Account Terms for
Personal Checking Accounts and Personal Money Market Accounts
I. Introduction1. Accounts Governed by These Terms
The Account Terms apply to the following products (each, an “account”):
Private Banking Checking Personal Checking Plus Personal Checking Basic Banking (IL) Basic Banking (NY)
Personal Preferred Money Market Personal Money Market Plus
When you open an account with Bank Leumi USA, and for as long as your account remains open, you are agreeing that your account will be governed by the Account Terms, the Fee Schedule, the Funds Availability Disclosure Statement, the Debit Card and Recurring or Preauthorized Transfer Agreement (if you request a Debit Card), and all other documentation governing your account, however amended from time to time, which together constitutes our agreement with you (“Account Agreement”). In signing the Account Application, you indicated that you (i) received a copy of, and agreed to, the Account Terms for the type of accounts being opened, and (ii) received, if applicable, a copy of the Fee Schedule, the Funds Availability Disclosure Statement, and the Rate Schedule.
Terms that apply only to a certain type of account are captioned as such. 2. Definitions
The words "you" and "your" refer to any person for whom the account is maintained as listed on the account opening documentation. The words "joint account" refers to an account maintained for two or more persons, including a husband and wife. The words "we," "us," "our" and “the Bank” refer to Bank Leumi USA.
II. General Terms Applicable to All Accounts
1. Checking Account Sub-accounts
For regulatory reporting and accounting purposes, all Bank Leumi USA checking accounts consist of two sub-accounts: a transaction sub-account to which all financial transactions are posted, and a savings sub-account into which available balances above a pre-set level are transferred daily. You do not have direct access to the sub-account. The establishment of the sub-account also does not affect your statement or FDIC insurance coverage.
Page 2 of 12 2. Safeguarding Checkbooks. Checks and Account Access Devices
When you open a checking or money market account with a check-writing feature, you can order checks through us. You agree to safeguard your blank and cancelled checks, and to take reasonable steps to prevent their unauthorized use. If your checks are lost or stolen, you agree to notify us immediately. If you request a Debit Card, you will be provided with a Debit Card and a Personal Identification Number (PIN) for use at Automatic Teller Machine (ATMs) and debit transactions at merchant point of sale terminals. If you enroll in Leumi Online, our internet based electronic banking service, you may be provided with a User ID, a password and a security token. The Debit Card, PIN, User ID, password and security token, each an “Access Device,” provide you with electronic means of access to your accounts and conducting transactions. You agree to safeguard your Access Device(s) and to take reasonable steps to prevent their unauthorized use. If your Access Device is lost or stolen, you agree to notify us immediately.
YOU ARE SOLELY RESPONSIBLE FOR ALL CONSEQUENCES OF UNAUTHORIZED USE OF YOUR CHECKS OR ACCESS DEVICES CAUSED BY YOUR NEGLIGENCE INCLUDING LOSS OF FUNDS. THE BANK WILL NOT BE LIABLE TO YOU OR ANY OTHER PARTY FOR LOSSES THAT COULD HAVE BEEN AVOIDED BY YOU TAKING REASONABLE STEPS TO SAFEGUARD YOUR CHECKS OR ACCESS DEVICES AND TO PRVEVENT THEIR UNAUTHORIZED USE.
3. Funds Availability
Funds are available for withdrawal in accordance with the Funds Availability Disclosure. However, interest begins to accrue on the day of deposit, even if the deposit contains checks. If you make a deposit at a branch before the end of business hours on a business day that the branch is open, the deposit is considered made on that day. If you make a deposit at a branch' after the end of business hours on a business day or on a day that the branch is not open, the deposit is considered made on the next business day the branch is open. If you enroll in Leumi Deposit Capture, our remote deposit service, or Leumi SmartCapture, our mobile deposit service, the cut-off time for deposits may extend beyond normal business hours. Please refer to the applicable service agreement and the Funds Availability Disclosure for details. The business hours are posted at the main entrance to the branch. Every day is a business day except Saturdays, Sundays, or Federal holidays.
We do not accept for deposit checks drawn on banks outside the United States or checks that are not payable in U.S. dollars. We send those checks for collection and credit your account only upon the check being collected.
4. Incoming Funds Transfers
For “beneficiary bank,” your remitters should use our ABA Routing Number 026002794 or our CHIPS Number 0279. Our SWIFT code is LUMIUS3N.
