Disclosures

This Spring Bank Truth in Savings Disclosure contains information about Spring Bank deposit accounts available only to online consumers via www.spring.bank. Your account is also governed by Spring Bank Terms and Conditions.

Interest Rates and Annual Percentage Yields (APY) – The interest rates and the annual percentage yields on the accounts about which you have inquired are shown on the following chart. All rates shown (except the rates for certificates of deposit, which are fixed for the term of the account on the date the initial deposit is credited to the account) are variable rates that may change at any time at the discretion of Spring Bank. There are no limitations on the amount by which the Bank may change the rate on any account. The interest rate of Certificate of Deposits will be determined by the rate in effect when funds are deposited to the account. The day the initial deposit is received sets the interest rate and the rate will not be adjusted for additional deposits that may be credited to the account after the initial deposit is received and credited to the account.

When Interest Begins to Accrue – Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).

Compounding and Crediting Interest – Interest is credited and compounded daily. Interest will be credited to the account at the end of the month.  In the case of Certificate of Deposits, the annual percentage yield assumes that interest remains on deposit until maturity. A withdrawal of interest will reduce earnings.

You must maintain a minimum average daily balance to obtain the disclosed annual percentage yield. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Balance Computation Method – We use the average daily balance method to calculate interest on your account. This method applies a periodic rate to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

Limitations on Transactions

Green Checking account is a checkless account; checks are not issued for this account product. You can use online banking, Bill Pay service or our POP Money service (Pay Other People) to easily transfer funds to other individuals. You can also use our debit card, which provides access to over 15,000 surcharge-free ATMs across the country through the MoneyPass networks and Citi Bank branch ATMs.

Savings, Youth Savings, Club accounts, Money Market: During any monthly cycle you may not make more than 6 withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instructions, computer transfer or by check, draft, debit card or similar order to a third party. If you exceed the number of withdrawals, you will incur a $5.00 fee per transactions exceeded.

Transactions at ATM and Point of Sale (“POS”) terminals may be subject to limitations on amount or frequency imposed under the “Automated Teller Machine and Point of Sale Transactions” section of your Terms and Conditions.

Certificate of Deposits: No deposits are permitted after the initial deposit. Withdrawals may be subject to penalties. Refer to the Withdrawal of Principal and/or Interest section of this disclosure for details.

Information on your Certificate of Deposit, including interest rate, APY, balance, available balance, current year’s interest, accrued interest and maturity date can be viewed through Spring Bank Online Banking at www.spring.bank or by calling us at 718-879-5000.

Interest Payments: Interest payments are credited to your certificate of deposit monthly.

Withdrawals of Principal and/or Interest: The Annual Percentage Yield (APY) assumes principal and interest will remain on deposit until maturity. Any early withdrawals prior to maturity may reduce earnings.

The following penalty will be imposed for withdrawals of principal, interest, or both before the maturity date of a certificate of deposit:

**The interest penalty is calculated based on the amount withdrawn.  Imposition of a penalty may result in reduction of principal.

Early withdrawal penalties may be waived for withdrawals if the certificate of deposit is part of an IRA, Keogh, or 401K plan and the depositor reaches age 59 ½ or is disabled, or in the case of depositor’s death.

Renewal Policies:  Unless you instruct the Bank otherwise or the Bank notifies you of its election not to renew your account, the Certificate of Deposit will be renewed automatically at maturity for the same term at the interest rate in effect on the maturity date. There is a 10-day grace period after the maturity date to withdraw funds without being charged a penalty. If you or the Bank elects not to renew the account or if you withdraw all your funds during the grace period, no interest will be paid for the period between the maturity date and the date of withdrawal. The annual percentage yield, maturity date and information regarding your account are reflected in the renewal notice you will receive.