Truth-in-Savings Disclosure
Checking Accounts
Common Features for all Checking Accounts
The following features apply to all interest bearing checking accounts:
Rate Information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
The following features apply to all Checking Accounts:
Minimum balance to open the account - You must deposit $10.00 to open any checking account.
Electronic Statements - Must have electronic statements or we will impose a monthly paper statement fee. Please refer to fee schedule.
- Free ATM Deposits/Withdrawals/balance inquiries (foreign and on us)*
- Free Debit Card transactions
- Free POS transactions
- Free Online Banking
- Free Bill Pay
- Unlimited check writing
- Check imaged statements
Your account may be subject to additional fees. Please refer to the Fee Schedule for more details regarding additional fees.
* Other owners of ATMs outside of the SUM program may impose a charge for using their machines. You have an opportunity to void such transactions.
Essential Checking Account
A free account that does not earn interest. Must have electronic statements or we will
impose a monthly paper statement fee. Please refer to fee schedule.
impose a monthly paper statement fee. Please refer to fee schedule.
Student Checking Account
Electronic Statements - Must have electronic statements or we will impose a monthly paper statement fee. Please refer to fee schedule.
ATM Fee Reimbursement - We will reimburse you for all non-BankGloucester Domestic ATM fees per statement cycle up to $20. ATM fee reimbursements will be credited to your account on the last business day of your statement cycle. ATM fees of $4.99 or less will be reimbursed up to a maximum of $4.99 per individual transaction. ATM fees of $5.00 and higher will be reimbursed if the appropriate ATM receipt is presented to a representative of the bank. If you believe that you have not been reimbursed the correct amount, please contact us. We must hear from you no later than 30 days after the statement cycle when the reimbursement was applicable.
Elite Reward Checking Account
Account Qualifications
To qualify to earn our higher interest rate you must:
- Agree to accept your monthly bank statement online with E-Statements through our Online Banking service.
- Have at least FIFTEEN (15) debit card purchases post and clear.
- Have at least ONE (1) ACH Direct Deposit post and clear.
Debit card transactions processed by merchants and received by the bank as ATM transactions do not count towards qualifying debit card transactions. Only debit card transactions processed by merchants and received by the bank as POS transactions count towards qualifying debit card transactions.
To qualify for the rewards, transaction activity will be measured for items posted to your account for the monthly period beginning the day after the end of the previous cycle through to the end of the current cycle on the last business day of the month. Qualification cycle is the last business day of the month. If that business day falls on a Saturday, Sunday, or federal holiday, your statement will cutoff on the preceding business day.
If you do not meet the account qualifications, you will receive the Non-Qualifying Base Rate on the entire balance in your account, and you can try again the following month.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account - You must deposit $10.00 to open this account.
ATM Fee Reimbursement - We will reimburse you for all non-Bank Gloucester Domestic ATM fees per statement cycle up to $999. ATM fee reimbursements will be credited to your account on the last business day of your statement cycle. ATM fees of $4.99 or less will be reimbursed up to a maximum of $4.99 per individual transaction. ATM fees of $5.00 and higher will be reimbursed if the appropriate ATM receipt is presented to a representative of the bank. If you believe that you have not been reimbursed the correct amount, please contact us. We must hear from you no later than 30 days after the statement cycle when the reimbursement was applicable. If you close your account prior to your statement cycle cut off, your ATM fees will not be reimbursed.
Account Reward
(1) High qualifying rate on balances up to $25,000.00.
If you do not meet the account qualifications, you will receive the Non-Qualifying Base Rate on the entire balance in your account, and you can try again the following month.
Savings Accounts
Elite Companion Savings Account
This is a companion account. You must have, or open, an Elite Reward Checking Account to be eligible for this account type.
Rate Information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account - You must deposit $10.00 to open this account.
Passbook Savings Account
Rate Information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account - You must deposit $10.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations:
You may not make any transfers from this account to another account of yours or to third parties by preauthorized, automatic, or telephone transfer or similar order to third parties. Passbook must accompany all transactions.
Kid$ave Passbook Savings Account
Rate Information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account - You must deposit $10.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations:
You may not make any transfers from this account to another account of yours or to third parties by preauthorized, automatic, or telephone transfer or similar order to third parties. Passbook must accompany all transactions.
You may not make any transfers from this account to another account of yours or to third parties by preauthorized, automatic, or telephone transfer or similar order to third parties. Passbook must accompany all transactions.
Christmas Club Account
Rate Information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your
account.
account.
Compounding and crediting frequency - Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account - You must deposit $1.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations:
You may not make any transfers from this account to another account of yours or to third parties by preauthorized, automatic, or telephone transfer or similar order to third parties. If any withdrawal is made from this account before maturity then this account may be closed.
You may not make any transfers from this account to another account of yours or to third parties by preauthorized, automatic, or telephone transfer or similar order to third parties. If any withdrawal is made from this account before maturity then this account may be closed.
Statement Savings Account
Rate Information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.
Effect of closing an account - If you close your account before interest is credited, you will not receive the accrued interest.
Minimum balance to open the account - You must deposit $10.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Personal Money Market Account
Rate Information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every day. Interest will be credited to your account every month.
Effect of closing an account - If you close your account before interest is credited, you will receive the accrued interest.
Effect of closing an account - If you close your account before interest is credited, you will receive the accrued interest.
Minimum balance to open the account - You must deposit $1,000.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Premier Money Market Account
Rate Information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every day. Interest will be credited to your account every month.
Effect of closing an account - If you close your account before interest is credited, you will receive the accrued interest.
Minimum balance to open the account - You must deposit $10,000.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Premier Plus (+) Money Market Account
This is a combined account. You must have, or open, a BankGloucester checking account to be eligible for this account type. You must also have a combined statement.
