Deposit Account Agreement

Important Information

This Deposit Agreement Disclosure (‘Disclosure’) consists of terms, conditions, regulations, and disclosures that apply to any kind of deposit account you have with us. Additionally, any other information on signature cards that you sign, transfer authorization executed and any other documents or notices executed and/or issued to establish and maintain your account will apply to administration of your account with us. The deposit relationship between you and BayVanguard Bank is primarily governed by the Disclosure and the other items mentioned above. But it is also governed by:

  • The laws of the state of Maryland
  • The laws of the United States of America
  • The rules and regulations of any banking supervisory authority that we are subject to
  • Recognized banking practices
  • The uniform commercial code
  • Our own banking policies

In addition to this disclosure, you have been provided a service charge summary and any other separate items that would be applicable to your account.


In this Disclosure, the words “you” and “your” mean the depositor. The words “we”, “our”, or “us” mean the financial institution. Unless it would be inconstant to do so words and phrases used in this Disclosure should be constructed so that the singular include the plural and the plural include the singular.

Your Agreement to the Information in this Disclosure

When you open a new account with us, the signing of a signature card indicates your agreement that the information in this Disclosure and on the back of your signature card (a copy of your card will be given to you when opening an account) will apply to your account. In case of you having an existing account with us, your account becomes subject to the rules and terms at the time they are published and posted in our savings brochure lobbies. Your action or inaction to allow the account to continue to exist with us will indicate your agreement that the information in the Disclosure will apply to your account. In the case of accounts where the closing of the account would cause a penalty, your agreement to the terms of this Disclosure will be deferred until after the day on which the penalty would no longer apply.


Your Promise to Pay

You promise to pay us any charges incurred on this account and agree that we may deduct these charges, when incurred, directly from your account balance. These charges may be for services you request which are not listed in the Disclosure or the separate fee schedule. You also promise to pay us for any expenses incurred due to attachment, garnishment, or levy upon your account. These may also be deducted directly from your account balance. You agree to be jointly and severally liable for any negative balance in your account (‘debt’) that would result from charges, or overdrafts, whether caused by you or any other person authorized to withdraw from your account. This would include cost we incur to collect the amount of the negative balance including, to the extent permitted by law, our reasonable attorney’s fees. This debt may be charged to any account solely in your name as well as the name of others.


Governing Law

If any provisions of this Disclosure are found to be in conflict with any federal, state, or local law or regulation, those provisions will be nullified to the extent that they are inconsistent with the law or regulation and the account terms will be interpreted consistently with applicable law or regulation, and all remaining terms will remain in full force. If a conflict arises between oral and written information furnished to you, this Disclosure will prevail. Terms which are typed, handwritten or stamped by us, will control any inconsistent printed terms.


Required Identifications

Personal identification is required to open all new accounts, for all cash back transactions and for large cash deposit and withdrawal transactions. New account customers must provide their social security number and/or tax ID number on the written verification forms in accordance with current IRS regulations.


Automated Teller Machine (ATM) Deposits

Our debit card allows you to make deposits at your convenience to the account you selected on your debit card application. Deposits are subject to our verification of the amount enclosed in the ATM deposit envelope. Please refer to the Regulation CC Funds Availability Disclosure given to you for our cut off times for determining when an ATM deposit is considered to have been made. Debit card withdrawals are subject to limited amounts.

Notice of Withdrawal

We reserve the right to require at least 7 days prior written notice before accepting any withdrawals or transfers from an interest bearing account. We will then pay all withdrawals requested in accordance with such methods and procedures as to amounts and allotments of fund for such purpose as is required by law. We can only do this if we require the same notice from everyone having accounts of the same kinds.

Ledger Balance and Collected Balance

Ledger Balance: This is the total of all credited deposits, plus interest paid, less any withdrawals and any miscellaneous charges applied against your account. We use the ledger balance to decide if your account meets minimum and average balance requirements. We use the ledger balance to calculate any interest your account may earn or to place holds on your account.

Available Balance: This is the total of credited cash deposits and non-cash deposits for which the times set in the funds availability schedules in the check clearing process have passed, plus interest paid less any withdrawals and service charges and fees imposed. We use the collected balance to decide whether funds are available for withdrawal.

Restrictive Ledger: We are not required to honor any restrictive legend on checks you write unless we have agreed to the restriction in writing signed by an officer of the financial institution. Examples of restrictive legends are “must be presented within 90 days” or “not valid for more than $1,000.00.” An unpaid check or other item often is returned after the times set by funds availability schedules have passed. We will charge your account or obtain a refund for items returned unpaid, which may, in our discretion, include interest credited to your account related to those items.

