WSFS Bank Deposit Agreement: All You Need to Know
When opening a new account with WSFS Bank, it is important to understand the deposit agreement and what it entails. This article will provide you with all the relevant information about the WSFS Bank deposit agreement.
What is a WSFS Bank Deposit Agreement?
A WSFS Bank deposit agreement is a legal document that outlines the terms and conditions under which a customer can deposit funds into their account. It outlines the rights and obligations of both the bank and the account holder and serves as a binding contract between them.
What information is included in the WSFS Bank Deposit Agreement?
The WSFS Bank deposit agreement contains important information, including:
– Account ownership: The agreement specifies the name(s) of the account holder(s) and what type of account it is (checking, savings, etc.).
– Deposit methods: The deposit agreement outlines the various methods of depositing funds into the account, such as in-branch, ATM, or mobile check deposit.
– Funds availability: The agreement specifies when deposited funds will become available to the account holder.
– Fees and charges: The deposit agreement outlines any fees or charges that may be associated with the account, such as monthly maintenance fees or overdraft fees.
– Interest rates: If the account earns interest, the deposit agreement will specify the rate and how it is calculated.
– Account closure: The deposit agreement outlines the procedures for closing the account and any associated fees.
– Electronic banking: If the account holder plans to use electronic banking services, such as online banking or mobile banking, the deposit agreement will outline the terms and conditions associated with these services.
What are the important things to consider before signing a WSFS Bank Deposit Agreement?
Before signing a WSFS Bank deposit agreement, it is important to carefully read and understand the terms and conditions outlined in the document. Here are some things to consider:
– Fees and charges: Be sure to understand all the fees and charges associated with the account, as they can add up and ultimately affect your balance.
– Funds availability: Familiarize yourself with the bank`s policy on funds availability, as this can impact when you can access your deposited funds.
– Interest rates: If the account earns interest, be sure to understand the rate and how it is calculated.
– Electronic banking: If you plan to use electronic banking services, make sure you understand the terms and conditions that come with these services.
It is also important to ask the bank representative any questions you may have before signing the agreement to ensure that you fully understand all the terms and conditions.
In conclusion, the WSFS Bank deposit agreement is a crucial contract that outlines the terms and conditions associated with a customer`s account. It is important to review this document carefully to ensure that you understand all the rights and obligations associated with your account. By doing so, you can avoid any surprises and have a better understanding of how to manage your account effectively.
