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:
The Interest rate on your account is 0.01% with an Annual Percentage Yield of 0.01%
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 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.
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.
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.