Account Agreement

General

The words "you" and "yours" as used in this Agreement mean the person or persons who have agreed to the terms of this Agreement. The words "we", "us" and "our" refer to OceanFirst Bank. This Agreement and the documents to which it refers constitute our entire agreement and understanding and supersede all prior agreements and understandings. This Agreement may only be changed by written agreement properly executed by you and us and may not be changed orally.

Terms: When you open a deposit account with us by signing a Signature Card, you are agreeing to the terms of this Agreement, the General Rules and Conditions Savings and the Fee Schedule as amended from time to time. The terms in this Agreement and the General Rules and Conditions constitute a legally binding contract. Please note that the contract can only be modified as provided in the Agreement. Furthermore, the account(s) will be subject to the laws, rules and regulations of the State of New Jersey and of the United States. Any changes in any of the foregoing that may become effective in the future will also govern the account.

If this is an interest bearing checking account, the account will be structured as a Master Account, consisting of two sub-accounts, a checking sub-account and a savings sub-account. The Bank may perform a periodic transfer of funds in this account between a checking and savings sub- account. It will not affect your bank statement, balance, interest, FDIC insurance or any other features.

Deposits: You may make deposits by mail or in person at our branch offices by using deposit tickets. We have the right to endorse any non-cash items submitted for deposit to your account and to deposit them into your account. We also have the right to limit, refuse or return any deposit. You agree to reimburse us for any loss or expense (including, without limitation, reasonable attorneys' fees and the costs of litigation) we incur because you fail to endorse an item exactly as it is drawn.

Withdrawals: (Generally) Withdrawals may be made by written order (check) or withdrawal slip, on forms approved by the Bank and signed by the persons designated. Withdrawals will first be made from collected funds and the Bank may at any time refuse any withdrawal request against uncollected funds even if our general practice is to the contrary. We reserve the right to, at any time, require not less than seven days notice in writing before each withdrawal from a checking account.

Account Transfer: This account may not be transferred without our prior written consent. (This paragraph itself does not by itself restrict the transfer of funds out of this account by any method otherwise permitted.)

Non-Customer Check Cashing: The Bank reserves the right to refuse to cash checks for someone who is not a customer, even if the check is drawn on OceanFirst Bank.

Termination: We may terminate this account at any time upon providing you notice and tendering the account balance by mail to the most recent address listed in our records.

Amendments: We may amend the terms of this Agreement at any time by sending you written notice at the most current address listed in our records before the change in terms is to take place.

Non-Sufficient or Uncollected Funds and Overdrawn Accounts: If you do not have sufficient collected funds in your account to cover a check, Visa Check Card/ATM transaction, Electronic Funds Transfer (EFT), Online Bill Payment, Internal Transfer, or Automated Loan Payment, we may charge a Non-Sufficient Funds (NSF) or Uncollected Funds fee and/or refuse to pay the item or honor the transaction as noted below. Refer to Fee Schedule for all applicable fees.

Checks, EFTs, Online Bill Pay and Recurring Debit Card Transactions - We may allow accounts to be overdrawn when you do not have sufficient funds to pay checks and EFTs, including automatic bill payments and recurring debit card transactions presented against your account. You will be charged the applicable fee each time we pay an overdraft. We pay these overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay these transactions. If we do not authorize and pay an overdraft, your transactions will be declined and you will be charged a fee. You may opt out of this discretionary overdraft protection by notifying your Branch or calling Retail Customer Services at 1-888-OCEAN33.

ATM and Debit Card - You must opt-in if you want us to authorize and pay overdrafts on ATM and everyday debit card transactions if you do not have sufficient funds to pay these items. You will be charged the applicable fee each time we cover one of these transactions and pay an overdraft. If you do not opt-in to this service and do not have sufficient funds to cover a transaction(s), the transaction(s) will be declined. You must notify the Bank separately if you want to be enrolled in this service. You may opt-in through your Branch or by calling Retail Customer Services at 1-888-OCEAN33.

