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.
Statement for Variable Rate Deposits and Term Certificate of Deposit Accounts
and Conditions of your Deposit Account
This disclosure contains
the rules which govern, where appropriate, your deposit account with us. Unless
it would be inconsistent to do so, words and phrases used in this brochure should
be construed so that the singular includes the plural and the plural includes
the singular. Elsewhere in this brochure, you will find a schedule of the applicable
interest rates, methods, qualifying balances and charges. Please read this brochure
carefully; continued use of your account with us after receipt of this brochure
means you agree to these rules, you agree to pay the fees listed, and you give
us the right to collect the fees, as earned, directly from the account balance.
If you have any questions, please call us.
Much of our relationship with our deposit customers is regulated by state and
federal law, especially the law relating to negotiable instruments, the law regulating
the methods of transferring property upon death and the rights of surviving spouses
and dependents, the law pertaining to estate and other succession taxes, the law
regarding electronic funds transfer, and the law regarding the availability of
deposited funds. This body of law is too large and complex to be reproduced here.
purpose of this brochure is to:
(1) summarize the rules
applicable to the more common transactions;
(2) establish rules to govern transactions or circumstances which the law does
not regulate; and
(3) establish rules for certain events or transactions which the law already regulates
but permits variation by agreement.
We may permit some variations
from this standard agreement, but any such variations must be agreed to in writing.
As used in this brochure, the word "we" means the financial institution
and the word "you" means the account holder.
DEPOSITS - Any non-cash
item deposited to this account (including items drawn "on us") will
be given provisional credit only until collection of the item is final, excluding
checks drawn on non-U.S. banks and/or payable in foreign currency. We are not
responsible for transactions initiated by mail or outside depository until we
actually record them. All transactions received after our "daily cut-off
time" on a business day we are open, or received on a day in which we are
not open for business, will be treated and recorded as if initiated on the next
following business day that we are open.
CHECKS- The Bank will not accept for deposit or cash any second endorsed
checks unless the Bank can verify both endorsements.
WITHDRAWALS - GENERALLY - Unless clearly indicated to the contrary, any
one of you 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.
We reserve the right to refuse any withdrawal or transfer request which is attempted
by any method not specifically permitted, which is greater in number than the
frequency permitted, or which is for an amount less than any minimum withdrawal
denomination. Even if we honor a non-conforming request, repeated abuse of the
stated limitations (if any) may eventually force us to close your account. We
will use the date a transaction is completed by us (as opposed to the date you
initiate it) to apply the frequency limitations. Withdrawals will first be made
from collected funds, and we may, unless prohibited by law or our policy set forth
in this brochure, refuse any withdrawal request against uncollected funds even
if our general practice is to the contrary.
The Bank may refuse any check or other item drawn against your account or used
to withdraw funds from your account if it is not on a form approved by the Bank.
The Bank may pay checks or other items drawn on your account in any order determined
by the Bank, even if paying a particular check or item results in an insufficient
balance in your account to pay one or more other items that otherwise could have
been paid out of your account.
AUTHORIZED SIGNATURE - Your signature on the Signature Card is your authorized
signature. For the payment of funds and for other purposes relating to any account
you have with the Bank, the Bank is authorized to recognize your signature, but
it will not be liable to you for refusing to honor your checks or other signed
instructions if it believes in good faith that the signature appearing on such
checks or instructions is not genuine.
STALE AND POSTDATED ITEMS - The Bank maintains the option to either pay
or dishonor any stale check (i.e., more than six months old) upon presentation
to the Bank. It is not recommended that you issue a postdated check (i.e., a check
bearing a date later than the actual calendar date) as a means of withdrawal.
You agree that the Bank will not be liable to you for charging your account before
the indicated date on a properly payable but postdated check unless you notify
it in writing that you have issued a postdated check.
We reserve the right to at any time require not less than 7 days' notice in writing
before each withdrawal from an interest-bearing account other than time deposits.
