TRUTH IN SAVINGS DISCLOSURES continued
electronic funds transfer, and the law regarding the availability of deposited funds. This body of law is too large and complex to be reproduced here. The purpose of this Agreement is to: (a) summarize the rules applicable to the more common transactions. (b) establish rules to govern transactions or circumstances which the law does not regulate; and (c) establish rules for certain events or transactions, which the law already regulates but permits variation by agreement. ACCOUNT OPENING – Federal law requires all financial institutions to obtain, verify, and record information identifying each person who opens an account to help the United States Government fight the funding of terrorism and money laundering activities. We will ask you for the following information when you open an account: • Your Name. • Street Address (post office box may not be used). • Social Security Number and Employer Identification Number. • Date of Birth; and • Other information that will allow us to identify you such as a driver’s license or other identifying documents. If you are in the process of applying for a Social Security Number or an Employer Identification Number, we may in our sole discretion open your account temporarily until you provide us with the number. If you fail to provide us with the number, we may without prior notice close your account. You agree that we may make inquiries we consider to be appropriate to verify your identity and to help us determine if we will open, maintain and/or close your account. Such inquiries may include obtaining a consumer report from a consumer reporting agency. If an account is declined based on adverse information, you may request from the consumer reporting agency a copy of the information supplied to us. Subject to applicable privacy laws or other laws or regulations, we may provide information on you and your accounts to consumer reporting agencies and to other third parties or agencies. If your Account is closed for insufficient funds activity or other negative reason, we may report to one or more consumer reporting agencies if permitted by law. OWNERSHIP OF ACCOUNT - The following rules apply to this account depending on the form of ownership and registration, if any, specified on the Signature Page. We make no representations as to the appropriateness or effectiveness of the form of ownership and registration selected by you. You agree that it is your sole responsibility for your selection of the form of account ownership. If a customer identified in our records as an owner or co-owner of an account does not sign the Signature Page, we may, in our sole discretion, still treat them as an owner or a co-owner of the account and will not be liable to anyone as a result. • Individual Account - is owned by one person. Upon death, all remaining funds are payable to the individual’s estate (subject to any previous pledge to which we have consented to in writing). • Joint Account - With Right of Survivorship (And Not as Tenants in Common) - is owned by two or more persons. If this is a joint account, then the deposit and any additions to the account are the property of the owners as joint tenants. We are authorized by you to pay unconditionally from such account any and all orders or drafts drawn by you or by either or any one of you. We may be required to release money in the account to satisfy a judgment against or other valid debt incurred by any owner. Upon the death of either or any of you, the balance in the account (subject to any previous pledge to which we have consented to in writing) will be payable to the survivor(s). If there are more than two survivors, you will own the balance in the account as joint tenants with survivorship and not as tenants in common, and not as tenants by the entireties in the case where a husband and wife are the survivors. We are hereby authorized and directed to deal with the survivor(s) (with all of the rights of joint tenants) as sole and absolute owner(s) of the account balance. • Corporate, Partnership, and other Organizational Accounts - we will usually require a separate authorization form designating the person permitted and conditions required for withdrawal from any account in the name of a legal entity such as a partnership, corporation, or other organization. We will honor such authorization according to its terms until we receive satisfactory written documentation that it has been amended or terminated by the governing body of such organization. • Uniform Transfers to Minors Act (UTMA) Accounts – An UTMA account is owned by the minor. There can only be one custodian and one minor per account. No other parties are permitted. You understand that the account is for the minor and understand your responsibilities under UTMA. • Informal Trust Account (ITF) – The person(s) creating this account type reserve the right to: (1) change beneficiaries, (2) withdraw all or part of the account funds at any time. If two persons create such an account, the account is owned jointly with the right of survivorship. Beneficiaries have no ownership interest and cannot withdraw unless: (a) all persons creating the account die, and (b) the beneficiary is then living. If two or more beneficiaries are named and survive the death of all persons creating the account, such beneficiaries will own this account in equal shares, without right of survivorship. LIABILITY - Each of you agrees, for yourself (and the person or entity you represent if you sign as a representative of another) to the terms governing this account and the Customer Service Fee Schedule that may be imposed by us. You authorize us to deduct these charges as accrued directly from the account balance. You also agree to pay additional reasonable charges we may impose for services you request which are not contemplated by this Agreement. All owners are each individually and jointly responsible for any overdraft on your account, regardless of who caused or benefited from the overdraft. If there is a setoff, an enforcement of our
