Disclosure of Account Terms

Account Terms:

Holiday Clubs:

• Holiday Clubs are available in $1, $2, $3, $5, $10, $15, $20, $25 per week. No minimum number of payments is required to earn interest. The interest is accrued until the payment date of the club. Direct deposit is required for annual payout to an Ocean City Home account. January 31st will be the last day to open a club for the current year.
• Your interest rate and annual percentage yield may change at our discretion.
• Interest begins to accrue on the business day you deposit cash items and no later than the business day we receive credit for the deposit of non-cash items (for example checks).
• Interest is compounded daily and credited monthly. Exception on Regular Savings, Escrow, UGTMA, Cody Club and Young Investor Savings Account: interest is credited quarterly.
• If you close your account before interest is credited, you will receive the accrued interest.
• 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.
• Regular, Young Investors, Escrow, and UGTMA savings products are all offered in either Passbook or monthly statement formats.  Cody Clubs are only offered in a Passbook format.
  

Money Market Accounts only:

• Interest is paid on the full balance in the account at the rate that corresponds to that deposit tier.
• The money market account account is subject to Federal Reserve Regulation D, which permits no more than six debits or transfers (to include overdraft protection transfers) per statement cycle to another account of yours at this institution or to a third party. These transfers may be preauthorized or automatic transfer or telephonic agreement, but no more than three of the six may be by check, checks converted to electronic transactions or electronic bill payments to third parties. Transactions not within these limitations may result in the closure of your account.  Also, you may visit the bank to withdraw funds, have us mail a check payable to you, or withdraw money with your ATM card. These are not third-party transactions and are not limited; however, normal transaction fees will apply.  
• Images of canceled checks returned with monthly statement.

New Jersey Consumer Account only:

• New Jersey Consumer Account has no minimum balance and is subject to a monthly $3.00 maintenance service fee. Maximum of 8 checks are included in monthly service fee, a .50 cents charge for each check written over the maximum. Unlimited check writing. Images of cancelled checks returned with your monthly statement.

CERTIFICATE OF DEPOSIT

Account Terms:

• The interest rate for your account will be paid until the maturity date of your certificate.
• Interest is compounded daily and will be credited to your account monthly.
• Interest begins to accrue on the business day you deposit non-cash items (for example checks)
• This account will automatically renew at maturity. You will have seven (7) calendar days from the maturity date to withdraw your funds without being charged a penalty. (The maturity date counts as the first day). Single Bump certificates will automatically renew at maturity into the Single Bump certificate term chosen at the time of account opening.  For example:  a six month Single Bump Rate certificate will automatically renew into a new six month Single Bump certificate at the then current rate for that instrument, and with a new option to bump the certificate one time any time during the term of this certificate.
• After the account is opened, you may not make deposits into or withdrawals other than earnings from this account until the maturity date.
• Interest can remain in account for compounding or be withdrawn by interest check or transferred to another account on deposit here.
• 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.
• If any of the deposit is withdrawn before the maturity date, a penalty as shown below will be imposed which could result in partial loss of principal.
• Premature withdrawal penalties are waived when one or more of the account holders become deceased. 

Business 60 Day Certificate of Deposit:

This certificate is for business customers of Ocean City Home Bank who have a Commercial Checking, Small Business Checking or a Small Business Plus Checking. The funds for this CD must be transferred from the business customer’s business checking account and at the time of closing or premature withdrawal, the money must be transferred back into the business checking account. The Business 60 Day CD must be titled the same way that the business checking account is titled. The term for this Certificate is 60 days and the certificate will renew automatically at maturity.

Single Bump Certificate Option:

During the term of this certificate, you will have one Bump Rate Option that will enable you to have the interest rate on this instrument adjusted to the rate being offered on this instrument's equivalent original term, at that time. You will be earning interest at the initial rate until the time you exercise your Bump Rate Option or until maturity. From the time you exercise your Bump Rate Option until maturity, you will earn the interest rate effective at the time this option was exercised. 
This option can be exercised at any time during the term of this certificate, but you must present the certificate at the time you wish to exercise your option, in order to effect change.

Individual Retirement Accounts:

Ocean City Home Bank offers IRA Certificates in terms ranging from one year through seven years. Yearly contributions (for participants who are eligible) may be added to an existing IRA account. However, monies rolled or transferred into Ocean City Home Bank from retirement accounts at other financial institutions cannot be added to an existing Ocean City Home Bank IRA account.

EZ IRA Account:

The EZ IRA is an 84-month IRA. The interest rate you will receive is based on the prevailing 84-month IRA rate offered by Ocean City Home Bank (OCHB) at the time of account opening. A $25.00 minimum deposit is required to open the account. An OCHB checking account is required in order to open an EZ IRA. All automated transfers to the IRA will be made from the customer’s OCHB checking account. Maximum yearly contribution amount is subject to limits set by the Internal Revenue Service.

MISCELLANEOUS SERVICE CHARGES

MINIMUM BALANCE FEE SCHEDULE

All fees, schedule or charges, terms and conditions are subject to change with proper notification.
If you have any question, please consult your Customer Service Representative.
All information effective 03-09-09
Member FDIC.