On The Job (OTJ) Star Checking Account

This disclosure describes the terms and features of the 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 InformationClick 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.

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.

Monthly Maintenance Fee: A monthly maintenance fee of $15 will be imposed in each statement period. The monthly maintenance fee will be waived if you meet any one of four criteria:

a) you maintain a minimum daily balance of $1,500 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 $5,000 as of the last day of the month prior to your account statement date; c) you have your payroll or monthly Social Security payment directly deposited to your account; or d) you establish and maintain an automatic transfer from this account to pay a Salem Five Mortgage.

Balance Computation Method: We use the average daily balance method to calculate the interest on your account.  This method applies a periodic rate as of the last day of the statement cycle to the average daily balance in the account for the period. The average daily balance is calculated by adding the principal in the account for each day of the period and dividing that figure by the number of days in the period.

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.