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|Glossary of Financial Institution Terms/Fees|
|ATM Card||Card used primarily for withdrawing funds, depositing funds or making a
balance inquiry at an automated teller machine (ATM). It requires a Personal Indentification Number (PIN).
|ATM surcharge||The fee that the institution charges to non-account holders for use of its automated teller machines (ATMs).|
|Certified Check, Treasurer’s/Cashier or Other Official Check||A Certified Check, Treasurer’s, Cashier or other official check is drawn against deposited funds to pay a specified sum of money to a specified person on demand. These checks are considered as cash. Institutions may impose fees on both account holders and non-account holders for the purchase of official checks.|
|Check Deposit Return||The fee that is charged to an account holder if a check that is deposited in
the account is returned by the paying bank (because of insufficient funds, for example).
|Debit Card||A card with direct access to a customer’s financial account, usually a checking or savings account. It generally can be used to withdraw money from ATMs, and/or for retail purchases - where funds are almost immediately withdrawn from the customer's account. Some cards require a personal identification number; others require a customer's signature.|
|Fee Charged for Use of Other ATM||The fee that the institution charges its own account holders to use another institution’s ATM.|
|Fee Charged for Use of Your Own ATM||The fee that an institution charges its own account holders to use its own ATM.|
|Free Checks||Number of free transactions allotted to the described account on a monthly basis. If this limit is exceeded, the per-item charge is assessed. Account features may include an unlimited number of free transactions, a specific number or no free transactions.|
|Interest Rate (High/Low)|| The percentage of interest paid for money in the deposit accounts, without
regard to compounding, shown as an annual figure.
|Minimum Amount to Open||The minimum initial deposit required to open the account described.|
|Minimum Balance Required||The balance in the account from day-to-day must average this amount
when calculated. If the account balance falls below this amount you will be subject to the monthly charge and/or a stated per check fee.
|Money Order||A money order is similar to a check. It is used to pay bills or make purchases in cases where cash is not accepted.|
|Money Order Fee||Many institutions sell money orders for a fee. Institutions may impose separate fees on both account holders and non-account holders for the purchase of money orders.|
|Monthly or Annual Fee||The fee that the institution charges, to its own account holders, for the
ability to use their cards. This fee is charged on a monthly or yearly basis.
|Overdraft Fee||The fee that is charged an account holder for a check that is paid or honored when the available balance in the account is not sufficient to cover the amount of the check. This is called an overdraft and represents an extension of credit. An overdraft fee may also be called a nonsufficient fund (NSF) fee. A NSF fee is charged when a check drawn on an account with insufficient funds is not honored by the paying institution. The NSF fee is a processing fee to your account because of the cost to return the check.|
|Overdraft Protection||A checking account feature in which money from another account in your name is used to cover the transaction(s) if you don't have enough money in your checking account. This protection may or may not be free, but it usually costs less than an overdraft fee.|
|Per Check Fee (If Minimum Balance Maintained)||The fee charged to an account holder for each check written when the balance in the account meets the minimum required balance.|
|Per Check Fee (If Minimum Balance is Not Maintained)||
The fee charged to an account holder for each check written when the balance in the account does not meet the minimum required balance.
|Service Fee Per Month||The monthly fee that is charged to the account holder under the terms of
the account. Also called a maintenance fee. The bank might charge a fee each month just for having the account. You might also be charged a fee if your balance drops below the required minimum.
|Stop Payment Fee||A charge for a stop-payment order, which is a request by a customer that
the institution not pay a particular check previously written by the customer. The bank might not be able to catch the check before it is paid.
|OPRA is a state law that was enacted to give the public greater access to government records maintained by public agencies in New Jersey.||You will need to download the latest version of Adobe Acrobat Reader in order to correctly view and print PDF (Portable Document Format) files from this web site.|
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State of New Jersey
New Jersey Department of Banking and Insurance