Somerset Savings Bank

Deposit Account Disclosure and General Rules

DEPOSIT ACCOUNT AGREEMENT

General Agreement. The terms "you" and "your" refer to the depositor (whether joint or individual) and the terms "we," "us" and "our" refer to Somerset Savings Bank. The acronym "NOW" means Negotiable Order of Withdrawal. You understand the following Account Agreement ("Agreement") governs your account with us. Your account is also governed by other applicable documents, such as the Truth In Savings Account Disclosure and Privacy Policy, and where applicable, the Funds Availability Policy and Electronic Fund Transfer Agreement ("Disclosures"), which are incorporated by reference.

General Rules. The following rules apply to all types of accounts:

  1. Deposits. Deposits may be made in person or by mail. We are not responsible for transactions mailed until we actually receive and record them. We may, at our sole discretion, refuse to accept particular instruments as deposits. Cash deposits are credited to your account according to this Agreement. Other items you deposit are handled by us according to our usual collection practices. If an item you deposit is returned unpaid, we will debit your account and adjust any interest earned. You are liable to us for the amount of any check you deposit to your account that is returned unpaid. In addition, you are liable to us for all costs and expenses related to the collection of any or all of that amount from you. Funds deposited to your account are available in accordance with the Disclosures.
  1. Collection of Deposited Items. In receiving items for deposit or collection, we act only as your agent and assume no responsibility beyond the exercise of ordinary care. All items are credited subject to final settlement in cash or credits. We shall have the right to forward items to correspondents including all Federal Reserve Banks, and we shall not be liable for default or neglect of said correspondents for loss in transit, nor shall any correspondent be liable except for its own negligence. You specifically authorize us or our correspondents to utilize Federal Reserve Banks to handle such items in accordance with provisions of Regulation J (12CFRPart210), as revised or amended from time to time by the Federal Reserve Board. In the event we are subject to local clearinghouse rules, you specifically authorize us to handle such items in accordance with the rules and regulations of the clearinghouse. If we permit you to withdraw funds from your account before final settlement has been made for any deposited item, and final settlement is not made, we have the right to charge your account or obtain a refund from you. In addition, we may chargeback any deposited item at anytime before final settlement for whatever reason. We shall not be liable for any damages resulting from the exercise of these rights. Except as may be attributable to our lack of good faith or failure to exercise ordinary care, we will not be liable for dishonor resulting from any reversal of credit, return of deposited items or for any damages resulting from any of those actions.
  1. Set-offs. We may set-off funds in your account and any other accounts held by you, jointly or individually, to pay any debt you may owe us; this includes any item(s) that we have cashed for you that are returned to us unpaid. If the account is a joint account, we may offset funds for the debt of any one of the owners.
  1. Claims. In response to any garnishment, attachment, restraining order, injunction, levy, citation to discover assets, judgment, reclamation, other order of court or other legal process ("Claim(s)"), we have the right to place a hold on, remove from your account(s) and/or remit to the designated third-party (ies) any amount on deposit in your account as set forth in and required by such Claim(s). If the account(s) is/are held jointly, we may place the hold, remove from the account(s) and/or remit the amounts from the account(s) arising from any Claim(s) relating to any one or more of the account holders. In addition, we may charge against your account(s) any fee authorized by law in connection with the Claim(s) or as otherwise set forth in the Disclosures.
  1. Expenses. You agree to be liable to us for any loss, costs or expenses that we incur as a result of any dispute involving your account, including reasonable attorneys' fees to the extent permitted by law, and you authorize us to deduct such loss, costs or expenses from your account without prior notice to you.
  1. Dormant Accounts. You understand that if your account is dormant, you may be charged the fee specified in the Disclosures and we may stop paying interest to the extent permitted by law. You understand that your account balance may be escheated (that is, turned over to the state) in accordance with state law.
  1. Release of Funds upon Death. Upon the death of any person named on the account, funds will be subject to the procedures set forth in New Jersey's estate tax statutes.
  1. Multiple-Party Accounts. If your account is designated as a multiple-party account, trust account, or P.O.D. account, it will be subject to the provisions of the Multiple Party Deposit Account Act, N.J.S.A. 17:16I-1 et seq. (P.L. 1979, c.491). We will not have any liability for any payments made pursuant to the Act.
  1. Joint Account. If this account is noted as a joint account, ownership of this account cannot be changed by will. Each party to this account has a present right to payment from this account. Each party owns his/her net contribution to the account. In the absence of proof of net contribution, and unless the parties have specifically otherwise agreed, each party will own an equal share of this account. We may make payment from this account, including payment of the entire account balance, (i) pursuant to any statutory or common law right of setoff, levy, attachment or other valid legal process or court order, relating to the interest of anyone or more of the parties; and (ii) on request to a trustee in bankruptcy, receiver in any state or Federal insolvency proceeding, or other duly authorized insolvency representative of anyone or more of the parties. We are not required to determine net contributions. Upon the death of a party to this account: (a) Where there is only one surviving party, the entire account will belong to the survivor; (b) Where there are two or more surviving parties each party will continue to own his/her proportionate share. The portion of the account owned by the deceased party will be shared equally by the survivors. Any person named on the account is liable for the amount of any overdraft regardless of whether he or she signed the item or benefited from the proceeds of the item. Upon receiving written notice from any person named on the account, we may freeze the account. The account may be frozen until we receive written notice, signed by all parties named in the account, as to the disposition of funds.
