Account Terms for Business Checking Accounts and Business Money Market Accounts

Transcription

1 Account Terms for Business Checking Accounts and Business Money Market Accounts I. Introduction 1. Accounts Governed by These Terms The Account Terms apply to the following products (each, an account ): Commercial Checking Commercial Checking Plus Limited Commercial Checking Commercial Money Market When you open an account with Bank Leumi USA and for as long as your account remains open, you are agreeing that your account will be governed by the Account Terms, the Fee Schedule, the Funds Availability Disclosure, the Debit Card and Recurring or Preauthorized Transfer Agreement (if you request a Debit Card), and all other documentation governing your account, however amended from time to time, which together constitutes our agreement with you ( Account Agreement ). In signing the Account Application, you indicated that you (i) received a copy of, and agreed to, the Account Terms for the type of accounts being opened, and (ii) received, if applicable, a copy of the Fee Schedule, Funds Availability Disclosure, and Rate Schedule. Terms that apply only to a certain type of account are captioned as such. 2. Definitions The words "you" and "your" refer to any person for whom the account is maintained as listed on the account opening documentation. The words "joint account" refers to an account maintained for two or more persons. The words "we," "us," "our" and the Bank refer to Bank Leumi USA. II. General Terms Applicable to All Accounts 1. Checking Account Sub-accounts For regulatory reporting and accounting purposes, all Bank Leumi USA checking accounts consist of two sub-accounts: a transaction sub-account to which all financial transactions are posted, and a savings sub-account into which available balances above a pre-set level are transferred daily. You do not have direct access to the sub-account. The establishment of the sub-account also does not affect your statement or FDIC insurance coverage. Funds will be transferred to your transaction sub-account to meet your transactional needs. For all noninterest bearing checking accounts, both sub-accounts are non-interest bearing. For all interest bearing checking accounts, the savings sub-accounts pay the same interest rate as their corresponding transaction sub-accounts. Transfers can occur on any business day. Transfers to the savings subaccount will be made whenever available balances in the transaction sub-account exceed a preset level. Transfers from the savings sub-account to the transaction sub-account will be made whenever the transaction sub-account balances fall below a predetermined level. Because banking regulations limit the number of transfers between these types of sub-accounts, all balances in the savings sub-account will be transferred to the transaction sub-account with the sixth (6th) transfer in any statement period. Both subaccounts are treated as a single account for purposes of the customer s deposits and withdrawals, access and information, tax reporting, fees, etc.

2 2. Safeguarding Checkbooks. Checks and Account Access Devices When you open a checking or money market account with a check-writing feature, you can order checks through us. You agree to safeguard your blank and cancelled checks, and to take reasonable steps to prevent their unauthorized use. If your checks are lost or stolen, you agree to notify us immediately. If you request a Debit Card, you will be provided with a Debit Card and a Personal Identification Number (PIN) for use at ATMs and debit transactions at merchant point of sale terminals. If you enroll in Leumi Online, our internet based electronic banking service, you may be provided with a User ID, a password and a security token. The Debit Card, PIN, User ID, password and security token, each an Access Device, provide you with electronic means of access to your accounts and conducting transactions. You agree to safeguard your Access Device(s) and to take reasonable steps to prevent their unauthorized use. If your Access Device is lost or stolen, you agree to notify us immediately. YOU ARE SOLELY RESPONSIBLE FOR ALL CONSEQUENCES OF UNAUTHORIZED USE OF YOUR CHECKS OR ACCESS DEVICES CAUSED BY YOUR NEGLIGENCE INCLUDING LOSS OF FUNDS. THE BANK WILL NOT BE LIABLE TO YOU OR ANY OTHER PARTY FOR LOSSES THAT COULD HAVE BEEN AVOIDED BY YOU TAKING REASONABLE STEPS TO SAFEGUARD YOUR CHECKS OR ACCESS DEVICES AND TO PRVEVENT THEIR UNAUTHORIZED USE. 3. Funds Availability Funds are available for withdrawal in accordance with the Funds Availability Disclosure. However, interest begins to accrue on the day of deposit, even if the deposit contains checks. If you make a deposit at a branch before the end of business hours on a business day that the branch is open, the deposit is considered made on that day. If you make a deposit at a branch after the end of business hours on a business day or on a day that the branch is not open, the deposit is considered made on the next business day the branch is open. If you enroll in Leumi Deposit Capture, our remote deposit service, or Leumi SmartCapture, our mobile deposit service, the cut-off time for deposits may extend beyond normal business hours. Please refer to the applicable service agreement and the Funds Availability Disclosure for details. The business hours are posted at the main entrance to the branch. Every day is a business day except Saturdays, Sundays, or Federal holidays. We do not accept for deposit checks drawn on banks outside the United States or checks that are not payable in U.S. dollars. We send those checks for collection and credit your account only upon the check being collected. 