Online Banking Agreement

This agreement (the “Agreement”) between you and Salem Five Cents Savings Bank (“we,” “our,” “us,” or “Salem Five”) governs your use of Salem Five’s Online Banking Services (the “Services”).  By registering for, and using the Services, you consent to the terms of the Agreement and any amendments that are made from time to time.  The Services enable you to view your statements, account balances and recent transactions, pay bills and perform banking transactions, and communicate with us via a personal computer.  The Services include Salem Five Online Banking, for both consumers and businesses, and Salem Five Banking through Quicken® software, available for consumer accounts.  The Services are provided by Fiserv, on behalf of Salem Five. 

If you are a consumer, this Agreement supplements the Consumer Banking Services Agreement, which governs consumer deposit account(s), including the Electronic Funds Transfer Disclosure.  If you represent a business or other entity, including a sole proprietorship, this Agreement supplements the Business Banking Services Agreement, which governs deposit accounts held by non-consumer entities.  All users of the Services further agree to be bound by and comply with our by-laws and rules and applicable state and federal laws and regulations.

To access Salem Five Online Banking and your statements in electronic format (“Online Statements”), you must have an Internet access device such as a PC or Apple^® computer and browser software that supports 128-bit encryption.  We recommend that you use one of the latest commercially available browser versions to optimize Online Banking performance.  Review our recommended browser and system requirements.
 
You will also need Adobe^® Reader^® software in order to read your Online Statements.  You may download the latest version of Adobe Reader for free at www.adobe.com.

To retain a printed copy of your Online Statements, you will also need a printer attached to your computer that is capable of printing from your Internet web browser.

For mobile access to the Services, you will need a web-enabled cellular telephone or smartphone (a “mobile device”).  Salem Five Banking through Quicken^® software is not available via a mobile device.

You are responsible for the set-up and maintenance of your computer and equipment.  System requirements are posted at:  www.salemfive.com.  We will notify you of any change to software or hardware requirements needed to access Online Banking or your Online Statement.  It is your responsibility to install and periodically update virus protection software on your computer and to routinely scan your computer using an up-to-date virus protection product.

For questions or assistance with Online Banking, including mobile access to your account or Online Statements, contact our Contact Center toll free at (800) 850-5000, Monday through Friday 8:00 a.m. – 6:00 p.m., Saturday 9:00 a.m. – 3:00 p.m. and Sunday, 11:00 a.m. – 3:00 p.m., Eastern Time.  You may also write to us at 210 Essex Street, Salem, MA 01970, or you may send us general questions by e-mail at: mail@salemfive.com or a secure e-mail through the Online Banking Message Center.  For security reasons, we recommend that you only send confidential information through the Online Banking Message Center.  Your communication by mail or e-mail will not be effective until we receive it and have had a reasonable opportunity to act on it.

Salem Five’s Contact Center is closed on federal bank holidays. 

Within Salem Five Online Banking, you may select one of the following levels of access:

1. Account View, allowing you to view your current balance and recent transactions in any of your accounts that you select;
2. Account View and Transfer, allowing you to view your current balance and recent transactions, open additional deposit accounts, make transfers between your Salem Five accounts, as selected, perform self-service activities such as stopping payment on checks, and, if you have a consumer account, originate inbound and outbound transfers to or from your account at an institution outside of Salem Five;
3. Account View and Transfer with Bill Payment, allowing you to view your current balance and recent transactions, open additional deposit accounts, make transfers between your accounts, perform self-service activities such as stopping payment on checks, and pay merchants and others.  This level of access also provides you the option of electronic bill presentment.  If you have a consumer account, you may also originate inbound and outbound transfers to or from your account at an institution outside of Salem Five.
   
   

With Salem Five Banking Through Quicken^®, you may view your current balance and recent transactions, make transfers between your accounts, and pay merchants and other third parties.

If you choose Account View and Transfer With Bill Payment or Salem Five Banking Through Quicken^® , you select the Salem Five checking account or accounts you wish to use for bill payment (your “Funding Accounts”), and you authorize us to deduct your payments from your Funding Accounts even if they create an overdraft.  You may not select a savings account or money market account for third party payments via the Services.

The following types of payments are prohibited through the Service, and we have the right but not the obligation to monitor for, block, cancel and/or reverse such payments:

a. Payments to or from persons or entities located in prohibited territories (including any territory outside of the United States); and

b. Payments that violate any law, statute, ordinance or regulation; and

c. Payments related to: (1) tobacco products, (2) prescription drugs and devices; (3) narcotics, steroids, controlled substances or other products that present a risk to consumer safety; (4) drug paraphernalia; (5) ammunition, firearms, or firearm parts or related accessories; (6) weapons or knives regulated under applicable law; (7) goods or services that encourage, promote, facilitate or instruct others to engage in illegal activity; (8) goods or services that are sexually oriented; (9) goods or services that promote hate, violence, racial intolerance, or the financial exploitation of a crime; (10) goods or services that defame, abuse, harass or threaten others; (11) goods or services that include any language or images that are bigoted, hateful, racially offensive, vulgar, obscene, indecent or discourteous; (12) goods or services that advertise, sell to, or solicit others; or (13) goods or services that infringe or violate any copyright, trademark, right of publicity or privacy, or any other proprietary right under the laws of any jurisdiction; and

d. Payments related to gambling, gaming and/or any other activity with an entry fee and a prize, including, but not limited to, casino games, sports betting, horse or dog racing, lottery tickets, other ventures that facilitate gambling, games of skill (whether or not it is legally defined as a lottery) and sweepstakes; and

e. Payments relating to transactions that (1) support pyramid or ponzi schemes, matrix programs, other "get rich quick" schemes or multi-level marketing programs, (2) are associated with purchases of real property, annuities or lottery contracts, lay-away systems, off-shore banking or transactions to finance or refinance debts funded by a credit card, (3) are for the sale of items before the seller has control or possession of the item, (4) constitute money-laundering or terrorist financing, (5) are associated with the following "money service business" activities: the sale of traveler’s checks or money orders, currency dealers or exchanges, or check cashing, or (6) provide credit repair or debt settlement services; and

f. Tax payments and court ordered payments.

In addition to the above-referenced prohibited payments, we may also block and/or reverse payments that involve donations or payments to an unauthorized charity or non-profit organization, unless we have performed appropriate due diligence on and investigation of such charity or non-profit organization and have determined its legitimacy, in our sole discretion. In no event shall we or our Service Providers be liable for any claims or damages resulting from your scheduling of prohibited payments. We have no obligation to research or resolve any claim resulting from a prohibited payment. All research and resolution for any misapplied, mis-posted or misdirected prohibited payments will be your sole responsibility and not ours.

