Comprehensive Deposit Disclosure

Dear Valued Customer,

As a community bank with a mission to make every community that we serve better, we are sharing Key Terms under your Comprehensive Deposit Disclosure document in order to provide greater insight and transparency into how your account is managed. We are also pleased to announce that the Bank has reduced or eliminated several overdraft and non-sufficient funds (NSF) charges and fees.

The Comprehensive Deposit Disclosure document covers your account(s) with us. Your account(s) will be governed by this Disclosure, including how we agree to resolve disputes you may have with us, which now will be through arbitration. If you want to opt out of the ARBITRATION AND WAIVER OF CLASS ACTION provisions you must let us know by sending a rejection notice via certified mail to Bank of the Sierra, Attn: Process Operations, 86 North Main Street, Porterville, CA 93257 (“Rejection Notice”) within 30 days of account opening.  If your Rejection Notice complies with these requirements, the arbitration provision will not apply to you with respect to any claims that you or we commence in litigation or arbitration if we receive your Rejection Notice. Rejecting this arbitration provision will not affect your account(s) or other rights or responsibilities under this Agreement. Nor will it affect any other arbitration agreements between you and us, such as arbitration provisions in other contracts between you and us.  By continuing to maintain your account(s) with Bank of the Sierra, you accept and agree to, and will be covered and bound by the terms of the ARBITRATION AND WAIVER OF CLASS ACTION provisions. 

Continued use of your debit or ATM Card, writing of checks, ACH transactions, or online or mobile banking applications 30 days after account opening will be considered your approval and acceptance of these terms.

Key Elements of Your Deposit Disclosure

	CURRENT	NEW	EFFECTIVE
Non-Sufficient Funds (NSF) Fee1	$35	$0	7/1/22
Overdraft Fee2	$35	$35	No Change
Maximum Overdarft Charges Per Day	5	4	8/1/22
Sierra Overdraft Privilege (personal)	$750	$1,000	8/1/22
Sierra Overdraft Privilege (business)	$1,000	$1,250	8/1/22
Grace Limit3	$10	$35	8/1/22
De Minimus Limit4	$10	$10	No Change
Continuous Overdraft Fee5	$35	$0	8/1/22

 

1. A fee charged when an item is presented for payment on your account but you lack sufficient funds to cover it, and the Bank returns the item unpaid.
2. A fee charged when an item is presented for payment on your account but you lack sufficient funds to cover it, but the Bank pays the item for you.
3. No Overdraft fees will be charged until you have a negative available balance which exceeds $35.00.
4. You will not be charged a fee if the transaction amount is $10.00 or less.
5. The current continuous overdraft fee is $35 for an account in an overdrawn status for 10 consecutive days.

Additional Key Elements to Your Deposit Account

• We will not charge you a fee if you had a sufficient available balance at the time a debit card transaction was authorized even if you have an insufficient available balance when we pay the transaction as long as the authorization amount is the posted amount.
• The Bank looks to next day settling of certain “good funds” related to credits or deposits from debit cards before charging overdraft fees.
• Arbitration has been added to all customer deposit agreements. It includes a waiver of your right to bring and participate in class actions. It provides you the right to opt out.

You Have Choices

• You can review your current overdraft protection election on your Bank of the Sierra mobile or internet banking portal, call our call center, or visit a branch and talk to one of our helpful associates if you have any questions or would like to change your election at any time.

Thank You

We thank you for your business and look forward to serving you for many years to come!

-Bank of the Sierra Team

PERSONAL ACCOUNT DISCLOSUREBUSINESS ACCOUNT DISCLOSURE