Disclosures


Personal Banking

Account Disclosure and Rules & Regulations

Fee Schedule

Electronic Banking Agreement

Personal Internet Banking Agreement

Privacy Notice
 

Business Banking

Account Disclosure and Rules & Regulations

Fee Schedule

BizBanker Service Agreement

 


Personal Banking

Account Disclosure and Rules & Regulations

This disclosure contains important information about your account. Save it for future reference. Please consult our rate sheet, speak with a Customer Service Representative, visit our website (www.cambridgetrust.com), or telephone our PrivateLINE at (617) 254-BANK (2265) or (800) 876-6406 for current interest rates and Annual Percentage Yields.

This agreement contains the rules and regulations governing deposit accounts at Cambridge Trust Company (“Bank”). By opening a Cambridge Trust Company deposit account, you agree to be bound by this Agreement, and other terms and conditions contained in the Fee Schedule, Electronic Banking Agreement, Account Disclosures, applicable Deposit Account Agreement, and all applicable state and federal laws and regulations.


ACCOUNT DISCLOSURES

For all accounts:

Interest Rate and Annual Percentage Yield: The interest rate and annual percentage yield on all interest-bearing accounts (except for the Fixed Rate Certificate of Deposit) are variable and may change without notice at any time at the discretion of the Bank.
Interest Calculation and Posting: On all interest-bearing accounts, we use the daily balance method to calculate the interest. This method applies a daily periodic rate to the collected balance in the account, plus accrued interest, each day. For Certificates of Deposit, the daily periodic rate is applied to the ledger balance. For all interest bearing accounts interest is compounded daily and credited to your account monthly. Account must be open on date interest is credited in order to receive accrued interest.


When Your Deposit Begins to Earn Interest:

Certificates of Deposit: If your account is a certificate of deposit, your deposit will begin to earn interest on the day of deposit.


All Other Accounts

Cash and Items Drawn on Cambridge Trust Company: Cash and items drawn on a Cambridge Trust Company account begin to earn interest on the day of the deposit. (Refer to our Funds Availability Disclosure for determining the day of deposit.)
Deposits of Items Drawn on Other Financial Institutions: Deposits of items drawn on other financial institutions will begin to earn interest on the day we receive the credit, generally the first business day after the day of deposit.
Deposits made on Saturday or Sunday will be considered to have been made on Monday, or Tuesday if Monday was not a business day. (Refer to our Funds Availability Disclosure.)


Minimum Balance Requirements:

Minimum Balance and other requirements to avoid the imposition of monthly maintenance fees:

Premium Plus Relationship, Premium Relationship (Relationship Accounts): The monthly average balance of each linked deposit account is combined with the average balance of the Relationship Account to determine the Combined Average Balance required to avoid the imposition of monthly maintenance fees. (See Combined Balance Rules for more information regarding linked accounts).
Access Checking: The monthly average balance of each linked deposit account is combined with the average balance of the Access Checking account to determine the Combined Average Balance. (See
 
Combined Balance Rules for more information regarding linked accounts). In addition to the minimum Combined Average Balance we require Online Banking with eStatements to avoid the imposition of monthly maintenance fees.
All other accounts: Minimum daily balance to avoid the imposition of monthly maintenance fees: we use the ledger balance of your account to determine the minimum balance required.
Minimum balance required to earn the disclosed annual percentage yield on an interest bearing account: We use the collected balance in your account to determine the minimum balance required to earn the disclosed annual percentage yield. For Certificates of Deposit there is no minimum balance to earn the APY. Fees could reduce earnings.


Premium Relationship, Premium Plus Relationship, Personal Money Market Investment, Personal Statement Savings, and Premium Savings Accounts:

We may require you to give us seven days notice prior to withdrawal on these accounts.
 
PREMIUM PLUS RELATIONSHIP ACCOUNT
  • The current interest rate is            % with a current annual percentage yield (APY) of             %.
  • There is no minimum balance to open in a branch or $500 online.
  • There is no minimum balance required to obtain the disclosed APY.
  • The minimum combined monthly average balance to avoid a monthly maintenance fee is $25,000. You may link all related personal deposit accounts for which you have direct ownership to count toward the balance required to waive the monthly maintenance fee. The monthly maintenance fee is waived for the first 2 months.
  • The monthly maintenance fee will be waived if you have a Cambridge Trust Company first mortgage when you open this account. You must notify us so we can waive the monthly maintenance fee if you open a Cambridge Trust Company first mortgage after you open this account.
  • Refer to our Personal Banking Fee Schedule for information about monthly maintenance and other fees.
  • There is no limit on the number of checks or deposits you may make with this account.
 

PARTNERSHIP BANKING

  • The current interest rate is            % with a current annual percentage yield (APY) of             %.
  • There is no minimum Balance to open.
  • There is no minimum balance required to obtain the disclosed APY.
  • There is no limit on the number of checks or deposits you may make with this account.
o Be a current member of a Partnership Banking Organization.
  • If you are no longer a member of a Partnership Banking Organization: o Your account will be converted to a Premium Plus
Relationship Account, which requires a minimum monthly balance to avoid a maintenance fee.
  • The monthly maintenance fee for the Premium Plus Relationship Account will be charged if combined average monthly balance of $25,000 is not maintained.*
 
The fee will be assessed on the first statement cycle after you leave the organization
  • The standard terms and conditions of the Premium Plus Relationship Account will apply upon member resignation. Refer to the Premium Plus Relationship Account Disclosure and the Fee Schedule for additional information.
 
*You may link all related personal deposit accounts for which you have direct ownership to count toward the balance required to waive the monthly maintenance fee. If you have a mortgage with Cambridge Trust Company, notify us so we can waive the monthly maintenance fee.
 
For additional information about your account, please read the Personal Account Disclosures and Rules & Regulations - Funds Availability Disclosure.
 

PREMIUM RELATIONSHIP ACCOUNT

  • The current interest rate is            % with a current annual percentage yield (APY) of             %.
  • There is no minimum balance to open in a branch or $500 online.
  • There is no minimum balance required to obtain the disclosed APY.
  • The minimum combined monthly average balance to avoid a monthly maintenance fee is $10,000. You may link all related personal deposit accounts for which you have direct ownership to count toward the balance required to waive the monthly maintenance fee. The monthly maintenance fee is waived for the first 2 months.
  • Refer to our Personal Banking Fee Schedule for information about monthly maintenance and other fees.
  • There is no limit on the number of checks or deposits you may make with this account.

ACCESS CHECKING ACCOUNT

  • This is a non-interest bearing account.
  • There is no minimum balance to open in a branch or $500 online.
  • There is no limit on the number of checks or deposits you may make with this account.
  • To waive the monthly maintenance fee you must
  • Enroll in online banking
  • Enroll and receive eStatements
  • Maintain a combined monthly average balance of $5,000
  • Refer to our Personal Banking Fee Schedule for monthly maintenance and other fees.

VALUE CHECKING ACCOUNT

  • This is a non-interest bearing account.
  • There is no minimum balance to open in a branch or $500 online for exisiting Cambridge Trust Company Internet Banking customers.
  • There is no limit on the number of checks or deposits you may make with this account.
  • The monthly maintenance fee will be waived if you have your paycheck, Social Security, or pension check electronically deposited directly to your account. You must notify us when the direct deposit has started so we can waive the monthly
 
maintenance fee.
  • Subject to a monthly paper statement instruction fee. To waive the paper statement instruction fee you must enroll in online banking with eStatements. Please refer to our Personal Banking Fee Schedule.
  • Refer to our Personal Banking Fee Schedule for information about monthly maintenance and other fees.
 

YOUTH/SENIOR (18/65) ACCOUNTS

  • If you notify the Bank that you qualify for these special terms because you are 18 and under or 65 and over, you will be entitled to each of these products.
  • One Personal Statement Savings account with no minimum balance requirement, to avoid the monthly maintenance fee.
  • One Value Checking account with no qualifying direct deposit requirement, to avoid the monthly maintenance fee. Also any insufficient funds or overdraft item fee will be reduced to $5.00.
 

PERSONAL MONEY MARKET ACCOUNT

  • The current interest rate is              % with a current annual percentage yield (APY) of           %.
  • There is no minimum balance to open.
  • You must maintain a minimum balance of $2,500 in the account each day in order to obtain the disclosed APY.
  • The minimum daily balance to avoid monthly maintenance fees is
$2,500.
  • You may make up to a limit of six third-party withdrawals or transfers to another account, (a combination of checks, or transfers to another account and preauthorized payments) from your account during each statement cycle. The determining factor will be the date the check is presented to the Bank. You may make unlimited deposits and withdrawals or transfers to another account with any Cambridge Trust Company teller or ATM. Debit card and POS transactions not available.
  • For each check in excess of six presented to the Bank during a statement cycle, an excess activity fee will apply.
  • Refer to our Personal Banking Fee Schedule for information about monthly maintenance and other fees.
  • If you exceed your transaction limit twice during any five-month period, or on more than an occasional basis, we will convert your Personal Money Market Investment Account to a Value Checking Account. A monthly maintenance fee may apply. Refer to Value Checking Account disclosure for details.
  • Subject to a monthly paper statement instruction fee. To waive the paper statement instruction fee you must enroll in online banking with eStatements. Please refer to our Personal Banking Fee Schedule.
 