Certain types of withdrawals from money market and savings accounts, including transfers and bill payments made via the Services, are limited by federal law to six in total per statement cycle. Please consult your account disclosure for specific information.

For security reasons, dollar limitations apply to Bill Payments and transfers to or from accounts outside of Salem Five, as more fully described below and on the Salem Five Online Banking web pages..

Transfers Within Salem Five

You may initiate a single or recurring transfer to or from your selected Salem Five accounts (“Internal Transfers”). To ensure immediate posting, single Internal Transfers should be made before 11:00 p.m. Eastern Time, Monday through Friday and before 8:30 p.m. Eastern Time on Saturday. Single Internal Transfers made after these cutoff times will be posted on the next business day. Recurring transfers are posted on the date you schedule them to occur.

Canceling Internal Transfers: Transfers between your Salem Five accounts, other than future dated transfers, are completed immediately and cannot be cancelled or modified. Future transfers may be cancelled or modified as long as they still appear on the “Scheduled Transfers List.”.  

Bill Payments via CheckFree^®

1. Description of Service. The term “Bill Payment Terms” means these Bill Payment Service Additional Terms. The bill payment service (for purposes of these Bill Payment Terms, and the General Terms as they apply to these Bill Payment Terms, the "Service") enables you to receive, view, and pay bills from the Site.
2. Payment Scheduling. The earliest possible Scheduled Payment Date for each Biller will be designated within the portion of the Site through which the Service is offered when you are scheduling the payment. Therefore, the Service will not permit you to select a Scheduled Payment Date less than the earliest possible Scheduled Payment Date designated for each Biller. When scheduling payments you must select a Scheduled Payment Date that is no later than the actual Due Date reflected on your Biller statement unless the Due Date falls on a non-Business Day. If the actual Due Date falls on a non-Business Day, you must select a Scheduled Payment Date that is at least one (1) Business Day before the actual Due Date. Scheduled Payment Dates must be prior to any late date or grace period. Depending on the method of payment, your Eligible Transaction Account may be debited prior to the Scheduled Payment Date. For example, if the selected method of payment is a draft, the draft arrives earlier than the Scheduled Payment Date due to expedited delivery by the postal service, and the Biller immediately deposits the draft, your Eligible Transaction Account may be debited earlier than the Scheduled Payment Date.
3. The Service Guarantee. Due to circumstances beyond the control of the Service, particularly delays in handling and posting payments by Billers or financial institutions, some transactions may take longer to be credited to your account. The Service will bear responsibility for any late payment related charges up to $50.00 should a payment post after its Due Date as long as the payment was scheduled in accordance with the Section 2 of the Bill Payment Terms (Payment Scheduling).
4. Payment Authorization and Payment Remittance. By providing the Service with names and account information of Billers to whom you wish to direct payments, you authorize the Service to follow the Payment Instructions that it receives through the Site. In order to process payments more efficiently and effectively, the Service may edit or alter payment data or data formats in accordance with Biller directives.

When the Service receives a Payment Instruction, you authorize the Service to debit your Eligible Transaction Account and remit funds on your behalf so that the funds arrive as close as reasonably possible to the Scheduled Payment Date designated by you. You also authorize the Service to credit your Eligible Transaction Account for payments returned to the Service by the United States Postal Service or Biller, or payments remitted to you on behalf of another authorized user of the Service.

The Service will attempt to make all your payments properly. However, the Service shall incur no liability and any Service Guarantee (as described in Section 3 of the Bill Payment Terms) shall be void if the Service is unable to complete any payments initiated by you because of the existence of any one or more of the following circumstances:

