday, Sunday, or federal holiday, your statement will cutoff on the preceding business day.

If you do not meet the account qualifications, you will receive the Non-Qualifying Base Rate on the entire balance in your account, and you can try again the following month.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

ATM FEE REIMBURSEMENT

We will reimburse you for all non-Bank Gloucester Domestic ATM fees per statement cycle up to $30. ATM fee reimbursements will be credited to your account on the last business day of your statement cycle. ATM fees of $4.99 or less will be reimbursed up to a maximum of $4.99 per individual transaction. ATM fees of $5.00 and higher will be reimbursed if the appropriate ATM receipt is presented to a representative of the bank. If you believe that you have not been reimbursed the correct amount, please contact us. We must hear from you no later than 30 days after the statement cycle when the reimbursement was applicable.

ACCOUNT REWARD

     (1) High qualifying rate on balances up to $25,000.00.

If you do not meet the account qualifications, you will receive the Non-Qualifying Base Rate on the entire balance in your account, and you can try again the following month.

ATM reimbursements: If you close your account prior to your statement cycle cut off, your ATM fees will not be reimbursed.

PASSBOOK SAVINGS ACCOUNT

Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every quarter. Interest will be credited to your account every quarter.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account – You must deposit $10.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

You may not make any transfers from this account to another account of yours or to third parties by preauthorized, automatic, or telephone transfer or similar order to third parties. Passbook must accompany all transactions.

KID$AVE PASSBOOK SAVINGS ACCOUNT

Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every quarter. Interest will be credited to your account every quarter.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account – You must deposit $10.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

You may not make any transfers from this account to another account of yours or to third parties by preauthorized, automatic, or telephone transfer or similar order to third parties. Passbook must accompany all transactions.

CHRISTMAS CLUB ACCOUNT

Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every quarter. Interest will be credited to your account every quarter.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account – You must deposit $1.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

You may not make any transfers from this account to another account of yours or to third parties by preauthorized, automatic, or telephone transfer or similar order to third parties.

If any withdrawal is made from this account before maturity then this account may be closed.

STATEMENT SAVINGS ACCOUNT

Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account – You must deposit $10.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

Transfers from a Statement Savings account to another account or to third parties by preauthorized, automatic, computer or telephone transfer are limited to six per statement cycle with no transfers by check, draft, debit card, or similar order to third parties.

PERSONAL MONEY MARKET ACCOUNT

Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every day. Interest will be credited to your account every month.

Effect of closing an account – If you close your account before interest is credited, you will receive the accrued interest.

Minimum balance to open the account – You must deposit $1,000.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

Transfers from a Personal Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by check, draft, or similar order to third parties are limited to six per statement cycle.

No Debit Card or point-of-sale transactions allowed on this account.

Fees:

We may impose a fee of $3.00 for each check in excess of six during a statement cycle.

PREMIER MONEY MARKET ACCOUNT

Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every day. Interest will be credited to your account every month.

Effect of closing an account – If you close your account before interest is credited, you will receive the accrued interest.

Minimum balance to open the account – You must deposit $10,000.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

Transfers from a Premier Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by check, draft, or similar order to third parties are limited to six per statement cycle.

Fees:

We may impose a fee of $3.00 for each check in excess of six during a statement cycle.

PREMIER PLUS (+) MONEY MARKET ACCOUNT

This is a combined account. You must have, or open, a BankGloucester checking account to be eligible for this account type. You must also have a combined statement.

Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every day. Interest will be credited to your account every month.

Effect of closing an account – If you close your account before interest is credited, you will receive the accrued interest.

Minimum balance to open the account – You must deposit $10,000.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

Transfers from a Premier Plus (+) Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by check, draft, or similar order to third parties are limited to six per statement cycle.

Fees:

We may impose a fee of $3.00 for each check in excess of three during a statement cycle.

Other Information:

Free ATM deposits, withdrawals, and balance inquiries (on us only)*

No debit card issued on this account

No point-of-sale (POS) transactions allowed on this account

Foreign ATM transactions – six free per statement cycle, then $1.00 per cash withdrawal and $.50 per balance inquiry in excess of six.

*Other owners of ATMs outside of the SUM program may impose a charge for using their machines. You have an opportunity to void such transactions.


Rev. 2/2019
© 2016 Wolters Kluwer Financial Services – Bankers Systems™ Form AIB-TIS 6/1/2016   Custom TCM-23v,2bf,3o,4t   200625403-010

Electronic Fund Transfers Your Rights and Responsibilities

Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. You should keep this notice for future reference.

Electronic Fund Transfers Initiated By Third Parties. You may authorize a third party to initiate electronic fund transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you go forward with the transaction (typically, at the point of purchase, a merchant will post a sign and print the notice on a receipt). In all cases, these third party transfers will require you to provide the third party with your account number and bank information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your bank and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic fund transfers. Examples of these transfers include, but are not limited to:

  • Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your checking, statement savings, or money market account(s).
  • Preauthorized payments. You may make arrangements to pay certain recurring bills from your checking, statement savings, or money market account(s).
  • Electronic check conversion. You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to pay for purchases or pay bills.
  • Electronic returned check charge. You may authorize a merchant or other payee to initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.

Please also see Limitations on frequency of transfers section regarding limitations that apply to savings accounts.

Voice Response Telephone Transfers – types of transfers – You may access your account by telephone 24 hours a day at 1-800-955-9978 using your personal identification number, a touch tone phone, and your account numbers, to:

  • transfer funds from checking to checking
  • transfer funds from checking to statement savings or money market
  • transfer funds from statement savings to checking or money market
  • transfer funds from statement savings to statement savings
  • transfer funds from money market to checking or statement savings
  • transfer funds from money market to money market
  • make payments from checking, statement savings or money market to loan accounts with us
  • get information about:
    • the account balance of checking accounts
    • the account balance of statement savings or money market accounts
    • transaction history, current interest rates on your account, and mortgage balances

Please also see Limitations on frequency of transfers section regarding limitations that apply to telephone transfers.

Your Option to Limit Cash Withdrawals – In addition to dollar amount limitations for withdrawals using your ATM or Debit Card and/or code that we may establish, you have the option to limit the amount of cash that can be withdrawn by your ATM or Debit Card and/or code to $50.00 per day or some other amount acceptable to us.

ATM Transfers – types of transfers and dollar limitations – You may access your account(s) by ATM using your ATM card and personal identification number or debit card and personal identification number, to:

  • make deposits to checking account(s) with an ATM or debit card
  • make deposits to statement savings or money market account(s) with an ATM or debit card
  • get cash withdrawals from checking account(s) with an ATM or debit card
    • you may withdraw no more than $500.00 per business day
  • get cash withdrawals from statement savings or money market account(s) with an ATM or debit card
    • you may withdraw no more than $500.00 per business day
  • transfer funds from statement savings to checking or money market account(s) with an ATM or debit card
  • transfer funds from checking to statement savings or money market account(s) with an ATM or debit card
  • transfer funds from money market to checking or statement savings with an ATM or debit card
  • transfer funds from an account to the same type of account
  • make payments from checking, statement savings or money market account(s) with an ATM or debit card to loan accounts with us
  • get information about:
    • the account balance of your checking account(s)
      • with an ATM card
      • with a debit card
    • the account balance of your statement savings or money market account(s)
      • with an ATM card
      • with a debit card

Some of these services may not be available at all terminals.

Please also see Limitations on frequency of transfers section regarding limitations that apply to ATM transfers.

Types of ATM Card Point-of-Sale Transactions – You may access your checking account(s) to purchase goods (in person), pay for services (in person), and get cash from a merchant, if the merchant permits, or from a participating financial institution.

Point-of-Sale Transactions – dollar limitations – Using your card:

  • you may not exceed $1,000.00 in transactions per business day

Types of Debit Card Point-of-Sale Transactions – You may access your checking account(s) to purchase goods (in person or by phone), pay for services (in person or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.

Point-of-Sale Transactions – dollar limitations – Using your card:

  • you may not exceed $1,000.00 in transactions per business day

Please also see Limitations on frequency of transfers section regarding limitations that apply to debit card transactions.

Advisory Against Illegal Use. You agree not to use your card(s) for illegal gambling or other illegal purpose. Display of a payment card logo by, for example, an online merchant does not necessarily mean that transactions are lawful in all jurisdictions in which the cardholder may be located.

Please see your cardholder agreement for additional information relating to the use of your Debit Card.

Online Banking Computer Transfers – types of transfers – You may access your account(s) by computer through the internet by logging onto our website at www.bankgloucester.com and using your user identification and your password, to:

  • transfer funds from checking to checking
  • transfer funds from checking to statement savings or money market
  • transfer funds from statement savings to checking or money market
  • transfer funds from statement savings to statement savings
  • transfer funds from money market to checking or statement savings
  • transfer funds from money market to money market
  • make payments from checking to third parties (Bill Payment)
  • make payments from checking, statement savings or money market to loan account(s) with us
  • get information about:
    • the account balance of checking account(s)
    • the account balance of statement savings or money market account(s)
    • balances on all accounts

Please also see Limitations on frequency of transfers section regarding limitations that apply to computer transfers.