For “beneficiary,” your remitters should use your complete 10-digit account number followed by your name (if different, account title instead of name) and your address. Use of the 10-digit account number allows the incoming transfer to be processed by automated means and expedites the credit to your account.
5. Inconsistent Name and Account Information for Payment Orders
6. Authorized Signature
Your signature on the Signature Card is your authorized signature. We are not liable for refusing to honor your check or other signed instruction if we believe in good faith that the signature appearing on the check or instruction is not authentic. You may authorize the use of a facsimile signature device by designation on the Signature Card. If you authorize the use of a facsimile signature device, we may honor a check or other signed instruction that appears to bear your facsimile signature even if it was made by an unauthorized person or with a counterfeit facsimile signature device.
7. Contradictory Word and Numeric Amount Descriptions
If you issue a check with the amount payable expressed in contradictory word and numeric descriptions and that check is encoded by us (or our agent), you authorize us (and our agent) to encode and pay the check on the basis of either the numeric amount or the amount written out in words.
8. Positive Pay Arrangements
We may in our discretion place your account on a "positive pay arrangement" status. This status protects against check fraud through allowing us to pay only those checks which you separately authorize us to pay. If we place your account on this status, we will inform you of the terms of the arrangement, including the manner in which you can send payment instructions to us.
9. Charge Back
All checks deposited in your account, or cashed for you, are handled by us as your agent subject to charge back or refund if for any reason final payment is not received by us. Any check drawn on us deposited in your account, or cashed for you, is subject to charge back or refund if such check is not properly payable.
10. Claims
If a claim is made for recovery of all or part of the amount of any collected check after final payment on the grounds that such check bore a forged or unauthorized endorsement or was otherwise not properly payable, we may withhold the amount of the check from your account until the final determination of the claim. We will promptly mail you notice of the claim.
11. Endorsements
If you fail to endorse a check that you submit for deposit, we have the right, but are not obligated, to supply the missing endorsement. You will reimburse us for any loss or expense we incur if a deposited check is not endorsed exactly as drawn. If your account is a joint account, each joint account holder authorizes the other joint account holder(s) to endorse for deposit to the account all checks payable to any joint account holder.
12. Fees
The fees that may be imposed in connection with your account are indicated on the Fee Schedule. 13. Refusing Deposit
We reserve the right to refuse a deposit to your account. We may exercise this right any time on the day that would be considered the day of deposit even if we have given you a deposit receipt. If we refuse a submitted deposit and have not told you immediately, we will promptly attempt to notify you by telephone. If we are unsuccessful in contacting you by telephone, we will promptly mail you notice.
14. Limitations on Withdrawals.
Page 4 of 12 15. Limit on Cashing Checks
It is our policy to limit the aggregate amount of checks drawn on your account which we will cash on any one business day to $15,000. Exceptions may be granted in our sole discretion. If you have a written agreement with us for check cashing, including a written agreement providing for check cashing by your employees, this limit will not apply to checks cashed pursuant to such agreement.
We will not cash a check drawn on your account for a payee other than yourself unless we receive at your branch a written request, on a form used by us for that purpose, signed by any authorized signatory specifying, in addition to the number, date, and amount of the check, (i) the payee (and if the payee is an entity, the individual who will be acting on behalf of the payee); and (ii) the government-issued photo identification which will be presented by the payee (or if the payee is an entity, by the individual who will be acting on behalf of the payee).
We will have no liability to you, and you will hold us harmless against a claim asserted by the payee (or the payee’s transferee or successor-in-interest), arising out of, or relating to, our cashing the check if (i) we act in accordance with such request; (ii) such identification reasonably appears to us to be authentic; and (iii) the individual presenting such identification reasonably appears to us to be the individual therein identified.
However, if you have a written agreement with us for check cashing, including a written agreement providing for check cashing by your employees, the written request requirement provision will not apply to checks cashed pursuant to such agreement.
16. Limit on Cashing Official Checks
It is our policy to refuse to cash an official check of ours which exceeds $15,000. Exceptions may be granted in our sole discretion.
17. Remotely Created Check
In respect of a remotely created check, you will hold us harmless against a transfer or presentment warranty claim by the transferee bank, a subsequent collecting bank, or the paying bank. “Remotely created check” means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the person on whose account the check is drawn.
