Terms & Conditions
| When you open an account with Amboy Bank, you agree to the terms and conditions described in this agreement. The words "you" and "your" refer to each person who opens an account. The words "our", "us", "we", "Bank" and "Amboy Direct" refer to Amboy Bank operating as Amboy Direct. Please read this information carefully and keep it with your banking records. Opening your account: Accounts opened with Amboy Bank are available to U.S. Citizens and permanent residents of New Jersey. You agree to authorize us to electronically transfer funds from your checking account at another financial institution. As part of the account opening process, we will link your Amboy Direct account to the designated checking account ("linked account"). We can only link your Amboy Direct account to a checking account within the United States. We reserve the right to verify that you are the owner of the linked account. When you open your account via Amboy Direct website, we will place a hold on your initial deposit(s) until you have completed the verification procedures explained at the time of account opening. If you do not complete the verification procedures within 50 days of account opening, your initial deposit may be returned without payment of interest. You agree that Amboy Direct may obtain credit information about you from one or more credit reporting agencies. Customer suitability will be checked upon account opening and on an ongoing basis. Transactions: Deposits and withdrawals are made either by mail (Deposits Only), a wire transfer using the Federal Reserve Wire Transfer Network (Fedwire), or by using Amboy Directs' website to electronically transfer funds to or from a linked account through an automated clearinghouse ("ACH") transaction. You are responsible for properly transmitting your deposits and / or withdrawals to us as well as any loss caused by your failure to properly identify the account to which a deposit or withdrawal is made or intended to be made. Any transaction that you conduct on Saturday, Sunday or a Federal holiday or after 1pm EST will be effective the following business day. We may limit, refuse or return all or any part of a deposit or withdrawal. If an item you deposit is returned to us unpaid or is otherwise charged back to us, we will charge back to your account the amount of the item. Consistent with standard industry practice for savings accounts and in order to protect you and us from fraudulent transactions, deposited funds will not be made available to you until the funds have cleared. If you make a deposit via an ACH entry we will generally make the money available to you after five (5) business days. Deposits made by wire transfer will be made available the same business day they are received. As with all non-cash deposits to your account, interest will begin to accrue no later than the second business day following the banking day on which the funds were deposited. Security and Access: You must select a Password when opening your account. Your password will be used to protect your privacy when conducting business with Amboy Direct. We will e-mail you an Access Identification Number that must be used along with your Password to effect account transactions. Your Password and Access ID must be kept confidential between you and us. Limitations on Withdrawals and Transfers From Amboy Direct Accounts: Federal law requires us to reserve the right to require you to give us at least seven (7) days written notice before any withdrawal or transfer is made from a savings account. Federal law also limits transfers out of your savings account to six (6) transfers per monthly statement cycle using any automatic transfer services. If you exceed three (3) or four (4) transfers per statement cycle, we will charge a fee for each additional transfer. If you exceed six (6) transfers on more than an occasional basis, we will close your account and transfer your balance to a high rate checking account. We may refuse any withdrawal or transfer of funds from your account that is made in a manner not permitted by us. Collection Costs: You agree to pay collection agency fees and costs and / or attorney's fees and court costs if an overdraft, returned deposited item or other transaction in your account is referred to a collection agency and / or an attorney for collection. Overdrafts: Overdrafts are not permitted. You agree not to request any transfer of funds out of your account that would exceed the balance available your account at the time of your request. Types of Accounts:
Privacy: We are committed to your financial well being. As stated in our Privacy Policy, we do not disclose any non-public personal information about Amboy customers or former customers to anyone, except as required by law. Please see www.amboybank.com for additional information regarding our privacy practices. Indemnity: If the Bank is asked to follow instructions that in its judgment exposes the Bank to potential liability under the law, the Bank may refuse to follow the instructions or may require adequate security to protect it from all loss and expenses incurred in following the instructions. You agree to reimburse us for any damages, losses, liabilities, expenses and fees (including, but not limited to, reasonable attorneys' fees) that we incur in connection with your account if we take an action in accordance with your or what purports to be your oral, written or electronic instructions. Change of Address: The Bank must be properly notified of any change of mailing address or e-mail address in writing or as otherwise permitted by us. Any notice we mail or transmit to you at the last address on our records will be binding on you. Closing