New York Codes, Rules and Regulations › Title 3 - BANKING › Appendices › Appendix 13

Current through Register Vol. 46, No. 28, July 10, 2024
(cf. Part 13)
ABOUT YOUR ACCOUNT
ANNUAL INTEREST RATE (AIR)
Your account earns interest at an annual interest rate of
				________%.
ANNUAL PERCENTAGE YIELD (APY)
If you leave your money on deposit for a full year, and leave
				the interest earned in your account, your account will earn an annual
				percentage yield of ________ % (________ % in leap year).
For example, if you deposit $100 on January 1 and don't
				withdraw any money until December 31, you'll earn $________.
PERIODIC PERCENTAGE RATE (PPR)
The periodic percentage rate is the rate applied on a daily
				basis to the principal amount on deposit in your account on that day. This rate
				computes the earnings you are entitled to on that day.
Each day, your account will earn ________ cents per
				$100.
HOW INTEREST IS CALCULATED
You earn interest every day on the amount of money in your
				account at ________ p.m. that day.
INTEREST IS PAID TO YOUR ACCOUNT
On the ________ day of every ________ (Dates: ________,
				________, ________, ________)
MINIMUM BALANCE
You must have at least $ ________ in your account in order to
				earn interest.
MINIMUM TIME
You must have a savings account with us for at least ________
				days in order to earn interest.
CHARGES FOR WITHDRAWALS
You may withdraw money from your account ________ times every
				________ without being charged. After that, you'll be charged ________ for each
				withdrawal.
GRACE PERIODS
You earn interest from the first day of the month on money you
				deposit during the first ________ days of the month.
You earn interest through the last day of the month on money
				you withdraw the last ________ days of the month.
OTHER CHARGES
If you don't deposit or withdraw money from your account for
				________ years, you'll be charged $ ________ a year until you deposit or
				withdraw money.
You will be charged $ ________ if a check you deposit is
				returned because of insufficient funds or because the person who wrote the
				check ordered payment to be stopped.
QUESTIONS YOU MAY HAVE
(1) WHEN ARE DEPOSITS CREDITED TO MY ACCOUNT?
Cash, money orders, certified checks and cashier's checks
				deposited before ________ p.m. Monday through Friday are credited the day you
				deposit them. Those deposited after 3 p.m., or on a Saturday, Sunday or bank
				holiday, are credited on the next banking day.
Checks from banks in New York City will be credited to your
				account within ________ business days after they are deposited. Checks from
				bank outside New York City will be credited to your account within ________
				business days after they are deposited.
(2) WHAT HAPPENS IF A CHECK I DEPOSIT IN MY
			 SAVINGS ACCOUNT BOUNCES?
We will mail the returned check to you with a statement of the
				balance in your account after the check was returned. You will be charged $
				________whenever a check you deposit is returned because of insufficient funds,
				or because the person who wrote the check ordered payment to be stopped.
(3) WHAT HAPPENS IF I DON'T MAKE
			 ANY DEPOSITS IN MY ACCOUNT OR PRESENT MY PASSBOOK TO THE BANK FOR POSTING OF
			 INTEREST (OR DIVIDENDS)?
If you don't deposit or withdraw money from your account or
				present your passbook to the bank for posting of interest (or dividends) for
				________ years, you will be charged $ ________ a year until you either deposit
				or withdraw money or present your passbook to the bank for posting of interest
				(or dividends).
If you don't deposit or withdraw money from your account or
				present your passbook to the bank for ________ years, the account will be
				considered abandoned and will be turned over to New York State. You may get the
				money back from New York State by ________.
(4) WOULD YOU REFUSE TO PAY ME THE MONEY IN
			 MY ACCOUNT FOR ANY REASON?
If you owe us money for any reason (on a loan, or on checks not
				yet paid), we'll withhold that amount from your account before we will allow
				you to withdraw any money.
By law, we may require you to tell us ________ days before you
				plan to withdraw money from your account.
(5) HOW CAN I CHECK THE INTEREST PAID TO MY
			 ACCOUNT TO MAKE SURE IT IS THE CORRECT AMOUNT?
Savings organizations should disclose all the information a
				  consumer would need to verify interest paid on an account, including the
				  periodic percentage rate, the period for which that rate was applied, and the
				  method used to determine the balance to which the periodic percentage rate was
				  applied.
Examples of model verification forms can be found in Check
				  Your Interest by Richard Morse, Morse Publications, 2429 Lookout Drive,
				  Manhattan, Kans. 66502.