PERSONAL STATEMENT SAVINGS ACCOUNT

  • The current interest rate is              % with a current annual percentage yield (APY) of           %.
  • There is no minimum balance to open in a branch or $250 online for exisiting Cambridge Trust Company Internet Banking customers.
  • There is no minimum balance required to obtain the disclosed APY.
  • The minimum daily balance to avoid monthly maintenance fees is
$250.
  • You may make three withdrawals during each statement cycle without incurring a fee.
 
  • Refer to our Personal Banking Fee Schedule for information about monthly maintenance and other fees.
  • You may make six third-party transfers (including transfers to another account and preauthorized payments) from your account during each statement cycle. If you exceed your transaction limit twice during any five-month period, or on more than an occasional basis, we will convert your Personal Statement Savings Account to a Value Checking Account.
A monthly maintenance fee may apply. Refer to Value Checking Account disclosure for details.
  • Subject to a monthly paper statement instruction fee. To waive the paper statement instruction fee you must enroll in online banking with eStatements. Please refer to our Personal Fee Schedule.
 

IRA STATEMENT SAVINGS ACCOUNT

  • The current interest rate is            % with a current annual percentage yield (APY) of    %.
  • There is no minimum balance required to obtain the disclosed APY.
  • There are no monthly fees.
  • Refer to our Personal Banking Fee Schedule for information about other fees.
 

PREMIUM SAVINGS ACCOUNT

  • There is no minimum balance to open in a branch or $2,500 online
  • The minimum daily balance to avoid monthly maintenance fees is
$2,500.
  • You may make six third-party transfers (including transfers to another account and preauthorized payments) from your account during each statement cycle. If you exceed your transaction limit twice during any five-month period, or on more than an occasional basis, we will convert your Premium Savings Account to a Value Checking Account. A monthly maintenance fee may apply. Refer to Value Checking Account disclosure for details.
  • Rate information and minimum balance to earn the annual percentage yield:
s Tier 1: Each day the collected daily balance is $100,000 or more, the interest rate paid on the entire balance in your account will be
            % with an annual percentage yield of        %.
s Tier 2: Each day the collected daily balance is $50,000 or more but less than $100,000 the interest rate paid on the entire balance
in your account will be        % with an annual percentage yield of %.
s Tier 3: Each day the collected daily balance is $10,000 or more but less than $50,000 the interest rate paid on the entire balance
in your account will be        % with an annual percentage yield of %.
s Tier 4: Each day the collected daily balance is $2,500 or more but less than $10,000 the interest rate paid on the entire balance in your account will be       % with an annual percentage yield of          %.
s No interest is earned on any day the collected daily balance is less than $2,500.
  • Subject to a monthly paper statement instruction fee. To waive the paper statement instruction fee you must enroll in online banking with eStatements. Please refer to our Personal Banking Fee Schedule.
 

FIXED RATE CERTIFICATE OF DEPOSIT

  • The current interest rate for your fixed rate certificate of deposit is       % with a current annual percentage yield (APY) of
           %.
  • The maturity date of your fixed rate certificate is                         .
  • You may withdraw the interest at any time after it is credited to your account. However, in order to obtain the current annual percentage yield you must allow all interest earned to remain on deposit until the maturity of the certificate. A withdrawal of interest will reduce your earnings.
  • Interest is compounded daily and credited monthly to your account, from the date of deposit of your funds to the date of withdrawal.
  • The minimum deposit to open a fixed rate certificate is $1,000. Periodically the Bank may offer special fixed rate certificates with a higher minimum deposit with money not currently on deposit at Cambridge Trust Company. Please see a bank representatives for details.
  • The minimum deposit to open a fixed rate Individual Retirement Account certificate is $500.
  • After the certificate is opened, you may not make deposits into the certificate.
  • If a withdrawal of principal is made from the certificate before the maturity date, an early withdrawal penalty as shown will be imposed: Term   Early Withdrawal Penalty
 
30 Days but less than 1 Year
Loss of an amount equal to three months’ interest earned or that could have been earned on the amount withdrawn at the simple interest rate currently being paid on the certificate
1 Year but less
than 2 Years
Loss of an amount equal to six months’ interest earned or that could have been earned on the amount withdrawn at the simple interest rate currently being
paid on the certificate
2 Years or More
Loss of an amount equal to twelve months’ interest earned or that could have been earned on the amount withdrawn at the simple interest rate currently being paid on the certificate
  • We will notify you at least twenty (20) days prior to maturity. We will ask you to instruct us by mail or in person regarding the action you wish us to take when your certificate matures. You may renew, withdraw, or transfer the certificate to another type of account. Because the Bank does not know what the annual percentage yield will be at the time of maturity, please visit our website at cambridgetrust.com or call PrivateLINE at (617) 254- BANK (2265) or (800) 876-6406 to obtain the current rates.
  • The certificate will renew automatically at maturity unless we receive prior instructions. You have a grace period of ten (10) calendar days during which you may change your renewal option without incurring an early withdrawal penalty. During the grace period interest will be earned at the rate in effect at maturity of the certificate. If you close your certificate of deposit during the grace period, interest accrued during the grace period will not be paid. The interest rate and annual percentage yield at renewal may be different from the interest rate and annual percentage yield on the original certificate.

VARIABLE RATE CERTIFICATE OF DEPOSIT

  • The current interest rate for your variable rate certificate of deposit is                   % with a current annual percentage yield (APY) of %.
  • The maturity date of your variable rate certificate is                  .
  • You may withdraw the interest at any time after it is credited to your account. However, in order to obtain the variable APY disclosed you must allow all interest earned to remain on deposit until the maturity of the certificate. A withdrawal of interest will reduce your earnings.
  • The interest rate and APY are variable at the discretion of the bank, and may change at any time.
  • Interest is compounded daily and credited monthly to your account, from the date of the deposit of your funds to the date of withdrawal.
  • The minimum opening deposit for a variable rate certificate of deposit is $1,000.
  • The minimum opening deposit for a variable Individual Retirement Account certificate is $500.
  • After the certificate is opened, you may make additional deposits into the certificate without changing the maturity date.
  • If a withdrawal of principal is made from the certificate before the maturity date, an early withdrawal penalty will be imposed at an amount equal to six months’ interest on the amount withdrawn at the simple interest rate currently being paid on the certificate.
  • We will notify you in writing at least twenty (20) days prior to the maturity date of your certificate. We will ask you to instruct us by mail or in person regarding the action you wish us to take when your certificate matures. You may renew, withdraw, or transfer the certificate to another type of account.
  • The certificate will renew automatically at maturity unless prior instructions have been received. You have a grace period of ten
(10) calendar days during which you may change your renewal option without incurring an early withdrawal penalty. During the grace period interest will be earned at the rate in effect at maturity of the certificate. If you close your certificate of deposit during the grace period, interest accrued during the grace period will not be paid. The interest rate and annual percentage yield at renewal may be different from the interest rate and annual percentage yield on the original certificate. Account must be open on date interest is credited in order to receive accrued interest.
  • Please visit our website at cambridgetrust.com or speak with a Client Advisor, or telephone our PrivateLINE at (617) 254- BANK (2265) or (800) 876-6406 at any time to obtain the current interest rate and current annual percentage yield for your variable rate certificate of deposit.
 

RULES & REGULATIONS

DEPOSIT ACCOUNT AGREEMENT

For additional information about the terms and conditions of deposit accounts, please refer to the Deposit Account Agreement you receive when you open your account.

UNDERSTANDING YOUR ACCOUNT

Individual Account

An account opened by one person who does not intend to create any survivorship rights in any other person.

Joint Account

An account opened in the names of two people. You agree with each other and with the Bank that all moneys that may be deposited to the joint account shall belong to the signers jointly, but either of the signers may draw against the account in his or her name only. Upon the death of either, the balance remaining on deposit shall belong to the survivor and may be drawn upon by that survivor, no matter to what extent the account may have been drawn against by said survivor during the life of the other. The joint owners or, in the case of the death of the other, the survivor agree to protect the Bank against all liability or expense which we may incur in connection with said account or any litigation regarding it. You authorize the Bank in the case of the death of either joint owner to take such steps and retain such portion of said account as may be sufficient to protect us against any liability, penalty, or loss on account of any present or future law. In the case of there being any indebtedness or liability of either or both of the owners of a joint account, or any outstanding not of either or both of the owners due the Bank or to become due the Bank, we are authorized to charge up against said joint account and deduct from any balance any indebtedness, liability, or note. This provision is intended to include any liability of the owners whether incurred jointly or individually, or as endorsers, sureties, or guarantors for others.

Sub-account Rules

Checking accounts will be divided into two sub-accounts: a transaction sub-account and a savings sub-account. This modification is made solely for internal Bank purposes and will not affect the use of your account in any way. All of the Bank’s rules, regulations and disclosures will continue to apply to your account as a whole, without reference to the sub-accounts.
All deposits and withdrawals you make will be posted to the transaction sub-account. You will not have direct access to the savings sub-account. The savings sub-account is a holding account into which the Bank may transfer funds that exceed the amount needed to satisfy the checks, electronic fund transfers and other debits that the Bank estimates will be posted to your account. The Bank will transfer funds back to the transaction sub-account periodically as needed to make funds available to pay debits to your account.