Limitations on frequency of transfers. In addition to those limitations on transfers elsewhere described, if any, the following limitations apply:

  • Transfers from a Statement Savings account to another account or to third parties by preauthorized, automatic, computer or telephone transfer are limited to six per statement cycle with no transfers by check, draft, debit card, or similar order to third parties.
  • Transfers from a Personal Money Market or Premier Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by check or similar order to third parties are limited to six per statement cycle.

Termination –

  • You may terminate the electronic fund transfer agreement by written notice to us.
  • We may terminate the electronic fund transfer agreement by written notice to you.

Minimum account balance –

  • We do not require you to maintain a minimum balance in any account as a condition of using an access device (card or code) to accomplish a transfer.

FEES

  • We do not charge for direct deposits to any type of account.
  • We do not charge for preauthorized payments from any type of account.

Except as indicated elsewhere, we do not charge for these electronic fund transfers.

ATM Operator/Network Fees. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).

DOCUMENTATION

  • Terminal transfers. You can get a receipt at the time you make a transfer to or from your account using an automated teller machine or point-of-sale terminal.
  • Preauthorized credits. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at (978) 283-8200 to find out whether or not the deposit has been made.
  • Periodic statements.
    You will get a monthly account statement from us for your checking, statement savings, and money market accounts.
    You will get a semiannual account statement from us for all your passbook accounts.

    PREAUTHORIZED PAYMENTS

  • Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how:
    Call or write us at the telephone number or address listed in this brochure in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.
    Please refer to our separate fee schedule for the amount we will charge you for each stop-payment order you give.
  • Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
  • Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

ADDITIONAL INFORMATION REQUIRED
BY MASSACHUSETTS LAW

  1. Any documentation provided to you which indicates that an electronic fund transfer was made to another person shall be admissible as evidence of the transfer and shall constitute prima-facie proof that the transfer was made.
  2. The initiation by you of certain electronic fund transfers from your account, except as otherwise provided in the agreement, will effectively eliminate your ability to stop payment of the transfer.

UNLESS OTHERWISE PROVIDED IN THIS AGREEMENT, YOU (THE CONSUMER) MAY NOT STOP PAYMENT OF ELECTRONIC FUND TRANSFERS; THEREFORE YOU SHOULD NOT EMPLOY ELECTRONIC ACCESS FOR PURCHASES OR SERVICES UNLESS YOU ARE SATISFIED THAT YOU WILL NOT NEED TO STOP PAYMENT.

FINANCIAL INSTITUTION’S LIABILITY

If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

  1. If, through no fault of ours, you do not have enough money in your account to make the transfer.
  2. If you have an overdraft line and the transfer would go over the credit limit.
  3. If the automated teller machine where you are making the transfer does not have enough cash.
  4. If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
  5. If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
  6. If the funds are subject to legal process or other encumbrance restricting such transfer.
  7. There may be other exceptions stated in our agreement with you.

CONFIDENTIALITY

In order that your privacy may be protected, we will not disclose any information about you or your account to any person, organization, or agency except:

  1. for certain routine disclosures necessary for the completion of a transfer; or
  2. for verification of the existence and condition of your account for a credit bureau or merchant; or
  3. to persons authorized by law in the course of their official duties; or
  4. to our employees, auditors, service providers, attorneys or collection agents in the course of their duties; or
  5. pursuant to a court order or lawful subpoena; or
  6. to a consumer reporting agency as defined in Chapter 93 of Massachusetts General Laws; or
  7. by your written authorization which shall automatically expire 45 days after our receipt of your authorization.

If an unauthorized disclosure has been made, we must inform you of the particulars of the disclosure within 3 days after we have discovered that an unauthorized disclosure has occurred.

UNAUTHORIZED TRANSFERS

(a) Consumer liability.

• Generally. Tell us AT ONCE if you think your card and/or code has been lost, stolen, used without your permission, or if you believe that an electronic fund transfer has been made without your permission using information from your check. Telephoning is the best way, if any, of minimizing your possible losses. You can lose no more than $50 if you give us notice of your lost or stolen card and/or code and your card and/or code is used without your permission.

Additional Limits on Liability for Debit Card. You will not be liable for any unauthorized transactions using your Debit Card if: (i) you can demonstrate that you have exercised reasonable care in safeguarding your card from the risk of loss or theft, and (ii) upon becoming aware of a loss or theft, you promptly report the loss or theft to us.

(b) Contact in event of unauthorized transfer. If you think your card and/or code has been lost, stolen or that someone has transferred or may transfer money from your account without your permission, for example, by using the information from your check, call or write us at the telephone number or address listed in this brochure.

PROTECTED CONSUMER USE

Chapter 167B of the Massachusetts General Laws was enacted to provide a means for financial institutions, businesses, and consumers to conduct their business relations more conveniently. Transferring funds electronically will supplement the use of checks, credit, and cash and will not replace these present methods of doing business. As a consumer, you should be aware of your rights if you choose to utilize this system.

  1. Prohibition of compulsory use. No person may:
    -require you to use a preauthorized electronic fund transfer as a condition of the extension of credit unless the credit is being extended in connection with an overdraft checking plan, or is being extended to maintain a specified balance in your account, or
    -require you either to accept a transfer service or to establish an account which is accessed electronically as conditions of employment or receipt of governmental benefit, or
    -require you to pay electronically for the purchase of goods or services.
    If your account is to be credited by a preauthorized transfer you may choose the financial institution to which the transfer may be made, if the institution is technically capable of receiving such preauthorized transfer.
  2. Waiver of rights. No writing or agreement signed by you can waive the rights conferred to you by Chapter 167B of the Massachusetts General Laws unless you decide to waive these rights in settlement of a dispute or action.
  3. Refunds. If it is the policy of a store or retail business to give cash refunds in return for an item purchased by cash, then this policy must also cover refunds for items purchased by electronic fund transfer unless it is clearly disclosed at the time the transaction is consummated that no cash or credit refunds are given for payments made by electronic fund transfers.
  4. Suspension of obligations. If a person agrees to accept payment by means of an electronic fund transfer and the system malfunctions preventing such a transfer, then the consumer’s obligation is suspended until the transfer can be completed, unless that person, in writing, demands payment by other means.
  5. Prohibited means of identification. Your Social Security number cannot be used as the primary identification number although it can be used as secondary aid to identify you.
  6. Criminal liability. Procuring or using a card, code or other means of electronic access to an account with the intent to defraud is a basis for criminal liability.

ERROR RESOLUTION NOTICE

In case of errors or questions about your electronic transfers, call or write us at the telephone number or address listed in this document, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

  1. Tell us your name and account number (if any).
  2. Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
  3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.

We will determine whether an error occurred within 10 business days (20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.

We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.

You may ask for copies of the documents that we used in our investigation.

BANK GLOUCESTER
CUSTOMER SERVICE
160 MAIN STREET
GLOUCESTER, MASSACHUSETTS 01930
Business Days: Monday through Friday

Business Hours: Monday through Wednesday 8:30 A.M. – 4:00 P.M.
Thursday 8:30 A.M. – 7:00 P.M., Friday 8:30 A.M. – 6:00 P.M.
and Saturday 8:30 A.M. – 1:00 P.M.
Drive-up tellers open daily 7:30 A.M.
Closes with lobby
Excluding Federal Holidays

Phone: (978) 283-8200

MORE DETAILED INFORMATION IS AVAILABLE ON REQUEST


 

Rev. 1/2017
© 2016 Wolters Kluwer Financial Services – Bankers Systems™ Form AIB-TIS 6/1/2016   Custom TCM-23v,2bf,3o,4t   200625403-010

Truth-in-Savings Disclosure

CHECKING ACCOUNTS


The following features apply to all interest-bearing checking accounts:

Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

The following features apply to all checking accounts:

Minimum Deposit to Open the Account – You must deposit $50.00 to open any checking account.

Electronic Statements – You must have electronic statements or we will impose a monthly paper statement fee. Please refer to fee schedule

– Free ATM Deposits/Withdrawals/balance inquiries (foreign and on us)*

– Free Debit Card transactions

– Free POS transactions

– Free Online Banking

– Free Bill Pay

– Unlimited check writing

– Check imaged statements

– Your account may be subject to additional fees. Please refer to the Fee Schedule brochure for more details regarding additional fees.

* Other owners of ATMs outside of the SUM program may impose a charge for using their machines. You have an opportunity to void such transactions.


ESSENTIAL CHECKING

A Free Account that does not earn interest.
Must have electronic statements or we will impose a monthly paper statement fee.Please refer to fee schedule.


