TERMS AND CONDITIONS
OF YOUR ACCOUNT
IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT - To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.
What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver's license or other identifying documents.
AGREEMENT - This document, along with any other documents we give you pertaining to your account(s), is a contract that establishes rules which control your account(s) with us. Please read this carefully. If you sign the signature card or open or continue to have your account with us, you agree to these rules. If you have any questions, please call us.
This agreement is subject to applicable federal laws and the laws of the state of Ohio (except to the extent that this agreement can and does vary such rules or laws). The body of state and federal law that governs our relationship with you, however, is too large and complex to be reproduced here. The purpose of this document is to:
- summarize some laws that apply to common transactions;
- establish rules to cover transactions or events which the law does not regulate;
- establish rules for certain transactions or events which the law regulates but permits variation by agreement; and
- give you disclosures of some of our policies to which you may be entitled or in which you may be interested.
If any provision of this document is found to be unenforceable according to its terms, all remaining provisions will continue in full force and effect. We may permit some variations from our standard agreement, but we must agree to any variation in writing either on the signature card for your account or in some other document.
As used in this document the words "we," "our," and "us" mean the financial institution and the words "you" and "your" mean the account holder(s) and anyone else with the authority to deposit, withdraw, or exercise control over the funds in the account. The headings in this document are for convenience or reference only and will not govern the interpretation of the provisions. Unless it would be inconsistent to do so, words and phrases used in this document should be construed so the singular includes the plural and the plural includes the singular.
LIABILITY - You agree, for yourself (and the person or entity you represent if you sign as a representative of another) to the terms of this account and the schedule of charges. You authorize us to deduct these charges directly from the account balance as accrued. You will pay any additional reasonable charges for services you request which are not covered by this agreement.
Each of you also agrees to be jointly and severally (individually) liable for any account shortage resulting from charges or overdrafts, whether caused by you or another with access to this account. This liability is due immediately, and can be deducted directly from the account balance whenever sufficient funds are available. You have no right to defer payment of this liability, and you are liable regardless of whether you signed the item or benefited from the charge or overdraft. This includes liability for our costs to collect the deficit including, to the extent permitted by law, our reasonable attorneys' fees.
DEPOSITS - We will give only provisional credit until collection is final for any items, other than cash, we accept for deposit (including items drawn "on us"). Actual credit for deposits of, or payable in, foreign currency will be at the exchange rate in effect on final collection in U.S. dollars. We are not responsible for transactions by mail or outside depository until we actually record them. We will treat and record all transactions received after our "daily cutoff time" on a business day we are open, or received on a day we are not open for business, as if initiated on the next following business day that we are open.
WITHDRAWALS - Unless clearly indicated otherwise on the account records, any of you, acting alone, who signs in the space designated for signatures on the signature card may withdraw or transfer all or any part of the account balance at any time. Each of you (until we receive written notice to the contrary) authorizes each other person signing the signature card to indorse any item payable to you or your order for deposit to this account or any other transaction with us. We may charge your account for a check even though payment was made before the date of the check, unless we have received written notice of the postdating in time to have a reasonable opportunity to act. We may refuse any withdrawal or transfer request which you attempt on forms not approved by us, by any method we do not specifically permit, which is greater in number than the frequency permitted, or which is for an amount greater or less than any withdrawal limitations. Even if we honor a nonconforming request, we may treat continued abuse of the stated limitations (if any) as your act of closing the account. We will use the date the transaction is completed by us (as opposed to the date you initiate it) to apply the frequency limitations. The fact that we may honor withdrawal requests that overdraw the available account balance does not obligate us to do so later. We may use future deposits to cure such overdrafts. See the funds availability policy disclosure for information about when you can withdraw funds you deposit. For those accounts for which our funds availability policy disclosure does not apply, you can ask us when you make a deposit when those funds will be available for withdrawal.
We may require not less than 7 days' notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal.
OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION - These rules apply to this account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds.
Individual Account - is an account in the name of one person.
Joint Account - With Survivorship (And Not As Tenants In Common) - is an account in the name of two or more persons. Each of you intend that when you die the balance in the account (subject to any previous pledge to which we have agreed) will belong to the survivor(s). If two or more of you survive, you will own the balance in the account as joint tenants with survivorship and not as tenants in common.
Revocable Trust - If two or more of you create this type of account, you own the account jointly with survivorship. Beneficiaries cannot withdraw unless the following occurs: (1) the person(s) creating the account, (hereafter referred to as the grantor(s)), the trustees and any successor trustees all die and the beneficiary has reached the age stipulated on the back of the accounts signature card.
If the grantor and the trustee are one and the same person, the grantor/trustee may (1) change beneficiaries, (2) change account types, and (3) withdraw all or part of the account funds at any time.
If the grantor and the trustee are not one and the same person, the grantor can not withdraw from this account or change beneficiaries unless the grantor revokes the account in its entirety. This revocation must be submitted to us in writing.
Unless otherwise stated, living multiple beneficiaries will own the account in equal shares.