INSUFFICIENT FUNDS - Checks or other items drawn against insufficient funds
in your account will be subject to the service fee set forth in the Bank's then
current Consumer Account Schedule of Fees. The Bank may determine whether your
account contains sufficient funds to pay a check or other item at any time between
the time the check or other item is received by the Bank and the Bank's return
deadline, and only one determination of the account balance is required. If that
determination reveals insufficient funds to pay the check or other item, the Bank
will not be required to honor the check or other item and may return it. Alternatively,
the Bank may honor the check or other item and create an overdraft. However, the
honoring of one or more overdrafts does not obligate the Bank to honor any future
overdrafts, and you should not rely on the Bank to honor an overdraft. Moreover,
the Bank is not required to send you prior notice on checks returned for insufficient
funds. You agree to deposit sufficient funds to cover the overdraft and any service
fees upon notice of the overdraft, and to reimburse the Bank for any costs it
incurs in collecting the overdraft from you including, without limitation, reasonable
attorney fees and the costs of litigation, to the extent permitted by law. Accounts
with a negative balance are subject to a daily negative account fee. Accounts
remaining negative for thirty days will be closed and no further notification
will be given.
CAMBRIDGEPORT OVERDRAFT PROTECTION - You may apply to have Cambridgeport
Overdraft Protection attached to your NOW Checking, Real Checking or Appreciation
Checking Accounts. You may borrow up to your Available Credit Limit any time you
want. This may be used for overdraft protection or you can write yourself a check
when you need emergency money or an instant loan. Each month your statement will
contain all transactions on your Cambridgeport Overdraft Protection. Your minimum
monthly payment will be the greater of 1/20th of your outstanding balance plus
the total finance charge or $20. This minimum payment may, upon your written authorization,
be automatically deducted from any account except Retirement and Term Certificate
of Deposit Accounts. The remaining balance may be paid in full at any time. See
the complete Cambridgeport Overdraft Protection Agreement for other details.
LIABILITY - Each of you agrees, 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 that may be imposed. You authorize us to deduct
these charges directly from the account balance as accrued. You also agree to
pay such additional reasonable charges we may impose for services you request
which are not contemplated by this agreement. Each of you also agrees to be jointly
and severally liable for any account deficit resulting from charges or overdrafts,
whether caused by you or another authorized to withdraw from this account, together
with the costs we incur to collect the deficit including, to the extent permitted
by law, our reasonable attorneys' fees.
TRUST AND PAY-ON-DEATH ACCOUNTS - If two or more of you create such an
account, you own the account jointly with survivorship. Beneficiaries acquire
the right to withdraw only if (1) all persons creating the account die, and (2)
the beneficiary is then living. The person(s) creating either of these account
types reserves the right to: (1) change beneficiaries; (2) change account types;
and (3) withdraw all or part of the deposit at any time.
JOINT ACCOUNT - WITH SURVIVORSHIP - If such an account is indicated on
our signature card, each joint tenant intends and agrees that the account balance
upon his death shall be the property of the surviving joint tenant, and if more
than one survives, they shall remain as joint tenants with right of survivorship
ORGANIZATION ACCOUNTS - We will usually require a separate authorization
form designating the person permitted and conditions required for withdrawal from
any account in the name of a legal entity such as a partnership, corporation,
or other organization. We will honor such authorization according to its terms
until it is amended or terminated in writing by the governing body of such organization.
STOP-PAYMENTS - To be effective, a stop-payment order must be received
in time to give us a reasonable opportunity to act on it, and must precisely identify
the number, date and amount of the item, and the payee. We will honor a stop-payment
request by the person who signed the particular item, and, by any other person,
even though such other person did not sign the item, if such other person has
an equal or greater right to withdraw from this account than the person who signed
the item in question. A release of the stop- payment request may be made only
by the person who initiated the stop-payment. An oral stop-payment is valid for
14 calendar days unless it is confirmed in writing within that period. A written
stop-payment order is effective for six months.