  1. In Trust For or Payable on Death Account. If this account is noted as an In Trust For or Payable on Death account, the trustee(s) may change the named beneficiary (ies) at anytime by a written direction to us. The trustee(s) reserves the right to withdraw all or part of the deposit at anytime. Such payment or withdrawal shall constitute a revocation of the trust agreement as to the amount withdrawn. The beneficiary (ies) acquires the right to withdraw only if: (i) all of the trustees die, and (ii) the beneficiary is then living. The beneficiary (ies) is only entitled to the amount that is in the trust after the entire trustee's(s') outstanding checks and debits have been paid. If all of the beneficiaries predecease the trustee(s), the named beneficiary's (ies') death shall terminate the trust and title to the money that is credited to the trust shall vest in the trustee(s). If two or more beneficiaries are named and survive the death of all of the trustees, such beneficiaries will own this account in equal shares without right of survivorship.  
  1. Custodial Account. A custodial account is subject to applicable law as adopted by the state in which the account is opened. The documents that authorize the custodianship may be required for the account. An account opened under the Uniform Transfers/Gifts to Minors Act must be opened in the name of a custodian "as custodian for (name of minor) under the Uniform Transfer to Minors Act". There may be only one custodian and one minor as beneficiary for each minor account.
  1. Change in Form of Account. If this is a multiple-party account, you may only change the form of this account by a written notice or order given to us by a person named on the account which orders us to change the form of the account or to stop or vary payment under the terms of the account. The order or request must be signed by a person named on the account, received by us during that person's lifetime, and not countermanded by other written order of the same person during his or her life time. We may require that the person giving the notice provide us with a current address for every other party affected by the notice.
  1. Power of Attorney. If you wish to name another person to act as your attorney in fact or agent in connection with your account, we must approve the form of appointment.
  1. Fees, Service Charges and Balance Requirements. You agree you are responsible for any fees, charges, balance, or deposit requirements as stated in the Disclosures.
  1. Non-Sufficient Funds. If your account lacks sufficient available funds to pay a check, preauthorized transfer, or other debit activity presented for payment, we may return such item for non-sufficient funds and may charge you a fee as provided in the Disclosures, subject to our Overdraft Policy, if any. We may process checks and any other debit activity in any order, including from highest dollar amount to lowest dollar amount.
  1. Amendments and Alterations. You agree that the terms and conditions governing your account may be amended by us from time to time. We will notify you of amendments as required by applicable law. Your continued use of the account evidences your agreement to any amendments. Notices will be sent to the most recent address shown on the account records. Only one notice will be given in the case of joint accountholders.
  1. Notices. You are responsible for notifying us of any address or name changes, the death of an accountholder or other information affecting your account. Notices must be in a form and manner acceptable to us with enough information to allow us to identify the account. Notice sent by you to us is not effective until we have received it and have a reasonable opportunity to act on it. Written notice sent by us to you is effective when mailed to the last address supplied.
  1. Closing Account. We may close the account at any time, with or without cause, by sending you notice and a check for the balance in our possession to which you are entitled. At our discretion, we have the authority to pay an otherwise properly payable check, which is presented after the closing of your account.
  1. Transfers and Assignments. You cannot assign or transfer any interest in your account unless we agree in writing.
  1. Applicable Laws and Regulations. You understand that this Agreement is governed by the laws of the state in which the account is opened unless federal law controls. Changes in these laws may change the terms and conditions of your account. We will notify you of any changes as required by law.
  1. ACH and Wire Transfers. This Agreement is subject to Article4A of the Uniform Commercial Code-Funds Transfers as adopted by the state in which the account is opened. If you send or receive a wire transfer, you agree that Fedwire® Funds Service may be used. Federal Reserve Board Regulation J is the law that covers transactions made over Fedwire® Funds Service. When you originate a funds transfer for which Fedwire® Funds Service is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary 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. If you are a party to an Automated Clearing House ("ACH") entry, you agree to be bound by the rules and regulations of the National Automated Clearing House Association ("NACHA") Operating Rules, the Rules of any local ACH, and the Rules of any other system through which the entry is made. Provisional Payment. Credit we give you with respect to an ACH credit entry is provisional until we receive final settlement for that entry through a Federal Reserve Bank. If we do not receive final settlement, you agree that we are entitled to a refund of the amount credited to you in connection with the entry, and the party making payment to you via such entry (i.e., the originator of the entry) shall not be deemed to have paid you in the amount of such entry. International ACH Transactions. If your transaction originates from a financial agency that is outside of the territorial jurisdiction of the United States, it may be subject to additional review for compliance with the rules of the Office of Foreign Assets Control (OFAC).If additional review is required, the International ACH transaction will not be available to you until it passes final verification. Notice of Receipt. Under the operating rules of NACHA, which are applicable to ACH transactions involving your account, we are not required to give next day notice to you of receipt of an ACH item and we will not do so. However, we will continue to notify you of the receipt of payments in the periodic statements we provide to you.  Choice of Law. We may accept on your behalf payments to your account which have been transmitted through one or more ACH transactions that are not subject to the Electronic Fund Transfer Act and your rights and obligations with respect to such payments shall be construed in accordance with and governed by the laws of the state where this account is opened as provided by the operating rules of NACHA, which are applicable to ACH transactions involving your account. 