4. Incoming Funds Transfers For beneficiary bank, your remitters should use our ABA Routing Number or our CHIPS Number Our SWIFT code is LUMIUS3N. For beneficiary, your remitters should use your complete 10-digit account number followed by your name (if different, account title instead of name) and your address. Use of the 10-digit account number allows the incoming transfer to be processed by automated means and expedites the credit to your account. 5. Inconsistent Name and Account Information for Payment Orders If a payment order describes a beneficiary inconsistently by name and account number, payment may be made by the beneficiary's bank (including the Bank where it is the beneficiary's bank) only on the basis of the account number. In such circumstances the sender's obligation to pay the amount of its payment order to the receiving bank (including the Bank where it is the receiving bank) is not excused. When we pay a payment order based on the account number indicated therein, regardless of whether such account is owned by the payee who is named in the payment order, our obligation to pay such payment order is satisfied. You agree to indemnify us from any liability, cost, expense or damage that may arise as a result of such payment. Page 2 of 10

3 6. Authorized Signature Your signature on the Signature Card is your authorized signature. We are not liable for refusing to honor your check or other signed instruction if we believe in good faith that the signature appearing on the check or instruction is not authentic. You may authorize the use of a facsimile signature device by designation on a separate form used by us for that purpose. If you authorize the use of a facsimile signature device, we may honor a check or other signed instruction that appears to bear your facsimile signature even if it was made by an unauthorized person or with a counterfeit facsimile signature device. 7. Contradictory Word and Numeric Amount Descriptions If you issue a check with the amount payable expressed in contradictory word and numeric descriptions and that check is encoded by us (or our agent), you authorize us (and our agent) to encode and pay the check on the basis of either the numeric amount or the amount written out in words. 8. Positive Pay Arrangements We may in our discretion place your account on a "positive pay arrangement" status. This status protects against check fraud through allowing us to pay only those checks which you separately authorize us to pay. If we place your account on this status, we will inform you of the terms of the arrangement, including the manner in which you can send payment instructions to us. 9. Charge Back All checks deposited in your account, or cashed for you, are handled by us as your agent subject to charge back or refund if for any reason final payment is not received by us. Any check drawn on us deposited in your account, or cashed for you, is subject to charge back or refund if such check is not properly payable. 10. Claims If a claim is made for recovery of all or part of the amount of any collected check after final payment on the grounds that such check bore a forged or unauthorized endorsement or was otherwise not properly payable, we may withhold the amount of the check from your account until the final determination of the claim. We will promptly mail you notice of the claim. 11. Endorsements If you fail to endorse a check that you submit for deposit, we have the right, but are not obligated, to supply the missing endorsement. You will reimburse us for any loss or expense we incur if a deposited check is not endorsed exactly as drawn. If your account is a joint account, each joint account holder authorizes the other joint account holder(s) to endorse for deposit to the account all checks payable to any joint account holder. 12. Fees The fees that may be imposed in connection with your account are indicated on the Fee Schedule. 13. Refusing Deposit We reserve the right to refuse a deposit to your account. We may exercise this right any time on the day that would be considered the day of deposit even if we have given you a deposit receipt. If we refuse a submitted deposit and have not told you immediately, we will promptly attempt to notify you by telephone. If we are unsuccessful in contacting you by telephone, we will promptly mail you notice. 14. Limit on Cashing Checks It is our policy to limit the aggregate amount of checks drawn on your account which we will cash on any one business day to $15,000. Exceptions may be granted in our sole discretion. If you have a written agreement with us for check cashing, including a written agreement providing for check cashing by your Page 3 of 10

