The Equitable Bank - Disclosure

Disclosure

Savings Accounts

The Equitable Savings Account

There is no minimum balance required to open an Equitable Savings Account.
This account has a variable interest rate. The annual percentage yield may change.
Earning the annual percentage yield requires an actual minimum balance of $2,500.
Interest is compounded daily and credited quarterly based on the actual daily balance.
Account evidence must be presented with each withdrawal request. Withdrawals are not allowed without a passbook.

Regular Passbook Savings Account

To open a Passbook Savings Account, an initial minimum balance of $100 is required. This account is subject to a $100 minimum daily balance. Should your account fall below the minimum, you may be assessed a fee.
This account has a variable interest rate. The Annual Percentage Yield may change.
Interest is compounded and credited quarterly based on the actual daily balance.
Account evidence must be presented with each withdrawal request. Withdrawals are not allowed without a passbook.

Regular Statement Savings Account

To open a Statement Savings Account, an initial minimum balance of $100 is required. This account is subject to a $100 minimum daily balance. Should your account fall below the minimum, you may be assessed a fee.
This account has a variable interest rate. The Annual Percentage Yield may change.
Interest is compounded and credited quarterly based on the actual daily balance.
An ATM card is available with this account.

Super Saver Passbook

To open a Super Saver Account, an initial balance of $500 is required. This account is subject to a $500 minimum daily balance. Should your account fall below the minimum, you may be assessed a fee.
This account has a variable interest rate. The Annual Percentage Yield may change.
Interest is compounded and credited quarterly based on the actual daily balance.
Account evidence must be presented with each withdrawal request. Withdrawals are not allowed without a passbook.

Perfect Passbook Account

To open a Perfect Passbook Account, an initial balance of $2,500 is required. This account is subject to a $2,500 minimum daily balance. Should your account fall below the minimum, you may be assessed a fee.
This account has a variable interest rate. The Annual Percentage Yield may change.
Interest is compounded and credited quarterly based on the actual daily balance.

Perfect Money Market Account

To open a Perfect Money Market Account, an initial minimum balance of $2,500 is required. This account is subject to a $2,500 minimum daily balance. Should your account fall below the minimum, you may be assessed a fee.
This account has a variable interest rate. The Annual Percentage Yield may change.
Interest is compounded and credited monthly based on the actual daily balance.
You may make as many as six (6) preauthorized transfers per statement month. Three (3) of these may be in the form of a check, draft, debit card or similar order made by you, payable to a third party.
An ATM card or a Chequitable Debit card is available with this account.
Fees may be assessed for overdrafts, stop payment requests and checks written in excess of three (3) in any statement period

The Equitable Money Market Account

To Open The Equitable Bank Money Market Account, an initial deposit of $2,500 is required. The account is subject to a $2,500 minimum daily balance. Should your account fall below the minimum balance, you may be assessed a fee.
The rate on balances up to $24,999 earns a variable interest rate set by the bank. The Annual Percentage Yield may change.
The rate on balances greater than $25,000 earns a variable interest rate set by the bank. The Annual Percentage Yield may change.
Interest is compounded and credited monthly based on the actual daily balance.
An ATM card or a Chequitable Debit card is available with this account.
You can make as many as six (6) preauthorized transfers per statement month. Three (3) of these may be in the form of a check, draft, debit card or similar order made by you, payable to a third party.
Fees may be assessed for overdrafts, stop payment requests and checks written in excess of three (3) in any statement period.
Relationship Money Market Account
To Open The Equitable Bank Money Market Account, an initial deposit of $1,000 is required.
No monthly fee and unlimited in person withdrawals are permitted.
Tiered variable rate of interest is paid for balances of $2,500 and greater.

Information Applying To All Savings Accounts

Federal regulations require us to reserve the right to require seven (7) days notice of withdrawal.
Deposits may not be available for immediate withdrawal. Please refer to our Funds Availability brochure for further information on how we process check deposits.
Check deposits will not start earning interest until the second business day after deposit.
Changes in interest rates are at the discretion of The Equitable Bank, S.S.B.
Fees will be assessed for accounts closed in the first 90 days after opening and for assisted telephone transfers.
For all passbook accounts, duplicate account evidence will only be issued after completion of a lost passbook affidavit and payment of a fee.

Checking Accounts

No Minimum Chequitable

To open a No Minimum Chequitable Account, an initial opening deposit of $100 is required.
No interest is paid on this account.

Chequitable Account

To open a Chequitable Account, an initial deposit of $100 is required. This account is subject to a $500 minimum daily balance. Should your account fall below the minimum, you may be assessed a fee. You may avoid this fee by maintaining a $2,500 minimum daily balance in a related account.
This account has a variable interest rate. The Annual Percentage Yield may change.
Interest is compounded and credited monthly based on the actual daily balance.