Combined Balance Rules

The Bank allows you to link personal deposit accounts for purposes of combining balances to satisfy minimum balance requirements to waive the Premium Plus Relationship, Premium Relationship and Access Checking account monthly maintenance fees.
  • Purpose- Account linking is made by the Bank solely for purposes of aggregating account balance information when determining the minimum balance maintained during the statement period.
  • Authorization- You authorize the Bank to link qualifying deposit accounts for purposes of satisfying the minimum balance requirements of your linked checking accounts.
  • Qualifying Accounts- Only accounts in which you have direct ownership (Sole or Joint accounts) may be linked.
  • Linked Accounts- A Personal Money Market Investment, Personal Statement Savings or Premium Savings account linked to a checking account is individually subject to the minimum balance requirement, fees imposed and other terms and conditions of such account.
  • Combined Balances- To determine the combined monthly average balance in your account, the account being analyzed for fees will use its monthly average balance as of the last day of the statement cycle, and linked account(s) average balances from the prior business day for determining total combined balances.
  • Negative Balances- If a negative balance occurs in any of your linked accounts during the applicable cycle period the monthly average combined balance will be reduced and will affect your balance required to waive the monthly maintenance fee.
 

MANAGING YOUR ACCOUNT DEPOSITS

We will accept deposits from you and make the funds available to you as set forth in the Funds Availability Disclosure. If a deposited item is returned to us for any reason, we will reduce your account balance by that amount. We may assess a “Deposited item returned unpaid” fee. We have the right to refuse to accept any deposit from you for any reason.
If, in connection with pre-authorized credit, we deposit any amount to your account which in turn must be returned for any reason, you authorize us to deduct the amount of our liability from this account or from any other account you have with us.
Cambridge Trust will not accept a substitute check, as defined within Federal Reserve banking regulation CC, for deposit to any account without a prior written agreement with the Bank expressly allowing for the depositing of these instruments except in the case where the item is re-presented for deposit after having been returned by the paying bank.

WITHDRAWALS

Conditions imposed on withdrawals

We may refuse to pay a check or withdrawal request if the amount of money requested is not yet available for withdrawal. We may refuse a withdrawal request if any document or identification that we require or that the law requires in connection with the withdrawal has not been presented to us. We may also refuse a withdrawal request if it exceeds the daily limit for an ATM withdrawal, POS or debit card purchase, a debit card cash advance, or the limit established in conjunction with an Access Device.

Check and deposit ticket printing charges

We will charge a fee directly to your account for printing checks and deposit tickets. These charges will vary depending on the style you choose and are subject to change at any time without notice.
Fee for early closing of any transaction account We may assess a fee to close an account that has been open less than six months.

Dormant Accounts

If there is no activity and you have not contacted us about your account for the period of time prescribed by Massachusetts law your account may be considered abandoned property, and must be turned
 
over to the Commonwealth. We will attempt to notify you in writing at least 60 days prior to turning over the account to the state. Such notification will include instructions on how you may prevent remittance of the funds to the state. An escheatment fee may be charged for the processing of abandoned property to the Commonwealth.

IRS Reporting

We report primary account name and tax identification number information to the IRS. The IRS requires that primary account names and tax identification numbers match their records. If they do not, we may be required to subject you to Federal backup withholding.

Account Assignment and Transfer

The assignment of a personal checking account is prohibited and will not be recognized. Personal savings and money market accounts are not negotiable and are not transferable except on the books of the Bank. Personal savings and time deposit accounts may be assigned as collateral for a loan by the Bank, but an assignment will not be effective unless in a form acceptable to and acknowledged by the Bank.

Amendments and Termination

We may change these Rules and Regulations and the Personal Banking Fee Schedule at any time. If a change restricts, limits, or reduces your rights, we will give you at least 30 days advance notice.
Either you or we may close your account at any time for any reason. If we do, we will mail you a notice and a check for the final balance less any applicable fees. This Agreement will terminate automatically whenever your account is closed.

Checks Bearing Notations

Although we are not obligated tom, we may pay or accept checks and other items bearing restrictions or notations (e.g., “Void after 6 months,” “Two Signatures Required,” “Void over $1,000.00,” “Payment in Full,” and the like, whether on the front or back, in any format. If you cash or deposit an item or write a check with such a notation, you agree that it applies only between you and the payee or maker. The notation will have no effect on us, and you agree to accept responsibility for payment of the item.

Cashing Checks for Others

You should not use your account to cash checks for others who are not well known to you. Although we may make funds provisionally available to you and may take steps to determine whether a check will be paid, you are responsible for any loss that occurs if the check is returned to us for any reason (e.g., because it is counterfeit). Our employees cannot promise that checks drawn on or issued by other institutions, including cashier’s checks, will be paid.

Stale Dated Checks

You agree that we may pay or reject a check which is presented to us for payment more than six months after its date (a “stale dated” check), even if the presentation occurs after the expiration of a stop payment order, We normally do not examine the date on checks presented for payment. You agree that we are not required to identify stale dated checks or to seek your permission to pay them.
 
This disclosure describes when funds you deposit will be available for withdrawal.
 

FUNDS AVAILABILITY DISCLOSURE

Determining the Availability of Deposits

Our policy is to make funds from your deposit of cash, checks, or wire transfers available to you no later than the first business day after the day we receive your deposit. At that time, you may withdraw your funds in cash, and we will use the funds to pay checks that you have written.
Funds for electronic direct deposits to your account will be available on the day we receive the deposit. Electronic funds transfers withdrawn from another financial institution that you initiated through Cambridge Trust Company may not be available until the fifth business after the date we receive them.

Determining the Day of Deposit

The day of deposit is considered the day a deposit is received by a teller on a business day we are open. Every day is a business day, except Saturdays, Sundays and legal holidays.
Deposits made at ATMs after the specified time at the following locations may be considered to have been made on the next business day that we are open:
  • 2:00 P.M. for all branch locations, other than Kendall.
  • Kendall ATM 5:00 P.M.
If you make a deposit at any time on a Saturday, Sunday or legal holiday, the day of deposit will be considered the following business day.

Collection of Foreign Checks

A foreign check (a check drawn on a bank outside of the United States or on a branch of a United States bank located outside the United States) is accepted on a collection basis. The funds may be withdrawn only when we have received payment for the check and have credited it to your account. At that time, fees for collection will be deducted from the amount credited to your account

Longer Delays May Apply

Longer delays may apply under the following circumstances:
  • We believe a check you deposited will not be paid
  • You deposit checks totaling more than $5,000 on any one day
  • You redeposit a check that has been returned unpaid
  • You have overdrawn your account repeatedly in the last six months
  • There is an emergency, such as failure of communications or computer equipment
We will notify you in writing if we delay your ability to withdraw funds for any reason, and we will tell you when the funds will be available. They will generally be available no later than the fourth business day after the date of your deposit.

SPECIAL RULES FOR NEW ACCOUNTS
If you are a new customer, the following special rules may apply during the first 30 days your account is open:
< >Funds from electronic direct deposits to your account will be available on the day we receive the deposits.Funds from deposits of cash, wire transfers, and theFunds from all other check deposits will be available on the ninth business day after the day we receive your deposit. 

OVERDRAFTS

If you do not have sufficient available funds on deposit to cover the amount of a check or other transaction(s) (e.g., in-person withdrawal, automatic payment, check, preauthorized debit (ACH), transfer, or other electronic transaction), we may return the check or reject the transaction without payment. Our policy is to decline to process any ATM withdrawal and/or any individual Debit Card transaction if, at the time authorization is requested we have a reasonable belief that your account has insufficient funds to cover the transaction. With regard to checks or other transactions, we may elect, at our sole discretion, to create an overdraft by paying a check or permitting a transaction. Note: if you make a deposit on the same day that an item, or transaction creates an overdraft (a “temporary” or “intraday overdraft”), we may charge the fee for the overdraft since the covering deposit may not be posted until the end of the business day. We may also impose a fee for overdrafts created bt deposited items that are returned. See our Personal Banking Fee Schedule for more information.
 
If we permit an overdraft or otherwise allow your account balance to drop below zero, you agree to pay the amount of the overdraft promptly, without notice or demand from us. You agree that we may use subsequent deposits and other credits to the account, including without limitation deposits of government, welfare, retirement, Social Security benefits, to cover any overdraft existing in your account, to the fullest extent permitted by law. Each account owner is jointly and severely responsible for paying any overdrafts created by any authorized signer(s) or party to the account, whether or not the owner participates in the transaction or benefits from it proceeds. Our payment of any checks or transactions that create overdrafts in no way obligates us to continue that practice at a later time. We may discontinue permitting overdrafts without cause or notice to you. We discourage the practice of overdrawing accounts.