an Account: Either you or we may close your account at any time and for any reason. We may close your account without advance notice. Lien and Set-Off: We have a continuing lien on, and under this agreement you grant us a consensual security interest in, all of your deposits as security for any and all debts or obligations you owe us as borrower or otherwise, whether due or to become due. We may at our option at any time and without notice to you use all or any part of the money from your account ("set-off"), whether an individual or joint account, to pay any debt you owe to us of whatever kind and however arising. The set-off shall be a lawful and valid payment by you. This right of set-off does not apply to your accounts to the extent restricted or prohibited by law or contract. Change in Terms/Waiver of Terms: We can change these terms and conditions and add new terms and conditions at any time. Changes and new terms and conditions will be binding upon you and your account as of their effective date. If the change is not in your favor, we will, at least thirty days prior to its effective date, notify you of the change via mail or provide notice to you electronically if you have affirmatively agreed to accept electronic notification. We may change these terms and conditions without notice to you when necessary to conform to federal or state law. We reserve the right to terminate, change or add products, account types or services at any time and within our sole discretion. Notice of such changes, additions or termination will be provided as required by law. We have the right to waive any of our rights under this agreement with respect to any transaction without obligating ourselves to treat future transactions in the same way. Assignment: No account or part of an account may be pledged, assigned, given as a gift, or otherwise transferred to a third party without our prior written consent. Compliance with Laws and Regulations: Your accounts are subject to both Federal law and the law of the State of New Jersey. Your account is also subject to any operating circulars or clearing house rules that apply to us and the rules and regulations of our supervisory authorities (together with Federal and New Jersey law, the "Applicable Laws"). If there is a conflict between these terms and conditions and the Applicable Laws, these terms and conditions will be changed to the extent necessary to comply with the Applicable Laws. If any provision of these terms and conditions is declared to be invalid, unenforceable, or illegal, that provision will not affect the validity of any other of these terms and conditions. Levies, Attachments, and Other Court Process: If we receive a levy, attachment, or other court process against you or any party to the account, we may refuse to permit transfers from your account until the legal process is dismissed or satisfied. Any levy, attachment, or other court process will be subject to our right of set-off and security interest. You are responsible for any losses, costs, or expenses we incur as a result of any dispute or legal proceeding involving your account. Claims on the Account: If we receive a claim against the funds in your account, or if we know of or believe that there is a dispute as to the ownership or control of funds in the account, we may, in our discretion, place a hold on your account and refuse to pay out any funds from your account until we are satisfied that the dispute is settled, close the account and send the balance to the named account holder(s), continue to rely on the current account records, require a court order to act, or take any other action which we feel is necessary to protect us. We will not be liable to you for taking any such action. Death or Incapacity: If you die or are declared legally incompetent we can continue to accept and collect items deposited to your account until we are notified of your death or adjudication of incompetency and have a reasonable opportunity to act. Notices: Any notice that you give to us will be effective when it is actually received by us. Any notice that we give to you will be effective when it is electronically transmitted or deposited in the United States mail, as applicable, and addressed to you at your statement mailing address or electronic mail address. Notice to any one owner of a deposit account is notice to all owners of the deposit account. Jury Trial Waiver: YOU AGREE TO GIVE UP YOUR RIGHT TO A TRIAL BEFORE A JURY. Subject to applicable law, you and we each agree to waive the constitutional right to a trial before a jury. Our disputes will be resolved either through arbitration or in the courts, in either case without any jury. Limitation of Our Liability: We will make all reasonable efforts to give you access to your accounts and current and complete account information. However, you agree that we will not be responsible for any interruption in service or loss caused by an event which is beyond our control, including, but not limited to, natural disasters, wars, riots, strikes, computer failure or loss of power, communication, or transportation facilities. We will not be responsible for any losses or damages, including direct damages, resulting from the use of the account, unless such losses or damages are caused by our lack of good faith or failure to exercise ordinary care. In no event will we be responsible for indirect, special or consequential losses or damages of any kind. New Jersey Multiple Party Deposit Account Act Disclosure Statement This section applies to Accounts and Sub accounts which are Joint Accounts (With Right of Survivorship); Pay-On Death ("POD") Account; and Trust Accounts (With No Separate Agreement of Trust).
