The First National Bank Of Elmer
Statement Savings Agreement
Rules And Regulations
RULES AND REGULATIONS: These are the rules and regulations that govern your Statement Savings Account. You account will also be governed by the signature cards you will sign. Furthermore, the account will be subject the laws, regulations and rules 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. In receiving any item (such as a check) for deposit or collection, the Bank will process the item in order to collect payment of it. The Bank will not, however, become the owner of the item. In processing the item, the Bank will not be responsible beyond the exercise of ordinary care. If the Bank receives 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. Any item received by the Bank after its regular closing hour will be considered to have been received by it on the following business day. At its discretion, the Bank may refuse to accept a deposit, may return a deposit and may close the account.
WITHDRAWALS: You may make a withdrawal from the account by presenting to the Bank a signed withdrawal request in the form prescribed by the Bank. In accordance with federal regulation, the Bank reserves the right to require you to give the written notice of your intention to make a withdrawal seven (7) days before the withdrawal is made. Any payment by the Bank without requiring the seven (7) day advance notice will not constitute a waiver by the Bank of the right to require the notice in the future. The Bank is not required to allow withdrawal of any deposit for which the Bank has not received final payment.
INTEREST: The Bank will pay interest on the amount on deposit in the account at the rates, at the intervals and on the other terms that are determined by the Bank from time to time. Interest will be reported for tax purposes in the name of Depositor # 1. It is your responsibility to give the Bank your correct tax identification number.
INDEMNITY: If you ask the Bank to follow instructions that, in the judgment of the Bank, expose it to potential liability the Bank may refuse to follow your instructions. The Bank may require adequate security to protect it from all loss and expense incurred in following your instructions.
SERVICE CHARGES: The Bank may impose service charges and maintenance charges on your account in the amounts, and on the other terms, that are determined by the Bank from time to time. No exceptions will be made assessing service charges.
SET-OFF: Each of you acknowledge and agree that we have the right to set off against all or any part of the Statement Savings 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.
JOINT ACCOUNT: If the account is a joint account, the Bank will recognize an authorization for withdrawal, as well as recognize all other matters affecting the account, signed by any one of you. Each of you authorize each other to deposit in the account any item that is payable to any or all of you. A notice to 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 in a reasonable time, you waive the right to contest any withdrawals or transfers so disclosed, and you accept the charges assessed and the account balance as reported.
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 occasions.
CHANGE OF ADDRESS: You must promptly notify the Bank in writing of any change in your address.
CONTINUING EFFECT: If any of these rules and regulations is determined by a governmental authority to be ineffective, the rest will continue to be in effect.
TRANSFERABILITY: This account is NOT TRANSFERABLE.
I/WE ACCEPT THE ABOVE RULES AND REGULATIONS FOR MY/OUR STATEMENT SAVINGS ACCOUNT.