Payable On Death - This account type can only be opened as an individual account. Beneficiaries cannot withdraw from this account until the owner of the account dies. Unless otherwise stated, living multiple beneficiaries will own the account in equal shares. The person creating this account may: (1) change beneficiaries, (2) change account type, and (3) withdraw all or part of the account funds at any time.
BUSINESS ACCOUNTS - Earnings in the form of interest, dividends, or credits will be paid only on collected funds, unless otherwise provided by law or our policy. We may require the governing body of the legal entity opening the account to give us a separate authorization telling us who is authorized to act on its behalf. We will honor the authorization until we actually receive written notice of a change from the governing body of the legal entity.
STOP PAYMENTS - You must make any stop-payment order in the manner required by law and we must receive it in time to give us a reasonable opportunity to act on it before our stop-payment cutoff time. To be effective, your stop-payment order must precisely identify the number, date and amount of the item, and the payee.
You may stop payment on any item drawn on your account whether you sign the item or not, if you have an equal or greater right to withdraw from this account than the person who signed the item. A release of the stop-payment request may be made only by the person who initiated the stop-payment order.
Our stop-payment cutoff time is one hour after the opening of the next banking day after the banking day on which we receive the item. Additional limitations on our obligation to stop payment are provided by law (e.g., we paid the item in cash or we certified the item).
AMENDMENTS AND TERMINATION - We may change any term of this agreement. Rules governing changes in interest rates are provided separately. For other changes, we will give you reasonable notice in writing or by any other method permitted by law. We may also close this account at any time upon reasonable notice to you and tender of the account balance personally or by mail. Notice from us to any one of you is notice to all of you.
STATEMENTS - You must examine your statement of account with "reasonable promptness." If you discover (or reasonably should have discovered) any unauthorized signatures or alterations, you must promptly notify us of the relevant facts. As between you and us, if you fail to do either of these duties, you will have to either share the loss with us, or bear the loss entirely yourself (depending on whether we used ordinary care and, if not, whether we substantially contributed to the loss). The loss could be not only with respect to items on the statement but other items with unauthorized signatures or alterations by the same wrongdoer.
You agree that the time you have to examine your statement and report to us will depend on the circumstances, but will not, in any circumstance, exceed a total of 30 days from when the statement is first sent or made available to you.
You further agree that if you fail to report any unauthorized signatures, alterations, forgeries, or any other errors in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.
ACCOUNT TRANSFER - This account may not be transferred or assigned without our prior written consent.
DIRECT DEPOSITS - If, in connection with a direct deposit plan, we deposit any amount in an account which should have been returned to the Federal Government for any reason, you authorize us to deduct the amount of our liability to the Federal Government from the account or from any other account you have with us, without prior notice and at any time, except as prohibited by law. We may also use any other legal remedy to recover the amount of our liability.
SETOFF - We may (without prior notice and when permitted by law) set off the funds in this account against any due and payable debt you owe us now or in the future, by any of you having the right of withdrawal, to the extent of such persons' or legal entity's right to withdraw. If the debt arises from a note, "any due and payable debt" includes the total amount of which we are entitled to demand payment under the terms of the note at the time we set off, including any balance the due date for which we properly accelerate under the note.
This right of setoff does not apply to this account if: (a) it is an IRA or other tax-deferred retirement account, or (b) the debt is created by a consumer credit transaction under a credit card plan (but this does not affect our rights under any consensual security interest), or (c) the debtor's right of withdrawal only arises in a representative capacity. We will not be liable for the dishonor of any check when the dishonor occurs because we set off a debt against this account. You agree to hold us harmless from any claim arising as a result of our exercise of our right of setoff.
RESTRICTIVE LEGENDS - We are not required to honor any restrictive legend on checks you write unless we have agreed in writing to the restriction. Examples of restrictive legends are "must be presented within 90 days" or "not valid for more than $1,000.00."
ACH AND WIRE TRANSFERS - This agreement is subject to Article 4A of the Uniform Commercial Code - Fund Transfers as adopted in the state in which you have your account with us. If you originate a fund transfer for which Fedwire is used, and you identify by name and number a beneficiary financial institution, an intermediary financial institution or a beneficiary, we and every receiving or beneficiary financial institution may rely on the identifying number to make payment. We may rely on the number even if it identifies a financial institution, person or account other than the one named. You agree to be bound by automated clearing house association rules. These rules provide, among other things, that payments made to you, or originated by you, are provisional until final settlement is made through a Federal Reserve Bank or payment is otherwise made as provided in Article 4A-403(a) of the Uniform Commercial Code. If we do not receive such payment, we are entitled to a refund from you in the amount credited to your account and the party originating such payment will not be considered to have paid the amount so credited. If we receive a credit to an account you have with us by wire or ACH, we are not required to give you any notice of the payment order or credit.
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NOTICE OF NEGATIVE INFORMATION
Federal law requires us to provide the following notice to customers before any "negative information" may be furnished to a nationwide consumer reporting agency. "Negative information" includes information concerning delinquencies, overdrafts or any form of default. This notice does not mean that we will be reporting such information about you, only that we may report such information about customers that have not done what they are required to do under our agreement.