Electronic Fund Transfer Disclosure Statement The purpose of this Disclosure Statement is to inform you of your rights under the Electronic Fund Transfer Act. The Electronic Funds Transfers we are capable of handling are indicated below. Additional services may be provided in the future as they are developed. Please read this Disclosure Statement carefully and keep it for future reference. In this Disclosure Statement, the words "you" or "your" refer to the Amboy Bank depositor and any authorized user(s) of the account. The words "we", "us", "our" and "Amboy Direct" refer to Amboy Bank operating as Amboy Direct. 1. ELECTRONIC FUND TRANSFER SERVICES. The electronic fund transfer services that are available to you when you open certain accounts with us are as follows: A. Direct deposit of Federal Government payroll, disability, veteran's benefits, Social Security and such other Federal Government payments that you may receive and that may be deposited to your savings account, when available. B. Direct deposit of your paycheck to your savings account, provided that your employer offers direct deposit and you complete any forms required by your employer. C. Transfer funds between your Amboy Direct account(s) and the checking account(s) at other financial institutions that are linked to your Amboy Direct account(s) ("linked accounts") via the Internet, using your Password. D. Any other deposit to your savings account, which is handled electronically, such as an automated clearinghouse transaction. E. Wire transfer using the Federal Reserve Wire Transfer Network (Fedwire). 2. CHARGES FOR ELECTRONIC TRANSACTIONS. We currently do not charge a fee for our electronic fund transfer services (ACH Transfers). There is a charge of $10 for domestic wire transfers. We reserve the right to charge fees at a later time and will notify you if we do so as required by law. 3. ACCOUNT TRANSFER LIMITATIONS. You may only transfer funds out of your savings account(s) up to six (6) times per monthly statement cycle using any combination of our electronic fund transfer services. The first three (3) transfers out of your Amboy eSavings account are free, the first (4) transfers out of your Amboy Money Market Maximizer account are free. An excessive transaction fee of $5 will be charged for each additional transfer over three (3), or (4). You are not limited in the number of transfers that you may make into your savings account(s). These transfer limitations are imposed to comply with Federal Law. 4. RECORD OF TRANSACTIONS. A. Pre-authorized credits. If you have arranged to have direct deposits to your account at least once every thirty (30) days from the same person, entity or company, for example, your employer, you can call us at 1-877-22AMBOY or access our website (www.amboydirect.com) through the Internet to find out whether or not the deposit has been made. B. Periodic statements for all electronic fund transfers described in this Disclosure you will receive monthly. An account statement showing the status of your account(s) and electronic transactions that you made during the past month. You may only receive a quarterly statement if no electronic transactions occur. 5. HOW TO CONTACT US. If you believe your Password is no longer secure or confidential, or that someone has conducted or may conduct an electronic funds transfer without your permission, please contact us immediately by accessing our website (www.amboydirect.com) through the Internet or calling 1-877-22AMBOY or writing us at: Amboy Direct, 3590 U.S. Highway 9 South, Old Bridge, NJ 08857. 6. LIABILITY FOR UNAUTHORIZED TRANSFERS. CONTACT US IMMEDIATELYif you believe that an unauthorized transfer has occurred or may occur concerning your account(s) or that your Password is no longer secure or confidential or may have been used without your permission. Telephoning us at 1-877-22AMBOY is the best way of keeping your losses to a minimum. If you telephone us, we may require that you send us written confirmation of your notice to be received by us within ten (10) business days of your phone call. You may also notify us through our website (www.amboydirect.com) but we may also require that you send us written confirmation of your notice to be received by us within ten (10) business days of your electronic notice to us. You could lose all the money in your account(s) if you take no action to notify us of the unauthorized transfer or the loss of security or confidentiality of your Password. If you notify us of the loss, your liability for unauthorized transfers will be as follows: A. If someone else used your Password without your permission, you could lose as much as $500 if you do NOT contact us within two (2) business days after you learn of the loss or unauthorized use and we can prove that we could have prevented the loss had you contacted us. B. If your monthly statement shows transfers that you did not make and you do NOT contact us within sixty (60) days after the statement was mailed to you or first became available via electronic means if you elected to receive your statement electronically, you may not get back any money lost after the sixty (60) days if we can prove that your contacting us would have prevented those losses. We can extend these time periods if extenuating circumstances (such as a long trip or hospital stay) kept you from notifying us. 7. IN CASE OF ERRORS OR QUESTIONS ABOUT YOUR TRANSACTIONS. Telephone us at 1-877-22AMBOY, write to us at Amboy Direct, 3590 U.S. Highway 9 South, Old Bridge, NJ 08857, or send us an electronic communication through the internet at our website (www.amboydirect.com) as soon as you can if you think your statement or transaction record is wrong or if you need more information about a transaction listed on a statement or receipt. We must hear from you no later than sixty (60) days after the FIRST statement on which the problem or error appeared was mailed to you or first became available via electronic means if you elected to receive your statement electronically. You must provide us with the following information: A. Tell us your name and account number; B. Describe the error or the transaction you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information; and C. Tell us the dollar amount of the suspected error. If you tell us verbally or through electronic communication, we may require that you send us your complaint or question in writing within ten (10) business days to the above address. We will tell you the results of our investigation within ten (10) business days or twenty (20) business days for international transactions (an electronic funds transaction initiated outside the United States or Puerto Rico), after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days, or ninety (90) days for international transactions, to investigate your complaint or question. If we decide to do this, we will recredit your account within ten (10) business days, or twenty (20) business days in the case of an international transaction, for