SIGNATURE CHECKING

Service Charge Fees – A service charge fee of $6.00 will be imposed every statement cycle. You have the opportunity to reduce your monthly fee by $0.15 using your BankGloucester Debit Card for each Point of Sale purchase up to $6.00 max. Transactions must post and clear before the end of the statement cycle to receive credit. Must have electronic statements or we will impose a monthly paper statement fee. Please refer to fee schedule.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

ATM FEE REIMBURSEMENT – We will reimburse you for all non- BankGloucesterDomestic ATM fees per statement cycle up to $20. ATM fee reimbursements will be credited to your account on the last business day of your statement cycle. ATM fees of $4.99 or less will be reimbursed up to a maximum of $4.99 per individual transaction. ATM fees of $5.00 and higher will be reimbursed if the appropriate ATM receipt is presented to a representative of the bank. If you believe that you have not been reimbursed the correct amount, please contact us. We must hear from you no later than 30 days after the statement cycle when the reimbursement was applicable.

Effect of closing an account: – If you close your account before interest is credited, you will receive the accrued interest. ATM reimbursements: if you close your account prior to your statement cycle cut off, your ATM fees will not be reimbursed.


SIGNATURE PLUS CHECKING (Not available for new accounts.)

Service Charge Fees – No monthly service charge fee.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

ATM FEE REIMBURSEMENT -We will reimburse you for all non- BankGloucesterDomestic ATM fees per statement cycle up to $20. ATM fee reimbursements will be credited to your account on the last business day of your statement cycle. ATM fees of $4.99 or less will be reimbursed up to a maximum of $4.99 per individual transaction. ATM fees of $5.00 and higher will be reimbursed if the appropriate ATM receipt is presented to a representative of the bank. If you believe that you have not been reimbursed the correct amount, please contact us. We must hear from you no later than 30 days after the statement cycle when the reimbursement was applicable.

Effect of closing an account: – If you close your account before interest is credited, you will receive the accrued interest.

ATM reimbursements: – if you close your account prior to your statement cycle cut off, your ATM fees will not be reimbursed.


ELITE CHECKING ACCOUNT

Minimum balance to avoid imposition of fees – A service charge fee of $10.00 will be imposed every statement cycle if the balance in the account falls below $1,500.00 any day of the cycle.

Electronic Statements – Must have electronic statements or we will impose a monthly paper statement fee. Please refer to fee schedule.

ACCOUNT QUALIFICATIONS

To qualify to earn our higher interest rate you must:

1. Agree to accept your monthly bank statement online with E-Statements through our Online Banking service.

2. Have at least FIFTEEN (15) debit card purchases post and clear.

3. Have at least ONE (1) ACH Direct Deposit or Auto Debit post and clear.

Debit card transactions processed by merchants and received by the bank as ATM transactions do not count towards qualifying debit card transactions. Only debit card transactions processed by merchants and received by the bank as POS transactions count towards qualifying debit card transactions.

To qualify for the rewards – transaction activity will be measured for items posted to your account for the monthly period beginning on the last business day of the previous statement cycle through to the next to last business day of the current statement cycle.

Qualification cycle is the last business day of the month. If that business day falls on a Saturday, Sunday, or federal holiday, your statement will cutoff on the preceding business day.

If you do not meet the account qualifications – you will receive the Non-Qualifying Base Rate on the entire balance in your account, and you can try again the following month.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

ATM FEE REIMBURSEMENT – We will reimburse you for all non-Bank Gloucester Domestic ATM fees per statement cycle up to $30. ATM fee reimbursements will be credited to your account on the last business day of your statement cycle. ATM fees of $4.99 or less will be reimbursed up to a maximum of $4.99 per individual transaction. ATM fees of $5.00 and higher will be reimbursed if the appropriate ATM receipt is presented to a representative of the bank. If you believe that you have not been reimbursed the correct amount, please contact us. We must hear from you no later than 30 days after the statement cycle when the reimbursement was applicable.

ACCOUNT REWARD (1) High qualifying rate on balances up to $25,000.00.

If you do not meet the account qualifications – you will receive the Non-Qualifying Base Rate on the entire balance in your account, and you can try again the following month.

ATM Reimbursements – if you close your account prior to your statement cycle cut off, your ATM fees will not be reimbursed.


PASSBOOK SAVINGS ACCOUNT


Rate Information- Your interest rate and annual percentage yield may change.Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every quarter. Interest will be credited to your account every quarter.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account – You must deposit $10.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

You may not make any transfers from this account to another account of yours or to third parties by preauthorized, automatic, or telephone transfer or similar order to third parties. Passbook must accompany all transactions.


CHRISTMAS CLUB ACCOUNT


Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every quarter. Interest will be credited to your account every quarter.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account – You must deposit $1.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

You may not make any transfers from this account to another account of yours or to third parties by preauthorized, automatic, or telephone transfer or similar order to third parties.

If any withdrawal is made from this account before maturity then this account may be closed.


STATEMENT SAVINGS ACCOUNT


Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.

Effect of closing an account – If you close your account before interest is credited, you will not receive the accrued interest.

Minimum balance to open the account – You must deposit $10.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

Transfers from a Statement Savings account to another account or to third parties by preauthorized, automatic, computer or telephone transfer are limited to six per statement cycle with no transfers by check, draft, debit card, or similar order to third parties.


PERSONAL MONEY MARKET ACCOUNT


Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every day. Interest will be credited to your account every month.

Minimum balance to open the account – You must deposit $1,000.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

Transfers from a Personal Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by check, draft, or similar order to third parties are limited to six per statement cycle.

No Debit Card or point-of-sale transactions allowed on this account.

Fees:

We may impose a fee of $3.00 for each check in excess of six during a statement cycle.


PREMIER MONEY MARKET ACCOUNT


Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every day. Interest will be credited to your account every month.

Minimum balance to open the account – You must deposit $10,000.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

Transfers from a Premier Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by check, draft, or similar order to third parties are limited to six per statement cycle.

Fees:

We may impose a fee of $3.00 for each check in excess of six during a statement cycle.


PREMIER PLUS (+) MONEY MARKET ACCOUNT


This is a combined account. You must have, or open, a BankGloucester checking account to be eligible for this account type. You must also have a combined statement.

Rate Information – Your interest rate and annual percentage yield may change. Frequency of rate changes – We may change the interest rate on your account at any time.

Determination of rate – At our discretion, we may change the interest rate on your account.

Compounding and crediting frequency – Interest will be compounded every day. Interest will be credited to your account every month.

Minimum balance to open the account – You must deposit $10,000.00 to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

Transfers from a Premier Plus (+) Money Market account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by check, draft, or similar order to third parties are limited to six per statement cycle.

Fees:

We may impose a fee of $3.00 for each check in excess of three during a statement cycle.

Other Information:

Free ATM deposits, withdrawals, and balance inquiries (on us only)*

No debit card issued on this account

No point-of-sale (POS) transactions allowed on this account

Foreign ATM transactions – six free per statement cycle, then $1.00 per cash withdrawal and $.50 per balance inquiry in excess of six.

*Other owners of ATMs outside of the SUM program may impose a charge for using their machines. You have an opportunity to void such transactions.


CERTIFICATE OF DEPOSIT
(FIXED RATE TERM)

Rate Information – The interest rate on your account is ______% with an annual percentage yield of ______%. You will be paid this rate until first maturity.

Compounding frequency – Interest will be compounded:

every quarter.

If your account is for 182 day term, interest is not compounded.

Crediting frequency – Interest will be credited to your account every quarter.

Minimum balance to open the account – You must deposit $____________ to open this account.

Minimum balance to obtain the annual percentage yield disclosed – You must maintain a minimum balance of $_____________ in the account each day to obtain the disclosed annual percentage yield.

Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of interest on noncash deposits – Interest begins to accrue on the business day you deposit noncash items (for example, checks).

Transaction limitations:

You may not make any deposits into your account before maturity.

You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.

You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during the term of crediting after it is credited to your account.

Time requirements – Your account will mature_______________.

Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity).

The fee we may impose will equal _____ interest on the amount withdrawn subject to penalty.

In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.

Withdrawal of interest prior to maturity – The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.

Automatically renewable time account – This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, interest will not accrue after final maturity.

Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same as we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit.

You will have ten calendar days after maturity to withdraw the funds without a penalty.


COMMON FEATURES

Please refer to our separate fee schedule for additional information about charges.

Check printing: (fee depends on style and quantity of checks ordered)

We may require not less than 7 days’ notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal.


 

YOUR ACCOUNT

These are the accounts you have opened or inquired about. Further details about these accounts are inside this brochure. If the figures are not filled in, please see the insert that is with this disclosure or your periodic statement.


 

PASSBOOK SAVINGS ACCOUNT

The interest rate for your account is ________%

with an annual percentage yield of _________%.

CHRISTMAS CLUB ACCOUNT

The interest rate for your account is ________%

with an annual percentage yield of _________%.

STATEMENT SAVINGS ACCOUNT

The interest rate for your account is _________%

with an annual percentage yield of _________%.


 

PERSONAL MONEY MARKET ACCOUNT

Rate Information:

Tier 1 – If your daily balance is $1,000.00 or more, the interest rate paid on the entire balance in your account will be _________% with an annual percentage yield of _________%.

Tier 2 – If your daily balance is $999.99 or less, the interest rate paid on the entire balance in your account will be _________% with an annual percentage yield of _________%.