4 employees, this limit will not apply to checks cashed pursuant to such agreement. We will not cash a check drawn on your account for a payee other than yourself unless we receive at your branch a written request, on a form used by us for that purpose, signed by any authorized signatory specifying, in addition to the number, date, and amount of the check, (i) the payee (and if the payee is an entity, the individual who will be acting on behalf of the payee); and (ii) the government-issued photo identification which will be presented by the payee (or if the payee is an entity, by the individual who will be acting on behalf of the payee). We will have no liability to you, and you will hold us harmless against a claim asserted by the payee (or the payee s transferee or successor-in-interest), arising out of, or relating to, our cashing the check if (i) we act in accordance with such request; (ii) such identification reasonably appears to us to be authentic; and (iii) the individual presenting such identification reasonably appears to us to be the individual therein identified. However, if you have a written agreement with us for check cashing, including a written agreement providing for check cashing by your employees, the written request requirement provision will not apply to checks cashed pursuant to such agreement. 15. Limitations on Withdrawals. The Bank reserves the right to require seven days advance notice prior to making withdrawals from your interest-bearing checking, savings, or money market account. It is unlikely, however, that we would require this notice. 16. Limit on Cashing Official Checks It is our policy to refuse to cash an official check of ours which exceeds $15,000. Exceptions may be granted in our sole discretion. 17. Remotely Created Check In respect of a remotely created check, you will hold us harmless against a transfer or presentment warranty claim by the transferee bank, a subsequent collecting bank, or the paying bank. Remotely created check means a check that is not created by the paying bank and that does not bear a signature applied, or purported to be applied, by the person on whose account the check is drawn. 18. Closing Account We reserve the right to close your account at any time without advance notice. You may close your account at any time unless otherwise provided in these Account Terms. When your account is closed, unless otherwise instructed by you, we will mail you an official check for the final account balance, by ordinary mail addressed to you at the last address shown on our records. The final account balance is the funds remaining in your account as of the date of closing of the account, less fees incurred. If your account is closed in the middle of a statement cycle, such fees are estimated based on the highest amount of fees your account incurred for the previous six statement cycles. At the end of the first statement cycle subsequent to the closing, we will calculate the actual amount of fees that your account incurred between the last full statement cycle end date and the effective date of your account closing and, if the estimated amount exceeds the actual amount, we will refund you that excess amount by mailing you an official check as stated above. If your account is closed, you remain responsible for any transactions you previously arranged for, including those that arrive after your account is closed and any which the Bank returns unpaid. If your account balance is insufficient to pay applicable account fees and charges owed to us, you will continue to be liable to us for the unpaid amount and interest thereon until it is paid in full. Your obligations for transactions conducted prior to account closure will survive the closing of the account. Page 4 of 10

5 19. Setoff and Security Interest The law provides that we may, but are not obligated to, take funds on deposit in your account to satisfy a debt you owe us which is not paid when due. This is called the right of setoff. If we exercise this right of setoff, we will comply with all applicable laws and will notify you promptly of the action taken. To the fullest extent permitted by law, all funds in a deposit account are subject to our right of setoff for liabilities owed to us by: - any one or more of the account holders, including any other person who is a joint account holder; - any partnership, limited partnership, or limited liability partnership of which you are a general partner; - any limited liability company of which you are a member; or - any other person with whom you are a co-obligor, for whom you have agreed to act as surety or guarantor, or for whose debts you are liable or may be contingently liable. You grant us a security interest in your account as collateral for your present and future indebtedness to us. 20. Joint Account If your account is a joint account, the funds become the property of each joint account holder as joint tenants and we may pay the account to any joint account holder during their lifetime. We may honor withdrawal requests from any owner during the lifetime of all owners. We may honor withdrawal requests from the survivor(s) after the death of any joint account holder, but