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Notice of Changes to Your Account Terms – Consumer Accounts

There are important changes to the Simmons Bank Consumer Deposit Account “Terms and Conditions of Your Account” (the “Terms and Conditions”), the “Truth-In-Savings Disclosure” applicable to your account, and the Simmons Bank Schedule of Fees & Charges (the “Fee Schedule”), effective August 1, 2021.

Summary of Change to Terms and Conditions: Amendment: (Effective August 1, 2021)
The Terms and Conditions are amended to clarify where you can find additional information regarding stopping payment of pre-authorized payments. In the section of the Terms and Conditions titled “STOP PAYMENTS”, the following language is deleted from the end of the first paragraph:
If we have not disclosed these rules to you elsewhere, you may ask us about those rules.
And replaced with the following language:
Additional information about stopping a pre-authorized payment can be found by referring to your Electronic Fund Transfers disclosure and the subsection
titled “Right to Stop Payment and Procedure for Doing So” in the section titled “Preauthorized Payments”.
The Terms and Conditions are amended to clarify your duty to report unauthorized signatures, alterations, and forgeries. In the section of the Terms and Conditions titled “STATEMENTS”, in the subsection titled “Your duty to report unauthorized signatures, alterations and forgeries”, the following language is deleted from the second and third paragraphs:
You agree that the time you have to examine your statement and report to us pursuant to this section will depend on the circumstances, but will not, in any circumstance, exceed a total of 30 days from when the statement is first sent or made available to you.
You further agree that if you fail to report any unauthorized signatures, alterations or forgeries in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to that contained in the first paragraph of this section.
And replaced with the following language:
You agree that the time you have to examine your statement and report to us pursuant to this section will depend on the circumstances, but will not, except as provided in the next paragraph, exceed a total of 30 days from when the statement is first sent or made available to you. If you fail to report any unauthorized signatures, alterations or forgeries in your account within 30 days of when we first send or make the statement available to you, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours, including, but not limited to, any amounts lost as a result of subsequent unauthorized signatures, alterations or forgeries on your account by the same wrongdoer if the payment was made before we received notice from you.
You further agree that if you fail to report any unauthorized signatures, alterations or forgeries in your account within 60 days of when we first send or make the statement available, you cannot assert a claim against us on any items in that statement, and as between you and us the loss will be entirely yours. This 60-day limitation is without regard to whether we used ordinary care. The limitation in this paragraph is in addition to (and not in limitation of) that contained in the first and second paragraphs of this section.
The Terms and Conditions are amended to clarify when fees that Simmons Bank incurs in responding to legal actions involving a writ of attachment or levying assets in your account may be charged against your account. In the section of the Terms and Conditions titled “LEGAL ACTIONS AFFECTING YOUR ACCOUNT”, the following language is deleted as the fifth sentence:
Any fees or expenses we incur in responding to any legal action (including, without limitation, attorneys' fees and our internal expenses), except for an action you commence against us, may be charged against your account. And replaced with the following language:
Except where limited by applicable law, any fees or expenses we incur in responding to any legal action (including, without limitation, attorneys' fees and our internal expenses), except for an action you commence against us, may be charged against your account.
Summary of Change to Truth-in-Savings Disclosure: Amendment: (Effective August 1, 2021)
The Truth-In-Savings Disclosure is updated to clarify (i) that interest rate and annual percentage yield information apply to interest-bearing accounts and (ii) how accrued interest less than $0.01 is applied. In the section of the Truth-In-Savings Disclosure titled “COMMON FEATURES”, the following language is deleted from the first paragraph:
Please refer to our separate rate sheet for current interest rate and annual percentage yield information and to our separate fee schedule for additional information about charges.
And replaced with the following language:
Please refer to our separate rate sheet for current interest rate and annual percentage yield information for our interest-bearing accounts and to our separate fee schedule for additional information about charges. Please note, accrued interest is not credited until it equals at least $0.01. An interest accrual that totals less than $0.01 is carried forward to be added to future accruals.
The Truth-In-Savings Disclosure is updated to clarify limitations on check transactions for the Affordable Advantage Checking Account apply only to withdrawals and not deposits. The Affordable Advantage Checking Account section of the Truth-In-Savings Disclosure is amended to delete the following two sentences from the “Transaction Limitations” subsection:
Transactions that involve a check (including written checks, check by phone or third-party authorizations that come through as a check) will not be honored regardless of account balance. Account transactions are limited to Debit card and ATM transactions, Online and Mobile Bill Pay, Online or Mobile banking transfers.
And replace it with the following:
Transactions presented against your account that involve a check (including written checks, check by phone or third-party authorizations that come through as
a check) will not be honored regardless of account balance. Account withdrawals are limited to Debit card and ATM transactions, ACH debit transactions, Online
and Mobile Bill Pay, Online or Mobile banking transfers.