Fee Schedule

Current Fee Schedule (PDF)
 

Electronic Banking Agreement

This disclosure includes information about your electronic fund transfers at Cambridge Trust Company and should be read in conjunction with the other disclosures contained in our Account Information packet. Please speak with a Customer Service Representative, visit our website (www.cambridgetrust.com), or telephone our PrivateLINE at (617) 254-BANK (2265) or (800) 876-6406 for current interest rates and Annual Percentage Yields.

 
INTRODUCTION
The terms and conditions contained in this brochure (“Agreement”) apply to any customer electronic funds transfer made by you or anyone authorized by you in connection with any of your Cambridge Trust Company deposit accounts. These terms and conditions also serve as the disclosure required by the Federal Reserve Board Regulation E which implements the Electronic Funds Transfer Act (EFTA) and by Chapter 167B of the Massachusetts General Laws. These terms and conditions may also apply to any other use of an Access Device other than transfer of funds.
Please read this information carefully and save this Brochure.
 

TERMS

In this agreement and disclosure:
  • The words “we,” “us,” and “our” refer to Cambridge Trust Company (“CTC”).
  • The words “account” and “accounts” mean any one or more of your accounts with us, as permitted by us and specified by you, to or from which funds may be transferred by an Access Device.
  • The words “you,” “your,” and “yours” refer to each and all authorized signers on an account held at CTC by you. “PIN” refers to your password, personal identification number, or other access code.
  • An “Access Device” means an ATM or debit card, telephonic instructions, Internet banking, mobile service, or other means of access provided to you by CTC, used to initiate any electronic transfer.
  • The words “transfer” and “electronic transfer” mean a transfer authorized by you, initiated by an Access Device; a preauthorized credit transfer (such as a direct deposit from an employer, the government, or others); telephone transfers, electronic payments and preauthorized debit transfers (such as preauthorized or electronic check conversion transactions, single transfers from your account(s) or transfers from your account(s) on a recurrent basis at regular intervals).
  • “Accessible Account” refers to account(s) owned by you at CTC or at other financial institutions and are approved by the Bank for access via an Access Device.

1.GENERAL INFORMATION

  1. Agreement. By signing, using or authorizing use of your card or Access Device or otherwise initiating a transfer, you agree to be bound by the terms and conditions as described herein.
  2. Summary of your liability. Tell us at once if you believe your Access Device has been used without your permission or if your card, your PIN, or both, has been lost or stolen. Telephoning is the best way to minimize your possible losses; and notice should be confirmed in writing. Your maximum liability is $50.
However, if you fail to notify us within sixty (60) days of the first appearance on your periodic statement of an unauthorized transfer of
 
funds, you may be liable for all unauthorized transfers made after the sixty-day period and liable for up to $50 for unauthorized transfers made prior to that date. We must establish that we could have prevented those unauthorized transfers if you had reported the unauthorized transfers that appeared on your periodic statement within the sixty-day period.
If you do not notify us within the sixty-day period and the delay is due to extenuating circumstances such as extended travel or hospitalization, the periods for notification shall be extended to a reasonable time.
Notice to us of unauthorized use is considered given when you take whatever reasonable steps are necessary to provide us with the pertinent information. You may give notice in person, by telephone, or in writing. Written notice is considered given at the time it is delivered to us. Notice is also considered given when we become aware of circumstances that indicate that an unauthorized transfer has been or may be made.
These liability provisions apply to unauthorized Electronic Fund Transfers (EFTs) initiated by an Access Device including an Access Device with overdraft privileges if the unauthorized EFT involves an extension of credit under an agreement between you and the Bank to extend credit when an account is overdrawn. These liability provisions do not apply to unauthorized use of an Access Device when no EFTs are involved.
  1. Notifications. If you believe that someone has transferred or may transfer money from your account without your permission and for all other notifications:
By Telephone:
Normal business hours: (617) 876-5500
After hours: Cambridge Trust Debit card (800) 236-2442.
Personal Internet Banking (800) 439-4140                .
By Mail:
Cambridge Trust Company Customer Resource Center
P.O. Box 380186
Cambridge, MA 02238-0186. By Secure Messaging:
If you use our Internet Banking service you may use the secure messaging feature.

Do not send an email to us which includes any personally identifiable information.

  1. Business day/business hours. Our business days are Monday through Friday; holidays are not included. For our branch hours please call (617) 876-5500 or vist our website at https://www.cambridgetrust.com/LifesBank/FindUs/tabid/10636/Default

2.TYPES OF TRANSFERS AND LIMITS ON TRANSFERS

Subject to monetary and other limits that we may set, we are able to process the following types of electronic funds transfer transactions (some may not apply to your account(s)). You agree that your use of your Access Device and/or PIN to enter a transaction will be an order to the Bank to debit or credit (as the case may be) the applicable account for the amount of the transaction.

Transfers

  1. You may use your Access Device and PIN at automatic teller machines (ATMs) and other authorized facilities as follows:
    1. During the hours that a Bank-owned ATM is accessible to the public, you may use your Access Device and PIN (to the extent that the law allows and that the machine is then able to perform the transaction(s)) to:
  • withdraw cash from your accessible account(s);
  • make deposits to your accessible account(s);
 
  • transfer funds between your accessible account(s);
  • make payments on your loan (including mortgage, installment, and Credit Reserve loans) or such other payments as the Bank may from time to time permit. You may make such payment by depositing into an ATM a payment envelope containing cash, check, or money order. Whenever a deposit or payment is made you must deposit into the ATM a properly completed envelope.
  • check the balance in your accessible account(s).
    1. During the hours that an ATM not owned by the Bank but one that is part of the NYCE®, Cirrus® or MasterCard® (debit cards only) networks is accessible to the public, you may use your Access Device and PIN (to the extent that the law allows and that the machine is then able to perform the transaction(s)) to:
  • withdraw cash from your accessible account(s);
  • check the balance in your accessible account(s);
  • transfer funds between your accessible account(s).
    1. During the hours that a Point of Sale (POS) terminal not owned by the Bank, but one that is part of the NYCE® and Cirrus networks is accessible to the public, you may use your Access Device and PIN (to the extent that the law allows and that the terminal is then able to perform the transaction(s)) to:
  • perform a POS purchase (withdrawal);
  • perform a POS return (credit) depending on the retailer’s policy.
    1. If you use your Access Device and signature to pay for purchases at merchants who have agreed to accept it and to accept payments from your primary deposit account.
    2. POS or signature transactions using your Access Device may only be made from your primary account.
    3. The Bank will inform you in writing of any modifications to these services that apply from time to time.
  • You may authorize an electronic payment:
    1. preauthorized   transfers:
      • transfer funds between your checking and savings accounts;
  • pay certain bills directly from your checking and savings accounts.
    1. Electronic Check Conversion- A paper check can be converted by a merchant or service provider into an electronic funds transfer. Your authorization to make this type of electronic funds transfer may be communicated in writing or posted by the merchant or service provider.
A transfer can happen in the following ways:
  • You can authorize a merchant to convert your paper check into an electronic transfer when buying goods and services;
  • When you offer a check to a merchant or service provider you may be asked to authorize the merchant or service provider to electronically charge your account a fee if the check is returned to the merchant unpaid. This fee is considered an electronic transfer.
    1. receive certain automatic deposits to your checking and savings accounts.
  • You may use PrivateLINE (our 24-hour telephone banking system) to:
    1. transfer funds between your accessible account(s);
    2. check the balance in your accessible account(s) or, if you have a Credit Reserve agreement with the Bank, the amount of the
 
net payoff of that loan;
  1. make payments from a deposit account to a Credit Reserve line or other accessible loan account.
  2. You may use Cambridge Trust Company Internet Banking Service to:
    1. make payments from your designated Cambridge Trust Company checking account to any merchant that agrees to accept payments through the Service;
    2. make payments on your Cambridge Trust Loan Accounts;
    3. transfer funds between one or more of your Cambridge Trust Accessible Accounts via the Service.
Refer to the Cambridge Trust Company Internet Banking Service Terms and Conditions found at www.cambridgetrust.com and section 11, Special Terms and Conditions for Internet Banking Service of this disclosure for additional information regarding Internet Banking Service.

Limits on Transfers

  1. To ensure security and to enforce federal and state regulations, there are certain limits on the number of transfers you may make using your Access Device. Transfers from personal savings or money market investment accounts to another account or third parties are limited to six per statement cycle. Please read the Account Disclosures regarding your specific account for details.
  2. Except as otherwise arranged/agreed, for each calendar day the limit on withdrawals performed at an ATM or a debit Cash Advance is the lesser of $505 or the balance in the account(s) per card issued.
  3. Except as otherwise arranged/agreed, for each calendar day the limit on POS/cash back transactions performed at a merchant or other authorized facility who has agreed to honor the Access Device is the lesser of the standard limit of $2,500, the Premium and Premium Plus Relationship Account limit of $5,000, or the balance in the account.
  4. Except as otherwise arranged/agreed, for each calendar day the limit on signature purchases performed at a merchant or other authorized facility who has agreed to honor the Access Device is the lesser of the standard limit of $2,500, the Premium and Premium Plus Relationship Account limit of $5,000, or the balance in the account. You agree that we will hold funds in your account equivalent to the amount of your purchases authorized until these amounts are posted to your account or until three (3) business days after the purchase, whichever is earlier.
  5. These limits may be increased temporarily for special purposes or other circumstances. You may request a lower daily limit. To do so, please contact a Customer Service Representative during normal business hours. Contact information is listed at the end of this brochure.
  6. Not all services may be available at all ATMs and other authorized facilities, and withdrawal limitations at certain ATMs and certain authorized facilities may differ.