we may require a tax clearance from the appropriate state tax authority if release of the account balance is restricted by the state tax authority. If you are a non-u.s. resident, we may also require a Federal Transfer Certificate. We may treat the account as the sole property of the survivor(s) after the death of any account holder. Upon the death of any account holder, the survivor(s) agree to immediately notify us thereof. We will not be liable to any account holder for continuing to honor withdrawal requests from any other account holder unless we receive at our branch a written notice signed by an account holder not to pay checks or honor withdrawal requests by another joint account holder. After receipt of such notice, we may require written authorization of all joint account holders for any further payments or withdrawals. We may be required by service of legal process to remit funds held in a joint account to satisfy a judgment against, or other debt incurred by, any account holders. If your account is a joint account, any account holders may request us to (i) stop payment on a check drawn on the account, whether or not the person making the request to stop payment signed the check, and (ii) cancel a stop payment request, whether or not the person making the request to cancel made the request to stop payment. 21. Stop Payment We will not be responsible if we pay a check described in a stop payment request (and because of the payment of checks drawn on the account are returned for insufficient or unavailable funds) because the information you gave us is incomplete or incorrect or because the stop payment request is not given at a time and in such a manner as to afford us a reasonable opportunity to act on it before the check is paid. We will not be responsible if we pay a check more than 14 days after you have orally requested us not to pay it unless within the 14-day period you confirm your request in writing on a form used by us for that purpose. We will not be responsible if we pay a check more than six months after the request in writing not to pay it unless within the six-month period you renew your request in writing on a form used by us for that purpose. An instruction received by us through a telephone or computer accessed automated account information service provided by us to receive stop payment requests is a "request in writing on a form used by us for that purpose." Page 5 of 10

6 22. Limitation on Checks You Issue: Post-Dated This paragraph applies only if you open your account in California or Illinois. We may pay a postdated check unless you give us a "notice of postdated check." Even if you give us this notice, we will not be responsible if we pay a postdated check described in the notice (and because of the payment or certification other checks drawn on the account are returned for insufficient or unavailable funds) because the information you gave us is incomplete or incorrect or because the notice is not given at a time and in such a manner as to afford us a reasonable opportunity to act on it before the postdated check is paid. We will not be responsible if we pay a postdated check more than 14 days after you have orally given us a notice unless within the 14-day period you confirm your request in writing on a form used by us for that purpose. We will not be responsible if we pay a postdated check more than six months after the notice in writing not to pay it unless within the six-month period you renew your notice in writing on a form used by us for that purpose. We may pay the check on or before its date, even if you have given us a notice of postdated check. If you do not want the check to be payable on or after its date, you must give us a stop payment order. This paragraph applies only if you open your account in Florida or New York. You agree not to issue postdated checks. If, however, you do issue a postdated check, you authorize us to pay the check without regard to the postdating. 23. Limitation on Checks You Issue: Special Limitation You agree not to issue checks with a special limitation such as "void over $100" or "void after 90 days." If, however, you do issue a check with a special limitation, you authorize us to pay the check without regard to the special limitation. 24. Limitation on Checks You Deposit Without adequate evidence of the authenticity of preceding endorsement(s), we do not accept for deposit a check where one or more of the payees is not an owner of the account. Internal reviews are needed to review such evidence. 