Q:

What are some services of Amboy Bank?

A:

Quick Answer

Amboy Bank of New Jersey provides personal banking services of checking and savings accounts, home-equity loans, reverse mortgages and asset-management accounts. In addition, it provides business banking services of checking and savings accounts, loans and lines of credit and commercial services.

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Full Answer

Amboy Bank has 22 branches in Middlesex and Monroe counties. It also has automatic-teller phone service and online banking around the clock.

Three of Amboy's personal checking accounts require an initial deposit of $100 and one requires $25 to open, as of 2015. The regular checking account has a $10 monthly fee if the balance falls below $1,000; this account is for people who write 22 or more checks per month. The NJ Consumer Checking account has a $3 monthly fee and a 50-cent per check charge if customers write more than eight checks per month. Checking accounts include a Visa card, free telephone and Internet banking, free automated-teller machine transactions and a $25 bonus with direct deposit.

Amboy Bank has a feature it calls 1/2 Pay Mortgage in which customers make 26 half-payments per year on mortgages instead of 13. This reduces mortgage terms by several years. An example at the Amboy Bank website says a customer with a $100,000 mortgage at 7.75 annual percentage rate can take seven years off the loan and save $43,131.

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