Rate Information - Your interest rate and annual percentage yield may change.
Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every day. Interest will be credited to your account every month.
Effect of closing an account - If you close your account before interest is credited, you will receive the accrued interest.
Minimum balance to open the account - You must deposit $10,000.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $.01 in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Other Information
- Free ATM deposits, withdrawals, and balance inquiries (on us only)*
- No debit card issued on this account
- No point-of-sale (POS) transactions allowed on this account
- Foreign ATM transactions - six free per statement cycle, then $1.00 per cash withdrawal and $.50 per balance inquiry in excess of six.
*Other owners of ATMs outside of the SUM program may impose a charge for using their machines. You have an opportunity to void such transactions.
Certificate of Deposit
(Fixed Rate Term)
Rate Information - The interest rate on your account is —————% with an annual percentage yield of —————%. You will be paid this rate until first maturity.
Compounding frequency - Interest will be compounded:
- Every quarter.
- Every quarter.
If your account is for 182 day term, interest is not compounded.
Crediting frequency - Interest will be credited to your account every quarter.
Minimum balance to open the account - You must deposit $——————————————— to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $——————————————— in the account each day to obtain the disclosed annual percentage yield.
Daily balance computation method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations:
Transaction limitations:
- You may not make any deposits into your account before maturity.
- You may make withdrawals of principal from your account before maturity only if we agree at the time you request the withdrawal. Principal withdrawn before maturity is included in the amount subject to early withdrawal penalty.
- You can only withdraw interest credited in the term before maturity of that term without penalty.
- You can withdraw interest any time during the term of crediting after it is credited to your account.
Time requirements - Your account will mature ——————————————————————————————————————————————————————————————————————————————————————————— .
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) - The fee we may impose will equal ————————————————————— interest on the amount withdrawn subject to penalty.
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.
Withdrawal of interest prior to maturity - The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Automatically renewable time account - This account will automatically renew at maturity. You may prevent renewal if you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, interest will not accrue after final maturity.
Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same as we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit.
You will have ten (10) calendar days after maturity to withdraw the funds without a penalty.
Common Features
Please refer to our separate fee schedule for additional information about charges. Check printing ..............................(fee depends on style and quantity of check ordered) We may require not less than 7 days’ notice in writing before each withdrawal from an interest-bearing account other than a time deposit or demand deposit, or from any other savings deposit. 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.
—————————————
Please refer to our separate fee schedule for additional information about charges. Check printing ..............................(fee depends on style and quantity of check ordered) We may require not less than 7 days’ notice in writing before each withdrawal from an interest-bearing account other than a time deposit or demand deposit, or from any other savings deposit. 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 disclosure. If the figures are not filled in, please see the insert that is with this disclosure or your periodic statement.
These are the accounts you have opened or inquired about. Further details about these accounts are inside this disclosure. If the figures are not filled in, please see the insert that is with this disclosure or your periodic statement.
- Essential Checking Account
- Student Checking Account
- Elite Reward Checking Account
- Elite Companion Savings Account
- Passbook Savings Account
- Kid$ave Passbook Savings Account
- Christmas Club Account
- Statement Savings Account
- Personal Money Market Account
Rate Information:
-
- Tier 1 - If your daily balance is $1,000.00 or more, the interest rate paid on the entire balance in your account will be —————% with an annual percentage yield of —————%.
- Tier 2 - If your daily balance is $999.99 or less, the interest rate paid on the entire balance in your account will be —————% with an annual percentage yield of —————%.
- Premier Money Market Account
Rate Information:
-
- Tier 1 - If your daily balance is $50,000.00 or more, the interest rate paid on theentire balance in your account will be —————% with an annual percentage yield of —————%.
- Tier 2 - If your daily balance is more than $24,999.99, but less than $50,000.00, the interest rate paid on the entire balance in your account will be —————% with an annual percentage yield of —————%.
- Tier 3 - If your daily balance is more than $9,999.99, but less than $25,000.00, the interest rate paid on the entire balance in your account will be —————% with an annual percentage yield of —————%.
- Tier 4 - If your daily balance is $9,999.99 or less, the interest rate paid on the entire balance in your account will be —————% with an annual percentage yield of —————%.
- Premier Plus (+) Money Market Account
Rate Information:- Tier 1 - If your daily balance is $1,000,000.00 or more, the interest rate paid on the entire balance in your account will be —————% with an annual percentage yield of —————%.
- Tier 2 - If your daily balance is more than $499,999.99, but less than $1,000,000.00, 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 $249,999.99, but less than $500,000.00, 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 $99,999.99, but less than $250,000.00, 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 more than $9,999.99, but less than $50,000.00, the interest rate paid on the entire balance in your account will be —————% with an annual percentage yield of —————%.
- Tier 7 - If your daily balance is $9,999.99 or less, the interest rate paid on the entire balance in your account will be —————% with an annual percentage yield of —————%.
Certificate of Deposit
(FIXED RATE TERM)
Your —————————————————————————————— account will mature on————————————————— , and it will automatically renew unless you prevent it. The new maturity date will be ——————————————————————— . The interest rate and annual percentage yield have not yet been determined. They will be available on ——————————————————————— . Please call (978) 283-8200 to learn the interest rate and annual percentage yield for your new account.
Your —————————————————————————————— account will mature on————————————————— , and it will automatically renew unless you prevent it. The new maturity date will be ——————————————————————— . The interest rate and annual percentage yield have not yet been determined. They will be available on ——————————————————————— . Please call (978) 283-8200 to learn the interest rate and annual percentage yield for your new account.
Rev. 8/2019
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AIB-TIS 6/1/2022 Custom TCM-23af,2bn,3r,4v 202430250-010