Savings accounts are subject to all applicable direct charges and fees listed by the Bank in its FEE SCHEDULE which is available online and in all branch offices. All fees and charges are subject to change.
ACCOUNT RESTRICTIONS
You must be under 21 years old to open the account. Upon turning 21, you may continue to hold the Kids Save Smart account or you may transfer to a regular savings account being offered at that time.
RATE INFORMATION
The interest rate for your account is 0.50% with an annual percentage rate (APY) of 0.50%. Interest will be compounded monthly and credited to your account monthly. At our discretion, we may change the interest rate and annual percentage yield on your account at any time.
BALANCE COMPUTATION METHOD
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day of deposit.
MINIMUM BALANCE REQUIREMENTS
A minimum deposit of $25.00 is required to open this account. You must maintain a minimum balance of $25.00 in the account each day to obtain the disclosed annual percentage yield. If the account balance falls below $25.00, the account will be closed.
FEES
No monthly service charge. No minimum balance violation fees.
TRANSACTION LIMITATIONS
ATM and debit card access is not available on passbook accounts. ATM access is available on statement savings accounts only if the account is linked to an OceanFirst checking account; there is no debit card access.
You are permitted to make six transfers and withdrawals or a combination of such transfers or withdrawals per monthly cycle, to another of your accounts at this Bank or to a third party by means of a pre-authorized or automatic transfer, telephone agreement or oral instructions. Transfers or withdrawals in excess of the above transaction limits are prohibited by federal law and may result in a per-item charge. This limitation does not apply to in person and ATM transactions.
Your savings account will be classified as a master account consisting of two sub-accounts. The Bank may make periodic transfers of funds between these sub-accounts if your activity exceeds Regulation D allowable transaction limits. This is an internal procedure that does not affect your account in any way and required no action on your part.
Before clicking on Continue, please read the following disclosures carefully and print them for your records. By clicking on Continue, you acknowlege that you have received the disclosures.
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