After providing this notice, additional negative information may be submitted without providing another notice.
We may report information about your account to credit bureaus. Late payments, missed payments or other defaults on your account may be reflected in your credit report.
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ELECTRONIC FUND TRANSFERS
YOUR RIGHTS AND RESPONSIBILITIES
Indicated below are types of Electronic Fund Transfers we are capable of handling, some of which may not apply to your account. Please read this disclosure carefully because it tells you your rights and obligations for the transactions listed. This Electronic Funds Transfer disclosure only pertains to consumers who are natural persons. You should keep this notice for future reference.
Electronic Funds Transfers Initiated By Third Parties. You may authorize a third party to initiate electronic funds transfers between your account and the third party's account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearinghouse (ACH) or other payments network. Your authorization to the third party to make these transfers can occur in a number of ways. In some cases, your authorization can occur when the merchant posts a sign informing you of their policy. In all cases, the transaction will require you to provide the third party with your account number and bank information. This information can be found on your check as well as on a deposit or withdrawal slip. Thus, you should only provide your bank and account information (whether over the phone, the Internet, or via some other method) to trusted third parties whom you have authorized to initiate these electronic funds transfers. Examples of these transfers include, but are not limited to:
- Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your checking or savings account(s).
- Preauthorized payments. You may make arrangements to pay certain recurring bills from your checking or statement savings account(s).
- Electronic check conversion. You may provide your check to a merchant or service provider who will scan the check for the encoded bank and account information. The merchant or service provider will then use this information to convert the transaction into an electronic funds transfer. This may occur at the point of purchase, or when you provide your check by other means such as by mail or drop box.
- Electronic returned check charge. Some merchants or service providers will initiate an electronic funds transfer to collect a charge in the event a check is returned for insufficient funds.
Please also see Limitations on frequency of transfers section regarding limitations that apply to savings accounts.
TouchTel Telephone Transfers - types of transfers - You may access your account by telephone using your personal identification number, a touch tone phone, and your account numbers, to:
- transfer funds from checking to checking
- transfer funds from checking to savings
- transfer funds from savings to checking
- transfer funds from savings to savings
- transfer funds from line of credit to checking
- transfer funds from line of credit to savings
- make payments from checking to loan accounts with us
- make payments from savings to loan accounts with us
- get information about:
- other First Federal accounts
Please also see Limitations on frequency of transfers section regarding limitations that apply to telephone transfers.
ATM Transfers - types of transfers, frequency limitations, and charges - You may access your account(s) by ATM using your ATM card and personal identification number or your VISA CHECK-MATE debit card and personal identification number, to:
- make deposits to checking account(s)
- make deposits to statement savings account(s)
- get cash withdrawals from checking account(s)
- get cash withdrawals from statement savings account(s)
- transfer funds from statement savings to checking account(s)
- you may make no more than six transfers per statement cycle
- transfer funds from checking to statement savings account(s)
- make payments from checking account(s) to First Federal Savings and Loan Association of Lorain, City of Lorain utilities, and certain other providers of products and services
- get information about:
- the account balance of your checking accounts
- the account balance of your statement savings accounts
Transactions at ATMs or Point-of-Sale terminals
MoneyMate 24-Hour BankCenters - No Charge*
STAR System - $.75*
Plus System - $1.50*
* Regular checking account transaction fees apply.
** Deposits at ATMs are limited to amounts less than $10,000. Some of these services may not be available at all terminals.
Please also see Limitations on frequency of transfers section regarding limitations that apply to ATM transfers.
Types of VISA CHECK-MATE Debit Card Transactions - You may access your checking account(s) (Insured Money Market Fund Checking Accounts cannot be used for Point Of Sale Transactions) to purchase goods (in person, online, or by phone), pay for services (in person, online, or by phone), get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.
In addition, your VISA Check-Mate Card can be used as an ATM Card to access 24 hour automatic teller machines and is bound by the rules and regulations that apply to ATM Cards.
Debit Card Transactions - dollar limitations -
The dollar limit on debit card transactions is based on your available balance.
Please also see Limitations on frequency of transfers section regarding limitations that apply to debit card transactions.
Currency Conversion. When you use your Visa CHECK-MATE Debit Card at a merchant that settles in currency other than US dollars, the charge will be converted into the US dollar amount. The currency conversion rate used to determine the transaction amount in US dollars is either a rate selected by Visa from the range of rates available in wholesale currency markets for the applicable central processing date, which rate may vary from the rate Visa itself receives, or the government-mandated rate in effect for the applicable central processing date. The conversion rate in effect on the processing date may differ from the rate in effect on the transaction date or posting date.