AMENDMENTS AND TERMINATION - We may amend any term of this agreement, from
time to time hereafter, upon giving reasonable notice to you. Reasonable notice
may consist of posting notice of such changes in our building for a reasonable
period of time, enclosing notice in the statement of this account, or separate
notice by mail. 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 - If you do not notify us of an unauthorized signature or alteration
within a reasonable time (not to exceed 30 days) after we send or make available
to you your statement and items: (1) you cannot assert the unauthorized signature
or alteration against us, even if we are unable to show a loss due to your failure
and, (2) you cannot assert any unauthorized signatures or alterations by the same
wrongdoer on items paid by us after the reasonable time mentioned above elapses,
but before we receive your notice. We lose these protections if we fail to exercise
ordinary care in paying an item with an unauthorized signature or alteration,
unless you do not notify us of the problem within 60 days of when we send or make
available to you the statement and items. You must also report any other account
problem (e.g. erroneous statement or passbook entry, missing signature, unauthorized
endorsement, etc.) within this 60-day period or lose your right to assert the
problem against us.
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 this 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 this 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.
TEMPORARY ACCOUNT AGREEMENT - If this option is selected, this is a temporary
account agreement. Each person who signs in the space designated for signatures
on the signature card (except as indicated to the contrary) may transact business
on this account. However, we may at some time in the future restrict or prohibit
further use of this account if you fail to comply with the requirements we have
imposed within a reasonable time.
SET-OFF - You agree that we may (without prior notice and when permitted
by law) set-off the funds in this account against any due and payable debt owed
to 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.
This right of set-off does not apply to this account if: (a) it is an IRA or a
tax-deferred retirement account; or (b) the debt is created by a consumer credit
transaction under a credit card plan; or (c) the debtor's right of withdrawal
only arises in a representative capacity.
CHAPTER 167D ACCOUNTS - Except as indicated below, we do not intend to
impose a fee, charge or other assessment against your Passbook or Statement Savings
or NOW Checking account if you qualify for the minor or senior citizen fee exemption
under Chapter 167D of Massachusetts General Laws. You should notify us if you
or your spouse qualify so that we may administer your account accordingly. Notwithstanding
this exemption, we may assess you a reasonable charge when payment has been refused
because of insufficient funds on any check drawn on such account. You should notify
us if you are in one of these age groups so that we may administer your account
accordingly. Ask our representative for an explanation of those Iaws.
DORMANT/ABANDONED PROPERTY - We will take all action required by the laws
of the Commonwealth of Massachusetts related to abandoned property. Current abandoned
property law requires banks to remit accounts with no activity after three years.
(Subject to change without notice.)
You may reinstate a dormant account by initiating a deposit or withdrawal, by
notifying us in writing that you are aware of its existence, or by presenting
the passbook, if applicable, for the recording of interest.
See our Consumer Account Schedule of Fees for the current dormant account processing
If we remit your account to the Commonwealth of Massachusetts due to abandoned
property laws no interest will be paid for the partial month.
ADDRESS CHANGE - Notices we send to you at your address as shown on our
records will be binding on you for all purposes. You agree to notify us promptly
in writing of any change of address.
Visa® Check Card and ATM Card Cardholder Agreement
This Cardholder Agreement
("Agreement") covers the use of your Cambridgeport ATM Card ("Card")
or Visa Check Card ("Check Card"). "We", "us" and
"our" mean Cambridgeport Bank. "You" and "your"
mean each depositor who applies for and uses a Card or Check Card to access a
deposit account. You agree to the following:
(1) You can use your Card
or Check Card and your Personal Identification Number (PIN) at Cambridgeport ATMs,
other authorized shared automated teller machines that we may specify from time
to time, or other electronic banking machines or devices approved by us. You can
use your Card/Check Card to obtain the services relating to your account or accounts
as described in this Agreement and the Electronic Fund Transfers section of this
(2) All deposits and other transactions performed with your Card/Check Card are
subject to later proof and verification. All items are received for collection.
All credits are provisional and are subject to final payment. (See the Bank's
policy on availability of funds.) Except as described below, the acknowledgment
form provided is not a binding receipt.
(3) Your Card/Check Card and any replacement Card/Check Card remain our property.
The Card/Check Card is not transferable. You will return it to us upon request.