Chequitable Plus Account

To open a Chequitable Plus Account, an initial deposit of $100 is required. You must establish and maintain one of the following services linked to this account, otherwise a monthly fee will be assessed:
- Direct Deposit of Social Security, payroll or pension checks
or
- Automatic payment program for a loan at Equitable.
This account has a variable interest rate. The Annual Percentage Yield may change.
Interest is compounded and credited monthly based on the actual daily balance.

Homeowners Chequitable Account

To open a Homeowners Chequitable Account, an initial deposit of $100 is required and you must own a home.
This account has a variable interest rate. The Annual Percentage Yield may change. Interest is compounded and credited monthly based on the actual daily balance.

Preferred Chequitable Account

To open a Preferred Chequitable Account, an initial deposit of $100 is required. This account is subject to a $2,500 minimum daily balance. Should your account fall below the minimum, you may be assessed a fee. You may avoid this fee by maintaining a $10,000 minimum daily balance in a related account.
This account has a variable interest rate. The Annual Percentage Yield may change.
Interest is compounded and credited monthly based on the actual daily balance.

Relationship Checking

To open a Relationship Checking Account, an initial deposit of $100 is required.
You must establish and maintain one of the following services linked to this account, otherwise a monthly fee will be assessed:
- Home Equity Line of Credit of $30,000 or more.
- Certificate of Deposit with a balance of $10,000 or more.
You also must establish and maintain one of the following services linked to this account, otherwise a monthly fee will be assessed:
- Direct Deposit of Social Security, payroll or pension checks
or
- Automatic payment program for a loan at Equitable.
This account has a variable interest rate. The Annual Percentage Yield may change. Interest is compounded and credited monthly based on the actual daily balance.

Senior Preferred

To open a Senior Preferred Account, an initial deposit of $100 is required and the owner must be at least 50 years old.
This account has a variable interest rate. The Annual Percentage Yield may change.
Interest is compounded and credited monthly based on the actual daily balance.

Information Applying To All Checking Accounts

There is no monthly service fee for accounts under our “Check Keeper” program. Checks are kept by the bank. Up to three (3) photocopies per month are available without charge.
There is a monthly fee for accounts enrolled in the “Check Image” program. A reduced image of the front and back of all checks written by you will be returned with your monthly statement.
An ATM card or a Chequitable Debit card are available.
Deposits may not be available for immediate withdrawal. Please refer to our funds availability brochure for further information on how we process check deposits.
Check deposits will not start earning interest until the second business day after deposit.
We are not obligated, but may at our discretion, pay a check other than a certified check presented for payment more than six months after its date. If you do not want us to pay a stale-dated check, you must place a stop-payment order on the check.
You agree not to date a check later than the day you write a check drawn on your checking account (post-dated). If you post-date a check and the check is presented for payment prior to the date written on the check, we may either pay the check against your account or refuse to pay it. If we pay a post-dated check that you wrote, you agree that we will not be liable to you for any alleged losses you may incur, such as the loss of interest or losses resulting from overdrafts and overdraft charges.
Fees may be assessed for overdrafts, stop payment requests, checks written in excess of three (3) in any statement period, statement copies, check copies, transfers of funds to cover an overdraft, an account closed within the first 90 days after opening or accounts that remains negative for 5 or more days.
- See checking and savings account brochures for more information on all checking and savings accounts.
- See fee schedule for current fees.

Certificate Accounts

Select-A-Term

You can “Select-A-Term” with a maturity that meets your needs. Terms from six months to ten years are available. For certificates with non-standard terms, the rate of interest would be the published rate for the closest shorter term. ALL CERTIFICATE PROGRAMS ARE AVAILABLE FOR INDIVIDUAL RETIREMENT ACCOUNTS.

Earnings

A fixed rate certificate account will receive earnings based on the rate of interest established on the opening day for the initial term of the certificate. Interest is credited at maturity for the 28 day, quarterly on fiscal quarters for the 91 day and six-month certificates and on calendar quarters for one to ten year certificates. In addition, one to ten year certificates credit any accrued interest accumulated from the last quarter to the date of maturity.
All certificate accounts earn daily compounded interest unless otherwise stated. The Annual Percentage Yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings.

Renewal Terms

Certificate accounts are automatically renewed at the close of business on the initial maturity date or on the maturity date of any renewal term unless:
(1) It is withdrawn within the seven days grace period or
(2) The bank elects not to renew the certificate upon maturity, in which case the account will be converted to a regular savings account and receive earnings at the rate then paid on regular savings accounts.

The term of any renewal period is stipulated in the certificate. The rate of earnings for any renewal term shall be at the rate the bank is paying at that time on new accounts of this class.

Penalty Clauses

28 day certificate. No withdrawals will be permitted until maturity. In the event of any withdrawals prior to maturity, the account holder shall forfeit an amount equal to all earnings paid, credited and accrued on the amount of the withdrawal.