 

PREMIER MONEY MARKET ACCOUNT

Rate Information:

Tier 1 – If your daily balance is $50,000.00 or more, the interest rate paid on the entire balance in your account will be _________% with an annual percentage yield of _________%.

Tier 2 – If your daily balance is more than $24,999.99, but less than $50,000.00, the interest rate paid on the entire balance in your account will be _________% with an annual percentage yield of _________%.

Tier 3 – If your daily balance is more than $9,999.99, but less than $25,000.00, the interest rate paid on the entire balance in your account will be _________% with an annual percentage yield of _________%.

Tier 4 – If your daily balance is $9,999.99 or less, the interest rate paid on the entire balance in your account will be _________% with an annual percentage yield of _________%.


 

PREMIER PLUS (+) MONEY MARKET ACCOUNT

Rate Information:

Tier 1 – If your daily balance is $100,000.00 or more, the interest rate paid on the entire balance in your account will be _________% with an annual percentage yield of _________%.

Tier 2 – If your daily balance is more than $49,999.99, but less than $100,000.00, the interest rate paid on the entire balance in your account will be _________% with an annual percentage yield of _________%.

Tier 3 – If your daily balance is more than $9,999.99, but less than $50,000.00, the interest rate paid on the entire balance in your account will be _________% with an annual percentage yield of _________%.

Tier 4 – If your daily balance is $9,999.99 or less, the interest rate paid on the entire balance in your account will be _________% with an annual percentage yield of _________%.


CERTIFICATE OF DEPOSIT

(FIXED RATE TERM) 

Your ______________ account will mature on _________, and it will automatically renew unless you prevent it. The new maturity date will be _________________ . The interest rate and annual percentage yield have not yet been determined. They will be available on ____________ . Please call (978) 283-8200 to learn the interest rate and annual percentage yield for your new account.


 

 

Rev. 8/2019
© 2016 Wolters Kluwer Financial Services – Bankers Systems™ Form AIB-TIS 6/1/2016   Custom TCM-23v,2bf,3o,4t   200625403-010

Your Ability to Withdraw Funds

This policy statement applies to all deposit accounts.

Our policy is to make funds from your cash, check, and electronic direct deposits available to you on the same day we receive your deposit. At that time, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.

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 closing 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 closing or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

If you make a deposit at an ATM before 2:00 P.M. 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 at an ATM after 2:00 P.M. or on a day we are not open, we will consider that the deposit was made on the next business day we are open.

If we cash a check for you that is drawn on another bank, 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.

If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.

LONGER DELAYS MAY APPLY

Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you on the same day we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the second business day after the day of your deposit. The first $225 of your deposits, however, will be available on the same day.

If we are not going to make all of the funds from your deposit available on the same day we receive your deposit, 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 mail 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.

Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:

We believe a check you deposit will not be paid.
You deposit checks totaling more than $5,525 on any one day.
You redeposit a check that has been returned unpaid.
You have overdrawn your account repeatedly in the last six months.
There is an emergency, such as failure of computer or communications equipment.

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 seventh 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.

Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks will be available on the same day as the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you (and you may have to use a special deposit slip). The excess over $5,525 will be available on the ninth 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 $5,525 will not be available until the first business day after the day of your deposit.

Funds from all other check deposits will be available on the ninth business day after the day of your deposit.

DEPOSITS AT AUTOMATED TELLER MACHINES

Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we own or operate will not be available until the first business day after the day of your deposit.


Rev. 1/2017
© 2016 Wolters Kluwer Financial Services – Bankers Systems™ Form AIB-TIS 6/1/2016   Custom TCM-23v,2bf,3o,4t   200625403-010

BG Remote Deposit Services Agreement

BG Remote Deposit is designed to allow you to make deposits of checks (“original checks”) to your accounts from home or other remote locations by scanning the original checks and delivering the digital images and associated deposit information (“images”) to BankGloucester (“we”). After you register and login to BankGloucester‘s Personal Online Banking or E-Banking for Business, you may apply for BG Remote Deposit. Along with the acceptance of this BG Remote Deposit Services Agreement, Commercial Businesses may require additional considerations and/or approval by BankGloucester.

Limits. We may establish limits on the dollar amount and/or number of items or deposits from time to time. If you attempt to initiate a deposit in excess of these limits, we may reject your deposit. If we permit you to make a deposit in excess of these limits, such deposit will still be subject to the terms of this Agreement, and we will not be obligated to allow such a deposit at other times.

Eligible items. You agree to scan and deposit only checks (i.e., drafts drawn on a credit union, savings and loan, or bank, and payable on demand.)

You agree that you will not use BG Remote Deposit to deposit the following:

  • Checks payable to any person or entity other than you (i.e., payable to another party and then endorsed to you);
  • Checks payable to you and another party who is not a joint owner on the account;
  • Checks that contain evidence of alteration, or that you know or suspect, or should know or suspect, are fraudulent or otherwise not authorized by the owner of the account on which the check is drawn;
  • Checks previously converted to a substitute check, as defined in Regulation CC;
  • Checks drawn on a financial institution located outside the United States;
  • Checks not payable in United States currency;
  • Checks dated more than 6 months prior to the date of deposit;
  • Checks that have been previously submitted through this service or through a remote deposit capture service offered at any other financial institution;
  • Checks or items drawn or otherwise issued by the U. S. Treasury Department.

Requirements. Each image must provide all information on the front and back of the original check at the time presented to you by the drawer, including, but not limited to, information about the drawer and the paying bank that is preprinted on the original check, MICR information, signature(s), any required identification written on the front of the original check, and any endorsements applied to the back of the original check. The image quality must meet the standards established by the American National Standards Institute, the Board of Governors of the Federal Reserve, and any other regulatory agency, clearing house, or association.

Endorsements must be made on the back of the share draft or check within 1½ inches from the top edge, although we may accept endorsements outside this space. Your endorsement must include your signature and “for Remote Deposit BankGloucester”. If this restrictive endorsement is missing or unreadable we may not process your deposit. Any loss we incur from a delay or processing error resulting from an irregular endorsement or other markings by you will be your responsibility.

A check payable to two payees must be endorsed by both payees. If the check is payable to you or your joint owner, either of you can endorse it. If the check is made payable to you and your joint owner, both of you must endorse the check.

Receipt of Deposit. All images processed for deposit through BG Remote Deposit will be treated as “deposits” under your current Terms and Conditions of Your Account with us and will be subject to all its terms. When we receive an image, we will confirm receipt via email to you. We shall not be deemed to have received the image for deposit until we have confirmed receipt to you. Confirmation does not mean that the image contains no errors. We are not responsible for any image that we do not receive.

Following receipt, we may process the image by preparing a “substitute check” or clearing the item as an image.

We reserve the right, at our sole and absolute discretion, to reject any image for remote deposit into your account. We will notify you of rejected images.

Original checks. After you receive confirmation that we have received an image, you must securely store the original check for 60 calendar days after transmission to us and make the original check accessible to us at our request. Upon our request from time to time, you will deliver to us within 10 calendar days, at your expense, the requested original check in your possession. If not provided in a timely manner, such amount will be reversed from your account. Promptly after such period expires, you must destroy the original check by first marking it “VOID” and then destroying it by cross-cut shredding or another commercially acceptable means of destruction. After destruction of an original check, the image will be the sole evidence of the original check.

You agree that you will never re-present the original check. You understand that you are responsible if anyone is asked to make a payment based on an original check that has already been paid.

Returned Deposits Any credit to your account for checks deposited using BG Remote Deposit is provisional. If original checks deposited through the Service are dishonored, rejected, or otherwise returned unpaid by the drawee bank, or are rejected or returned by a clearing agent or collecting bank, for any reason, including, but not limited to, issues relating to the quality of the image, you agree that an original check will not be returned to you, but that we may charge back the amount of the original check and provide you with an image of the original check, a paper reproduction of the original check, or a substitute check. You will reimburse us for all loss, cost, damage or expense caused by or relating to the processing of the returned item. Without our approval, you shall not attempt to deposit or otherwise negotiate an original check if it has been charged back to you.

We may debit any of your accounts to obtain payment for any item that has been rejected or returned, for any adjustment related to such item or for any warranty claim related to such item, whether or not the rejection, return, adjustment, or warranty claim was made in a timely fashion.

Hardware and Software. In order to use the service, you must obtain and maintain, at your expense, compatible hardware and software as specified by BankGloucester from time to time. BankGloucester is not responsible for any third party software you may need to use the Service. Any such software is accepted by you as is and is subject to the terms and conditions of the software agreement you enter into with the third party software at time of download and installation.

Fees. A fee may be charged for BG Remote Deposit. You are responsible for paying the fees for the use of the Service. Any fee that is charged will be disclosed prior to your deposit. BankGloucester may charge the fees for use of the Service at any time. You authorize BankGloucester to deduct any such fees from any BankGloucester account in your name.

If your payment is returned unpaid, you authorize us to collect a fee as stated in our Fee Schedule.

