Hours 781-935-3318 237 Lexington Street, Woburn, MA 01801

Disclosures

Deposit Account Agreement

General Terms. The following terms and conditions are agreed to by you and us with respect to your deposit account(s) with us. In this agreement references to “you” and “your” mean the accountholder(s) and anyone who has authority to utilize the account(s). “We”, “us” and “our” mean the financial institution which holds your account(s). To the extent that any of the following terms are void or unenforceable under applicable law, this agreement shall be treated as if such term did not exist and all of the other terms shall continue in full force and effect.

All of the terms set forth in any Disclosure Statement given to you in connection with your account(s) are hereby a part of this agreement and shall govern the use of your account(s). In the event of any conflict, the terms set forth in the Disclosure Statement shall control. By signing a signature card with respect to your account(s) you agree to all of the terms set forth herein.

This agreement shall be subject to the laws of the United States of America and the state in which the office of the financial institution at which you maintain your account is located.

1. Types of Accounts:

The following terms apply with respect to each type of account described below.

A. Individual Account - An account standing in the name of one accountholder.

B. Joint Account - An account in the name of two or more accountholders. Each of you may exercise any rights with respect to the account, including the right to withdraw funds from the account singly, unless we agree to the contrary. All joint accounts shall be treated as accounts with the right of survivorship which means that when one of the accountholders dies, the surviving accountholder(s) will own the account and will have all of the rights with respect to the account.

C. Revocable Trust Accounts - An account which is opened by a trustee for the benefit of another person. Only the trustee may withdraw funds from such an account. In the event of the death of the last trustee on the account, payment may be made to the beneficiary of the account or that person’s legal representative.

2. Rules Relating to Funds Deposited in Your Account(s).

Any deposit which you make into your account(s) will be treated as having been received on the date of deposit unless it is made after we close. Any deposits we receive after we close, or that are received on a date we are not open, will be treated as if received on the next business day that we are open. We will give provisional credit with respect to items deposited to your account(s) and may revoke any provisional credit that we have given if the item is not finally paid. We will give final credit for any cash that is deposited into your account(s). Any item that is payable in foreign currency will be credited to your account(s) at the exchange rate in effect when we receive final payment in United States dollars. Funds that are deposited into your account(s) will be made available for withdrawal or the payment of checks drawn on your account in accordance with our Funds Availability Policy (a copy of which you have received).

3. Direct Deposits.

If you have an agreement with us by which funds may be directly deposited into your account(s), any amount which must be returned to the United States of America, or any agency thereof, for any reason will be automatically deducted from your account(s) or from any other account you may have with us, except to the extent prohibited by law. We may also pursue any other remedy available to us to recover any funds that have been deposited into your account(s) and which we are required to return to the United States of America, or any agency thereof.

4. Right of Set-Off.

To the extent permitted by applicable law, we may set-off any funds in your account(s) against any obligation that you owe to us now or in the future. This right of set-off does not apply if (i) your account(s) is an Individual Retirement Account or other tax qualified retirement account, (ii) the identity of the obligor to us and the accountholder are not the same, or (iii) the obligation to us arose in a consumer credit transaction where a credit card was used to create the obligation. You should be aware that if we exercise our right of set-off, there may not be sufficient funds in your account(s) to cover any check that is presented to us after we exercise our right of set-off. We will have no liability for the dishonor or any such check.

5. Fees and Charges.

We will provide you with a Schedule of Fees and Charges which may be applied against your account(s). You authorize us to charge your account(s) for these fees and charges as applicable. To the extent that there are insufficient funds in your account(s) to cover such fees and charges, you agree to pay us such fees and charges forthwith. However, the Bank shall make available to a natural person 18 years of age or under or 65 years of age or older a demand deposit account and savings account which, in each instance, shall include a joint account in which the spouse of the eligible depositor, regardless of age, is the joint tenant therein or the joint tenant would otherwise be an eligible depositor, and which has been established and used for personal, family or household purposes, upon which no service, maintenance or other similar charge shall be imposed. If you qualify for this protection, you must notify us in writing of your eligibility for this protection and we will thereafter cease to make any charges to your account(s). Notwithstanding this protection, we may assess a reasonable charge against your account(s) when we dishonor any item that is presented for payment from your account(s) and which is dishonored because of insufficient funds. The amount of all fees and charges that we may assess against your account(s) is set forth in our Schedule of Fees and Charges (a copy of which has been provided to you).