Internet Banking Computer Transfers - types of transfers - You may access your account(s) by computer at www.firstfedlorain.com and using your user identification, password, and your social security number, to:
- transfer funds from checking to checking
- transfer funds from checking to savings
- transfer funds from savings to checking
- transfer funds from savings to savings
- transfer funds from line of credit to checking
- transfer funds from line of credit to savings
- make payments from checking to loan account(s) with us
- make payments from savings to loan account(s) with us
- get information about:
- the account balance of checking account(s)
- the last year of deposits to checking accounts
- the last year of withdrawals from checking accounts
- the account balance of savings account(s)
- the last year of deposits to savings accounts
- the last year of withdrawals from savings accounts
Limitations on frequency of transfers. In addition to those limitations on transfers elsewhere described, if any, the following limitations apply:
- Transfers from a statement savings account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per statement cycle with no transfers by check, debit card or similar order to third parties.
- Transfers from an Insured Money Market Fund Checking account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per statement cycle with no more than three by check, draft, or similar order to third parties.
FEES
- We do not charge for direct deposits to any type of account.
- We do not charge for preauthorized payments from any type of account.
Except as indicated elsewhere, we do not charge for these electronic fund transfers.
ATM Operator/Network Fees. When you use an ATM not owned by us, you may be charged a fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer).
DOCUMENTATION
- Terminal transfers. You can get a receipt at the time you make any transfer to or from your account using one of our automated teller machines or point-of-sale terminal. However you may not get a receipt if the amount of the transfer is $15 or less.
- Preauthorized credits. If you have arranged to have direct deposits made to your account at least once every 60 days from the same person or company, you can call us at (440) 282-6188 or 1-800-589-8850 to find out whether or not the deposit has been made. Passbook accounts that only have direct deposit will have their passbooks updated on presentation only.
- Periodic statements. You will get a monthly account statement from us, except in the following circumstances:
You will get a monthly statement for your statement savings accounts unless there are no transfers in a particular month. In any case you will get the statement at least quarterly.
PREAUTHORIZED PAYMENTS
- Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here is how:
Call or write us at the telephone number or address listed in this brochure in time for us to receive your request 3 business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after you call.
We will charge you $25.00 for each stop-payment order you give.
- Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay should tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)
- Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments 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.
FINANCIAL INSTITUTION'S LIABILITY
Liability for failure to make transfers. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
- If, through no fault of ours, you do not have enough money in your account to make the transfer.
- If you have an overdraft line and the transfer would go over the credit limit.
- If the automated teller machine where you are making the transfer does not have enough cash.
- If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
- If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
- Your funds are subject to an encumbrance, legal process or a court order restricting transfer.
- As otherwise provided by the regulations of the Federal Reserve Board.
- There may be other exceptions stated in our agreement with you.
CONFIDENTIALITY
We will disclose information to third parties about your account or the transfers you make:
- where it is necessary for completing transfers; or
- in order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
- in order to comply with government agency or court orders; or
- if you give us written permission.
UNAUTHORIZED TRANSFERS
(a) Consumer liability.
* Generally. Tell us AT ONCE if you believe your card and/or code has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account (plus your maximum overdraft line of credit). If you tell us within 2 business days, you can lose no more than $50 if someone used your card and/or code without your permission. (If you believe your card and/or code has been lost or stolen, and you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50 if someone used your card and/or code without your permission.)
If you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code, and we can prove we could have stopped someone from using your card and/or code without your permission if you had told us, you could lose as much as $500.
Also, if your statement shows transfers that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time.
If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods.
* Additional Limit on Liability for VISA CHECK-MATE debit card. Unless you have been grossly negligent or have engaged in fraud, you will not be liable for any unauthorized transactions using your lost or stolen VISA CHECK-MATE debit card. This additional limit on liability does not apply to ATM transactions, to transactions using your Personal Identification Number which are not processed by VISA®, or to commercial cards.
(b) Contact in event of unauthorized transfer. If you believe your card and/or code has been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone number or address listed in this brochure.
ERROR RESOLUTION NOTICE
In Case of Errors or Questions About Your Electronic Transfers, Call or Write us at the telephone number or address listed in this brochure, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.
- Tell us your name and account number (if any).
- Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.
- Tell us the dollar amount of the suspected error.
If you tell us orally, we may require that you send us your complaint or question in writing within 10 business days.
We will determine whether an error occurred within 10 business days (5 business days for VISA CHECK-MATE point-of-sale transactions and 20 business days if the transfer involved a new account) after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days (5 business days for VISA CHECK-MATE point-of-sale transactions and 20 business days if the transfer involved a new account) for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. Your account is considered a new account for the first 30 days after the first deposit is made, unless each of you already has an established account with us before this account is opened.
We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation.
You may ask for copies of the documents that we used in our investigation.
FIRST FEDERAL SAVINGS & LOAN ASSOCIATION OF LORAIN
CUSTOMER SERVICE
3721 OBERLIN AVENUE
LORAIN, OHIO 44053
Business Days: Monday through Friday 9:00 AM to 5:00 PM
Saturday 9:00 AM to 1:00 PM
We are closed for business on Federal Holidays
Phone: (440) 282-6188 or 1-800-589-8850
MORE DETAILED INFORMATION IS AVAILABLE
ON REQUEST
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YOUR ABILITY TO WITHDRAW FUNDS
This policy statement applies to all transaction accounts.
