Disclosures and Important Notices
1. The USA Patriot Act
»Print thisTo 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 will also ask for your driver's license number and other identifying information.
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2. Receipt of Electronic Disclosures
»Print thisIn order to apply online or over the telephone for deposit accounts, you must consent to receive account disclosures electronically via email or fax. You have the right to decline to receive the disclosures in electronic form. If you chose to decline to receive your disclosures electronically, you may visit one of our branches to apply for a deposit account in person. You may request a paper copy of all the disclosures that you agree to receive electronically by contacting our customer support center at 877-376-2265. There is no charge to receive a paper copy.
In order to receive the disclosures electronically, you must be able to view, print and or download files in Adobe® portable document format (PDF). To do this, you must have Adobe Reader®, a suitable printer and be able to print from your web browser.
Adobe Reader® software is available for free at http://www.adobe.com/
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3. Electronic Signature
»Print thisBy using our online or telephone account opening process, you understand and acknowledge that your verbal acceptance or checking certain selection boxes and clicking on/or pressing the enter button an any highlighted button labeled continue or submit is the equivalent of providing your original signature in writing, and constitutes your "Electronic Signature."
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4. Recording of Conversation
»Print thisYou understand that when opening an account on the telephone the entire conversation will be recorded and that it is considered your application to open an account with us. The recording will become a part of your account file.
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5. Authorization to Obtain 3rd Party Information
»Print thisBy completing and submitting an application, you hereby certify the accuracy of the information you provide. In addition, you authorize Farmington Bank to verify any information provided including credit and employment history and to have a credit reporting agency prepare a credit report on all parties named as individuals on the account.
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6. Schedule of Charges
»Print thisThe following service charges will be applied if the balance requirements are not maintained in the accounts listed below:
| Account Type |
Minimum Requirements to Avoid Service Charge |
Service Charge if Minimum is Not Met |
| Better Than Free Checking† |
There are no minimum balance requirements for this account. |
N/A |
Plus Interest Checking†
(NOW Account) |
You must maintain a minimum daily balance of $500 in this account or have a total deposit account portfolio balance of $5,000 or more to avoid the service charges. |
You will be assessed a $5.00 monthly charge each Statement Period that the daily minimum is not met. |
50 Plus Checking†
(NOW Account) |
There are no minimum balance requirements for this account. In order to be eligible for this account, one owner must be at least 50 years of age. |
N/A |
Direct Deposit Checking†
(NOW Account) |
You must have at least one direct deposit posted to this account monthly to avoid the monthly service charge. |
You will be assessed a $5.00 monthly charge each Statement Period there is not at least a monthly Direct Deposit. |
Platinum Checking†
(NOW Account) |
You must maintain a minimum daily balance of $1,000 in this account or have a total deposit account portfolio balance of $10,000 or more to avoid the service charges. |
You will be assessed a $8.00 monthly charge each Statement Period that the daily minimum is not met. |
| Money Market† |
You must maintain a minimum daily balance of $1,000 in this account to avoid the services charges. |
You will be assessed a $10.00 monthly charge each Statement Period that the daily minimum is not met. |
| Statement Savings |
You must maintain a minimum daily balance of $200 in this account to avoid the services charges. You must not close this account within one year from the date the account was opened or you will be assessed a fee. |
You will be assessed a $1.00 monthly charge each Statement Period that the daily minimum is not met. You will be assessed a $10.00 fee if the account is closed within one year of the date opened. |
† You will receive a monthly periodic statement and check “images” (copies of your original checks) that have cleared during the statement cycle.