6. Withdrawals from Account(s).

Unless we have agreed with you otherwise and have indicated our agreement on your account(s) records, each of you, acting singly, may withdraw funds from your account(s) by signing as the maker of any check, signing any withdrawal order, or otherwise as we may permit. Any of you may endorse any item payable to you or your order for deposit into your account(s). You agree not to postdate any check or other order for withdrawal. If you do postdate any item, you agree that we may charge your account(s) for the item even though payment is made before the date on the check. We will not do this if we have received written notice from you with respect to such postdating which notice must be delivered in time for us to have a reasonable opportunity to act on it and must identify the check by date, number, amount and payee.

We are not obligated to honor any item presented for payment against your account(s) unless there are sufficient available funds to pay such item. If we do pay any such item and, as a result, an overdraft occurs in your account(s), you agree to immediately deposit sufficient funds in your account(s) to eliminate such overdraft.

We may require that you provide us notice in writing at least 7 days prior to each withdrawal from any account you have with us that bears interest (other than a time deposit) or from any savings account as defined by Regulation D issued by the Federal Reserve Board. You may be subject to a penalty in the event that you withdraw funds from a time account prior to its maturity or prior to the expiration of any notice period. The existence and amount of any such penalty will be set forth in your Truth-In-Savings Disclosure Statement.

7. Wire Transfers.

If you originate a wire transfer for which FedWire is used, you understand that said transfer is subject to Article 4A of the Uniform Commercial Code. If you originate a fund transfer by wire and you do not properly identify the name of the beneficiary, the beneficiary’s account number, the beneficiary’s financial institution, any intermediary financial institution, or provide any other necessary information, you shall bear the loss (if any) caused by such failure to properly provide the required information. We shall have no liability to you for any such loss even though we could have prevented such loss by confirming the accuracy of the information which you provided.

8. Automated Clearing Houses.

In the event that any transaction related to your account(s) utilizes the services of an automated clearing house, you agree to be bound by the rules of such automated clearing house or any association to which it belongs. These rules may provide, among other things, that payments made to you, or originated by you, will be provisional until final settlement is made through a Federal Reserve Bank or payment of the same is otherwise finally made as provided in Article 4A-403(a) of the Uniform Commercial Code. In the event that any amount is credited to your account(s) and we do not receive final payment with respect to the same, we shall be entitled to a refund from you of the amount so credited to your account(s).

9. Stop Payment Orders.

You may stop payment on any item that you have drawn against funds in your account(s). We must receive your stop payment order in time for us to have a reasonable opportunity to act upon it. Our cut-off time for stop payment orders is one hour after our opening on the next banking day after the banking day on which we received your check. If you request us to stop payment on an item orally, we may request that you confirm your stop payment order in writing. If we do not receive your written confirmation of the stop payment order within 14 days, your stop payment order will no longer be effective. Any stop payment order will only be effective for six months and if you wish to renew the stop payment order at the end of said six months, you must so advise us in writing. Any stop payment order must accurately identify the item to which it applies, including any check number, the amount of the check, your account number, the date of the check and the payee of the check. Any stop payment order received by us will be effective even though it is signed by an accountholder other than the accountholder who initially signed the item to which it applies. However, if you wish to cancel a stop payment order, the person who initiated/signed the stop payment order must also initiate/sign the cancellation.

10. Use of Restrictive Legends.

We are not obligated to honor any restrictive legend you place on any item you write unless we have agreed in advance in writing to honor such restriction.

11. Order of Payment of Items Drawn on Your Account(s).

We may pay items presented on your account in any order which we choose. Typically we will attempt to pay items presented against your account to the extent possible, but if you do not have sufficient available funds in your account(s) to pay all of the items presented against your account on a single banking day, we may select which items to pay and which items to dishonor. We will have no liability to you as a consequence of any such selection.

12. Telephone Transfers.

If you have a telephone transfer agreement with us, accountholders who are entitled to withdraw funds from your account(s) may authorize a transfer from your account(s) via telephone. Telephone transfers from a savings account to another account or to a third party are not permitted if they would exceed six such transfers per month (less other transfers limited by the terms of Regulation D of the Federal Reserve Board). Telephone transfer privileges are not permitted unless you have an express written agreement with us authorizing such transfers.