  1. Payment of Interest.   If this is an interest bearing account, the interest is calculated and paid in accordance with the Disclosures.
  1. Stop Payments. If you request us to stop payment on a check you have written or on a preauthorized transfer, you will give written or other confirmation as allowed by us within 14 days of making the request. If you fail to confirm an oral stop payment request within the 14 days, we reserve the right to cancel the request. Requests to stop all future payments on a preauthorized transfer may require additional documentation to be supplied to us. Your stop payment request must describe the item or account with reasonable certainty and we must receive the request in a time and way that gives us a reasonable opportunity to act on it. A stop payment on a check you have written will remain in effect for 6 months or until we receive written revocation of the stop payment, which ever occurs first. A stop payment on a preauthorized transfer will remain in effect until we receive a withdrawal of the stop payment request or the return of the debit entry (ies), whichever occurs first. You may be charged a fee every time you request a stop payment, even if it is a continuation of a previous stop payment request. You understand that we may accept the stop payment request from any of the joint owners of the account regardless of who signed the check or authorized the transfer. Our acceptance of a stop payment request does not constitute a representation by us that the item has not already been paid or that we have had a reasonable opportunity to act on the request.
  1. Checks. All negotiable paper ("checks") presented for deposit must be in a format that can be processed and we may refuse to accept any check that does not meet this requirement. All endorsements on the reverse side of any check deposited into your account, or on any check issued by you, must be placed on the left side of the check when looking at it from the front, and must be placed so as to not go beyond an area located 1-1/2 inches from the left edge of the check when looking at it from the front. It is your responsibility to ensure that this requirement is met. You are responsible for any loss incurred by us for failure of an endorsement to meet this requirement.
  1. Substitute Checks. To make check processing faster, federal law permits financial institutions to replace original checks with "substitute checks." These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: "This is a legal copy of your check. You can use it the same way you would use the original check. "You may use a substitute check as proof of payment just like the original check. Some or all of the checks that you receive back from us may be substitute check(s).
  1. Stale or Postdated Checks. We reserve the right to pay or dishonor a check more than 6 months old without prior notice to you. If you can write checks on your account, you agree not to postdate any check drawn on the account. If you do and the check is presented for payment before the date of the check, we may pay it or return it unpaid. We are not liable for paying any stale or postdated check. Any damages you incur that we may be liable for are limited to actual damages not to exceed the amount of the check. 
  2. Check Safekeeping. If you can write checks on your account and utilize check safekeeping or any other system offered by us for the retention of your checks, you understand that the canceled checks will be retained by us and destroyed after a reasonable time period or as required by law. If for any reason we cannot provide you with a copy of a check, our liability will be limited to the lesser of the face amount of the check or the actual damages sustained by you. When you request a copy of a check it may be subject to a fee as defined in the Disclosures.
  3. Statements. If your account is a Checking, NOW, Money Market, or Statement Savings account, we will provide you with a periodic statement showing the account activity. The accountholder who receives this statement is the agent for his/her co-accountholder(s) for purposes of receiving the statement and items. You must notify us within 30 days after we mail or otherwise make the statement available to you of any discrepancies. If you fail to notify us, you will have no claim against us. However, if the discrepancy is the result of an electronic fund transfer, the provisions of our Disclosures will control its resolution. If you do not receive a statement from us because you have failed to claim it, or have supplied us with an incorrect address, we may stop sending your statements until you specifically make written request that we resume sending your statements and you supply us with a proper address.
  1. Facsimile Signatures. You authorize us, at anytime, to charge you for all checks, drafts, or other orders for the payment of money, that are drawn on us 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 in our files and contain the required number of signatures for this purpose. If your items are signed using any facsimile signature or non-manual form of signature, you acknowledge that it is solely for your benefit and convenience. You accept sole responsibility for maintaining security over any device affixing the signature as such signature will be effective regardless of whether the person affixing it was authorized to do so.
  1. Restrictive Legends. We are not required to honor any restrictive legend on checks you write unless we have agreed to the restriction in a writing signed by an officer of the financial institution. Examples of restrictive legends are "must be presented within 90 days" or "not valid for more than $1,000.00."
  1. No Waiver. You understand and agree that no delay or failure on our part to exercise any right, remedy, power or privilege available to us under this Agreement shall affect or preclude our future exercise of that right, remedy, power or privilege.

