OPEN Account Disclosure

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This disclosure describes the terms and features of the OPEN 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: No interest is paid on this account.

Minimum Balance Requirements:  You must deposit at least $10 to open this account.  

Cash Back Debit Rewards: Terms & Conditions: Rewards apply to point-of-sale, debit card transactions with no minimum purchase amount and no cap to the cash rewards you may earn. You will receive $0.05 per debit card purchase. ATM transactions do not qualify. Rewards accrued are credited to your account on the last day of the statement cycle in which the purchase was made. Your account must be open and in good standing on the date the rewards are posted to receive the reward. We reserve the right to deduct rewards credits if you return merchandise or a transaction is otherwise reversed for which you have qualified or received debit rewards. Program may be modified or terminated at any time at our sole discretion.

ATM Surcharge Reimbursements:

PRIME: If your average monthly balance is below $3,000.00 you will not receive ATM surcharge reimbursements.

PRIME PLUS: If your average monthly balance is between $3,000.00 and $4,999.99 you will receive up to $7.50 in ATM surcharge reimbursements.

PREMIER: If your average monthly balance is $5,000.00 or more you will receive unlimited ATM surcharge reimbursements.

Additional Information:  If you have and maintain an Open Savings Account, any Cash Back Debit Rewards and ATM Surcharge Reimbursements will be swept from The Open Account to your Open Savings Account at the end of the monthly cycle. Customers who earn Cash Back Debit Rewards and ATM Surcharge Reimbursements of $600 or more will receive a 1099-MISC tax form and may be required to report this amount as income. Contact your tax advisor for more information.

Fees and Charges: Please refer to our Fee Schedule for information about fees and charges.

Your account may consist of a transaction sub-account and a savings sub-account and the Bank may periodically transfer funds between these two sub-accounts. This process will not, however, affect your available balance, access to your funds, your interest earnings, the availability of FDIC insurance, your periodic statement, or any other feature of the overall account.


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