Deposit Account Agreement – Additional Banking Services and Fees
JPMorgan Chase Bank, N.A. Member FDIC
© 2024 JPMorgan Chase & Co.
Page 24 of 25
Effective 6/10/2024
Disclosures for New Account Inquiries
The information is a part of our Deposit Account
Agreement. However, these disclosures are not our
complete deposit contract. If you open an account,
or upon request, we will provide our Deposit Account
Agreement, which contains the complete deposit
contract.
Interest on Checking and Savings Accounts: When
you open a checking or savings account that pays
interest, we will provide you a rate sheet stating the
current interest rate and Annual Percentage Yield for
your account. The rate sheet is considered a part of this
agreement.
Your account has a variable interest rate. That means
we may change the interest rate and Annual Percentage
Yield as often as we choose, without limits and without
notice. Interest begins to accrue on the business day we
receive credit for your deposit. For cash, wire transfers
and electronic direct deposits, interest begins to accrue
on the business day of your deposit.
We use the daily balance method for calculating interest.
This method applies a daily periodic rate to the balance
in your account each day, which may be based on your
present balance or collected balance as explained in
the product information for your account. The collected
balance is the balance of all deposits in your account on
which we have received credit for the deposited funds
(determined by the availability schedule of our Federal
Reserve Bank for checks and similar items). We reserve
the right not to pay interest on any deposited item that is
returned to us unpaid.
Interest is credited and compounded monthly. However,
Retirement Money Market accounts with interest
distributions will not compound, and interest will be
credited on the distribution date. Unless otherwise
stated in your product disclosure, interest is computed
on a 365-day basis. We pay interest only in whole cents.
Therefore, at the end of each interest payment period
(usually monthly), any fractional amount of interest less
than half of one cent will be rounded down and any
fractional amount of interest equal to half of one cent or
more will be rounded up to the next whole cent.
Savings Account Withdrawals: In this agreement, a
savings account means an account, including a money
market account (and excluding NOW accounts), for
which we reserve the right to require seven days’ prior
written notice to withdrawal. See the section Our right
to require advance notice of withdrawals. During any
monthly statement period, you may make transfers
and withdrawals, regardless of the number of transfers
and withdrawals or the way in which transfers and
withdrawals are made.
CDs: A certificate of deposit, or CD, is a deposit account
with us for a specified period of time. This disclosure
covers both retirement and non-retirement CD products.
By opening your CD, you agree to keep the amount
deposited (principal) on deposit. If you make a check
deposit to your CD at account opening or during the
renewal period and the check is returned to us unpaid,
we will subtract the amount of the returned check
from your CD balance. If a balance remains in the CD,
it will stay open with the reduced balance. If there is a
zero balance after we subtract the returned check, we
will close the CD. If there is a negative balance in your
CD after we subtract the returned check, you must
immediately pay the amount of the overdraft. Here are a
few things you should know about CDs:
• Term: The term is the number of days, months or years
you agree to leave your money in the account.
• Maturity date and grace period: The maturity date
is the last day of your CD’s term. The grace period is
the 10 days after the maturity date for CDs with a term
of 14 days or longer. On the maturity date or during
the grace period you can change the term of your CD,
make additional deposits (for non-retirement CDs only),
or withdraw your CD principal without paying an early
withdrawal penalty.
• CD ladders: A CD ladder is a group of four CDs opened
at the same time for the same amount but with different
terms. When each CD matures, its term will change to
the longest term of the original group. For example, in
a 12-month ladder, we will open four CDs with original
terms of 3, 6, 9 and 12 months. When each CD matures,
its new term will be 12 months. The result will be four
12-month CDs with a CD maturing every three months.
• Automatically renewable CD: An automatically
renewable CD will renew on the maturity date for the
same term unless 1) you have a different renewal term as
part of a CD ladder; 2) you change or close the account
or 3) we notify you otherwise. Once your CD renews,
any reference to the maturity date means the last day
of the new term. For the renewal term, your CD will earn
interest for the term and amount at the CD standard rate
unless you qualify for the CD relationship rate. If your CD
is closed during the grace period, it will not earn interest
on or after the maturity date.
• Single maturity CD: A single maturity CD will not
automatically renew on the maturity date and won’t earn
interest on or after that date.
• Interest: We use the daily balance method to calculate
interest on your CD. This method applies a periodic
rate each day to your balance. Interest begins to accrue
on the business day of your deposit. Interest for CDs is
calculated on a 365-day basis, although some business
CDs may calculate interest on a 360-day basis. The
Annual Percentage Yield (APY) disclosed on your deposit
receipt or on the maturity notice assumes interest will
remain on deposit until maturity. On maturities of more
than one year, interest will be paid at least annually.
You may withdraw any paid or credited interest without
penalty during your CD’s term or at maturity. On the
maturity date, interest will become principal of the
renewed CD. A withdrawal will reduce earnings.