The Truth-in-Savings Disclosure is updated to clarify certain language regarding fees applicable to Simply Checking Accounts. The Simply Checking Account section of the Truth-In-Savings Disclosure is amended to delete the following language from the first sentence from the “Additional Terms” subsection:
Although there are no maintenance or activity fees associated with this account, And replace it with the following:
There are no Monthly Service Charge, Balance Requirements, or Maintenance Fees associated with this account.
The Truth-in-Savings Disclosure is updated to clarify certain language regarding fees applicable to Boost Checking Accounts. The Boost Checking Account section of the Truth-In-Savings Disclosure is amended to delete the following sentence from the “Additional Terms” subsection:
There is no Monthly Service Charge or Balance Requirements associated with this account.
And replace it with the following:
There are no Monthly Service Charge, Balance Requirements, or Maintenance Fees associated with this account.
The Truth-In-Savings Disclosure is updated to direct consumers to guidance regarding contributions to a Health Savings Account. The Health Savings Account section of the Truth-In-Savings Disclosure is amended to delete the following two sentences from the “Additional Terms” subsection:
Account Holder CANNOT be enrolled in benefits under Medicare. Generally, Account Holder MUST NOT have attained age 65.
And replace it with the following:
Please refer to Internal Revenue Service (IRS) guidelines regarding any eligibility requirements for deposits to Health Savings Accounts.
The Truth-in-Savings Disclosure is
updated to change the name of the
Money Market Account.		 The Truth-In-Savings Disclosure is amended to change the name of the “Money Market Account” to “Money Market Savings Account”.
The Truth-in-Savings Disclosures is updated to add a minimum balance fee that will be applied to Simply Youth Savings Accounts after the primary owner reaches age 18. The following language is added to the Simply Youth Savings Account section of the Truth-In-Savings Disclosure:
Minimum balance to avoid imposition of fees - A service charge of $5.00 will be imposed monthly if the balance in the account falls below $100.00 any day of the cycle. This fee will not apply until the primary owner reaches age eighteen (18).
The Truth-In-Savings Disclosure is updated to provide notice of changes to the Simply Youth Savings Account when the account holder turns 18. The Simply Youth Savings Account section of the Truth-In-Savings Disclosure is amended to add the following sentence is to the “Additional Terms:” subsection:
The Simply Youth Savings account will convert to a Simply Savings account when the primary owner turns 18.
The Truth-In-Savings Disclosure is updated to clarify the conversion bonus tiers for the Save10 Youth Savings Accounts. The existing conversation bonus tiers are deleted from the Save10 Youth Savings Account section of the Truth-In-Savings Disclosure and replaced with the following:
•Tier 1: If your balance is $100 to $249.99, the reward paid on your account will be $10.00.
•Tier 2: If your balance is $250 to $499.99, the reward paid on your account will be $25.00.
•Tier 3: If your balance is $500 to $749.99, the reward paid on your account will be $50.00.
•Tier 4: If your balance is $750 to $999.99, the reward paid on your account will be $75.00.
•Tier 5: If your balance is $1,000+, the reward paid on your account will be $100.00.
The Truth-In-Savings Disclosure is updated to remove reference to bonus interest rates for Save10 Youth Savings Accounts. The Save10 Youth Savings Account section of the Truth-In-Savings Disclosure is amended to delete the following sentences from the “Additional Terms” subsection:
Account pays bonus interest of .10% APY. Final interest rate is noted in your account disclosures.
The Truth-In-Savings Disclosure is updated to clarify certain eligible savings accounts may be combined on your monthly checking account statement. The sections of the Truth-In-Savings Disclosure applicable to each savings account opened prior to December 1, 2020 are amended to delete the following sentence from
the “Additional Terms” subsection:
“Eligible Savings Accounts will be combined on your monthly Checking Account Statement.”
And replace it with the following language:
“Eligible Savings Accounts may be combined on your monthly Checking Account Statement.”
The Truth-in-Savings Disclosure is updated to reflect that a $10.00 dormant account fee will be charged monthly on most checking accounts when the balance falls below $1,000.00 if there is no customer-initiated activity on the account for more than 365 days.
(This fee does not apply to Affordable Advantage Checking or Coin Checking Accounts.)		 For all checking accounts, existing language in the Truth-in-Savings Disclosure related to Dormant Account Fees is deleted, and the following language is added to the applicable sections of the Truth-in-Savings Disclosure for the accounts identified below:
A Dormant Account Fee of $10.00 per month will be imposed if there is no customer-initiated activity on the account for more than 365 days. Customerinitiated activity includes deposits and withdrawals but does not include the payment of interest or the assessment of fees and charges by the bank. Dormant Account Fees do not apply to accounts owned by Texas residents, and only apply to accounts when the daily balance falls below $1,000.00 any day of the statement cycle.
