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Consumer Banking Fee Schedule

This Consumer Banking Fee Schedule is part of your Consumer Banking Services Agreement. It contains the monthly fees, transaction fees, minimum balance requirements, and other fees that may apply to your consumer account at Salem Five.

Effective Date: February 5, 2018

CHECKING ACCOUNTS

Account Name Monthly Maintenance FeeMinimum Daily Balance
to Waive Monthly Fee
Charge per Check PaidATM Transactions at non-Salem Five ATMs1Monthly Online Banking Fees
Gold Star Checking $20
  • $5,000 minimum daily balance or a combined deposit ledger balance and/or outstanding consumer loan balance of $20,0002.
  • Original consumer mortgage balance of $500,000 or more (excludes reverse, sold and service released, and commercial mortgage balances)
  • Investment Account with Salem Five Financial
No Charge Unlimited Online Banking w/ Bill Pay-No Charge Banking through Quicken® - No Charge
Star Checking $15
  • $1,500 minimum daily balance or a combined deposit ledger balance and/or outstanding loan balance of $5,0002.
  • Also, waived if you have your payroll or monthly Social Security payment directly deposited to your account; or you establish and maintain an automatic transfer from this account to pay a Salem Five Mortgage (Excludes Home Equity Products)
No Charge Unlimited Online Banking w/Bill Pay - No Charge
Banking through Quicken® - $7.50
eOne Checking N/A N/A No Charge Unlimited Online Banking w/Bill Pay - No Charge
Banking through Quicken® - $7.50
Free Checking N/A N/A No Charge $2.00 Online Banking w/Bill Pay - No Charge
Banking through Quicken® - $7.50
Smart Student Checking N/A N/A No Charge Unlimited Online Banking w/Bill Pay - No Charge
Banking through Quicken® - $7.50

MONEY MARKET ACCOUNTS

Account Name Monthly Maintenance FeeMinimum Daily Balance
to Waive Monthly Fee
Excess Debit FeeATM Transactions at non-Salem Five ATMs1Conditions
Advantage Money Market $15

$2,500

$10 $2 N/A
Star Money Market N/A

N/A

$10 $2 Star Checking or Gold Star Checking Required
Gold Star
Money Market
N/A

N/A

$10 $2 N/A


A Money Market account is a limited transaction investment account that permits up to six pre-authorized, automatic or telephone transfers per calendar month. Transfers or withdrawals by check, debit card, or similar order payable to third parties are included in the aggregate limit of pre-authorized transfers. Debits in excess of these limitations are assessed the excess debit fee. Check access is not available for Star Money Market accounts.

SAVINGS ACCOUNTS

 Account Name Monthly Maintenance FeeMinimum Daily Balance
to Waive Monthly Fee
Excess Debit FeeATM Transactions at non-Salem Five ATMs1Conditions
Statement Savings $3

$300

$10 $2 N/A
eOne Savings N/A

N/A

$10 $2 N/A
Gold Star Saver N/A N/A $10 $2 N/A
Star Saving N/A N/A $10 $2 Star Checking or Gold Star Checking Required
Smart Student Saver N/A N/A $10 $2 Smart Student Checking Required


A savings account is a limited transaction account that permits up to six pre-authorized, automatic or telephone transfers per calendar month to third parties or between deposit accounts within the Bank. Debits in excess of these limitations are assessed the excess debit fee.

SPECIAL SERVICES

Checking and Savings Account Related Fees Amount
Checks and all other debits presented against insufficient or uncollected funds3 (NSF) $35
Overdraft Protection Annual Fee $25
Overdraft Deposit Sweet (OD Deposit Sweep), per item $3
Returned Deposited/Cashed Item4 $7.23/$7.50
Stop Payment Order  $30
Copy of Check, Statement or Deposit Slip5  $5
Lost Passbook Fee  $5
Check Printing and Supplies  Fees Vary
Account Closing by Mail  $10
Inactivity Fee6  $5
Branch Transaction Fee7  $9.95
Paper Statement Fee8  $2.95

 

Electronic Banking Fees Amount
Withdrawals or Inquiries at Salem Five ATM locations No Charge
Withdrawals or Inquiries at Non-Salem Five ATM locations $2
Point of Sale Transaction No Charge
ATM/Visa® Debit Card Replacement $10
External Fund Transfer Debit  No Charge
Same Day Bill Payment (when offered by Payee)  $9.95
Expedited Fee - Expedited Payment by Overnight Check  $16
People Pay Transfers - via Deposit to Bank Account  No Charge
People Pay Transfers - via Deposit to PayPal Account No Charge