Your Warranties. You make the following warranties and representations with respect to each image:

  • You will indemnify and defend us and each of our respective directors, officers, employees, and agents (collectively, “Indemnitees”) harmless from and against all liabilities, damages, claims, obligations, demands, charges, costs, or expenses (including reasonable fees and disbursements of legal counsel and accountants) awarded against or incurred or suffered (collectively, “Losses and Liabilities”) by Indemnitees arising directly or indirectly from or related to the following (except for Losses and Liabilities arising directly or indirectly from or related to our own gross negligence or willful misconduct):

    1. We warrant to a warrantee the following:

    (i) The electronic image of a check accurately represents all of information on the front and back of the original check as of the time that the original check was truncated, and the electronic information includes an accurate record of all MICR line information required for a substitute check and the amount of the check (“Image Quality Warranty”); and

    (ii) the warrantee will not receive a presentment of or otherwise be charged for an electronic check, an electronic returned check, the original check, a substitute check, or a paper or electronic representation of a substitute check, such that the warrantee will be asked to make payment based on a check it has already paid (“No Double Debit Warranty”).In the case of transfers for collection or payment, we make the Image Quality Warranty and the No Double Debit Warranty to the transferee bank, any subsequent collecting bank, the paying bank, and the drawer. In the case of transfers for return, we make the Image Quality Warranty and the No Double Debit Warranty to the transferee returning bank, any subsequent returning bank, the depository bank, and the owner. If any Indemnitee suffers any Losses or Liabilities arising directly or indirectly from or related to a breach of any of these warranties, you will indemnify the Indemnitee and not hold it responsible or liable.

    2. Through our providing the remote deposit capture service to you, we are required to indemnify a depository bank that accepts the original check from which an electronic check is created for losses incurred by that depository bank if the loss is due to the check having already been paid. If any Indemnitee suffers any Losses or Liabilities arising directly or indirectly from or related to such depository bank indemnity obligation, you will indemnify the Indemnitee and not hold it responsible or liable.

    3. If we transfer or present an “electronically created item” and receive settlement or other consideration for it, we are required to indemnify each transferee bank, any subsequent collecting bank, the paying bank, and any subsequent returning bank against losses that result from the fact that:

    (i) the electronic image or electronic information is not derived from a paper check;

    (ii) the person on whose account the electronically created item is drawn did not authorize the issuance of the item or to the payee stated on the item; or

    (iii) a person receives a transfer or presentment, or return of, or otherwise is charged for an electronically created item such that the person is asked to make payment based on an item or check it has paid. If any Indemnitee suffers any Losses or Liabilities arising directly or indirectly from or related to such electronically created item indemnity obligation, you will indemnify the Indemnitee and not hold it responsible or liable.

  • There are no other duplicate images of the original check.
  • The original check was authorized by the drawer in the amount stated on the original check and to the payee(s) stated on the original check.
  • You are authorized to enforce and obtain payment of the original or am authorized to obtain payment of each item on behalf of a person entitled to enforce such transmitted item.
  • You have possession of the original check and no party will submit the original check for payment.

With respect to each image, you make to us all representations and warranties that we make or are deemed to make to any party pursuant to law, regulation, or clearinghouse rule. You agree that files and images transmitted to us will contain no viruses or any other disabling features that may have an adverse impact on our network, data, or related systems.

Guarantee Specific to Deposits Received for Credit to a Business Account

Your use of the Service for the purpose of depositing to a Business Account constitutes your understanding and agreement that you may be personally liable for any expenses BankGloucester incurs in attempting to obtain final payment for the item in question, outside of the routine costs associated with item processing in the event of a default by the Business. This includes but is not limited to recovery of the amount credited in the event of non-payment, collection costs, and attorney’s fees as applicable, as well as any and all costs associated with BankGloucester’s enforcing this Guarantee. This Guarantee shall benefit BankGloucester, its successors and assigns.

Compliance with Law. You will use BG Remote Deposit for lawful purposes and in compliance with all applicable laws, rules, and regulations. You warrant that you will only transmit acceptable items for deposit and have handled the original items in accordance with applicable laws, rules and regulations.

Cooperation with Investigations You agree to cooperate with us in the investigation of unusual transactions, , poor quality transmissions, and resolutions and resolution of claims, including by providing, upon request and without further cost, any originals or copies of items deposited through BG Remote Deposit in your possession and your records relating to such items and transmissions.

Remote Deposit Unavailability Remote Deposit may be unavailable temporarily due to system maintenance or technical difficulties, including those of the Internet service provider, cellular service provider and Internet software. In the event that Remote Deposit is unavailable, you may deposit original checks at our branches or through our ATMs.

Termination We may terminate this Agreement at any time and for any reason. This Agreement shall remain in full force and effect unless and until it is terminated by us. Without limiting the foregoing, this Agreement may be terminated if you breach any term of this Agreement, if you use the Service for any unauthorized or illegal purposes or you use the Service in a manner inconsistent with the Terms and Conditions of Your Account or any other agreement with us.

Funds Availability. BG Remote Deposits are subject to BankGloucester‘s funds availability policy. Remote Deposits confirmed as received before 3 pm Eastern Time on a business day will be credited to your account on that business day. Deposits confirmed received after 3 pm Eastern Time, and deposits confirmed received on holidays or days that are not business days will be credited to your account the following business day when the bank is open. Funds will be available as described in our “Your Ability to Withdraw Funds” disclosure.

BG Remote Deposit Security. You will complete each deposit promptly. If you are unable to complete your deposit promptly using a mobile device, you will ensure that your mobile device remains securely in your possession until the deposit has been completed. It is your responsibility to establish and maintain procedures to safeguard against unauthorized deposits. You will notify us immediately by telephone with written confirmation if you learn of any loss or theft of original checks. You will ensure the safety and integrity of original checks from the time of receipt until the time of destruction. If warranted in our reasonable judgment, we may audit and monitor you, and you agree to cooperate with us to permit such monitoring, to confirm that you have satisfied your obligations under this Agreement.

Your Responsibility. You are solely responsible for the quality, completeness, accuracy, validity and integrity of the image. You are solely responsible if you, intentionally or unintentionally, submit fraudulent, incorrect, or illegible images to us or if BG Remote Deposit is used, by authorized or unauthorized persons, to submit fraudulent, unauthorized, inaccurate, incorrect or otherwise improper or unusable images to us.

In addition you agree that you will not modify, change, alter, translate, create derivative works from, reverse engineer, disassemble or decompile the technology or Service, copy or reproduce all or any part of the technology or Service; or interfere, or attempt to interfere, with the technology or Service. We and our technology partners, inclusive of, but not limited to, Digital Insight Inc. (DI) and Vertifi Software, LLC, (Vertifi) retain all rights, title and interests in and to the Services, Software and Development made available to you.

Accountholder’s Indemnification Obligation. You understand and agree that you are required to indemnify us and hold us harmless against any and all claims, actions, damages, liabilities, costs, and expenses, including reasonable attorney fees and expenses arising from your use of the Services and/or breach of this Disclosure and Agreement. You understand and agree that this paragraph shall survive the termination of this Agreement.

You understand and agree that you are required to indemnify our technology partners, including but not limited to DI and Vertifi, and hold harmless DI, its affiliates, officers, employees and agents, as well as Vertifi, its affiliates, officers, employees, and agents, from and against any third party claims, suits, proceedings, actions or demands, including to claims of another financial institution, business entity or governmental authority, and all losses, liabilities, damages, fines, penalties, costs and expenses, including court costs and reasonable attorney fees and expenses, arising from such claims, to the extent such claim is related to BankGloucester or End User’s use of the Services, Vertifi or DI Applications, unless such claim directly results from an action or omission made by DI or Vertifi in bad faith. You understand and agree that this paragraph shall survive the termination of this Agreement.

DISCLAIMER OF WARRANTIES. YOU AGREE THAT YOUR USE OF ANY REMOTE BANKING SERVICE AND ALL INFORMATION AND CONTENT (INCLUDING THAT OF THIRD PARTIES) IS AT YOUR RISK AND IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. WE DISCLAIM ALL WARRANTIES OF ANY KIND AS TO THE USE OF ANY REMOTE BANKING SERVICE, WHETHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NONINFRINGEMENT. WE MAKE NO WARRANTY THAT ANY REMOTE BANKING SERVICE WILL MEET YOUR REQUIREMENTS OR WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR-FREE. WE MAKE NO WARRANTY THAT THE RESULTS THAT MAY BE OBTAINED WILL BE ACCURATE OR RELIABLE OR THAT ANY ERRORS IN ANY REMOTE BANKING SERVICE OR TECHNOLOGY WILL BE CORRECTED.

LIMITATION OF LIABILITY. YOU AGREE THAT WE WILL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL OR EXEMPLARY DAMAGES, INCLUDING, BUT NOT LIMITED TO, DAMAGES FOR LOSS OF PROFITS, GOODWILL, USE, DATA OR OTHER LOSSES INCURRED BY YOU OR ANY THIRD PARTY ARISING FROM OR RELATED TO THE USE OF, INABILITY TO USE, OR THE TERMINATION OF THE USE OF ANY REMOTE BANKING SERVICE, REGARDLESS OF THE FORM OF ACTION OR CLAIM (WHETHER CONTRACT, TORT, STRICT LIABILITY OR OTHERWISE), EVEN IF WE HAVE BEEN INFORMED OF THE POSSIBILITY THEREOF, EXCEPT AS OTHERWISE REQUIRED BY LAW.