1. If, through no fault of the Service, your Eligible Transaction Account does not contain sufficient funds to complete the transaction or the transaction would exceed the credit limit of your overdraft account;
2. The payment processing center is not working properly and you know or have been advised by the Service about the malfunction before you execute the transaction;
3. You have not provided the Service with the correct Eligible Transaction Account information, or the correct name, address, phone number, or account information for the Biller; and/or,
4. Circumstances beyond control of the Service (such as, but not limited to, fire, flood, or interference from an outside force) prevent the proper execution of the transaction and the Service has taken reasonable precautions to avoid those circumstances.
   1. Provided none of the foregoing exceptions are applicable, if the Service causes an incorrect amount of funds to be removed from your Eligible Transaction Account or causes funds from your Eligible Transaction Account to be directed to a Biller which does not comply with your Payment Instructions, the Service shall be responsible for returning the improperly transferred funds to your Eligible Transaction Account, and for directing to the proper Biller any previously misdirected transactions, and, if applicable, for any late payment related charges.
5. Payment Cancellation Requests. You may cancel or edit any Scheduled Payment (including recurring payments) by following the directions within the portion of the Site through which the Service is offered. There is no charge for canceling or editing a Scheduled Payment. Once the Service has begun processing a payment it cannot be cancelled or edited, therefore a stop payment request must be submitted.
6. Stop Payment Requests. The Bank’s ability to process a stop payment request will depend on the payment method and whether or not a check has cleared. The Bank may also not have a reasonable opportunity to act on any stop payment request after a payment has been processed. If you desire to stop any payment that has already been processed, you must contact Customer Service at (800) 850-5000. Although the Bank will make every effort to accommodate your request, the Bank will have no liability for failing to do so.
   1. The Service may also require you to present your request in writing within fourteen (14) days. The charge for each stop payment request will be the current charge for such service as set out in the applicable fee schedule.
7. Exception Payments Requests. Exception Payments may be scheduled through the Service; however Exception Payments are discouraged and must be scheduled at your own risk. In no event shall the Service be liable for any claims or damages resulting from your scheduling of Exception Payments. The Service Guarantee (as described in Section 3 of the Bill Payment Terms) as it applies to any late payment related charges is void when Exception Payments are scheduled and/or processed by the Service. The Service has no obligation to research or resolve any claim resulting from an Exception Payment; all research and resolution for any misapplied, mis-posted or misdirected payments will be the sole responsibility of you and not of the Service.
8. Bill Delivery and Presentment. The Service includes a feature that electronically presents you with electronic bills from select Billers. Electronic bills may not be available from all of your Billers. Electronic bills are provided as a convenience only, and you remain solely responsible for contacting your Billers directly if you do not receive their statements. In addition, if you elect to activate one of the Service's electronic bill options, you also agree to the following:
1. Presentation of electronic bills – You will receive electronic bills from a Biller only if both: (a) you have designated it in the Service as one of your Billers, and (b) the Biller has arranged with our Service Provider to deliver electronic bills. The Service may then present you with electronic bills from that Biller if either: (1) you affirmatively elect online within the Service to receive electronic bills from the Biller, or (2) the Biller chooses to send you electronic bills on a temporary “trial basis.” In either case, you can elect online within the Service to stop receiving electronic bills from a Biller. Electing to receive electronic bills, automatically receiving trial electronic bills, and declining further elected or trial electronic bills all occur on an individual Biller basis. The Service does not include an option to prevent ever participating in the automatic trial electronic bill feature. When affirmatively electing to receive electronic bills from a particular Biller, you may be presented with terms from that Biller for your acceptance. We are not a party to such terms.
2. Paper Copies of electronic bills – If you start receiving electronic bills from a Biller, the Biller may stop sending you paper or other statements. The ability to receive a paper copy of your statement(s) is at the sole discretion of the Biller. Check with the individual Biller regarding your ability to obtain paper copies of electronic bills on a regular or as-requested basis.
3. Sharing Information with Billers – You authorize us to share identifying personal information about you (such as name, address, telephone number, Biller account number) with companies that you have identified as your Billers and which we have identified as offering electronic bills for purposes of matching your identity on the Service’s records and the Biller’s records to (a) activate your affirmative request for electronic bills, and/or (b) confirm your eligibility for “trial basis” electronic bills.
4. Information held by the Biller. We are unable to update or change your personal information such as, but not limited to, name, address, phone numbers and email addresses that is held by the Biller. Any changes will require you to contact the Biller directly. Additionally it is your responsibility to maintain all usernames and passwords for all electronic Biller sites. You also agree not to use someone else's information to gain unauthorized access to another person's bill. We may, at the request of the Biller, provide to the Biller your email address, service address, or other data specifically requested by the Biller for purposes of the Biller matching your identity against its records or informing you about the Biller’s services and/or bill information.
5. Activation. We will notify the Biller of your request to receive electronic billing information. The presentment of your first electronic bill may vary from Biller to Biller and may take up to sixty (60) days, depending on the billing cycle of each Biller. While your electronic bill feature is being activated it is your responsibility to keep your accounts current. Each electronic Biller reserves the right to accept or deny your request to receive electronic bills.
6. Authorization to obtain bill data. You authorize us to obtain bill data from your Billers that you have requested to send you electronic bills, and from your Billers that wish to send you trial electronic bills. For some Billers, you will be asked to provide us with your user name and password for that Biller. By providing us with such information, you authorize us to use the information to obtain your bill data.
7. Notification. We will attempt to present all of your electronic bills promptly. In addition to notification within the Service, we may send an e-mail notification to the e-mail address listed for your account. It is your sole responsibility to ensure that this information is accurate. In the event you do not receive notification, it is your responsibility to periodically logon to the Service and check on the delivery of new electronic bills. The time for notification may vary from Biller to Biller. You are responsible for ensuring timely payment of all bills.
8. Cancellation of electronic bill notification. The electronic Biller reserves the right to cancel the presentment of electronic bills at any time. You may cancel electronic bill presentment at any time. The timeframe for cancellation of your electronic bill presentment may vary from Biller to Biller. It may take up to sixty (60) days, depending on the billing cycle of each Biller. We will notify your electronic Biller(s) as to the change in status of your account and it is your sole responsibility to make arrangements for an alternative form of bill delivery. We will not be responsible for presenting any electronic bills that are already in process at the time of cancellation.
9. Non-Delivery of electronic bill(s). You agree to hold us harmless should the Biller fail to deliver your statement(s). You are responsible for ensuring timely payment of all bills. Copies of previously delivered bills must be requested from the Biller directly.
10. Accuracy and dispute of electronic bill. We are not responsible for the accuracy of your electronic bill(s). We are only responsible for presenting the information we receive from the Biller. Any discrepancies or disputes regarding the accuracy of your electronic bill summary or detail must be directly addressed and resolved with the Biller by you

    1. This Agreement does not alter your liability or obligations that currently exist between you and your Billers.

9. Disclosure of Account Information to Third Parties. It is our general policy to treat your account information as confidential. Please review our Privacy Policy in order to better understand our commitment to maintaining your privacy, as well as our use and disclosure of your information.
10. Service Fees and Additional Charges. You are responsible for paying all fees associated with your use of the Service. Applicable fees will be disclosed in the user interface for, or elsewhere within, the Service or Site. Any applicable fees will be charged regardless of whether the Service was used, except for fees that are specifically use-based. Use-based fees for the Service will be charged against the Billing Account. There may also be charges for additional transactions and other optional services. You agree to pay such charges and authorize the Service to deduct the calculated amount from your designated Billing Account. Any financial fees associated with your standard deposit accounts will continue to apply. You are responsible for any and all telephone access fees and Internet service fees that may be assessed by your telephone and Internet service provider. Section 18 of the General Terms (Failed or Returned Payment Instructions) applies if you do not pay our fees and charges for the Service, including without limitation if we debit the Billing Account for such fees, as described in this Section, and there are insufficient fees in the Billing Account.
11. Biller Limitation. The Service reserves the right to refuse to pay any Biller to whom you may direct a payment. The Service will notify you promptly if it decides to refuse to pay a Biller designated by you. This notification is not required if you attempt to make a prohibited payment as set forth in Section 13 of the General Terms (Prohibited Payments) or an Exception Payment under this Agreement.
12. Returned Payments. In using the Service, you understand that Billers and/or the United States Postal Service may return payments to the Service for various reasons such as, but not limited to, Biller's forwarding address expired; Biller account number is not valid; Biller is unable to locate account; or Biller account is paid in full. The Service will attempt to research and correct the returned payment and return it to your Biller, or void the payment and credit your Eligible Transaction Account. You may receive notification from the Service.
13. Information Authorization. In addition to Section 20 of the General Terms (Information Authorization), you agree that the Service reserves the right to obtain financial information regarding your account from a Biller or your financial institution (for example, to resolve payment posting problems or for verification).

3. Transfers Outside of Salem Five

Transfers outside of Salem Five may be made by either External Transfer (TransferNow) or Pay People Transfer (PopMoney). You may not transfer funds to or from an account located outside the United States or U.S. Territories.

A. External Transfers (TransferNow)

If you have a consumer account and you have selected Account View and Transfer or Account View and Transfer with Bill Payment, you may originate the electronic transfer of funds into your account at Salem Five from an account in your name at a financial institution outside of Salem Five and you may originate the electronic transfer of funds from your account at Salem Five to an account in your name at a financial institution outside of Salem Five (both called “External Transfers”). External Transfers are not available using Salem Five Online Banking through Quicken® or when using a mobile device.