collected daily balance in your account. The interest begins to accrue on the business day you deposit cash. For non-cash items such as checks, interest is accrued no later than the business day that we receive credit for the non-cash item. 3. Refer to the rate sheet for current rates. Interest credited to this account is calculated using a tiered rate method. An interest rate at tier 1 will be paid only for the portion of your daily collected balance that is greater than $499.99 and less than $2,500.00. An interest rate at tier 2 will be paid only for the portion of your daily collected balance that is greater than $2,499.99. 4. Determination of Rate - At our discretion, the Bank may change the interest rate on your account at any time. There is no limit on the amount of increase or decrease. 5. Interest is credited and compounded monthly. 6. Returned Check Fee - $12.50 fee per item. If a check deposited into your account is returned for any reason, the Bank will charge the check back to your account and charge a Returned Check Fee. 7. Paid and Returned Overdraft Item Fees - A $35.00 fee per item, with no maximum daily limit, will be charged if there are insufficient funds in your account to pay an item drawn on your account and the item is paid; this fee is called a Paid Overdraft Item Fee. A $35.00 fee per item, with no maximum daily limit, will be charged if there are insufficient funds in your account to pay an item drawn on your account and the item is returned; this fee is called a Returned Overdraft Item Fee. Overdraft Fees may be created by check, in-person withdrawal, ATM withdrawal or other electronic means. If an item is returned because the available balance in your account is not sufficient to cover the item and the item is presented for payment again, the Bank generally will not charge another Returned Overdraft Item Fee, Paid Overdraft Item Fee, or Uncollected Funds Fee. The transaction code on ACH debits is set by the merchant, not the bank. In rare circumstances, the merchant may not code the ACH transaction with the correct transaction code to indicate a representment and the bank may be unable to match up the transactions. In those rare cases, the customer may be charged another $35.00 Returned or Paid Overdraft Item Fee, or $35.00 Uncollected Funds Fee. 8. Paid Uncollected Funds Fee – A $35.00 fee per item, with no maximum daily limit, will be charged if there are insufficient available funds in your account to pay an item drawn on your account or if you receive cash in excess of available funds. Fees may be created by check, in-person withdrawal, ACH debit or if you receive cash in excess of available funds. Your available balance equals the account’s current balance minus any account holds. 9. Dormancy Fee - $5.00 per month. Accounts become dormant after 365 days of customer inactivity. 10. If you close your account less than six months from the date it was opened there is a $15.00 fee 11. If you close your account before interest is credited, you will receive the accrued interest. 12. Check printing fees do apply. The fee depends on the style of checks ordered. 13. Fees may reduce the earnings on this account. 14. Available to non-profit organizations. 15. The normal statement cycle is the last business day of each month. Your Interest Rate and Annual Percentage Yield may change daily. Refer to the attached rate sheet for Current Interest Rate and Annual Percentage Yield. To obtain rates in the future, please contact the Bank at 877-838-2517 YOUR DEPOSIT ACCOUNT TERMS AND CONDITIONS AGREEMENT – You agree to these Deposit Account Terms and Conditions (“Agreement”) as well as any other documents, we give you pertaining to your personal or business deposit account(s). Your account type may be governed by other specific agreements as well if you open a business account. Collectively all of these disclosures are your account disclosures (“Disclosures”). This Agreement and Disclosures govern the operation of this account unless subsequently changed or supplemented in writing and signed by us. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so that the singular includes the plural, and the plural includes the singular. As used in this Agreement, the words “we,” “our,” “us”, “Bank” or “C&N Bank” means Citizens & Northern Bank and the words “you” or “your” mean the account holder(s). This account may not be assigned by you without our written consent. This Agreement is binding upon you, your heirs and your successors and permitted assigns. Certain of the obligations of the parties pursuant to this Agreement that by their nature would continue beyond the termination, cancellation or expiration of this Agreement shall survive termination, cancellation or expiration of this Agreement. There are no understandings or agreements relative hereto which are not fully expressed or referenced herein. You acknowledge and agree that this Agreement shall be governed by the laws of Pennsylvania without reference to its conflict of law’s provisions, except to the extent that federal law controls. Much of our relationship with our deposit customers is regulated by state and federal law, especially the law relating to negotiable instruments, the law regulating the methods of transferring property upon death and the rights of surviving spouses and dependents, the law pertaining to estate and other succession taxes, the law regarding
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