Our policy is to make funds from your cash and check deposits available to you on the same day we receive your deposit. At that time, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.
Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for checks you deposit that are returned to us unpaid and for any other problems involving your deposit.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If a deposit is received and processed by one of our employees on a business day that we are open, that day will be considered the day of deposit. Deposits received through the mail and after the close of a business day will be made available the day they are received and processed by one of our employees.
Deposits Made At Automatic Teller Machines
Funds Deposited
Mon. thru Fri. before 6:30 PM
Mon. thru Fri. after 6:30 PM
Saturday before 2:00 PM
Saturday after 2:00 PM & Sunday
Saturday after 2:00 PM & Sunday,
followed by a Monday holiday
Federal Holiday |
Funds Available
Same Day
Next Day
Same Day
Monday 6:00 AM
Tuesday 6:00 AM
Next Day |
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
Case-by-case delays. In some cases, we will not make all of the funds that you deposit by check available to you on the same day we receive your deposit. Depending on the type of check that you deposit, funds may not be available until the fifth business day after the day of your deposit. The first $100 of your deposits, however, may be available on the same day.
If we are not going to make all of the funds from your deposit available on the same day we receive your deposit, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will mail you the notice by the day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
Safeguard exceptions. In addition, funds you deposit by check may be delayed for a longer period under the following circumstances:
- We believe a check you deposit will not be paid.
- You deposit checks totaling more than $5,000 on any one day.
- You redeposit a check that has been returned unpaid.
- You have overdrawn your account repeatedly in the last six months.
- There is an emergency, such as failure of computer or communications equipment.
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 eleventh 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 same day as 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 ninth business day after the day of your deposit.
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SUBSTITUTE CHECKS AND YOUR RIGHTS
As our customer, we think it's important for you to know about substitute checks. As a result, we want to advise you that you may begin to see differences when you receive your account statement with copies of your checks (if you currently receive checks back with your statement), view your account information online, or request a copy of your original check for proof of payment. The following Substitute Check Disclosure provides information about substitute checks and your rights. So you will recognize a substitute if you begin to receive them, we have included a copy of the front side of a substitute check along with an explanation of the substitute check's components.
What is a substitute check?
To make check processing faster, federal law permits banks to replace original checks with "substitute checks." These checks are similar in size to original checks with a slightly reduced image of the front and back of the original check. The front of a substitute check states: "This is a legal copy of your check. You can use it the same way you would use the original check." You may use a substitute check as proof of payment just like the original check.
Some or all of the checks that you receive back from us may be substitute checks. This notice describes rights you have when you receive substitute checks from us. The rights in this notice do not apply to original checks or to electronic debits to your account. However, you have rights under other law with respect to those transactions.
What are my rights regarding substitute checks?
In certain cases, federal law provides a special procedure that allows you to request a refund for losses you suffer if a substitute check is posted to your account (for example, if you think that we withdrew the wrong amount from your account or that we withdrew money from your account more than once for the same check). The losses you may attempt to recover under this procedure may include the amount that was withdrawn from your account and fees that were charged as a result of the withdrawal (for example, bounced check fees).
The amount of your refund under this procedure is limited to the amount of your loss or the amount of the substitute check, whichever is less. You also are entitled to interest on the amount of your refund if your account is an interest-bearing account. If your loss exceeds the amount of the substitute check, you may be able to recover additional amounts under other law.
If you use this procedure, you may receive up to $2,500 of your refund (plus interest if your account earns interest) within 10 business days after we received your claim and the remainder of your refund (plus interest if your account earns interest) not later than 45 calendar days after we received your claim.
We may reverse the refund (including any interest on the refund) if we later are able to demonstrate that the substitute check was correctly posted to your account.
How do I make a claim for a refund?
If you believe that you have suffered a loss relating to a substitute check that you received and that was posted to your account, please contact us at:
First Federal Savings & Loan Association of Lorain
Customer Service
3721 Oberlin Avenue
Lorain, Ohio 44053
(440) 282-6188 or 1-800-589-8850
You must contact us within 60 calendar days of the date that we mailed (or otherwise delivered by a means to which you agreed) the substitute check in question or the account statement showing that the substitute check was posted to your account, whichever is later. We will extend this time period if you were not able to make a timely claim because of extraordinary circumstances.
- Your claim must include --
- A description of why you have suffered a loss (for example, you think the amount withdrawn was incorrect);
- An estimate of the amount of your loss;
- An explanation of why the substitute check you received is insufficient to confirm that you suffered a loss; and
- A copy of the substitute check or the following information to help us identify the substitute check: the check number, the amount of the check, the date of the check, and the name of the person to whom you wrote the check.
These numbers correspond with the numbers on the Substitute Check Image:
- An image of the original check appears in the upper right-hand corner of the substitute check.
- A substitute check is the same size as a standard business check.