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7. Miscellaneous Fees and Charges
»Print this
Service Charge or Fee For:
|
|
Fee: $
|
|
| Personal Money Orders |
5.00 |
per check |
| Bank Drafts (Teller's Check, Cashier's Check) |
7.00 |
per check |
| Temporary Checks (8) |
0.25 |
per check |
| Statement Copy Fee |
5.00 |
per page |
| Account History Research Fees - 1 Hour Minimum |
30.00 |
per hour |
| Copy Machine Service |
.25 |
per page |
| Statement Balancing Charge - 1 Hour Minimum |
15.00 |
per hour |
Photo Copies of Bank Records
If required for proof of payment |
3.00
No Charge |
per page |
| Lost Passbook Fee |
25.00 |
per passbook |
| Money Market Excess Transfer Fee |
10.00 |
|
| IRA Transfer Fee |
25.00 |
|
| ATM / Debit Card Replacement Fee |
10.00 |
|
| Electronic Funds Transfer / ATM Charges1 |
No Charge |
|
| Wire Transfer (Outgoing) |
Domestic
Foreign |
20.00
30.00 |
per transaction
per transaction |
| Wire Transfer (Incoming) |
10.00 |
per transaction |
| Stop Payment, (Money Order, Bank Check) |
25.00 |
per item |
| Stop Payment Order Fee2 |
25.00 |
per item |
| Stop Payment Order Fee Range of checks3 |
25.00 |
per range |
| EFT Stop Payment Order Fee |
25.00 |
per item |
| Notary Public Fee |
No Charge |
|
| Signature Guarantee Fee |
No Charge |
|
| Processing of Levy, Garnishment or Property Execution |
100.00 |
|
| Cash Advance Fee Visa/Mastercard |
10.00 |
per item |
| Copy Machine Service |
.25 |
per page |
| Incorrect TIN Charge |
25.00 |
|
| Non-Sufficient Funds Paid Item Fee4 - 5 |
35.00 |
maximum 4 per day |
| Non-Sufficient Funds Returned Item Fee5 - 6 |
35.00 |
per item |
| Overdraft Uncollected Fee4 - 5 |
35.00 |
maximum 4 per day |
Bond Coupon Collection
If Returned |
7.50
20.00 |
per envelope |
| Collection Items - in addition to any fee charged by a correspondent bank |
10.00 |
per item |
| Foreign Currency Exchange7 |
15.00 |
handling fee |
| Foreign Drafts |
10.00 |
handling fee |
| Foreign Check Collection |
10.00 |
|
| Check Printing Charges Varies depending on the style and quantity ordered |
1 Fees may be assessed by a third party if your card is used in a non-Farmington Bank owned ATM.
2 Fee is applied for each item not in sequential order
3 Fee is applied to a range of checks that are in sequential order.
4 You will be assessed the fee for each item up to a maximum of 4 per day and you will not pay a fee for any item that is less than $10.00.
5 Imposed on overdrafts created by checks, in-person withdrawals, ACH debits, bill payments and other electronic transactions, and ATM withdraws, POS and everyday debit card transactions that you have chosen to include in the ODP program by Opting-In.
6 You will be assessed the fee for each item and you will not pay a fee for any item that is less than $10.00. There is no limit to the number of fees that can be assessed.
7Currency exchanged through and fees applied by Travelex.
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8. Safe Deposit Box Fees and Charges
»Print this
| Size 1 |
Annual Rental
Fee 2 |
| 2 X 5 |
$ 50.00 |
| 3 X 5 |
$ 60.00 |
| 4 X 5 |
$ 75.00 |
| 5 X 5 |
$ 85.00 |
| 5 X 6 |
$ 90.00 |
| 2 X 10 |
$ 100.00 |
| 3 X 10 |
$ 120.00 |
| 4 X 10 |
$ 130.00 |
| 5 X 10 |
$ 150.00 |
| 8 X 10 |
$ 160.00 |
| 10 X 10 |
$ 200.00 |
| 15 X 17 |
$ 300.00 |
| 16 X 23 |
$ 350.00 |
| Lost Key Fee |
$ 30.00 |
| Drilling Fee |
$ 200 minimum |
1 Not all sizes are available at all branch locations
2 Fee will be charged on anniversary date of opening date
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9. Interest Rate and Annual Percentage Yield, (APY) Information
»Print thisInterest Rates and Annual Percentage Yields are accurate as of:
| Account Type |
Interest
Rate |
Annual
Percentage
Yield
(APY) |
Amount of Time
Interest Rate
In Effect |
Interest
Compounded |
Interest
Credited |
Minimum
Balance
To Open |
Minimum
Balance
Required
To Earn
Annual
Percentage
Yield |
| Statement Savings† |
0.10% |
0.10% |
Variable |
Monthly |
Monthly |
$100.00 |
$100.00 |
| Better Than Free Checking |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
N/A |
| Plus Interest Checking |
0.05% |
0.05% |
Variable |
Monthly |
Monthly |
$50.00 |
$100.00 |
| 50 Plus Checking |
0.05% |
0.05% |
Variable |
Monthly |
Monthly |
$50.00 |
$100.00 |
| Direct Deposit Checking |
0.05% |
0.05% |
Variable |
Monthly |
Monthly |
$50.00 |
$100.00 |
| Platinum Checking |
Tiered Rate Account – Minimum balance shown for each tier must be maintained daily in order to earn the APY disclosed for that tier, on the entire balance. |
| $100 – $2,499.99 |
0.05% |
0.05% |
Variable |
Monthly |
Monthly |
$50.00 |
$100.00 |
| $2,500 and UP |
0.10% |
0.10% |
Variable |
Monthly |
Monthly |
$50.00 |
$2,500 |
| Money Market Account |