13. Periodic Statements.

If you have a statement account(s), we will deliver to you a statement of your account periodically. You must examine your statement promptly. If you discover or should have discovered any unauthorized withdrawal from funds in your account(s), you must immediately notify us of your discovery and provide us with all information necessary for us to determine whether the withdrawal was unauthorized. To the extent that you do not promptly notify us of any such unauthorized withdrawal, you may be liable for any loss which is thereafter sustained which we could have prevented had you promptly notified us of the unauthorized withdrawal. You agree that you will not have acted promptly if you fail to examine your statement and report any unauthorized withdrawal to us within 30 calendar days of the date that the statement was sent to you or made available for your examination.

You agree that if you fail to provide notice to us of any unauthorized signature, alteration, forgery, or other error with respect to your account within 60 days of when we sent you the statement or made it available to you, you will not be able to assert a claim against us with respect to any item(s) reflected in such statement.

14. Non-Assignability of Account(s).

You may not transfer or assign your account(s) to any third party without our prior written consent. Any such attempted transfer or assignment shall be void with respect to us.

15 Credit Reports.

In connection with your account(s), you hereby authorize us to obtain a consumer credit report on you from any credit reporting agency.

16. Abandoned Accounts.

If an account has been deemed abandoned under Massachusetts law because there has been no account activity (for example, some form of customer initiated transaction or communication) for a period of three years, we must turn the funds in the account over to the Commonwealth of Massachusetts. We will attempt to notify you in writing before this takes place. Funds which have been turned over to the Commonwealth can be reclaimed from the Commonwealth, but proof of ownership will be required before payment will be made by the Commonwealth.

17. Change of Address.

You agree to notify us in writing of any permanent change of address. Any notice or statement mailed to the last address appearing on our records will be deemed delivered and binding for all purposes.

18. Unlawful Use.

You agree not to use any of your accounts, access device or services for unlawful internet gambling or other illegal activities.


Your Ability to Withdraw Funds

Our general policy is to make funds from your cash and check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposits, wire transfers and cash deposits made in person will be available on the day we receive your deposit. There may be certain circumstances when we need to impose a longer availability period. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written and other debits that you have authorized.

Reservation of Right to Hold

In some cases, we will not make all of the funds that you deposit by check available to you on the next business day that we receive your deposit. Funds may not be available until the second business day after the day of your deposit. However, the first $225.00 of your deposit will be available on the first business day after the day of your deposit. If we are not going to make all of the funds from your deposit available on the next business day, we will notify you at the time you make your deposit.

Determining the Availability of a Deposit

For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit with a Bank employee on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit on a business day we are not open, we will consider that the deposit was made on the next business day we are open. If you mail funds to us, the funds are considered deposited on the business day we receive them. Funds deposited in a night depository are considered deposited on the next business day the night depository is open.

Same-Day Availability

Funds from the following deposits are available on the same business day that they are deposited:

If you do not make your deposit in person to one of our employees (for example, if you mail the deposit), funds from these deposits will be available on the first business day after the day of your deposit.

Holds on Other Funds

If we cash a check for you that is drawn on another Bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check was cashed would have been available if you had deposited it. If we accept for deposit a check that is drawn on another Bank, we may make funds from the deposit available for withdrawal immediately, but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. In either case, we make these funds available in accordance with our policy described elsewhere in this disclosure for the type of check that you deposited.

Longer Delays May Apply

We may delay your ability to withdraw funds deposited by check into your account an additional number of days under the following circumstances:

We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit. If the decision to delay availability is not made at the time you make the deposit, we will mail you a notice by the first business day after we receive your deposit. The notice will tell you when the funds will be available.


Special Rules for New Accounts

If you are a new customer of Patriot Community Bank, the following special rules will apply during the first 30 days your account is open.

Funds from electronic direct deposits to your Account, wire transfer, and cash deposits made in person to one of our employees will be available on the day we receive the deposit. The first $5,525 of a day’s total deposits of cashier’s or certified, traveler’s and federal, state and local government checks, including any Federal Reserve Bank checks, Federal Home Loan Bank checks and U.S. Postal Money Orders will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525 will be available no later than the seventh business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury Check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.

Deposits Made at Automated Teller Machines (ATMs)

If you make a deposit at an Automated Teller Machine (ATM) that we own prior to 2:00 PM on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 2:00 PM or on a day we are not open, we will consider that the deposit was made on the next business day we are open. Deposits are only accepted at automated teller machines (ATMs) that we own or operate. All ATMs that we own or operate are identified as our machines.