3.RIGHT TO RECEIVE DOCUMENTATION OF TRANSFERS

  1. Terminal transfers. You will receive a receipt at the time you make any transfer with your card to or from your account using one of our ATMs or other authorized facilities, unless the ATM or other authorized facility experiences an electronic malfunction or if you request not to receive a receipt. However, this receipt is not final since each transaction is accepted subject to verification by us. If there is a discrepancy between the receipt and our records, our records will control. You should notify us immediately of any such discrepancy. The posting of any transaction may be delayed until the Bank’s next business day.
  2. Preauthorized credits or debits. If you have arranged to have
 
direct deposits made to your account(s), you may contact us as instructed in NOTIFICATIONS under the GENERAL INFORMATION section to find out whether or not the deposit has been made. For Social Security payments, please call on or after the third of the month. We are not liable if we have not received the direct deposit or preauthorized debit instruction in sufficient time to process the request on its due date. We may cancel the direct deposit or preauthorized debit service you receive at any time.
  1. Periodic statements. The Bank will provide to you a statement each month during which you perform an EFT. If you have no EFTs the bank will provide a statement at least quarterly.
  2. Documentation as evidence. Any photographic or mechanical reproduction of any documents relating to your account(s) or to any transaction involving such account(s) that shall indicate that an EFT has been made shall be competent evidence of such EFT and shall have the same validity as any original document(s).
  3. Provisionality of credits. Credits made by us to your account(s) with respect to an automated clearing house credit entry are provisional until we receive final settlement for such entry through a
Federal Reserve Bank. If we do not receive such final settlement, you are hereby notified and agree that we are entitled to a refund of the amount credited to you in connection with such entry; and the party making such payment to you by means of such entry shall not be deemed to have paid you the amount of such entry.

4.STOP PAYMENT PROCEDURE AND NOTICE OF VARYING AMOUNTS

The initiation by you of certain electronic fund transfers will, except as otherwise provided in this disclosure, effectively eliminate your ability to stop payment on the transfer from your account.
UNLESS OTHERWISE PROVIDED IN THIS AGREEMENT, YOU MAY NOT STOP PAYMENT OF ELECTRONIC FUND TRANSFERS; THEREFORE, YOU SHOULD NOT EMPLOY ELECTRONIC ACCESS FOR PURCHASE OF GOODS OR SERVICES UNLESS YOU ARE SATISFIED THAT YOU WILL NOT NEED TO STOP PAYMENT.
  1. Right to stop payment and procedure for doing so. If you have told us in advance to make regular fixed payments from your account, you can stop any of these payments. You may refuse a single payment due to a dispute over a specific amount. You may also revoke the authorization given to a company to debit your account. You must inform the originating company of your intent to revoke the authorization and stop the payment. Also:
    • Contact us as instructed in NOTIFICATIONS under the GENERAL INFORMATION section, in time for us to receive your request at least three (3) business days before the payment is scheduled to be made.
    • If you call, we may also require you to put your request in writing and get it to us within fourteen (14) days of your call.
    • When making oral or written order for stop payment, you must give us the date the payment is scheduled to be made, the amount of the scheduled payment, and the payee of the scheduled payment. As set forth in our Fee Schedule, a fee will be imposed for each stop payment order you give.
  2. Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments three (3) business days or more before the transfer is scheduled, and we do not do so in accordance with our agreement with you, we will be liable for your losses or damages.
  3. Notice of varying amounts. If the regular payments vary in amount, the person you are going to pay will tell you, ten(10) days
 
before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)

5.OUR LIABILITY FOR FAILURE TO MAKE TRANSFERS

If we do not complete a transfer to or from your account(s) on time or in the correct amount according to our agreement with you, we will be liable for certain of your losses or damages. However, there are some exceptions. We will not be liable, for instance:
  1. if, through no fault of ours, you do not have enough money in your account to perform the transaction;
  2. if the funds in your account are subject to legal process or other encumbrances restricting such transfer;
  3. if the transfer will exceed the credit limit of your Credit Reserve agreement;
  4. if your Access Device or PIN has been damaged or canceled;
  5. if your Access Device, PIN or both have been reported lost, stolen, or used without your permission;
  6. if you fail to give proper or complete instructions for the EFT or you fail to follow proper procedures in this Agreement;
  7. if we have reason to believe that your Access Device, PIN, account, the ATM or other authorized facility or access device is being used for illegal or fraudulent activities;
  8. if the terminal or system was not working properly and you knew about the breakdown when you started the transfer;
  9. if circumstances beyond our control (such as fire or flood) prevent the transfer despite reasonable precautions we have taken; and
  10. if any other exceptions stated in our agreement(s) with you are applicable. In addition, we will not be liable for the failure of any person to honor your Access Device or PIN or for failing to complete a transaction not authorized by this agreement.

6.DISCLOSURE OF ACCOUNT INFORMATION TO THIRD PARTIES

In order to protect your privacy, we will not disclose any information about you or your account(s) to any person, organizations, or agency except:
  1. as necessary for the completion of a transaction; or
  2. for verification of the existence and condition (including a general range of balances) of your account(s) for a credit bureau or merchant; or
  3. pursuant to a court order or lawful subpoena; or
  4. to our employees, auditors, service providers, attorneys, or collection agents in the course of their duties; or
  5. to persons authorized by law in the course of their official duties; or
  6. to a consumer reporting agency as defined in Chapter 93 of the Massachusetts General Laws; or
  7. by your written authorization which shall automatically expire 45 days after our receipt of such authorization. If an unauthorized disclosure does occur, we must inform you of the particulars no more than three
(3) days after we discover the unauthorized disclosure.

7.ERRORS OR QUESTIONS ABOUT YOUR ELECTRONIC FUND TRANSFERS

In case of errors or questions about electronic fund transfers, contact us as instructed in NOTIFICATIONS under the GENERAL INFORMATION section, as soon as you can if you think your statement or receipt is
 
wrong or if you need more information about a transfer listed on your statement or receipt. We must hear from you no later than 60 days after we send you the FIRST statement on which the problem or error appeared.
  1. Tell us your name and account number;
  2. Describe the error or transfer you think is incorrect, and explain clearly why you believe it is an error or why you need more information;
  3. Tell us the dollar amount of the suspected error and the date the transaction occurred.
 
If you notify us orally, we will require you to send us your complaint or question in writing within ten (10) business days of the date you notified us. We will tell you the results of our investigation within ten (10) business days of hearing from you.
If we need more time, however, we may take up to 45 calendar days (or 90 days for POS transactions) following the date you notified us to investigate your complaint or question. If we decide to use this additional time for our investigation, within ten (10) business days of the date you notified us, we will provisionally recredit your account for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation.
We may withhold a maximum of $50 from the amount recredited if we have reasonable basis for believing that an unauthorized EFT may have occurred.
If we ask you to put your complaint in writing and we do not receive it within ten (10) business days following your oral notification, we may not provisionally recredit your account.
For errors involving new accounts, point-of-sale, or foreign-initiated transactions, we may take up to 90 days to investigate your complaint or question. For new accounts, we may take up to 20 business days to credit you account for the amount you think is in error.
If we find an error, we will refund any fees or charges we imposed on you as a result of the error promptly, no more than one business day thereafter. We will also notify you within three (3) business days if we do determine there was an error.
If we decide there was no error, we will send you a written explanation within three (3) business days of finishing our investigation. We will also inform you that we have debited your account for any provisionally recredited funds. We will honor checks drawn against the amount we have debited for five (5) business days following the debit to your account.
You may ask for copies of the documents we used in our investigation. For a reasonable fee to cover our cost, we will provide you with any copies you request.
If your alleged error concerned a transfer to or from a third party (e.g., a Social Security payment), our investigation may be limited to a review of our own records. If we decide there was no error you may wish to contact that third party to pursue the matter further.
(These rights apply to transactions involving any consumer deposit account(s) you may have. You have different rights concerning errors that only relate to transactions directly involving your Credit Reserve or
other loan agreements.)

8.FEES, INTEREST, MINIMUM BALANCES

Detailed information concerning fees, minimum balances, and interest earned for particular account types is set forth in the inserts to the Account Information packet called Fee Schedule and Account Disclosures and Rules and Regulations.
If you initiate transactions at an ATM not operated by us, a fee (surcharge) may be imposed by the ATM operator and/or the national,
 
regional, or local network used to do the transaction, including balance inquiries.

9.TERMINATING THIS AGREEMENT

Either you or the Bank may terminate this agreement at any time: By contacting us as instructed in NOTIFICATIONS under the GENERAL INFORMATION section.
  • If you telephone us, we may request that you put your termination request in writing.
  • You will no longer be able to use your card.
  • You will no longer have access to Internet Banking services.
  • Your Access Device and the PIN are and shall remain property of the Bank; and upon request of the Bank you will return the card to us. We have the right to refuse to issue the Access Device or to revoke the Access Device at any time without cause or notice.