18. Closing Account
We reserve the right to close your account at any time without advance notice. You may close your account at any time unless otherwise provided in these Account Terms. When your account is closed, unless otherwise instructed by you, we will mail you an official check for the final account balance, by ordinary mail addressed to you at the last address shown on our records. The final account balance is the funds remaining in your account as of the date of closing of the account, less fees incurred. If your account is closed in the middle of a statement cycle, such fees are estimated based on the highest amount of fees your account incurred for the previous six statement cycles. At the end of the first statement cycle subsequent to the closing, we will calculate the actual amount of fees that your account incurred between the last full statement cycle end date and the effective date of your account closing and, if the estimated amount exceeds the actual amount, we will refund you that excess amount by mailing you an official check as stated above.
19. Setoff and Security Interest
The law provides that we may, but are not obligated to, take funds on deposit in your account to satisfy a debt you owe us which is not paid when due. This is called the right of setoff. If we exercise this right of setoff, we will comply with all applicable laws and will notify you promptly of the action taken. To the fullest extent permitted by law, all funds in a deposit account are subject to our right of setoff for liabilities owed to us by:
- any one or more of the account holders, including any other person who is a joint account holder; - any partnership, limited partnership, or limited liability partnership of which you are a general partner;
- any limited liability company of which you are a member; or
- any other person with whom you are a co-obligor, for whom you have agreed to act as surety or guarantor, or for whose debts you are liable or may be contingently liable.
You grant us a security interest in your account as collateral for your present and future indebtedness to us.
20. Joint Account
If your account is a joint account, the funds become the property of each owner as joint tenants and we may pay the account to any joint account holder during their lifetime. We may honor withdrawal requests from any joint account holder. We may honor withdrawal requests from the survivor(s) after the death of any joint account holder, but we may require a tax clearance from the appropriate state tax authority if release of the account balance is restricted by the state tax authority. If you are a non-U.S. resident, we may also require a Federal Transfer Certificate. We may treat the account as the sole property of the survivor(s) after the death of any account holder. Upon the death of any account holder, the survivor(s) agree to immediately notify us thereof.
We will not be liable to any account holder for continuing to honor withdrawal requests from any other account holder unless we receive at our branch a written notice signed by an account holder not to pay checks or honor withdrawal requests by another joint account holder. After receipt of such notice, we may require written authorization of all joint account holders for any further payments or withdrawals. We may be required by service of legal process to remit funds held in a joint account to satisfy a judgment against, or other debt incurred by, any account holders.
If your account is a joint account, any account holder may request us to (i) stop payment on a check drawn on the account, whether or not the person making the request to stop payment signed the check, and (ii) cancel a stop payment request, whether or not the person making the request to cancel made the request to stop payment.
21. Stop Payment
Page 6 of 12 22. Limitation on Checks You Issue: Post-Dated
This paragraph applies only if you open your account in California or Illinois. We may pay or certify a postdated check unless you give us a "notice of postdated check." Even if you give us this notice, we will not be responsible if we pay or certify a postdated check described in the notice (and because of the payment or certification, other checks drawn on the account are returned for insufficient or unavailable funds) because the information you gave us is incomplete or incorrect or because the notice is not given at a time and in such a manner as to afford us a reasonable opportunity to act on it before the postdated check is paid. We will not be responsible if we pay or certify a postdated check more than 14 days after you have orally given us a notice unless within the 14-day period you confirm your request in writing on a form used by us for that purpose. We will not be responsible if we pay or certify a postdated check more than six months after the notice in writing not to pay it unless within the six-month period you renew your notice in writing on a form used by us for that purpose. We may pay the check on or before its date, even if you have given us a notice of postdated check. If you do not want the check to be payable on or after its date, you must give us a stop payment order.
This paragraph applies only if you open your account in Florida or New York. You agree not to issue
postdated checks. If, however, you do issue a postdated check, you authorize us to pay or certify the check without regard to the postdating.
23. Limitation on Checks You Issue: Special Limitation
You agree not to issue checks with a special limitation such as "void over $100" or "void after 90 days." If, however, you do issue a check with a special limitation, you authorize us to pay or certify the check without regard to the special limitation.
24. Limitation on Checks You Deposit
Without adequate evidence of the authenticity of preceding endorsement(s), we do not accept for deposit a check where one or more of the payees is not an owner of the account. Internal reviews are needed to review such evidence.