Savings Withdrawal Bank Checks

Our bank checks may be purchased at the lobby teller windows during our normal lobby hours. Bank checks will not be issued through the drive-up windows. For closeout transactions, the following bank checks must be made payable as the account is titled: corporations, partnerships, formal trust/ guardianships, organizations and estates.

If a stop of payment is requested, the account holder must complete our stop payment order form. Stop payment orders are only accepted for lost, stolen, or forged checks. Non-payment of the check must be confirmed before a replacement check is issued. We may require customers to provide payment bond prior to issuing a replacement check.

Domestic Wire Request

Requests to wire funds from your account require prior written authorization. All wire requests must be received by 2pm, Monday through Friday, for same day processing. We will make a reasonable effort to process your wire request on a same day basis. However, there may be circumstances that prevent the immediate processing of the wire.


We are not obligated to pay an item which is presented if your account does not contain sufficient (available) collected funds. We request that you do not process ATM/Debit transactions which overdraw your account. You agree to pay the amount of an overdraft, together with any non-sufficient funds fees immediately on demand. Our payment of any item which causes an overdraft on one or more occasion does not obligate us to allow such overdrafts on any future occasion. We have no obligation to notify you before we return any item because of insufficient funds. If you have a joint account, each of you agrees to be responsible for repayment of overdrafts and service charges caused by items written by you or any other joint owner.


Post-Dated, Stale-Dated, or Overdraft Checks

You agree not to date a check later than the date that you will write it. We are not responsible if we charge an otherwise properly payable, but post-dated check against your account before the indicated date. We are not required to pay any item presented more than (6) months after its date; however, we may do so in good faith. You agree to hold us harmless for paying any stale, post-dated or overdraft check and agree to reimburse us for any loss suffered because of such payment made in good faith.


You may transfer funds between your accounts with us or to a third party as described below. Transfers will only be processed if the full amount of the transfer is available as collected funds in the account. No transfer transactions are allowed to or from a Certificate of Deposit unless it’s an opening deposit, a transaction at maturity, or as a closeout transaction. Fees may apply as outlined in our Services Fee Schedule.

Transfer between accounts can be made in person or by mail through our savings branch office by presenting a withdrawal and deposit ticket.

Preauthorized Electronic Funds Transfer

Federal Banking Regulations restrict the number of electronic transfers that can be made each month on Money Market Accounts. The total of transfers that can be made from any money market account to third parties or to your other accounts with Bay-Vanguard Federal Savings Bank is not to exceed six (6) per month including pre-authorized electronic transfers, transfer by Bank Check and telephone transfers. For further information regarding electronic funds transfers refer to Regulation E (Electronic Funds Transfer)

Telephone Transfer

Funds may be transferred from one Bay-Vanguard Federal Savings Bank account to another by telephone request only if specific authorization, including a personal transfer code is on file. The accounts that are specified to be transferred between must have identified account ownership. Telephone transfers are subject to verification as we determine necessary. Telephone transfers may be made Monday through Friday from 9:00 a.m. to 4:30 p.m. Telephone transfers will be posted within one business day and will be reflected on your monthly statement.

ATM Transfers

You may make transfers via an ATM using your Debit card. These transfers will be between accounts that you have specified on your Debit card application. We do not limit the dollar amount or frequency of ATM transfers; however, there may be dollar amount limitations set at individual ATM machines. The effective date of these transfers is determined by the cutoff time applicable to the ATM used.

Statement Entries

You are responsible for promptly examining your statement each statement period and reporting any irregularities to us. Each account statement will be considered to correctly reflect your transactions, such as deposits, withdrawals, credits, refund, imposition of fees, interest or dividends, and other additions and subtractions to your Account, unless you notify us in writing within certain time limits after the statement that incorrectly reflects your transactions is made available to you. We will not be liable for a any check that is altered or any signature that is forged unless you notify us within Thirty (30) calendar days after the statement and the altered or forged item (s) are made available. Also, we will not be liable for any subsequent items paid, in good faith, containing an unauthorized signature or alteration by the same wrongdoer unless you notify us within Ten (10) calendar days after the statement and the first altered or forges items were made available. You must report any other Account problem including encoding errors, and errors involving additions or subtracting (debits and credits) not otherwise covered herein, including electronic transactions not covered by Electronic Fund Transfer Act, within Sixty (60) calendar days. If the suspected account problem involves a substitute check that you receive, you may (under some circumstances) be entitled to make a claim for expedited refund. Such a claim may be subject to different notification timeframes. See the Substitute Check Policy Disclosure (if applicable) for further information. If we truncate your checks, you understand that your original checks will not be returned to you with your statement. You agree that our retention of checks does not alter or wave your responsibility to examine your statements or change the time limits for notifying us of any errors.