CHECKING AND NOW ACCOUNTS   In addition to the General Rules, your Checking Account and Negotiable Order of Withdrawal (NOW) Account will be subject to the following rules:

  1. Withdrawals. Deposits will be available for withdrawal consistent with the terms of our Disclosures. Withdrawals may be subject to a service charge.
  1. Withdrawal Notice Requirements. If your account is a NOW or interest bearing checking account, we have the right to require seven (7) days prior written notice from you of your intent to withdraw any funds from your account.
  1. New Jersey Consumer Checking Account. If your account is a New Jersey Consumer Checking Account, it is subject to the fees and charges specified in the Account Disclosure provided for this account. We may refuse to open a New Jersey Consumer Checking Account for you or close your account for any of the following reasons:(a) fraudulent activity or overdrafts ,or to protect our customers or employees from physical harm , using the same standards as are used for holders of regular checking accounts; (b) you have a regular checking account or another New Jersey Consumer Checking Account with us or with another depository institution ; (c) you make an intentional material misrepresentation to us in connection with the account; or (d) any other reason consistent with the provisions under N.J.S.A. § 17:16N-1 et seq .and any accompanying regulations.

MONEY MARKET ACCOUNTS In addition to the General Rules, your Money Market Account will be subject to the following rules:

  1. Withdrawals. We have the right to require seven (7) days prior written notice from you of your intent to withdraw any funds from your account. Withdrawals may be subject to a service charge. 
  1. Access Limitations. You understand that we will not allow more preauthorized transfers than the maximum number specified in the Disclosures. The Disclosures will also specify the maximum number of checks that may be written on your account per month. A preauthorized transfer is a transfer of funds from this account to make payments to a third party by means of a preauthorized or telephone agreement, order or instruction. Federal regulations require compliance with these restrictions. We may be required to close your account, take away any ability to transfer and write checks or convert the account to a checking or other transaction account if these restrictions are violated.

SAVINGS ACCOUNTS In addition to the General Rules, your Savings Account will be subject to the following rules:

  1. Withdrawals. We have the right to require seven (7) days prior written notice from you of your intent to withdraw any funds from your account. Withdrawals may be subject to a service charge.
  1. Passbooks. If your account is a passbook account and you wish to make a withdrawal without your passbook, we can refuse to allow the withdrawal. If your passbook is lost or stolen, you will immediately notify us in writing.
  1. Access Limitations. You understand that we will not allow more preauthorized transfers than the maximum number specified in the Disclosures. A preauthorized transfer is a transfer of funds from this account to make payments to a third party by means of a preauthorized or telephone agreement, order or instruction. Federal regulations require compliance with these restrictions. We may be required to close your account, take away your ability to transfer funds or convert the account to a checking or other transaction account if these restrictions are violated. 

CERTIFICATES OF DEPOSIT/TIME DEPOSIT ACCOUNTS In addition to the general rules, your Certificate of Deposit/Time Deposit ("Certificate") Account will be subject to the following rules:

  1. Terms. The term of deposit, interest rate(s) and Annual Percentage Yield ("APY") of your Certificate are specified in the Disclosures provided to you at the time of opening the Certificate.
  1. Payment on Maturity. Your Certificate is payable on the maturity date noted in your Disclosures. If this is a joint account, payment is subject to the terms discussed in the Joint Account provisions of this Agreement.
  1. Interest. The Certificate bears interest at the rate and basis as set forth in the Disclosures. Interest will not be compounded unless noted in the Disclosures; and will be paid according to the payment frequency and manner indicated in the Disclosures. Withdrawal of interest prior to maturity will affect the APY. For any renewal of a Certificate, interest will be paid at the rate then in effect at this financial institution for similar accounts, and any such renewal will be for a time period equal or similar to the original term and subject to these terms and conditions. Refer to the Disclosures for information regarding post maturity interest.
  1. Transferability. No right in, or title to, the Certificate is transferable, except on the books of this financial institution.
  1. Withdrawal Prior to Maturity. You have contracted to keep the funds evidenced by the Certificate on deposit from the issue date until the maturity date of the Certificate's term. Acceptance of a request by you for withdrawal of some or all of the funds prior to the maturity date is at our discretion, or as referenced in the Withdrawals and Additional Deposits during Term provision of the Agreement.
  1. Early Withdrawal Penalty. If we allow a withdrawal, either partial or in whole, prior to the maturity date, each time we allow such a withdrawal, you will be assessed an early withdrawal penalty as set forth in the Disclosures.
  1. Automatic Renewal. Automatic Renewal Certificates will renew automatically on the stated maturity date of its term. If the deposit is withdrawn during the grace period as set forth in the Disclosures, we will not charge an early withdrawal penalty.
  1. Single Maturity. Single Maturity Certificates are not automatically renewable and mature on the stated maturity date of the term as set forth in the Disclosures.
  1. Withdrawals and Additional Deposits during Term. No withdrawals or additional deposits will be allowed during the term of the Certificate unless allowed by the product, as set forth in the Disclosures.
  1. Callable Time Deposit. If your Certificate has a "call" feature, we may redeem the Certificate prior to the stated maturity date as set forth in the Disclosures.
  1. Bump Up Time Deposit. If your Certificate has a "bump up" feature, you may bump up the interest rate on your Certificate prior to the stated maturity date, as set forth in the Disclosures.
  1. Step Rate Time Deposit. If your Certificate has a "step rate" feature, there are two or more interest rates that will take effect for the specified time periods as set forth in the Disclosures.
  1. Tiered Balance Time Deposit. If your Certificate has a "tiered balance" feature, there is an identified interest rate and APY, or range of APYs, applicable to specified portions of the Certificate's balance, as set forth in the Disclosures.

TRUTH IN SAVINGS DISCLOSURES

REGULAR CHECKING ACCOUNT

  • You must deposit $50.00 to open this account.

  • No transaction limitations apply to this account.

50 PLUS CHECKING ACCOUNT

  • This account is offered to persons 50 years of age or older.

  • You must deposit $50.00 to open this account.

  • No transaction limitations apply to this account.

  • You will be offered free standard personalized checks when you opt for our check safekeeping service.

50 PLUS CHECKING WITH INTEREST

  • This account is offered to persons 50 years of age or older whom have arranged for direct deposit of any recurring Government, Pension or Payroll check into the account.

  • The interest rate and annual percentage yield is available on the Deposit Rates page. Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account. We may change the interest rate on your account at anytime. There are no maximum or minimum interest rate limits for this account.

  • Interest will be compounded daily and will be credited to your account monthly. If you close your account before interest is credited, you will not receive the accrued interest.

  • You must deposit $50.00 to open this account.  You must maintain a minimum daily balance of $500.00 in the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement.

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

  • Interest begins to accrue no later than the business day you deposit noncash items (for example checks).

  • No transaction limitations apply to this account.

  • You will be offered free standard personalized checks when you opt for our check safekeeping service.

NOW CHECKING ACCOUNT WITH CHECK SAFEKEEPING

  • The interest rate and annual percentage yield is available on the Deposit Rates page. Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account. We may change the interest rate on your account at anytime. There are no maximum or minimum interest rate limits for this account.

  • Interest will be compounded daily and will be credited to your account monthly. If you close your account before interest is credited, you will not receive the accrued interest.

  • You must deposit $50.00 to open this account. A service charge of $10.00 will be imposed every statement cycle if the daily balance in the account falls below $1,200.00 any day of the statement cycle. You must maintain a minimum daily balance of $500.00 in the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement.

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

  • Interest begins to accrue no later than the business day you deposit noncash items (for example checks).

  • No transaction limitations apply to this account. 

NOW CHECKING ACCOUNT WITH CHECK RETURN

  • The interest rate and annual percentage yield is available on the Deposit Rates page. Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account. We may change the interest rate on your account at anytime. There are no maximum or minimum interest rate limits for this account.

  • Interest will be compounded daily and will be credited to your account monthly. If you close your account before interest is credited, you will not receive the accrued interest.