25. Credit
We may in our discretion extend credit ("Credit") to you relating to a check, or other payment instruction, against insufficient or unavailable funds. Our extending Credit to you does not obligate us to extend Credit to you in the future. If we do extend Credit to you, you will immediately repay to us the amount of the Credit together with interest at the Prime Rate published in The Wall Street Journal from day to day plus 15%. In no event will the interest rate exceed the maximum allowed by law.
If more than one Prime Rate is published in The Wall Street Journal on a given day, for that day, the Prime Rate used will be the lowest Prime Rate published in The Wall Street Journal that day. If The Wall Street Journal ceases publication, the Prime Rate published in The New York Times will be used instead of the Prime Rate published in The Wall Street Journal.
If your account is a joint account, each account holder is responsible for repaying the entire amount of the Credit together with interest irrespective of which account holder created the overdraft or drew against unavailable funds. If there is a written agreement concerning extensions of credit relating to your account, that agreement governs the credit we extend to you relating to a check, or other payment instruction, against insufficient or unavailable funds.
If we (i) do not extend Credit, or do not extend sufficient Credit, on a business day to pay all of your checks received by us for payment that day and (ii) accordingly return unpaid one or more checks, we will determine which check or checks are paid and which check or checks are returned unpaid. Our practice is to pay the checks in numerical sequence.
26. Account Statement; Notification of Errors
We will send you, by mail to the postal address reflected in our records, an account statement shortly after the end of each statement period. If you enroll into our paperless statement service via Leumi Online and elect to utilize the paperless statement service, we will notify you, using electronic mail at the electronic mail address you provided for this service as reflected in our records for the account, of the availability of your statement and other notices. Statements will be deemed delivered to you when they are made available through Leumi Online banking system.
Regardless of the number of account holders, we only provide one statement or notice per account. Notification given to any one account holder is considered notification to all account holders and is considered delivered to you on the date we first place the statement or notice in the mail or the date that the electronic mail is sent, regardless of whether or not you receive it. You are responsible for making available all statements and other account information to all joint account holders, when applicable.
You are responsible for promptly examining the account statement. If you believe the account statement contains an error, you agree to notify us in writing within 30 days after the date of the statement. If you do not notify us in writing within that time period, the account statement will be considered correct and binding on you. However, (i) if the error contains an electronic transfer, the notice of error must be received by us no later than 60 days after we sent you the first account statement on which the error or problem appeared, and (ii) if you open your account in Illinois and the error is improper payment of a check over a properly lodged stop payment order, the notice of error must be received by us no later than 1 year after your receipt of the account statement showing payment of the check.
27. Legal Proceeding to Recover Payment
No legal proceeding or action may be brought against us to recover payment of a check, or other payment instruction, which was not signed or otherwise authorized by you or which was altered, or a check which was not endorsed by a payee unless in the case of a check, or other payment instruction, which was not signed or otherwise authorized by you or which was altered, we receive the written notice indicated in the preceding paragraph (“Account Statement; Notification of Errors”) within the prescribed time period. In the case of a check which was not endorsed by a payee, we must receive written notice within six (6) months after the date of the statement, and the legal proceeding or action must be commenced within one (1) year after the date of the statement. In the case of an unauthorized endorsement for an account opened in New York, Florida or Illinois (and, in the case of an improper payment of a check over a properly lodged stop payment order in an account opened in Illinois) the legal proceeding or action must be commenced within one and one-half (1.5) years. For an account opened in California, the legal proceeding or action for an unauthorized endorsement must be commenced within three (3) years. 28. Address Change; Notices
You will notify us promptly of any change of address. Notices sent to you may be sent by ordinary mail addressed to you at your last address shown on our records. If your account is a joint account, notices sent to that address are effective notice to each of you.
We will not provide “hold mail” service for your account. 29. Nontransferable
Your account is nontransferable and nonnegotiable. Ownership of your accounts is transferrable only on our records and with our written consent.
30. Escheatment
Page 8 of 12 account will be escheated to the state and a claim by you for the funds can be made only to the appropriate state authority.
31. Amendments
We may change the Account Terms, Fee Schedule, Funds Availability Disclosure or any other document that governs your account. We will give you notice of the change electronically or by mail by U.S. Postal Service or by posting notice in our branches as required by applicable law.