Tiered Rate Account – Minimum balance shown for each tier must be maintained daily in order to earn the APY disclosed for that tier, on the entire balance. |
| $1.00 - $24,999 |
0.10% |
0.10% |
Variable |
Monthly |
Monthly |
$1,000.00 |
$1.00 |
| $25,000 - $49,999 |
0.15% |
0.15% |
Variable |
Monthly |
Monthly |
$1,000.00 |
$25,000 |
| $50,000 - $99,999 |
0.30% |
0.30% |
Variable |
Monthly |
Monthly |
$1,000.00 |
$50,000 |
| $100,000 - $199,999 |
0.40% |
0.40% |
Variable |
Monthly |
Monthly |
$1,000.00 |
$100,000 |
| $200,000.00 and UP |
0.40% |
0.40% |
Variable |
Monthly |
Monthly |
$1,000.00 |
$200,000 |
| 7 Month Classic Certificate† |
0.25% |
0.25% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 13 Month Classic Certificate† |
0.30% |
0.30% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 25 Month Classic Certificate† |
0.65% |
0.65% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 9 Month Liquid Certificate† |
0.30% |
0.30% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 91 Day Certificate† |
0.20% |
0.20% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 4 Month Certificate† |
0.20% |
0.20% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 6 Month Certificate† |
0.25% |
0.25% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 1 Year Certificate |
0.30% |
0.30% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 18 Month Certificate† |
0.40% |
0.40% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 2 Year Certificate† |
0.65% |
0.65% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 2½ Year Certificate† |
0.65% |
0.65% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 3 Year Certificate† |
0.90% |
0.90% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 3½ Year Certificate† |
0.90% |
0.90% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 4 Year Certificate |
1.00% |
1.00% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 4½ Year Certificate |
1.00% |
1.00% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 5 Year Certificate† |
1.19% |
1.20% |
Until Maturity |
Monthly |
Monthly |
$500.00 |
$500.00 |
| 1 Year IRA Certificate |
0.30% |
0.30% |
Until Maturity |
Monthly |
Monthly |
$5.00 |
$5.00 |
| Variable 18 Month IRA CD |
0.40% |
0.40% |
Variable |
Monthly |
Monthly |
$100.00 |
$100.00 |
| 100 Day Deferred Certificate |
0.25% |
0.25% |
Until Maturity |
N/A |
At Maturity |
$500.00 |
$500.00 |
| 182 Day Deferred Certificate |
0.25% |
0.25% |
Until Maturity |
N/A |
At Maturity |
$500.00 |
$500.00 |
† May be opened as a “Regular or IRA" account.
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10. Deposit Account Disclosures – For Savings, Checking, Money Market, and NOW Deposit Account
»Print this
| I. |
Variable Rate Accounts:
Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily. For our current rate information, call 860-676-4600 or 877-376-2265, Toll free on any business day. |
| II. |
Daily Balance to earn Annual Percentage Yield:
You must maintain the minimum balance shown above in your account each day to earn the annual percentage yield disclosed.
(a) Minimum Balance to Open Account: Your opening deposit for a Money Market account must be at least $1,000. Your opening deposit for a Platinum Checking account must be at least $50.00.
(b) Tiered Rate Account: You must maintain the minimum balance shown above in your account for each tier, each day to earn the annual percentage yield disclosed for that tier on the entire balance. |
| III. |
Accrual of Interest on Non-cash Items:
Interest begins to accrue on the business day you deposit non-cash items (e.g., checks). |
| IV. |
Balance Computation Method:
We use the daily balance method to calculate interest on your account. This applies a daily periodic rate to the principal in your account each day. Fees may reduce earnings. |
| V. |
Interest Compounding and Crediting:
Interest for your account will be compounded monthly and credited to your account on the last business day of the month. |
| VI |
Effect of Closing Interest Checking Accounts, Money Market and NOW Accounts:
If you close your account before the interest is credited, you will not receive the accrued interest. |
| VII. |
Transaction Limitations:
(a) Passbook Accounts: No preauthorized transfers, internet or telephone transfers are permitted from this account.
(b) Statement Savings: No withdrawals by check, draft, debit card (POS) or similar order payable to third parties are permitted. You may make up to 6 preauthorized, internet, or telephone transfers per calendar month from this account. If you exceed this limit on more than an occasional basis, we may convert this account to a “Transaction Account,” in accordance with banking regulations. For IRA Statement Savings account, rules for IRA accounts apply.
