Business Deposit Account Agreement

INTRODUCTION - This Business Deposit Account Agreement “Agreement” contains the terms and conditions that apply to business deposit accounts at North Shore Bank.  When you open an account, sign the signature card or deposit funds to or use an account with us, you agree to be bound by this Agreement. The headings in this Agreement are for convenience only and will not govern the interpretation of the provisions.   If any provision of this Agreement is found unenforceable according to its terms, all remaining provisions will continue in full force and effect. We may permit some variations from this Agreement, but we must agree to any variation in writing either on the signature card for your account or in some other document.  Other services, such as cash management services, are governed by other agreements.  In the event of a conflict between this Agreement and any other agreement that may apply to your Account, the terms of the other agreement will control.  Please read this Agreement carefully and keep it with your account records for future reference. 

Accounts for personal, family or household purposes are governed by our Consumer Deposit Account Agreement.  In order for us to open your Account, you hereby represent to us that your Account will be used only for a business purpose.

In this Agreement “you” and” your” mean the sole proprietor, corporation, partnership, trust, limited liability company or other entity that opens an Account with us for a business purpose.  “We”, “Us” and “Our” refer to North Shore Bank.

IMPORTANT INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT – To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you.  We may also ask to see your driver’s license or other identifying documents such as an unexpired government issued identification evidencing nationality or residence and bearing a photograph or similar safeguard. We will also ask you some account activity questions when you open your account with us. This will allow us to better understand your transaction activity and assist us with monitoring for fraud.  If you refuse to give us any identification information we request, we may decline to open the Account.

BENEFICIAL OWNERSHIP - Each time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number as well as identifying documents) for: Each individual that has beneficial ownership (25% or more); and, one individual that has significant managerial control, of the Legal Entity.

If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge. You agree to notify the Bank of any changes in beneficial ownership or managerial control.

OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION – These rules apply to your account depending on the form of ownership and beneficiary designation, if any, specified on the account records. We make no representations as to the appropriateness or effect of the ownership and beneficiary designations, except as they determine to whom we pay the account funds.

OUR COMMUNICATIONS WITH YOU - You agree that we (and our affiliates, agents, and contractors) may monitor or record any calls between you and us.  If we need to contact you to service your Account or to collect amounts you owe to us, you authorize us (and our affiliates, agents, and contractors) to contact you at any number (i) you have provided to us (ii) from which you called us, or (iii) which we obtained and believe we can reach you at.  You must notify us if any number you provided to us or at which we contact you with your consent or authorization changes or is no longer in use.  We may contact you in any way, such as calling, texting or email.  We may contact you using an automated dialer or using pre-recorded messages.  We may contact you on a mobile, wireless, or similar device, even if you are charged for it by your provider.

UNLAWFUL INTERNET GAMBLING ENFORCEMENT ACT (UIGEA) OF 2006 - The UIGEA, signed into law in 2006, prohibits any person engaged in the business of betting or wagering (as defined in the UIGEA) from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling.  The Department of Treasury and the Federal Reserve Board have issued a joint final rule, Regulation GG, to implement the UIGEA.

As defined in the UIGEA, unlawful Internet gambling means to “place, receive or otherwise knowingly transmit a bet or wager by any means which involves the use, at least in part, of the Internet where such bet or wager is unlawful under any applicable Federal or State law in the State or Tribal lands in which the bet or wager is initiated, received or otherwise made.”  The UIGEA and Regulation GG restrict certain transactions related to unlawful Internet gambling.

As a customer of North Shore Bank, these restricted transactions are prohibited from being processed through your account or banking relationship with us.  If you do engage in an Internet gambling business and open a new account with us, you are required to provide (a) such evidence as we may require to show that the Internet gambling business is lawful, such as a license issued by a U.S. State or Tribal authority that authorizes you to engage in an Internet gambling business  and (b) such evidence as we may require to confirm that the automated systems you use to engage in the Internet gambling business are reasonably designed to ensure that such business will remain within the licensed or otherwise lawful limits, including with respect to gambler age and location verification. We require written notification to the bank if your UIGEA status changes.

MEDICAL MARIJUANA - You represent to us that you do not own or operate a medical marijuana business. We require written notification to the bank if that status changes and reserve the right to close the account following that status change.

