Business Gold Checking Account Disclosure

 

MINIMUM BALANCE TO OPEN THE ACCOUNT:

You must deposit $50.00 to open this account.

 

RELATIONSHIP PRICING:

The Business Gold Checking account is a non interest bearing transaction account designed to reward you with certain benefits, including no monthly maintenance fee, if you maintain a daily Relationship Balance with us of $5,000.00 or more. Relationship Balance is defined as the total of all of your other personal and business Weymouth Bank (“Bank”) deposit and loan account balances, on which you are either the named tax reporting owner or an additional owner. In addition, Weymouth Bank may aggregate the balances from other accounts that you are related to as a miscellaneous owner. The decision to aggregate these account(s) to your Relationship Balance will be done at the sole discretion of the Bank.

 

CALCULATION OF RELATIONSHIP BALANCE:

Your relationship balance consists of the following: the previous month average balance of your Business Gold Checking account, plus the previous month average balance of your other aggregated deposit account(s), plus the current balance of your aggregated loan account(s).

 

MINIMUM BALANCE TO AVOID IMPOSITION OF FEES:

A service fee of $6.00, $.10 per check paid, $.50 per deposit and $.05 per item deposited will be imposed every statement cycle if the Relationship Balance falls below $5,000.00 at any point during the statement cycle. Please note you may also forfeit other benefits if your Relationship Balance falls below $5,000.00.

 

CONVERSION OF AN EXISTING WEYMOUTH BANK BUSINESS CHECKING ACCOUNT OT A BUSINESS GOLD CHECKING ACCOUNT:

If you convert your existing Weymouth Bank business checking account to a Business Gold Checking Account during any statement period, you will not incur monthly service fees (as described in the preceding paragraph) during the conversion statement cycle provided that your relationship balance at the time the account is converted is at least $5,000.00. Your relationship balance must remain at this level at all times during the conversion statement cycle and subsequent statement cycles to avoid the imposition of service fees, as described above, to your Business Gold Checking account.

 

PREFERRED VIP CERTIFICATE OF DEPOSIT INTEREST RATES:

If your Relationship Balance is $5,000.00 or more you will be eligible to receive a preferred Gold interest rate on select certificate of deposit (CD’s) accounts, excluding the Indexed Certificate of Deposit.   This benefit applies to new CD’s as well as rollovers.   If your Relationship Balance is below $5,000.00 at the time you open or roll over your CD, you will not be eligible for the preferred Gold interest rate. 

 

ATM SERVICE CHARGES:

Business Gold Checking account holders will not be assessed a fee by Weymouth Bank for  the first five (5) foreign (non Weymouth Bank ATMs) ATM transactions conducted on their account (not per ATM/Debit card) per statement cycle. Foreign ATM transactions exceeding five (5) will be assessed a $1.00 service fee per transaction. This service fee is in addition to the fee (surcharge) that may be assessed by the owner of the ATM. If your Relationship Balance falls below $5,000.00 at any time during the statement period you will be charged a foreign ATM transaction fee for all foreign ATM transactions conducted during the statement period.

 

PREFERRED GOLD LOAN INTEREST RATE:

Business Gold Checking account holders will receive a .25% discount from the standard commercial and industrial term loan rate. All commercial and industrial term loans are subject to our normal underwriting criteria.  In addition to maintaining a relationship balance of $5,000.00 you must have the payment for your commercial and industrial term loan automatically deducted from your Business Gold Checking account.   If your Relationship Balance is below $5,000.00 at the time you submit your application you will not be eligible for the preferred Gold commercial and industrial term loan interest rate.

 

NO FEE MONEY ORDERS AND TREASURER'S CHECKS:

Business Gold Checking account holders are eligible to receive no fee money orders and treasurer’s checks. Customers must identify themselves as Gold account holders to the Weymouth Bank employee processing their transaction to receive this benefit.

 

PAYROLL AND EASY CHOICE HR® SERVICES BY PAY CHOICE®

Business Gold Checking account holders are eligible to receive discounted pricing for payroll services through Pay Choice® and a three (3) month no cost subscription to Easy Choice HR® Services by Pay Choice®. The details of discounted pricing and the no cost three (3) month subscription will be provided by a Pay Choice® representative.

 

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