32. Legal Process
You will pay us a processing fee for each legal process requiring us to restrain funds in, or pay funds from, your account. This fee is indicated in the Fee Schedule and reflects our cost of handling the legal process. We charge the fee to your account. In addition, if legal process requires us to produce information or documents concerning your account, to the extent we are not otherwise reimbursed, you will reimburse us for reasonable processing costs to produce the required information or documents and for any reasonable attorney costs incurred by us related to the legal process. We may charge these costs to your account or collect them from you directly if your account is closed. We will promptly notify you concerning legal process unless legal process compels us not to notify you. You will reimburse us for all expenses incurred by us (including our reasonable attorney costs) in connection with our enforcement of any of your obligations.
33. Expenses Upon Death
If your account is not a joint account and there is not an effective beneficiary designation, and upon your death we incur out-of-pocket expenses in identifying those entitled to the funds in your account, we may deduct from the account the reasonable out-of-pocket expenses so incurred.
34. Waivers
We reserve the right to waive any of these terms in any specific instance, but the waiver will apply only to that instance. You will not be entitled to make any claim against us upon any promise, agreement, or act of any officer or employee of ours which is not in conformity with these terms.
35. Compliance with Law and Regulations
You agree to comply with applicable laws and regulations. You may not use your account or related services for any illegal transactions or activity. If your country of residence or the principal place of business is not the United States or the Commonwealth of Puerto Rico, you, individually and/or on behalf your business, acknowledge that you are responsible for, and agree that you will comply with, all laws, regulations, and rules applicable to your accounts, products and services with us, including any tax, foreign exchange, or capital controls, and for all payments, reporting or filing requirements that may apply as a result of your country of citizenship, domicile, residence or jurisdiction of formation.
36. Tax Compliance and Conditions
You are solely responsible for understanding and complying with your tax and other filing obligations with respect to your U.S and non-U.S. accounts in all countries in which those obligations may arise. You should consult a tax adviser for more information. You acknowledge and agree that, in order to comply with United States tax laws, the Bank may (i) disclose information about you and your account (including transactional information) to the United States Internal Revenue Service ("IRS"); (ii) request certain documentation (including IRS Forms W-8 or W-9) and additional information from you with respect to your account; (iii) withhold U.S. tax from your account or from payments made to you or your account; and (iv) close your account if you have not provided requested documentation or information.
Bank. In order to assure tax compliance, you agree to waive any and all data protection, confidentiality or secrecy rights or claims that you may have with respect to your data at the Bank should any question come from any competent tax authority, directly or indirectly, with respect to your account or any service provided by the Bank. Responsibility for tax compliance on this account and any services provided by the Bank at all times remains with you. You further agree (i) not to hold the Bank liable for possible consequences that may result from the reporting of information as described herein; and (ii) to release the Bank from any claims in this respect.
37. Tax Forms
If you are a U.S. person for U.S. tax purposes, U.S. Federal regulations require the Bank to obtain from you a completed IRS Form W-9 (or substitute form) containing your taxpayer identification number (Employer Identification Number or Social Security Number) and required certifications. If you are not a U.S. person, you must provide the Bank with a completed appropriate IRS Form W-8 and any other documentation requested by the Bank. If you do not give the Bank a valid Form W-9, W-8 or other requested documentation, the Bank may not be able to open your account. If your account is opened and the IRS subsequently notifies the Bank to withhold tax, or if your Form W-8 expires or becomes invalid due to a change in your tax status and is not replaced with a valid tax form or if withholding is otherwise required, the Bank will be required to withhold as tax a portion of the amount of interest or other income or proceeds paid into on your account whenever such amount is credited to your account. 38. Applicable Law; Jurisdiction and Venue; Jury Trial
Your account will be governed by Federal law and, without reference to choice of law doctrine, the law of the State of New York.
Any legal proceeding or action relating to your account, or arising out of or relating to these Account Terms, may be brought only in a Federal or State court in the County of New York, State of New York. You consent to personal jurisdiction and venue of such court.
IN ANY LEGAL PROCEEDING OR ACTION RELATING TO YOUR ACCOUNT OR ARISING OUT OF OR RELATING TO THESE ACCOUNT TERMS, YOU WAIVE THE RIGHT TO A TRIAL BY JURY. 39. Substitute Checks and Your Rights
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 section describes rights you have when you receive substitute checks from us. These rights do not apply to original checks or to electronic debits to your account. Your rights with respect to those transactions are governed by other laws.
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).
Page 10 of 12 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) within10 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 send a written claim for a refund to
Bank Leumi USA 579 Fifth Avenue,
New York, New York 10017
Attention: Investigations--Substitute Checks
We must receive at that address your written claim for a refund within 40 calendar days after 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 such as your extended travel or illness.
