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. If you sign the signature card or open or continue to have your
account with us, 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 and the laws of the state of
Minnesota (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:
summarize some laws that apply to common transactions;
establish rules to cover transactions or events which the law does not regulate;
establish rules for certain transactions or events which the law regulates but permits
variation by agreement; and
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.
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. 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 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 can be deducted directly from the account balance
whenever sufficient funds are available. 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. This
includes liability for our costs to collect the deficit including, to the extent permitted by law, our
reasonable attorneys' fees.
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"). 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. 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 following business day that we are open.
WITHDRAWALS - Unless clearly indicated otherwise on the account records, any
of you, acting alone, who signs in the space designated for signatures on the signature card 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 signing the signature card to indorse any
item payable to you or your order for deposit to this account or any other transaction with us. We may
charge your account for a 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. We may
refuse any withdrawal or transfer request which you attempt on forms not approved by us, by any method
we do not specifically permit, which is greater in number than the frequency permitted, or which is
for an amount greater or less than any withdrawal limitations. Even if we honor a nonconforming
request, we may treat continued abuse of the stated limitations (if any) as your act of closing the
account. We will use the date the transaction is completed by us (as opposed to the date you initiate
it) to apply the frequency limitations. The fact that we may honor withdrawal requests that overdraw
the available account balance does not obligate us to do so later. See the funds availability policy
disclosure for information about when you can withdraw funds you deposit. For those accounts for 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.
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.
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) - 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 or Pay-On-Death Account - If two or more of you create this
type of account, you own the account jointly with survivorship. Beneficiaries cannot withdraw unless:
(1) all persons creating the account die, (2) the beneficiary is then living, and (3) we have not been
given written notice of a claim under a will. If two or more beneficiaries are named and survive the
death of all persons creating the account, beneficiaries will own this account in equal shares,
without right of survivorship. The person(s) creating either of these account types may: (1) change
beneficiaries, (2) change account types, and (3) withdraw all or part of the account funds at any
time.
BUSINESS 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. We may require
the governing body of the legal 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 legal entity.
STOP PAYMENTS - 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. 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, if you have an equal or greater right to withdraw from this account than the person who signed
the item. A release of the stop-payment request may be made only by the person who initiated 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. 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.
Notice from us to any one of you is notice to all of you.
STATEMENTS - 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, forgeries, or any other errors 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.
ACCOUNT TRANSFER - This account may not be transferred or assigned without
our prior written consent.
DIRECT DEPOSITS - If, in connection with a direct deposit plan, we deposit
any amount in an account which should have been returned to the Federal Government for any reason, 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 this option is selected, this is a
temporary account agreement. Each person who signs in the space designated for signatures on the
signature card (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 you owe us now or in the future, by any of you
having the right of withdrawal, to the extent of such persons' or legal entity's right to withdraw. If
the debt arises from a note, "any due and payable debt" includes the total amount of which we are
entitled to demand payment under the terms of the note at the time we set off, including any balance
the due date for which we properly accelerate under the note.
This right of setoff does not apply to this account if: (a) it is an IRA or other
tax-deferred retirement 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. We
undertake no obligation to monitor transactions to determine that they are on the owner's behalf.
RESTRICTIVE LEGENDS - We are not required to honor any restrictive legend on
checks you write unless we have agreed in writing to the restriction. Examples of restrictive legends
are "must be presented within 90 days" or "not valid for more than $1,000.00."
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 for which Fedwire 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 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. If we receive a credit to 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.
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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 or savings account(s).
Preauthorized payments. You may make arrangements to pay certain recurring bills from
your checking or savings 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.
ATM Transfers - Cirrus® Network - types
of transfers, dollar limitations, and charges - You may access your account(s) by ATM using your
Instant CashSM card and personal identification number or Instant Cash & CheckSM
card and personal identification number, to:
make deposits to checking account(s)
make deposits to savings account(s)
get cash withdrawals from checking or savings account(s)
the dollar limit will be disclosed at card issuance
there is a charge of $1.00 per withdrawal at non-Instant Cash ATMs
transfer funds from savings to checking account(s)
transfer funds from checking to savings account(s)
Some of these services may not be available at all terminals.
