REGULAR SAVINGS ACCOUNT
The Regular Savings account is a deposit account, not a transaction account, and is best suited for the accumulation of savings that may need to be accessed in the near future. You may open one or more accounts in order to segregate and save funds for special purposes.
Rate information - The interest rate and annual percentage yield may change daily as determined by us.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly. If you close your Regular Savings account before interest is paid, you will not receive the accrued interest. See the "Common Terms" section below for additional information.
Minimum balance requirements - The minimum required to open this account is $25.00. Regular Savings accounts earn interest from the first dollar (there is no minimum balance required to obtain the disclosed annual percentage yield.)
Monthly service fee and minimum balance requirements – To avoid a monthly service fee, you must maintain an average daily balance of $100 in the account during the month (see Schedule of Fees and Charges). This fee is waived if the primary account owner is under 18 years of age, or the savings account is classified as a CUTMA (California Uniform Transfers to Minors Act) account. Please refer to our fee schedule for information about other fees and charges. Fees, if applicable, could reduce the earnings on the account
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Transaction limitations - During any month, you may not make more than six withdrawals or transfers to another bank account of yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be initiated by check, draft, debit card, if applicable, or similar order to a third party.
HIGH-YIELD SAVINGS ACCOUNT
The High-Yield Savings Account is a variable-rate statement savings account with a tiered interest rate structure that pays the depositor higher rates of return on larger savings balances.
Rate information - The interest rate and annual percentage yield may change daily as determined by us.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly. All interest earned will be paid if you close your High-Yield Savings Account prior to the end of the interest period.
Minimum balance requirements - The minimum required to open this account is $1,000. You must maintain a minimum balance of $500 in the account each day to obtain the disclosed annual percentage yield. No interest is earned on any day the balance in this account is less than the minimum required.
Monthly service fee and minimum balance requirements - To avoid a monthly service fee, you must maintain a minimum balance of $500 in the account each day during the month (see Schedule of Fees and Charges). Please refer to the schedule for information about other fees and charges. Fees, if applicable, could reduce the earnings on the account.
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Transaction limitations - During any month, you may not make more than six withdrawals or transfers to another Pacific Trust Bank account of yours or to a third party by means of a preauthorized or automatic transfer or telephonic order or instruction. No transfers from this account may be initiated by check, draft, debit card or similar order to a third party.
Other Restrictions – High-Yield Savings Accounts are not eligible collateral for savings-secured loans. See the "Common Terms" section below for additional information.
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CHECKING ACCOUNTS - GENERAL INFORMATION
Checking accounts are transaction accounts. Customers are responsible for maintaining accurate records of their transactions, and ensuring that drafts, ATM or MasterMoney™ Card and other withdrawal requests do not exceed available funds in the account. If, at the time of presentment, insufficient funds to pay an item are available in the checking account and authorized related overdraft savings or loan accounts, a non-sufficient funds fee will be assessed whether the item is actually paid or returned (see Schedule of Fees and Charges).
Minimum initial deposit - An initial deposit of $100 is required to open a Checking Account, or $25 if concurrently qualifying for a Personal Line of Credit or initiating Direct Deposit.
Withdrawal restrictions - There is no limit as to the number or frequency of withdrawals from this account. Please refer to Pacific Trust's Funds Availability disclosure for other restrictions that may apply.
Order of Check Withdrawal - Checks and other transactions are processed when they are received by the Bank, and may be posted to the account at any time of day. To minimize the number of potential overdraft transactions, when the Bank receives several checks at the same time, they are posted to the account in order of check amount - from lowest to highest.
Overdraft Protection - Pacific Trust offers two forms of overdraft protection: Loan advances from a Personal Line of Credit or Home Equity Line of Credit; and Transfers from another savings, checking and/or money market deposit account.
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Overdraft Line Of Credit – An overdraft line of credit is the recommended form of overdraft protection. Upon application and approval of credit, if sufficient funds are not currently available in the Checking Account, a loan advance may be automatically made on a pre-approved line of credit (up to the credit limit) to pay the draft. There is no fee for a loan advance or limit on the number of advances per month. Overdraft advances are made for the minimum amount required to pay the overdraft.