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 name of the person to whom you wrote the check, the amount of the check.
III. Additional Terms Applicable to Specific Accounts
Additional Terms Applicable to Private Banking Checking
The minimum relationship balance (that is, combined funds or securities balances in any account of yours, or in any related account) to open a Private Banking Checking Account is $100,000.
The current interest rate and annual percentage yield are indicated on the Rate Schedule.
Interest is compounded daily and credited to your account on the last business day of the monthly statement period. If you close your account before interest is credited, you will not receive the accrued interest. We use the daily balance method to calculate interest. This method applies a daily periodic rate to the principal in the account each day. By law, we must reserve the right to require 7 days advance notice prior to making withdrawals.
You may open a Securities Agency Account with us through so indicating on the Account Application and accepting the Terms of Business for a Securities Agency Account. Only limited kinds of financial assets can be purchased through a Securities Agency Account. Financial assets which cannot be purchased through a Securities Agency Account us can be purchased through an account with our broker-dealer subsidiary, Leumi Investment Services Inc.
Additional Terms Applicable to Personal Checking Plus
The minimum balance to open a Personal Checking Account is $500.
The current interest rate and annual percentage yield are indicated on the Rate Schedule.
Interest is compounded daily and credited to your account on the last business day of the monthly statement period. If you close your account before interest is credited, you will not receive the accrued interest. We use the daily balance method to calculate interest. This method applies a daily periodic rate to the principal in the account each day. By law, we must reserve the right to require 7 days advance notice prior to making withdrawals.
Additional Terms Applicable to Basic Banking Accounts (only available in NY and IL)
The minimum balance to open a Basic Banking Account in NY is $25 and in IL it is $100. This requirement is waived so long as you maintain the direct deposit of monthly recurring payments.
This account does not pay interest.
For accounts in New York, there is a $3 monthly service charge which includes eight (8) withdrawal transactions during the monthly statement period and an unlimited number of deposits. For accounts in Illinois there is no monthly service charge for ten (10) withdrawal transactions during the monthly statement period and an unlimited number of deposits. There is a $1 fee for each additional withdrawal transaction during the monthly statement period. A withdrawal transaction is considered to be made when it is recorded on our books, which is not necessarily the date you initiated the transaction.
We will send you an account statement shortly after the end of each monthly statement period. We do not send with the account statement the paid checks charged to your account. If you wish to obtain copies, there is a $3 fee for each paid check requested.
If you wish to access your account through ATMs displaying the NYCE, STAR, Cash Station, or Plus logos or through a point-of-sale terminal at merchants displaying these logos, you will need to obtain a Bank Leumi Debit Card (a "Debit Card"). This requires that you complete a Debit Card Application. There may also be fees imposed by others--for example, a fee imposed by an ATM owner--if you are using the Debit Card at an ATM. If the ATM owner does impose a fee, there will often be a notice on or near the ATM.
In the State of New York, this account is available at our Fifth Avenue branch to individuals who are New York State residents. In the State of Illinois, this account is available at our Chicago branch to individuals age 65 or more who are Illinois residents. It is not available at our other branches. It is also not available for business or professional purposes or to fiduciaries (for example, executors or trustees).
We may close your account without advance notice if you do not maintain a minimum balance of at least $.01. We may also close your account without advance notice if more than 60 days after the date that it is opened you have any other checking account. We reserve the right to close your account for other reasons at any time without advance notice.
Additional Terms Applicable to Personal Preferred Money Market Accounts and Personal Money Market Plus Accounts
The minimum balance to open a Personal Preferred Money Market Account is $50,000. The minimum balance to open a Personal Money Market Plus Account is $500.
Page 12 of 12 Interest is compounded daily and credited to your account on the last business day of the monthly statement period. If you close your account before interest is credited, you will not receive the accrued interest. We use the daily balance method to calculate interest. This method applies a daily periodic rate to the principal in the account each day. A maximum of six preauthorized transfers of funds from this account (including checks drawn by you payable to third parties) are permitted in any one statement period. The date of payment will determine compliance with this limit. If you exceed this limit more than once, we may (i) change your account to a Personal Checking Account or a Personal Checking Plus Account, or (ii) terminate the transfer privileges for your account. By law, we must reserve the right to require 7 days advance notice prior to making withdrawals.
For Further Information . . .
