Administrator: An individual or entity, such as a trust department, appointed by a court to settle the estate of a person who has died without leaving a valid will.
Annuity : A specified income paid yearly or at other regular intervals, often on a guaranteed dollar basis.
Beneficiary: The person designated to receive the benefits resulting from certain acts.
Certificate of Deposit (CD): An instrument, issued by a bank or other financial institution, that is evidence of a type of savings deposit. The document includes the institution’s promise to return the deposit, plus earnings at a specified interest rate within a specified period.
Bond: An interest-bearing certificate that serves as evidence of a debt with a maturity date. Typically, bonds represent obligations of a government or business corporation.
Charitable Remainder Trust: An irrevocable trust with both income and remainder interest. Income is paid to designated beneficiaries for a term or lifetime. The remainder interest is paid to qualified organizations as specified in the trust document when the trust terminates.
Corporate Trustee: A trust institution serving as trustee.
Custodial Role: The custodial role is that of a financial secretary and security guard. The trustee must identify and then take title to the trust’s assets, keep accurate records, report to the current beneficiaries, execute and settle all transactions, protect and insure the property and defend the trust against claimants. The trustee oversees the preparation of appropriate tax returns and all of the trust accounting in compliance with complex state and federal laws.
Durable Power of Attorney: A power of attorney that will come into effect and remain in effect and valid if the person who grants the power becomes incapacitated.
Estate: The real and personal property of a decedent; a specific interest in property.
Fiduciary: An individual or entity in position of trust who has accepted the duty of acting for the benefit of another.
Grantor/Settlor: A person who transfers property, the creator of a trust.
Investment Property: A property that is not occupied by the owner.
Irrevocable Life Insurance Trust: Typically used to shelter an insurance death benefit from estate taxes and may provide liquidity to pay estate taxes and settlement costs. A trust is created, then the trust purchases and owns a life insurance policy. Upon death, the insurance proceeds are paid out in accordance with the terms of the trust.
Irrevocable Trust: A trust that, by its terms, cannot be revoked or changed by the grantor. Living Trust: A revocable trust that is operative during the lifetime of the grantor; as opposed to a trust under will or a testamentary trust. Also known as an intervivos trust.
Net Worth: The total value of all of a person's or company's assets, minus all liabilities.
Power of Attorney: A legal document appointing someone to act as one’s agent with legal authority to sign your name, on your behalf, in your absence. Power of Attorney ends at incapacity (unless it is a durable power of attorney) or death.
Probate: The legal process wherein the estate of a decedent is administered, which includes the process of proving validity of a will in court and executing its provisions under the guidance of the court. Assets in trust avoid probate.
Remainderman: The person who is entitled to an estate after the prior estate has expired.
Revocable Trust: A trust that by its terms may be terminated by the settlor or by another person.
Successor Trustee: Person or institution named in the trust document who will take over should the first trustee die, resign or otherwise become unable to act. Trust: An entity that holds assets for the benefit of certain other persons or entities.
Tax Base: The total value of property, income, or other taxable assets subject to taxation.
Treasury Bond: Negotiable, long-term U.S. Government debt obligation with a maturity of ten years or longer, issued in minimum denominations of $1,000.
Treasury Note: An intermediate U.S. Government security with a maturity of 1 to 10 years. Denominations range from $1,000 to $1 million or more. The notes are sold by cash subscription, in exchange for outstanding or maturing government issues, or at auction.
Trust Administration: The management of a trust or estate including the payment of expenses, debts and obligations, and the general settling of the trust or estate. Also known as an estate or trust settlement.
Trustee: A fiduciary who holds property in trust for another to secure performance of an obligation or act.
Will: A written document with instructions for the distribution of an individual’s assets after death.
299 Mishawum Road, Woburn, MA 01801
Q: What’s the difference between selecting “Debit” or “Credit”?
A: With “Debit,” you enter your Personal Identification Number (PIN). With “Credit,” you don’t, which makes the transaction that much safer. Either way the money is taken directly out of your checking account.