(c) Money Market Accounts: You may make up to 6 preauthorized transfers, electronic and internet transfers, transfers made by check, draft, debit card or similar order by you payable to third parties, or telephone transfers per statement cycle from this account. If you exceed this limit on more than an occasional basis, we are required to convert this account to a “Transaction Account”, in accordance with banking regulations. Fees may reduce earnings on account. |
| VIII. |
"NOW" Accounts:
The Platinum Checking account is a “NOW” account product. Please refer to the “Deposit Account Agreement” for an explanation of this account type. |
| IX. |
Periodic Statements:
You will receive a monthly periodic statement and check “Images” (copies of your original checks) that have cleared during the statement cycle. |
| X. |
Check Printing Charges:
Check printing charges may vary depending on styles ordered. |
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11. Deposit Account Disclosures – For Certificate of Deposit Accounts
»Print this
| I. |
Interest Rate on Certificates:
(a) Interest Rate on 91 Day – 5 Year CDs, Deferred CDs, and Fixed Rate IRA CDs: The interest rate in effect on the day your CD is opened will remain in effect until the maturity date of the CD, unless a withdrawal is made that brings your balance below the minimum balance shown above.
(b) Interest Rate on Variable 18 Month IRA CD: Your interest rate and Annual Percentage Yield may change. At our discretion, we may change the interest rate on your account weekly. For our current rate information, call 860-676-4600 or 877-376-2265, Toll free on any business day |
| II. |
Effect of Interest Withdrawal:
The annual percentage yield assumes interest remains on deposit until maturity. A withdrawal will reduce earnings. |
| III. |
Minimum Balance Requirements:
(a) 91 Day – 5 Year Regular CDs, Deferred CDs, and Fixed Rate IRA CDs with a term Greater than 1 Year: You must deposit $500.00 to open this account. You must maintain the minimum balance shown above in your account each day to earn the Annual Percentage Yield disclosed.
(b) 1 Year IRA CD: You must deposit $ 5.00 to open this account. You must maintain the minimum balance shown above in your account each day to earn the Annual Percentage Yield disclosed.
(c) Variable 18 Month IRA CD: You must deposit $ 100.00 to open this account. You must maintain the minimum balance shown above in your account each day to earn the Annual Percentage Yield disclosed. |
| IV. |
Interest Crediting and Compounding:
(a) 91 Day – 5 Year Regular CDs, Fixed and Variable Rate IRA CDs: Interest for your account will be compounded monthly and credited to your account on the last business day of the month.
(b) Deferred Interest CDs: Interest is not compounded and will be credited to your account at maturity. |
| V. |
Accrual of Interest on Non-cash Items:
Interest begins to accrue on the business day you deposit non-cash items (e.g., checks). |
| VI. |
Balance Computation Method:
We use the daily balance method to calculate interest on your account. This applies a daily periodic rate to the principal in your account each day. |
| VII. |
Transaction Limitations and Early Withdrawal Penalties:
After the account is opened, you may not make additional deposits until the maturity date. You may not make withdrawals of principal from your account before the maturity date without our consent. Except in the case of death or a court’s declaration of your incompetence, if you withdraw any principal before the maturity date, a penalty will be charged to your account of $25.00 plus 1% of the principal withdrawal for CDs with a maturity date of less than 12 months or $25.00 plus 3% of the principal withdrawal for CDs with a maturity date of 12 months or more. If necesary we may take all or part of the penalty from the original principal invested.
|
| VIII. |
Renewal Policy:
Your account will be automatically renewed at maturity. You have a grace period of 7 calendar days after the maturity date to withdraw the funds without being charged a penalty or to make additional deposits to your account. If you do not withdraw the funds from the account within the "grace period" of 7 calendar days after maturity, your CD account will be automatically renewed as of the Maturity Date of the maturing CD, for a similar term at the rate of interest we are then paying on CDs with that term, unless your account is a 4 Month CD. If your account is a 4 Month CD, it will be automatically renewed for a similar 91 Day CD at the interest rate we are then paying on CDs with that term. If you renew a CD or a CD is automatically renewed, all interest which is on deposit at the time of renewal will become principal of the renewed CD. |
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12. Debit/ATM Card Disclosure
»Print thisBy accepting this service, I am applying for a Farmington Bank Personal Debit Card with MasterCard® logo or a Farmington Bank ATM card. I understand this is not a credit card and that the dollar amount of purchases made with this card will be deducted from my Farmington Bank checking account only. I authorize Farmington Bank to verify the information provided with this application and to request a credit report if necessary. The Farmington Bank Personal Debit Card is available for qualified customers only. Other requirements may apply. I agree to be bound by the terms and conditions covered in the appropriate EFT document.