Foreign Items

The processing and collection of foreign checks or items are not subject to U.S. laws or regulations, including collection or return time periods. We reserve the right to accept any checks drawn on a financial institution not located in the United States (including Canadian financial institutions) on a collection basis only. Items accepted for collection are normally credited to your Account only after we have received payment for them. If we do agree to credit your Account in advance and do not receive payment for the item, we will debit your Account for the amount of the item and any fees. Fees for processing collection items apply even if the collection item is returned unpaid. For each item sent, we will assess a collection charge plus any collection fees charged to us by other financial institutions that process the item(s). Checks that are sent for collection are subject to payment by the Drawee Bank and are generally available within thirty (30) calendar days, but may take longer. If the check you present for collection is payable in foreign currency, we will credit your Account in U.S. currency at the foreign exchange rate applied minus our collection fee and any collection fees assessed by other financial institutions or payers.

If we accept a foreign check for deposit or collection, you assume all risks associated with the collection process and foreign currency fluctuation. A foreign check may be returned unpaid much later (in some cases, several months later) than items drawn on U.S. banks. If a foreign item is sent for collection and paid, then returned later for fraud, we will debit your Account for the item as well as any fees assessed by the foreign Bank.

Other Provisions

From time to time, a deposited check may be returned unpaid after we make funds available to you. Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit. If a check you deposit is returned to us unpaid, you will have to repay us and we may charge your Account for the amount of the check and the corresponding return deposited item fee, even if doing so overdraws your Account.


Initial Disclosure of Terms and Conditions of Electronic Fund Transfer Services

The following disclosure of terms and conditions relating to your electronic fund transfer service with this institution is provided to you in accordance with the requirements of Federal and State Law. You should read this notice carefully to understand all of the terms and conditions which govern your electronic fund transfer service.

Contact in Event of Unauthorized Transfer. If you believe your card or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, or if you believe that an electronic funds transfer has been made using information from your check without your permission, call us at our telephone number shown on the front of this Disclosure during our business hours or write to us at the address on the top of this website.

Liability for Unauthorized Transactions. You will be liable for unauthorized use of your Bank Card and PIN at an ATM or for POS purchases to the extent allowed by applicable federal and state laws and this agreement. Tell us immediately if you believe your Bank Card and PIN, or either one of them, have been lost, stolen or used without your permission. Telephoning is the best way of limiting your possible losses. If someone uses your Bank Card or PIN without your permission for a transaction from which you receive no benefit, you could lose the amount of unauthorized transaction or $50.00 whichever is less.

Telephone or write to us at the telephone number or address listed at the top of this website.

You should tell us immediately if your statement shows transfers that you did not make. If you do not tell us within sixty (60) calendar days after the first statement on which the error occurred was mailed to you, you may not get back any money you lost after the (60) calendar days if we can prove that we could have stopped someone from taking the money if you had told us in time.

If extenuating circumstances (such as a long trip or hospital stay) kept you from telling us, we may extend the time period.

Business Accounts. Business Accounts are not subject to the limitations on liability for unauthorized electronic fund transfers that apply to Consumer Accounts. Business accountholders can be liable for all unauthorized electronic funds transfers that occur before we are notified of such unauthorized transfer.

Business Days. For purposes of these disclosures, our business days are Monday through Friday. Holidays are not included.


Transfer Types and Limitations.

1. Account Access. You may use your card or code to:

(a) Have direct deposits made to your account at least once every 60 days from the same person or entity;
(b) Have preauthorized payments made from your account;
(c) Withdraw cash from your statement account;
(d) Make deposits to your statement account at ATMs that we own or operate. ATMs that we own will be identified as such;
(e) Transfer funds from your statement account(s) to another account in this institution;
(f) Pay for purchases at places that have agreed to accept this card utilizing its point-of-sale transfer feature;
(g) Pay for purchases at places that have agreed to accept this card using its debit card feature;
(h) Authorize the transfer of funds by telephone from your statement account(s);
(i) Authorize the transfer of funds from your statement account(s) for the purpose of paying your bills through your home computer;
(j) Get information about the available balances in your checking and statement savings accounts;
(k) Authorize third parties to electronically debit your account at point of purchase locations or otherwise utilizing information about your account which you provide to such third parties and which transfer we elect to honor;
(l) Pay for fees for electronic representment of a dishonored check where you have agreed that such fees may be debited to your account electronically.

Some of these services may not be available at all terminals, or available in conjunction with all accounts. You may have chosen to limit access by electronic means to one or more of your accounts.

2. Electronic Check Conversion. You may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check to: (i) Pay for purchases, or (ii) Pay bills.

