Electronic Fund Transfer Disclosure

Salem Five offers a wide variety of electronic fund transfer services.  For example, if you have preauthorized the transfer of funds from your account to third parties, if you have authorized direct deposits to your account, if you use our AccessLine Telephone Banking or Online Banking Services, or if you have a Salem Five ATM card or Salem Five debit card (both referred to in this Agreement as “Card”), you have subscribed to electronic banking services.  Your use of the electronic banking services to which you have subscribed will be subject to the terms and conditions of this Agreement and any other agreement specific to the service you use.

Laws have been enacted by Congress and the Massachusetts Legislature which define the rights and responsibilities of the Bank in providing electronic fund transfer services to consumers and your rights and responsibilities as a consumer utilizing these services.  In order for you to understand your rights under the federal Electronic Fund Transfer Act and Chapter 167B of the Massachusetts General Laws, we are providing you with the following disclosures.  In addition to these federal and state laws, Federal Reserve Regulation E and the rules of NACHA Electronic Payments Association apply to your electronic transfers.

Consumers who utilize or intend to utilize Salem Five’s Online Banking Services to view their accounts, transfer funds or pay bills should also refer to the disclosure entitled Salem Five Online Banking Agreement, which describes additional terms and conditions pertaining specifically to those services.

Please take the time to familiarize yourself with the terms of service below:


You can view a printer friendly (PDF) version of this disclosure to keep for your records.