Q: But if I press or say “credit,” does that make it a credit card transaction?
A: No. With your Century Bank Debit MasterCard, the money comes out of your checking account.
Q: How can I get cash?
A: Ask the merchant if “Cash Back” is a service they provide. Or get cash at a Century Bank ATM and at more than 1 million ATMs which display the MasterCard, Cirrus, NYCE or SUM logos.
|Q:||What is pre-approval?|
|A:||A pre-approval from your bank outlines the loan amount you may be able to borrow and helps your real estate agent focus your search on properties you will likely qualify to purchase. Century Bank provides this service at no cost to you.|
|Q:||How long is the mortgage application process?|
|A:||Once your application is received, it typically takes 30 to 45 business days to close on the loan.|
|Q:||What are the advantages of a Fixed Rate Mortgage?|
|A:||With a fixed rate mortgage your monthly principal and interest payment will never increase during the life of the loan.|
|Q:||What are the advantages of an Adjustable Rate Mortgage (ARM)?|
|A:||An ARM may come with a lower monthly payment amount than a fixed rate mortgage, which means you may qualify for a larger mortgage.|
|Q:||Why would I want a Fixed Rate Mortgage vs. ARM?|
|A:||The type of mortgage you choose depends on your needs when you are buying a home. A Century Bank Borrowing Specialist will help you understand the best mortgage for your situation.|
|Q:||What is a down payment?|
|A:||The down payment on the purchase of a home is the amount of cash you pay up front with the bank financing the remainder of the purchase price. Your Century Bank Borrowing Specialist will discuss all loan and down payment options available to you.|
|Q:||What is Private Mortgage Insurance (PMI)?|
|A:||PMI is required when your down payment is less than 20% of the purchase price of a home. Your Century Bank Borrowing Specialist will tell you if this insurance applies to your situation and, if so, will estimate the cost for you.|
|Q:||What is an appraisal?|
|A:||An appraisal is a report on a property’s estimated value made by a certified appraiser. When you apply for a Century Bank mortgage loan, we will initiate the appraisal process for you.|
|Q:||What is escrow?|
|A:||Escrow is an account the bank holds in your name for amounts collected monthly along with your mortgage payments to cover taxes and/or insurance. When these obligations are due, the bank makes the payments for you.|
|Q:||What is a point?|
|A:||A point is a percentage of a mortgage amount, paid by the borrower to obtain the mortgage. Most of Century Bank’s loans do not come with points.|
|Q:||What are closing costs?|
|A:||Closing costs are the fees and expenses associated with a mortgage transaction. The fees may include appraisal, credit report, attorney services, title insurance, and points, if applicable. Your Century Bank lending expert will provide you with an estimate of these costs when you submit your loan application.|
|Q:||What is a home inspection?|
|A:||A home inspection is optional but always a good idea. As the buyer of a property, you hire a professional home inspector to examine it and identify potential problems with the infrastructure that you should be aware of before you agree to complete the purchase.|
|Q:||What is a jumbo loan?|
|A:||A jumbo loan is a mortgage that exceeds the maximum loan amount established by Fannie Mae (the Federal Home Loan Mortgage Corporation). Jumbo loans are also referred to as non-conforming loans.|
|Q:||Does Century Bank offer special programs for first-time home buyers?|
|A:||Yes, let your Century Bank Borrowing Specialist know that you’re buying your first home because you may qualify for special programs that could include more flexible lending criteria.|
Century Bank is pleased to provide FREE pre-approvals. Simply select the borrowing product you are most interested in and complete the application to the best of your ability. One of our loan officers will then contact you shortly.
Bounce Limits – Pop Up
Type of Account Overdraft Bounce Protection Limit*
Platinum Checking $2,500
Gold Checking $2,000
Silver Checking $1,000
Bronze Checking $1,000
Silver 18/65 Checking $1,000
Platinum Business Checking $3,000
Gold Business Checking $3,000
Silver Business Checking $3,000
Founder's Free Business Checking $1,000
*Overdraft bounce protection limit may be reflected in your available balance and any fees or charges may reduce your available bounce protection.