This is called an electronic check conversion and is a process in which your check is used as a source of information, for the check number, your account number, and the number that identifies your financial institution. The information is then used to make a one-time electronic payment from your account, an electronic fund transfer. The check itself is not the method of payment. It is important to remember that with this type of transaction, the transfer of funds may be immediate.

3. Limitations on Frequency of Transfers.

You may have chosen to limit access by electronic means to one or more of your accounts.

(a) You may make unlimited only cash withdrawals from our terminals each day;
(b) You can use your telephone bill payment service to pay unlimited bills each day;
(c) You can use our point-of-sale transfer service for unlimited transactions each day;
(d) You can use the debit card feature for unlimited transactions each day;
(e) You can use your home computer bill paying service for unlimited transactions each day;
(f) For security purposes, there are limits on the number of transfers you can make using our terminals. There may be other limits that apply to your card if you use your card outside of the United States of America.

4. Limitations on Dollar Amounts of Transfers.

(a) You may withdraw up to $500.00 from our terminals each day. If we issue you two cards with separate Pins, you can withdraw up to $500.00 utilizing each card for a daily maximum of $1,000.00 in the aggregate utilizing your available balance;
(b) You may buy up to $500.00 worth of goods or services each day using the point-of-sale transfer feature of your card. If we issue you two cards with separate PINS you can purchase up to $500.00 using each card for an aggregate of $1,000.00 per day utilizing your available balance;
(c) You may buy up to $1,000.00 worth of goods or services each day using the debit card feature of your card. If we issue you two cards with separate PINS, you can purchase up to $1,000.00 using each card for an aggregate of $2,000.00 per day utilizing your available balance;
(d) The limitations shown above in paragraphs A, B and C, are further limited to $1,000.00 per day in the aggregate;
(e) You can use your home computer bill paying service for transactions up to $25,000.00 to any one payee, not to exceed an aggregate amount to all payees of $100,000.00 each day;
(f) At any time you may limit the amount to be withdrawn to $50.00 per day upon written notice to this institution;
(g) For security reasons, there are other limits on the transfers you can make using our terminals, authorized telephone transfer service, or other electronic transfer system. There may be other limits that apply to your card if you use your card outside of the United States of America.

5. Limitations on Preauthorized Transfers.

If your account is a statement savings account or a money market statement account, you may not make more than 6 transfers per month to another account with us or to a third party by means of preauthorized or automatic transfer, order or instruction, or by check, draft, debit card, or similar order made by you and payable to third parties.

6. Fees.

Refer to our regularly published Schedule of Fees and Charges for the applicable fees which you may be charged.

(a) Per Transfer Charge. We may charge you for each transfer you make using our electronic fund transfer services as per our most recently published Schedule of Fees and Charges.
(b) Account Maintenance. We may charge you a monthly maintenance charge each month to maintain your account(s) with us, if you fail to maintain the required monthly balance amount as per our most recently published Schedule of Fees and Charges.
(c) Interest. We pay interest on accounts accessed by these services as per our regularly published schedule of interest rates.
(d) Fees Imposed by Others. When you use an ATM not owned or operated by us, you may be charged a fee by the ATM operator or any network used to complete the transfer and you may be charged a fee for a balance inquiry.

7. Confidentiality.

We will disclose information to third parties about your account or the transfers you make:

(a) Where it is necessary for completing transfers, or
(b) In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant, or
(c) In order to comply with a government agency or court orders, orders
(d) Where it is necessary for legal, collection, accounting or auditing puposes, or
(e) If you give us your written permission.

8. Documentation.

(a) Preauthorized Credits. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, the person or company making the deposit will tell you every time they send us the money. You can call us during our business hours at the telephone number shown on the front of this Disclosure to find out whether or not the deposit has been made.
(b) Periodic Statements. You will get a monthly account statement, unless there are no transfers in a particular month. In any case, you will get the statement at least quarterly.
(c) Passbook Account where the only Possible Electronic Fund Transfers are Preauthorized Credits. If you bring your passbook to us, we will record any electronic deposits that were made to your account since the last time you brought in your passbook.
(d) Terminal Transfers. You can get a receipt at the time you make any transfer to or from your account using an electronic terminal such as an automated teller machine, cash-dispensing machine or point of sale terminal. Vendors are not required to provide a receipt if the transaction is less than $15.00.
(e) Documentation as Evidence. Any documentation provided to you which indicates that an electronic fund transfer was made shall be admissible as evidence of such transfer and shall constitute prima-facie proof that such transfer was made.

