North Shore Bank

Truth in Savings Disclosure

This notice contains many important features and terms about deposit accounts at North Shore Bank. This disclosure also contains rules that govern your deposit account. Unless it would be inconsistent to do so, words and phrases used in this disclosure should be construed so that the singular includes the plural and the plural includes the singular.

INTEREST

  1. Interest Rates and Annual Percentage Yields – The interest rate and annual percentage yield (APY) on all interest-bearing checking, money market deposit account (MMDA), statement savings and passbook savings accounts are variable interest rates and may change at any time after the account is opened. At our discretion, we may change the interest rate and annual percentage yield on these accounts daily. The interest rate and annual percentage yield on a certificate of deposit account is fixed at the time your account is opened and will be in effect until the first maturity date.  We may change the interest rate and the annual percentage yield at that time and upon each subsequent term renewal. The interest rate and annual percentage yield on these accounts are stated on the Certificate of Term Deposit.
  1. Compounding and Crediting Frequency – Interest on all interest-bearing checking, MMDA, statement savings and passbook savings accounts is compounded monthly and is credited to your account every month.  Interest on certificate of deposit accounts is compounded every day and is credited to your account every month.
  1. Daily Balance Computation Method – We use the daily balance method to calculate the interest on all interest-bearing checking, MMDA, statement savings, passbook savings and certificate of deposit accounts.  This method applies a daily periodic rate to the available principal in the account each day.
  1. Accrual of Interest on Noncash Deposits – Interest on all interest bearing checking, MMDA, statement savings and passbook savings accounts begins to accrue on the business day you deposit non-cash items (for example, checks).  Interest on certificate of deposit accounts begins to accrue interest on the date of deposit.
  1. Effect of Closing an Account – If you close your interest-bearing checking, MMDA, statement savings, passbook savings or certificate of deposit account before interest is credited you may not receive the accrued interest.

TRANSACTION LIMITATIONS

  1. Passbook Savings – Funds may be deposited at any time. Unlimited in-person withdrawals are allowed but you must have your passbook with you to make a withdrawal. You should not make any transfers from a passbook savings account as this IS NOT a transactional account. Transfers from a passbook savings account to another account or to a third party by preauthorized, automatic, telephone, or computer transfer are limited to six per statement cycle with none by check, draft, debit card or similar order to third parties. Greater than six transfers will result in an excess transaction fee per item (see Consumer Summary of Accounts and Fee Schedule). The account may be closed or converted to a transaction account (such as a noninterest-bearing demand deposit account) if repeated transaction limitation violations occur. If we convert your account, we will tell you that we have done so.
  1. Statement Savings – Funds may be deposited at any time. Unlimited in-person and ATM withdrawals are allowed. Transfers from a statement savings account to another account or to a third party by preauthorized, automatic, telephone, or computer transfer are limited to six per statement cycle with none by check, draft, debit card or similar order to third parties.  Greater than six transfers will result in an excess transaction fee per item (see Consumer Summary of Account Services and Fee Schedule). The account will be closed or converted to a transaction account (such as a noninterest-bearing demand deposit account) if repeated transaction limitation violations occur. If we convert your account, we will tell you that we have done so.
  1. Money Market Deposit Account – Funds may be deposited at any time.  Unlimited in-person and ATM withdrawals are allowed. Transfers from a money market deposit account to another account or to a third party by check, preauthorized, automatic, telephone, or computer transfer are limited to six per statement cycle. Greater than six transfers will result in an excess transaction fee per item (see Consumer Summary of Account Services and Fee Schedule). The account will be closed or converted to a transaction account (such as a noninterest-bearing demand deposit account) if repeated transaction limitation violations occur.  If we convert your account, we will tell you that we have done so.
  1. Certificate of Deposit Account – You may not make a deposit into your account until maturity. You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to an early withdrawal penalty. You can only withdraw interest credited in the term before maturity of that term without penalty. You can withdraw interest any time during the term after it is credited to your account. The annual percentage yield assumes interest will remain on deposit until maturity and will be compounded. A withdrawal of principal or interest before maturity will reduce earnings.