10.PROTECTED CONSUMER USE OF ELECTRONIC FUND TRANSFERS

Chapter 167B of the Massachusetts General Laws was enacted to provide a means for financial institutions, businesses, and consumers to conduct their business relations more conveniently. Transferring funds electronically will supplement the use of checks, credit, and cash and will not replace these present methods of doing business. As a consumer, you should be aware of your rights if you choose to utilize this system.
  1. Prohibition of compulsory use. No person may:
    • require you to use a preauthorized electronic fund transfer as a condition for the extension of credit unless the credit is being extended in connection with an overdraft checking plan or is being extended to maintain a specified minimum balance in your account, or
    • require you either to accept an electronic fund transfer service or to establish an account which is assessed electronically as a condition of employment or receipt of a government benefit, or
    • require you to pay electronically for the purchase of goods or services.
If your account is to be credited by a preauthorized electronic fund transfer, you may choose the financial institution to which the transfer will be made, if the institution is technically capable of receiving the transfer.
  1. Waiver of rights. No writing or agreement signed by you can waive the rights conferred to you by Chapter 167B of the Massachusetts General Laws unless you decide to waive these rights in settlement of a dispute or action.
  2. Refunds. If it is the policy of a store or retail business to give cash refunds in return for an item purchased by cash, then this policy must also cover refunds for items purchased by electronic fund transfer unless it is clearly disclosed at the time of the transaction if consummated that no cash or credit refunds are given for payments made by electronic fund transfers.
  3. Suspension of obligations. If a person agrees to accept payment by means of electronic fund transfer and a malfunction of the system prevents such transfer, your obligation is suspended until the transfer can be completed, unless that person, in writing, demands payment by other means.
  4. Prohibited means of identification. Your Social Security number cannot be used as the primary identification number, although it can be used as a secondary aid to identify you.
  5. Criminal liability. Procuring or using an Access Device, PIN, or
 
other means of electronic access to an account with the intent to defraud is a basis for criminal liability.

11.SPECIAL TERMS AND CONDITIONS FOR CTC ATM AND DEBIT CARDS OR ACCESS DEVICES INCLUDING INTERNET BANKING SERVICE

The following special terms and conditions are part of the Agreement between you and us with respect to your use of your CTC ATM Card and/or debit card or Access Device. In addition, certain other terms and conditions described in the Personal Banking Fee Schedule, and Personal Banking Account Disclosures and Rules and Regulations sections of the Account Information packet brochure and the Personal Internet Banking Agreement and Disclosures, may apply to your use of the Access Device in connection with your particular account(s).
  1. As long as this Agreement is in effect, you agree to maintain with us at least one account to which your Access Device provides access. Termination of this Agreement does not terminate the account(s) which the Access Device accesses, but the closing of the last such account will terminate this Agreement simultaneously.
  2. We may provide access to all of your owned accounts to your Access Device. You may limit access to selected accounts. You agree to be responsible for ensuring authorized use of the Access Device. The Access Device is intended for your personal use only. Your use or use by anyone with actual authority or for your benefit constitutes an authorized use.
  3. For your protection your Access Device may be automatically cancelled if not activated within two (2) months of issue.
  4. The use of your PIN together with your Access Device is intended to prevent it from being improperly used. In order to protect this security, do not record your PIN. Do not tell your PIN to anyone.
  5. The use of the Access Device to purchase goods and services at a merchant(s) who has agreed to accept the Access Device or to withdraw cash will constitute a simultaneous withdrawal from and/or demand upon your account, even though the transaction may not actually be posted to your account until a later date. Transactions will be posted to your account in the order and with the same legal effect as checks drawn on the account.
  6. Anyone honoring the Access Device may be required to obtain approval or authorization for any transaction. The authorization will create a hold on your account for the authorized amount.
  7. Any hold placed on your account may reduce the available funds in your account so that other checks or transfers presented to us for payment may not be paid, other transfers may not be authorized, or checks may not be approved. You agree that we may take this action, and you agree to relieve us of any liability for placing a hold on your account.
  8. Any claim or defense with respect to property or services purchased with your Access Device must be handled by you directly with the merchant or other business establishment which accepts the Access Device and any such claim or defense which you assert will not relieve you of your obligation to pay the total amount of the sales draft plus any appropriate charges we may be authorized to make, unless your use of the Card results in an extension of credit.
  9. If a negative or overdraft balance in your account results from the use of the Access Device or from any other transfer, you agree to pay us on demand this negative balance.
  10. We have the right to change the terms of the Agreement at any time. We will notify you at least thirty (30) days before the change will take

effect if it will cause you greater cost or liability or if it will limit the type or frequency of transactions you can make using the Access Device and PIN. We do not have to notify you in advance if an immediate change is necessary for security reasons.
  1. These Terms and Conditions are subject to any deposit agreement and are governed by Massachusetts law, except to the extent that any federal law controls. If there is any conflict between any term of this Agreement and Massachusetts or controlling federal law or regulation, that term shall be deemed to be modified to make it comply.
  2. Any notice that we send to you shall be effective when placed in the United States mail, postage prepaid, and addressed to you at your last address as indicated on our records or on the date it was made available to you if you consented to receive your deposit account statements and disclosures and notices electronically.
  3. As a condition to use the Access Device and in consideration of our allowing transfers, you agree that in the event we determine legal action to be necessary to enforce these terms and conditions, all such legal action may be maintained in the courts of the Commonwealth of Massachusetts, and you consent to waive any objection to venue in any of those courts for the purpose of determining the proper venue of any action.
  4. If we initiate any legal action to collect money owed us under this Agreement, including counterclaims, you agree to pay all of our costs for such action, including reasonable attorneys fees.
  5. Foreign transactions, purchases and cash withdrawals made in a foreign country and foreign currency using your Access Device will be converted to U.S. dollars at the rate that exists on the date of exchange as determined by the foreign bank in accordance with MasterCard and Cirrus networks operating regulations and other applicable operating rules for international transactions. The conversion rate may not be the same as on the transaction date. We do not have any control over any conversion fee that may be charged by a card association.
  6. The Bank will charge a 2% fee on the U.S. Dollar amount on each transaction processed outside the United States on access devices linked to a deposit account that is not a Premium Plus Relationship or Premium Relationship account
WARNING: Wrongfully obtaining funds by use of an Access Device constitutes a federal offense punishable by fine or imprisonment or both. As part of the security systems for the protection of your Access Device and PIN, we may use hidden cameras and other security devices to determine who is using an Access Device at an ATM.

 

Business Banking

Account Disclosure and Rules & Regulations

This disclosure contains important information about your account and should be retained for future reference. Please consult our rate sheet, speak with a Customer Service Representative, visit our website (www.cambridgetrust.com), or telephone our PrivateLINE at (617) 254-BANK (2265) or (800) 876-6406 for current interest rates and Annual Percentage Yields.

This Agreement contains the rules and regulations governing deposit accounts at Cambridge Trust Company (“Bank”). By signing a Cambridge Trust Company deposit account signature card and Commercial Deposit and Borrowing Resolutions and Authorities, you agree to be bound by these Agreements, and other terms and conditions contained in the Fee Schedule, Business Account Disclosures, Business Cardholder Agreement, and all applicable state and federal laws and regulations.
 

ACCOUNT DISCLOSURES

For all accounts:

Interest Rate and Annual Percentage Yield: The interest rate and annual percentage yield on all interest-bearing accounts (except for the Fixed Rate Certificate of Deposit) are variable and may change without notice at any time at the discretion of the Bank.
Interest Calculation and Posting: On all interest-bearing accounts, we use the daily balance method to calculate the interest. This method applies a daily periodic rate to the collected balance in the account, plus accrued interest, each day. For Certificates of Deposit, the daily periodic rate is applied to the ledger balance. Interest is compounded daily and credited to your account monthly.

When Your Deposit Begins to Earn Interest:

Certificates of Deposit: If your account is a certificate of deposit, your deposit will begin to earn interest on the day of deposit.
All Other Accounts
Cash and Items Drawn on Cambridge Trust Company: Cash and items drawn on a Cambridge Trust Company account begin to earn interest on the day of the deposit. Refer to our Funds Availability Disclosure for determining the day of deposit.
 
Deposits of Items Drawn on Other Financial Institutions: Deposits of items drawn on other financial institutions will begin to earn interest the day we receive the credit, generally the first business day after the day of deposit.
Deposits made on Saturday or Sunday will be considered to have been made on Monday, or Tuesday if Monday was not a business day. (Refer to our Funds Availability Disclosure.)

Minimum Balance Requirements:

Minimum balance required to earn the disclosed annual percentage yield on an interest bearing account: We use the collected balance in your account to determine the minimum balance required to earn the disclosed annual percentage yield. For Certificates of Deposit there is no minimum balance to earn the APY.
Minimum Balance to Open an Account – For all accounts but Certificates of Deposit there is no minimum balance to open. Refer to the Certificate of Deposit disclosures for minimum deposit to open.
 