Sustained Overdraft - If your account becomes overdrawn and the balance remains negative for 7 consecutive days, the Bank may charge a Sustained Overdraft Fee beginning on the seventh day and on each subsequent day until the overdraft is resolved. Refer to Fee Schedule for applicable fee.

The order in which transactions are received and processed by the Bank may affect the total amount of overdraft fees incurred. The Bank processes items from high to low dollar amounts and therefore transactions may not be processed in the order that they occurred. The standard Non-Sufficient Funds or Uncollected Funds fees will be imposed for each item presented against insufficient funds each day. Refer to Fee Schedule for listing of all applicable fees.

We also offer overdraft protection plans such as a link to a savings account or a line of credit that may be less expensive than our standard overdraft practices. To learn more about these options, contact your Branch or Retail Customer Services at 1-888-OCEAN33.

Statements: You must carefully examine your statement and report any errors, forgeries, or other discrepancies as soon as possible, but in any event no later than 14 days after the statement date or passbook entry date. If you do not report the discrepancy to us in this time, you waive your right to contest the payment and accept the charges assessed and the account balance reported as correct.

Stop Payments: At your request, we may stop payment on a check drawn against your account provided you meet our conditions to effect such a request. You agree to pay the established service charge for Stop Payments and understand that we may accept the Stop Payment request from any of the joint owners of the account (if the account is jointly owned) whether or not they were the signers of the check. Verbal orders must be confirmed in writing using the Bank's stop payment forms no later than 14 days from the original request or it will expire. Stop payments will be in effect for six months unless renewed in writing.

Authorized Signatures: The signature(s) appearing on the Signature Card are the authorized signatures for your account. We will recognize the signatures provided for payment of funds or transactions concerning the account. We will not be liable for refusing to honor your checks or other signed instructions if we believe in good faith that the signature appearing on such checks or instructions is not genuine. In the absence of a specific written agreement to the contrary, we may honor any check or other item drawn against your account as long as it contains at least one authorized signature.

Set-Off and Security Interest: If you ever owe us money as a borrower, guarantor, judgment debtor or otherwise, including any obligation owed to a financial institution acquired by us, and it becomes due, we have the right under the law (called "set-off") and under this Agreement (by which you grant us a security interest in your time deposits and other deposit accounts) to use the money from your account to pay the debt. We may use the money to pay the debt even if the withdrawal results in an interest penalty or the dishonor of checks. In the case of a partnership or joint account, each partner or joint owner agrees that we may use the money in their individual accounts to satisfy any one of their individual obligations. We may use the money if:

1. you are a joint owner of the accounts;
2. you are not indebted to us; and
3. the debt is owed to us by another joint owner.

Similarly, each partner or joint owner agrees that we may use the money in their individual accounts to satisfy obligations in the joint account or partnership account. The security interest granted by this Agreement is consensual and is in addition to our right of set-off. This right of set-off does not apply to this account if:
it is an IRA or tax-deferred retirement account;
the debt is created by a consumer credit transaction under a credit card plan; or
the debtor's right of withdrawal only arises in a representative capacity.

Legal Process Against Account: If your account becomes involved in legal proceedings, your use of it may be restricted. If legal action such as a tax levy, attachment, garnishment, etc. is brought against your account; we may refuse to pay out any money from your account until the dispute is resolved. If your account is attached, garnished or otherwise subject to levy by lawful legal action, we will not be liable to you for any sums we may be required to pay because of such attachment, garnishment or other levy, even if paying the money from your account leaves insufficient funds to pay a check you have written. If we incur any expenses relative to this account due to garnishment, levy, or attachment, we may charge the expense to your account or you will reimburse us for such expense. Charges to your account are based on the Fee Schedule of charges that may change from time to time.

Foreign Accounts: Federal law requires that every citizen and resident of the U.S., including partnerships and corporations organized in the U.S., that has a financial interest in or signing authority on, any bank or financial account in a foreign country, with an aggregate value of more than $10,000 at any time during the calendar year, must file Treasury Department Form 90-22.1, with the Treasury Department on or before June 30th of the next year.