Types of Instant Cash & Check Card Point-of-Sale Transactions - You may
access your checking account(s) to purchase goods (in person, online, or by phone), pay for services
(in person, online, 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:
the dollar limit will be disclosed at card issuance
Currency Conversion. When you use your Instant Cash & Check card at a
merchant that settles in currency other than US dollars, the charge will be converted into the US
dollar amount. The currency conversion rate used to determine the transaction amount in US dollars is
either a rate selected by Visa from the range of rates available in wholesale currency markets for the
applicable central processing date, which rate may vary from the rate Visa itself receives, or the
government-mandated rate in effect for the applicable central processing date. The conversion rate in
effect on the processing date may differ from the rate in effect on the transaction date or posting
date.
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.
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.
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.
We charge $1.00 per card each month if your account is set up for Instant Cash cards.
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 any transfer to or from
your account using one of our automated teller machines or point-of-sale terminals.
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, the person or company making
the deposit will tell you every time they send us the money.
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 (507)
732-7555 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 accounts.
You will get a monthly account statement from us for your savings or money market accounts,
unless there are no transfers in a particular month. In any case, you will get a statement at
least quarterly.
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.
We will charge you $21.00 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.
FINANCIAL INSTITUTION'S LIABILITY
Liability for failure to make transfers. 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:
If, through no fault of ours, you do not have enough money in your account to make the
transfer.
If you have an overdraft line and the transfer would go over the credit limit.
If the automated teller machine where you are making the transfer does not have enough cash.
If the terminal or system was not working properly and you knew about the breakdown when you
started the transfer.
If circumstances beyond our control (such as fire or flood) prevent the transfer, despite
reasonable precautions that we have taken.
There may be other exceptions stated in our agreement with you.
CONFIDENTIALITY
We will disclose information to third parties about your account or the transfers
you make:
where it is necessary for completing transfers; or
in order to verify the existence and condition of your account for a third party, such as a
credit bureau or merchant; or
in order to comply with government agency or court orders; or
as explained in the separate Privacy Disclosure.
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 all of the money in your account (plus your maximum overdraft line of
credit). We will be liable for all unauthorized transfers unless the unauthorized transfer was due to
the loss or theft of your card and/or code. If due to the loss or theft of your card and/or code, and
you notify us within 60 days of when the unauthorized transfer appears on the statement you can lose
no more than $50 if someone used your card and/or code without permission.
If you do NOT notify us within 60 days after the unauthorized transfer
appears on your statement, and we prove that we could have stopped someone from using your card and/or
code without your permission if you had told us within 2 days of when you discover the loss or theft
of your card and/or code, you could lose as much as $500 for unauthorized transfers that appear on the
statement.
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 any money you lost after the 60 days if we 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 periods.
• Additional Limit on Liability for Instant Cash & Check card. Unless
you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized
transactions using your lost or stolen Instant Cash & Check card. This additional limit on liability
does not apply to ATM transactions or to transactions using your Personal Identification Number which
are not processed by VISA®.
(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 brochure. You should also call the number or write to the address listed in this brochure if you
believe a transfer has been made using the information from your check without your permission.
RIGHT TO BRING CIVIL ACTION
You may bring a civil action against any person violating any provision of
Minnesota Statutes § 47.69 (governing consumer privacy and unauthorized withdrawals).
If you prevail in such an action, you may recover the greater of your actual
damages or $500. You may also be entitled to recover punitive damages, your court costs and reasonable
attorney's fees.
TIME NEEDED TO COMPLETE
TERMINAL TRANSACTIONS
Withdrawals made at a terminal will normally be completed and charged to your account within
three days.
Deposits made at a terminal will normally be credited to your account within three days.
Transfers between accounts will normally be completed within three days.
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 brochure, 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.
Tell us your name and account number (if any).
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.