When you originate External Transfers, you authorize Salem Five and our service provider to initiate debit and credit entries, upon your instructions, to your Salem Five account and your account at the financial institution(s) outside of Salem Five that you designate, using the Automated Clearing House (ACH) or other payment transfer method. You agree and warrant to us that you will only originate External Transfers to or from accounts for which you have the authority to transfer funds, and that by disclosing information to us regarding those accounts to affect your transfers, you are not violating any third party rights. Not all types of accounts may be eligible for External Transfers, so you should check with the institution for any restrictions on transfers.

To ensure your security, before you add an outside account for External Transfers, originate a new External Transfer, edit an existing periodic External Transfer, or change your phone number through Online Banking, you may be required to authenticate who you are, using a method of authentication you select. Before you originate an External Transfer, you will be asked to complete a test transaction. If the test transaction fails or is rejected, for security purposes we may decline your External Transfer request(s) and any or all other transactions, and we may close your account, with or without notice to you.

External Transfers may be originated on a single entry or recurring basis. One time transfers may be scheduled immediately or scheduled for a future date. To ensure same day processing, you must schedule your External Transfer by 7:00 p.m. Eastern Time. A recurring transfer allows you to transfer a set amount at regular intervals. Your authorization for any recurring External Transfers will remain in full force and effect until you revoke it in such timely manner as to afford Salem Five a reasonable opportunity to act on your direction.

One time External Transfers cannot be scheduled to occur on a non-business day. Recurring External Transfers scheduled to occur on a non-business day will be processed on the next business day.

Limitations: For security reasons, the Bank has established limits on the amount of funds that can be transferred via External Transfers. External Transfers from your account are limited to $5,000 per transaction; $5,000 in aggregate per day; and $20,000 in aggregate per rolling 30 days. You may make a maximum of 3 external transfers from your account per day and a maximum of 25 external transfers from your account per rolling 30 days.

External Transfers into your Salem Five account are limited to $15,000 per transaction, $25,000 in aggregate per day and $25,000 in aggregate per rolling 30 days. There is no charge for incoming transfers. You may make a maximum of 3 external transfers to your account per day and a maximum of 25 external transfers to your account per rolling 30 days.

We reserve the right to change your External Transfer dollar limit at any time. If we decrease the dollar limit, we will notify you as required by law, but we may not notify you if we are restricting your transfer limits for security purposes or because of excessive overdrafts to your Salem Five account.

For the purpose of External Transfers, your account is considered a New Account for the first 90 days it is open, whether you are a new or existing customer of Salem Five. When you initiate an External Transfer from your account outside of Salem Five to your Salem Five account, you are initiating an ACH debit transfer to your external account and a corresponding credit to your Salem Five account. Credits received to a New Account via an External Transfer will be available for withdrawal on the fifth business day after receipt. After the first 90 days your Salem Five account is open, credits received to your account via External Transfer are available for withdrawal on the third business day after receipt.

It may take up to three business days for an External Transfer you initiate to be received into your account.

A fee may be charged for External Transfers. Consult our current Fee Schedule for applicable fees.

Canceling External Transfers: Single entry transfers scheduled to be effected immediately can be cancelled before 7:00 p.m. Eastern Standard Time on the day of your origination. Future dated single entry transfers and recurring transfers can be cancelled prior to 7:00 p.m. Eastern Standard Time on the bank business day prior to the date the transfer is scheduled to be made.

B. Pay People Transfers (Popmoney)

1. Description of Service. The term “Popmoney Terms” means these Popmoney Payments Service Additional Terms. "Popmoney" is a trademark of CashEdge Inc. or its Affiliates. The Popmoney Service (for purposes of these Popmoney Terms, and the General Terms as it applies to these Popmoney Terms, the "Service") enables you: (1) to initiate a Payment Instruction from an Eligible Transaction Account to an account at a U.S. financial institution; and/or (2) to receive a payment from another person into an Eligible Transaction Account, in U.S. dollars (or in gift card value, if applicable). Although the ACH Network is often used to execute Popmoney Service Payment Instructions for the Popmoney Service, other Payment Networks may be used to facilitate the execution and transmission of Payment Instructions. All payments must be made through the Site and are subject to the terms of this Agreement and applicable laws and regulations, in each case as in effect from time to time. Receipt of payments may be made through the Site and is subject to the terms of this Agreement and applicable laws and regulations, in each case as in effect from time to time. In some instances, receipt of payments may be made through www.Popmoney.com (the "Popmoney Website") and if you choose to initiate or receive a payment at the Popmoney Website you acknowledge and agree that you shall be subject to the terms of other agreements, including, but not limited to, the "terms of use" for the Popmoney Website and applicable laws and regulations, in each case as in effect from time to time.

2. Payment Authorization and Payment Remittance.

a. By providing us with names and telephone numbers, email addresses, and/or bank account information of Receivers to whom you wish to direct payments, you authorize us to follow the Payment Instructions that we receive through the Service. Once registered, you authorize us to credit your Eligible Transaction Account for payments remitted to you on behalf of a Sender without further approval from you.

b. When we receive a Payment Instruction from you, you authorize us to debit your Eligible Transaction Account for the amount of any such Payment Instruction plus any related fees in effect (and as disclosed on the Site) at the time you initiate the Payment Instruction, and to remit funds on your behalf. You acknowledge and agree that any applicable fees will be charged when we receive a Payment Instruction from you, regardless of whether the Payment Instruction is ultimately completed. You also authorize us to credit your Eligible Transaction Account for the receipt of payments, including but not limited to those payments returned to us from Receivers to whom you sent payment(s) and those payments that were cancelled and returned to you because the processing of the Payment Instruction could not be completed.

c. You acknowledge and agree that if your Payment Instructions identify an account by name and account number, the relevant financial institution may execute those Payment Instructions by reference to the account number only, even if such account number does not correspond to the account name. You further acknowledge and agree that financial institutions holding the account may choose to not investigate discrepancies between account names and account numbers. We have no responsibility to investigate discrepancies between account names and account numbers, outside of our obligations under the law to investigate errors, described above in Section 22 of the General Terms (Errors, Questions, and Complaints).

d. You agree that we will not be liable in any way for any payments that you may receive, regardless of whether you authorized the Sender to send them to you.

e. We will use reasonable efforts to complete all your Payment Instructions properly. However, we shall incur no liability if we are unable to complete any transaction because of the existence of any one or more of the following circumstances:

1. If, through no fault of ours, the Eligible Transaction Account does not contain sufficient funds to complete the Payment Instruction or the Payment Instruction would exceed the credit limit of your overdraft account;
2. The Service is not working properly and you know or have been advised by us about the malfunction before you execute the Payment Instruction;
3. The payment is refused as described in Section 5 of the Popmoney Terms below;
4. You have not provided us with the correct information, including but not limited to the correct Payment Instructions or Eligible Transaction Account information, or the correct name and address or mobile phone number of the Receiver to whom you are initiating a Payment Instruction; and/or,
5. Circumstances beyond our control (such as, but not limited to, fire, flood, network or system down time, issues with the financial institution, or interference from an outside force) prevent the proper execution of the Payment Instruction.

f. It is the responsibility of the Sender and the Receiver to ensure the accuracy of any information that they enter into the Service (including but not limited to the Payment Instructions and name, telephone number and/or email address for the Receiver to whom you are attempting to send a payment), and for informing us as soon as possible if they become aware that this information is inaccurate. We will make a reasonable effort to stop or recover a payment made to the wrong person or entity once informed, but we do not guarantee such stoppage or recovery and will bear no responsibility or liability for damages resulting from incorrect information entered by the Sender or Receiver.

3. Initiation of Payment Instructions. You may initiate (a) a one-time Payment Instruction to a Receiver for which processing shall be initiated immediately, (b) a one-time Payment Instruction to a Receiver for which processing shall be initiated at a later specified date up to one (1) year, and (c) a recurring series of Payment Instructions to a Receiver for which processing shall be initiated on the specified dates. Further details about each of these options can be found on the Site.

Payment Instructions initiated to Receivers are processed in two ways. You can provide all the required information about the Receiver, including his/her Eligible Transaction Account, necessary to complete a transfer of funds. Alternatively, you can provide contact information about the Receiver (including an email address and/or mobile telephone number) and the Popmoney Service may contact the Receiver and request that the Receiver (i) provide information so that we may validate the identity of the Receiver at the Popmoney Website and then (ii) provide Eligible Transaction Account information in order to complete the Payment Instruction (a "Two-Step Transfer"). If the Receiver maintains an Eligible Transaction Account with an institution that participates in or offers the Popmoney Service, the Receiver may access the Popmoney Service at his or her financial institution’s website or mobile application to complete the Payment Instruction and receive the payment.

You understand and agree that when you initiate a Payment Instruction from an Eligible Transaction Account using the Popmoney Service, the processing of the Payment Instruction will begin and the debiting of your Eligible Transaction Account will occur as early as the day of such initiation. However, the payment funds will be transferred into the Receiver's Eligible Transaction Account no earlier than the next Business Day after you initiated the Payment Instruction. If you request a one-time Payment Instruction to be initiated on a specified date or a recurring series of Payment Instruction to be initiated on specified dates, then the processing of the Payment Instruction will begin on the specified date and the debiting of your Eligible Transaction Account will occur as early as the specified date(s). However, the payment funds will be transferred into the Receiver’s Eligible Transaction Account no earlier than the next Business Day following the specified date. In addition, in the case of all Two-Step Transfers, the deposit of the payment funds into the Receiver’s Eligible Transaction Account (even if debited or withdrawn from your Eligible Transaction Account), or receipt of a gift card, if applicable, may be delayed if the Receiver has not provided the Popmoney Service with certain required information such as his or her Eligible Transaction Account information, or, in the case of a gift card, if applicable, a valid U.S. street address for gift cards that are physically delivered. The Site may contain additional information regarding the delivery of a payment to an Eligible Transaction Account or the delivery of a gift card, if applicable.

You acknowledge and agree that we will begin to process the requested transfer of funds once the Receiver has provided (or we otherwise obtain) all required information, and you hereby authorize and direct us to retain such funds until the earlier of such time as the Receiver has provided (or we otherwise obtain) all required information or ten (10) Business Days. You further acknowledge and agree that our receipt of money to be transmitted to a Receiver shall not be deemed to have occurred and our obligation to complete a Payment Instruction shall not begin until such time as the Receiver provides us with (or we otherwise obtain) all required information necessary to process the related Payment Instruction in accordance with this Agreement. Any cancellation of a Payment Instruction prior to the Receiver providing us with such information shall be subject to the provisions of Section 5 of the Popmoney Terms, below.

4. Limitations: For security reasons, the Bank has established limits on the amount of funds that can be transferred via Pay People Transfers. Pay People Transfers sent to the recipient’s bank account, email or mobile are limited to $1,000 per transaction and $1,000 in aggregate per day and $4,000 in aggregate per month. Additionally, the Bank’s service provides expedited delivery options for a fee. These options allow funds to be transferred either immediately or next day. The daily/monthly limit for immediate delivery is $500 and $1000, respectively, and $100 and $400, respectively for next day availability. These amounts are aggregated in the overall daily and monthly aggregates noted above. We reserve the right to change your Pay People Transfer dollar limit at any time. If we decrease the dollar limit, we will notify you as required by law, but we may not notify you if we are restricting your transfer limits for security purposes or because of excessive overdrafts to your Salem Five account.

It may take up to three business days for a transfer you initiate from your account via email, mobile, or deposit to the recipient’s bank account to be received by the recipient.

If you conduct Pay People Transfers from a money market account or savings account please note that the transfers are included in the aggregate permitted amount of 6 combined pre-authorized, automatic, or telephone transfers per statement period from said account to third parties. Transfers or withdrawals by debit card or similar order payable to third parties are also included in the aggregate limit of pre-authorized transfers.

5. Receiving Payments.

If another person wants to initiate a Payment Instruction (including in response to a Popmoney Request, if applicable) using the Popmoney Service to an Eligible Transaction Account you hold or, as applicable, if you as a Requestor want to initiate a Popmoney Request, he, she or you can do that from the Site or from an Eligible Transaction Account at a financial institution that participates in the Popmoney Service or at the Popmoney Website. Or, as applicable, if another person wants to send you a gift card using the Service, he or she can do that from an Eligible Transaction Account at a financial institution that participates in the Service and makes available the purchase of gift cards through the Service.

You understand and agree that there may be a delay between the time you are notified of the pending Payment Instruction and the deposit of the payment funds into your Eligible Transaction Account, and you may be required to take additional steps to facilitate the deposit of the payment of funds into your Eligible Transaction Account. You authorize the Sender, the financial institution which holds the Sender's Eligible Transaction Account and us (including through the Site) to send emails to you and text messages to your mobile phone in connection with the Sender's initiation of Payment Instructions to you, and, as a Receiver, you may also receive gift cards or Popmoney Requests, each as applicable, from others through the Service.