  • You must deposit $50.00 to open this account. A service charge of $11.00 will be imposed every statement cycle if the daily balance in the account falls below $1,200.00 any day of the statement cycle. You must maintain a minimum daily balance of $500.00 in the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement.

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

  • Interest begins to accrue no later than the business day you deposit noncash items (for example checks).

  • No transaction limitations apply to this account.

NEW JERSEY CONSUMER CHECKING ACCOUNT

  • You must deposit $50.00 to open this account. You must maintain a minimum daily balance of $1.00. If you do not maintain the $1.00 minimum daily balance requirement your account will be closed. There is a $3.00 service charge per monthly statement cycle. The first 8 checks paid per monthly statement cycle are at no charge. Checks paid in excess of 8 per monthly statement cycle are charged $0.50 per check paid.

  • No transaction limitations apply to this account.

  • A New Jersey Consumer Checking Account will be opened for those customers who do not have a checking account with Somerset Savings Bank or any other financial institution. Furthermore, existing customers will be required to close all other checking accounts at Somerset Savings Bank if they desire to open a New Jersey Consumer Checking Account with Somerset Savings Bank.

BUSINESS CHECKING ACCOUNT

  • You must deposit $100.00 to open this account. If the balance falls below $2,500.00 on any day during the monthly statement cycle, you will be charged a $12.00 service charge. The first 40 checks paid during the statement cycle are at no charge. For each check paid over that limit, there will be a $0.20 per check charge. The first 15 deposits made during the statement cycle are at no charge. For each deposit over the limit, there will be a $0.40 per deposit charge.

  • No transaction limitations apply to this account.

EVERYDAY PASSBOOK SAVINGS

  • The interest rate and annual percentage yield is available on the Deposit Rates page. Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account. We may change the interest rate on your account at anytime. There are no maximum or minimum interest rate limits for this account.

  • Interest will be compounded daily and will be credited to your account monthly. If you close your account before interest is credited, you will not receive the accrued interest.

  • You must deposit $10.00 to open this account. A service charge of $3.00 will be imposed every month if the daily balance in the account falls below $250.00 any day of the month. There is no minimum daily balance requirement for account holders under 18, account holders over 50 or non-profit organizations. You must maintain a minimum daily balance of $50.00 in the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement.

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

  • Interest begins to accrue no later than the business day you deposit noncash items (for example checks).

  • You may not make pre-authorized withdrawals from your account, including ACH withdrawals, online banking transactions, telephone banking transactions and ATM transactions. Unlimited deposits and withdrawals may be made in person at a branch office.

STATEMENT SAVINGS ACCOUNT

  • The interest rate and annual percentage yield is available on the Deposit Rates page. Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account. We may change the interest rate on your account at anytime. There are no maximum or minimum interest rate limits for this account.

  • Interest will be compounded daily and will be credited to your account monthly. If you close your account before interest is credited, you will not receive the accrued interest.

  • You must deposit $10.00 to open this account. A service charge of $3.00 will be imposed every statement cycle if the daily balance in the account falls below $250.00 any day of the statement cycle. There is no minimum daily balance requirement for account holders under 18, account holders over 50 or non-profit organizations. You must maintain a minimum daily balance of $50.00 in the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement.

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

  • Interest begins to accrue no later than the business day you deposit noncash items (for example checks).

  • Federal Regulation limits the number of electronic funds transfers you may make out of your account to a total of 6 per statement cycle. These limits are applicable to pre-authorized transfers you may have arranged with a third party, telephone transfers, Online Banking transfers you make, Overdraft Protection transfers made with Checking Reserve, and purchases made with your Visa Check/ATM Card. If you exceed the allowable limit during the monthly statement cycle, you will be assessed a $5.00 Over Limit Activity Charge for each transfer in excess of the limit. Excessive violations of these limits can necessitate that the Bank change your account to a transactional product type. These transfer restrictions do not apply to automatic loan payments made to the Bank from your account, or to withdrawals or transfers made at an ATM. Unlimited deposits and withdrawals may be made in person at a branch office or at Automated Teller Machines.

TIERED STATEMENT SAVINGS ACCOUNT

  • You must maintain a checking account with the Bank to open and maintain this account. If you close your checking account with the Bank, your Tiered Statement Savings Account will be converted to a Statement Savings Account.

  • The interest rate and annual percentage yield is available on the Deposit Rates page. Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account. We may change the interest rate on your account at anytime. There are no maximum or minimum interest rate limits for this account. Interest will be compounded daily and will be credited to your account monthly. If you close your account before interest is credited, you will not receive the accrued interest.

  • You must deposit $10.00 to open this account.

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

  • Interest begins to accrue no later than the business day you deposit noncash items (for example checks).