25. Credit We may in our discretion extend credit ("Credit") to you relating to a check, or other payment instruction, against insufficient or unavailable funds. Our extending Credit to you does not obligate us to extend Credit to you in the future. If we do extend Credit to you, you will immediately repay to us the amount of the Credit together with interest at the Prime Rate published in The Wall Street Journal from day to day plus 10%. In no event will the interest rate exceed the maximum allowed by law. If more than one Prime Rate is published in The Wall Street Journal on a given day, for that day the Prime Rate used will be the lowest Prime Rate published in The Wall Street Journal that day. If The Wall Street Journal ceases publication, the Prime Rate published in The New York Times will be used instead of the Prime Rate published in The Wall Street Journal. If your account is a joint account, each account holder is responsible for repaying the entire amount of the Credit together with interest irrespective of which account holder created the overdraft or drew against unavailable funds. If there is a written agreement concerning extensions of credit relating to your account, that agreement governs the credit we extend to you relating to a check, or other payment instruction, against insufficient or unavailable funds. If we (i) do not extend Credit, or do not extend sufficient Credit, on a business day to pay all of your checks received by us for payment that day and (ii) accordingly return unpaid one or more checks, we will determine which check or checks are paid and which check or checks are returned unpaid. Our practice is to pay the checks in numerical sequence. For example, assume an available balance of $100, and Check No. 101 for $60 and Check No. 102 for $70 are both received today. Also assume we do not extend Credit to pay both checks. We shall pay Check No. 101 before we pay Check No Accordingly, Check No. 102 will be returned unpaid. Page 6 of 10

7 26. Account Statement; Notification of Errors We will send you, by mail to the postal address reflected in our records, an account statement shortly after the end of each statement period. If you enroll into our paperless statement service via Leumi Online and elect to utilize the paperless statement service, we will notify you, using electronic mail at the electronic mail address you provided for this service as reflected in our records for the account, of the availability of your statement and other notices. Statements will be deemed delivered to you when they are made available through Leumi Online banking system. Regardless of the number of account holders, we only provide one statement or notice per account. Notification given to any one account holder is considered notification to all account holders and is considered delivered to you on the date we first place the statement or notice in the mail or the date that the electronic mail is sent, regardless of whether or not you receive it. You are responsible for making available all statements and other account information to all joint account holders, when applicable. You are responsible for promptly examining the account statement. If you believe the account statement contains an error, you agree to notify us in writing within 30 days after the date of the statement. If you do not notify us in writing within that time period, the account statement will be considered correct and binding on you. However, if you open your account in Illinois and the error is improper payment of a check over a properly lodged stop payment order, the notice of error must be received by us no later than 1 year after your receipt of the account statement showing payment of the check. 27. Legal Proceeding to Recover Payment No legal proceeding or action may be brought against us to recover payment of a check, or other payment instruction, which was not signed or otherwise authorized by you or which was altered, or a check which was not endorsed by a payee unless in the case of a check, or other payment instruction, which was not signed or otherwise authorized by you or which was altered, unless (i) we receive the written notice indicated in the preceding paragraph ( Account Statement; Notification of Errors ) within the prescribed time period. In the case of a check which was not endorsed by a payee, we must receive written notice within six (6) months after the date of the statement, and the legal proceeding or action must be commenced within one (1) year after the date of the statement. In the case of an unauthorized endorsement for an account opened in New York, Florida or Illinois (and, in the case of an improper payment of a check over a properly lodged stop payment order in an account opened in Illinois) the legal proceeding or action must be commenced within one and one-half (1.5) years. For an account opened in California, the legal proceeding or action for an unauthorized endorsement must be commenced within three (3) years. 28. Address Change; Notices You will notify us promptly of any change of address. Notices sent to you may be sent by ordinary mail addressed to you at your last address shown on our records. If your account is a joint account, notices sent to that address are effective notice to each of you. We will not provide hold mail service for your account. 29. Nontransferable Your account is nontransferable and nonnegotiable. Ownership of your account is transferrable only on our records and with our written consent 30. Escheatment If we do not have contact with you within the time period specified by applicable state law, all funds in the account will be escheated to the state and a claim by you for the funds can be made only to the appropriate state authority. Page 7 of 10