- The information in asterisks relates to the "reconverting bank"--the financial institution that created the substitute check.
- The information in brackets (appears sideways facing check image) relates to the "truncating bank"--the financial institution that took the original check out of the check processing system.
- The Legal Legend states: This is a LEGAL COPY of your check. You can use it the same way you would use the original check.
- The MICR lines at the bottom of the image of the original and at the bottom of the substitute check are the same except for the "4" at the beginning of the MICR line on the substitute check, which indicates that it is a substitute check being moved forward for collection purposes. It is also possible for the MICR line on the substitute check to begin with a "5" if the item is being returned. The rest of the MICR line is the same as the original check to ensure that it is processed as though it were the original.
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TRUTH-IN-SAVINGS DISCLOSURE
FREE CHECKING ACCOUNT
Minimum balance to open the account - You must deposit $25.00 to open this account.
COMMUNITY CLUB CHECKING ACCOUNT
Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account - You must deposit $100.00 to open this account.
Minimum balance to avoid imposition of fees - A service charge fee of $7.00 will be imposed every statement cycle if the balance in the account falls below $100.00 any day of the cycle.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.
Daily 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 noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Fees:
A monthly membership fee of $5.00 will be charged each statement cycle. This fee will apply if the customer is between the ages of 18 and 49. This fee will not apply if the customer is 50 years of age or older.
Interest Rates
NOW CHECKING ACCOUNT
Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account - You must deposit $100.00 to open this account.
Minimum balance to avoid imposition of fees - A service charge fee will be imposed every statement cycle according to the following chart:
Regular Customers
Organization
Senior Citizens |
Minimum Daily Balance
Required
$500.00
$250.00
$100.00 |
Service Charge
$5.00
$2.50
$1.00 |
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.
Daily 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 noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Interest Rates
INSURED MONEY MARKET FUND CHECKING ACCOUNT
Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account - You must deposit $100.00 to open this account.
Minimum balance to avoid imposition of fees - A service charge fee of $5.00 will be imposed every statement cycle if the balance in the account falls below $2,500.00 any day of the cycle.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $100.00 in the account each day to obtain the disclosed annual percentage yield.
Daily 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 noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations:
Transfers from an Insured Money Market Fund Checking account to another account or to third parties by preauthorized, automatic, telephone, or computer transfer are limited to six per statement cycle with no more than three by check, draft, or similar order to third parties.
Interest Rates
STATEMENT SAVINGS ACCOUNT
Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Minimum balance to open the account - You must deposit $1.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed annual percentage yield.
Daily 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 noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations:
Transfers from a Statement Savings account to another account by preauthorized, automatic, telephone, or computer transfer are limited to six per statement cycle with no transfers by check, draft, debit card, or similar order to third parties.
Interest Rates
PASSBOOK SAVINGS ACCOUNT
Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Minimum balance to open the account - You must deposit $1.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed annual percentage yield.
Daily 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 noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations:
Transfers from a Passbook Savings account to another account by preauthorized, automatic, telephone, or computer transfer are limited to six per month with no transfers by check, draft, debit card, or similar order to third parties.
Interest Rates
IRA PASSBOOK ACCOUNT
Rate Information - Your interest rate and annual percentage yield may change. Frequency of rate changes - We may change the interest rate on your account at any time.
Determination of rate - At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency - Interest will be compounded every quarter. Interest will be credited to your account every quarter.
Minimum balance to open the account - You must deposit $1.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed annual percentage yield.
Daily 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 noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations:
Transfers from an IRA Passbook account to another account by preauthorized, automatic, telephone, or computer transfer are limited to six per month with no transfers by check, draft, debit card, or similar order to third parties.
Interest Rates
CHRISTMAS CLUB ACCOUNT
Bonus Information - The bonus percentage amount paid on your Christmas Club will not change during the term of your Christmas Club; however, at the renewal of your Christmas Club, we will reserve the right to change the bonus percentage paid on your new Christmas Club.
Crediting frequency - The bonus will be credited to your account after the second Saturday in October.
Effect of closing an account - If you close your account before the bonus is credited, you will not receive the bonus.
Minimum balance to open the account - You must deposit a minimum of $1.00 to open this account.
Transaction limitations:
If any withdrawal is made from this account before the second Saturday in the ensuing October, then this account will be closed.
Bonus:
If you make the equivalent of the 50 scheduled payments or more of the Club amount that you choose, then we will pay the bonus in the Club account after the second Saturday in October. To obtain this bonus, this account must be opened prior to February 1st each year.
ESCHEAT ACCOUNTS
Accounts having no activity for five years or more shall be remitted to the State of Ohio. Activity means: presented passbook for deposit, withdrawal, or update.
Account holders shall be notified by letter, at the last known address as per account records, that the account is subject to Escheat. Accounts will be remitted to the State of Ohio if account holders do not reply by October 25th of the same year. Funds remitted to the State of Ohio plus accrued interest will be returned to the Account Holder filing a claim with the State.
