| The advantage of having your checking (transaction) account at Gibraltar |
- EFT/ACH/Draft/Check payment processing. We pay EFT/ACH items first, by order of smallest amount first, then Drafts and checks, by order of smallest amount first. Should an NSF condition occur, this allows for more items being paid and less NSF fees.
- On-line, real time processing. Transactions (Teller window and ATM) are posted to your account at time of transaction.
- Our business day, Monday thru Friday, is up to our actual branch closing. Transactions received at the Teller window, including Deposits, are posted and credited to your account that same day. Extended hours at Gibraltar means getting that late-in-the-day deposit posted and credited to your account that same late afternoon or evening to cover the check you wrote that may be clearing that same evening.
- We at Gibraltar recognize that on occasion you may make an accounting error in your check register which may result in an overdrawn or uncollected balance condition. We also recognize that you may find yourself inadvertently accepting a check from someone who has made this same error. As a courtesy to our customers we may waive the first charge back, NSF, or uncollected item FEE assessed by us per calendar year (one Fee waiver per calendar year). However, we will not be held liable for failing to waive such Fee on our own initiative (in the absence of your, our customer’s, request).
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| RED CARPET Checking Account Advantage |
- FREE 24/7 Access to Funds for Deposit and Withdrawal.
- FREE Basic Checks for life of account
- Red Carpet Checking PLUS Enjoys a Promotional rate fixed ( Guaranteed ) for an extended period of time.
- Competitively priced “after promotion” interest rates on a transaction account.
- This is an interest bearing transaction account. As a transaction account, an unlimited number of checks may be written or drafts drawn on this account to third parties
- This account is subject to Reg. CC - Expedited Funds Availability.
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| Eligibility |
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This is a consumer account. Natural persons and Estates may open this account.
You must be of contractual age to open a transaction account, 21 in the State of New Jersey. If you are under 21, but over 16 years old, you may be a joint accountholder with a parent or legal guardian as joint accountholder.
Sole proprietors, eligible non-profit, and public entities may also open this account, however funds may be transferred to a business interest checking account at a later date, with reasonable advance notice.
Partnerships and incorporated businesses are NOT eligible to open interest checking accounts. |
| 24/7 Funds Access |
| PC Online Banking - Inquiry and Transfers To/From accounts held by you at Gibraltar Accounts or at other Institutions |
FREE |
| Online Bill Pay - Pay bills online, one time and reoccurring scheduled payments |
FREE |
| Telephone Banking - Inquiry and Transfers to other Gibraltar Accounts |
FREE |
| ATM Access - Inquiry and Transfers To/From other Gibraltar Accounts. Deposits may be made at Gibraltar owned ATMS |
FREE at ANY ATM in USA |
| VISA® Debit Card Access - Inquiry and Withdrawals |
FREE |
| Account Features |
Minimum Initial Deposit to Open Account
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2,500.00 New Money |
| Basic Checks. Styles and color of Basic Checks are limited by the check vendor. If you wish other than Basic Checks, you may purchase these from our authorized check vendor at the current price. |
FREE for life of account |
| Account-Specific Fees |
| Monthly Account Service Fee |
0.00 waived |
Per Transaction Fees
| 0.00 waived |
| Interest and The Annual Percentage Yield ( APY ) |
Red Carpet Checking PLUS. Initial rate: You will be paid the initial rate published in the current rate sheet at time of account opening on all tiers for a guaranteed period of time (up until “the Fixed thru date”) as disclosed in the current rate sheet at time of account opening, but for no less than one month.
After the rate guarantee period, the interest rate for your account will become variable and at our discretion, we may change the interest rate on this account at any time without notice (“Variable Rate after Rate Guarantee”). The interest rate for your account will not be less than the rate paid on the Gibraltar NOW Account for the same earning balance. | See Current Rates |
| This is a Tiered-rate Account. The entire Current Principal Balance earns at the interest rate of the tier it falls within. This account has four Tiers: $2,500.00 - $9,999.99; $10,000 - $74,999.99; $75,000 - $99,999.99; and $100,000 and up. |
The highest Tier on this account does not necessarily yield the highest APY for this account. Higher balances may obtain a lower rate.
Minimum Daily Balance to Obtain MAXIMUM APY
Minimum Daily Balance to Obtain MINIMUM APY
The APY assumes interest will remain on deposit. A withdrawal of interest may reduce earnings.
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10,000.00
2,500.00
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Minimum Daily Principal balance required to accrue
Interest accrues daily. We use the daily balance method to calculate interest on your account, which applies a daily periodic rate to the Principal in the account each day.
Interest will not accrue on those days where the minimum balance falls below the required minimum balance to accrue.
Interest begins to accrue on the business day you deposit cash and non-cash items (for example, checks).
If you close your account before interested is credited, you will forfeit the interest accrued for that time period. | 2,500.00
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This is a Tiered-rate Account. Each day a daily periodic rate, determined by the Tier in which the Current Principal Balance falls, is applied on the entire Current Principal Balance. This account will not accrue on a balance that falls below the minimum daily balance of the lowest balanced Tier (the required minimum balance to accrue).
