Gold Star Saver Account Disclosure

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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. Determination of Rate. At our discretion, we may change the interest rate on your account. Frequency of Rate Changes. We may change the interest rate on your account at any time. Limitations on Rate Changes. There are no maximum or minimum interest rate limits for this account.

Compounding and Crediting: Interest will be compounded monthly and will be credited to the 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 $10 to open this account.

Processing Order: Please see our Consumer Banking Services Agreement regarding Processing Order. The processing order of these items is important because if there is not enough money in the account to pay for the items in the order they are processed in accordance with the processing order, there may be an overdraft on your account which may result in overdraft or non-sufficient funds fees or an increase in the amount of these fees.

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

Accrual on Noncash Deposits: Interest begins to accrue no later than the business day we receive credit for the deposit of noncash 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 account to another of your Salem Five deposit accounts or to third parties. If you exceed these restrictions, we may assess an excess debit fee and convert your account to a transaction account.

ADDITIONAL INFORMATION REGARDING YOUR ACCOUNT: Beginning on your 18th birthday, Salem Five will convert your account to a Smart Student Saver Account. Salem Five will provide you advance notice of this change and an account disclosure for the Smart Student Saver Account.

"eStatements": A condition of this account is that you must enroll in Salem Five Online Banking and consent to "eStatements". By consenting to "eStatements" you agree to receive your monthly periodic statements electronically. Paper copies will not be mailed to you. You must notify us immediately of any changes to your email address as provided on your original account application. Notify us at: or by clicking on "Contact Us" within Salem Five Online Banking. Failure to notify us of a change in your email address will impede our ability to provide "eStatements" and additional important information.

Fees and Charges: Please refer to the separate Fee Schedule provided to you with this disclosure for information about fees and charges associated with this account. A Fee Schedule will be provided to you at the time you open an account, periodically when fees or charges change, and upon request.

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