OPENING AN ACCOUNT - If you are a sole proprietor, you and any other authorized signers you designate must sign our signature card when you open an Account. Otherwise, the authorized signers you designate must sign our signature card when you open an Account. If you designate more than one authorized signer, each authorized signer must complete and sign our signature card.  You must provide evidence using a form acceptable to us of the designation of authorized signers by you if you are a sole proprietor or by your governing body if you are a business entity.  You must also complete or provide any other documentation we may require from time to time.  You must provide a taxpayer identification number and each sole proprietor and authorized signer must present identification acceptable to us at the time the Account is opened. We will obtain a consumer report from a consumer reporting agency on each sole proprietor and authorized signer at the time an Account is opened.  We may rely upon the documentation we have in our files regarding the identity of the authorized signers on your Account until you present appropriate documentation identifying other authorized signers.  If we do not obtain the information we need under our Customer Identification Program, we reserve the right to prevent you from accessing the funds in your Account until we obtain that information, and you agree we will not be liable to you if your check or other payment order is not paid during this time.  We will tell you in writing if we take this action. We reserve the right to close an account if our written request for information is not responded to.

Your signature card identifies who is authorized to make withdrawals, write checks, transfer funds, stop payment instructions, obtain ancillary services, and otherwise give us instructions regarding your account including but not limited to changing the address to which statements are sent, ordering a new supply of checks, requesting a Debit Card or closing an Account.  No authorized signer may remove or add the name of another authorized signer unless the resolutions designating the authorized signers specifically permit that authorized signer to do so.

You agree that if you elect to grant individuals access to your accounts via any service we offer to you such as Online Banking, Mobile Deposits or Remote Deposit Capture that are not signors on your account, that we can accept any transactions or instructions by those individuals as if they were authorized by you.

If you agree to our eSignature agreement, your electronic signature is the legal equivalent of your manual signature. You also agree and consent to the use of a key pad, mouse or other device to select an item, button, icon or similar act/action while using any electronic service we offer; or in accessing or making any transaction regarding any agreement, acknowledgement, consent, terms, disclosure or conditions, constitutes your signature, acceptance, and agreement as if actually signed by you in writing.

For business trusts you agree to provide us with the trust instrument, such as a declaration of trust or a certification of trust, the name and residential address of the account beneficiaries, and any other documentation we may require in a form satisfactory to us and to hold us harmless from and against any actions that we take or any trustee takes regarding the Account in reliance on such certifications or other documentation.  We have no duty to monitor or ensure that the acts of any trustee are for the use or benefit of the beneficiaries or are otherwise permissible under any trust instrument or applicable law.  You agree that we will not be liable if any trustee exceeds his or her powers or does not comply with applicable law. 

You represent to us that you and any or all of the authorized signers you have designated are not a person with respect to which a financial institution cannot perform any banking transactions because you or any such person has been listed by the federal Office of Foreign Asset Control (“OFAC”) as either a national of a listed country or an individual who has been designated as a Specially Designated National.  If we determine that you or any such person is now or hereafter becomes listed by OFAC, your Account will be blocked and no transactions may thereafter be permitted with respect to your Account.

You agree that you will not use the Account in connection with collecting or processing a bet or wager over the Internet in any manner, including in connection with a game of chance such as roulette or a card game such as poker or blackjack, unless we expressly grant prior written consent to such use of the Account which we may withhold in our sole discretion.  You further agree not to use the Account in connection with any illegal activity, such as money laundering or fraud.

You agree that you will not use the Account to process payments for third-party merchant clients without first providing such evidence as we may require to establish that you have effective processes for verifying your merchant clients’ identities and reviewing their business practices.  You also agree to comply with any reserve requirements for the Account we may establish from time to time to cover anticipated charge backs in connection with any such third-party payment processing activities.

If you use the Account in connection with any Internet gambling transactions or third-party payment processing activities authorized hereunder, you agree to allow us, or persons authorized by and acting on our behalf, reasonable access during normal business hours to inspect, review, examine and audit your books, records, procedures and facilities related to any such activity to evaluate compliance with all applicable laws, regulations and the terms of this Agreement.  You agree to reasonably cooperate with any such party in conducting examinations and audits, including exercising reasonable efforts to obtain relevant books and records of any third party engaged by you to provide services on your behalf in connection with any such Internet gambling transactions or third-party payment processing activities.

