Terms and Conditions

1. Agreement Acceptance

By opening an account with Nexus Bank ("Bank," "we," "us," or "our"), you ("Account Holder," "Customer," "you," or "your") agree to be bound by these Terms and Conditions, our Privacy Policy, and any additional agreements governing specific services. This agreement governs all deposit accounts, loans, credit facilities, and banking services provided by Nexus Bank.

2. Account Opening and Eligibility

2.1 Eligibility Requirements

• You must be at least 18 years old to open an individual account
• You must provide valid government-issued photo identification
• You must provide a valid Social Security Number or Individual Taxpayer Identification Number
• You must provide a physical U.S. address (P.O. boxes not accepted for primary address)
• You must pass our customer identification and verification procedures

2.2 Account Verification

We reserve the right to verify your identity, employment, income, and other information provided during account opening. We may use third-party services to verify information and may request additional documentation. Account privileges may be limited until verification is complete.

3. Deposit Account Terms

3.1 Account Types and Features

• Checking Accounts: Interest-bearing transaction accounts with unlimited check writing privileges
• Savings Accounts: Interest-bearing accounts designed for accumulating funds
• Business Accounts: Commercial accounts for business banking needs

3.2 Minimum Balance Requirements

• Checking Accounts: $25 minimum opening deposit, no minimum daily balance
• Savings Accounts: $100 minimum opening deposit, no minimum daily balance
• Business Accounts: $500 minimum opening deposit, $500 minimum daily balance

3.3 Interest Rates and Annual Percentage Yield (APY)

Interest rates and APY are variable and may change at any time without notice. Current rates are available on our website or by contacting customer service. Interest is compounded daily and credited monthly. Interest begins to accrue on the business day we receive credit for your deposit.

4. Account Access and Security

4.1 Online and Mobile Banking

• 24/7 access to account information and transaction history
• Bill pay services and account transfers
• Mobile check deposit with transaction limits
• Account alerts and notifications

4.2 Security Requirements

• You are responsible for maintaining the confidentiality of your login credentials
• You must notify us immediately of any unauthorized access or transactions
• We employ multi-factor authentication and encryption to protect your account
• You agree to use only secure networks when accessing your account online

5. Fees and Charges

5.1 Monthly Maintenance Fees

• Personal Checking: $0 monthly maintenance fee
• Personal Savings: $0 monthly maintenance fee
• Business Checking: $15 monthly maintenance fee (waived with $5,000 average daily balance)

5.2 Transaction Fees

• ATM withdrawals at non-Nexus Bank ATMs: $2.50 per transaction
• Overdraft fees: $35 per occurrence
• Wire transfers: $25 outgoing domestic, $45 outgoing international
• Stop payment orders: $30 per request
• Account research: $25 per hour (minimum 1 hour)

6. Funds Availability and Hold Policies

6.1 Check Deposits

• Local checks: $200 available immediately, remainder next business day
• Non-local checks: $200 available immediately, remainder available in 2-5 business days
• Large deposits over $5,000 may be subject to extended holds

6.2 Electronic Deposits

Direct deposits, ACH transfers, and wire transfers are generally available on the business day we receive the deposit. Mobile check deposits are typically available the next business day.

7. Overdrafts and Overdraft Protection

7.1 Overdraft Coverage

We may cover overdrafts at our discretion. Standard overdraft fees apply. You may opt out of overdraft coverage for ATM and everyday debit card transactions.

7.2 Overdraft Protection Services

• Transfer from linked savings account: $10 per transfer
• Line of credit protection: Interest charged on outstanding balance
• Overdraft protection plans must be established in advance

8. Electronic Fund Transfers (EFT)

8.1 Your Rights and Responsibilities

You have certain rights under Regulation E regarding electronic fund transfers. You must notify us within 60 days of your statement date if you believe there is an error or unauthorized transaction.

8.2 Liability for Unauthorized Transfers

• Report within 2 business days: Maximum liability $50
• Report within 60 days: Maximum liability $500
• Report after 60 days: Unlimited liability for unauthorized transfers

9. Account Closure and Termination

9.1 Customer-Initiated Closure

You may close your account at any time by providing written notice and returning all checks, debit cards, and access devices. You remain liable for all fees and charges incurred before closure.

9.2 Bank-Initiated Closure

We may close your account at any time for any reason, including but not limited to:

• Excessive overdrafts or returned items
• Failure to provide required documentation
• Violation of this agreement
• Suspicious or illegal activity
• Business or risk management reasons

10. Dispute Resolution

10.1 Arbitration Agreement

Any dispute arising from this agreement shall be resolved through binding arbitration rather than in court, except for disputes involving collection of debts owed to the Bank or seeking provisional remedies.

10.2 Class Action Waiver

You agree to resolve disputes with us individually and waive your right to participate in class action lawsuits or class arbitrations.

11. Death or Incapacity

Upon notice of an account holder's death or legal incapacity, we may freeze the account until we receive proper legal documentation. Joint account holders retain access to joint accounts subject to applicable law.

12. Changes to Terms

We may change these terms at any time. We will provide notice of material changes as required by law, typically 30 days in advance for deposit accounts. Continued use of services constitutes acceptance of changes.

13. Governing Law

This agreement is governed by federal law and the laws of the state where your account was opened. If any provision is found unenforceable, the remainder of the agreement remains in effect.

14. FDIC Insurance

Nexus Bank is a Member FDIC. Your deposits are insured up to $250,000 per depositor, per institution, per ownership category. For more information about FDIC insurance coverage, visit www.fdic.gov.

15. Customer Service and Contact Information

By opening an account with Nexus Bank, you acknowledge that you have read, understood, and agree to be bound by these Terms and Conditions.