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Cambridgeport Bank wants you to understand the terms and conditions of all of our accounts before you apply. Please read the information below and then if you agree to the terms and conditions select the Apply button to complete your application.


FUNDS AVAILABILITY

Availability of funds is determined by the number of business days from the day of deposit. All days are business days except Saturdays, Sundays, and federal holidays. If a deposit is made before business day cutoff time (when posted in our office) or before closing time on a business day that we are open, we shall credit the account that day. However, if a deposit is made after our business day cutoff time (when posted in our office), after closing, or on a day that we are not open, that deposit shall be credited on the next business day that we are open.
Until funds become available, they may not be withdrawn in cash and may not be used to pay checks written against them. Funds availability is contingent upon the types of items being deposited and in what manner, as is explained below:

Same Day Availability

Funds from electronic direct deposits and wire transfers will be available on the business day that we receive the deposit. Cash will receive same day availability if deposited in person to one of our employees, otherwise, it will receive next day availability.

Next Day Availability

Funds from the following deposits processed by one of our employees are available on the first business day after the day of deposit:

n U.S. Treasury checks that are payable to the organization
n State and local government checks that are payable to the organization
n Treasurer's (a/k/a bank, cashier's) checks, certified checks, and money orders that are payable to the organization
n Federal Reserve bank checks, Federal Home Loan Bank checks, and postal money orders, that are payable to the organization.

If a deposit of one of the above-mentioned checks is not made in person to one of our employees (for example, if it is a mail deposit), funds shall be made available on the next business day following the business day of deposit.


Local and Non - Local Checks

A local check is one which is drawn on an institution located in the First Federal Reserve District: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont. A non-local check is one which is drawn on an institution located outside of the First District area. Some checks may be written payable through and are actually payable through an institution other than the institution at which the account is maintained. The location of the institution, through which the check is payable, shall determine if the check is considered local or non-local. Our policy is to make funds from local and non-local checks available as follows:

  • Local Checks. The first $100 from a deposit of local checks will be available on the first business day after the day of deposit. The remaining funds will be available on the second business day after deposit.
  • Non - Local Checks. The first $100 from a deposit of non-local checks will be available on the first business day after the day of deposit. The remaining funds will be available on the third business day after the day of deposit.

Longer Delays May Apply
If we are unable to make funds available from a deposit (according to the preceding schedule), we shall inform you when the funds will be available by correspondence on the following business day. Funds deposited by check may be delayed for up to six business days under the following circumstances:

n We believe a check deposited will not be paid.
n Checks totaling over $5,000 were deposited on any single day.
n A check that has been returned unpaid is re-deposited.
n The account has been repeatedly overdrawn in the last six months.
n There is an emergency, such as a failure of communications or computer equipment.

We will notify the account holder if we delay the ability to withdraw funds for any of these reasons, and we shall disclose when the funds will be available. In general, funds will be available no later than the sixth business day after the day of deposit. If a deposit is comprised of local and non-local checks, a sum total of $100 will be available on the first business day following the day of deposit, not $100 from each category of checks.
If funds from a deposit are required immediately, please inquire at the branch of deposit when the funds will be available.

ATM DEPOSITS

Any deposit made at a Cambridgeport Bank ATM on a business day before 3 p.m., will be considered the day of deposit, unless otherwise announced. Any deposit made at a Cambridgeport Bank ATM on a business day after 3 p.m., or on a day which is not a business day, will be considered to have been deposited on the following business day.

DAY/NIGHT BAG DEPOSITORY

Any day/night bag deposit made at a Cambridgeport Bank branch will be considered deposited on the business day that the bag is opened. Please inquire at the branch of deposit for a schedule of day/night bag deposit processing.

SPECIAL RULES FOR NEW ACCOUNTS

Funds from electronic direct deposits, wire transfers, and cash deposits into an account will be available on the business day that the deposit is received.
The first $5,000 of a day's total deposits (treasurer's, certified, travelers, federal, state, and local government checks) will be available on the first business day following the day of deposit if the deposit meets certain criteria. For example, checks must be payable to the organization. Also, amounts in excess of $5,000 will be available on the sixth business day after the day of deposit. Funds from deposits of all other types of checks shall be available on the seventh business day after the day of deposit.
These rules shall apply to new commercial accounts during the first 30 days that the account relationship is established.


Basic Business Checking 60
Monthly maintenance fee $9.00
Average collected balance requirement to avoid monthly maintenance fee $5,000
Per item fee for each check paid, check deposited, or deposited item in
excess of 60 per statement period $0.50


Basic Business Checking 150
Monthly maintenance fee $12.00
Average collected balance requirement to avoid monthly maintenance fee $7,500
Per item fee for each check paid, check deposited, or deposited item in excess of150 per statement period $0.50


Better Business Checking
Monthly Maintenance Fee $10.00
Check Paid $0.15
Deposit $0.75
Deposited Item $0.10
A competitive earnings allowance on this account is used to offset service charges. This allowance varies with prevailing rates and may be adjusted monthly. Please contact us for more information about the current rate and charges that may be offset.


Better Business Investment
Deposit in excess of 5 per statement period $0.75
Deposited Item in excess of 5 per statement period $0.10
This account is available only to business checking account customers.


Business Money Market
Deposit in excess of 5 per statement period $0.75
Deposited Item in excess of 5 per statement period $0.10
Excess Check Fee $5.00
(Charged on any check presented for payment in excess
of three per statement period.)


Miscellaneous

Account Reconciliation/Research $20.00 per hour
$5.00 minimum
Attachments $75.00
ATM Card Replacement $10.00
ATM Network Withdrawal $1.25
Point of Sale (POS) Transaction $0.25
Bond Coupon Envelope $10.00
Bond Coupon Envelope Returned $20.00
Certificate of Deposit Assignment $50.00
Certified Check $8.00
Check Printing Charges Vary
Collection Item Charges Vary
Copy of Money Order,
Treasurer's Check, Draft $6.00
Dormant Account Processing Fee $25.00
Duplicate Statement $6.00
Items Presented Against:
Insufficient Funds (Insuf Funds Fee) $22.00
Unavailable Funds (Unavl Funds Fee) $22.00
Levy Processing $30.00
Money Order $2.00
Negative Balance Charge $2.00 per day
Notary Public Services $2.00
Retirement Accounts
IRA/SEP Plans $10.00 per year
Money Purchase or Profit Sharing Plans $25.00 per year
Roth IRA Plans $15.00 per year
Trustee Transfer $25.00
Early Withdrawal $10.00
Returned Deposited Check $ 5.00
Signature Guarantee $ 2.00
Stop Payment Order $20.00
Telephone Representative Assisted Transfer $3.00
Treasurer's Check $6.00
Verification Letters(balance, deposit and loan) $10.00
Wire Transfer
Incoming $7.50
Outgoing $20.00
International $30.00
Wire Tracer $30.00

 

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