JOINT ACCOUNTS - We do not permit business Accounts to be joint accounts.  Two or more businesses may open an Account only if they have formed a corporation, partnership, trust, limited liability company or other entity to conduct a joint venture and provide us with a properly executed joint venture agreement designating the individuals to be the authorized signers for the joint venture’s Account.

RESERVE REQUIREMENTS – REGULATION D - For regulatory and accounting purposes only, your checking account will be divided into a checking sub-account and a non-transaction sub-account.  This will not affect the way you use your account, the interest earned, FDIC insurance, fees or charges.  Your monthly account statement will reflect all your activity on your checking account and will not display any information on the non-transaction sub-account.

LEGAL ACTIONS AFFECTING YOUR ACCOUNT – If we are served with a subpoena, restraining order, writ of attachment or execution, levy, garnishment, search warrant, or similar order relating to your account (termed “legal action” in this section), we will comply with that legal action. In these cases, we will not have any liability to you if there are insufficient funds to pay your items because we have withdrawn funds from your account or in any way restricted access to your funds in accordance with the legal action. Any fees or expenses we incur in responding to any legal action (including, without limitation, attorney’s fees and our internal expenses) may be charged against your account. Refer to our Business Account Fee Schedule for the list of fees applicable to your account(s) that we may charge for certain legal actions.

DEPOSITS - You may make additional deposits to any Account, other than a certificate of deposit by any means we may make available to you.  You may make deposits in person, through a night depository, by mail or at any North Shore Bank ATM that accepts deposits.  You may also arrange for deposits to be made electronically to your Account.  Deposits are subject to verification by us.  All items must be endorsed exactly as drawn, in black ink and must be contained on the back of the item, within 1½ inches of the trailing edge of the item.  The trailing edge is the left edge of the check when viewed from the front.  You will be liable for any losses or delays caused by nonconforming endorsements or by any other marks on the back of a deposited item that makes our endorsement or any other bank’s endorsement difficult to read.  We may supply missing endorsements on any item submitted for deposit to your Account. You agree not to deposit any item you have endorsed “without recourse.”  If you do, we may place your unqualified endorsement on the item.  We can then enforce against you any rights that an unqualified endorsement grants us.  We may also limit, refuse or return any item submitted for deposit to your Account for any reason we deem reasonable.

All checks and items deposited are received and credited by us subject to final collection. Electronically created checks are accepted for collection only.  In receiving items for deposit or collection we act solely as your agent and we assume no responsibility beyond the exercise of ordinary care.  Items deposited to your Account are subject to our Funds Availability Policy. If an item that you deposit into your Account is returned unpaid for any reason you agree that we have the right to charge the item back to your Account or to require a refund from you, plus applicable fees regardless of when the item was returned to us.  You agree to pursue any claim you may have against the payor or other collecting bank regarding the timing of the return of an unpaid item against that payor or collecting bank.   You authorize us to redeposit such returned items at our discretion, and in such cases you waive the right to notice of dishonor.

Unless you are a sole proprietor we may request that any check that is made payable to you be accepted for deposit only.

Checks deposited through Mobile Banking or Remote Deposit Capture must be endorsed exactly as drawn and include For “For Mobile Deposit Only North Shore Bank”.  The bank can refuse any remote or mobile deposit that is not properly endorsed.  We may let you know your deposit has been refused but we are not required to notify you and you agree we are not liable for loss resulting from our refusal.

You agree not to deposit at an ATM, by Mobile Banking or Remote Deposit Capture, or through any other means a check drawn on the same account into which the check is being deposited.  You also agree not to deposit by mail or ATM any item that is drawn on a foreign bank or that is not denominated in U.S. dollars.  Items drawn against a financial institution not located in the United States, whether payable in U.S. or foreign funds will be accepted on a collection basis only and may be provisionally credited to your Account but we are not required to do so.  Such provisional credit will not affect our right of charge back or set-off if the item is returned.  Your deposit of a foreign item will be subject to adjustment based on the applicable exchange rate and bank fees for collection of foreign items. The foreign currency exchange rate we apply to convert the proceeds into U.S. dollars is determined by us at our discretion and may be less favorable than the rate charged to us.

Funds deposited through an automated clearing house (ACH) or other electronic means are always provisional, are subject to the rules of the applicable ACH or other system, may be revoked prior to final settlement, and are subject to adjustment by the originator.