ODP & Opt-in/Opt-out of ATM/Debit Card Transactions

OVERDRAFT PRIVILEGE SERVICE

BankGloucester offers customers that qualify a discretionary overdraft protection service we call our Overdraft Privilege Service (ODP). The benefit of the service is that the bank may automatically pay checks or payments into the overdraft instead of returning them marked Insufficient Funds. This service is not a guarantee, or line-of-credit; but an understanding that the bank will usually pay the checks or payments into the overdraft. The bank does retain the right to return any item and cancel the service at any time. For more details, check the general description of the ODP Terms that follows.

In addition, you may request (Opt-In) that any ATM or everyday debit card transactions be covered by any Overdraft Privilege Service in place for your designated account.

After we receive your request, we will review your account history to determine if your account meets our good standing minimum requirements (see Account Qualification section). If so, we will notify you of the approval and the ODP limit assigned to your account. You may decline the Overdraft Privilege Service at any time by (1) completing the section at the bottom of your approval letter, or (2) phoning (978) 283-8200 and speaking to any available Customer Service Representative.

GENERAL INFORMATION

OVERDRAFT PRIVILEGE SERVICE

GENERAL BENEFITS
The benefit to the customer is that by paying the checks/debits instead of returning them, they will not have to pay retailer bounced check fees as well as avoid the embarrassment and extra efforts to resolve the returned checks. The bank will still charge an insufficient funds fee on the checks/debits it pays, but the customer would not be charged another insufficient funds fee for a check that may be rerun against insufficient funds. Therefore, this service is of great value to those customers that inadvertently make an error by issuing a check with insufficient funds that could result in a cascade of insufficient fund items or insufficient funds fees since the banks overdrawing of the account would eliminate this situation.

ACCOUNT QUALIFICATION
The bank will review the accounts history to determine if it qualifies as an account in good standing according to the banks internal rating standards. In general, we will strive to pay overdrafts up to an assigned limit in your account as long as you maintain your account in good standing. We may rely on factors such as: (A) your account has been open at least 30 days; (B) you make regular deposits of at least $400 or more within any thirty day period; (C) you are not in default on any loan obligation to BankGloucester; (D)if we pay checks into the overdraft, you bring your account to a positive balance at least once every month; (E) your account is not the object of any legal or administrative order or levy; (G) other special transactions such as charge-backs or unusual activity. Once approved, we will consider, without obligation on our part, approving your reasonable overdrafts, including our fees, up to the assigned limit. If we terminate the service, we will also let you know. We will notify you when your account is eligible for this Discretionary Overdraft Service and to the amount of overdraft privilege that may be available for your personal or business checking account.

FINE PRINT INFORMATION
Insufficient funds Charges may result from: A) the payment of checks, electronic funds transfers, or other withdrawal requests; B) payments authorized by you; C) the return, unpaid, of items deposited by you; D) the imposition of bank service charges; or E) the deposit of items which according to the BankGloucesters Funds Availability Policy, are treated as not yet available or finally paid.

We are not obligated to pay any item presented for payment if your account does not contain sufficient available funds. Rather than automatically returning, unpaid, any insufficient funds items that you have we may pay these items and create an overdraft (negative) balance in your account which you will be expected to repay the bank.

We may refuse to pay an overdraft for you at anytime, even though your account is in good standing and even though we may have previously paid overdrafts for you. You will be notified by mail of any insufficient funds items paid or returned that you may have; however, we have no obligation to notify you before we pay or return any item. The amount of any overdrafts, plus our insufficient funds fee that you owe us shall be due and payable upon demand. If there is an overdraft paid by us on an account with more than (1) owner on the signature card, each owner, and agent if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdrafts plus our insufficient funds fees.

Optional Overdraft Protection Service: We offer an alternative Overdraft Protection Service if you have another account with BankGloucester from which to transfer funds: i.e. Savings Account, Money Market Accounts or other checking accounts.

Ineligible Accounts and Limitations: Available only for eligible checking accounts that are maintained in good standing and defined above, Savings Accounts, Money Market Accounts, Public Funds, Charitable Organization Accounts, Trust Accounts, Minor Accounts are not eligible for this service. We may limit the number of accounts eligible for this service to one per household and/or one account per taxpayer identification number.

Eligible Account Types: The account types that are eligible for this privilege are: Personal Checking Accounts primarily used for personal or household purposes.

You May Always Cancel: You may choose at any time to cancel this service by notifying one of our Customer Service Representatives who will explain what this means and the potential consequences for you. The Overdraft Privilege Service does not constitute an actual or implied agreement between you and BankGloucester, nor does it constitute an actual or applied obligation of or by BankGloucester. This service represents a purely discretionary courtesy or privilege that the bank may provide to you from time to time and which may be withdrawn at any time without prior notice or reason or cause

POSTING ORDER FOR TRANSACTIONS

ACH/Bill-Pay items:
Largest deposits followed by smaller deposits, then smaller withdrawals followed by largest withdrawals.

In clearing/Check Items:
Lowest to highest check amount, smallest withdrawals to largest withdrawals.

Debit Card/POS Transactions:
please refer to the Terms and Conditions of your Account Disclosure.

ATM Withdrawals/Deposits:
please refer to the Terms and Conditions of your Account Disclosure.

On-line/Telephone transfers:
Post at the time of transfer, unless future-dated.

What you Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.
We can cover your overdrafts in two different ways:

  • We have standard overdraft practices that come with your account.
  • We also offer overdraft protection plans, such as a link to a savings account, which may be less expensive than our standard overdraft practices.
    To learn more, ask us about these plans.

This notice explains our standard overdraft practices.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We do not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • ATM transactions
  • Everyday debit card transactions

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if BankGloucester pays my overdraft?

Under our standard overdraft practices:

  • We will charge you a fee of up to $25 each time we pay an overdraft.
  • Customers 18 years or younger, or 65 years or older will be charged $5.00 each time we pay an overdraft.
  • As a courtesy, we do limit the total fees for overdrawing your account to three per day.
  • We do not charge an overdraft fee when the difference between the available balance and the amount of the item to be paid is $10 or less.

What if I want BankGloucester to authorize and pay overdrafts on my ATM and everyday debit card transactions?

If you want to authorize BankGloucester to pay overdrafts on ATM and everyday debit card transactions, you must give specific consent by completing the appropriate section on Page 1 of this document.
You may also call (978)283-8200 and speak with a Customer Service Representative.

Note: This disclosure is based on the A-9 Model Consent form for Overdraft Services (§ 205.17) under the Reg E Amendment Final Rule approved 11/12/2009 with the mandatory compliance by 7/1/2010.

Loan Program Disclosure for Adjustable Rate Mortgage Loans

3 YEAR FIXED – 1 YEAR ADJUSTABLE RATE MORTGAGE

This disclosure describes the features of the Adjustable Rate Mortgage (“ARM”) program you are considering. Information on other ARM programs is available upon request.

How Your Interest Rate is Determined

Your initial interest rate will be fixed and may not necessarily be based on the then value of the Index and the margin.

Following the completion of the fixed rate term of 36 months, your interest rate will be based on the value of an index described below, plus a margin. The interest rate is rounded to the nearest 1/8 of 1%.

Ask us for our current interest rate and margin. The index is the weekly average yield on United States Treasury Securities adjusted to a constant maturity of 1 year as made available by the Federal Reserve Board in the Selected Interest Rate Publication H15 and as published in The Wall Street Journal.

How Your Interest Rate Can Change

The initial interest rate will be in effect for 36 months and will then be subject to adjustment.

Your interest rate can change every 12 months thereafter.

The interest rate for the period after the first adjustment date may not vary from the interest rate of the immediately preceding term by more than 1.0 percentage points and the interest rate for the period after any subsequent Adjustment Date may not vary by more than 1.0 percentage points from the interest rate of the immediately preceding term.

Your interest rate cannot increase more than 5.0 percentage points during the term of the loan. The minimum interest rate that can apply is 4.0%.

Discounted Interest Rate

If applicable, the interest rate on your loan will be discounted from the rate which would have been applicable if the current index value had been added to the margin. Ask us about the amount of our current interest rate discount.

Premium Interest Rate

If applicable, your initial interest rate is not based on the index used to make later adjustments. Your initial interest rate will be higher than the current value of the index and the margin. Ask us for the amount of the current interest rate premium.

Construction Feature

If applicable, this program covers both a construction loan period and permanent financing. During the construction loan period, you will be required to make monthly payments of interest based on the amount you have borrowed. The Maximum Interest Rate and the Payment Example is based on the permanent loan period.

How Your Payment Can Change

Your payment can change after the first 36 months of your loan and then every 12months thereafter based on changes in the interest rate.

Your payment will be based on the interest rate, loan balance, and loan term.

