ANNUAL PERCENTAGE YIELD AND ACCOUNT TERMS DISCLOSURE
October 16, 2024
Account must be funded within 90 days of opening. Accounts that are not funded within 90 days, or that at any time maintain a $0 balance for 90 days or more, will be subject to automatic closure.
Additionally, East West Bank reserves the right to automatically close any account that is overdrawn or otherwise not maintained in good standing, or for any reason in accordance with the terms of the Bank’s Deposit Agreement. Generally, accounts with an unresolved overdraft condition will be closed within 90 days of the overdraft date, but timing of the closure is solely at the discretion of the Bank. For additional information please refer to the Bank’s Deposit Agreement.
Requests to re-open an account that has been closed by East West Bank or the customer are subject to Bank review and approval. The Bank is under no obligation to honor a re-opening request, and not all accounts will qualify for re-opening.
No Monthly Maintenance Fee
Non-Interest Bearing
The Easy Digital Checking account and all related banking products and services are solely offered and provided by East West Bank. Deposit accounts opened and held at East West Bank, including those opened through BayaniPay using the SFC+ app, are combined and insured by the Federal Deposit Insurance Corporation (FDIC) under East West Bank.
By opening an Easy Digital Checking account with East West Bank through BayaniPay using the SFC+ app, you authorize East West Bank and BayaniPay to share information related to your Easy Digital Checking account, including sharing information with Seafood City Supermarket regarding purchases made at Seafood City stores using your Easy Digital Checking account Debit Card. See the East West Bank Privacy Notice for Consumers for additional information.
The Easy Digital Checking account is offered through BayaniPay, and made available, at their sole discretion, through the SFC+ app.
Additionally, qualifying individuals must be 18 years of age or older and a U.S. tax resident with a valid social security number. One account per customer. Additional identification and verification requirements may apply.
Check Imaging is a process of capturing, indexing, storing and retrieving electronic images of checks. Imaging systems replace the handling, distribution and storage of checks with electronic images. The images are retained by us for a period of seven years from the date of posting.
By using your account you agree to this procedure and authorize us to destroy the original items and check. You agree to allow any imaged document, or copy thereof, to serve as an original item for any and all purposes, including charging your account or determining the validity of any signatures or otherwise.
A Debit Card will NOT be automatically issued. If you would like to request a Debit Card you may request a card in the SFC+ app or through East West Bank's Online Banking Services, or by contacting East West Bank at (U.S.) +1.833.468.8356.
If requested, your Debit Card will be issued in your name and mailed to the address associated with your Easy Digital Checking account. For cards delivered to an international address, a shipping fee may apply. Please refer to the East West Bank Fee Schedule for additional details.
Your Easy Digital Checking account will be linked as the primary account that can be accessed using the Debit Card. By requesting an Easy Digital Checking account Debit Card, you agree to East West Bank and BayaniPay sharing information with Seafood City Supermarket regarding purchases made at Seafood City stores.
July 12, 2024
This Deposit Agreement Addendum amends and supersedes, where applicable, the Bank’s Deposit Agreement dated 6/1/2024 and applies specifically to accounts opened using the BayaniPay website or web application services.
Holds for Uncollected Funds / Delayed Funds Availability
Effective September 23, 2023
The below revised information amends the “Ability to Withdrawal Funds”, “Longer Delays May Apply” and “Special Rules for New Accounts” information contained in the Holds for Uncollected Funds / Delayed Funds Availability section of the Bank’s Deposit Agreement. All other information contained in the Holds for Uncollected Funds / Delayed Funds Availability section of the Deposit Agreement remains the same.
Ability to Withdrawal Funds - Generally, our policy is to make funds from your deposits available to you on the first business day after the day we receive your deposit, although specific account types, check types or deposit methods may be subject to delayed funds availability. Electronic direct deposits will be available on the day we receive the deposit. Once they are available, you can withdraw the funds in cash and we will use the funds to pay checks that you have written.