If we make available to you night deposit, bulk deposit, or coin and currency services, you agree to place your night deposit, bulk deposit, or coin and currency in a form of depository bag approved by us and to organize your deposit in a format according to our instructions.  You authorize us to open the depository bag in your absence, and credit the contents to your Account.  The contents of a depository bag shall not be treated as accepted by us for deposit until we have opened the bag and verified the contents.  Our count as to the amount and character of each such deposit shall be final and conclusive.  Credit to your Account shall be subject to adjustment based on our final count.  Items in the depository bag that are unacceptable for deposit will be held until claimed by you.  You agree that you use any night depository box at your sole risk.  We will not be liable for any loss of deposits before they are removed from the night depository box, nor for any loss resulting from removal of the night depository box from use.

If you truncate checks you receive for deposit into your Account, you warrant that you are transmitting all of the information from the front and back of the original check at the time of deposit. You may not create substitute checks for deposit to your Account without our express written agreement.  If you (or someone acting on your behalf) create a substitute check and deposit it in your Account, you agree that you will make all the representations and warranties to us with respect to that substitute check that are required to be made by a bank that transfers such a check, as provided in the Check Clearing for the 21st Century Act (“Check 21”), and you agree to indemnify us for any losses associated with the creation and deposit of such items.

WITHDRAWALS - Any person, acting alone, who has signed in the space designated for signature on the signature card(s) for the Account or who is identified in a separate agreement or resolution to have authority to access the Account may withdraw or transfer all or any part of the Account balance at any time by any means we make available to you.  If any such person makes a withdrawal in person we may require him or her to present identification acceptable to us and to use a form we have approved.

For purposes of withdrawal and other account matters, we may honor any check, draft or order signed by an authorized signer you have designated as provided herein, including such as may be drawn to the order of the person signing the same.  We have no obligation of inquiry as to the circumstances of the issuance or use, application or distribution of any instrument or the proceeds thereof.  Until revocation in writing is received by Bank, Bank shall be entitled to presume that the signatories listed designated by you remain authorized to sign checks, drafts, and other orders for the payment of money.

We may refuse any withdrawal or transfer request if the amount of the withdrawal would exceed the amount of funds available for withdrawal in your Account even if there are other funds in the Account not yet available for withdrawal. We may refuse a withdrawal or transfer request if any documentation or identification we requested has not been presented.  We may refuse a withdrawal or transfer request which you attempt on forms not approved by us, by any method we do not specifically permit, which is greater in number than the frequency permitted or which is for an amount greater or less than any withdrawal limitations.  We may also refuse a withdrawal or transfer request if (a) we have received a court order or other legal document that restrains either us or one or more of the owners of the Account from removing funds from the Account; (b) the withdrawal is not permitted by law; (c) there is a dispute concerning the Account; (d) you owe us money that is due and payable; (e) you have pledged the Account to us as security for a loan or have asked us not to permit any withdrawals to be made; or (f) our equipment is malfunctioning. 

The fact that we may honor a withdrawal or transfer request that overdraws the available Account balance does not obligate us to do so later (please refer to our Funds Availability Disclosure for information about when you can withdraw or transfer funds you deposit). Even if we honor a nonconforming request, we may treat continued abuse of the stated limitation (if any) as your instruction to us to close the Account.  We will use the date that the withdrawal or transfer request is completed by us (as opposed to the date you initiate it) to apply frequency limitations.

We reserve the right to require not less than seven days’ notice in writing before each withdrawal from a non-transaction Account other than a time deposit, or from any other savings account (as that term is defined by Regulation D of the Board of Governors of the Federal Reserve System).   Withdrawals from a time deposit prior to maturity or prior to any notice period may be restricted and may be subject to penalty including the loss of principal.

A telephone transfer of funds from your Account to another of your Accounts, if otherwise arranged for or permitted, may be made by the same persons and under the same conditions generally applicable to withdrawals made in writing.

The law permits us and we reserve the right to pay checks, items and electronic funds transfers in any order and we reserve the right to change the process at our discretion and without notice, subject to applicable law.

You agree that we may debit (charge) your Account for service charges and or fees, to make appropriate adjustments to your Account and for any item you deposit that is returned to us unpaid.