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Overdraft Transfer from Another Savings or Checking Account - With this plan, you authorize the Bank to make transfers automatically from your eligible checking or savings account(s) to cover overdrafts in your checking account. If check payments, transfers, or other form of withdrawals would result in an account overdraft, and funds are automatically transferred per your prior overdraft protection authorization from another checking, savings or money market deposit account, we will impose an Overdraft Transfer Fee in the amount disclosed in our Schedule of Fees and Charges. Transfers from your account are made in the exact amount to cover the overdraft(s) plus the daily transfer fee.
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Overdraft Transfer Account Priority – If you authorize overdraft protection transfers from more than one account, you may choose the account order of priority from which the transfer will be made, but in all such cases transfers from an overdraft line of credit will be last in line of priority. Transfers will be made from your first priority account until sufficient funds to complete the required transfer amount are no longer available in that account, then funds will be transferred from the next account in order of priority. This may result in excess account activity, and additional fees may apply. Federal regulations require that each month you do not exceed six overdraft transfers (including certain other forms of withdrawal) from a savings or money market deposit account.
Purchasing Checks - You should use checks that we provide. We offer checks in a number of styles and at various prices. We may subtract from your account any fees for checks you purchase from us. Unless we've approved them in advance, we may refuse to accept checks someone else provides, because our equipment may not be able to read or process them. If you provide your own checks or use checks someone else provides, and our equipment is not able to read or process the checks properly, you are responsible for any resulting costs and losses (see Schedule of Fees and Charges).
Check Safekeeping - Normally your canceled checks are not returned to you. Check image copies are available on request. You may obtain up to two check copies per statement period free of charge. We may charge you a check copy fee if you order more than two copies from any statement. You may have images of all of your canceled checks returned to you with your statement by requesting that service, subject to a monthly service charge (see Schedule of Fees and Charges).
Stop Payment Orders - Stop payment requests must be authorized in writing, and will be charged a per item fee. A stop-payment order must be given in the manner required by law, 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. Our stop-payment cutoff time is one hour after the opening of the next banking day after the banking day on which we receive the item. A stop payment order may be requested orally, but must be followed by a written request within 14 calendar days, or else the stop payment order will be released. All stop-payment orders automatically expire without notice after a period of six months, and must be reordered if you desire the period to be extended. Law provides additional limitations on our obligation to stop-payment. 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 has signed the item in question. A release of the stop-payment request may be made only by the person who initiated the stop-payment, and is subject to a stop payment release fee (see Schedule of Fees and Charges).
Checking Account Termination - Pacific Trust may terminate an account for cause at any time if, in our opinion, checks returned for non-sufficient funds or items deposited and returned unpaid are considered excessive in amounts or frequency, upon declaration of bankruptcy or for any reason due to misconduct, repeated negligence or other account abuse. A notice of account termination will be mailed to the account holder's address of record. Accounts terminated for cause may be reinstated at our sole discretion, provided however that all fees or other amounts owing on the account have been paid.
BASIC CHECKING ACCOUNT
Basic Checking accounts are free of monthly service charges or per-check fees, and have no minimum balance requirements. The Basic Checking account does not bear interest. This account is available to individuals for their personal transactions, but is not available for business purpose accounts nor to corporations or other business entities.
SUPER CHECKING ACCOUNT
Super Checking accounts earn interest from the first dollar, and include many complimentary services: Free unlimited ATM withdrawals; One free box of checks per year; Free Notary service; and One free Money Order or free Teller's Check per business day. Standard fees for these services apply to additional order volumes and to customers without a Super Checking Account.
Rate information - The interest rate and annual percentage yield may change daily as determined by us.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly. If you close your Super Checking account before interest is paid, you will not receive the accrued interest.
Monthly service fee and minimum balance requirements - To avoid a monthly service fee, within the same account owner relationship you must either: (1) Maintain an aggregate savings average daily balance during the month of $1,000 (including savings, checking, money market deposit, and certificate accounts; but not including any balance maintained in a Private Account); or (2) Have a total aggregate outstanding loan balance of $1,000 or greater as of each month-end. A fee will be assessed each month in which at least one of the above qualifying factors does not apply (see Schedule of Fees and Charges).
