General Account Information
Annual Percentage Yield: The interest we will pay you using the interest rate and frequency of compounding for your account, assuming your funds remain on deposit for 365 calendar days.
Daily Periodic Rate: The interest rate divided by 365 days (366 days in a leap year).
Daily Balance Method: For interest bearing accounts, the balance in your account on which we calculate interest.
Interest Compounding: Interest is compounded daily. Interest will compound from the date of deposit to the last full day before the date of withdrawal using the daily balance method. Interest is calculated for each day by multiplying the balance of the principal in the account that day times the daily periodic rate based on the interest in effect for that term. Interest begins to accrue no later than the business day the non-cash deposit is deposited to your account.
Minimum Balance Requirements: A minimum balance fee, as indicated in the account descriptions, will be imposed every month that your account falls below the average daily balance. We use the average daily balance method to determine minimum balance fees. The average daily balance is calculated by adding the principal in the account for each day in the period and dividing that figure by the number of days in the period.
New Jersey Consumer Checking
Limitations: A deposit of $50 is required to open this account. Account holders are entitled to ten (10) checks paid from their account per statement cycle at no charge, each additional check paid will be assessed a fee of $0.50.
Interest Rate and Annual Percentage Yield: This is a non-interest bearing account.
Account Fees: A $3.00 monthly maintenance fee applies. There may be fees for other services associated with this account. For a list of fees, please refer to our Fee Schedule.
Account Closing: If you wish to close your Deposit account with the bank, you agree to notify us in writing. After an account is closed, we have no obligation to accept deposits or honor withdrawals, but may do so at our discretion. Account closing requests may be presented in person, by fax or by mail to:
ISN Bank457 Haddonfield Road, Suite 100Cherry Hill, NJ 08002Attn: Account ClosingFAX: 856.317.1319
Limitations: A deposit of $1 is required to open this account.
Interest Rate and Annual Percentage Yield: Your interest rate and Annual Percentage Yield are based on the daily balance maintained in your account. The current interest rate and APY for each balance tier are listed in the Free Interest Checking Account Interest Schedule. You will earn interest on the entire balance in the applicable tier. We may change the interest rate at our discretion. We may change the interest rate at any time. Interest is compounded daily and credited to the account monthly.
Account Fees: There may be fees for other services associated with this account. For a list of fees, please refer to our Fee Schedule.
Account Closing: If you wish to close your Deposit account with the bank, you agree to notify us in writing. After an account is closed, we have no obligation to accept deposits or honor withdrawals, but may do so at our discretion. Account closing requests may be presented in person, by fax or by mail to:
ISN Bank457 Haddonfield Road, Suite 100Cherry Hill, NJ 08002Attn: Account ClosingFAX: 856.317.1319
Limitations: A deposit of $1 is required to open this account. Federal regulations require us to limit the number of preauthorized, automatic, or telephone transfers (including fax or electronic data transfer) and check, draft, or debit card withdrawals from this account to six (6) per statement cycle. Each additional transfer from this account and/or each excess check paid in a statement cycle will be assessed a $15 charge. Excessively exceeding the transfer limits may result in your account being converted to an account that permits more frequent transfers.
Interest Rate and Annual Percentage Yield: Your interest rate and Annual Percentage Yield are based on the daily balance maintained in your account. The current interest rate and APY for each balance tier are listed in the Money Market Account Interest Schedule. You will earn interest on the entire balance in the applicable tier. We may change the interest rate at our discretion. We may change the interest rate at any time. Interest is compounded daily and credited to the account monthly.
Account Fees: There may be fees for other services associated with this account. For a list of fees, please refer to our Fee Schedule.
Account Closing: If you wish to close your Deposit account with the bank, you agree to notify us in writing. After an account is closed, we have no obligation to accept deposits or honor withdrawals, but may do so at our discretion. Account closing requests may be presented in person, by fax or by mail to:
ISN Bank457 Haddonfield Road, Suite 100Cherry Hill, NJ 08002Attn: Account ClosingFAX: 856.317.1319
A $20 closing fee applies if the account is closed within 180 calendar days of the account opening.
Limitations: A deposit of $1 is required to open this account. Federal regulations require us to limit the number of preauthorized, automatic, or telephone transfers (including fax or electronic data transfer) from this account to six (6) per statement cycle. Each additional transfer from this account will be assessed a $15 charge. Excessively exceeding the transfer limits may result in your account being converted to an account that permits more frequent transfers.
Interest Rate and Annual Percentage Yield: Your interest rate and Annual Percentage Yield are based on the daily balance maintained in your account. The current interest rate and APY for each balance tier are listed in the Statement Savings Account Interest Schedule. You will earn interest on the entire balance in the applicable tier. We may change the interest rate at our discretion. We may change the interest rate at any time. Interest is compounded daily and credited to the account monthly.
Account Fees: There may be fees for other services associated with this account. For a list of fees, please refer to our Fee Schedule.
IRA Provisions: IRA’s are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see your IRA Agreement or your tax advisor for additional information.
Account Closing: If you wish to close your Deposit account with the bank, you agree to notify us in writing. After an account is closed, we have no obligation to accept deposits or honor withdrawals, but may do so at our discretion. Account closing requests may be presented in person, by fax or by mail to:
ISN Bank457 Haddonfield Road, Suite 100Cherry Hill, NJ 08002Attn: Account ClosingFAX: 856.317.1319
A $20 closing fee applies if the account is closed within 180 calendar days of the account opening.
Fixed Rate Certificate of Deposit (“CD”)
Limitations: The minimum balance required to open a CD, earn interest and obtain the disclosed Annual Percentage Yield is $10,000 for terms less than six (6) months and $1,000 for terms of six (6) months or greater. No additional deposit will be permitted after the date of the original deposit.
Maturity: The term for each CD is specified on the certificate.
Interest Rate and Annual Percentage Yield: All rates are fixed for the term of the certificate from the date of deposit. Interest is compounded daily and credited to the account quarterly, unless alternative distribution is chosen.
Withdrawal of Principal: There is penalty for withdrawal of principal before the stated maturity date. The penalty is equal to one half (1/2) of the interest for the term of the CD, earned or unearned. Penalty will be assessed based upon the portion of principal withdrawn. Early withdrawal penalties may be waived in the event of death or legal incompetence of any of the account holders as shown on the Bank’s records.
Withdrawal of Interest: Interest earned and credited to the account may be withdrawn; however, in order to earn the Annual Percentage Yield, interest must remain in the account until the stated maturity date. A withdrawal will reduce earnings.
Renewal Policy: All CDs will be renewed automatically on the maturity date for the original term at the rate being offered on the maturity date. There is a seven (7) calendar day grace period after the maturity date during which time funds can be withdrawn with no penalty. If the account is closed not more than seven (7) calendar days after maturity, the account holder shall forfeit earning accrued during the grace period. If the same term is not available, the bank reserves the right to utilize the next closest term.
IRA Provisions: All IRA’s are subject to limitations and/or penalties imposed by the Internal Revenue Service. Please see your IRA Agreement or your tax advisor for additional information. IRAs must be for a term of one (1) year or longer. Interest distributions are bank imposed penalty free; all other distributions are subject to the bank imposed early withdrawal penalty shown on the certificate regardless of the age of the Account Holder. There is a seven (7) day revocation period for IRAs. If the account is closed not more than seven (7) calendar days after maturity, the account holder shall forfeit earning accrued during the grace period. One (1) through ten (10) year IRA terms interest rates and Annual Percentage Yields are identical to the Certificates of Deposit.