When you request electronic access, you designate the accounts to which you want access by electronic means.
You may designate your money market, checking or statement savings account(s) for ATM access. Debit card access is limited to checking accounts.
The following transactions are available to your designated account(s) using your Card and PIN:
a. Cash Withdrawals At Salem Five ATMs and locations of other participating networks, you may make withdrawals up to your allowable daily limit, which is disclosed to you upon receipt of the Card. You have the right to limit the daily amount to $50 per day. Contact us if you would like to do so.
b. Deposits At most Salem Five ATMs and at designated NYCE® and Plus® ATMs, you may make deposits to your account.
c. Transfers You may transfer funds between your designated accounts.
d. Payments on Loans You may make a payment on your loan with us at most Salem Five ATMs. These will not be credited to you until the following business day.
e. Balance Inquiries You may make balance inquiries on your designated account(s).
f. Point of Sale (POS) Purchases At certain POS terminals you may withdraw funds from your designated account to pay for the retail purchases of goods and services, subject to your daily withdrawal limit and normal charges pertaining to your account. POS transactions are restricted on savings and money market accounts. (Refer to your account disclosure.)
g. Debit Card Purchases In addition to the transactions listed above, if you have a Salem Five debit card you may make purchases with that Card anywhere VISA® is accepted. Card-based purchases are restricted to checking accounts and are subject to a daily aggregate Card limit which is disclosed to you upon receipt of your Card.
h. Cash Advances You can use your Salem Five debit card to get cash advances in amounts up to your authorized daily debit card limit, from participating financial institutions and others that are authorized to make cash advances.
Some cardholder services may not be available at all terminals at all times.
When you use Salem Five Telephone Banking, the following transactions are available on your designated accounts, using your personal ID number:
a. Transfers You may transfer funds between your designated accounts, including by advancing any available lines of credit.
b. Payments on Loans You may make a payment on your loan with us by transferring funds from your deposit account. These will be credited the following business day.
c. Balance Inquiries You may make balance inquiries on your designated account(s). This balance may not reflect the most recent transactions involving your account.
d. Account Information You may obtain information on recent deposits and withdrawals, interest rates and earnings.
If you use Salem Five Online Banking, the following transactions are available on your designated checking account(s), using your personal Online Banking ID number:
a. Transfers You may transfer funds between your designated deposit accounts within Salem Five (Internal Transfers), between your designated Salem Five checking account and your account at another financial institution (External Transfers), or to other individuals (People Pay Transfers), including by advancing any available lines of credit. Refer to the Salem Five Online Banking Agreement for information about dollar limitations on External Transfers and People Pay Transfers
b. Payment on Loans You may make a payment on your loan with us, to be credited immediately or on a future date, depending on the method you choose.
c. Balance Inquiries You may make balance inquiries on your designated account(s). This balance will reflect all transactions posted as of the day you inquire.
d. Bill Payments You may make payments to third parties by telephone or personal computer. Refer to the Salem Five Online Banking Agreement for further information about Bill Payments.
You may authorize the Direct Electronic Transfer of funds to or from your designated account(s). For example:
a. You may authorize a third party, such as a government agency or your employer, to periodically make deposits to your account.
b. You may authorize a one-time or periodic transfer of funds from your designated checking account to pay your obligations to third parties.
c. Electronic check conversion: In order to purchase goods or services or pay bills, you may authorize a merchant or other payee to make a one-time electronic payment from your checking account using information from your check.
d. If you initiate a transaction by check and the check is returned for insufficient or uncollected funds, the payee may assess a fee when re-presenting the check electronically, if at the time you offered the check, the payee gave notice to you that such a fee may be assessed.
There may be other limits set by law or in our agreements with you concerning your account(s), Card, Telephone Banking, or Online Banking. We also may limit or refuse to complete transactions when we have to for security reasons. PLEASE CONSULT YOUR ACCOUNT DISCLOSURE AND FEE SCHEDULE. You may contact us for current rates and fees.