Business Savings Disclosure

Business Savings Disclosure
Effective February 1, 2013

I. Type of Account

Business Savings Account

II. Terms of Dividends

  1. Dividends are computed using the average daily balance method.
  2. Dividends are compounded monthly.
  3. Dividends are paid at the close of every month.
  4. Dividend rate is variable.
  5. Dividend rates are determined by the Jersey Shore Federal Credit Union’s Asset Liability Committee and subject to change without notice.
  6. Dividend payment is based on the availability of funds and not guaranteed.

III. Conditions

  1. Minimum balance required to open and maintain an account: $25.00.
  2. A savings account may not fall below the minimum balance required. If, from a withdrawal or fee charged, it does fall below said balance, a check may be drawn on all open balances and the account closed, subject to any applicable notice requirement.
  3. A savings account must remain open six months to avoid an account closing fee.
  4. 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.
  5. Regulation D limits you to no more than six (6) withdrawals or transfers from each Share (Savings) Account during a calendar month by withdrawals or transfers to another account of your, to a third party by telephone using PATT, online using e-Branch, overdraft protection transfers, transfers over the phone with our staff, ACH withdrawals, and preauthorized debits. There are no limits to transfers or withdrawals done in person or through an ATM. Automatic transfers to repay Jersey Shore Federal Credit Union loans are also unlimited.
  6. 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 a returned item, stop payment and other fees and charges: Refer to fee schedule.