TRUTH-IN-SAVINGS DISCLOSURE
FEE INFORMATION
PLEASE REFER TO THE CURRENT COMMON FEATURES CONSUMER FEE SCHEDULE FOR ADDITIONALINFORMATION ABOUT APPLICABLE FEES AND CHARGES THAT MAY BE IMPOSED ON THE PRODUCT YOU OPEN.
CHECKING ACCOUNTS
FREE CHECKING
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – No maintenance service charge fees will be charged on this account regardless of the balance maintained.
FREE REDUCED CHECKING
(Massachusetts Only)
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – No maintenance service charge fees will be charged on this account regardless of the balance maintained.
Miscellaneous Information – If you are a Massachusetts resident and are age 18 or younger or age 65 or older, then you are entitled, upon request, to one checking account with certain service charges at a reduced rate. Other service charges will continue to apply. To qualify, you must submit proof of age and be the sole or primary (first listed) Account Owner. If you do not meet the above age requirements, your account will be changed to a Free Checking product. Notification will be sent to you 30 days in advance prior to product change.
GPS CHECKING
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – No maintenance service charge fees will be charged on this account regardless of the balance maintained.
Miscellaneous Information – If the requirements of the account are met, you will not incur any non-Berkshire Bank ATM Inquiry or Withdrawal fees and any ATM surcharges that were charged will be credited.
To qualify for No ATM fees and surcharge credits, each qualification period (monthly statement cycle) you must:
Use your Berkshire Bank debit card for a minimum of 15 purchases. Qualifying transactions are measured for items posted to your account for the monthly period beginning the first business day of the statement cycle through the last business day of the statement cycle; and Utilize eStatements.
If you qualify, we will credit all non-Berkshire Bank ATM surcharges at the end of your monthly statement cycle.
Your surcharge (non-Berkshire Bank ATM fee) credits may be reportable to the IRS on Form 1099-MISC. If you do not qualify, you will NOT receive a credit of these surcharge fees and you will be charged for any non-Berkshire Bank ATM Inquiry or non-Berkshire Bank ATM Withdrawal transactions you have during your monthly statement cycle.
HEALTH SAVINGS ACCOUNT (HSA)
Rate information – Your interest rate and Annual Percentage Yield may change.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – Interest will be compounded every month.
Interest will be credited to your account every month.
Minimum balance to open the account – There is no minimum balance requirement to open this account.
Minimum balance to avoid imposition of fees – A maintenance service charge of $3.50 will be imposed every month if the balance in the account falls below $1,000.00 any day of the monthly calendar period.
Minimum balance to obtain the Annual Percentage Yield disclosed – There is no minimum balance to obtain the Annual Percentage yield Disclosed.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
MyFREEDOM CHECKING
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – No maintenance service charge fees will be charged on this account regardless of the balance maintained.
Miscellaneous Information – Berkshire Bank’s discretionary overdraft service, Courtesy Paysm, is not available. Account not eligible for check writing, Online Bill Pay checks may be honored on a discretionary basis.
NOW CHECKING
Rate information – Your interest rate and Annual Percentage Yield may change.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – A maintenance service charge of $7.00 will be imposed every statement cycle if the balance in the account falls below $750.00 any day of the monthly statement cycle.
Minimum balance to obtain the Annual Percentage Yield disclosed – You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed Annual Percentage Yield.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
ROYALTY CHECKING
(Offered in Central, Eastern MA and through our MyBanker and Private Banking Services)
Rate information – Your interest rate and Annual Percentage Yield may change.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – A maintenance service charge of $15.00 will be imposed every statement cycle if the lowest balance in your secondary combined deposit account(s) on any day of the monthly statement cycle plus the lowest balance in your primary deposit account on any day of the monthly statement cycle falls below $25,000.00.
Minimum balance to obtain the Annual Percentage Yield disclosed – You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed Annual Percentage Yield.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
Miscellaneous Information – You must be a primary OWNER of the qualifying combined deposit account. You will not incur any non-Berkshire Bank ATM Inquiry or Withdrawal fees and any ATM surcharge that were charged will be credited. Your surcharge (non- Berkshire Bank ATM fee) credits may be reportable to the IRS on Form 1099-MISC.