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
HIGH-YIELD CHECKING
High-Yield Checking has all the convenience and liquidity of a checking account, but earns higher money market interest rates on larger balances. Like our Super Checking account, High-Yield Checking includes many complimentary services: Free unlimited ATM withdrawals; One free box of checks per year; Free Notary service; and One free Money Order or free Teller's Check per business day. Standard fees for these services apply for additional order volumes and to customers without a High-Yield Checking account.
Rate information - The interest rate and annual percentage yield may change daily as determined by us.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly. If you close your High-Yield Checking account before interest is paid, you will not receive the accrued interest.
Monthly service fee and minimum balance requirements - To avoid a monthly service fee, within the same account owner relationship you must either: (1) Maintain an aggregate savings average daily balance during the month of $10,000 (including savings, checking, money market deposit, and certificate accounts; but not including any balance maintained in a Private Account); or (2) Have a total aggregate outstanding loan balance of $10,000 or greater as of each month-end. A fee will be assessed each month in which at least one of the above qualifying factors does not apply (see Schedule of Fees and Charges).
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
GREEN ACCOUNT – CLEARING ACCOUNT
The Clearing Account is linked with an associated Green Account home equity line of credit (the “Loan Account”) to facilitate borrower account transactions. All deposits (credit transactions) and withdrawals (debit transactions) initially flow through the Clearing Account. At the end of each day, all Clearing Account transactions are swept to the Loan Account unless the Loan Account has a $0 balance and the Clearing Account has a positive balance. The Clearing Account will have a $0 balance at the end of each day, unless the Loan Account balance is $0. In that event, funds will remain in the Clearing Account.
Customers are responsible for maintaining accurate records of their transactions, and ensuring that drafts, ATM or debit card and other withdrawal requests do not exceed available funds in the Clearing Account plus the available credit in the Loan Account. If, at the time of presentment, insufficient funds to pay an item are available in the Clearing Account and related Loan Account, a non-sufficient funds fee may be assessed whether the item is actually paid or returned (see your loan documents and our Schedule of Fees and Charges).
Rate Information - This is a non-interest bearing account.
Minimum Balance to Open the Account - There is no minimum balance requirement to open this account.
Account Fees - There are currently no monthly service fees for this account. For additional fees and charges that may apply please see your loan documents and our Schedule of Fees and Charges.
Minimum initial deposit - No initial deposit is required to open a Clearing Account.
Clearing Account termination - In the event that your Loan Account is terminated, your Clearing Account will be closed or may be transferred to an alternative Pacific Trust Bank checking account service at the customer’s option.
The Bank reserves the right to changes the terms and conditions of this account at any time and from time to time.
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SAVINGS ACCUMULATION CERTIFICATE
The Savings Accumulation Certificate is a time deposit savings plan that rewards regular deposit practices as you accumulate savings in a high-yield variable-interest account over a three-year period.
Term - 3 years from date of account opening.
Rate information - The interest rate and annual percentage yield may change every month based on the 1-year US Treasury Bill yield. The interest rate will never be less than the Regular Savings interest rate. The stated annual percentage yield is based on the assumption that interest remains on deposit until maturity. A withdrawal will reduce earnings.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly.
Minimum balance requirements - The minimum balance required to open this account is $50. You must maintain a minimum balance of $100 in the account each day to obtain the disclosed annual percentage yield.
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Transaction limitations - We may impose a penalty if you withdraw any of the funds before the maturity date. The penalty will equal 180 day's interest for the amount withdrawn. Over the life of the plan, only three early withdrawals may be made. Upon the third early withdrawal request, the account may be closed for cause and the remaining balance will be transferred to a Regular Savings account. Any account closure for cause constitutes an early withdrawal from the program, and is subject to the early withdrawal penalty.
Additional deposit requirement - Additional deposits of $25 or more are required each month. Greater or additional amounts may be deposited at any time, but minimum periodic deposits are required. Missed minimum deposit amounts must be made-up within two months. If funds in the minimum required amount are not deposited for any month during the account's first year, or any consecutive two-month period thereafter, the account may be closed for cause.
Renewal policies - The Savings Accumulation Certificate does not automatically renew at maturity. If you do not renew the account, your account balance will be transferred to your Regular Savings account on the maturity date.
THE PRIVATE ACCOUNT
The Private Account is a separate account for Pacific Trust customers. It is a passbook savings account, not a transaction account, best suited for the long-term accumulation or storage of savings which may need to be kept safely and separately in a private account.