Early Withdrawal Penalties – A penalty may be imposed for withdrawals before maturity.

  • If the withdrawal is made within the first six days after deposit, the penalty we impose will equal seven days interest.
  • If your account has a maturity of one year or less, the penalty we may impose will equal three months of interest on the amount withdrawn regardless of the length of time the funds have been on deposit.
  • If your account has a maturity of more than one year and less than two years, the penalty we may impose will equal six months interest on the amount withdrawn regardless of the length of time funds have been on deposit.
  • If your account has a maturity of two years or greater, but less than four years, the penalty we impose will equal nine months interest on the amount withdrawn regardless of the length of time funds have been on deposit.
  • If your account has a maturity of four years or greater, but less than five years, the penalty we may impose will equal twelve months interest on the amount withdrawn regardless of the length of time funds have been on deposit.
  • If your account has a maturity of five years or greater, the penalty we may impose will equal eighteen months of interest on the amount withdrawn regardless of the length of time funds have been on deposit.
  • If the amount of the penalty exceeds the amount of the accrued interest, we may deduct some of the entire penalty from the principal balance.

In certain circumstances such as the death or incompetence of an owner of the account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty.

See your plan disclosure if this account is part of an IRA or other tax qualified plan.

Automatically Renewable – Certificate of Deposit Accounts will automatically renew at maturity. You can prevent renewal if you withdraw the funds in the account at maturity or if we receive written notice from you within the grace period mentioned herein. If you prevent renewal, interest will not accrue after final maturity. Your renewal term is stated on your Certificate of Term Deposit and will begin on the maturity date. The interest rate will be adjusted to the rate offered at the time of maturity. Interest will be calculated on the same basis as the original term. You will have ten calendar days after maturity to withdraw funds without penalty; we call this a “grace period.”

Time Requirements – For all Certificate of Deposit Accounts a maturity date will be established when you open your account. Please see the Certificate of Term Deposit for the maturity date. If we are not offering a Certificate of Deposit Account of the same term at maturity, your account will automatically renew at the then closest maturity being offered that does not exceed the maturing term.

MINIMUM BALANCE

If we impose a minimum balance requirement to open an account, to avoid a monthly service fee or to enable your account to earn interest we will disclose that balance information in the Consumer Summary of Account Services and Fee Schedule.

FEES AND CHARGES

Fees and charges which may be imposed in connection with your account are disclosed in the Consumer Summary of Account Services and Fee Schedule. It contains the monthly service fees, transaction fees and minimum balance requirements that apply to your North Shore Bank Account. We may change the fees or balance requirements at any time, and if we do, we will give you notice before the effective date of the change.

BONUS

We may from time to time provide a bonus to our depositors in exchange for opening, maintaining, renewing, or increasing an account balance. If we offer a bonus with respect to any particular type of deposit account, we will provide to you a disclosure setting forth the amount or type of the bonus, when the bonus will be provided, and any minimum balance and other requirements to obtain the bonus.

OVERDRAFTS/ INSUFFICIENT FUNDS

Whether your overdrafts will be paid is discretionary and we reserve the right not to pay. For example, we typically do not pay overdrafts if your account is not in good standing, or you are not making regular deposits, or you have too many overdrafts. Fees and charges which may be imposed for overdrafts created by checks, in-person withdrawals, ATM withdrawals,  or by other electronic means as applicable are included in the Consumer Summary of Account Services and Fee Schedule.

RESERVE REQUIREMENTS – REGULATION D

For regulatory and accounting purposes only, your checking account will be divided into a transactional sub-account and a non-transaction sub-account. This will not affect the way you use your account, the interest earned, FDIC insurance, fees or charges. Your monthly account statement will reflect all your activity on your checking account and will not display any information on the sub-accounts.

For more detailed product information about specific account types, click on each of the links below:

Free Checking

Interest Checking 

Advantage Checking

Money Market Accounts

Savings Accounts

CDs & IRAs