NOW Accounts Clause Samples

NOW Accounts. 80,121 1,041 1.30 58,576 1,161 1.98 25,275 485 1.92 Money Market Accounts ............... 99,536 2,493 2.50 97,975 2,515 2.57 91,051 2,283 2.51 Certificate of Deposit Accounts ..... 737,018 39,668 5.38 547,562 29,807 5.44 267,340 13,318 4.98 Borrowed Funds ...................... 311,363 17,514 5.62 180,055 10,560 5.87 105,657 6,349 6.01 ------- ------ ---- ------- ------ ---- ------- ----- ---- Total Interest-Bearing Liabilities ...

NOW Accounts. NOW accounts are commonly called interest checking accounts. Federal law provides that NOW accounts may only be opened and used by the following customers: • Individuals (including sole proprietors); • Certain Nonprofit organizations; and • Federal, state or local governmental entities. If we believe that you are not eligible to own a NOW account, we may either close the account or convert it to another type of account. When we refer in this Agreement to checking accounts, the reference includes NOW accounts.‌‌ Demand deposit accounts are commonly called checking accounts. All types of customers can open a demand deposit account. Most demand deposit accounts do not earn interest. When we refer in this Agreement to checking accounts, the reference includes demand deposit accounts.

NOW Accounts. A NOW account is an account which consists solely of funds in which the entire beneficial interest in such account is held by (i) one or more individuals, including a sole-proprietorship, (ii) a not-forprofit organization operated primarily for religious, philanthropic, charitable, educational, political, or other similar purposes, or (iii) a fiduciary, provided that all beneficiaries of such account are natural persons. The Bank reserves the right to require at least seven (7) days’ written notice prior to withdrawal of funds from a NOW account

NOW Accounts. ‌ Super NOW accounts are available only to sole proprietors and nonprofits.

NOW Accounts. NOW Accounts may only be established by individuals, by certain non-profit organizations and by governmental entities. Bank will require a minimum average daily balance to open and maintain a Now Account, which minimum shall be set by Bank from time to time. There will be no maintenance fee on a Now Account in any calendar month when the average daily balance is higher than the required minimum. In any calendar month when the average daily balance is less than the required minimum the Now Account will be debited a main- tenance fee for that month. The maintenance fee may be varied by the Bank at its sole discretion from time to time. The balance of the Now Account will earn simple interest on collected funds at such rate as Bank deems appropriate from time to time at its sole discretion, during any calendar month when the average daily balance of such Account is higher than the required minimum. The Bank will credit your Account monthly with the interest due. There is no limitation as to the number of checks or transfers made from such Account. Bank, however, is re- quired under federal regulation to retain the right to ask for seven (7) days’ written notice before you may withdraw from the above referenced Accounts.

NOW Accounts. If your Account is a “negotiable order of withdrawal” (“NOW”) account, interest may be paid on it. In compliance with federal law, NOW accounts may only be provided to: (i) individuals (including sole proprietors); (ii) government entities; (iii) certain nonprofit business organizations operated primarily for religious, philanthropic, charitable, educational or similar purpose; and (iv) persons serving in a fiduciary or trustee capacity for a person that is permitted to hold a NOW account . If your Account is a NOW account and we believe that you are no longer eligible to own a NOW account, we may either close your Account or convert it to another type of account.

NOW Accounts. 39,795 33,107 0.75 --------------------------------------- Total interest-bearing deposits ... 966,726 789,923 Non-interest bearing deposits: Demand accounts ..................... 35,287 28,594 ------------------------- Total due to depositors ........... 1,002,013 818,517 Mortgagors' escrow deposits ........... 9,812 10,065 0.38 --------------------------------------- Total deposits .................... $1,011,825 $828,582 ======================================= -------------------------------------------------------------------------------- Flushing Financial Corporation and Subsidiaries > 35 -------------------------------------------------------------------------------- The aggregate amount of time deposits with denominations of $100,000 or more was $100,926,000 and $75,175,000 at December 31, 2002 and 2001, respectively. Interest expense on deposits is summarized as follows for the years ended December 31:

NOW Accounts. $ 19,488 $ 17,027 Money Market Accounts............................... 23,198 20,783 Savings Accounts.................................... 6,478 6,459 Certificates of Deposit............................. 75,971 75,339 -------- -------- Total Deposits...................................... 125,135 119,608 FHLB Advances....................................... 10,235 25,609 -------- -------- Total Funding Sources............................... $135,370 $145,217 ======== ======== FUNDING SOURCES--YIELDS YEAR YEAR PERCENTAGE ENDED ENDED CHANGE DECEMBER 31, DECEMBER 31, 2000 TO 2001 2000 2001 ------------ ------------ ---------- CORE DEPOSITS: Non-Interest Bearing Demand and NOW Accounts....................... 1.21% 1.29% -6.20% Money Market Accounts................ 4.00% 4.88% -18.03% Savings Accounts..................... 2.13% 2.24% -4.91% Certificates of Deposit 6.51% 6.25% 4.16% ----- ----- ----- Total Deposits....................... 4.99% 5.09% -1.96% FHLB Advances........................ 6.12% 6.10% 0.33% ----- ---- ----- Total Funding Sources................ 5.08% 5.27% -3.61% ===== ==== ====== BALANCE AT MINIMUM DECEMBER 31, % OF WEIGHTED OPENING BALANCE 2001 DEPOSITS AVERAGE RATE --------------- ------------ -------- ------------ (DOLLARS IN THOUSANDS, EXCEPT FOR OPENING BALANCE AMOUNTS) WITHDRAWABLE: Savings Accounts...................... $ 5 $ 6,388 5.94% 2.10% Non-interest Bearing Checking......... 25 1,940 1.80% Now Accounts.......................... 50 18,833 17.50% 2.04% Money Market Accounts................. 10,000 14,563 13.53% 2.54% -------- ------- Total Withdrawable.................... 41,724 38.77% -------- ------- CERTIFICATES (ORIGINAL TERMS): 12 Months or Less..................... Various 24,928 23.16% 6.24% 13 to 36 Months....................... 500 21,308 19.80% 6.36% 37 Months and Greater................. 500 8,940 8.31% 6.23% Jumbo Certificates.................... 100,000 10,720 9.96% 6.54% -------- ------- Total Certificates.................... 65,896 61.23% 6.33% -------- ------- Total Deposits........................ $107,620 100.00% ======== ======= CERTIFICATES OF DEPOSITS, BY RATE DECEMBER 31, 2001 -------------- (IN THOUSANDS) Under 3%....................................................... $ 2,850 3% to 3.99%.................................................... 3,546 4% to 4.99%.................................................... 2,808 5% to 5.99%.................................................... 8,010 6% to 6.99%...................

NOW Accounts. On-Line NOW Accounts $.240 per acct.