If You Lose Your Statement Savings, Certificate of Deposit or Checks

If your statement savings, certificate of deposit, or checks are lost, stolen, destroyed or leave your possession without your authorizations, you must notify us immediately. All withdrawal activity will be suspended pending receipt of duly executed affidavits. We will issue a new certificate only after affidavits are on file signed by all authorized signers on the account. We are entitled to a reasonable period of time after you notify us of your loss of any items for us to notify our employees.

Stop Payments

You can request us to stop payment of checks which you have written. You can do this in writing or by telephone. To do this, you must give your account number, date and amount of the check and the name of the payee. If the information given to us is not correct, or if you fail to give us any other reasonable information requested regarding an item, we will not be responsible if we are unable to stop payment. We reserve the right to take up to 24 hours to determine whether a stop payment order can be executed. The order is ineffective if at any time of its receipt, we have already cashed the items or if we have otherwise become legally obligated for its payment.

Oral requests to stop payment must be confirmed in writing within 14 days or we may no longer honor them. Written and properly confirmed oral requests will be effective for six months, but renewals in writing may be made. You will be charged the applicable fee for the stop payment request at the time of the request. Each renewal stop payment will be treated as a new request and another fee will be charged. You agree to hold us harmless and indemnify us for any and all expenses and liability which we may incur if we pay an item on which you have requested a stop payment, provided we have exercised ordinary care. You also agree that if we return any other item drawn by you (or do not make a requested transfer) due to insufficient funds, where the situation is caused because we have paid an item (or made a transfer) on which you have requested a stop payment, you will not hold us liable for such action provided we have exercised ordinary care in executing your stop payment order. A stop payment order will be accepted from any owner of a joint account no matter who signed the check and written notification may be sent to all other owners. If you are issued a bank check from us, you do not have the right to stop payment on a third party. A revocation of a stop payment order is not valid unless in writing and delivered to us. Only the person who originally placed the stop payment order can revoke it. If we recredit your account after paying a check over a valid and timely stop payment order, you agree to do two things: (1)you will transfer to us all of your rights against the payee or other holder of the check, and (2) assist us if we take legal action against that person later on.

Power of Attorney

We may, at our discretion, permit the depositor’s use of power of attorney for some transactions. A power of attorney form must be notarized if it is not executed in the presence of an official of our institution. If there is more than one account owner, we may require consent of all account owners to your appointment of an attorney in fact. We may continue to rely upon this power of attorney authorization until we receive: (1) written revocation of the authorization; (2) actual notice of death of the account owner; (3) a court order regarding the incompetency of the account owner and appointment of a guardian.

If You Owe Us Money—Right of Offset

The Law gives us the right to offset, in certain instances, your property in our possession, including but not limited to, deposit accounts. This means that if you ever owe us money as a borrower, guarantor, or otherwise, and the obligation of debt becomes due, we have a right under this disclosure (by which you grant us security interest in your deposit account) to use the money from your account to pay the debt. We shall have the right even if withdrawing the money results in an interest penalty. Our right to offset is automatic and superior. You acknowledge and agree that this right of offset may be exercised with respect to your property in our possession against any sums you owe to us or our successors.

We also have the right to offset against any of your joint accounts (regardless of who placed the funds in these accounts) at any time without notifying you in advance to pay any debt which is due by you or any joint tenant. In addition, we also have the right to offset against any of your tenants by the entireties accounts to pay any individual debt which is due that you owe to us. Further, we also have the right to offset against any of your partnerships or joint venture accounts (regardless of who placed the funds in these accounts) or for any amount your firm or any partner of any joint venture owes us.

Inactive Account

An account is considered inactive if you do not make a deposit or withdrawal for a period of two year on transaction accounts (checking, NOW, or Money Market accounts) or for passbook and statement savings accounts. We reserve the right to assess fees against inactive accounts as permitted by law and stated in our Service- Fee Schedule.

Dormant Account

All deposit products will be considered dormant if you do not make a deposit or withdrawal for a period of 3 years. We reserve the right to not accrue, compound or pay interest while your account is dormant.

Escheatable Accounts–

When the State Claims Funds in Your Account

Under Maryland law, all funds remaining in an account may become the property of this state after the account has been inactive for 4 years and notice is sent to the depositors last known address. This account will be considered inactive for the purpose of being escheatable after four years, if the owner has not (1) increased or decreased the amount in the account; (2) presented the passbook or other similar evidence of the account for the crediting of interest; (3) written to this financial institution about the account or (4) otherwise indicated an interest in the account as evidenced by a memorandum on file with this financial institution.