(4) Your Personal Identification Number should be memorized and kept secret. In
no event should it be written on or carried with your Card/Check Card, or given
to anyone else. Revealing your PIN to anyone will prevent you from claiming unauthorized
use of your Card/Check Card. If you believe that your Personal Identification
Number is no longer secret, you will notify us immediately.
(5) You will promptly review all materials we send you, including account statements
and notices. You will notify us immediately if you find any discrepancies between
these materials and your records, particularly if you discover that an unauthorized
use of your Card/Check Card, your Personal Identification Number, or your account
or accounts may have occurred.
(6) Any notices you give us should first be given orally in person or by telephone
and should be confirmed in writing immediately to us at the address listed in
(7) After you have given notice of a lost or stolen Card/Check Card, a disclosed
Personal Identification Number or an unauthorized use to us at the address printed
in this brochure, you will not be liable for subsequent unauthorized Card/Check
Card transactions. If you fail to give us such notice, you will be liable for
all losses caused by your neglect, but in any case your liability for such losses
will be limited to a maximum of $50.00.
(8) The use of the Card/Check Card will be governed by our Rules and Regulations
and the additional terms in the Electronic Fund Transfers section of this disclosure
relating to your account or accounts as in effect from time to time.
(9) We may amend this agreement at any time by mailing you a written notice of
the substance of the amendment at your listed address at least 30 days before
it is to go into effect. The amendment will be effective for transactions after
its effective date unless you notify us in writing before that date that you will
not use your Card/Check Card further and return your Card/Check Card to us. Otherwise,
you will agree to the amendment.
(10) Either of us may terminate this agreement at any time by giving written notice
to the other, but the termination will not affect previous transactions. Termination
of this agreement does not terminate your account or accounts with us. Closing
the account or accounts to which the Card/Check Card relates terminates this agreement
(11) Questions about the terms of this agreement will be decided by Massachusetts
Law, except to the extent that any applicable Federal Law controls. If there is
a conflict between any term of this agreement and Massachusetts or controlling
Federal law or regulations, that term shall be deemed to be modified to make it
(12) Cards not used for a period of one year or longer will be deleted from the
system. Check Cards not used for a period of one year or longer prior to their
expiration date will not be renewed. A new Card/Check Card may be issued upon
receipt of a written request.
(13) For joint accounts all owners must sign an application before one or more
Cards/Check Cards can be issued.
Your Rights and Responsibilities
The Electronic Fund Transfers
we are capable of handling are indicated below, some of which may not apply to
your account. Please read this disclosure carefully because it tells you your
rights and obligations for these transactions. You should keep this notice for
DIRECT DEPOSITS - You may make arrangements for certain direct deposits
such as payments from the U.S. Treasury (Social Security) or from some employers
(payroll) to be accepted into your Checking, Savings or Money Market accounts.
PREAUTHORIZED WITHDRAWALS - You may make arrangements to pay certain recurring
bills from your Checking, Savings or Money Market accounts. Please also see Limitations
on Frequency of Transfers section regarding limitations that apply to preauthorized
TELEPHONE BANKING - You may make transfers between designated accounts
by telephone. Please also see Limitations on Frequency of Transfers section regarding
limitations that apply to telephone transfers.
ATMS AND TYPES OF ATM TRANSFERS - You may access your designated account(s)
at Cambridgeport Bank Automated Teller Machines (ATMs), and at ATMs that participate
in the NYCE®, PLUS® or, for Check Cards, VISA networks by using your Card/Check
Card and PIN to:
- make deposits (at Cambridgeport
- withdraw cash
- you may withdraw up to
$500 per calendar day ($1,000 per calendar day from your Appreciation Checking
- transfer funds
- you may transfer any amount
as long as the transfer does not cause the balance in your account to be less
than zero, unless you have an overdraft line of credit. If you have an overdraft
line of credit, the amount you request to transfer cannot exceed your available
- determine your account
Refer to our Consumer Account
Schedule of Fees for the current ATM activity fees. Cards/Check Cards are not
available with passbook accounts. 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.