You acknowledge and agree that in the event that funds are transferred into your Eligible Transaction Account as a result of a Payment Instruction and it is determined that such transfer was improper because it was not authorized by the sender, because there were not sufficient funds in the sender's account, or for any other reason, then you hereby authorize us or our Service Provider to withdraw from your Eligible Transaction Account an amount equal to the amount of funds improperly transferred to you.

If applicable, if you as a Requestor initiate a Popmoney Request using the Service you acknowledge and agree that as disclosed on the Site (a) the applicable service fee will be deducted from payments received by you from a Sender(s), and (b) no service fee will be charged if you as the Requestor do not receive any payments from the individuals to whom the Popmoney Request is sent. Further details about the foregoing can be found on the Site. You acknowledge and agree that individuals to whom you send a Popmoney Request may not receive, or otherwise may reject or ignore, your Popmoney Request. We do not guarantee that you will receive any payments from individuals by initiating a Popmoney Request.

6. Payment Cancellation, Stop Payment Requests and Refused Payments. Sender may cancel the initiation of a Payment Instruction or stop a Payment Instruction at any time until the processing of the Payment Instruction into the Receiver’s Eligible Transaction Account has begun. Our ability to stop a Payment Instruction or recover funds associated with an unauthorized Payment Instruction will depend on the manner in which the Payment Instruction was initiated, and whether the Payment Instruction to the Receiver’s Eligible Transaction Account has begun processing. Although we will make a reasonable effort to accommodate a stop payment request and to recover funds associated with an unauthorized Payment Instruction, we will have no liability for failing to do so. We may also require you to present your stop payment request or request to recover funds in writing within fourteen (14) days after contacting customer care. If we charge you to stop the payment or recover funds, then the charge for each stop payment or fund recovery request will be the current charge as set out in our current fee schedule. Payments not claimed by a Receiver will be automatically cancelled ten (10) days after the processing of the payment begins. When a Sender initiates a Payment Instruction, the Receiver is not required to accept the payment. You agree that you as a Sender will not hold us liable for any damages resulting from a Receiver’s decision to accept or not to accept a Payment Instruction initiated or attempted through the Service. We will, to the extent permitted by law, make reasonable attempts to return any unclaimed, refused, refunded, prohibited, or denied payment to your Eligible Transaction Account or use other reasonable efforts to return such payment to you as permitted by law.

7. Mobile Phone Users. Your phone service provider is not the provider of the Service. Users of the Service will receive text messages relating to their Payment Instructions and other notices from time to time if a mobile phone number is provided. Data and messaging charges from your telecommunications provider may apply, and you are responsible for any such charges. In the event your enrolled mobile device is lost or stolen, you agree to update your enrollment information and make the appropriate changes to disable the use of such device. You understand that there are risks associated with using a mobile device, and that in the event of theft or loss, your confidential information could be compromised. If you have questions about mobile service, you may send a text message with the word "HELP" to this number: 767666. To stop receiving text messages on your mobile phone, text "STOP" to this number: 767666.

8. Service Fees and Additional Charges. You are responsible for paying all fees associated with your use of the Service. Applicable fees will be disclosed in the user interface for, or elsewhere within, the Service or Site. YOU FURTHER ACKNOWLEDGE AND AGREE THAT ANY APPLICABLE FEES WILL BE CHARGED REGARDLESS OF WHETHER THE PAYMENT INSTRUCTION IS COMPLETED, UNLESS THE FAILURE TO COMPLETE THE INSTRUCTION IS SOLELY DUE TO OUR FAULT, except for those fees that are specifically use-based, such as Request Money, if applicable. There may be a charge for additional transactions and other optional services. You agree to pay such charges and authorize us to deduct the calculated amount from your designated Eligible Transaction Account for these amounts and any additional charges that may be incurred by you. Any financial fees associated with your standard deposit accounts (or Other Eligible Transaction Accounts) will continue to apply. You are responsible for any and all telephone access fees and Internet service fees that may be assessed by your telephone and Internet service provider. Section 18 of the General Terms (Failed or Returned Payment Instructions) applies if you do not pay our fees and charges for the Service, including without limitation if we debit the Eligible Transaction Account for such fees, as described in this Section, and there are insufficient fees in the Eligible Transaction Account.

9. Refused Payments. We reserve the right to refuse to pay any Receiver. We will attempt to notify the Sender promptly if we decide to refuse to pay a Receiver designated by the Sender. This notification is not required if you attempt to make a prohibited payment under this Agreement.

10. Returned Payments. In using the Service, you understand that Receivers may reject Payment Instructions or otherwise return payments. We will use reasonable efforts to complete Payment Instructions initiated through the Service.

Using Online Banking               
            
Each time you properly execute and send a payment, a “Payment Confirmation” box will appear with the details of the payment you have scheduled and a confirmation number.  The scheduled payment will also appear on the “Pending Payments” list until it is transmitted.  Once a payment has been sent or successfully cancelled, it will no longer appear on the Pending Payments list.  If the Service does not show the payment on the Pending Payments list on the day you make the payment, you have not successfully initiated a payment, and we will not process your payment instructions.  You may print a copy of the Pending Payment list for your records.

Using Banking Through Quicken^®                                         
                 
Each time you properly execute and send a payment through the “Online Center,” the “Payments” portion of the screen will appear with the details of the payment as confirmation.  The payment status will show as “Sent” on the screen and in the transaction entry for the Quicken register of the primary bill paying account.  If you have deleted the payment successfully, the “Payments” portion of the “Online Center” screen will show a status of “Void” along with the Quicken register entry for your primary bill paying account.  If the payment status does not show as “Sent” on the “Payments” portion of the “Online Center” screen, you have not successfully initiated a payment, and we will not process your payment instructions.

We and our agents will use good faith efforts to make all your payments and transfers properly.  However, under no circumstances will we be liable if we or our authorized third parties are unable to complete any payment or transfer initiated in the correct amount or in a timely manner via the Services because of the existence of any one or more of the following circumstances:

1. Your payment does not appear on the Pending Payments List on the day you initiate it (for Online Banking), or the payment status does not show as “Sent” (for Banking through Quicken®) at the time you initiate a bill payment or modification of a bill payment.
2. If, through no fault of ours, your selected account at Salem Five or, in the case of an External Transfer, at a financial institution other than Salem Five, does not contain sufficient available funds to complete the payment or transfer or the payment or transfer would cause you to exceed the credit limit on your selected account’s overdraft line, or your payment or transfer request causes you to exceed any funds transfer limitations set for your account.  (If this occurs, we are under no obligation to notify you that the payment or transfer has not been completed.)
3. The funds in your selected account are subject to legal process or other encumbrance restricting such payment or transfer.
4. Your subscription to the Services has been suspended or terminated for any reason.
5. The Services, the software, or any communications link is not working properly and you know or have been advised by us about the malfunction before you attempted to execute the transaction or, in the case of an automatic or recurring payment or transfer, at the time such payment or transfer should have occurred.
6. Your computer, mobile device or related equipment malfunction or your Internet service provider or cellular service provider fails to provide a connection.
7. You have not provided us with the correct or complete information for those payees to which you wish to direct payment or for those accounts to or from which you wish to make a transfer.
8. The merchant or other payee mishandles or delays crediting of any payments sent by us on your behalf or the merchant or payee refuses or is unable to accept a payment.
9. You fail to schedule a proper date for payment sufficiently in advance of the date a payment is due.
10. A payment sent by check, including an Expedited Payment by Overnight Check, is delayed by the U.S. Post Office or other carrier selected by us.
11. Circumstances beyond our control (such as, but not limited to, fire, flood or interference from an outside source) prevent the proper execution of the transaction and we have taken reasonable precautions to avoid these circumstances.
12. You represent a business or other entity and an unauthorized transaction or transactions are made using your Security Codes that occurs before you have notified us of possible unauthorized use and we have had a reasonable opportunity to act on that notice.  This is true even if your Security Codes are lost, stolen or obtained or retained by a person not authorized by you to use the Services.

If you have followed the procedures described in this Agreement for payments or transfers but are assessed a penalty or late charge by a merchant because we have failed to process a transaction timely in accordance with the terms of this Agreement, we will reimburse you for the related penalty or late charge, to the extent required by applicable law.   HOWEVER, OUR OBLIGATION TO REIMBURSE YOU FOR YOUR LOSSES IS SUBJECT TO THE LIABILITY LIMITATIONS DESCRIBED HEREIN.  IN THE EVENT THAT YOU DO NOT ADHERE TO YOUR OBLIGATIONS IN THIS AGREEMENT, YOU WILL BEAR FULL RESPONSIBILITY FOR ALL PENALTIES, LATE FEES AND DAMAGES PROXIMATELY CAUSED BY YOUR ACTION OR INACTION, AND WE WILL NOT BE LIABLE FOR ANY SUCH CHARGES.

THE SERVICES ARE PROVIDED “AS IS” WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE.  EXCEPT AS OTHERWISE REQUIRED BY LAW, WE AND OUR OFFICERS, DIRECTORS, EMPLOYEES AND AGENTS ARE NOT LIABLE FOR ANY INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, INCLUDING LOST PROFITS, ARISING IN ANY WAY OUT OF THE INSTALLATION, USE, OR MAINTENANCE OF YOUR EQUIPMENT OR YOUR USE OF THE SERVICES, EVEN IF YOU ADVISE US OF THE POSSIBILITY OF SUCH DAMAGES.

You acknowledge that your sole and exclusive remedy in the event of your dissatisfaction is to cease use of the Services.

Your User I.D. and Password are confidential to you. (For Banking through Quicken® users, the same applies to your Customer I.D. and Personal Identification Number [PIN]). These identifiers (your “Security Codes”) are for your personal use and should not be disclosed to any other person. We will not be liable for any losses that may occur if you voluntarily give your Security Codes to another person who makes transactions via the Services without your permission. Contact us immediately if you believe that someone has obtained your Security Codes or may have access to your accounts without your permission. Telephoning is the best way of minimizing your losses.

If you are a consumer, you can lose no more than $50 if you fail to give us notice of a disclosed Security Code and someone uses it without your permission. Please refer to the Consumer Banking Services Agreement for further information on unauthorized use.

If you represent a business or other entity (including a sole proprietorship), you acknowledge that the business or entity assumes all liability for unauthorized use of its Security Codes. You agree to monitor your Online Banking transactions on a daily basis and to notify us immediately of your objection to any transaction. By using the Services, you acknowledge and agree that this Agreement and the Services screens set forth security procedures for electronic banking transactions that are commercially reasonable. You agree to be bound by any payment order, whether or not authorized, made using the Services and your Security Codes, unless you have given us prior notice according to the terms of this Agreement and we have had a reasonable opportunity to act on such notice.

We may from time to time introduce new services or enhance the existing Services. By using these new services when they become available, you agree to be bound by the terms and conditions relating to these services, notice of which will be sent to you, if required by applicable law, prior to their release.

We will charge you a fee for the Services, as stated in our fee schedules. Fees applicable to consumers are disclosed in the Consumer Banking Fee Schedule; fees applicable to businesses and other entities are disclosed in the Business Banking Fee Schedule. We will deduct these charges from your Primary Billing Account as designated by you on your Online Banking Application or your Primary Bill Payment Account as designated on your Banking Through Quicken® Application, and we may do so even if the fee creates an overdraft. Fees may change from time to time. You agree to be liable for all fees associated with the Services.

If a payment has been made to one of your designated merchants for which funds were not available in your Funding Account (or your Primary Bill Payment Account if you use Banking Through Quicken®), and we are unable to recover the amount of the payment by debit to the merchant or by charging your Funding Account (or your Primary Bill Payment Account) or another of your accounts, you agree to repay the funds owed immediately upon demand.

As an Online Banking customer, you agree that we may communicate with you by electronic means regarding the accounts you maintain with us and designate for use with the Services. This means that we may send you electronic messages regarding your account or the Services and any messages we send electronically will be treated as a “writing” and will be binding as a written communication. These messages may include any disclosures or notices required by applicable federal or state law or regulation. For example, if you assert an electronic transaction error in your account, we may communicate the results of our investigation to you via the e-mail feature within the Services. You should check your e-mail messages within the Services regularly in order to insure that you have received any important information about your account or the Services. You will be deemed to have received any information, including any required disclosure or notice, as of the date we transmit such information to you. If your account is a joint account, we will consider our electronic communication to one owner as being given to all account owners. All communications in either electronic or paper format will be considered to be “in writing.”

1. The Scope of Your Consent
If you consent to Online Statements, you also consent to delivery of the following categories of communications from us in electronic form:

• Periodic and annual statements you are provided in connection with the deposit accounts for which we offer, and you select, electronic delivery, whether now or in the future;
• Images of checks paid against your account(s) during the statement period, if applicable;
• Consumer disclosures, as applicable, that are required and may be provided on or with a consumer’s periodic statements, including, but not limited to, the Privacy Notice as required under the Gramm-Leach-Bliley Act; the Error Resolution Notice required by the federal Electronic Fund Transfer Act and Massachusetts General Laws Chapter 167B;certain deposit account terms as required under the federal Truth-in-Savings Act; and the Billing Rights Statement required by the federal Truth in Lending Act and Massachusetts General Laws Chapter 140D;
• Notices and other communications we may send to you, including but not limited to notices regarding changes to the terms of your account, including applicable fees. Your continued use of the Services following such communication will constitute your acceptance of the revised terms. (Certain changes in terms notices that would normally be provided as an insert with your paper statement may continue to be provided in paper form via U.S. mail or may be provided by e-mail.)