Account requirements - A minimum balance of $25 is required to open and maintain the Private Account.
Account receipts, statements and transaction histories - No statements or notices will be mailed to you, unless required by law or regulation under special or unusual circumstances. Receipts provided at the time of each transaction contain current account balance information. Account history statements requested by you in person will be provided without additional cost.
Account inquiries - You may make telephone inquiries regarding your Private Account via our Touch-Tone Teller system or by calling our Telephone Banking Center. Positive identification by password or code number is required.
Rate information - The Private Account does not earn interest, therefore no earnings information need be sent to you or to the IRS.
Transaction limitations - All transactions must be performed in person by you at a Pacific Trust Service Center. Positive identification is required. There is no limit as to the number or frequency of deposits or withdrawals from this account. No one, other than the accountholder(s), may receive information regarding this account, except as may be required by law or regulation.
Check deposits and delayed funds availability - Checks or other non-cash items will not be accepted for Private Account deposit until all payees have properly endorsed the item and have been properly identified to the satisfaction of the bank. Please refer to Pacific Trust's Funds Availability disclosure for other restrictions, which may apply. If an item deposited into the Private Account is returned to us as uncollectable from the paying bank, a service fee will be assessed (see Schedule of Fees and Charges), and the amount of the returned item will be deducted from the account balance. Attempts to telephonically contact you in this regard will be made, but no notice will be mailed.
Monthly service fee and minimum balance requirements - To avoid a monthly service fee, you must maintain an average daily balance of $100 in the account during the month (see Schedule of Fees and Charges).
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MARKET RATE ACCOUNT
The Market Rate account is a money market deposit account that offers high yields for those with larger amounts of funds you may need to access in the immediate future.
Rate information - The interest rate and annual percentage yield may change daily as determined by us.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly. All interest earned will be paid if you close your account prior to the end of the interest period.
Minimum balance requirements - The minimum required to open this account is $2,000. You must maintain a minimum balance of $2,000 in the account each day to obtain the disclosed annual percentage yield. No interest is earned on any day the balance in this account is less than the minimum required.
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Transaction limitations - During any month, you may not make more than six withdrawals or transfers to another bank account of yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction. No transfers from this account may be initiated by check, draft, debit card or similar order to a third party.
MONEY MARKET CHECKING ACCOUNT
The Money Market Checking account is a money market deposit account which offers high yields for those with larger amounts of funds you may need to access in the immediate future, and provides access to funds via check (up to 3-checks per month).
Rate information - The interest rate and annual percentage yield may change daily as determined by us.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly. All interest earned will be paid if you close your account prior to the end of the interest period.
Minimum balance requirements - The minimum required to open this account is $2,500. You must maintain a minimum balance of $2,500 in the account each day to obtain the disclosed annual percentage yield. No interest is earned on any day the balance in this account is less than the minimum required.
Monthly service fee and minimum balance requirements - To avoid a monthly service fee, you must maintain an average daily balance of $2,500 in the account during the month (see Schedule of Fees and Charges).
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Transaction limitations - During any month, you may not make more than six withdrawals or transfers to another bank account of yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction. No more than three of the six transfers may be made by check, draft, debit card, if applicable, or similar order to a third party.
INDEXED MONEY MARKET ACCOUNT
The Indexed Money Market account is a money market deposit account that offers market-indexed yields for larger amounts of funds you may need to access in the immediate future.
Rate information - The interest rate may change every week so that the account's Annual Percentage Yield ("APY") will equal the most recent 13-week (3-month or 90-92 day) US Treasury Bill auction discount rate.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly. All interest earned will be paid if you close your account prior to the end of the interest period.
Minimum balance requirements - The minimum required to open this account is $25,000. You must maintain a minimum balance of $25,000 in the account each day to obtain the disclosed annual percentage yield. No interest is earned on any day the balance in this account is less than the minimum required.
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Transaction limitations - During any month, you may not make more than six withdrawals or transfers to another bank account of yours or to a third party by means of a pre-authorized or automatic transfer or telephonic order or instruction. No transfers from this account may be initiated by check, draft, debit card or similar order to a third party.