9. Preauthorized Payments.

(a) Right to Stop Payment and Procedure for Doing So. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here’s how: Call us at the telephone number set forth on the front of this Disclosure, or write to us at the address shown at the top of this website, in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after your call.
(b) Notice of Varying Amount. If these regular payments vary in amount, the person you are going to pay will tell you 10 days before each payment when it will be made and how much it will be. You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.
(c) Liability for Failure to Stop Payment of Preauthorized Transfer. If you order us to stop one of these payments 3 business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.

10. Financial Institutution’s Liability.

If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:

(a) If, through no fault of ours, you do not have enough money in your account to make the transfer;
(b) If the transfer would go over the credit limit on your overdraft line;
(c) If the terminal or system was not properly working and you knew about the breakdown when you started the transfer;
(d) If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken;
(e) If the automated teller machine where you are making the transfer does not have enough cash;
(f) If the funds are subject to legal process or other encumbrance restricting such transfer;
(g) There may be other exceptions stated in our agreement with you.


Information Concerning Accounts Governed by Massachusetts General Laws

The initiation by you of certain electronic fund transfers from your account will, except as otherwise provided in this agreement, effectively eliminate your ability to stop payment of the transfer.

UNLESS OTHERWISE PROVIDED IN THIS AGREEMENT, YOU (THE CONSUMER) MAY NOT STOP PAYMENT OF ELECTRONIC FUND TRANSFERS, THEREFORE YOU SHOULD NOT EMPLOY ELECTRONIC ACCESS FOR PURCHASES OR SERVICES UNLESS YOU ARE SATISFIED THAT YOU WILL NOT NEED TO STOP PAYMENT.

Termination of this Agreement. You may terminate your right to use your card or code by calling us at 781-935-3318 during our business hours or writing to us at the address shown at the top of this website. If you call, we may require you to put your request in writing and get it to us within 10 days after your call.

In Case of Errors or Questions About Your Electronic Transfers. Telephone us at our telephone number on the front of this Disclosure during our business hours or write to us at the address shown on the top of this website as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt.

We must hear from you no later than 60 days after we sent you the FIRST statement on which the problem or error appeared.

1. Tell us your name and account number (if any).
2. Describe the error or transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
3. Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days. We will determine whether an error occurred within 10 business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days to investigate your complaint or question. If we decide to do this, we will recredit your account 10 business days (5 business days if transaction utilized the VISA® network) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not recredit your account.

For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit your account for the amount you think is in error.

We will tell you the results within 3 business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.

You may request copies of the documents that we used in our investigation by calling us at 781-935-3318 during our business hours or writing to us at the address shown at the top of this website.



VISA® Cardholder Agreement

The following terms and conditions are agreed to by you and us when we issue you a card at your request. To the extent that any of the following terms and conditions are void or unenforceable under applicable law, this Cardholder Agreement shall be treated as if such terms or conditions did not exist and all of the other terms and conditions shall continue in full force and effect.

All of the terms set forth in the Electronic Fund Transfer VISA® Cardholder Agreement are hereby made part of this Cardholder Agreement and shall govern the use of your card.

Any account which may be accessed by use of your card may also be governed by a separate set of rules and regulations which shall remain in effect with respect to such accounts, unless inconsistent with the agreements set forth in this Cardholder Agreement in which case the terms and conditions set forth herein shall control.

1. Use of Card.

You may use your card to carry out the transactions described in the Account Disclosure and Agreement under the heading “Transfer Types and Limitations”. We may agree with you in the future that other transactions can be carried out using your card and, in such event, we will notify you as to those transactions. You agree not to use your card to effectuate any transaction, which is unlawful under applicable law, such as unlawful gambling.

2. Limitations on Transfers.

(a) For security reasons, we may impose limits on transfers you can make using our terminals, authorized telephone transfer service, or other electronic transfer system.
(b) Use of your card outside of the United States of America may be subject to certain limitations. If you plan to travel outside of the United States, you should contact us for information concerning such limitations in various countries.

3. Charges for Use of Your Card.

We have published a Schedule of Fees and Charges which sets forth all applicable charges which we can make in connection with the use of your card or any electronic fund transfer. Please refer to our most recently published Schedule of Fees and Charges. We reserve the right to amend the Schedule of Fees and Charges at any time and will give you notice if we do. You agree to pay all such charges which you have incurred and hereby authorize us to charge your deposit account(s) with the aggregate outstanding amount of such charges from time to time.