If your account is joint with another person or persons, one joint owner’s election to receive Online Statements will apply to both or all of you.

You understand that once we process your Online Statement request, we will discontinue mailing printed account statements to your mailing address of record unless you withdraw your consent to Online Statements (as described below).

2. How We Will Provide Online Statements
You must provide a valid e-mail address for our notification purposes. Each statement period we will send you an e-mail notice advising you of the availability of your Online Statement. Once you receive our e-mail notice you may then access your current Online Statement at the Salem Five Online Banking system website. Your Online Statement may be accessed for a period of seven years after it is first made available to you.
If an e-mail we send to your e-mail address of record is returned as undeliverable we will attempt to contact you by telephone or U.S. mail, but we are not obligated to do so.

3. Your Right to Withdraw Consent to Online Statements
You may withdraw your consent to have your statements provided in electronic form at any time by selecting an alternative delivery method within the Services. Once you do so, all subsequent statements will be delivered in paper format with the QuikCheckSM feature. This means that images of the fronts of all checks paid during the statement cycle will be provided in paper format, in place of the original cancelled checks.
We will not charge you a fee to process your request to withdraw your consent. However, if you have an account that requires Online Statements and you withdraw your consent, any fees we may have been waiving on your account based on your agreement to electronic statement delivery will be charged subsequently. Consult your account disclosure and Fee Schedule for any fees that may then apply. If your account is one that requires electronic delivery of statements, withdrawal of your consent to Online Statements may also result in the conversion of your account to another account type, if and as disclosed in your particular account disclosure provided to you at account opening.

4. Requesting a Paper Copy of a Statement
You may request a paper copy of any Online Statement, check image, disclosure or notice received electronically under this agreement by writing to us at the address for notices below within seven years after we provided the statement, image, disclosure or notice to you electronically. You may be charged a fee for a duplicate copy, as described in our then current Fee Schedule.

5. Your Duty to Review Your Online Statements
Your Online Statement will be dated up to four days prior to the day of the e-mail notifying you of the availability of your Online Statement. You must promptly access and review your Online Statement and notify us within the applicable time period specified in your applicable Banking Services Agreement of any error, unauthorized transaction, or other discrepancy. The applicable time period within which you must notify us begins on the day we send you the e-mail notification, regardless of when you receive or open your Online Statement.

6. Online Statement Access
Access to Online Statements may be unavailable at times due to scheduled maintenance, unscheduled maintenance, or system outage. In addition, both environmental and physical events may occur that may cause the Services to become unavailable. We will make every reasonable effort to ensure the availability of access to your Online Statements through the Services. However, we are not liable for the unavailability of the Services or any damage that may result from your inability to access your Online Statement.

7. Updating Your Contact Information
It is your responsibility to provide us with an accurate and complete e-mail address, postal address, and telephone number. You must promptly notify us of any change in your contact information. You may change your contact information with us through the Services or by contacting us directly as described above.

8. Our Right to Terminate Online Statement Delivery
If you or we terminate your access to the Services, we will discontinue providing statements to you electronically and revert to paper statements.

9. Verification of Ability and Consent to Receive Statements and Other Communications Electronically
Before we can provide you with periodic statements and other disclosures and notices in electronic format, you must demonstrate to us that you can access your statement or other communications in the same manner that it will be provided. Your consent to electronic delivery by your electronic “click” within Online Banking or on the Online Banking enrollment page demonstrates to us that you have the minimum hardware and software specifications described above and that you wish to receive electronic delivery of your account statements, disclosures and other communications from us.

In the event of repetitive failed payments or transfers, we reserve the right to suspend your subscription to the Services. This suspension may be without prior notice to you. If your subscription is suspended, transactions which were previously scheduled will be cancelled. In the event your subscription is suspended, we will notify you by mail at your last listed address or last listed e-mail address and all inquiries or correspondence relating thereto, including requests for reinstatement, should be directed to the Salem Five Contact Center.

We reserve the right to terminate your use of the Services, in whole or in part, at any time without prior notice.

If you have not logged in to the Services or performed any banking transactions or paid bills via the Services in more than 90 days, or if your account is not in good standing, we may terminate your subscription to the Services for security reasons, with or without notice to you..

If you wish to cancel your subscription to the Services, you must provide the Salem Five Contact Center with at least ten (10) days’ advance notice by phone or e-mail, or you may notify Salem Five in writing. You will be responsible for all payments or transfers you have requested prior to termination unless cancelled by you, and for all other charges and fees incurred. If you cancel your subscription to the Services, any future account statements, notices and disclosures will be delivered in paper format.

SINCE SUBSCRIPTION CANCELLATION REQUESTS TAKE UP TO 10 DAYS TO PROCESS, YOU SHOULD CANCEL ALL OUTSTANDING PAYMENTS OR TRANSFER ORDERS IN ADDITION TO NOTIFYING US OF YOUR DESIRE TO TERMINATE THE SERVICES. WE WILL NOT BE LIABLE FOR PAYMENTS OR TRANSFERS NOT CANCELLED OR PAYMENTS OR TRANSFERS MADE DUE TO THE LACK OF PROPER NOTIFICATION BY YOU OF SERVICES CANCELLATION.

We may amend this Agreement, or the applicable fees and charges, at any time. We will send notice to you of any amendment at your last listed address with us or transmit notice of the alteration or amendment over the Services at least 21 days prior to the effective date of the change, if required by law. However, if the change is made for security purposes, we can implement it without giving you prior notice. Your use of the Services following transmittal of a notice of alteration or amendment constitutes your acceptance of such alterations or amendments.

In the event of a dispute regarding the Services, you and we agree to resolve the dispute by looking to the terms and conditions contained in this Agreement and the Banking Services Agreement applicable to you as a consumer or a business entity. The terms and conditions contained here, as they may be amended from time to time, shall supersede any and all other representations made by our employees.

Our failure to exercise or enforce any right or provision of this Agreement shall not constitute a waiver of such right or provision unless agreed by us in writing.

This Agreement shall be construed and governed exclusively by the laws of the Commonwealth of Massachusetts, without regard to any conflict of laws provisions. In the event of any conflict between the provisions of this Agreement and applicable law or regulation, this Agreement shall be deemed modified to the extent necessary to comply with such law or regulation.