POINT OF SALE AND TYPES OF POINT OF SALE TRANSFERS - You may use your Card/Check
Card and PIN to access your checking account to purchase goods, pay for services,
or get cash from a merchant (if the merchant permits) from participants displaying
the NYCE symbol. For Check Cards, you may also use your Check Card to pay for
purchases at any merchant displaying the VISA symbol or get a cash advance from
a participating VISA financial institution.
You may use your Card/Check Card to make point of sale purchases at NYCE merchants
(and for Check Card holders at VISA merchants) in an aggregate amount of up to
$500 per calendar day ($1,000 per calendar day for Appreciation Checking accounts),
including any cash back received as part of a purchase transfer. This limit is
separate from and in addition to, the ATM withdrawal limit listed above. Please
also see Limitations of Frequency of Transfers section regarding limitations that
apply to debit card transactions.
FOREIGN EXCHANGE - If you use your Card/Check Card in a foreign country,
the amount of your transfer will be converted to U.S. dollars at the rate that
exists on the date of exchange at the major financial market nearest to the place
where the exchange is made. We do not control the exchange rate or the date or
place of exchange.
AUTHORIZATION SYSTEM - We have an authorization system that may, for security
reasons, limit the number or amount of Card/Check Card transfers we approve in
a day. We will not be responsible if you are prevented from making a purchase
because of that system or because the system is not working properly for any reason.
We will not be liable if a merchant refuses to honor your Card/Check Card. We
are not responsible for any injury to you or to anyone else caused by goods or
services purchased or leased with your Card/Check Card.
LIMITATIONS ON FREQUENCY OF TRANSFERS - In addition to those limitations
on transfers elsewhere described, if any, the following limitations apply:
- Transfers from a Money
Market account to another account or to third parties by preauthorized, automatic,
or telephone transfer are limited to six per statement period with no more than
three by check, debit card, or similar order to third parties.
- Transfers from a Money
Market Savings, Real Savings, Statement Savings or Treasury Index account to another
account or to third parties by preauthorized, automatic, or telephone transfer
are limited to six per month with no transfers by check, debit card, or similar
order to third parties.
- You may terminate the electronic
fund transfer agreement by calling the telephone number on your periodic statement
followed by written notice to the address listed at the end of this notice.
- We may terminate the electronic
fund transfer agreement by telephone notification followed by written notice.
CHARGES FOR ELECTRONIC
- We do not charge for direct
deposits to any type of account.
- We do not charge for preauthorized
withdrawals from any type of account.
Except as indicated in our current Consumer Account Schedule of Fees, we do
not charge for electronic fund transfers.
RIGHT TO DOCUMENTATION
- Terminal Transfer Receipt.
You can get a receipt at the time you make any transfer to or from your account
using an automated teller machine, or a point of sale terminal. The receipt will
include information regarding the transfer including the amount, date, type and
location of transfer.
- Direct Deposits. 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 1-800-401-2626 to
find out whether or not the deposit has been made.
- Periodic Statements. You
will get a monthly account statement from us for your Money Market, Money Market
Statement Savings, Statement Savings, Free Checking, Real Checking, Real Savings,
Treasury Index, NOW Checking, or Appreciation Checking Accounts.
For passbook accounts, the only possible electronic transfers to your account
are preauthorized deposits and we do not send periodic statements. You may bring
your passbook to us and we will record any electronic deposits that were made
since the last time you brought in your passbook.
- Documentation is Evidence
of Transfer. A copy of any documentation provided to you which indicates that
an electronic fund transfer was made shall be admissible as evidence of such transfer
and shall constitute prima facie proof that such transfer was made.
STOP PAYMENT PROCEDURES
AND NOTICE OF VARYING AMOUNTS
- 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 three business days or more before the payment
is scheduled to be made. If you call, in order for the request to remain effective
you must put your request in writing and get it to us within 14 days after you
The initiation by you of certain electronic fund transfers from your account will,
except as otherwise provided in this Agreement, effectively eliminate your ability
to stop payment of the transfer.