 

Health Savings Accounts Amount
HSA Set-up Fee $25
Monthly Maintenance Fee $2.50

 

Retirement Accounts Amount
IRA Annual Service Fee $15
Qualified Plan Annual Service Fee $25
Distribution/Termination Fee (under age 59 1/2) $25
Trustee Transfer Fee $25

 

Miscellaneous Fees Amount
Money Order $3
Treasurers Check $5
Travelers Checks 1% of Total Purchase
Foreign Check Collections6 - Canadian Items $15
Foreign Check Collections6 - All Other Items $30
Coupon Collection Fee (per envelope processed) $5
Coupon Envelope Returned (per envelope) $5

 

General Account Related Fees Amount
Account Reconciliation (per hour) $25
Account Research (per hour) $25
Incoming Wire Transfers 9,10 - Standard (Mail Confirmation) $15
Incoming Wire Transfers 9,10- Phone or Fax Confirmation $15
Outgoing Wire Transfers9 - Domestic $20
Outgoing Wire Transfers9 - Foreign (In US Currency) $40
Outgoing Wire Transfers9 - Foreign (In Foreign Currency) $30
Escheat Processing (Abandoned Property) $50
Legal Processing - Government Levy $50
Legal Processing - Trustee Attachment or Other Legal Service $50

 

NOTICE FOR PERSONS 65 YEARS OF AGE OR OLDER OR 18 YEARS OF AGE OR YOUNGER:  You will be entitled to one savings account and one 18-65 checking account free of specific service charges upon notification to the Bank and presentation of proof of age. To qualify, you must be the sole or primary (first listed) owner on the account. Star Checking, Gold Star Checking, President’s Club Checking, Money Market accounts and all business accounts are excluded. The following fees apply to eligible accounts: A $5.00 fee will apply for checks or other debits returned by the Bank for insufficient or uncollected funds. Check printing fees will be waived for basic checks only. Online Banking with Bill Pay is free. Banking Through Quicken® is available for $7.50/month. Contact us for more information.

NOTICE FOR PERSONS RECEIVING SSA OR SSI BENEFITS: If you have your monthly SSA or SSI benefits directly deposited to a Star Checking Account, the Bank will not assess a monthly maintenance fee. If notified by qualified accountholders, the Bank will not assess a monthly maintenance fee on your savings account which receives SSA or SSI benefits.


1 If you initiate a transaction at an ATM not operated by Salem Five, a surcharge may be applied by that operator and/or by an automated transfer network. For Gold Star Checking and On the Job Star Checking ATM surcharges will be reimbursed each statement cycle. For the eChecking, ATM surcharges will be reimbursed up to $10.00 per statement cycle. For the eOne Checking, Smart Student Checking and Star Checking, ATM charges will be reimbursed up to $15.00 per statement cycle

2 Only consumer accounts qualify. Mortgage balances are excluded. Combined balances will be calculated based on the balance of your deposit accounts and the outstanding balance of your loan accounts as of the current statement cycle date of your Star Checking or Gold Star Checking account.  This date can be found on the top right hand corner of page one of your monthly statements, under the heading “Statement Ending.

3 This per item fee is imposed for overdrafts created by checks, in-person withdrawals, ATM withdrawals, and other electronic means (as applicable), whether the item is paid at our discretion or returned unpaid. The first five (5) NSF items paid per day will be charged the fee as an NSF Paid Item Fee, whereas any NSF items returned unpaid will be charged an NSF Returned Item Fee. Should a transaction overdraw your account in the amount of $5.00 or less, your account will not be charged.

4 Or,as established from time to time by the Commissioner of Banks. If the item returned is drawn on an account held by the Salem Five accountholder at another bank, the fee assessed is $7.50.

5 Per statement, deposit slip or check (first 25 checks requested annually per account are free after which the per item charge applies). No charge for check copy on QuikCheckSM accounts.

6 The inactivity fee will be imposed on checking accounts if the average daily balance is below $250.00 and the account has been inactive for the preceding 12 months.

7 eOne Checking and eOne Savings customers will be charged if a transaction is conducted at a branch

8 If your account requires eStatements, Salem Five may assess this fee if you fail to register for, or at any time you discontinue receiving eStatements.

9 Additional charges may be assessed by intermediary bank(s). These charges will be deducted from the check or wire transfer proceeds.

10 eOne Checking, eChecking, and eSavings customers will be reimbursed up to $20 per statement cycle.