  • Federal Regulation limits the number of electronic funds transfers you may make out of your account to a total of 6 per statement cycle. These limits are applicable to pre-authorized transfers you may have arranged with a third party, telephone transfers, Online Banking transfers you make, Overdraft Protection transfers made with Checking Reserve, and purchases made with your Visa Check/ATM Card. If you exceed the allowable limit during the monthly statement cycle, you will be assessed a $5.00 Over Limit Activity Charge for each transfer in excess of the limit. Excessive violations of these limits can necessitate that the Bank change your account to a transactional product type. These transfer restrictions do not apply to automatic loan payments made to the Bank from your account, or to withdrawals or transfers made at an ATM. Unlimited deposits and withdrawals may be made in person at a branch office or at Automated Teller Machines.

PROVIDER MONEY MARKET ACCOUNT

  • The interest rate and annual percentage yield is available on the Deposit Rates page. Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account. We may change the interest rate on your account at anytime. There are no maximum or minimum interest rate limits for this account.

  • Interest will be compounded daily and will be credited to your account monthly. If you close your account before interest is credited, you will not receive the accrued interest.

  • You must deposit $2,500.00 to open this account. A service charge of $10.00 will be imposed every statement cycle if the daily balance in the account falls below $1,000.00 any day of the statement cycle. You must maintain a minimum daily balance of $250.00 in the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement.

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

  • Interest begins to accrue no later than the business day you deposit noncash items (for example checks).

  • Federal Regulation limits the number of electronic funds transfers you may make out of your account to a total of 6 per statement cycle. These limits are applicable to pre-authorized transfers you may have arranged with a third party, telephone transfers, Online Banking transfers you make, checks payable to third parties, Overdraft Protection transfers made with Checking Reserve, and purchases made with your Visa Check/ATM Card. If you exceed the allowable limit during the monthly statement cycle, you will be assessed a $5.00 Over Limit Activity Charge for each transfer in excess of the limit. Excessive violations of these limits can necessitate that the Bank change your account to a transactional product type. These transfer restrictions do not apply to automatic loan payments made to the Bank from your account, or to withdrawals or transfers made at an ATM. Unlimited deposits and withdrawals may be made in person at a branch office or at Automated Teller Machines.

CHRISTMAS CLUB ACCOUNT

  • The interest rate and annual percentage yield is available on the Deposit Rates page. You will be paid this rate for the club period.

  • Interest will be compounded daily and will be credited to your account annually. If you close your account before interest is credited, you will not receive the accrued interest.

  • Clubs can be opened in denominations of $5.00, $10.00, $20.00, $30.00 or $50.00. You must deposit at least the club denomination amount selected to open the account.

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

  • Interest begins to accrue no later than the business day you deposit noncash items (for example checks).

  • You may make a total of 50 deposits to the account in increments of the Club denomination. Partial withdrawals are not permitted from club accounts. You may withdraw the full balance and close the account prior to the end of the club period; however an Early Withdrawal Fee of $5.00 will be assessed.

  • The Club year runs for fifty (50) consecutive weeks based on dates established annually by the Bank and is considered matured at the end of the 50 week club period. This account will not renew automatically at the end of the club period and interest will not be paid after the end of the club period. You will be mailed a check for principal and any interest earned approximately two weeks after the end of the club period. The check will be mailed to the accountholder’s address of record.

VACATION CLUB ACCOUNT

  • The interest rate and annual percentage yield is available on the Deposit Rates page. . You will be paid this rate for the club period.

  • Interest will be compounded daily and will be credited to your account annually. If you close your account before interest is credited, you will not receive the accrued interest.

  • Clubs can be opened in denominations of $5.00, $10.00, $20.00, $30.00 or $50.00. You must deposit at least the club denomination amount selected to open the account.

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

  • Interest begins to accrue no later than the business day you deposit noncash items (for example checks).

  • You may make a total of 50 deposits to the account in increments of the Club denomination. Partial withdrawals are not permitted from club accounts. You may withdraw the full balance and close the account prior to the end of the club period; however an Early Withdrawal Fee of $5.00 will be assessed.

  • The Club year runs for fifty (50) consecutive weeks based on dates established annually by the Bank and is considered matured at the end of the 50 week club period. This account will not renew automatically at the end of the club period and interest will not be paid after the end of the club period. You will be mailed a check for principal and any interest earned approximately two weeks after the end of the club period. The check will be mailed to the accountholder’s address of record.

FIXED RATE CERTIFICATE OF DEPOSIT

  • The interest rate on your account and annual percentage yield (APY) are based on the term of your account as detailed on the Deposit Rates page. The interest rate will be paid until maturity.