MARKET INDEXED ADD-ON CERTIFICATE
The Market Indexed Add-On Certificate is a variable-rate time deposit savings account that permits additional deposits and provides a high-yielding return indexed to current market conditions. Early redemption penalties apply.
Term - 12 months from date of account opening.
Rate information - The interest rate may change every week so that the account's annual percentage yield ("APY") will equal the most recent 13-week (3-month or 90-92 day) US Treasury Bill auction discount rate. The stated annual percentage yield is based on the assumption that interest remains on deposit until maturity. A withdrawal will reduce earnings.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly and upon the maturity date. If you close your Market Indexed Certificate account before interest is paid, you will not receive the accrued interest.
Minimum balance requirements - The minimum balance required to open this account is $500. You must maintain a minimum balance of $500 in the account each day to obtain the disclosed annual percentage yield.
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Additional deposits - Additional deposits of $25 or more are permitted at any time during the term of the Market Indexed Add-On Certificate account. Making additional deposits will not change the maturity date of the account.
Early withdrawal penalties - We may impose a penalty if you withdraw any of the funds before the maturity date. The penalty will equal 90 day's interest.
Renewal policies - The Market Indexed Add-On Certificate account will automatically renew at maturity, and you will have a grace period of 7 calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.
CERTIFICATES OF DEPOSIT TIME DEPOSIT ACCOUNTS
Pacific Trust offers time deposit Certificate accounts at various interest rates based on the amount and term of the Certificate account. Early redemption penalties apply. Separate IRA Certificate accounts are available for the required segregation of regular IRA, Roth, Educational and SEP IRA funds.
Rate information - The interest rate and annual percentage yield may change daily as determined by us, based on the term and amount of the Certificate account. Upon opening the account, the interest rate will be established. You will be paid this rate until maturity. The stated annual percentage yield is based on the assumption that interest remains on deposit until maturity. A withdrawal will reduce earnings.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly and upon the maturity date. If you close your Certificate account before interest is paid, you will not receive the accrued interest.
Minimum balance requirements - Unless otherwise specified, the minimum balance required to open this account is $500, and you must maintain a minimum balance of $500 in the account each day to obtain the disclosed annual percentage yield.
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Transaction limitations - Unless otherwise specified, after the account is opened, you may not make deposits into the account until the maturity date specified for the Certificate account.
Early withdrawal penalties - We may impose a penalty if you withdraw any of the funds before the maturity date. The penalty will equal 90 day's interest for Certificates with original terms of one year or less, 180 day's interest for Certificates with terms greater than one year up to two years; and 360 day's interest for Certificates with terms greater than two years.
The Bank will waive any early withdrawal penalty on IRA certificate accounts within a Retirement Plan if one of the following exceptions for IRA withdrawals applies: (1) You have reached age 70 ½; (2) You have reached age 59 ½ and are taking a prearranged schedule of systematic payments; (3) Death, disability, or legal incompetence occur; or (4) You convert the CD to a Roth IRA at Pacific Trust Bank.
Renewal policies - Pacific Trust offers Certificate accounts that automatically renew at maturity. Refer to your Certificate to determine your type of account. If your account will automatically renew at maturity, you will have a grace period of 7 calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. If your account does not automatically renew at maturity and you do not renew the account, your account will no longer earn interest after the maturity date.
PEACE OF MIND CERTIFICATE ACCOUNT
The Peace of Mind Certificate is a 3-year adjustable-rate time deposit savings account that allows additional deposits during its first year.
Term - 36 months from date of account opening.
Rate information - The initial interest rate shall be the account’s minimum rate. The interest rate may increase annually on the anniversary date, at the discretion of the Bank, to equal the then currently offered Peace of Mind Certificate interest rate for the deposit tier corresponding to your account balance (0.25% below the rate then offered by the Bank for 36-month fixed-rate CDs). Annually, the interest rate may adjust upward, but will never go down. The stated Annual Percentage Yield (APY) is based on the assumption that the interest rate remains unchanged, and interest remains on deposit until maturity. A withdrawal will reduce earnings.
Interest accrual - Interest begins to accrue on the business day of your deposit (including deposits of any non-cash items such as checks) until, but not including, the day of withdrawal. Deposits received after 3 p.m. and on a Saturday, Sunday or holiday may not be credited until the next business day.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly and upon the maturity date. You may elect at the time of opening of your account to have the interest either remain on deposit until maturity, paid into another account at the Bank or paid to you by check. If you close your Peace of Mind Certificate account before interest is paid, you will not receive the accrued interest.