You will receive an Initial Adjustment Notice at least 210 days but not more than 240days prior to the Adjustment Date of a payment at a new level. Subsequently, you will be notified in writing at least 60, but not more than 120 days before the due date of a Monthly Payment at a new level, or at such time as may be required by applicable law. This notice will contain information about your Index, Interest Rate, Monthly Payment Amount and Loan Balance.

Maximum Interest Rate and Payment Example

For example, on a $10,000 30 year loan with an initial interest rate of 3.125% which rate was in effect in January, 2021, the maximum amount that the interest rate can rise under this program is 5.0 percentage points, to 8.125%, and the monthly payment can rise from a first-year of $42.84 to a maximum of $69.73 in the 8th year.

Your monthly payment can increase or decrease substantially depending on changes in the interest rate. To see what your payments would be, divide your mortgage amount by $10,000; then multiply the monthly payment by that amount. For example, the monthly payment for a mortgage amount of $60,000 would be: $60,000 ÷ $10,000 = 6; 6 x $42.84 = $257.04per month.


5 YEAR FIXED – 1 YEAR ADJUSTABLE RATE MORTGAGE

This disclosure describes the features of the Adjustable Rate Mortgage (“ARM”) program you are considering. Information on other ARM programs is available upon request.

How Your Interest Rate is Determined

Your initial interest rate will be fixed and may not necessarily be based on the then value of the Index and the margin.

Following the completion of the fixed rate term of 60 months, your interest rate will be based on the value of an index described below, plus a margin. The interest rate is rounded to the nearest 1/8 of 1%.

Ask us for our current interest rate and margin. The index is the weekly average yield on United States Treasury Securities adjusted to a constant maturity of 1 year as made available by the Federal Reserve Board in the Selected Interest Rate Publication H15 and as published in The Wall Street Journal.

How Your Interest Rate Can Change

The initial interest rate will be in effect for 60 months and will then be subject to adjustment.

Your interest rate can change every 12 months thereafter.

The interest rate for the period after the first adjustment date may not vary from the interest rate of the immediately preceding term by more than 1.0 percentage points and the interest rate for the period after any subsequent Adjustment Date may not vary by more than 1.0 percentage points from the interest rate of the immediately preceding term.

Your interest rate cannot increase more than 5.0 percentage points during the term of the loan. The minimum interest rate that can apply is 4.0%.

Discounted Interest Rate

If applicable, the interest rate on your loan will be discounted from the rate which would have been applicable if the current index value had been added to the margin. Ask us about the amount of our current interest rate discount.

Premium Interest Rate

If applicable, your initial interest rate is not based on the index used to make later adjustments. Your initial interest rate will be higher than the current value of the index and the margin. Ask us for the amount of the current interest rate premium.

Construction Feature

If applicable, this program covers both a construction loan period and permanent financing. During the construction loan period, you will be required to make monthly payments of interest based on the amount you have borrowed. The Maximum Interest Rate and the Payment Example is based on the permanent loan period.

How Your Payment Can Change

Your payment can change after the first 60 months of your loan and then every 12months thereafter based on changes in the interest rate.

Your payment will be based on the interest rate, loan balance, and loan term.

You will receive an Initial Adjustment Notice at least 210 days but not more than 240days prior to the Adjustment Date of a payment at a new level. Subsequently, you will be notified in writing at least 60, but not more than 120 days before the due date of a Monthly Payment at a new level, or at such time as may be required by applicable law. This notice will contain information about your Index, Interest Rate, Monthly Payment Amount and Loan Balance.

Maximum Interest Rate and Payment Example

For example, on a $10,000 30 year loan with an initial interest rate of 3.250% which rate was in effect in January, 2021, the maximum amount that the interest rate can rise under this program is 5.0 percentage points, to 8.250%, and the monthly payment can rise from a first-year of $43.52 to a maximum of $68.63 in the 10th year.

Your monthly payment can increase or decrease substantially depending on changes in the interest rate. To see what your payments would be, divide your mortgage amount by $10,000; then multiply the monthly payment by that amount. For example, the monthly payment for a mortgage amount of $60,000 would be: $60,000 ÷ $10,000 = 6; 6 x$43.52 = $261.12per month.


7 YEAR FIXED – 1 YEAR ADJUSTABLE RATE MORTGAGE

This disclosure describes the features of the Adjustable Rate Mortgage (“ARM”) program you are considering. Information on other ARM programs is available upon request.

How Your Interest Rate is Determined

Your initial interest rate will be fixed and may not necessarily be based on the then value of the Index and the margin.

Following the completion of the fixed rate term of 84 months, your interest rate will be based on the value of an index described below, plus a margin. The interest rate is rounded to the nearest 1/8 of 1%.

Ask us for our current interest rate and margin. The index is the weekly average yield on United States Treasury Securities adjusted to a constant maturity of 1 year as made available by the Federal Reserve Board in the Selected Interest Rate Publication H15 and as published in The Wall Street Journal.

How Your Interest Rate Can Change

The initial interest rate will be in effect for 84 months and will then be subject to adjustment.

Your interest rate can change every 12 months thereafter.

The interest rate for the period after the first adjustment date may not vary from the interest rate of the immediately preceding term by more than 1.0 percentage points and the interest rate for the period after any subsequent Adjustment Date may not vary by more than 1.0 percentage points from the interest rate of the immediately preceding term.

Your interest rate cannot increase more than 5.0 percentage points during the term of the loan. The minimum interest rate that can apply is 4.0%.

Discounted Interest Rate

If applicable, the interest rate on your loan will be discounted from the rate which would have been applicable if the current index value had been added to the margin. Ask us about the amount of our current interest rate discount.

Premium Interest Rate

If applicable, your initial interest rate is not based on the index used to make later adjustments. Your initial interest rate will be higher than the current value of the index and the margin. Ask us for the amount of the current interest rate premium.

Construction Feature

If applicable, this program covers both a construction loan period and permanent financing. During the construction loan period, you will be required to make monthly payments of interest based on the amount you have borrowed. The Maximum Interest Rate and the Payment Example is based on the permanent loan period.

How Your Payment Can Change

Your payment can change after the first 84 months of your loan and then every 12months thereafter based on changes in the interest rate.

Your payment will be based on the interest rate, loan balance, and loan term.

You will receive an Initial Adjustment Notice at least 210 days but not more than 240days prior to the Adjustment Date of a payment at a new level. Subsequently, you will be notified in writing at least 60, but not more than 120 days before the due date of a Monthly Payment at a new level, or at such time as may be required by applicable law. This notice will contain information about your Index, Interest Rate, Monthly Payment Amount and Loan Balance.

Maximum Interest Rate and Payment Example

For example, on a $10,000 30 year loan with an initial interest rate of 3.50% which rate was in effect in January, 2021, the maximum amount that the interest rate can rise under this program is 5.0 percentage points, to 8.50%, and the monthly payment can rise from a first-year of $44.90 to a maximum of $68.40 in the 12th year.

Your monthly payment can increase or decrease substantially depending on changes in the interest rate. To see what your payments would be, divide your mortgage amount by $10,000; then multiply the monthly payment by that amount. For example, the monthly payment for a mortgage amount of $60,000 would be: $60,000 ÷ $10,000 = 6; 6 x$44.90 = $269.40 per month.


10 YEAR FIXED – 1 YEAR ADJUSTABLE RATE MORTGAGE

This disclosure describes the features of the Adjustable Rate Mortgage (“ARM”) program you are considering. Information on other ARM programs is available upon request.

How Your Interest Rate is Determined

Your initial interest rate will be fixed and may not necessarily be based on the then value of the Index and the margin.

Following the completion of the fixed rate term of 120 months, your interest rate will be based on the value of an index described below, plus a margin. The interest rate is rounded to the nearest 1/8 of 1%.

Ask us for our current interest rate and margin. The index is the weekly average yield on United States Treasury Securities adjusted to a constant maturity of 1 year as made available by the Federal Reserve Board in the Selected Interest Rate Publication H15 and as published in The Wall Street Journal.

How Your Interest Rate Can Change

The initial interest rate will be in effect for 120 months and will then be subject to adjustment.

Your interest rate can change every 12 months thereafter.

The interest rate for the period after the first adjustment date may not vary from the interest rate of the immediately preceding term by more than 1.0 percentage points and the interest rate for the period after any subsequent Adjustment Date may not vary by more than 1.0 percentage points from the interest rate of the immediately preceding term.

Your interest rate cannot increase more than 5.0 percentage points during the term of the loan. The minimum interest rate that can apply is 4.0%.

Discounted Interest Rate

If applicable, the interest rate on your loan will be discounted from the rate which would have been applicable if the current index value had been added to the margin. Ask us about the amount of our current interest rate discount.

Premium Interest Rate

If applicable, your initial interest rate is not based on the index used to make later adjustments. Your initial interest rate will be higher than the current value of the index and the margin. Ask us for the amount of the current interest rate premium.

