Truth in Savings

Checking Account

RATE INFORMATION. Please refer to our rate sheet for the interest rate and annual percentage yield (APY) on this account. Your interest rate and annual percentage yield may change.

Determination of Rate. At our discretion, we may change the interest rate on your account.

Frequency of Rate Changes. We may change the interest rate on your account every week.

Limitations on Rate Changes. There are no maximum or minimum interest rate limits for this account.

COMPOUNDING AND CREDITING. Interest will compound monthly and will be credited to your account monthly. If you close your account before interest is credited, you will not receive the accrued interest.

MINIMUM BALANCE REQUIREMENTS. Please refer to our rate sheet for the minimum balance required to open this account as well as the minimum daily balance required to obtain the disclosed annual percentage yield. You will earn interest for every day during the period that your account equals or exceeds the minimum daily balance requirement.

DORMANT/INACTIVE ACCOUNT INFORMATION. A dormancy fee may be charged to your account when your account has been inactive for 6 months. You understand that your account balance may be escheated to the Commonwealth of Massachusetts after 3 years inactivity. If your account is escheated it may be subject to an escheatment fee. Please see the Bank’s Schedule of Fees for applicable charges.

PROCESSING ORDER. All ACH credit transactions are processed first. Other credit transactions such as a deposit at an ATM will be credited as they are received. Debits and checks will be processed as follows: preauthorized transactions, such as debit card transactions, then checks. Checks that come through during overnight processing are processed in check number order. Telephone transfers, ATM transactions and deposits or withdrawals done at the teller window will be processed at the time of the transaction. The processing order of these items is important because if there is not enough money in the account to pay for the items in the order they are processed in accordance with the processing order, there may be an overdraft on your account which may result in overdraft or non-sufficient funds fees or an increase in the amount of these fees.

BALANCE COMPUTATION METHOD. We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.

ACCRUAL ON NONCASH DEPOSITS. Interest begins to accrue on the business day you deposit noncash items (for example, checks).

TRANSACTION LIMITATIONS. The Village Money Market Account is subject to transaction limitations. The depositor is permitted or authorized to make not more than six transfers and withdrawals, or a combination of such transfers and withdrawals, per statement cycle, to another account of the depositor at The Village Bank or to a third party by means of a preauthorized, automatic, telephone, or computer transfer, or by check, draft, debit card, or similar order made by the depositor and payable to third parties. A preauthorized transfer includes any arrangement by The Village Bank to pay a third party from your account upon written or oral instructions (including ACH) or any arrangements by The Village Bank to pay a third party from your account at a predetermined time or on a fixed schedule. The Village Bank permits unlimited transfers for the purpose of repaying Village Bank loans, transfers of funds between your Village Bank accounts, and withdrawals when made by mail, messenger, ATM, in person or by telephone. Withdrawal requests made by telephone must be made payable to you.

ADDITIONAL INFORMATION REGARDING YOUR ACCOUNT

 ATM, POINT OF SALE (POS) AND DEBIT MASTERCARD TRANSACTIONS. The Village Bank does not transfer the charges we incur when you take advantage of other ATM networks, nor do we charge our customers for using our ATMs or for making POS and Debit MasterCard transactions. Simply stated, those elements of the network ATM, POS and Debit MasterCard transactions over which The Village Bank has direct control are offered to our customers free of charge. Some financial institutions and other ATM owners may impose a surcharge or convenience fee for using their ATMs. You should have the option to terminate such transactions.

CHANGE OF ADDRESS (POSTAL OR EMAIL).

You agree to notify us in writing of any permanent change of address. Any notice or statement mailed to the last address appearing on our records will be deemed delivered and binding for all purposes.

WHERE TO GET FURTHER INFORMATION.

Please contact a Customer Service Representative if you have any questions or telephone us at 617-969-4300. You may also contact us in writing at:

The Village Bank
320 Needham Street, Suite 200
Newton MA 02464
www.village-bank.com

FEES AND CHARGES. Please refer to the separate fee schedule provided to you with this disclosure for information about fees and charges associated with this account. A fee schedule will be provided to you at the time you open an account, periodically when fees or charges change, and upon request.

Truth in Savings – Checking

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