BUSINESS BANKING SUITE
  • This is a non-interest-bearing checking account.
  • This account rewards the customer for their entire banking relationship, including related consumer Premium and Premium Plus Relationship checking accounts.
  • You have the potential to earn free wires, and Premium BizBanker and Remote Deposit Capture fee discounts based on the size and depth of your relationship.
  • Your actual activity and account balances, as outlined in our Fee Schedule and Points System, will determine which Type you qualify for. If you are in Type 2 or 3, and you no longer meet their requirements for three consecutive qualification months, you will be reassigned to
a new Type based on your most recent qualification period. If you qualify for a higher Type level, you will be moved into the new Type immediately starting in the next qualification cycle.
  • If you no longer meet the minimum balance requirements for Type 1, you will only be assessed a fee after you do not meet those requirements for three consecutive qualification months and all cycles thereafter where you no longer meet the minimum balance requirements.
  • A qualification cycle is the period beginning 3 days prior to the current statement start date until three days prior to the close of the current statement.
  • Your monthly average collected business cycle to date combined balances are determined by pooling your Business Banking Suite, Business Premium Savings, Business Money Market and Business Statement Savings accounts for which the business has direct ownership during the qualification cycle.
  • Your monthly average collected personal cycle to date combined balances are determined by pooling your non-Certificate of Deposit consumer deposit balances that the businesses principle owners have direct ownership during the qualification cycle and have requested these accounts be linked to their Business Banking Suite account.
  • Combined Business balances are not commingled with Consumer Combined balances for the purpose of determining the Business Banking Suite product’s minimum balance.
  • Subject to a monthly paper statement instruction fee. To waive the paper statement instruction fee you must enroll in online banking with eStatements. Please refer to our Business Banking Fee Schedule.
  • Refer to our Business Banking Fee Schedule to see a complete list of rewards and fees.
 

COMMERCIAL CHECKING ACCOUNT

  • This is a non-interest-bearing account.
  • This checking account receives an earnings credit allowance based on the average collected balance maintained during the month.
  • The earnings credit allowance is variable, at the discretion of the Bank, and may change without notice at any time.
  • The current earnings credit allowance is                  %.
  • The monthly earnings credit allowance will partially or fully offset monthly maintenance and certain fees.
  • Subject to a monthly paper statement instruction fee. To waive the paper statement instruction Fee you must enroll in online banking with eStatements. Please refer to our Business Banking Fee Schedule.
  • Refer to our Business Banking Fee Schedule for information about monthly maintenance and other fees.

NON-PROFIT INTEREST CHECKING ACCOUNT

  • Available to qualified Non-Profits.
  • The current interest rate is                 % with a current annual percentage yield (APY) of                %.
  • There is no minimum balance to open.
  • You must maintain a minimum balance of $1,500 in the account each day in order to obtain the disclosed APY.
  • The minimum daily balance to avoid monthly maintenance and transaction fees is $1,500.
  • There is no limit on the number of checks or deposits you may make with this account.
  • Subject to a monthly paper statement instruction fee. To waive the paper statement instruction fee you must enroll in online banking with eStatements. Please refer to our Business Banking Fee Schedule.
  • Refer to our Business Banking Fee Schedule for additional information about other fees for all accounts.

BUSINESS/NON-PROFIT MONEY MARKET INVESTMENT ACCOUNT

  • The current interest rate is           % with a current annual percentage yield (APY) of    %.
  • You must maintain a minimum balance of $5,000 in the account each day in order to obtain the disclosed APY.
  • The minimum daily balance to avoid a monthly maintenance fee is $5,000.
  • You may make up to a limit of six third-party withdrawals or transfers to another account (a combination of checks, or transfers to another account and preauthorized payments) from your account during each statement cycle. The determining factor will be the date the check
is presented to the Bank. You may make unlimited deposits and withdrawals or transfers to another account with any Cambridge Trust Company teller or ATM. Debit card and POS transactions not available.
  • For each check in excess of three presented to the Bank during each statement cycle, an excess activity fee will apply.
  • Refer to our Business Banking Fee Schedule for information about monthly maintenance and other fees.
  • If you exceed your transaction limit twice during any five-month period, or on more than an occasional basis, we will convert your Business/ Non-Profit Money Market Investment account to a Commercial Checking account, or Non-Profit Interest Checking account.
 
  • Business MMIA customers may not use this account as a daily deposit account.
  • Subject to a monthly paper statement instruction fee. To waive the paper statement instruction fee you must enroll in online banking with eStatements. Please refer to our Business Banking Fee Schedule.

BUSINESS/NON-PROFIT STATEMENT SAVINGS ACCOUNT

  • The current interest rate is             % with a current annual percentage yield (APY) of %.
  • There is no minimum balance required to obtain the disclosed APY.
  • The minimum daily balance to avoid a monthly maintenance fee is $200.
  • You may make three withdrawals during each statement cycle. For each withdrawal in excess of three, an excess activity fee will apply.
  • Refer to our Business Banking Fee Schedule for information about monthly maintenance and other fees.
  • You may make six third-party transfers (including transfers to another account and preauthorized payments) from your account during each statement cycle. If you exceed your transaction limit twice during
any five-month period or on more than an occasional basis, we will convert your account to a Commercial Checking account or a Non- Profit Interest Checking account.
  • POS and debit card transactions are not available.
  • Business Statement Savings account customers may not use this as a daily deposit account.
  • Subject to a monthly paper statement instruction fee. To waive the paper statement instruction fee you must enroll in online banking with eStatements. Please refer to our Business Banking Fee Schedule.

BUSINESS PREMIUM SAVINGS ACCOUNT

  • There is no minimum balance to open.
  • The minimum daily balance to avoid monthly maintenance fees is $5,000.
  • You may make six third-party transfers (including transfers to another account and preauthorized payments) from your account during each statement cycle. If you exceed your transaction limit twice during any five month period or on more than an occasional basis, we will convert your Business Premium Savings account to a Commercial Checking account.
  • Rate information and minimum balance to earn the annual percentage yield:
s Tier 1: Each day the collected daily balance is $100,000 or more, the interest rate paid on the entire balance in your account will be % with an annual percentage yield of                  %.
s Tier 2: Each day the collected daily balance is $50,000 or more but less than $100,000 the interest rate paid on the entire balance in your account will be      % with an annual percentage yield of                 %.
s Tier 3: Each day the collected daily balance is $10,000 or more but less than $50,000 the interest rate paid on the entire balance in your account will be % with an annual percentage yield of %.
s Tier 4: Each day the collected daily balance is $5,000 or more but less than $10,000 the interest rate paid on the entire balance
in your account will be           % with an annual percentage yield of        %.
s No interest is earned on any day the collected daily balance is less than $5,000.
  • Subject to a monthly paper statement instruction fee. To waive the paper statement instruction fee you must enroll in online banking with eStatements. Please refer to our Business Banking Fee Schedule.
 

FIXED RATE CERTIFICATE OF DEPOSIT

  • The current interest rate for your fixed rate certificate of deposit is
       % with a current annual percentage yield (APY) of       %.
  • The maturity date of your fixed rate certificate is                   .
  • You may withdraw the interest at any time after it is credited to your account. However, in order to obtain the current annual percentage yield you must allow all interest earned to remain on deposit until the maturity of the certificate. A withdrawal of interest will reduce your earnings.
  • Interest is compounded daily and credited monthly to your account, from the date of deposit of your funds to the date of withdrawal.
  • The minimum deposit to open a fixed rate certificate is $1,000. Periodically the Bank may offer special fixed rate certificates with a higher minimum deposit with money not currently on deposit at Cambridge Trust Company. Please see a bank representative for details.
  • The minimum deposit to open a fixed rate SEP Individual Retirement Account certificate is $500.
  • After the certificate is opened, you may not make deposits into the certificate.
  • If a withdrawal of principal is made from the certificate before the maturity date, an early withdrawal penalty as shown will be imposed: Term          Early Withdrawal Penalty
 
30 Days
but less than 1 Year
Loss of an amount equal to three months’ interest earned or that could have been earned on the amount withdrawn at the simple interest rate currently being paid on the certificate.
1 Year
but less than 2 Year
Loss of an amount equal to six months’ interest earned or that could have been earned on the amount withdrawn at the simple interest rate currently being paid on the certificate.
2 years or More
Loss of an amount equal to twelve months’ interest earned or that could have been earned on the amount withdrawn at the simple interest rate currently being paid on the certificate.
  • We will notify you at least twenty (20) days prior to maturity. We will ask you to instruct us by mail or in person regarding the action you wish us to take when your certificate matures. You may renew, withdraw, or transfer the certificate to another type of account. Because the Bank does not know what the annual percentage yield will be at the time of maturity, you may speak to a customer service representative or visit our website at www.cambridgetrust.com
to obtain the current annual percentage rate and current annual percentage yield on fixed rate Certificates of Deposit.
  • The certificate will renew automatically at maturity unless we receive prior instructions. You have a grace period of ten (10) calendar days during which you may change your renewal option without incurring an early withdrawal penalty. During the grace period interest will be earned at the rate in effect at maturity of the certificate. If you close your certificate of deposit during the grace period, interest accrued during the grace period will not be paid. The interest rate and annual percentage yield at renewal may be different from the interest rate and annual percentage yield on the original certificate. Account must be open on date interest is credited in order to receive accrued interest.
 

