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This disclosure describes the terms and features of the Free 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.
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: A minimum $10 deposit is required to open this account in person. A minimum $100 deposit is required to open this account online.
Maximum Aggregate Deposit Restriction: The maximum deposit amount allowed to open this account is $1,000,000. Additionally, deposits will not be accepted into this account once the account balance has accumulated a balance of $1,000,000 however interest will continue to accrue as scheduled.
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 (for example, checks).
Transaction Limitations: You will be permitted to make no more than 6 combined pre-authorized, automatic, or telephone transfers per statement period from your Star Money Market Account to another of your Salem Five deposit accounts or to third parties. Transfers or withdrawals by debit card or similar order payable to third parties are included in the aggregate limit of pre-authorized transfers. If you have a Star Checking Account or Gold Star Checking Account with an Overdraft Deposit Sweep feature, each automatic transfer from your Gold Star Money Market Account to your checking account to pay an overdraft item in your checking account will be included in your 6 transactions. If you exceed these restrictions, we may assess an excess debit fee and convert your account to a transaction account. There are no limits on the number of transfers or withdrawals that you may make in person at any of our branches or at an ATM. There will be no check access with this account.
Fees and Charges: Please refer to our Fee Schedule for information about fees and charges.