Unless otherwise provided
in this disclosure you may not stop payment of electronic fund transfers; therefore,
you should not employ electronic access for purchases or services unless you are
satisfied that you will not need to stop payment.
- Notice of Varying Amounts.
If the regular payments you have told us to make out of your account, with the
exception of regular payments which you authorize us to make to your Cambridgeport
Overdraft Protection, vary in amount, the person you are going to pay will 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 stated 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
three business days or more before the transfer is scheduled, and we do not do
so, we will be liable for your losses or damages.
OUR LIABILITY - 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:
(1) If, through no fault of ours, you do not have enough money in your account
to make the transfer.
(2) If the transfer would go over the credit limit on your overdraft line.
(3) If the automated teller machine where you are making the transfer does not
have enough cash.
(4) If the terminal or system was not working properly and you knew about the
breakdown when you started the transfer.
(5) If circumstances beyond our control (such as fire or flood) prevent the transfer,
despite reasonable precautions we have taken.
(6) If the funds are subject to legal process or other encumbrance restricting
(7) There may be other exceptions in our deposit account agreement with you.
In the case of failure which was not intentional and which resulted from bona
fide error, notwithstanding the maintenance of procedures reasonably adapted to
avoid any such error, we shall be liable only for actual damages proved.
DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES
In order that your privacy may be protected, we will not disclose any information
about you or your account to any person, organization, or agency except:
(1) for certain routine disclosures necessary for the completion of a transfer;
(2) for verification of the existence and condition of your account for a third
party such as a credit bureau or merchant; or
(3) to persons authorized by law in the course of their official duties; or
(4) to our employees, auditors, service providers, attorneys or collection agents
in the course of their duties; or
(5) pursuant to a court order or lawful subpoena; or
(6) to a consumer reporting agency as defined in Chapter 93 of Massachusetts General
(7) by your written authorization which shall automatically expire 45 days after
our receipt of your authorization.
If an unauthorized disclosure has been made, we must inform you of the particulars
of the disclosure within three days after we have discovered that an unauthorized
disclosure has occurred.
UNAUTHORIZED TRANSFERS - Tell us AT ONCE if you think your Card/Check Card,
your PIN, or both have been lost, stolen or used without your permission. Telephoning
is the best way, if any, of minimizing your possible losses. You can lose no more
than $50 if you fail to give us notice of your lost or stolen Card/Check Card
or PIN and your Card/Check Card or PIN is used without your permission.
If you think your Card/Check Card, your PIN, or both, 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
PROTECTED CONSUMER USE - Chapter 167B of the Massachusetts General Laws
was enacted to provide a means for financial institutions, businesses, and consumers
to conduct their business relations more conveniently. Transferring funds electronically
will supplement the use of checks, credit, and cash and will not replace these
present methods of doing business. As a consumer, you should be aware of your
rights if you choose to utilize this system.
(1) Prohibition of Compulsory Use. No person may:
- require you to use a preauthorized
electronic fund transfer as a condition of the extension of credit unless the
credit is being extended in connection with an overdraft checking plan, or is
being extended to maintain a specified balance in your account, or
- require you either to accept
a transfer service or to establish an account which is accessed electronically
as conditions of employment or receipt of governmental benefit, or
- require you to pay electronically
for the purchase of goods or services.
If your account is to be credited by a preauthorized transfer you may choose
the financial institution to which the transfer may be made, if the institution
is technically capable of receiving such preauthorized transfer.
(2) Waiver of Rights. No
writing or agreement signed by you can waive the rights conferred to you by Chapter
167B of the Massachusetts General Laws unless you decide to waive these rights
in settlement of a dispute or action.
(3) Refunds. If it is the policy of a store or retail business to give cash refunds
in return for an item purchased by cash, then this policy must also cover refunds
for items purchased by electronic fund transfer unless it is clearly disclosed
at the time the transfer is consummated that no cash or credit refunds are given
for payments made by electronic fund transfers.
(4) Suspension of Obligations. If a person agrees to accept payment by means of
an electronic fund transfer and the system malfunctions preventing such a transfer,
then the consumer's obligation is suspended until the transfer can be completed,
unless that person, in writing, demands payment by other means.