VARIABLE RATE CERTIFICATE OF DEPOSIT

  • The current interest rate for your variable rate certificate of deposit is
           % with a current annual percentage yield (APY) of %.
  • The maturity date of your variable rate certificate is           .
  • You may withdraw the interest at any time after it is credited to your account. However, in order to obtain the variable APY disclosed you must allow all interest earned to remain on deposit until the maturity of the certificate. A withdrawal of interest will reduce your earnings.
  • The interest rate and APY are variable at the discretion of the bank, and may change at any time.
  • Interest is compounded daily and credited monthly to your account, from the date of deposit of your funds to the date of withdrawal.
  • The minimum opening deposit for a variable rate certificate of deposit is $1,000.
  • The minimum opening deposit for a variable rate SEP Individual Retirement Account certificate is $500.
  • After the certificate is opened, you may make additional deposits into the certificate without changing the maturity date.
  • If a withdrawal of principal is made from the certificate before the maturity date, an early withdrawal penalty will be imposed at an amount equal to six months’ interest on the amount withdrawn at the simple interest rate currently being paid on the certificate.
  • We will notify you in writing at least twenty (20) days prior to the maturity date of your certificate. We will ask you to instruct us by mail or in person regarding the action you wish us to take when your
certificate matures. You may renew, withdraw, or transfer the certificate to another type of account.
  • The certificate will renew automatically at maturity unless prior instructions have been received. You have a grace period of ten (10) calendar days during which you may change your renewal option without incurring an early withdrawal penalty. During the grace period interest will be earned at the rate in effect at maturity of the certificate. If you close your certificate of deposit  during  the  grace period, interest accrued during the grace period will not be paid. The interest rate and annual percentage yield at renewal may
be different from the interest rate and annual percentage yield on the original certificate. Account must be open on date interest is credited in order to receive the accrued interest.
  • Please speak with a Client Advisor, or visit our website at www. cambridgetrust.com to obtain the current interest rate and current annual percentage yield for your variable rate certificate of deposit. Account must be open on date interest is credited in order to receive accrued interest.
 

RULES & REGULATIONS

DEPOSIT ACCOUNT AGREEMENT

For additional information about the terms and conditions of deposit accounts, please refer to the Deposit Account Agreement you receive when you open your account.

Business, Organization and Fiduciary Accounts

You agree not to use a business checking account for personal, family,
or household purposes, and vice versa. If an account opened with us has been opened in the name of a legal entity, such as a partnership, corporation, or other organization, only the persons designated in a separate authorization, in a form we approve, will be permitted to make withdrawals from the account. We will honor an authorization until it
is amended or terminated in writing by the appropriate action of the organization. A fiduciary may open an account with us only if he or she provides a copy of the appointment, trust agreement, or other required legal documents.

Sub-account Rules

All Business accounts will be divided into two sub-accounts: a transaction sub-account and a savings sub-account. This modification is made solely for internal Bank purposes and will not affect the use of your account in any way. All of the Bank’s rules, regulations and disclosures will continue to apply to your account as a whole, without reference to the sub-accounts.
All deposits and withdrawals you make will be posted to the transaction sub-account. You will not have direct access to the savings sub-account. The savings sub-account is a holding account into which the Bank may transfer funds that exceed the amount needed to satisfy the checks, electronic fund transfers and other debits that the Bank estimates will be posted to your account. The Bank will transfer funds back to the
transaction sub-account periodically as needed to make funds available to pay debits to your account.

Prohibition Against Illegal Use

You may not use your account or any other financial service we provide for any illegal purpose, including, but not limited to, the origination, receipt, or processing of illegal internet gambling transactions, and activities in violation of United States economic sanctions laws and regulations, including regulations issued by the Office of Foreign Assets Control (OFAC).

DEPOSITS

We will accept deposits from you and make the funds available to you as set forth in the Funds Availability Disclosure. If a deposited item is returned to us for any reason, we will reduce your account balance by that amount. We may assess a deposited item returned unpaid fee. We have the right to refuse to accept any deposit from you for any reason.
If, in connection with a pre-authorized credit, we deposit any amount to your account which in turn must be returned for any reason, you authorize us to deduct the amount of our liability from this account or from any other account you have with us.
 
Cambridge Trust will not accept a substitute check, as defined within the Federal Reserve banking regulation CC, for deposit to any account without a prior written agreement with the Bank expressly allowing for the depositing of these instruments except in the case where the item is re-presented for deposit after having been returned by the paying bank.

WITHDRAWALS

Authorization and Access Device

If an account opened with us has been opened in the name of a legal entity, such as a partnership, corporation, or other organization, only the persons designated in a separate authorization, in a form we approve, will be permitted to make withdrawals from the account. The Bank may act upon any withdrawal request that is made with an Access Device, whether or not the person initiating the request has the authority to do so. You or the legal entity represents and warrants that all withdrawals made with an Access Device shall have no obligation to verify by any means, any such withdrawal request.

Conditions imposed on  withdrawals

We may refuse to pay a check or withdrawal request if the amount of money requested is not yet available for withdrawal. We may refuse a withdrawal request if any document or identification that we require or that the law requires in connection with the withdrawal has not been presented to us. We may also refuse a withdrawal request if it exceeds the daily limit for an ATM withdrawal, POS or debit card purchase, a debit card cash advance, or the limit established in conjunction with an Access Device.
 

Check and deposit ticket printing charges

We will charge a fee directly to your account for printing checks and deposit tickets. These charges will vary depending on the style you choose and are subject to change at any time without notice.

Fee for early closing of any transaction account

We may assess a fee to close an account that has been open less than six months.

OTHER

Dormant Accounts

If there is no activity and you have not contacted us about your account for the period of time prescribed by Massachusetts law your account may be considered abandoned property, and must be turned over to the Commonwealth. We will attempt to notify you in writing at least 60 days
prior to turning over the account to the state. Such notification will include instructions on how you may prevent remittance of the funds to the state. An escheatment fee may be charged for the processing of the abandoned property to the Commonwealth.

Amendments and Termination

We may change these Rules and Regulations and the Fee Schedule at any time.
Either you or we may close your account at any time for any reason.
If we do, we will mail you a notice and a check for the final balance less any applicable fees.
 

Checks Bearing Notations

Although we are not obligated to, we may pay or accept checks and
other items bearing restrictions or notations (e.g., “Void after 6 months,” “Two Signatures Required,” “Void over $1,000.00,” “Payment in Full,” and the like, whether on the front or back, in any format. If you cash or deposit an item or write a check with such a notation, you agree that it applies only between you and the payee or maker. The notation will have no effect on us, and you agree to accept responsibility for payment of the item.

Cashing Checks for Others

You should not use your account to cash checks for others who are not well known to you. Although we may make funds provisionally available to you and may take steps to determine whether a check will be paid, you are responsible for any loss that occurs if the check is returned to us for any reason (e.g., because it is counterfeit). Our employees cannot promise that checks drawn on or issued by other institutions, including cashier’s checks, will be paid.
 

Stale Dated Checks

You agree that we may pay or reject a check which is presented to us for payment more than six months after its date (a “stale dated” check), even if the presentation occurs after the expiration of a stop payment order, We normally do not examine the date on checks presented for payment. You agree that we are not required to identify stale dated checks or to seek your permission to pay them.

FUNDS AVAILABILITY DISCLOSURE

Determining the Availability of Deposits

Our policy is to make funds from your deposit available to you on the first business day after the day we receive your deposit. At that time, you may withdraw your funds in cash, and we will use the funds to pay checks that you have written.
Funds for electronic direct deposits to your account will be available on the day we received the deposit. Electronic funds transfers withdrawn from another financial institution that you initiated through Cambridge Trust Company may not be available until the fifth business day after the date we received them.

Determining the Day of Deposit

The day of deposit is considered the day a deposit is received by a teller on a business day we are open. Every day is a business day, except Saturdays, Sundays and legal holidays.
Deposits made at ATMs after the specified time at the following locations may be considered to have been made on the next business day that we are open:
  • 2:00 P.M. for all branch locations, other than Kendall.
  • Kendall ATM 5:00 P.M.
If you make a deposit at any time on a Saturday, Sunday or legal holiday, the day of deposit will be considered the following business day.
 

Collection of Foreign Checks

A foreign check (a check drawn on a bank outside of the United States or on a branch of a United States bank located outside the United States) is accepted on a collection basis. The funds may be withdrawn only when we have received payment for the check and have credited it to your account. At that time, fees for collection will be deducted from the amount credited to your account.

Longer Delays May Apply

Longer delays may apply under the following circumstances:
  • We believe a check you deposited will not be paid
  • You deposit checks totaling more than $5,000 on any one day
  • You redeposit a check that has been returned unpaid
  • You have overdrawn your account repeatedly in the last six months
  • There is an emergency, such as failure of communications or computer equipment
We will notify you in writing if we delay your ability to withdraw funds for any reason, and we will tell you when the funds will be available. They will generally be available no later than the fourth business day after the date of your deposit.
 

Fee Schedule

Current Fee Schedule (PDF)