Account Agreement and Disclosure


(Effective October 31, 2016)

Welcome to Provident Bank, and thank you for opening an account.

This Deposit Account Agreement and Disclosure, together with applicable schedules and disclosures, including our Schedule of Fees and rate disclosures (Agreement) is designed to provide information on the services available to you. It is our disclosure brochure and part of the contract between you and us. It outlines important items and conditions which apply to your deposit account(s).

When you open your account with us, whether in person or by other means, you and your authorized signers are agreeing to the terms and conditions of this Agreement, applicable federal and state laws and regulations, and the Bank’s by-laws, regulations, policies and practices. This Agreement supersedes all previous Agreements. Your use of an account or service, including deposits, withdrawals, balance inquiries or otherwise, will be deemed to confirm your agreement to the terms and conditions of this Agreement. Unless we have agreed in writing to perform special services for you outside the scope of this Agreement, our relationship with you is that of debtor and creditor; no fiduciary, quasi-fiduciary, or special relationship exists between us. We may rely on the information that you give us and enter it into our records until you notify us in writing of a change. The contact number(s) provided by you can be used for any and all business with the Bank. Please read this Agreement carefully and keep it for your records.


Throughout this Agreement, the words “you,” “your,” and “yours” refer to the account owner or owners. The words “Provident Bank,” “Bank”, “we,” “us,” and “our” refer to Provident Savings Bank, F.S.B. Except to the extent otherwise defined herein, the term “commercial account” shall mean an account that is not primarily established for personal, family or household purposes. The term “consumer account” shall mean an account that is established primarily for personal, family or household purposes. The word “item” as used in this Agreement includes a check, draft, demand draft, preauthorized draft, or other order or instruction for the payment, transfer, or withdrawal of funds including a withdrawal slip, deposit slip/adjustment, automatic transfers, electronic transactions, and miscellaneous charges to your account. An item also means any other document created or authorized in your name that would be a check or draft but for the fact that it has not been signed. Except to the extent otherwise indicated in this Agreement, the term “may” shall mean that you authorize us to take action or not to take action, at our sole discretion without resulting liability to you.



Account ownership types for consumers

These rules apply to your account depending on the form of ownership and beneficiary designation, if any, specified in our account records. We reserve the right to refuse some forms of ownership on any or all accounts. You agree, upon request by us, to provide us with documentation acceptable to us designating each authorized signer with respect to your account(s) and related services. Note: Because decisions concerning whether an account should be held in a particular capacity may have significant legal, tax, and estate planning consequences, consultation with your attorney or tax advisor is recommended.

Individual Account - This account is issued to one person who does not intend (merely by opening this account) to create any survivorship rights to any other person.

Joint Account - This account is owned by the named parties. Upon the death of any of them, ownership passes to the survivor(s), subject to our right to set-off and security interest in the account.

Custodian for Minor - This account shall be governed by the provisions of the California Uniform Transfers to Minors Act, as amended from time to time. The account is controlled by the custodian, but is owned by the minor. If the custodian resigns, is removed or dies, we will recognize the designated successor custodian. The custodian can designate a person or entity as a successor custodian to act when the current custodian resigns, or becomes legally incapacitated or dies. If no successor custodian is named, the California Probate Code will govern the determination of a successor custodian.

Totten Trust Account - A Totten Trust Account is an informal trust account, reflected on our records, but without a written trust agreement. One or more parties may open this account. The balance may be paid to any or all the account owners during their lifetime. When all account owners have died the account is owned by the surviving Totten Trust beneficiaries. A beneficiary must survive the death of all account owners to receive any interest in the account funds. When there is more than one surviving beneficiary, each beneficiary’s interest in the funds will be deemed to be in equal shares, unless otherwise expressly reflected in records of the Bank and as provided by applicable state law.

Trust & other Fiduciary Accounts - Legal title to the account is owned by the signing party(ies) as trustee, custodian, guardian, executor, administrator, conservator, or other fiduciary for the named beneficiary(ies) under a separate trust agreement, employee benefit plan, court order, or other fiduciary arrangement. Certain beneficiaries may, in turn, be acting as trustee or fiduciary for others. The signer(s) certify that they are authorized to manage funds in this account.

You may be asked to provide a copy of relevant pages of the trust agreement, execute a trustee’s certification of trust, or other documents.

Account ownership types for non-consumers

Business accounts may be available to both non-profit and for profit businesses and associations.

Corporate, partnership, limited liability or other statutory business entity account – These business accounts are established pursuant to statutory organizational requirements.

Fictitious Business Name Account - If the name in which the account is held is fictitious, the account holder represents he, she, or it has the right to use that name and has fulfilled all legal requirements for using and/or doing business under that name.

Organization Account - Such an account is issued in the name of a legal entity, such as a club or league. We reserve the right to require the governing body of the legal entity to give us a separate authorization telling us who is authorized to act on its behalf. We may honor such an authorization until we actually receive written notice of a change from the governing body.

Attorney/Client Trust Account - This account is opened under a program sponsored by the California State Bar. The account is an interest bearing checking account that is used to hold funds given to attorneys on behalf of their clients. These funds are either not going to be held by the attorney for a long period or are not of a significant amount to segregate them on behalf of an individual client. The interest earned on these funds, less service charges, are remitted by the Bank to the State Bar on a monthly basis and used to support legal services for indigents.