RETIREMENT ACCOUNTS
Retirement accounts are subject to the additional rules and regulations as determined by the IRS and the Federal Government.
91-DAY TO SIX YEAR CERTIFICATE OF DEPOSIT
We will not change the interest rate and annual percentage yield on your account during the term of the account, as long as you maintain the required minimum balance stated below.
Compounding frequency - Interest will be compounded every quarter.
Crediting frequency - Interest will be credited to your account every quarter and at maturity.
Minimum balance to open the account - You must deposit $250.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $250.00 in the account each day to obtain the disclosed annual percentage yield.
Daily 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 noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations:
You may not make any deposits into your account before maturity.
You may make withdrawals of principal from your account before maturity, however a penalty may be imposed on the principal amount withdrawn.
You can only withdraw interest after it is credited to your account and before maturity of that term with penalty.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) -
- The fee we may impose on the amount withdrawn subject to penalty:
- Certificates with terms of 90 days to one year may be assessed a 90 day interest penalty whether earned or not.
- Certificates with terms in excess of one year may be assessed a 180 day interest penalty whether earned or not.
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.
For any time deposit which earns an interest rate that may vary from time to time during the term, the interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect at the time of the withdrawal.
Withdrawal of interest prior to maturity - The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Automatically renewable time account - This account will automatically renew at maturity. You may prevent renewal if you exercise the IRA upgrade option plan, you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, (other than exercising the IRA Upgrade Option Plan), interest will continue to accrue after final maturity for up to seven calendar days. The interest rate will be the rate in effect on the date of maturity.
Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit. If you prevent renewal by exercising the IRA Upgrade Option Plan, the maturity date of your account will be reset to correspond to the terms and interest rate of the time deposit you selected.
You will have seven calendar days after maturity to withdraw the funds without a penalty.
Interest Rates
91-DAY TO SIX YEAR JUMBO CERTIFICATE OF DEPOSIT
We will not change the interest rate and annual percentage yield on your account during the term of your account, as long as you maintain the required minimum balance stated below.
Compounding frequency - Interest will be compounded every quarter.
Crediting frequency - Interest will be credited to your account every quarter and at maturity.
Minimum balance to open the account - You must deposit $100,000.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $100,000.00 in the account each day to obtain the disclosed annual percentage yield.
Daily 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 noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations:
You may not make any deposits into your account before maturity.
You may make withdrawals of principal from your account before maturity, however a penalty may be imposed on the principal amount withdrawn.
You can only withdraw interest after it is credited to your account and before maturity of that term with penalty.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) -
- The fee we may impose on the amount withdrawn subject to penalty:
- Certificates with terms of 90 days to one year may be assessed a 90 day interest penalty whether earned or not.
- Certificates with terms in excess of one year may be assessed a 180 day interest penalty whether earned or not.
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.
For any time deposit which earns an interest rate that may vary from time to time during the term, the interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect at the time of the withdrawal.
Withdrawal of interest prior to maturity - The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Automatically renewable time account - This account will automatically renew at maturity. You may prevent renewal if you exercise the IRA upgrade option plan, you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, (other than exercising the IRA Upgrade Option Plan), interest will continue to accrue after final maturity for up to seven calendar days. The interest rate will be the rate in effect on the date of maturity.
Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit. If you prevent renewal by exercising the IRA Upgrade Option Plan, the maturity date of your account will be reset to correspond to the terms and interest rate of the time deposit you selected.
You will have seven calendar days after maturity to withdraw the funds without a penalty.
Interest Rates
91-DAY TO SIX YEAR IRA CERTIFICATE OF DEPOSIT
We will not change the interest rate and annual percentage yield on your account during the term of the account, as long as you maintain the required minimum balance stated below. However, you have the option to exchange this interest rate once each calendar year after you have reached the age of 591/2. Your exchange may be for the interest rate and term to maturity of any time deposit we currently offer. This exchange will be at no cost to you. If you make an exchange, the maturity date of this account will be reset to correspond to the term of the rate you selected. You may exercise this option once every 12 months after you have reached the age of 591/2.
If you will not reach the age of 591/2 during the term of your account, the accounts interest rate and term are fixed.
Compounding frequency - Interest will be compounded every quarter.
Crediting frequency - Interest will be credited to your account every quarter and at maturity.
Minimum balance to open the account - You must deposit $250.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $250.00 in the account each day to obtain the disclosed annual percentage yield.
Daily 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 noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations:
You may not make any deposits into your account before maturity.
You may make withdrawals of principal from your account before maturity, however a penalty may be imposed on the principal amount withdrawn.
You can only withdraw interest after it is credited to your account and before maturity of that term with penalty.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) -
- The fee we may impose on the amount withdrawn subject to penalty:
- Certificates with terms of 90 days to one year may be assessed a 90 day interest penalty whether earned or not.
- Certificates with terms in excess of one year may be assessed a 180 day interest penalty whether earned or not.
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.
For any time deposit which earns an interest rate that may vary from time to time during the term, the interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect at the time of the withdrawal.