Transactions Made in Foreign Currency - (International Service Assessment)

If you use your debit card in a foreign country, the amount will be charged to your account in US dollars. The conversion will be made by MasterCard International Inc. Part of the MasterCard currency conversion procedure includes use of either a government-mandated exchange rate, or a wholesale exchange rate selected by MasterCard. The government-mandated exchange rate or wholesale exchange rate MasterCard uses for a particular transaction is the rate MasterCard selects for the applicable currency on the day the transaction is processed, which may differ from the exchange rate applicable on the date the transaction occurred or when it is posted to your account. We do not control the exchange rate or the date of conversion. MasterCard may also assess additional fees for transactions made outside of the U.S. which we do not control. We may also charge an International ATM/POS transaction fee.

CHECKS - You agree to make withdrawals from your checking or money market deposit account with check access using checks we have provided to you or that conform to our specifications.  You agree that you will use black ink when writing out a check, and that you will not use any checks that contain background designs, prints or colors that interfere with our or any other bank’s ability to produce a digital image of your check.  If you do, you will be responsible for any losses you or another person suffer because of the inability to produce a readable digital image of your check.

Once a check you have written is 6 months old, we may elect not to pay it.  If there is no stop payment instruction in effect when we receive the check for payment, however, we may elect to pay it.  We do not have to consult with you when making the decision whether to pay the check.

You agree not to place a date on any check that is later than the date on which you have written the check.  If you do and the check is presented to us for payment before the date written on the check, we may pay the check and will not be liable to you for paying the check.  We do not have to consult you when making the decision whether to pay the check.

We will not be bound by any restrictions you have placed on your checks such as “Void After 90 Days”, “Not Valid if Amount is Greater Than...” or “Two Signatures Required”. 

We do not bear the risk if you use signature facsimiles.  If you use a stamp or other device to imprint a facsimile of your signature on your withdrawal document you are responsible for the use of the stamp or device.  You agree that we may pay any payment order purporting to bear the facsimile signature of an authorized signer when such signature resembles a facsimile specimen designated by you regardless of by whom or by what means the actual or purported facsimile signature(s) may have been affixed to such payment order. 

You agree to safeguard your supply of checks, your Account numbers, your Debit Card and your personal identification numbers, passwords, and user access codes.

You agree that if you write a substantial number of checks each month, your failure to utilize any service we offer, such as Online Banking, whereby we or you can determine whether a check that is presented for payment was, in fact, issued by you constitutes your failure to exercise ordinary care under applicable provisions of state law.  This means that you will be responsible for unauthorized signatures and counterfeit checks in circumstances where we have met our standard of care.

OVERDRAFTS AND UNCOLLECTED FUNDS - If you write a check or other order or otherwise request a withdrawal from your Account, such as by using your North Shore Bank Debit Card or authorize a recurring payment or by other electronic means for more money than you have available for withdrawal from your Account, we may either permit you to withdraw the funds by complying with the payment order or we may refuse to honor the payment order.  We will not be liable to you if we choose to honor such a payment order.  If we honor your payment order, you agree to pay the amount of the overdraft immediately.  You may incur a fee for each payment order that is presented against your Account when you do not have sufficient available funds.

If we take any legal action to collect any amount that you owe us, such as filing a lawsuit, you will pay our reasonable expenses, including attorney’s fees.

STOP PAYMENTS - If you do not want us to pay a check you have written, you can instruct us to stop payment of your check by notifying us in person, by mail or telephone or any other method we may make available to you.  You cannot stop payment on a check if we have accepted, made final payment on or otherwise become accountable for the check, except to the extent required by law.  After you place a stop payment instruction on your check, we have a reasonable period of time to act on your stop payment instruction.  This means that even after you place a stop payment instruction, we may pay your check if we have not had a reasonable opportunity to honor your stop payment instruction. 

Your stop payment instruction takes effect when it is properly processed and remains effective for 6 months.  If you want your stop payment instruction to be valid beyond this 6-month period, you must give us a new stop payment instruction before the 6-month period expires.  If you do not give us a new stop payment instruction and your check is presented for payment after the expiration of the stop payment period, we may pay the item.  We are not required to notify you when a stop payment instruction has expired.

Your stop payment instruction must be received before your check is paid and must accurately describe the check by Account number, date of check, name of payee, amount and check number.  If you give us any inaccurate information, your stop payment instruction may not be honored.

You agree to hold us harmless for all expenses and costs incurred by us as a result of our honoring any stop payment instruction, and further agree not to hold us liable for any payment contrary to the stop payment instruction if such payment occurs through inadvertence, accident or oversight or upon failure to confirm an oral request in writing, even if by reason of such payment other items of yours are returned due to insufficient funds.  Notwithstanding anything herein to the contrary, if we fail to honor a proper and timely stop payment instruction, we will not be liable for more than your actual loss, which may be less than the full amount of the check. 