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 (5 business
days for Instant Cash & Check card point-of-sale transactions and 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 (5 business days for
Instant Cash & Check card point-of-sale transactions and 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 OF ZUMBROTA
BOOKKEEPING
70 WEST THIRD STREET, P.O. BOX 8
ZUMBROTA, MINNESOTA 55992
Business Days: Monday through Friday
Excluding Federal Holidays
Phone: (507) 732-7555
MORE DETAILED INFORMATION IS AVAILABLE
ON REQUEST
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YOUR ABILITY TO WITHDRAW FUNDS
This policy statement applies to "transaction" accounts. Transaction accounts, in
general, are accounts which permit an unlimited number of payments to third persons and an unlimited
number of telephone and preauthorized transfers to other accounts of yours with us. Checking accounts
are the most common transaction accounts. Feel free to ask us whether any of your other accounts might
also be under this policy.
Our policy is to make funds from your cash and check deposits available to you on
the first business day after the day we receive your deposit. Electronic direct deposits will be
available on the day we receive the deposit. Once the funds are available, you can withdraw them 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 3:00 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 after 3:00 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 you make a deposit at an ATM before 6:00 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 6:00 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.
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 first business day after the day of your deposit.
Depending on the type of check that you deposit, funds may not be available until the fifth business
day after the day of your deposit. The first $100 of your deposits, however, may be available on the
first business day.
If we are not going to make all of the funds from your deposit available on the
first business day, we will notify you at the time you make your deposit. We will also tell you when
the funds will be available. If your deposit is not made directly to one of our employees, or if we
decide to take this action after you have left the premises, we will 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 $5,000 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 eleventh 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 $5,000 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 first business day after 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 $5,000 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 $5,000 will not be available until the second business day after
the day of your deposit.
Funds from all other check deposits will be available on the fifth 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 do not own or operate will not be available until the fifth business day after the day of your
deposit. This rule does not apply at ATMs that we own or operate.
All ATMs that we own or operate are identified as our machines.
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TRUTH-IN-SAVINGS DISCLOSURE
REGULAR CHECKING ACCOUNT
Please see the Common Features section for details on this account.
NOW CHECKING 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.
Minimum balance to avoid imposition of fees - A service charge of $2.00 will
be imposed each monthly statement cycle if the average daily balance for the monthly statement cycle
falls below $500.00. The average daily balance is calculated by adding the principal in the account
for each day of the period and dividing that figure by the number of days in the period.
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 no later
than the business day we receive credit for the deposit of noncash items (for example, checks).
Fees:
A service charge of $1.00 will be charged each statement cycle. This fee will apply
on all accounts monthly.
REGULAR 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.
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 no later
than the business day we receive credit for the deposit of noncash items (for example, checks).
Transaction limitations:
Transfers from a Regular Savings account to another account or to third parties by
preauthorized, automatic, or telephone transfer are limited to six per month with no transfers by
check, draft, debit card, or similar order to third parties.
MONEY MARKET 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.
Minimum balance to open the account - You must deposit $2,500.00 to open
this account.
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 no later
than the business day we receive credit for the deposit of noncash items (for example, checks).
Transaction limitations:
Transfers from a Money Market Savings account to another account or to third
parties by preauthorized, automatic, or telephone transfer are limited to six per month with no
transfers by check, draft, debit card, or similar order to third parties.
CHRISTMAS CLUB 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 annually.
Determination of rate - At our discretion, we may change the interest rate
on your account.
Compounding and crediting frequency - Interest will not be compounded.
Interest will be credited to your account at maturity.
Effect of closing an account - If you close your account before interest is
credited, you will not receive the accrued interest.
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 no later
than the business day we receive credit for the deposit of noncash items (for example, checks).
Transaction limitations:
If any withdrawal is made from this account before maturity then this account will
be closed.
Deposit limitations - Unlimited deposits can be made. The maximum deposit(s)
in a one month period will be $250.00. The maximum balance allowed in this account is $3,000.00. If
these deposit limitations are not followed, your account may be subject to closure. If the account is
closed, a $5.00 withdrawal charge will be imposed and all accrued interest will be forfeited.
