Business Advantage Checking Disclosure

I. Type of Account

Business Advantage Checking Account

II. Terms of Dividends

• Minimum balance required to earn dividends: $100.00
• Dividends are computed using the average daily balance method.
• Dividends are compounded monthly.
• Dividends are paid at the close of every month.
• Dividend rate is variable.
• Dividend rate is determined by the Jersey Shore Federal Credit Union’s Asset Liability Committee and subject to change without notice.

III. CONDITIONS

1. Minimum balance required to open an account: $25.00.
2. A monthly fee will be charged when the balance falls below $500.00.
3. If overdraft protection is selected, transfers may, at the discretion of the credit union, be done in increments up to $100.00.
4. The credit union reserves the right to close a checking account when account abuse occurs.
5. Any business not in good standing with the credit union will not be eligible to open a checking account.
6. The credit union reserves the right to close a checking account if the business’s good standing status should change during the duration of the checking account with regard to share, checking or loan accounts.
7. You must open a business savings account with the credit union to open any other account.
8. If you reduce your share balance below the par value of one share and do not increase the balance to at least the par value of one share, you may be terminated from membership at the end of three months. We reserve the right to require you to give us written notice of your intent to make a withdrawal in excess of $10,000 from any account not less than seven and up to 10 days before the withdrawal. You may not withdraw shareholdings that are pledged as required on security on loans without our written approval, except to the extent that such shares exceed your total primary or contingent liability with us. You may not withdraw any shareholdings below the amount of your primary or contingent liability to us if you are delinquent as a borrower, or if borrowers for whom you are co-maker, endorser, or guarantor are delinquent, without our written approval.
9. Your funds are federally insured by the National Credit Union Share Insurance Fund according to the rules and regulations of the National Credit Union Administration.

IV. Fees

Fees for per item, returned item, stop payment and other fees and charges: Per fee schedule.