CERTIFICATE OF DEPOSIT ACCOUNTS - We will tell you the date on which your certificate of deposit Account matures when you open your Account.  We will send you a notice before your maturity date telling you your Account is about to mature and ask you to instruct us as to the disposition of your Account.  If we do not receive any instructions from you, your Account will automatically renew for the same term as your original Account (or the closest available term) at the interest rate in effect on the maturity date for certificate of deposit accounts with the same term. If you close your certificate of deposit Account early you may be assessed a penalty that could include the loss of principal. 

IOLTA ACCOUNTS - An “IOLTA” (Interest on Lawyer’s Trust Account) is an interest-bearing account for client funds on which you can draw checks, established in accordance with Massachusetts law or New Hampshire law.  All interest earned on an IOLTA in Massachusetts must be paid to an entity designated under rules adopted by the Massachusetts Supreme Judicial Court. All interest earned on an IOLTA in New Hampshire will be forwarded to the New Hampshire Bar Foundation to be used for charitable purposes. To establish an IOLTA account, you must execute a separate agreement authorizing the payment of interest to the applicable entity in accordance with the statutory provisions.

PROMPT EXAMINATION OF STATEMENTS REQUIRED - We will send you statements for your Account at our discretion.  We may not send you a statement if your statement is returned to us because you have changed your address or for any other reason.  We also may not send you a statement if the Account has been inactive.

Your statement will be sent to you by regular mail to the most recent address we have for you on our records for your Account.  We may also make your statements available to you in a manner acceptable to both of us.  When we place your statement in the mail or make it available to you as we have agreed, your statement will be deemed to be delivered to you.

You agree to examine your statement as soon as you receive it or we make it available to you. Unless we hear otherwise from you within 30 calendar days from the date we mailed the statement or otherwise made it available to you we will deem the statement and all transactions reflected therein, including the payment of any check, electronic transaction, or the amount of any deposit, to be accurate and proper, and you agree that you will not make any claim against us with respect to that statement or the transactions reflected on it after this 30 day period. We may also have other rights under applicable law even if you notify us within this 30-day period.

FREEZING YOUR ACCOUNT; CLOSING; CHANGING YOUR ACCOUNT - We reserve the right to place a hold on any of your Accounts if we become aware of a dispute or claim relating to any Account with us, if we reasonably believe that we may be exposed to a risk of loss relating to any such Account or if we reasonably believe that you have not complied with any term or condition of this Agreement.  We may leave the hold in effect until the dispute, claim, risk of loss or breach of this Agreement has been resolved to our satisfaction.

You or we may close your Account at any time for any reason.  We will not be liable to you for dishonoring any check or other payment order presented fo

r payment after you or we close your Account. If your account is closed for any reason by you or by us, you agree to immediately pay all fees and charges outstanding at the time that your account is closed.  Any such outstanding fees or charges that are not paid in full at the time your account is closed will remain due and payable to us after your account is closed.  Closing an interest-bearing Account may result in the loss of interest that has accrued since the last posting of interest to your Account. 

We reserve the right not to offer all types of Accounts at all times.  We may discontinue offering a type of Account at any time without notice.  If we do, we will send you a notice telling you that we have changed your Account type if the change adversely affects you or that we have closed your Account.

FEES AND CHARGES - Your Account may be subject to regular service charges as well as miscellaneous fees and charges.  These fees and charges are listed in our Business Account Fee Schedule, which is subject to change.  You agree to pay the fees and charges that apply to you.  We will deduct these fees and charges automatically from your Account without any specific request from you.

The fees and charges on certain types of Accounts may be reduced by an earnings credit calculated on the balances in the Accounts you have with us.  The earnings credit rate is set by us and may change at any time and we are not required to provide notice of the change.

EXPENSE REIMBURSEMENT - If you fail to pay an amount owed to us, you will be liable to pay any expenses reasonably incurred by us in the collection of said amount, including attorney’s fees.

You agree to be liable to us for any loss, cost or expenses, including without limitation reasonable attorney’s fees, that we incur as a result of any dispute involving your Account or any actions taken in good faith, to seek the advice of counsel, and you authorize us to deduct any such loss, cost or expense from your Account without prior notice to you.  This obligation applies to disputes between you and us involving your Account and situations where we become involved in disputes within your business and between your business and a third party claiming an interest in the Account.

