Business Money Market Disclosure

Business Money Market Disclosure
Effective February 1, 2013

This is your disclosure concerning your business money market account with us. We do impose requirements for opening and maintaining this account. These requirements are listed below.

Disclosure Date

The rate and annual percentage yield (APY) and the fees and charges are accurate as of the effective date. You may call a Member Services Representative at 1-888-322-2848 to obtain current rate information.

Dividend rates are determined by the Jersey Shore Federal Credit Union’s Asset Liability Committee and subject to change without notice. The APY is based on the assumption that funds remain on deposit. A withdrawal will reduce earnings.

Minimum Balance Requirement to Open an Account:

The minimum balance required to open a money market account with us is $500.00. You must maintain a business savings account with us to open any other account.

Minimum Balance Requirement to Obtain Annual Percentage Yield:

You must maintain a minimum average monthly balance of $ 500.00 in your money market account to obtain the disclosed APY. If your account falls below the minimum average balance required for the month, your APY is 0.0% and you will not earn a dividend for that month.

Minimum Balance Requirement to Avoid a Monthly Fee:

$500.00

Compounding and Crediting:

Dividends will be compounded and credited monthly. If you close your money market account before dividends are paid, you will not receive the accrued dividends.

Date Dividends Accrue:

If we provide a dividend on this account, dividends will begin to accrue on the business day you deposit cash and non-cash items (e.g. share drafts) into this account.

Balance Computation Method:

If we provide a dividend on this account, dividends are calculated by the average daily balance method.

Transaction Limitation

We do not have a minimum or maximum withdrawal amount from your money market account. During any calendar month, you may not make more than six withdrawals or transfers to another credit union account of yours or to a third party by means of a preauthorized or automatic transfer, or instruction or through e-Branch (online banking), or by check, draft, or similar order to a third party. You will incur a fee if a transaction limitation is exceeded.

Bylaw Requirements:

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.

Share Insurance:

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.

Amendments:

We reserve the right to amend this disclosure statement from time to time without notice to you.

Statutory Lien or Setoff:

We have the right of setoff on all of your deposit accounts with us as provided by contract or statute.

Reliance on Signature Card:

By signing an account signature card, you agree that you have received a copy of this disclosure statement. Further, you have agreed to abide by the terms and conditions outlined in this disclosure.

Incorporation by Reference:

We hereby incorporate by reference our expedited funds availability policies, service charge schedules, deposit account agreement, and electronic banking disclosures.

Account Eligibility:

Any business with a delinquent loan or not in good standing with the credit union will not be eligible to open a money market account.

Suspension of Services:

We reserve the right to suspend services to you, if you are not in good standing with us.

Fees and Charges:

Per fee schedule.