STUDENT CHECKING+
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – No maintenance service charge fees will be charged on this account regardless of the balance maintained.
Miscellaneous Information – To qualify for this account, the account owner must be under the age of 25. A parent or legal guardian who is at least 18 years old is required to be a joint owner on the account for account owners under the age of 18 (minor).
Berkshire Bank’s discretionary overdraft service, Courtesy Paysm, is not available. Account not eligible for check writing. Account owners under the age of 18 (minors) are not eligible for Online Bill Pay.
VALIANT CHECKING
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – No maintenance service charge fees will be charged on this account regardless of the balance maintained.
Miscellaneous Information – To qualify for this account, you must be an active, reserve, or retired Law Enforcement Officer, Firefighter, EMT/Paramedic, or U.S. Military personnel member. You must provide documentation to prove your First Responder / Military status. Law Enforcement Officers (LEOs) can use a valid ID card that states their name and title, a Pay Stub that shows their occupational title, or LEO Certification issued within the past 48 months.
Federal LEOs can use their SF-50. Firefighters can use an ID card with their name and title on it, a Firefighter Certification issued within the past 48 months, or an unexpired Membership Card. EMTs/Paramedics can use a State License, an unexpired EMT/ Paramedic Certification issued within the past 48 months, or an ID Card with their name and title on it. Retired First Responders can use a Retiree ID card, Retirement Certificate, etc. Active service members or veterans are those who have served for the full period in which they were called and honorably discharged, or those that were discharged early for a service-connected disability from the U. S. Military can present their DD-214 or NGB-22 to verify their Veteran status.
If the requirements of the account are met, you will not incur any non-Berkshire Bank ATM Inquiry or Withdrawal fees and any ATM surcharges that were charged will be credited.
To qualify for No ATM fees and surcharge credits, each qualification period (monthly statement cycle) you must:
1. Have at least one monthly direct deposit into the Valiant Checking account.
If you qualify, we will credit all non-Berkshire Bank ATM surcharges at the end of your monthly statement cycle. Your surcharge (non-Berkshire Bank ATM fee) credits may be reportable to the IRS on Form 1099-MISC. If you do not qualify, you will NOT receive a credit of these surcharge fees and you will be charged for any non-Berkshire Bank ATM Inquiry or non- Berkshire Bank ATM Withdrawal transactions you have during your monthly statement cycle.
MONEY MARKET ACCOUNTS
MONEY MARKET
Rate information – The interest rate and Annual Percentage Yield for your account depend upon the applicable rate tier. The interest rate and Annual Percentage Yield for these tiers may change.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account – You must deposit $1,000.00 to open this account.
Minimum balance to avoid imposition of fees – A maintenance service charge of $5.00 will be imposed every month if the balance in the account falls below $1,000.00 any day of the monthly calendar period.
Minimum balance to obtain the Annual Percentage Yield disclosed – You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed Annual Percentage Yield.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
SAVINGS ACCOUNTS
EXCITEMENT SAVINGS
Rate information – Your interest rate and Annual Percentage Yield may change.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account – You must deposit $10,000.00 to open this account.
Minimum balance to avoid imposition of fees – No maintenance service charge fees will be
charged on this account regardless of the balance maintained.
Minimum balance to obtain the Annual Percentage Yield disclosed – You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed Annual Percentage Yield.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Balance Cap Requirement – The maximum balance cap for the Excitement Savings account is $1,000,000.00.
Accrual of interest on non-cash deposits – Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
Miscellaneous Information – In order to qualify for this account, you need to open the account with funds that are not already on deposit in other accounts with us and have a Berkshire Bank checking account with an ownership relationship. Check writing is not permitted on account.
RETIREMENT SAVINGS
Rate information – Your interest rate and Annual Percentage Yield may change.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – No maintenance service charge fees will be charged on this account regardless of the balance maintained.
Minimum balance to obtain the Annual Percentage Yield disclosed – You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed Annual Percentage Yield.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
Transaction limitations – Individual Retirement Accounts (IRAs) are subject to the limitations and/or penalties imposed by the Internal Revenue Service. Please see your IRA Agreement or your tax advisor for additional information.