Withdrawal of interest prior to maturity - The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Automatically renewable time account - This account will automatically renew at maturity. You may prevent renewal if you exercise the IRA upgrade option plan, you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, (other than exercising the IRA Upgrade Option Plan), interest will continue to accrue after final maturity for up to seven calendar days. The interest rate will be the rate in effect on the date of maturity.
Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit. If you prevent renewal by exercising the IRA Upgrade Option Plan, the maturity date of your account will be reset to correspond to the terms and interest rate of the time deposit you selected.
You will have seven calendar days after maturity to withdraw the funds without a penalty.
Retirement accounts are subject to additional rules and regulations as determined by the IRS and the Federal Government.
Interest Rates
91-DAY TO SIX YEAR IRA JUMBO CERTIFICATE OF DEPOSIT
We will not change the interest rate and annual percentage yield on your account during the term of the account, as long as you maintain the required minimum balance stated below. However, you have the option to exchange this interest rate once each calendar year after you have reached the age of 591/2. Your exchange may be for the interest rate and term to maturity of any time deposit we currently offer. This exchange will be at no cost to you. If you make an exchange, the maturity date of this account will be reset to correspond to the term of the rate you selected. You may exercise this option once every 12 months after you have reached the age of 591/2.
If you will not reach the age of 591/2 during the term of your account, the accounts interest rate and term are fixed.
Compounding frequency - Interest will be compounded every quarter.
Crediting frequency - Interest will be credited to your account every quarter and at maturity.
Minimum balance to open the account - You must deposit $100,000.00 to open this account.
Minimum balance to obtain the annual percentage yield disclosed - You must maintain a minimum balance of $100,000.00 in the account each day to obtain the disclosed annual percentage yield.
Daily 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 noncash deposits - Interest begins to accrue on the business day you deposit noncash items (for example, checks).
Transaction limitations:
You may not make any deposits into your account before maturity.
You may make withdrawals of principal from your account before maturity, however a penalty may be imposed on the principal amount withdrawn.
You can only withdraw interest after it is credited to your account and before maturity of that term with penalty.
Early withdrawal penalties (a penalty may be imposed for withdrawals before maturity) -
- The fee we may impose on the amount withdrawn subject to penalty:
- Certificates with terms of 90 days to one year may be assessed a 90 day interest penalty whether earned or not.
- Certificates with terms in excess of one year may be assessed a 180 day interest penalty whether earned or not.
In certain circumstances such as the death or incompetence of an owner of this account, the law permits, or in some cases requires, the waiver of the early withdrawal penalty. Other exceptions may also apply, for example, if this is part of an IRA or other tax-deferred savings plan.
For any time deposit which earns an interest rate that may vary from time to time during the term, the interest rate we will use to calculate this early withdrawal penalty will be the interest rate in effect at the time of the withdrawal.
Withdrawal of interest prior to maturity - The annual percentage yield assumes interest will remain on deposit until maturity. A withdrawal will reduce earnings.
Automatically renewable time account - This account will automatically renew at maturity. You may prevent renewal if you exercise the IRA upgrade option plan, you withdraw the funds in the account at maturity (or within the grace period mentioned below, if any) or we receive written notice from you within the grace period mentioned below, if any. We can prevent renewal if we mail notice to you at least 30 calendar days before maturity. If either you or we prevent renewal, (other than exercising the IRA Upgrade Option Plan), interest will continue to accrue after final maturity for up to seven calendar days. The interest rate will be the rate in effect on the date of maturity.
Each renewal term will be the same as the original term, beginning on the maturity date. The interest rate will be the same we offer on new time deposits on the maturity date which have the same term, minimum balance (if any) and other features as the original time deposit. If you prevent renewal by exercising the IRA Upgrade Option Plan, the maturity date of your account will be reset to correspond to the terms and interest rate of the time deposit you selected.
You will have seven calendar days after maturity to withdraw the funds without a penalty.
Retirement accounts are subject to additional rules and regulations as determined by the IRS and the Federal Government.
Interest Rates
COMMON FEATURES
Please refer to our separate fee schedule for additional information about charges.
- We may require not less than 7 days' notice in writing before each withdrawal from an interest-bearing account other than a time deposit, or from any other savings account as defined by Regulation D. Withdrawals from a time account prior to maturity or prior to any notice period may be restricted and may be subject to penalty. See your notice of penalty for early withdrawal.
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Check Cashing Policy
We will cash checks for the following customers:
- if your name appears on a First Federal Savings of Lorain mortgage account;
- if you have an existing account that is two (2) or more years old;
- if the balance in your account is greater than the amount of the check being cashed;
- if you are cashing a local payroll check and you have an existing account or are issued a First Federal Savings Courtesy Card; or,
- government checks with proper identification.
We reserve the right to have you deposit the entire amount of the check.
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325570-030
Rev. 6/05
© 1988, 1992, 1995 Bankers Systems, Inc., St. Cloud, MN
Form AIB-TIS 8/4/95 8b,9a Custom TCM-40j,2an,3k,4p,5