Decedent Accounts

If the owner of an account dies and no beneficiaries have been named on the account’s signature contract, letter of administration and certified copy of the death certificate must be presented to us by the person authorized to make withdrawals before the funds will be released. If the decedent’s account has a named beneficiary, the beneficiary must present a certified copy of the death certificate, plus proper identification, before funds can be released.

Withholding on Your Account

Interest earned on your account may be subject to withholding for federal income tax if we receive notice from the IRS or you fail to provide us with your correct tax ID number.

Account Obligations and Fees

You agree to pay us any fees or charges incurred on this account and agree that we may deduct these charges when due directly from your account balance without prior notice to you. Fees for frequently requested services are found in our Service Charge Summary and Regulation DD Disclosure. These charges may be for services you request which are not listed in this Disclosure or the separate Service Charge Summary. You also promise to pay for any expenses incurred due to the attachment, garnishment, levy, subpoenas or legal claims related to your account. These may also be deducted directly from your account balance. You agree to be jointly and severally liable for any negative balance in your account (“indebtness”) that would result from charges or overdrafts, whether caused by you or any other person authorized to withdraw from your account. This would include our reasonable attorney’s fees and costs. This indebtness may be charged to any account solely in your name or in your name as well as the name of others. We will not be liable if we dishonor checks or other withdrawal orders because the deduction of such fees has left insufficient funds in your account. We can change these fees in the future by using notification described in the CHANGE of TERMS section of this Disclosure.


We will disclose information about your account as follows: (1) where it is necessary to complete a transaction; (2) to comply with government agency or court order; or (3) in accordance with written permission by you or your local representatives. For more information, please review our NOTICE OF PRIVACY POLICY Disclosure.

Legal Controversies Involving Your Account

If we are served with legal process in any judicial proceeding, or we receive any other notice of an adverse claim against your account, we may suspend payment of the account when we believe it to be affected by these happenings until final determination of the legal process or other notice of adverse claim, or receipt of a court order issued by a court of competent jurisdiction. We are not liable to you for damages caused to you by reason of us incorrectly suspending payment due to inadvertence error caused by similarity of names of account holders or any other mistake as long as we have acted in good faith and mailed within a reasonable time, written notice of action taken by us to you at the last address appearing on our records. You agree that if we incur any expense due to any of the above situation, or in relations to an attachment, garnishment, or levy upon your account, you will reimburse us for these expenses or we may charge any portions of these expenses to your account. You will also reimburse us or allow us to charge expenses to your account if we incur expenses in having to file a lawsuit to collect money due to us, because of transactions on your account or to see that you do what you have agreed to do in this Disclosure. These expenses include but are not limited to any applicable fees listed in our Service Charge Summary or court cost and attorney fees. 

Other Legal Proceedings

If your account is garnished or otherwise subject to levy by lawful legal action, we will not be liable to you for any sums we may be required to pay because of such garnishment or lawful legal action.

Reimbursing Us for Expenses

You agree that if we incur any expense due to any of the above situations in LEGAL CONTROVERSIES or OTHER LEGAL PROCEEDINGS or incur any expense due to an attachment, garnishment, or levy upon your account, you will reimburse us for these expenses or we may charge any portion of the expenses to your account(s). You will also reimburse us or allow us to charge expenses to your account(s) for any expenses we incur if we have to file a lawsuit to collect money due to us because of transactions on your account or to see that you do what you have agreed to do in this Disclosure. These expenses include but are not limited to any application fees listed in our Service Charge Summary or court cost and attorney fees.


If you ask us to follow instructions which we believe expose us to potential liability under the law, we may refuse your instructions.


We may disregard any claim of gift relating to your account unless we receive written instructions from you during your lifetime directing us to transfer your account to another person. If ownership is to be transferred we may require that the account be closed and reestablished using a new account number. No gift of all or part of your account in anticipation of death shall prevent us, after your death from discharging ourselves of all liability by payment of your personal representative whether or not we have notice of such gift.

Mailing Address/ Change of Address

The address on record that we have for you in our records is conclusively deemed correct for the purpose of mailing statements and any other correspondence to you. It is very important that you notify us immediately in writing if you change your address. Other verifications may be required as deemed necessary by the bank.