Minimum balance requirements - The minimum balance required to open this account is $5,000. You must maintain a minimum balance of $5,000 in the account each day to obtain the disclosed annual percentage yield. If your balance drops below $5,000 on any given day, then the interest rate will be reduced to 0.0%.
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Additional deposits - Additional deposits of $1,000 or more are permitted during the first year that the account is open (until the first anniversary/rate adjustment date). Making additional deposits will not change the interest rate or the maturity date of the account.
Early withdrawal penalties - We may impose a penalty if you withdraw any of the funds before the maturity date. The penalty will equal 360 day's interest.
Renewal policies - The Peace of Mind Certificate account will automatically renew at maturity, at the then currently offered interest rate. You will have a grace period of 7 calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty.
FLEXIBLE CERTIFICATES OF DEPOSIT
Pacific Trust offers "Flexible" time deposit Certificate accounts, such as our "Flex-15" 15-month CD, at various interest rates based on the amount and term of the Certificate account. Flexible Certificates allow the depositor a one-time option to transfer the certificate funds into any new Pacific Trust Bank CD at then current published offering rates, with no early redemption penalty. Early redemption penalties apply if funds are withdrawn from the Bank. Separate IRA Flexible Certificate accounts are also available for the required segregation of Regular IRA, Roth, Educational and SEP IRA funds.
Rate information - The offered interest rate and annual percentage yield may change daily as determined by us, based on the term and amount of the Certificate account. Upon opening the account, the interest rate will be established. You will be paid this rate until maturity or transfer into a new CD for term equal to or greater than the Flex CD's original maturity date. The stated annual percentage yield is based on the assumption that interest remain on deposit until maturity. A withdrawal will reduce earnings.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly and upon the maturity date. If you close your Certificate account before interest is paid, you will not receive the accrued interest.
Minimum balance requirements - Unless otherwise specified, the minimum balance required to open this account is $500, and you must maintain a minimum balance of $500 in the account each day to obtain the disclosed annual percentage yield.
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Transaction limitations - Unless otherwise specified, after the account is opened, you may not make deposits into the account until the maturity date stated on the Certificate.
Early withdrawal penalties - We may impose a penalty if you withdraw any of the funds before the maturity date. The penalty will equal 90 day's interest for Certificates with original terms of one year or less, 180 day's interest for Certificates with terms greater than one year up to two years; and 360 day's interest for Certificates with terms greater than two years.
Renewal policies - Pacific Trust offers Certificate accounts that automatically renew at maturity. Refer to your Certificate to determine your type of account. If your account will automatically renew at maturity, you will have a grace period of 7 calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. If your account does not automatically renew at maturity and you do not renew the account, your account will no longer earn interest after the maturity date.
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IRA MONEY MARKET ACCOUNT
The IRA Money Market accounts offer high Market Rate account yields, but for Individual Retirement Account funds which may need to be accessed in the immediate future. Separate sub-accounts are available for the required segregation of regular IRA funds and Roth, Educational and SEP IRA funds. A special feature of these accounts is that for any day the balance of the account is less than $2,000, the account will earn our current Regular Savings interest rate for that day/statement period.
Rate information - The interest rate and annual percentage yield may change daily as determined by us.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly. All interest earned will be paid if you close your account prior to the end of an interest period.
Minimum balance requirements - There are no minimum balance requirements for this account.
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Transaction limitations - Transactions for this account are limited by Federal regulation to those permitted for Individual Retirement Accounts. Funds may be transferred to an IRA Certificate account or other authorized IRA plan. Other withdrawal requests are treated in accordance with IRA account distribution regulations. The IRA Money Market account has no minimum term or penalty for early withdrawal. The IRS may impose severe penalties, however, for early distributions from IRA accounts. A service fee may be imposed to administer the transfer of funds to another IRA Custodian (see Schedule of Fees and Charges).
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IRA CERTIFICATE TIME DEPOSIT ACCOUNTS
Pacific Trust offers time deposit IRA Certificate accounts at various interest rates based on the amount and term of the Certificate account. Early redemption penalties apply. Separate IRA Certificate accounts are available for the required segregation of Regular IRA, Roth, Educational and SEP IRA funds.