Miscellaneous information – A fee may be charged for withdrawals or transfer of funds from the bank. Please refer to our Common Features Fee Schedule for fee information. Check writing is not permitted on account.
STATEMENT SAVINGS
Rate information – Your interest rate and Annual Percentage Yield may change.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – A maintenance service charge of $5.00 will be imposed every month if the balance in the account falls below $250.00 any day of the monthly calendar period.
Minimum balance to obtain the Annual Percentage Yield disclosed – You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed Annual Percentage Yield.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
Miscellaneous Information – Check writing is not permitted on account.
STATEMENT SAVINGS REDUCED
(Massachusetts Only)
Rate information – Your interest rate and Annual Percentage Yield may change.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – No maintenance service charge fees will be charged on this account regardless of the balance maintained.
Minimum balance to obtain the Annual Percentage Yield disclosed – You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed Annual Percentage Yield.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
Miscellaneous Information – If you are a Massachusetts resident and are age 18 or younger or age 65 or older, then you are entitled, upon request, to one savings account with certain service charges at a reduced rate. Other service charges will continue to apply. To qualify, you must submit proof of age and be the sole or primary (first listed) Account Owner. If you do not meet the above age requirements, your account will be changed to a Statement Savings product. Notification will be sent to you 30 days in advance prior to product change. Check writing is not permitted on account.
TENANT SECURITY DEPOSIT ACCOUNT
Rate information – Your interest rate and Annual Percentage Yield may change.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – No maintenance service charge fees will be charged on this account regardless of the balance maintained.
Minimum balance to obtain the Annual Percentage Yield disclosed – You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed Annual Percentage Yield.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
Transaction limitations – Withdrawals from this account by preauthorized, automatic, online banking, telephone transfer, check, draft, or similar order to third parties are not permitted.
Miscellaneous information – This is an escrow account to hold funds for a tenant’s security deposit. Check writing is not permitted on account.
The following information is valid for Tenant Security Deposit account(s) opened in the state of Connecticut only:
The interest rate for this account is tied to the deposit index as determined by the CT Banking Commissioner. Effective each January 1st, the rate may change. The deposit index for each year is the national average rate paid on savings deposits by insured commercial banks last published by the Federal Reserve Board in November of the prior year. The new rate is published annually on the Connecticut Department of Banking website.
VALIANT SAVINGS
Rate information – Your interest rate and Annual Percentage Yield may change.
Frequency of rate changes – We may change the interest rate on your account at any time.
Determination of rate – At our discretion, we may change the interest rate on your account.
Compounding and crediting frequency – Interest will be compounded every month. Interest will be credited to your account every month.
Minimum balance to open the account – You must deposit $10.00 to open this account.
Minimum balance to avoid imposition of fees – No maintenance service charge fees will be charged on this account regardless of the balance maintained.
Minimum balance to obtain the Annual Percentage Yield disclosed – You must maintain a minimum balance of $10.00 in the account each day to obtain the disclosed Annual Percentage Yield.
Daily balance computation method – We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.
Accrual of interest on non-cash deposits – Interest begins to accrue on the business day you deposit non-cash items (for example, checks).
Miscellaneous Information – To qualify for this account, you must be an active, reserve, or retired Law Enforcement Officer, Firefighter, EMT/Paramedic, or U.S. Military personnel member. You must provide documentation to prove your First Responder / Military status. Law Enforcement Officers (LEOs) can use a valid ID card that states their name and title, a Pay Stub that shows their occupational title, or LEO Certification issued within the past 48 months. Federal LEOs can use their SF-50. Firefighters can use an ID card with their name and title on it, a Firefighter Certification issued within the past 48 months, or an unexpired Membership Card. EMTs/Paramedics can use a State License, an unexpired EMT/Paramedic Certification issued within the past 48 months, or an ID Card with their name and title on it. Retired First Responders can use a Retiree ID card, Retirement Certificate, etc. Active service members or veterans are those who have served for the full period in which they were called and honorably discharged, or those that were discharged early for a service-connected disability from the U. S. Military can present their DD-214 or NGB-22 to verify their Veteran status. Check writing is not permitted on account.
REV. 2/23