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13. eStatements Disclosure
»Print thisIn order to receive “e-Statements” for your account, you must consent to receive your periodic account statements electronically. Your consent applies to all records of the account, including transactions, copies of imaged check items if applicable and account notifications as applicable.
You may withdrawal your consent to receive records from us electronically at any time. You may withdrawal your consent by any method described below:
Write to us at: Farmington Bank, One Farm Glen Boulevard, Farmington, CT 06032, Attn: Bank Operations
Call us at: Customer Support Center, 877-376-2265
e-mail us at: info@farmingtonbankct.com
You must tell us immediately if your e-mail address or contact information changes by contacting us directly or updating your online account information.
You may obtain a paper copy of any record of this account, including transactions, notices, and copies of imaged checks if applicable, at any time by contacting our customer support center at 877-376-2265, or by e-mailing us at the address listed above. There is no fee for obtaining a paper copy of your periodic statement.
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14. Mobile Banking Disclosures
»Print thisIn order to access Mobile Banking from us, you must be enrolled in online banking and have a suitable mobile browser as outlined below.
| Operating System |
Browser |
| Windows Mobile 5 |
Microsoft® Internet Explorer Mobile |
| Palm OS |
Microsoft® Internet Explorer Mobile |
Supported Financial Software:
Our system supports downloading/importing directly to the following financial software products:
| Software |
Version |
| Quicken Windows |
Quicken for Windows 2008 - Quicken for Windows 2010 |
| Quicken Macintosh |
Quicken for Macintosh 2008 - Quicken for Macintosh 2010 |
| Microsoft Money |
Microsoft Money, 2007 and 2008 |
| QuickBooks |
QuickBooks 2008 - 2010 |
While you will have the optimal online banking experience with devices that use the Palm OS or Windows Mobile 5 with Microsoft® Internet Explorer Mobile, you may also have success with other browsers and operating systems, such as Blackberry and iPhone. The display of your account information and online functionality may vary depending on the device and operating system used. You must use a browser enabled with 128-bit encryption.
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15. Overdraft Privilege Disclosure
»Print thisYou have chosen to be included in the “Overdraft Privilege Program (ODP).” Please read, print and retain the following important information regarding overdrafts:
What You Need to Know about Overdrafts and Overdraft Fees
An overdraft occurs when you do not have enough money in your account to cover a transaction, but we pay it anyway.
We can cover your overdrafts in two different ways:
- We have standard overdraft practices that come with your account.
- We also offer an overdraft line of credit, which may be less expensive than our standard overdraft practices. To learn more, ask us about this plan.
This notice explains our standard overdraft practices.
What are the standard overdraft practices that come with my account?
We do authorize and pay overdrafts for the following types of transactions:
· Checks and other transactions made using your checking account number
· Automatic bill payments
We will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):
·ATM transactions
· Everyday debit card transactions
We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction. If we do not authorize and pay an overdraft, your transaction will be declined.
What fees will I be charged if Farmington Bank pays my overdraft?
Under our standard overdraft practices:
· We will charge you a fee of up to $35 each time we pay an overdraft.
· You will be assessed the fee for each item up to a maximum of 4 per day and you will not pay a fee for any item that is less than $10.00.
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16. Overdraft Privilege on ATM and Everyday Debit Card Transactions
»Print thisATM and Everyday Debit Card transactions are not included in the Overdraft Privilege. If you would like us to authorize and pay overdrafts on ATM and everyday debit card transactions, you must opt-in.
By choosing to opt-in, you acknowledge that you have received and saved the notice of overdrafts and overdraft fees. You also understand that you have "opted-in" to the items in the Overdraft Privilege (ODP) program. This program is described above.
You may "Opt-out" of including ATM and everyday debit card transactions in the Overdraft Privilege Program at anytime by contacting us at 877-376-2265, visiting any of our branch locations, or by accessing your account through online banking.
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17. Taxpayer Backup Withholding Certification
»Print thisThe social security number you provide is your correct taxpayer identification number. You are not subject to backup withholding either because you have not been notified that you are subject to backup withholding as a result of a failure to report all interest or dividends, or the Internal Revenue Service has notified you that you are no longer subject to backup withholding. You certify under penalties of perjury the statements above and that you are a U.S. citizen.
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