Retail Gold Checking Account Disclosure

 

MINIMUM BALANCE TO OPEN THE ACCOUNT:

You must deposit $50.00 to open this account.

 

RELATIONSHIP PRICING:

The Retail Gold Checking account is an 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.

 

RATE INFORMATION:

The interest rate for your account is (see current rate sheet)% with an annual percentage yield of (see current rate sheet)%. Your interest rate and annual percentage yield may change.

 

FREQUENCY OF RATE CHANGES:

We may change the interest rate on your account every day.

 

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 and 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 OBTAIN THE ANNUAL PERCENTAGE YIELD (APY) DISCLOSED:

You must maintain a minimum balance of $25.00 in the account each day to obtain the disclosed annual percentage yield.

 

DAILY BALANCE COMPUTATION METHOD:

We use the daily balance computation 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 NON-CASH DEPOSITS:

Interest begins to accrue on the business day you deposit non-cash items (for example: checks).

 

CALCULATION OF RELATIONSHIP BALANCE:

Your Relationship Balance is calculated by adding the previous month average balance of your Retail 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 $15.00 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 CHECKING ACCOUNT TO A RETAIL GOLD CHECKING ACCOUNT:

If you convert your existing Weymouth Bank checking account to a Retail Gold Checking Account during any statement period, you will not incur a monthly service fee 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 the monthly maintenance fee.

 

PREFERRED GOLD CERTIFICATE OF DEPOSIT INTEREST RATE:

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:

Retail 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 CONSUMER LOAN INTEREST RATE:

Retail Gold Checking account holders will receive a .25% discount from the standard consumer loan rate for the following consumer loan types: New and used automobile loans, unsecured personal loans, loans secured by deposit accounts, overdraft protection plan.   All consumer 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 consumer loan automatically deducted from your Retail 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 consumer loan interest rate.

 

NO FEE MONEY ORDERS AND TREASURER'S CHECKS:

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

 

GOLD ACCOUNT CHECKS:

Retail Gold Checking account holders are eligible to receive standard Gold Account Checks at no cost during the life of their Retail Gold Checking account. Check orders are limited to one (1) order of 200 standard Gold Account checks in each twelve (12) month period.

 

QUICKEN DIRECT® THROUGH WEYMOUTH BANK ONLINE:

Retail Gold Checking account holders are eligible to receive Quicken Direct® for use with Weymouth Bank online bill payment service with no monthly service charge. A monthly service fee of $4.95 will be charged to your Retail Gold Checking account during statement cycles in which your Relationship Balance falls below $5,000.00.  

 

 

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