(5) Prohibited Means of Identification. Your Social Security number cannot be
used as the primary identification number although it can be used as secondary
aid to identify you.
(6) Criminal Liability. Procuring or using a Card/Check Card, PIN or other means
of electronic access to an account with the intent to defraud is a basis for criminal
ERROR RESOLUTION - In case of errors or questions about your electronic
transfers, telephone or write us at the telephone number or address listed in
this brochure as soon as you can. If you think your statement, passbook or receipt
is wrong or if you need more information about a transfer listed on the statement,
passbook or receipt, we must hear from you no later than 60 days after we sent
you the FIRST statement on which the problem or error appeared or, if the only
transfer possible is a direct deposit to your passbook account, no later than
60 days after the problem or error was FIRST reflected in your passbook or statement.
In your notice tell us your name, account number and dollar amount of the suspected
error. Describe the error or the transfer your are unsure about, and explain as
clearly as you can why you believe it is an error or why you need more information.
If you tell us orally, we may require that you send us your complaint or question
in writing within 10 business days.
We will tell you the results of our investigation within 10 calendar days (five
business days for VISA Check Card point of sale transactions) after we hear from
you and will correct any error promptly. If we need more time, however, we may
take up to 45 calendar days to investigate your complaint or question. If we decide
to do this, we will recredit your account within 10 calendar days (five business
days for VISA Check Card point of sale transactions) 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 recredit
If we decide that there was no error, we will send you a written explanation within
three business days after we finish our investigation. You may ask for copies
of the documents that we used in our investigation and we must make these available
to you for your inspection.
Send your notification to:
689 Massachusetts Avenue
Cambridge, Massachusetts 02139
Business Days: Monday through Friday 8:15 A.M. to 5:00 P.M.
(excluding federal holidays)
The following policy statement
applies to all personal deposit accounts effective May 11, 1996. 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.
DETERMINING THE AVAILABILITY OF A DEPOSIT - The length of the delay is
counted in business days from the day of your deposit. Every day is a business
day except Saturday, Sunday and federal holidays. If you make a deposit before
closing on a business day that we are open and before our business day cutoff
(when one is posted in our office), we will consider that day to be the day of
your deposit. However, if you make a deposit after our business day cutoff (when
one is posted in our office), after closing, or on a day we are not open, we will
consider that the deposit was made on the next business day. The length of the
delay varies on the type of deposit and is explained below.
SAME BUSINESS DAY AVAILABILITY - Funds from electronic direct deposit and
wire transfers to your account will be available on the business day we receive
the deposit. Cash will receive immediate availability if deposited in person to
an account of the payee.
OTHER CHECK DEPOSITS - Funds from checks deposited in your account are
available in full on the first business day after the day of your deposit. 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.
LONGER DELAYS MAY APPLY - lf we are not going to make all of the funds
from your deposit available according to the preceding schedule, we will mail
you a written notice containing this information and when the funds will be available
by the business day after we receive your deposit.
Funds deposited by check may be delayed for up to six business days under the
- We believe a check you
deposit will not be paid.
- Checks totaling more than
$5,000 were deposited on any one business day.
- You redeposit a check that
has been returned unpaid.
- You have overdrawn you
account repeatedly in the last six months.
- There is an emergency,
such as failure of communications or computer 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 sixth business day after the day of your deposit.
RULES FOR NEW ACCOUNTS
If you are a new customer,
the following special rules will apply during the first 30 days your account is
Funds from electronic direct deposits, wire transfers and cash deposited into
your account will be available on the business day we receive the deposit. The
first $5,000 of a day's total deposits of Cashiers, Certified, Treasurers, Tellers,
travelers, and federal, state and local government checks will be available on
the first business day of your deposit if you request next business day availability
and if the deposit meets certain conditions. For example, the checks must be payable
to you. The excess over $5,000 will be available on the sixth business day after
the day of your deposit.
Funds from deposits of all other checks will be available on the seventh business
day after the day of your deposit.
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