4. Use of Your Card Outside the United States.

Purchases, cash withdrawals and cash advances made in foreign currencies will be debited from your account in U. S. dollars. The exchange rate between the transaction currency and the billing currency used for processing international transactions is a rate selected by VISA® from a range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate VISA® itself receives, or the government mandated rate in effect for the applicable central processing date. The exchange rate used on the processing date may differ from the rate that would have been used on the purchase date or cardholder statement posting date.

A fee of 1% of the transaction amount posted to your account will be imposed on all foreign transactions where the purchase amount is converted from a foreign currency into U.S. dollars this includes purchases, cash withdrawals, cash advances and credits to your account. A foreign transaction is any transaction that you complete or a merchant completes on your card outside of the U.S., Puerto Rico or the U. S. Virgin Islands. A fee of 0.8% of the transaction amount posted to your account will be imposed on all purchases from foreign countries, initiated by telephone, internet and mail or otherwise, but the transaction amount is not converted from a foreign currency into U.S. dollars.

A devaluation of the U.S. dollar against the foreign currency in which the transaction was made will result in a higher than expected dollar amount charged to your account. This currency differential, along with any transaction fee for the foreign exchange, could result in your account becoming overdrawn.

5. Joint Accounts.

In the event that your deposit account(s) is held jointly with another person(s), each joint holder of said account shall be able to exercise any and all rights hereunder individually and shall be jointly and severally liable for the obligations incurred under this Cardholder Agreement and will be bound by this Cardholder Agreement. Without limiting the foregoing, each person named on the account may utilize any card issued in connection with the account, may close the account, and may agree to amend this Cardholder Agreement and, in any such event, such action shall be binding upon each other person who is bound by this Cardholder Agreement.

6. Evidence of Transactions.

In the event that we institute legal action against you in connection with this account, we may introduce into evidence a copy, microfilm, or microfiche of any document evidencing transaction under this Cardholder Agreement and such copy, microfilm, and microfiche shall be deemed as valid as the original document.

7. Notices.

Any notice sent by us shall be effective when mailed to you at your last address on our records. To the extent allowed by law, notices from you to us must be in writing and shall be effective when received by us.

8. Default.

In the event that you default in connection with any obligation owed to us, you agree to reimburse us for all costs of collection, including reasonable attorneys’ fees.

9. Maintenance of Accounts.

As long as this Cardholder Agreement is in effect, you agree to maintain at least one account for which your card can be used. If you close all of such accounts, this Cardholder Agreement will terminate and you must return your card to us immediately.

10. Ownership of Card.

The card which we issue to you will remain our property and you may not transfer it to any other person. You agree to return the card to us immediately upon demand or upon termination of this Cardholder Agreement. We will program the machines in which your card can be used to retain your card following the termination of this Cardholder Agreement and in certain other events.

11. Authorization to Withdraw Funds from Your Account(s).

You hereby authorize us to withdraw funds from your account(s) to satisfy any transaction which you have made utilizing your card. Such authorization includes the right to charge your account(s) for funds distributed to you and for charges which you have incurred pursuant to this Cardholder Agreement.

12. Amendments.

We may amend any term in this Agreement or the Disclosure by sending you written notice of such amendment at least 30 days prior to the effective date of such amendment. To the extent permitted by law, we may amend any term set forth in this Agreement or Disclosure immediately to maintain or restore the security of your account or our electronic fund transfer system.

13. Non-VISA® PIN-less Debit Transactions.

You may use your VISA® Debit Card to initiate both VISA® debit transactions and non-VISA® debit transactions without using a personal identification number (PIN) to authenticate the transactions. To initiate a VISA® debit transaction, you may sign a receipt, provide a card number or swipe your card through a point-of-sale (POS) terminal and choose to route the transaction over a VISA® network. To initiate a non-VISA® debit transaction, you may enter a PIN at a point-of-sale terminal or, for certain bill payment transactions, provide the account number for an E-commerce or mail/telephone order transaction after clearly indicating a preference to route it as a non-VISA® transaction. We have enabled non-VISA® debit transaction processing on the PLUS, Cirrus, SUM and NYCE network(s). The rights and protections applicable only to VISA® debit transactions, including additional consumer liability limits and streamlined error resolution procedures, as described in your Electronic Fund Transfer VISA® Cardholder Agreement will not apply to transactions processed through non-VISA® networks.

14. Governing Law.

This Agreement shall be governed by and construed under the laws of the Commonwealth of Massachusetts.

