The First National Bank Of Elmer
Money Market Account Agreement
AGREEMENT: This is our basic agreement with you as to the operation of this account. Your account will also be governed by the signature card that you signed. Furthermore, the account will be subject to the laws, rules and regulations of the State of New Jersey and of the United States. Any change in any of the foregoing that may become effective in the future will also govern the account.
DEPOSITS: Deposits may be made only when accompanied by a deposit slip in the form prescribed by the Bank. We are not responsible for transactions initiated by mail until we actually receive them. In receiving any item for deposit or collection, the Bank will process the item in order to collect payment; the Bank will not, however, become the owner of the item. The Bank will not be responsible beyond the exercise of ordinary care in processing the item. All items are credited subject to the Bank's receipt of final payment of the item. If the Bank received any item payable to you with any endorsement missing, the Bank may endorse it for you and deposit it in the account. Items may be handled in accordance with customary banking practice. All transactions received by us after our daily cut-off on a business day or received on a day during which we are not open for substantially all our business, will be treated and recorded as if initiated on our next business day. For all purposes, especially for calculating your account balance, accruing interest and permitting withdrawals and transfers, we reserve the right to give credit only to collected funds, even if our normal practice is otherwise. Any deposit of, or payable to, in a foreign currency will receive credit in US dollars after collection and exchange. At its discretion, the Bank may refuse of accept a deposit, may return a deposit and may close the account.
INTEREST: Your Interest Rate and Annual Percentage Yield may change at our discretion. A minimum daily balance of $1,000 must be maintained in order for interest to accrue. Interest will be paid directly into your account each month when your regular monthly statement is issued. You will not receive any interest for that month if you close your account before your regular statement is issued. If your average daily balance for the entire statement period is less than $1,000 a service charge will be assessed.
PAYMENTS: Federal regulations only permit the Bank to pay a maximum of three (3) checks during each statement period. If more than three checks are presented for payment during any statement period, an excess check charge will be assessed against your account. You may, however, have unlimited cash withdrawals drawn on this account, which are payable to yourself. You must maintain a sufficient balance of collected funds in your account to cover the checks you write (an item deposited does not become "collected" until it has been paid to the bank). If your check is presented to the bank at a time when there is not a sufficient balance of collected funds in your account, the Bank may pay the check, return the check, and/or in either event may charge you a service charge. You must not date a check later than the date you write it, or put a condition for payment on any check. If you do, and the check is presented to the Bank for payment before its date or before the condition has been met, the bank may at its discretion pay the check or return it unpaid. In accordance with Federal Regulation, the Bank reserves the right to require written notice of your intention to make a withdrawal seven (7) days before the withdrawal is made, and payment by the Bank without requiring seven (7) days notice will not constitute a waiver by the Bank of the right to require such notice.
PRE-AUTHORIZED TRANSFERS: You may authorize the Bank to make a maximum of six (6) pre-authorized transfers of funds from this account per statement period. No more than three (3) of such transfers may be by check.
STOP PAYMENT: If this is a joint account, any one of you may authorize the Bank to stop payment on any item. You may direct the Bank to stop payment on any check orally or in writing. An oral stop payment order, however, must be confirmed in writing within 14 days or it will expire. A written direction to the Bank to stop payment will be effective for 6 months, unless renewed in writing.
SERVICE CHARGES: The Bank's service charges for stop payments, returned deposited items, overdrafts, checks returned for uncollected funds, etc. will apply to this account.
JOINT ACCOUNT: If the account is a joint account, the Bank will pay a check, as well as recognize all other matters affecting the account, signed by any one of you. Each of you authorized each other to endorse for deposit in the account any item that is payable to any or all of you. Anyone of you may authorize the Bank to stop payment on any item. A notice of any one of you will constitute a notice to all of you.
STATEMENTS: The Bank will send you a periodic statement, which will contain a record of all transactions during the period. You must carefully examine your statement and report any errors, unauthorized withdrawals or transfers or alterations to us in writing when the statement is first made available to you. If no report is made to us within a reasonable time, you waive your right to contest any withdrawals or transfers so disclosed, and you accept the charges assessed in the account balance as reported.
SET-OFF: Each of you acknowledge and agree that we have the right to set off against all or any part of the Money Market Account for any debt you may owe the Bank. This right may be exercised at any time and without prior notice, except as limited by law. This right applies even if one or more of you is not obligated to us on the debt. This right applies to debts we now own or hereafter acquire.
AMENDMENT: We may amend these rules and regulations, hereafter, upon giving reasonable notice to you. Such notice may be given by posting a notice of such changes in the lobby of the Bank, enclosing a notice in a statement of this account, or by mail to the account address.
WAIVER: Any waiver by the Bank of any of these rules and regulations, on any occasion, will not constitute a waiver of the same or any other rules and regulations on any other occasion.
I/WE ACCEPT THE ABOVE AGREEMENT FOR MY-OUR MONEY MARKET DEPOSIT.