The sections of the Truth-In-Savings Disclosure applicable to each of the following accounts are amended to reflect this change:
Simply Checking, Classic Checking, Interest Checking, Boost Checking, Health Savings, Prosper Checking, Acq C/O Checking, Basic Checking, Bonus Checking, Classic Ck
Bus Temp, Private Client, Private Client Acct DBA, Rebound Checking, Smart Account, Smart Account DBA, Smart Comm Hero DBA, Smart Community Hero, Star 50 Checking, Star Checking, and Star Checking Bus.
The Truth-in-Savings Disclosure is updated to reflect that a $10.00 dormant account fee will be charged monthly on most savings accounts when the balance falls below $2,500.00 if there is no customer-initiated activity on the account for more than 730 days. (This fee does not apply to SAVE10 Youth Savings or Foundation Savings Accounts.) For all savings accounts, existing language in the Truth-in-Savings Disclosure related to dormant account fees is deleted, and the following language is added to the applicable sections of the Truth-in-Savings Disclosure for the accounts identified below:
A Dormant Account Fee of $10.00 per month will be imposed if there is no customer-initiated activity on the account for more than 730 days. Customerinitiated activity includes deposits and withdrawals but does not include the payment of interest or the assessment of fees and charges by the bank. Dormant Account Fees do not apply to accounts owned by Texas residents and only apply to accounts when the daily balance falls below $2,500.00 any day of the statement cycle.
The sections of the Truth-In-Savings Disclosure applicable to each of the following accounts are amended to reflect this change:
Simply Savings, Acq C/O Savings, Simply Ck Bus Temp, and Simply Youth Savings (provided that for Simply Youth Savings, this fee will not apply until the primary owner
reaches age eighteen (18)).
The Truth-in-Savings Disclosure is updated to clarify that Dormant Account Fees no longer apply to Money Market Savings Accounts and Save10 Youth Savings Accounts. The sections of the Truth-In-Savings Disclosure applicable to Money Market Savings Accounts and Save10 Youth Savings Accounts are amended to remove the language related to dormant account fees.
The Truth-in-Savings Disclosure is updated to reflect that a $3.00 Paper Statement Fee will be imposed on most checking, savings and money market accounts every statement cycle in which you receive a paper statement. You may avoid the paper statement fee by enrolling in eStatements. (This change does not apply to Affordable Advantage Checking, which will maintain a $2.00 Paper Statement Fee. This fee does not apply to SAVE10 Youth Savings or Foundation Savings Accounts.) The following language is added to the applicable sections of the Truth-in-Savings Disclosure for the accounts identified below:
A $3.00 Paper Statement Fee will be imposed every statement cycle in which you receive a paper statement. You may avoid the paper statement fee by
enrolling in eStatements.
The sections of the Truth-In-Savings Disclosure applicable to each of the following accounts are amended to reflect this change:
Simply Checking, Classic Checking, Interest Checking, Boost Checking, Coin Checking, Health Savings, Prosper Checking, Money Market Savings, Simply Savings, Acq C/O
Checking, Acq C/O Savings, Basic Checking, Bonus Checking, Classic Ck Bus Temp, Private Client, Prvt Client Acct DBA, Rebound Checking, Smart Account, Smart Account DBA, Smart Comm Hero DBA, Smart Community Hero, Star 50 Checking, Star Checking, Star Checking Bus, and Simply Youth Savings (provided that for Simply Youth Savings, this fee will not apply until the primary owner reaches age eighteen (18)).
The Truth-in-Savings Disclosure is updated to clarify that the transaction fee for making more than six (6) transactions per monthly statement cycle is removed from all savings accounts and money market accounts. The sections of the Truth-In-Savings Disclosure applicable to each savings and money market account are amended to delete the following language: “A transaction charge of $3.00 will be assessed for each item paid out of this account in excess of six (6) in each monthly statement cycle.”
Or to delete the following the language or similar language providing for a transaction fee for making more than six (6) transactions per monthly statement cycle on a savings or money market account:
“A transaction charge fee of $3.00 will be assessed for each item paid in excess of six (6) during a calendar month.”
Summary of Change to Fee Schedule: Amendment: (Effective August 1, 2021)
The Fee Schedule is updated to add a
Legal Process Fee.		 Item 12 of the Fee Schedule titled “Miscellaneous Fees” is updated to remove the current charge for Levies/Garnishments and replace it with the following charge for Legal Process:
Legal Process Fee (garnishments, levies, court orders, or other legal process)
NON-CUSTOMER: Not offered
CUSTOMER: $100 per occurrence (or such other rate as may be set by law)
The Fee Schedule is updated to remove references to Dormant Account Fees. Dormant Account Fees are listed in the Truth-in-Savings Disclosure, as amended above in this notice. Any references to Dormant Account Fees in the Fee Schedule are deleted.
(Note: Dormant Accounts Fees still apply to certain accounts. Rather than appearing in the Fee Schedule, Dormant Account Fees are listed in the applicable sections of the Truth-in-Savings Disclosure, as amended above in this notice.)