8 31. Amendments We may change the Account Terms, Fee Schedule, Funds Availability Disclosure or any other document that governs your account. We will give you notice of the change electronically or by mail by U.S. Postal Service or by posting notice in our branches as required by applicable law. 32. Legal Process You will pay us a processing fee for each legal process requiring us to restrain funds in, or pay funds from, your account. This fee is indicated in the Fee Schedule and reflects our cost of handling the legal process. We charge the fee to your account. In addition, if legal process requires us to produce information or documents concerning your account, to the extent we are not otherwise reimbursed, you will reimburse us for reasonable processing costs to produce the required information or documents and for any reasonable attorney costs incurred by us related to the legal process. We may charge these costs to your account or collect them from you directly if your account is closed. We will promptly notify you concerning legal process unless legal process compels us not to notify you. 33. Enforcement of Your Obligations You will reimburse us for all expenses incurred by us (including our reasonable attorney costs) in connection with our enforcement of any of your obligations. 34. Waivers We reserve the right to waive any of these terms in any specific instance, but the waiver will apply only to that instance. You will not be entitled to make any claim against us upon any promise, agreement, or act of any officer or employee of ours which is not in conformity with these terms. 35. Compliance with Law and Regulations You agree to comply with applicable laws and regulations. You may not use your account or related services for any illegal transactions or activity. If your country of residence or the principal place of business is not the United States or the Commonwealth of Puerto Rico, you, individually and/or on behalf your business, acknowledge that you are responsible for, and agree that you will comply with, all laws, regulations, and rules applicable to your accounts, products and services with us, including any tax, foreign exchange, or capital controls, and for all payments, reporting or filing requirements that may apply as a result of your country of citizenship, domicile, residence or jurisdiction of formation. 36. Tax Compliance and Conditions You are solely responsible for understanding and complying with your tax and other filing obligations with respect to your U.S and non-u.s. accounts in all countries in which those obligations may arise. You should consult a tax adviser for more information. You acknowledge and agree that, in order to comply with United States tax laws, the Bank may (i) disclose information about you and your account (including transactional information) to the United States Internal Revenue Service ("IRS"); (ii) request certain documentation (including IRS Forms W-8 or W-9) and additional information from you with respect to your account; (iii) withhold U.S. tax from your account or from payments made to you or your account; and (iv) close your account if you have not provided requested documentation or information. It is a condition of maintaining an account with, or receiving services from, the Bank that you appropriately report and disclose any and all tax related requirements or income tax and/or information reporting with respect to your relationship with the Bank in accordance with the requirements imposed in all jurisdictions in which these obligations arise, including in your home country. You further undertake to continue to remain in compliance with all tax and reporting obligations in the future with respect to your account at the Bank. In order to assure tax compliance, you agree to waive any and all data protection, confidentiality or secrecy rights or claims that you may have with respect to your data at the Bank should any question come from any competent tax authority, directly or indirectly, with respect to your account or any service provided by the Bank. Responsibility for tax compliance on this account and any services provided by the Page 8 of 10

9 Bank at all times remains with you. You further agree (i) not to hold the Bank liable for possible consequences that may result from the reporting of information as described herein; and (ii) to release the Bank from any claims in this respect. 37. Tax Forms If you are a U.S. person for U.S. tax purposes, U.S. Federal regulations require the Bank to obtain from you a completed IRS Form W-9 (or substitute form) containing your taxpayer identification number (Employer Identification Number or Social Security Number) and required certifications. If you are not a U.S. person, you must provide the Bank with a completed appropriate IRS Form W-8 and any other documentation requested by the Bank. If you do not give the Bank a valid Form W-9, W-8 or other requested documentation, the Bank may not be able to open your account. If your account is opened and the IRS subsequently notifies the Bank to withhold tax, or if your Form W-8 expires or becomes invalid due to a change in your tax status and is not replaced with a valid tax form or if withholding is otherwise required, the Bank will be required to withhold as tax a portion of the amount of interest or other income or proceeds paid into on your account whenever such amount is credited to your account. 