Interest 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 Interest Checking Account offered by Salem Five Cents Savings Bank. Please refer to our Consumer Banking Services Agreement and our current Fee Schedule for additional information of importance to you.
In this disclosure, the words "you" and "your" refer to the consumer who maintains the deposit account with the Bank. The words "we" and "us" refer to Salem Five Cents Savings Bank.
If you have any questions about information provided here, please allow a bank representative to answer them for you.
Eligibility: Eligibility is limited to consumers who apply online, who have an existing eOne Savings or eOne Checking Account or opened a Certificate of Deposit online, and who do not have an existing checking account with Salem Five Cents Savings Bank at the time of application.
Interest Rate Information:
If your daily balance is $1,000,000 or more, the interest paid on the entire balance in your account will be 3.45% with an annual percentage yield of 3.50%.
If your daily balance is less than $1,000,000, or at least $100,000, the interest paid on the entire balance in your account will be 3.45% with an annual percentage yield of 3.50%.
If your daily balance is less than $100,000, or at least $50,000, the interest paid on the entire balance in your account will be 3.45% with an annual percentage yield of 3.50%.
If your daily balance is less than $50,000, or at least $10,000, the interest paid on the entire balance in your account will be 3.45% with an annual percentage yield of 3.50%.
If your daily balance is less than $10,000, or at least $5,000, no interest is paid.
If your daily balance is less than $5,000, no interest is paid.
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 $10 to open this account.
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 business day we receive credit for the deposit of non cash items. (for example, checks).
Fees and Charges: Please refer to our Fee Schedule for information about fees and charges.