Construction Feature

If applicable, this program covers both a construction loan period and permanent financing. During the construction loan period, you will be required to make monthly payments of interest based on the amount you have borrowed. The Maximum Interest Rate and the Payment Example is based on the permanent loan period.

How Your Payment Can Change

Your payment can change after the first 120 months of your loan and then every 12months thereafter based on changes in the interest rate.

Your payment will be based on the interest rate, loan balance, and loan term.

You will receive an Initial Adjustment Notice at least 210 days but not more than 240days prior to the Adjustment Date of a payment at a new level. Subsequently, you will be notified in writing at least 60, but not more than 120 days before the due date of a Monthly Payment at a new level, or at such time as may be required by applicable law. This notice will contain information about your Index, Interest Rate, Monthly Payment Amount and Loan Balance.

Maximum Interest Rate and Payment Example

For example, on a $10,000 30 year loan with an initial interest rate of 4.00% which rate was in effect in January, 2021, the maximum amount that the interest rate can rise under this program is 5.0 percentage points, to 9.00%, and the monthly payment can rise from a first-year of $47.74 to a maximum of $68.91 in the 15th year.

Your monthly payment can increase or decrease substantially depending on changes in the interest rate. To see what your payments would be, divide your mortgage amount by $10,000; then multiply the monthly payment by that amount. For example, the monthly payment for a mortgage amount of $60,000 would be: $60,000 ÷ $10,000 = 6; 6 x$47.74 = $286.44 per month.


© 2021 Bankers Group Purchasing, Waltham MA 02453 – (1/21)36774

Fee Schedule

Miscellaneous Fees

Stop Payment Fee (This fee may apply to checks and ACH stop payments). . . . . $25.00

Insufficient Funds (items paid or returned, per item) . . . . .$25.00
This fee may apply to any transaction that overdraws your account including, but not limited to, payments authorized by Check, ACH/Electronic Items and ATM/Debit Card Transactions.

Returned Deposited Items . . . . .$7.00

Locked Zipper Business Bag . . . . .$25.00

Overdraft Protection Fee – from checking, money market or statement savings accounts (per pre-authorized automatic transfer) . . . . .$5.00

Duplicate Statements . . . . .$5.00

Research Fees (per hour, minimum of 1 hour) . . . . .$25.00

IRA Service Fees (annually on December 15th) . . . . .$15.00

Money Orders ($500 or less) . . . . .$2.00

Treasurers Checks (over $500) . . . . .$3.00

Levies or Attachments. . . . . $50.00

Lost Passbook Fee. . . . . $10.00

Replacement ATM or Debit Card Fee. . . . . $10.00

IRA Exit Fee. . . . . $25.00

Wire Transfers

Domestic Outgoing. . . . . $25.00

Foreign Outgoing. . . . . $50.00

All Incoming. . . . . $15.00

ATM, POS & Debit Card Transaction Fees

Checking Accounts

ATM, POS & Debit Card Transactions . . . .FREE

Worldwide ATM Transactions . . . .FREE

Basic Checking accounts are charged $1 for each foreign ATM withdrawal and $.50 for each foreign ATM balance inquiry.
Machines displaying the SUM logo will not impose additional fees, other ATMs may impose additional fees, you will have the option to void such transactions.

Personal, Premier & Premier Plus Money Market and Statement Savings Accounts

BankGloucester ATM Transactions . . . . .FREE

Foreign ATM Withdrawals 6 free per statement cycle, then $1.00 each

Foreign ATM Balance Inquiries 6 free per statement cycle, then $ .50 each

POS & Debit Card Transactions. . . . . Not allowed

Online Banking with Bill Pay and Presentment

Online Banking with Bill Pay & Presentment is FREE with all BankGloucester Checking Accounts.

Online Bill Pay

Insufficient Funds (per item) . . . . .$25.00

Stop Payments . . . . .$35.00

Other Fees

Paper Statement Fee . . . . .$2.00

Inactivity Fee . . . . .$4.00

This fee applies to all inactive checking accounts. If your account has had no activity for a period of 180 days, and your daily balance is less than $100.00, the bank will assess a fee of $4.00 per month until the account is at a zero balance and the account will be closed.

Premature Checking Account Closing Fee . . . . .$15.00

The bank reserves the right to assess a fee if your checking account is closed within 90 days of opening.

If you are 18 years or younger or 65 years or older special rules apply:

Insufficient Funds (items paid or returned, per item). . . . .$5.00

Official Bank Checks (Money Orders/Treasurers Checks). . . . . FREE

Stop Payments. . . . .FREE

18/65 Account Guidelines / Chapter 167D Accounts

Yours Rights and Responsibilities

I. APPLICABILITY AND SCOPE The purpose of these guidelines is to provide banks with guidance on how to comply with the provisions of the 18-65 law so called. This bulletin retains a question and answer format in order to provide practical information to institutions and individuals seeking information on certain aspects of the 18-65 law. Institutions with additional questions or concerns should refer to the entire statute for additional guidance on the law’s scope.

A bank, as defined by G.L. c. 167D, s.1, is prohibited from imposing any fee, charge or other assessment against the savings account or demand deposit account of any persons sixty-five years of age or older or eighteen years of age or younger pursuant to G.L. c. 167D, s. 2, subparagraph 1. However, the Act specifically provides that a reasonable charge, as determined by the Division of Banks (Division), may be assessed against any such account of any such persons when payment has been refused because of insufficient funds or paid despite insufficient funds on any check or other action drawn on such account, as set forth in the Act.

Pursuant to the requirements of section 2 of chapter 167D, as rewritten, the Division has determined that, for any account covered by the law, the charge to be assessed for a transaction refused because of insufficient funds or paid despite insufficient funds shall not exceed $5.00 per such transaction.

Massachusetts General Laws chapter 167D, s. 2, subparagraph 1, as most recently amended by Chapter 234 of the Acts of 2010 (Chapter 234),sets forth, in part, that: [A] natural person 18 years of age or under or 65 years of age or older may choose 1 demand deposit account and 1 savings account which, in each instance, shall include a joint account in which the spouse of the eligible depositor, regardless of age, is the joint tenant therein or the joint tenant would otherwise be an eligible depositor, and which has been established and used for personal, family or household purposes, upon which no service, maintenance or other similar charge shall be imposed. No such account shall be subject to: (i) a minimum balance requirement; (ii) a charge for a deposit or withdrawal; or (iii) a fee for the initial order or subsequent refills of the basic line of checks offered by the bank, which shall include the name of the depositor. For the purposes of this subparagraph, the term savings account shall include a regular passbook, regular statement savings or regular NOW account, so-called.

Privacy Policy

Rev. January 2011

FACTS WHAT DOES BANKGLOUCESTER DO WITH YOUR PERSONAL INFORMATION?
Why? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
What? The types of personal information we collect and share depend on the product or service you have with us. This information can include:

  • Social Security number
  • Account balances
  • Transaction history
  • Assets
  • Account transactions
  • Checking account information

When you are no longer our customer, we continue to share your information as described in this notice.

How? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons BankGloucester chooses to share; and whether you can limit this sharing.
Reasons we can share your personal information Does BankGloucester share? Can you limit this sharing?
For our everyday business purposes –
such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus
Yes No
For our marketing purposes –
to offer our products and services to you
No We don’t share
For joint marketing with other financial companies No We don’t share
For our affiliates’ everyday business purposes –
information about your transactions and experiences
No We don’t share
For our affiliates’ everyday business purposes –
information about your creditworthiness
No We don’t share
For nonaffiliates to market to you No We don’t share
Questions? Call 978-283-8200 or go to www.bankgloucester.com
What We Do
How does BankGloucester protect my personal information? To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does BankGloucester collect my personal information? We collect your personal information, for example, when you

  • Open an account
  • Deposit money
  • Give us your contact information
  • Pay us by check
  • Show your driver’s license

We also collect your personal information from others, such as credit bureaus, affiliates, or other companies.

Why can’t I limit all sharing? Federal law gives you the right to limit only

  • sharing for affiliates’ everyday business purposes – information about your creditworthiness
  • affiliates from using your information to market to you
  • sharing for nonaffiliates to market to you

State laws and individual companies may give you additional rights to limit sharing.

See below for more on your rights under state law.

Definitions
Affiliates Companies related by common ownership or control. They can be financial and non-financial companies.

  • BankGloucester has no affiliates.
Nonaffiliates Companies not related by common ownership or control. They can be financial and non-financial companies.

  • BankGloucester does not share with nonaffiliates so they can market to you.
Joint Marketing A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

  • BankGloucester doesn’t jointly market.
Other Important Information
For Massachusetts Customers. We will not share personal information from deposit or share relationships with nonaffiliates either for them to market to you or for joint marketing – without your authorization.
BankGloucester Financial Services

Disclosure

Securities offered through Securities America, Inc., member FINRA/SIPC. Advisory services offered through BankGloucester Financial Services. BankGloucester, BankGloucester Financial Services and Securities America are separate entities.

Open Account Online
Get
Mobile Banking
Apply For A Mortgage
Explore Mortgage Rates
Enjoy Free Business Checking
View
How-To Videos