SET OFF - We reserve the right to set-off, which means that under most circumstances, we have the right to use funds in any of your Accounts to pay any debts or amounts you owe us, even if the withdrawal results in an interest penalty or dishonor of subsequent checks or electronic transactions.  We are not required to tell you in advance when we debit your Account.  When we debit your Account we will notify you at that time and tell you how much was taken from your Account.

ABANDONED PROPERTY - Your Account is considered abandoned if it remains inactive for the time specified by applicable state law. We are then required by state law to turn the funds over to the state after applicable notices are sent to you.  To keep your Account active, you must make deposits to or withdrawals from your Account or communicate with us in writing about your Account.  These rules apply regardless of the type of Account you have with us.

ACCOUNT TRANSFER - The Account may not be transferred or assigned, except on the books of North Shore Bank, without our prior written consent.  You may not pledge or transfer the Account without our prior written consent.  This does not affect a transfer occurring by operation of law, such as upon bankruptcy or as the result of a court order.

ENFORCEMENT OF OUR RIGHTS - We can choose not to enforce or to delay in enforcing any rights under this Agreement without losing them in the future.

AMENDMENTS - We may change this Agreement at any time and we will notify you as required by law prior to the effective date of any such change that would adversely affect your Account.  We may provide this notice to you on or with your statement, by mailing the notice to you directly or by posting the notice in our branches or on our website. 

GOVERNING LAW AND VENUE; WAIVER OF JURY TRIAL - This agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Massachusetts, determined without reference to principles of conflicts of law.  You irrevocably submit to the nonexclusive jurisdiction of any state court sitting in Essex County, Massachusetts or federal court sitting in Massachusetts, over any suit, action or proceeding arising out of or relating to this Agreement.  Each party to this Agreement waives any objection it may have to the venue of any such suit, action or proceeding brought in any such court and any claim that the same has been brought in an inconvenient forum.


FUNDS AVAILABILITY POLICY - This policy statement applies to all deposit accounts.  Our policy is to make funds from your check deposits available to you on the first business day after the day we receive your deposit. Electronic direct deposit and cash deposits will be available on the day we receive the deposit. Once the funds are available, you can withdraw them in cash and we will use the funds to pay checks that you have written.

Please remember that even after we have made funds available to you, and you have withdrawn the funds, you are still responsible for the checks you have deposited that are returned to us unpaid (return deposit items) and for any other problems involving your deposit.

To determine the availability of your deposits, every day is a business day, except Saturdays, Sundays and federal holidays. On business days that we are open, the time that we stop accepting deposits in our branches for same day credit is 7:00 p.m. Thus, if you make a deposit with a bank teller before 7:00 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit after 7:00 p.m. or on a non-business day, we will consider that the deposit was made on the next business day we are open.

If you make a deposit at an ATM before 5:30 p.m. on a business day that we are open, we will consider that day to be the day of your deposit. However, if you make a deposit at an ATM after 5:30 p.m. or on a non-business day, we will consider that the deposit was made on the next business day we are open.

We will consider deposits made by mail or night depository to have been made on the business day on which we verify the amount of the deposit.

If we cash a check for you that is drawn on another bank, we may withhold the availability of a corresponding amount of funds that are already in your account. Those funds will be available at the time funds from the check we cashed would have been available if you had deposited it.

If we accept for deposit a check that is drawn on another bank, we may make funds from the deposit available for withdrawal immediately but delay your availability to withdraw a corresponding amount of funds that you have on deposit in another account with us. The funds in the other account would then not be available for withdrawal until the time periods that are described elsewhere in this disclosure for the type of check that you deposited.

Longer Delays May Apply – Funds you deposit by check may be delayed for a longer period under the following circumstances:

  • We believe a check you deposit 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 computer or communications equipment.

We will notify you if we delay your ability to withdraw funds for any of these reasons, 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 day of deposit.

FOREIGN ITEMS – Funds from the deposit of a check or other items drawn on a bank located outside the United States or payable in foreign currency are available when the funds have been collected. (Canadian Items whether US Dollar or Canadian Dollar are considered foreign).

PLEASE NOTE: This Funds Availability Disclosure does not affect our right under your Account Agreement with us to charge back to your account, or otherwise obtain a refund from you for any item that is not finally paid for any reason.