Name and Address Change

Name additions are only allowed to individually owned accounts without changing the original account number. Exceptions are corporations, partnerships, or organizations with a duly signed corporate/ association amendment form in addition to a newly executed signature card. In the event of a change of name and/or authorization signers, a new signature card must be completed during lobby hours. Customers who have changed their name must present proper identification and name change documentation and sign a new signature card contract with Bay-Vanguard. All other ownerships require a new signature contract and new account numbers for any change other then change of address. Requests to change address and telephone number must be submitted in writing and be signed by the authorized signer(s) of the account.


Change of Terms

We reserve the right to change the terms of your accounts and the services and products we provide at any time at our discretion including the fees we impose as detailed in the Service Charge Summary given to you with this Disclosure. We will either publish the notice in our savings branch office or notify you by mail. We will provide the kind of notice required by law or regulation before the change of terms becomes effective. Otherwise, the change will be effective when we specify. If you make a deposit or withdrawal from your account or maintain the account after the proper notification period you are agreeing to the changed terms and/or fees. We reserve the right to waive the enforcement of any of the items of this disclosure with respect to any transactions or series of transactions. Any such wavier will not affect our right to enforce any of our rights with respect to other customers, or to enforce any of our transactions with you. The fact that we on any given occasion may enforce or waive our rights does not obligate us to enforce or waive similar rights in the future, nor will this be sufficient to modify the terms and conditions in this Disclosure.

Night Depository

Deposits made via a night depository are not considered as having been received until the deposit is removed from the depository. Items placed in the night depository will be removed from the depository no later than the next business day (does not include Saturday, Sunday, or holidays.) You agree that your use or your agent’s use of the night depository will be at your sole risk at all times and that our records as to the presence in or absence from the depository of any envelope or package or contents thereof shall be conclusive and binding upon you. What we finally credit for currency deposited via night depository is subject to our count and acceptance.

Credit Limits

Depositors may generally obtain up to $1,000.00 in cash daily. Larger cash requests may be honored if the prior arrangements are made with the branch manager or supervisor one week in advance. We reserve the right to pay any withdrawals by check.

VISA Gift Cards

Visa Gift Cards may be purchased through the lobby teller windows during business hours. They will not be sold through the drive-up facilities.

Money Orders

Money orders may be purchased through the lobby teller windows during business hours. They will not be sold through the drive-up facilities.

Proper Endorsement of Items Deposited

In order to process your deposits as expeditiously as possible, each check you cash or deposit must be properly endorsed. If checks deposited by you have any endorsements, preprinted material, check verification stamps or other markings, by you which interfere with the depository bank’s endorsement area, you will lose the right to challenge a dishonored check which is returned late.

When there is more than one account holder to an account, each one grants to the other full power and authority to endorse for deposit to the account all checks, drafts or other instruments drawn or payable to the order of the other or the orders of both. You also grant us the authority to supply your endorsement and endorse for deposit to the account any checks, drafts or other instruments drawn or payable to the order of any or both of the account holders. Checks naming BayVanguard Bank as payee must be deposited into a savings or checking account or applied to a loan account.

Clearing Your Deposit

Subject to current state or federal laws and regulations we reserve the right to collect checks and other non-cash items you deposit before we make the money available to you. Please see the Regulation CC Funds Availability Disclosure for details about the availability of your deposited funds. If we do cash an item for you or allow you to withdraw some or all of the money it represents before it is paid and it is not paid for any reason, we will charge your account immediately after the unpaid item is returned and, if necessary require all funds from you including a Return Item Fee. You recognize that we have adopted automated collection payment procedures so that we can process the greatest volume of items at the lowest possible cost to customers. These automated procedures rely primarily on information encoded onto each item in magnetic ink. In recognition of this fact, you agree that in paying or taking an item for collection, we may disregard all information on the item other then the drawer’s signature, the identity of the drawee bank, the amount of the item and any other information encoded onto the item in magnetic ink according to general banking standards, whether or not that information is consistent with other information on the item. You agree to reimburse us for any loss or expense we incur because you issue or deposit an item containing such extra information. You agree that we do not fail to exercise ordinary care in paying an item if our procedures provide for limited or no sight examination of items we process. Furthermore, we shall not be liable for failing to detect forgeries done by facsimile or other methods, which are not susceptible to ordinary detection. We provide a service for the purpose of accessing an account. While we do permit the use, of an unapproved vendor for the purchase or reorder of account checks, we strongly recommend that you rely solely on our check purchasing service since we reserve the right to charge you a fee for problems we have in processing items that were not supplied by our approved vendors.

Contact Us

Email: *Please DO NOT send personal/confidential information via email.  Non-public personal and account information such as Account Numbers, Passwords, PINs, and Social Security Numbers should not be sent through email.
410-477-5000 Toll-Free: 1-844-301-1880
7114 North Point Road Baltimore, MD  21219
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