91 day certificate. No withdrawals will be permitted on this account for the first 45 days. In the event of any withdrawals following the first 45 days but prior to maturity, the account holder shall forfeit an amount equal to all earnings paid, credited and accrued on the amount of the withdrawal.

6 month certificate. In the event of any withdrawal of principal from this account prior to a maturity date, the account holder shall forfeit an amount equal to the greater of (1) all earnings paid, credited or accrued on the amount withdrawn, or (2) three months of interest, whether earned or not, on the amount withdrawn at the simple interest rate being paid on the account, regardless of the length of time the funds withdrawn have remained in the account.

1 - 2 year certificates. In the event of any withdrawal of principal from this account prior to a maturity date, the account holder shall forfeit an amount equal to six months of interest whether earned or not, on the amount withdrawn at the simple interest rate being paid on the account, regardless of the length of time the funds withdrawn have remained in the account.

4 - 10 year certificates. In the event of any withdrawal of principal from this account prior to a maturity date, the account holder shall forfeit an amount equal to 12 months of interest whether earned or not, on the amount withdrawn at the simple interest rate being paid on the account, regardless of the length of time the funds withdrawn have remained in the account.

All Certificates. Any withdrawal which reduces the account balance below the minimum balance requirements shall be considered as a withdrawal of the entire account balance and shall be subject to the penalty described herein. The penalty described herein will not be imposed for withdrawal of principal following the death or adjudication of incompetence of any account holder. The penalty described herein may not be imposed for withdrawal of principal to pay for nursing home expenses with evidence account holder is residing in a nursing home. Subject to minimum Federal Reserve requirements.

Earnings credited to the account during any term may be withdrawn at any time during such term without penalty. If the account is renewed at the same earnings rate, earnings during the preceding term as well as the current term may be withdrawn at any time without penalty during the renewal term. If the renewal term is different, earnings in the account at the commencement of the renewal term shall be deemed merged with the principal and only earnings for the renewal term may be withdrawn at any time without penalty during such term.

In the event that the entire account or any portion thereof is withdrawn not more than seven days after a maturity date, earnings shall be paid thereon at the rate of earnings above set forth to the date of withdrawal without reduction for any penalty.

To the extent necessary to comply with these requirements, deductions shall be made from the amount withdrawn or the remaining account balance.

Information Applying to All Certificate Accounts

Deposits after account opening and withdrawals of principal during the term of the account are not permitted. The exception is the 18 month variable rate certificate that does permit additional deposits during the term.
Check deposits will not start earning interest until the second business day after deposit.
Account evidence must be presented with each withdrawal request. Withdrawals are not allowed without a passbook.
Duplicate Account evidence will only be issued after completion of a lost passbook affidavit and payment of a fee.
To open a 28 day, 91 day or six-month certificate, an initial minimum balance of $2,500 is required.
To open a one, two, four or six year certificate, an initial minimum balance of $500 is required.

ATM Cards and Debit Cards

The Equitable Bank ATM Card can be used to withdraw cash from selected Equitable Bank accounts via an ATM (Automated Teller Machine).
The Chequitable Debit card can be used to get cash from ATMs as well as make purchases at retail merchants.
ATM cards are available with selected accounts. The fees and service charges assessed vary based on the type of account the ATM card is linked to.
Debit cards are available with all checking and money market accounts. The fees and service charges assessed vary based on the type of account the debit card is linked to.
If a card is linked to both the Chequitable Account and a statement savings account at The Equitable Bank, the service charges assessed will be based on the Chequitable Account.
When you use an ATM not owned by us, you may be charged a fee by the ATM operator or the network used.
You may be charged a fee for a balance inquiry by the network used even if you do not complete a funds transfer.
There is no annual fee for Equitable Bank ATM or debit cards.
Transactions done at terminals owned by The Equitable Bank will be free. Withdrawals in excess of (10) at non-equitable ATMs will be assessed a fee.
Any number of deposits and up to ten (10) withdrawals per month can be made at no charge using an Automated Teller Machine (ATM) which is part of the Pulse Network.
A fee will be assessed for every transaction ran on an ATM, which is not part of the Pulse Network.
You can make unlimited Transactions at ATM terminals owned by The Equitable Bank.
The Equitable Bank reserves the right to cancel any ATM or debit card at any time without notice.
All accounts with ATM or debit cards are subject to Regulation E.
A fee will be assessed to replace stolen or lost ATM or debit cards.
A fee will be assessed for reissue of a Personal Identification Number (PIN) for your ATM or debit card.
A fee will be assessed for any empty envelope deposited into an ATM.
A fee will be assessed for a check returned back to us.

OTHER PROVISIONS COVERING ALL ACCOUNTS

The Equitable Bank, S.S.B. reserves the right to cancel any account or related service.

Please refer to our fee schedule for fees and charges that may apply to Equitable Bank accounts and products.