  • If the term of your account is 6 months or less interest is compounded monthly or quarterly depending upon the interest crediting option selected at account opening.  If the term of your account is 9 months or more, interest will be compounded daily.  Interest will be credited to the account monthly or quarterly depending upon the option selected at account opening.  The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. If interest is credited to another account or paid to you by check, this may reduce earnings and may negate the effect of interest compounding.

  • You must deposit $500.00 to open this account. You must maintain a minimum daily balance of $500.00 in the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement.

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

  • Interest begins to accrue no later than the business day you deposit noncash items (for example checks).

  • You may not make deposits into or penalty free withdrawals from your account, other than for interest paid, until the maturity date. We will impose a penalty for principal withdrawn as follows: For certificates with terms of 15 months or less, the penalty will be equal to 3 months loss of interest. For certificates with terms of 18 months or more, the penalty will be equal to 6 months loss of interest. The penalty prescribed will not be imposed for the withdrawal of principal following the death or adjudication of incompetence of any accountholder. For IRA Accounts the early withdrawal penalty will be waived for accountholders 70 ½ years of age or over, where disbursement of funds is required by regulation.

  • Any withdrawal request which would reduce the balance below the minimum balance required to open the account will require the account to be closed. If this withdrawal is initiated by Somerset Savings Bank, your funds remaining on deposit will be placed in a Statement Savings Account at the then interest rate and annual percentage yield paid on Statement Savings Accounts.

  • Earnings credited to your account during the term may be withdrawn at anytime during such term without penalty.

  • Earnings in the account at the commencement of the renewal term shall be deemed principal and only earnings for the renewal term may be withdrawn without penalty during the renewal term.

  • Your account will automatically renew at maturity. You will have a grace period of 10 calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. Accounts that are closed during the grace period shall not be paid interest from the maturity date through the close-out date.

JUMBO CERTIFICATE OF DEPOSIT

  • To learn the interest rate and annual percentage yield for a Jumbo Certificate of Deposit see a customer service representative. The interest rate will be paid until maturity.

  • Interest will not be compounded and will be credited to your account at maturity. The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings. If you close your account before interest is credited, you will not receive the accrued interest.

  • You must deposit $100,000.00 to open this account. You must maintain a minimum daily balance of $100,000.00 in the account each day to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement.

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

  • Interest begins to accrue no later than the business day you deposit noncash items (for example checks).

  • You may not make deposits into or penalty free withdrawals from your account, other than for interest paid, until the maturity date.

  • Your account will not renew automatically at maturity. If you do not renew the account, your account will continue to earn interest after the maturity date. The interest rate paid after the maturity date will be the Bank’s Everyday Passbook Savings Account rate.

VARIABLE RATE IRA CERTIFICATE OF DEPOSIT

  • The interest rate on your account and annual percentage yield (APY) are based on the term of your account as detailed on the Deposit Rates page.  Your interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on your account.  We may change the interest rate on your account at any time.  There are no maximum or minimum interest rate limits for this account.
  • Interest will be compounded daily and will be credited to your account quarterly.  The annual percentage yield assumes interest will remain on deposit until maturity.  A withdrawal will reduce earnings.
  • You must deposit $100.00 to open this account.  You must maintain a minimum daily balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.  You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement.
  • We use the daily balance method to calculate interest on your account.  This method applies a daily periodic rate to the principal in the account each day.
  • Interest begins to accrue no later than the business day you deposit noncash items (for example, checks).
  • You may make additional deposits into your account of $50.00 or more at any time.  Additional deposits will not extend your maturity date.  You may not make penalty free withdrawals from your account, other than interest paid, until the maturity date.
  • We will impose a penalty for principal withdrawn equal to 6 months loss of interest.  The penalty prescribed will not be imposed for the withdrawal of principal following the death or adjudication of incompetence of any accountholder.  For IRA Accounts the early withdrawal penalty will be waived for accountholders 70 ½ years of age or over, where disbursement of funds is required by regulation.
  • Any withdrawal request which would reduce the balance below the minimum balance required to open the account will require the account to be closed.
  • Earnings credited to your account during the term may be withdrawn at any time during such term without penalty.
  • Earnings in the account at the commencement of the renewal term shall be deemed principal and only earnings for the renewal term may be withdrawn without penalty during the renewal term.
  • Your account will automatically renew at maturity.  You will have a grace period of 10 calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.  Accounts that are closed during the grace period shall not be paid interest from the maturity date through the close-out date. 

Fees and Charges

The fees and charges that may be assessed against any of your accounts with Somerset Savings Bank are available on the Service Fees page.