the amount you think is in error, so that you will have use of the money during the time it takes us to complete our investigation. If we require your written confirmation and we do not receive your complaint or question in writing within ten (10) business days, we may not recredit your account. If we decide that there is no error, we will send you a written explanation within three (3) business days after we finish our investigation. You may ask for copies of the documents we use in our investigation. If we credit your account with funds while investigating an error, you must repay those funds to us if we conclude that no error has occurred. We may provide you with the results of our investigation electronically if you have agreed to receive electronic communications from us 8. STOP PAYMENT PROCEDURE. You may not stop payment of an electronic transfer that is not recurring once you have initiated the transaction. If you informed us, in advance, to make automatic recurring transfers out of your account, you can stop any of these transfers by calling us at 1-877-22AMBOY, writing us at Amboy Direct, 3590 U.S. Highway 9 South, Old Bridge, NJ 08857, or sending us an electronic communication through the Internet at our website (www.amboydirect.com) in time for us to receive your request three (3) business days or more before the transfer is scheduled to be made. When you make the request, you must tell us your name and account number, the account to which the transfer is scheduled to be made, specify the exact amount of the transfer you want stopped, and the date the transfer is scheduled to be made. If you call or send us an electronic communication, we may require you to put your request in writing within fourteen (14) days after you call or send us the electronic communication. If you ordered us to stop one of these transfers three (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, unless we require and do not receive
written confirmation of an oral or electronic stop payment request within
the fourteen (14) days and the transfer takes place after the fourteen
(14) days, or you fail to give us proper instructions that would enable
us to stop the transfer. We will not be responsible if our computer system
does not act on your order because you did not give us precise and correct
information. Our liability for losses or damages may be limited to actual
damages that you have sustained if the failure to stop payment was due
to a bona fide error, despite our procedures to avoid such errors. 9. BUSINESS DAYS. Our business days include every day other than Saturday, Sunday or one of the Federal Holidays or other days we are closed. 10. DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES. We shall disclose information to third parties about your account or the transfers you make: A. Where it is necessary to complete transactions; B. In order to verify the existence and standing of your account with us upon the request of a third party, such as a credit bureau; C. In accordance with your written permission; D. In order to comply with court orders or government or administrative agency summonses, subpoenas, orders, examinations and escheat reports; and/or E. On receipt of certification from a federal agency or department that a request for information is in compliance with the Right to Financial Privacy Act of 1978. 11. OUR LIABILITY FOR FAILURE TO COMPLETE AN ELECTRONIC FUND TRANSFER. If we fail to complete a transaction on time or in the correct amount, when properly instructed by you, we will be liable for damages proximately caused by our failure unless: A. There are insufficient funds in your account to complete the transaction through no fault of ours; B. The funds in your account are unavailable; C. The funds in your account are subject to legal process; D. We did not receive a direct deposit instruction; E. The failure is due to an equipment breakdown that you knew about before you began a transaction; F. The failure was caused by an Act of God, fire or other catastrophe, or any other cause beyond our control despite reasonable precautions that we have taken; G. Your Password has been reported lost or stolen or and you are using the reported / suspended Password; H. We have reason to believe that the transaction requested is unauthorized; I. You attempt to complete a transaction which is not a permissible transaction listed above; J. You did not provide us with the correct account information for those accounts to which you wished to direct a transfer. In any case, we shall only be liable for actual proven damages if the failure to make the transaction resulted from a bona fide error despite our procedures to avoid such errors. 12. LIMITATION OF OUR LIABILITY. UNLESS OTHERWISE REQUIRED BY LAW, WE WILL NOT BE RESPONSIBLE FOR ANY LOSSES OR DAMAGES FROM THE USE OF THE SERVICES DESCRIBED IN THIS DISCLOSURE STATEMENT INCLUDING INDIRECT, SPECIAL OR CONSEQUENTIAL LOSSES OR DAMAGES. TRUTH IN SAVINGS DISCLOSURES Monthly Service Charge - none Initial Deposit required to open the account is $100. Rate Information - The interest rate on your account is 3.01% with an APY of 3.05%. At our discretion we may change the Interest Rate for your account at any time. If you do not complete the verification procedures explained to you at the time of account opening within 50 days of account opening no interest may be paid. Balances from $30,000 to $250,000 receive a rate of 3.01%(3.05% APY); $5,000 to $29,999 receive a rate of 2.00%(2.01% APY); No interest is paid on balances under $5,000. Compounding and Crediting - Interest on your account will be compounded and credited on a monthly basis. Balance Computation Method - We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Accrual of Interest on Non-Cash Deposits - For all types of non-cash deposits, interest will begin to accrue not later than the second business day following the banking day on which the funds were deposited. Transaction Limitations - There is no limit on the number of transfers into your Amboy Direct account. Federal Law limits the number of transfers of funds out of your savings account to your linked account. The first four (4) transfers out of your Amboy Money Market Maximizer account in a monthly statement cycle are free. An excessive transaction fee of $5 will be charged for each additional transfer over four (4). If you exceed six (6) times per monthly statement cycle using any combination of preauthorized and automatic transfer services on more than an occasional basis, we will close your account or transfer it to a high rate checking account. Effect of Closing an Account – If you close your account before interest is credited; you will not receive the accrued interest. A zero balance on an account will result in immediate closure of the account. Also, balances under one dollar will result in forfeiture of any accrued interest on the account. Dormancy Fee - If there is no account activity over a period of 2 years the Bank will charge a fee of $5 a month.