15. Lost or Stolen Card Liability.

Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen VISA®–branded card. This additional limit on liability does not apply to ATM transactions using your Personal Identification Number which are not processed by VISA®. However, the liability will not exceed $50.00.

These limitations do not apply to cards issued to business checking accounts.

Questions.

If you have any questions, please contact us by calling 781-935-3318 or in writing to the address listed at the top of this website.


Truth In Savings Disclosure

This Disclosure Statement sets forth certain terms relating to your Accounts with us. These terms are part of your contract with us and are binding upon both of us.

Basic Checking Account

This is a non-interest bearing account.

The Patriot Account, The Patriot Plus Account, Patriot Passbook Savings Account, Patriot Statement Savings Account, Patriot Money Market Account, Variable Rate Passbook IRA Account.

Rate Information

Your interest rate and annual percentage yield may change. At our discretion we may change the interest rate on your account at any time.

Accrual of Interest on Non-cash Items

Accrual of interest on non-cash items (for example, checks) you deposit will begin on the day you deposit such non-cash items.

Interest Compounding and Crediting

Interest is compounded and credited monthly. If you close your account before interest is credited, you will not receive the accrued interest.

Calculation Method

We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the daily balance in the account each day.

Minimum Balance Requirements and Transaction Limitations

For minimum balance requirements please refer to our Account Disclosure and Agreement booklet which may be obtained by calling the Bank at 781-935-3318 or visiting the Bank at 237 Lexington Street, Woburn, MA.

If, on any day, during the monthly/statement cycle the daily balance in your account falls below the required minimum amount, you will incur a fee for that entire monthly/statement cycle. We may require you to give written notice of an intended withdrawal not less than 7 days before the withdrawal is to be made. Under applicable law, we may extend the notice period for up to 90 days.

If your account is a Money Market Account or Statement Savings Account, during each monthly statement period, you are limited to making no more than 6 transfers to another account with us or to a third party by means of preauthorized or automatic transfer, or telephonic agreement, order or instruction or by check, draft, debit card or similar order made by you and payable to third parties.


Certificates of Deposit

Rate Information

Your interest rate and annual percentage yield will remain in effect until the first maturity date. Any withdrawal of funds will reduce earnings. (If applicable) Fees on IRA accounts could also reduce earnings.

Accrual of Interest on Non-cash Items

Accrual of interest on non-cash items (for example, checks) your deposit will begin on the day you deposit such non-cash items.

Interest Compounding and Crediting

Interest is compounded and credited monthly, and at maturity. If you close your account before interest is credited, you will not receive the accrued interest.

Calculation Method

We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the daily balance in the account each day.

Minimum Balance Requirements

For minimum balance requirements please refer to our Account Disclosure and Agreement booklet which may be obtained by calling the Bank at 781-935-3318 or visiting the Bank at 237 Lexington Street, Woburn, MA.

Account Transaction Limitations

You may not make deposits into your account until maturity date. You may only withdraw interest after it has been credited to your account.

Early Withdrawal Penalty

If you withdraw any principal before the maturity date, a penalty may be imposed on the amount which you withdrew and charged to your account. If your account has an initial maturity of less than one year, the penalty will be equal to three months interest, which would have been earned on the amount of principal withdrawn. If your account has an initial maturity of one year or more, the penalty will be equal to six months interest, which would have been earned on the amount of principal withdrawn.

No penalty shall be assessed in the event of the death or adjudication of mental incompetence of any owner of the account. We may also allow a withdrawal, in whole or in part, without penalty, with respect to any deposit which is contributed under a SEP, Keogh Plan or Individual Retirement Account (IRA) where the individual for whose benefit the plan or account is maintained is 59.5 years of age or older or becomes disabled as defined in the Internal Revenue Service (IRS) Code.

Renewal Policy

This account will automatically renew at maturity. You can prevent renewal if you withdraw your entire balance at maturity, or within the 6-day grace period. You can prevent renewal if we receive written notice within the 6-day grace period. Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be equal to the rate offered on new Certificate of Deposit Accounts on the maturity date, which have the same term, minimum balance requirements and other features in common with the original Certificate of Deposit Account.

You will have a grace period of 6 days after the maturity date to withdraw funds without penalty.

Service Fees and Charges

For information about fees that can be imposed on your account, please refer to our most recently published Schedule of Fees and Charges.


Contact us for Current Rates & Additional Information


Patriot Community Bank

237 Lexington Street, Woburn MA 01801

781-935-3318