Withdrawal limitations - Withdrawals on this account are not permitted. The
principal balance plus interest will be paid to you by check at maturity.
Fees and Charges - The following fees and charges apply to this account:
Withdrawal charge - No withdrawals are allowed.
Should you have to make a withdrawal, a $5.00 withdrawal fee will be imposed, all
accrued interest will be forfeited and your account will be closed.
Additional Terms - The following additional terms apply to this account:
Your account must remain open and maintain a balance of $1.00 to obtain the disclosed annual
percentage yield.
Time requirements - Your account will mature on October 20th of every year.
Automatically Renewable Account - Your account will automatically renew at
maturity. Each renewal term will be the same as the original term, beginning on the maturity date.
Unless we tell you otherwise in writing, the interest rate will be the same rate we offer for new
Christmas Club Accounts on the maturity date. You may prevent renewal by not making further deposits
into the account.
A check for the principal balance in the account plus interest will be mailed to
the accountholder(s) each October at maturity.
------------------------------------ TIME DEPOSIT
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
------------------------------------------------------------------------------------------------------
.
Crediting frequency - Interest will be credited to your account every
--------------------------------------------------------------------------------------------------
.
Minimum balance to open the account - You must deposit $--------------
to open this account.
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 no later
than the business day we receive credit for the deposit of noncash items (for example, checks).
Transaction limitations:
You may make unlimited deposits into
your account.
You may not make any deposits into
your account before maturity.
You may make withdrawals of principal from your account before maturity.
You can withdraw interest accrued 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) -
If your account has an original maturity of 90 days or less:
The penalty we may impose is the greater of:
7 days interest, on the amount withdrawn subject to penalty, if the withdrawal is made
within the first six days after the deposit.
all interest on the amount withdrawn subject to penalty.
If your account has an original maturity of 91 days or more:
The fee we may impose will equal 90 days 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 any grace period mentioned below) or we
receive written notice from you within any grace period mentioned below. 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 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.
Non-automatically renewable time
account - This account will not automatically renew at maturity. If you do not renew the account,
interest will not accrue after maturity.
COMMON FEATURES
The following fees may be assessed against your account and the following
transaction limitations, if any, apply to your account.
Replace lost or stolen ATM or debit card (first time free) - $5.00
Check printing - (fee depends on style of check ordered)
Certified checks - $10.00
Returned item charge (chargebacks) - $4.00
Garnishments - $15.00
Executions - $15.00
Levies - $15.00
The categories of transactions for which an overdraft fee may be imposed are those by any of the
following means: check, in-person withdrawal, ATM withdrawal, or other electronic means.
Nonsufficient funds (NSF) fee for items paid/returned - $21.00
Nonsufficient funds (NSF) fee for items paid/returned daily maximum - $105.00
Every seventh consecutive overdraft day - $21.00
Account research - $25.00 per hour ($5.00 minimum)
Account balancing assistance - $20.00 per hour ($5.00 minimum)
Stop payments - each - $21.00
Dormant account fee (balance less than $10.00) - $1.00 per quarter
This fee is effective 1-1-07 and applies to checking and savings accounts that have had no activity
for 24 months, or loss of contact with the customer for 3 consecutive months. 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.
REGULAR CHECKING ACCOUNT
NOW CHECKING ACCOUNT
The interest rate for your account is --------------%
with an annual percentage yield of --------------%.
REGULAR SAVINGS ACCOUNT
The interest rate for your account is --------------%
with an annual percentage yield of --------------%.
MONEY MARKET SAVINGS ACCOUNT
Rate Information:
Tier 1 - 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 --------------%.
Tier 2 - If your daily balance is more than $2,499.99, but less than $10,000.00, 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 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 5 - 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 6 - 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 --------------%.
CHRISTMAS CLUB SAVINGS ACCOUNT
The interest rate for your account is --------------%
with an annual percentage yield of --------------%.
All Rights Reserved,
© Copyright Bank of Zumbrota 2000.