ELECTRONIC DELIVERY DISCLOSURE NOTICE In order to open your account on-line, you must accept electronic delivery of account opening disclosures and periodic statements. Electronic acceptance of account periodic statements means that Amboy Direct will not mail them to you unless requested. To request a mail statement, you must write to Amboy Direct at Amboy Direct at 3590 U.S. Highway 9 South, Old Bridge, NJ 08857 or at amboydirect@amboybank.com. You may withdraw consent for electronic delivery of periodic statements, but doing so will not affect the legal effectiveness, validity, or enforceability of electronic records that were made available to you prior to the implementation of your withdrawal. To withdraw consent you must write to Amboy Direct at 3590 U.S. Highway 9 South, Old Bridge, NJ 08857 or at amboydirect@amboybank.com. The minimum hardware and software requirements to accept and retain the above electronic disclosure are defined by your ability to operate one of the following two Internet browsers: Microsoft Internet Explorer version 4.0 or higher, Netscape Navigator version 4.0 or higher and Adobe® Acrobat® Reader version 4.0 or higher. By clicking the Accept button below, you agree to accept electronic delivery
of account opening disclosures and periodic statements and you acknowledge
that you can view and retain this information. AVAILABILITY OF FUNDS AND COLLECTION OF CHECKS At Amboy Bank our policy is to delay the availability of funds that you deposit in your account. During the delay, you may not withdraw the funds in cash and we will not use the funds to pay checks that you have written. Determining the Availability of a Deposit The length of the delay is counted in business days from the day of your deposit. Business days exclude Saturdays, Sundays and federal holidays. If you make a deposit before 2:00 p.m. 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 p.m. or on a day we are not open, we will consider that the deposit was made on the next business day we are open. The length of the delay varies depending on the type of deposit and is explained below. Same-day Availability Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Next-day Availability Funds from the following deposits are available on the first business
day after the day of your deposit:
If you make the deposit in person to one of our employees, funds from
the following deposits are also available on the first business day after
the day of your deposit:
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 second business day after the day of your deposit. Other Check Deposits To find out when funds from other check deposits will be available, look at the first four digits of the routing number on the check: Personal Check  Business Check
If you deposit both categories of checks, $100 from the checks will be available on the first business day after the day of your deposit; not $100 from each category of check. * Cash withdrawals are limited to $400 at or after 5:00 p.m. on the second business day after the day of your deposit and the balance will be available for cash withdrawal on the third business day.p> **Cash withdrawals are limited to $400 at or after 5:00 p.m. on the fifth business day after the day of your deposit and the balance will be available for cash withdrawal on the sixth business day. Deposits at Automated Teller Machines Funds from any deposits (cash or checks) made at automated teller machines (ATMs) we do not own or operate will not be available until the 5th business day after the day of your deposit. This rule does not apply at ATMs that we own or operate. All ATMs that we own or operate are identified as our machines. 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 we 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. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited. Longer Delays May Apply Funds you deposit by check may be delayed for a longer period 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 9th business day after the day of your deposit. Special Rules for New Accounts If you are a new customer, the following special rules will apply during the first 30 days your account is open. Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers, and the first $5,000 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s, and federal, state and local government checks 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 (and you may have to use a special deposit slip). The excess over $5,000 will be available on the ninth 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 $5,000 will not be available until the second business day after the day of your deposit. Funds from all other check deposits will be available on the 9th business day after the day of your deposit. AMBOY NATIONAL BANK Member FDIC Rev. 3-02 |
