978-283-8200 | 160 Main Street, Gloucester, MA 01930 | 15 Martin Street, Essex, MA 01929 | HOURS

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.

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

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 checking accounts, including Absolutely Free Checking:

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

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.

ABSOLUTELY FREE CHECKING ACCOUNT

A Free account that does not earn interest.

INTEREST CHECKING ACCOUNT

Pays interest, no minimum balance required, no monthly service fee, unlimited check writing, no per check charge, MasterMoney Debit Card.

PLATINUM INTEREST CHECKING ACCOUNT

This is a tiered rate account.

Minimum balance to avoid imposition of fees - A service charge fee of $8.00 will be imposed every statement cycle if the balance in the account falls below $1,000.00 any day of the cycle.

We will reimburse you for all non-Bank Gloucester Domestic ATM fees per statement cycle. ATM fee reimbursements will be credited to your account on the last 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.

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

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

PLATINUM REWARD CHECKING ACCOUNT

The Reward Checking Account is the FREE account that can make you money and save you money. It has three easy qualifications and two great rewards.

Account qualifications

To qualify you must:

(1) Have at least TEN (10) debit card purchases post and clear.

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

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

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.

Account rewards

The rewards of this account are:

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

(2) A refund of all nationwide non-Bank Gloucester ATM fees. If you have met your qualifications for the specified qualification cycle, we will reimburse you for all domestic ATM fees per qualification cycle. ATM fee reimbursements will be credited to your account on the last 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. Note: ATM withdrawals do not count as qualifying debit card transactions for purpose of earning rewards within this account.

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. The statement cutoff date is the 24th of each month. If the 24th 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.

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 check 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.

ABSOLUTELY FREE CHECKING ACCOUNT

INTEREST CHECKING ACCOUNT

The interest rate for your account is _____________%

with an annual percentage yield of _____________%.

PLATINUM INTEREST CHECKING ACCOUNT

Rate Information:

Tier 1 - If your daily balance is $2,500.00 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 $2,499.99 or less, the interest rate paid on the entire balance in your account will be _____________% with an annual percentage yield of _____________%.

PLATINUM REWARD CHECKING ACCOUNT

Rate Information:

Tier 1 - If you meet the account qualifications, an interest rate of _____________% will be paid on daily balances of $.01 to $25,000.00, with an annual percentage yield of _____________%.

Tier 2 - If you meet the account qualifications, an interest rate of _____________% will be paid on that portion of your daily balance that is greater than $25,000.00, with an annual percentage yield which will range from _____________% to _____________%, depending on the balance in the account.

Tier 3 - If you do not meet the account qualifications, your interest rate will be _____________% with an annual percentage yield of _____________%.

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.


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