Rate information - The interest rate and annual percentage yield may change daily as determined by us, based on the term and amount of the Certificate account. Upon opening the account, the interest rate will be established. You will be paid this rate until maturity. The stated annual percentage yield is based on the assumption that interest remains on deposit until maturity. A withdrawal will reduce earnings.
Compounding and crediting - Interest will be compounded monthly and will be credited monthly and upon the maturity date. If you close your Certificate account before interest is paid, you will not receive the accrued interest.
Minimum balance requirements - Unless otherwise specified, the minimum balance required to open this account is $500, and you must maintain a minimum balance of $500 in the account each day to obtain the disclosed annual percentage yield.
Balance computation method - Interest is calculated by the daily balance method which applies a daily periodic rate to the principal in the account each day.
Transaction limitations - Unless otherwise specified, after the account is opened, you may not make deposits into the account until the maturity date stated on the Certificate. The IRS may impose severe penalties for early distributions from IRA accounts. A service fee may be imposed to administer the transfer of funds to another IRA Custodian (see Schedule of Fees and Charges).
Early withdrawal penalties - We may impose a penalty if you withdraw any of the funds before the maturity date. The penalty will equal 90 day's interest for Certificates with original terms of one year or less, 180 day's interest for Certificates with terms greater than one year up to two years; and 360 day's interest for Certificates with terms greater than two years.
Renewal policies - Pacific Trust offers Certificate accounts that automatically renew at maturity. Refer to your Certificate to determine your type of account. If your account will automatically renew at maturity, you will have a grace period of 7 calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. If your account does not automatically renew at maturity and you do not renew the account, your account will no longer earn interest after the maturity date.
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ACCOUNT COMMON TERMS
Interest accrual - Interest begins to accrue on the business day of your deposit (including deposits of any non-cash items such as checks) until, but not including, the day of withdrawal. Deposits received after 3 p.m. or on a Saturday, Sunday or holiday may not be credited until the next business day.
Proper endorsement required - Checks or other non-cash items will not be cashed or accepted for deposit until all payees have properly endorsed the item and have been properly identified to the satisfaction of the bank.
Delayed funds availability may apply - Checks or other non-cash items may be subject to holds or delayed availability for withdrawal, as specified in the current version of the bank's Funds Availability Policy.
Returned Deposit Item Fee - If a check or item deposited, cashed, or accepted for loan payment or other purpose by Pacific Trust is returned to us as uncollectable from the paying bank, there will be a service fee assessed (see Schedule of Fees and Charges).
Excessive Transactions - Applicable to all Savings and Money Market Deposit Accounts - Withdrawals or transfers by mail, in person at one of our offices, and through an ATM are unlimited and are not subject to the Regulation D 6-transfer withdrawal limitation. Transfers/withdrawals in excess of the 6-transfer/withdrawal limitations as described above may be subject to a service charge. Additionally, if excessive withdrawals continue to occur, we may either change your savings or money market deposit account to a checking account (with advance notice) or close your account.
Check Cashing Service Fee - A check cashing fee may be charged to those who do not have a Pacific Trust checking account or $500 in any combination of savings accounts on deposit in total available funds (see Schedule of Fees and Charges).
Withdrawal Restrictions - No one may withdraw deposit holdings pledged as required security on loans, except to the extent that such savings exceed the individual's primary and contingent liability to the bank, nor below the amount of primary and contingent liability if delinquent as a borrower, co-maker, endorser or guarantor of a bank loan, without the written approval of the bank.
Federal Insurance of Deposits - Deposit accounts in this Bank are insured by the Federal Deposit Insurance Corporation to at least $100,000 for each depositor. In addition, your IRA funds on deposit at Pacific Trust Bank are separately insured up to $250,000 by the FDIC.
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Additional or other fees and charges than those stated in this disclosure may apply. Please see the current “Pacific Trust Savings Account Rates” and “Schedule of Fees and Charges” disclosures for further details about these accounts.
For information concerning account terms and conditions, or regarding any Pacific Trust Bank product or service, visit one of our Service Centers or call us at:
(619) 498-0081
or toll-free at
(877) 441-BANK
