How much money can I put in my account?
The maximum balance allowed in your Online Savings Account is $250,000. You will be precluded from adding funds to the Online Savings Account once the balance reaches $250,000. Interest earned will not count towards your maximum balance allowed and will continue to earn interest even if the balance with interest exceeds $250,000. If your Online Savings Account was opened prior to May 6, 2020, you will be “grandfathered” in and allowed to keep an excess of $250,000 in your account.
If you deposit funds that cause your Online Savings Account balance to exceed the applicable maximum deposit limits by greater than or equal to $1,500 (or such lesser amount as determined by the Bank in our sole discretion), you authorize us to return the full excess deposit balances to you via check, or, subject to applicable authorization requirements, via ACH Transfer or wire transfer. If we receive a wire transfer or ACH Transfer from you for deposit and the deposit would cause you to exceed the applicable maximum balance limits, we may, in our sole discretion, reject and return the wire transfer or ACH Transfer, in accordance with applicable requirements.