Important Notice of Changes to Your Deposit Account Contract

There are important changes coming to the Deposit Account Contract for your account(s) with Chelsea Groton Bank!

The following change will take effect on July 1, 2025:

Funds Availability Change

Today, Chelsea Groton may delay your ability to withdraw funds deposited by check into your account when the total of the checks exceeds $5,525 (see the Chelsea Groton Bank Funds Availability Policy as stated in the Bank’s Deposit Account Contract). Beginning July 1, 2025, this amount will be increasing to $6,725 to keep pace with inflation. As always, if the Bank delays availability of a deposit, you will be notified promptly.

The following changes will take effect on August 1, 2025:

Funds Availability Change

We’re increasing the number of days we may hold check deposits. Any check type not specifically listed on the Funds Availability Policy as being available in accounts the next business day, will be made available two business days after deposit, with $275 of the total being made available on the next business day.

Enhanced Clarity and Communication

We’ve added clarifying language and updated terminology to reflect current practices (see details below).
References to “charges” have been revised to “fees” for consistency. Please refer to the Schedule of Charges.

New Language

OWNERSHIP OF ACCOUNT AND BENEFICIARY DESIGNATION: A clause was added reserving Chelsea Groton Bank’s right to refuse certain forms of ownership or beneficiary designations unless prohibited by law.
CORRECTION OF CLERICAL ERRORS: A new section was added allowing Chelsea Groton Bank to correct clerical errors unless prohibited by law.
NOTICES: A statement was added about communicating via email as many account relationships have moved to electronic communication methods.
INTERNATIONAL ACH TRANSACTIONS: A new section was added about scrutinizing international ACH transactions (IATs) that Chelsea Groton Bank receives against the Specially Designated Nationals (SDN) list of the Office of Foreign Assets Control (OFAC).
CONFIDENCE BUILDER BANKING: A statement was added regarding overdrafts or NSFs.
DISCLOSURE REGARDING FINANCIAL EXPLOITATION OF SENIOR CITIZENS: A section was added to address Connecticut Public Act 23-161.
STOP PAYMENTS: A requirement was added that a request for a stop payment must be received prior to the transaction posting to the account.

Overall, these changes aim to enhance clarity, improve account management, ensure legal compliance, and modernize language.

If you’d like to receive a printed copy of the updated agreement or have any questions, please contact our Customer Care team at 860-448-4200, customercare@chelseagroton.com, or through an online video session, or stop by your nearest branch.

We’re thankful for your trust and loyalty to Chelsea Groton Bank.

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