Minimum Daily Balance to accrue using a daily periodic rate corresponding to the MAXIMUM APY
Minimum Daily Balance to accrue using a daily periodic rate corresponding to the MINIMUM APY
For illustrative purposes the following example uses a four Tier account: Tier-1 is $2,500-$9,999.99 (minimum daily balance for Tier-1 is $2,500) for a rate of 1.69% and 1.70% APY; Tier-2 is $10,000 - $74,999.99 (minimum daily balance for Tier-2 is $10,000) for a rate of 2.28% and 2.30% APY; Tier-3 is $75,000.00 - $99,999.99 (minimum daily balance for Tier-3 is $75,000) for a rate of 2.06% and 2.08% APY; and $100,000 - and up (minimum daily balance for Tier-4 is $100,000) for a rate of 1.74% and 1.75% APY. On a $24,000 current principal balance, the entire $24,000 will accrue at the 2.28% rate for a 2.30% APY. This example also illustrates a higher tier paying a lower rate and APY.
| See Current Rates for Tiers applicable to this account
25,000.00
1,000.00 |
| Frequency in which Interest compounds and is credited |
monthly |
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| Account-Specific Limitations
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- New Money ONLY. Transfers from existing Gibraltar Savings Bank accounts excluded. New Money is defined as funds not previously on deposit with Gibraltar in the past 30 days. Funds withdrawn from existing accounts at Gibraltar and re-deposited within 30 days of withdrawal are NOT considered new money. In determining if funds are being re-deposited to the Bank, Gibraltar may aggregate withdrawals within the past 30 days that are: not payable to a third party, or payable to the account of the accountholder at another financial institution, or in cash, EFT, ACH, ATM, or cashier check to the accountholder.
- New Money Exception: Red Carpet Checking PLUS can serve as a linked account. At the discretion and authorization of a Bank manager, when opened for the purpose of serving as an eligible linked account, these may be opened with funds transferred from a matured Time account (personal CD or IRA) during the matured account’s grace period. Minimum balance requirement to retain linked account eligibility is specified in the disclosure of terms of the account that benefits from this account’s linked status.
- Qualifying Direct Deposit required. Eligible direct deposit payments include Payroll, re-occurring government payments such as Social Security, or a minimum of $1,000 automatically transferred from another financial institution on a regular monthly basis. A two month lapse in posting a Qualifying Direct Deposit to this account may result in the account being converted to a NOW Account without further notice.(see current NOW disclosure)
- Direct Deposit Exception:If you have an automatic payment from a Red Carpet Checking PLUS account to a Gibraltar Home Loan, we will waive the Qualifying Direct Deposit requirement.
- Requires timely review of the Account Statement for Unauthorized Use or Errors.
- Monthly Statements. We will send you monthly statements reflecting account activity, service charges and interest earned, if any. You have 10 days from the time we mail your statement to you to notify us of any errors, forgeries or alterations. See the Electronic Funds Transfer Disclosure for error handling on these items.
- Drafts or checks and deposit tickets used for this account must contain specific security features that are provided by the Bank's authorized check vendor. We may return unpaid any other form of draft or check.
- We may return unpaid any draft or check incompletely or defectively drawn.
- Insufficient ( NSF ) and Uncollected Funds. If you write drafts or checks for more than you have in your account, these items may be returned for insufficient funds. The same is true if the items are drawn on uncollected funds. We will charge your account a fee for each item presented in accordance with our current schedule of charges.
- Post Dated and Conditional Checks. If you date a check with a date later than the date you wrote it or put a condition for payment on it, we will not be obligated to honor your special instructions. We process checks when presented and assume no liability for payment or non-payment contrary to your special instructions. In addition, we will return any such item unpaid and charge the applicable fee should there be insufficient or uncollected funds when presented for payment.
- Stop Payments. If you do not want us to pay a check or draft that you have written or an ACH or automatic debit you have authorized, you can order us to stop payment on it. You can stop payment on an item by phone, in person or by mail. Your stop order takes effect when we record it on your account record. We will send you a confirmation form by mail. Oral stop orders will be removed after 14 days, and must be confirmed in writing to extend to six months. Written stop orders are good for 6 months only. You must place a new stop order every 6 months if you want us to continue to stop an item. We charge a fee for each stop order. Stop orders must include the account number, the item number, the name of the payee, and the date and exact amount of the item. We are not required to stop payment on your checks or drafts if they are certified or accepted, or if we have otherwise agreed to pay them.
Where there is differing language or contradictory terms in other documents relating to this account, the terms detailed in this document govern.
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| This Account is governed by the terms disclosed above and the following:
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General Terms for Deposit Accounts
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Other Fees Schedule - Consumers
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Privacy Notice 2007-12
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Expedited Funds Availability Act. Disclosure must be provided at account opening.
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Electronic Funds Transfer Act. Disclosure must be provided at account opening.
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VISA® Debit Card Application & Disclosure, if applying for a VISA® Debit Card.
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The Gibraltar NOW account
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