38. Applicable Law; Jurisdiction and Venue; Jury Trial Your account will be governed by Federal law and, without reference to choice of law doctrine, the law of the State of New York. Any legal proceeding or action relating to your account, or arising out of or relating to these Account Terms, may be brought only in a Federal or State court in the County of New York, State of New York. You consent to personal jurisdiction and venue of such court. IN ANY LEGAL PROCEEDING OR ACTION RELATING TO YOUR ACCOUNT OR ARISING OUT OF OR RELATING TO THESE ACCOUNT TERMS, YOU WAIVE THE RIGHT TO A TRIAL BY JURY. 39. Substitute Checks A federal law, known as the "Check Clearing for the 21st Century Act" or "Check 21 took effect on October 28, This law provides for an instrument called a "substitute check.' A substitute check contains an accurate copy of the front and back of the original draft and bears the legend: "This is a legal copy of your check. You can use it the same way you would use the original check.' As noted in the legend, a substitute check is the same as the original draft for all purposes, including proving that you made a payment. Any paper item you issue or deposit that is returned to you may be returned in the form of a substitute check. Even if you have cancelled items returned with the statements for your account, the Bank may in its sole discretion with hold substitute checks there from. You agree that you will not transfer a substitute check to the Bank, by deposit or otherwise, if the Bank would be the first financial institution to take the substitute check, unless the Bank has expressly agreed in writing to take it. III. Additional Terms Applicable to Specific Accounts Additional Terms Applicable to Commercial Checking This account does not pay interest. There is a monthly service charge. There is an activity charge for each debit and credit to the account. An earnings credit may be earned which may be applied against the monthly service charge, activity charges, and fees incurred for selected services if your average monthly collected balance, less required reserves, equals or exceeds the amount indicated in the Fee Schedule. The "average monthly collected balance" is the daily balance of the account, less the sum of the unavailable items, divided by the number of days in the month. It is determined at the end of each month. Page 9 of 10

10 Additional Terms Applicable to Commercial Checking Plus The current interest rate and annual percentage yield are indicated on the Rate Schedule. Interest is compounded daily and credited to your account on the last business day of the monthly statement period. If you close your account before interest is credited, you will not receive the accrued interest. We use the daily balance method to calculate interest. This method applies a daily periodic rate to the principal in the account each day. By law, we must reserve the right to require 7 days advance notice prior to making withdrawals. This product is available only for sole proprietorships, eligible non-for-profit organizations, governmental units, and certain fiduciaries (e.g., executors) if all the beneficiaries are individuals or are otherwise eligible. Limited Commercial Checking This account does not pay interest. There is a monthly service charge. An earnings credit may be earned which may be applied against the monthly service charge, activity charges, and fees incurred for selected services if your average monthly collected balance, less required reserves, equals or exceeds the amount indicated in the Fee Schedule. The "average monthly collected balance" is the daily balance of the account, less the sum of the unavailable items, divided by the number of days in the month. It is determined at the end of each month. This product is available only for trusts and/or accounts of limited transactional activity. Additional Terms Applicable to Commercial Money Market Accounts The current interest rate and annual percentage yield are indicated on the Rate Schedule. Interest is compounded daily and credited to your account on the last business day of the monthly statement period. If you close your account before interest is credited, you will not receive the accrued interest. We use the daily balance method to calculate interest. This method applies a daily periodic rate to the principal in the account each day. A maximum of six preauthorized transfers of funds from this account (including checks drawn by you payable to third parties) are permitted in any one statement period. The date of payment will determine compliance with this limit. If you exceed this limit more than once, we may (i) change your account to a Commercial Checking Account, or (ii) terminate the transfer privileges for your account. By law, we must reserve the right to require 7 days advance notice prior to making withdrawals. For Further Information... If you have any questions or concerns, please visit our branches, contact Leumi Client Services at , or visit leumiusa.com. Page 10 of 10