In many cases we will make the funds from your deposited checks available to you sooner than we are able to collect the funds from the paying bank, and it is possible for a check or other item to be returned to us as unpaid days, weeks or months after we have made the funds available to you. Please remember that even after we have made funds available to you, and you have withdrawn the funds, we have the right to reverse the credit for the deposited checks and/or you are still responsible for repaying us for any checks or other items you deposit or transmit to your account that are returned unpaid to us for any reason.
For determining the availability of your deposits, every day is a business day, except Saturdays, Sundays, and federal holidays. If you make a deposit in person at one of our branch locations before the close of business on a business day that we are open, we will consider that day to be the day of your deposit. If you deposit a check by Mobile Deposit on a business day before the Mobile Deposit service cutoff time, we will consider that day to be the day of your deposit. (For Mobile Deposit Business Day cutoff time information, please refer to the Mobile Deposit information in the applicable Online Banking Agreement.)
NOTE:
Generally, our close of business is 5:00 p.m. (local time zone), Monday – Friday, however most of our locations close at 6:00 p.m. (local time zone) on Friday. (Note: These times may vary by location.)
If you make a deposit into one of our automated teller machines before 3:00 p.m. (local time zone) on a business day we are open, we may consider that day to be the day of deposit. However, if you make any of the above-mentioned deposits after the cut-of time or on a day we are not open, we will consider that the deposit was made on the next business day we are open.
Longer Delays May Apply - In some cases, we will not make all of the funds that you deposit by check available to you on the first business day after the day of your deposit, including:
If we are not going to make all of the funds from your deposit available on the first business day, we will notify you at the time you make your deposit. We will also tell you when the funds will be available. If your deposit is not made directly to one of our employees, or if we decide to take this action after you have left the premises, we will send you a notice by the day after we receive your deposit.
If you will need the funds from a deposit right away, you should ask us when the funds will be available.
In addition, funds you deposit by check (including Mobile Deposits) may be delayed for a longer period under the following circumstances:
We will notify you if we delay your ability to withdraw funds for any of these reasons, and we will tell you when the funds will be available. They will generally be available no later than the seventh business day after the day of your deposit.
Special Rules for New Accounts – If you are a new customer, the following special rules will apply during the first 30 days your account is open.
Funds from electronic direct deposits to your account will be available on the day we receive the deposit. Funds from deposits of cash, wire transfers and the first $5,525 of a day’s total deposits of cashier’s, certified, teller’s, traveler’s and federal, state and local government checks, will be available on the first business day after the day of your deposit if the deposit meets certain conditions. For example, the checks must be payable to you. The excess over $5,525 will be available on the ninth business day after the day of your deposit. If your deposit of these checks (other than a U.S. Treasury check) is not made in person to one of our employees, the first $5,525 will not be available until the second business day after the day of your deposit.
Funds from all other check deposits will be available on the ninth business day after the day of your deposit.
NOTE:
The foregoing rules do not apply to deposits of foreign items (items drawn on or payable through or at an office of a depository institution not located in the U.S.).
New Account Funds Usage Limitations
Effective September 23, 2023
New accounts that are opened through our Mobile App or Online Banking service may be subject to certain access and usage limitations until the Bank’s new account fraud risk assessment has been completed. This fraud risk assessment hold may result in your initial funding deposit not being readily available for uses that may otherwise be generally permitted under the terms of the Bank’s Deposit Account Agreement or other agreements governing your account and services. Please refer to the Annual Percentage Yield and Account Terms Disclosure received at account opening for additional details.
State Law Applicability for Digitally Acquired Consumer Customers
Effective February 17, 2022
Accounts opened by consumers that become a Bank customer using the East West Bank mobile banking application will be established at a California location and be subject to California state specific laws, unless they used or entered an “invite link” provided by an East West Bank branch located in another state, in which case their account(s) will be established at that branch location and subject, where applicable, to that state’s specific laws as defined in the Bank’s Deposit Agreement.
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