Overdraft Bounce Protection Practices
We clear items drawn against your account in the following order:
(a) electronic transactions (electronic funds transfers, pre-authorized debits, debit card transactions, ATM transactions or other withdrawal requests); and (b) checks, in numerical sequence with lower numbers paid first, and other payments. If you maintain your checking account in good standing (defined as making regular deposits and bringing your account to a positive balance at least once every 30 days) and there are no legal orders outstanding, we may approve your reasonable overdraft. You may opt out of the privilege at any time by calling our Customer Service Center at (866) 823-6887, stopping by one of our conveniently located branches, or visiting CenturyBank.com and selecting the “contact us” tab to opt out of our overdraft Bounce Protection service. However, you are responsible for any overdrawn balances at the time of opting out. The amount of any overdraft plus our insufficient funds fee that you owe us shall be due and payable upon demand. If there is an overdraft paid by us on an account with more than one (1) owner on the signature card, each owner and agent, if applicable, drawing/presenting the item creating the overdraft, shall be jointly and severally liable for such overdraft plus our normal insufficient funds fee.
Limitations: Overdraft Bounce Protection is available to individually/ jointly owned and business accounts in good standing. Accounts of those under eighteen years of age are not eligible for the overdraft Bounce Protection product. Century Bank reserves the right to limit participation to one account per household or business and to discontinue this service without prior notice. The overdraft Bounce Protection program will not be available to new checking accounts until the account has been opened for 30 days and during that time, deposits to the account must be 80% of the predetermined limits of overdraft Bounce Protection assigned to that account type.
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Century Bank provides links to other sites as a convenience and helpful resource.
Century Bank's Routing Number is 011301390.
522 Main Street, Winchester, MA 01890
258 Washington Street, Wellesley, MA 02481
102 Fellsway West at Mystic Avenue, Somerville, MA 02145
37 Central Street, Salem, MA 01970
651 Hancock Street, Quincy, MA 02170
12 Peabody Square, Peabody, MA 01960
32 Langley Road, Newton Centre, MA 02459
400 Mystic Avenue, Medford, MA 02155
503 Riverside Avenue, Fellsway Plaza, Medford, MA 02155
One Salem Street, Medford, MA 02155
2 State Street, Lynn, MA 01901
1763 Revere Beach Parkway/Route 16, Everett, MA 02149
210 Boylston Street, Chestnut Hill, MA 02467
2309 Massachusetts Avenue, Cambridge, MA 02140
1184-1186 Boylston Street/Route 9 East, Brookline, MA 02467
1354 Beacon Street, Brookline, MA 02446
703 Granite Street, Braintree, MA 02184
428 Rantoul Street, Beverly, MA 01915
15 Elm Street, Andover, MA 01810
300 Western Avenue, Allston, MA 02134
Bal = Get balances for all your mobile banking enabled accounts
Bal Acct Name = Get the balance for a single account
Hist = View the last four transactions for all your mobile banking enabled accounts
Hist Acct Name = View the last four transactions for a single account
Help = Receive a list of text commands
Stop = Cancel your mobile text banking service
Using Century’s Bank-to-Bank Transfer service online, you can transfer up to $5,000 daily into your Century account. You can also transfer up to $5,000 out of your Century account as well. Limitations apply only to transfers made through Century’s Bank to Bank Transfer service. There are certain circumstances in which a lower limit may apply. Contact us for details. Personal Online Banking is required to use the Bank-to-Bank Transfer service.
437 Boylston Street, Boston, MA 02116
275 Hanover Street, Boston, MA 02113
24 Federal Street, Boston, MA 02110
136 State Street, Boston, MA 02110
140 Ferry Street at Eastern Avenue, Malden, MA 02148
134 Cambridge Street / Route 3A, Burlington, MA 01803
437 Boylston Street, Boston, MA 02116