Gold Star Checking Account Disclosure

Are you opening an account online? After reviewing this document, please close the window and you will be returned to your application to complete it.

This disclosure describes the terms and features of the Gold Star Checking Account offered by Salem Five Cents Savings Bank. Please refer to our Consumer Banking Services Agreement and current Fee Schedule for additional information of importance to you.

If you have any questions about information provided here, please allow a bank representative to answer them for you.

Interest Rate Information: Click here to view current rate and annual percentage yield.

Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily.

Compounding and Crediting: Interest will be compounded monthly and will be credited to your account monthly.

If you close your account before interest is credited, you will not receive the accrued interest.

Minimum Balance Requirements: You must deposit at least $100 to open this account online or by mail. A minimum $10 opening deposit is required to open this account in person.

A monthly maintenance fee will be imposed in each statement period, in accordance with the Fee Schedule . The monthly maintenance fee will be waived if either: a) you maintain a minimum daily balance of $5,000 in the account throughout the statement period; b) the combined ledger balances in all of your consumer deposit accounts and the outstanding balances in your consumer loan accounts, excepting mortgage loans, total at least $20,000 as of the last day of the month prior to your account statement date.

The monthly maintenance fee will also be waived if you have an original consumer mortgage balance of $500,000 or more (excludes reverse, sold and service released, and commercial mortgage balances) or if you have an investment account with Salem Five Investment Services.

Balance Computation Method: We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual of Interest on Non Cash Deposits: Interest begins to accrue no later than the day we receive credit for the deposit of non-cash items.

Cash Debit Rewards Program – Terms & Conditions: Rewards apply to point-of-sale, non-PIN based debit card transactions (when you choose "credit") with no minimum purchase amount and no cap to the cash rewards you may earn. ATM and PIN based transactions do not qualify. Cash Debit Rewards is at the rate of $0.05 for each point-of-sale signature-based debit card purchase (when you choose "credit"). Rewards accrued are credited to your account on the last day of the statement cycle in which the purchase is posted. Your account must be open and in good standing on the date the rewards are posted to receive the reward. We reserve the right to deduct rewards credits if you return merchandise or a transaction is otherwise reversed for which you have qualified or received debit rewards. Any taxes related to debit rewards are the recipient's sole responsibility. Program may be modified or terminated at any time at our sole discretion. The Cash Debit Rewards program is affiliated with Star Checking, Gold Star Checking, Smart Student Checking, On-the-Job Star Checking and eOne Checking accounts only.

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