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Deposit Account Agreement

Last Updated: 09/13/2024

We appreciate your choice to do business with us.

This Deposit Account Agreement is designed for both consumer and business accounts and constitutes your contract with RMO. The Agreement encompasses the following key documents:

  • The Consumer Account and Fee and Information Schedule ("Consumer Schedule") or the Business Account Fee and Information Schedule ("Business Schedule"),
  • Our interest rate sheet for accounts that bear interest,
  • Our privacy notice,
  • Any further disclosures, amendments, or additions we might provide.

In this Agreement, references to “RMO,” “Bank,” “we,” “us,” or “our” refer to RMO Bank, N.A. The terms “you” and “your” represent each account owner, authorized signers, and any others permitted to manage your account.

When phrases like “We may” or “RMO may” appear, they imply your authorization and agreement to those actions.

This Agreement is relevant to both new and existing accounts and supersedes all previous account-related agreements, whether they are oral or written. By signing an account application, or using your account and any of its services, all identified owners or authorized signers are agreeing to these terms.

We update this Agreement periodically, and it is your responsibility to ensure that all authorized signers are aware of the current terms. By maintaining your account after we modify this Agreement or conclude a fee waiver, you are accepting the changes. For reference, we advise keeping a copy of this Agreement, including any amendments we may issue, for the duration of your accounts with RMO. You can obtain the current version of this Agreement at wellsfargo.com, from your local branch, or by contacting us via the provided phone numbers. Please note that this document contains specifically defined terms that are crucial to understanding your commitments and rights under this Agreement. Some of these terms are defined in the sections where they are used, with more common definitions provided in the Glossary at the end of the document. Ensure you refer to the Glossary as needed when reviewing this Agreement.

Introduction

This Deposit Account Agreement ("Agreement") is between RMO Bank ("Bank," "we," "us," "our") and the account holder ("you," "your," "yours") who opens a deposit account. By opening and maintaining a deposit account with us, you agree to the terms and conditions outlined in this Agreement, as well as any related fees and charges provided to you in a separate fee schedule. This Agreement covers both Personal and Business Deposit Accounts.

Section 1: Types of Accounts

1.1 Personal Deposit Accounts

Personal Deposit Accounts are designed for individual use for personal, family, or household purposes. These include, but are not limited to, Checking Accounts, Savings Accounts, Money Market Accounts, and Certificates of Deposit (CDs).

1.2 Business Deposit Accounts

Business Deposit Accounts are intended for use by businesses for commercial, non-personal purposes. These include business checking accounts, savings accounts, and other deposit products tailored for business operations.

Section 2: Opening Your Account

2.1 Verification and Documentation

To open an account, you must provide us with the required identification and verification documentation as mandated by law, including, but not limited to, your Social Security Number (SSN) for personal accounts or Employer Identification Number (EIN) for business accounts. You also agree to provide additional documentation or information as reasonably requested by us.

2.2 Compliance with Laws

All accounts are subject to applicable laws and regulations. You agree to use your account in compliance with all applicable laws, including but not limited to, laws related to anti-money laundering and anti-terrorism financing.

Section 3: Deposits and Withdrawals

3.1 Making Deposits

Deposits can be made in person at our branches, via electronic transfers, direct deposits, mail, or through other methods we make available. Availability of your deposits may vary based on the method of deposit.

3.2 Withdrawals

You may withdraw or transfer funds up to the available balance in your account, subject to any notice periods and withdrawal restrictions associated with your account type. Certain transactions may be subject to limitations and fees as outlined in our fee schedule.

Section 4: Fees and Charges

You agree to pay all fees and charges associated with your account, as outlined in the fee schedule provided to you. Fees are subject to change at our discretion, and you will be notified of any changes as required by law.

Section 5: Account Statements

You will receive periodic statements for your account, either electronically or by mail, showing the account activity. You agree to promptly review your statements and notify us of any errors within the time frames specified in your statement.

Section 6: Amendments and Alterations

We reserve the right to amend or alter this Agreement and any associated fees and charges at any time. Changes will be communicated to you in accordance with applicable law.

Section 7: Termination of Account

Either party may close the account at any time for any reason, subject to the completion of pending transactions and the payment of any outstanding fees or charges.

Section 8: Governing Law

This Agreement and your deposit account are governed by federal law and, where applicable, the laws of the state in which our bank is located.

Section 9: Dispute Resolution

Any disputes arising under this Agreement or regarding your account shall be resolved through binding arbitration, in accordance with the rules of a nationally recognized arbitration organization, or through court proceedings.

This Agreement represents the complete understanding between RMO Bank and the account holder regarding deposit accounts. By opening and maintaining a deposit account with RMO Bank, you acknowledge that you have read, understood, and agreed to the terms and conditions set forth in this Agreement.

For clarification or more details regarding this Agreement, please contact RMO Bank Member Service.