Smart Student 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 Smart Student 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.

If you close your account before interest is credited, you will not receive the accrued interest.

Minimum Balance Requirements: A minimum $10 deposit is required to open this account in person. You must deposit at least $100 to open this account online or by mail.

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 day we receive credit for the deposit of non cash items.

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.

Additional Conditions: Beginning on your 24th birthday, Salem Five will convert your account to a Star Checking Account. Salem Five will provide you advance notice of this change and an account disclosure for the Star Checking Account.

Additionally, you must register for online banking at SalemFive.com. Once registered, you must enroll in eStatements whereby you agree to receive your monthly periodic statements electronically. Once you enroll, paper copies of your statements will not be mailed to you and you will not receive your original cancelled checks. Images of your paid checks, however, will be provided with your eStatements are available within Salem Five Online Banking. The Bank may assess a Paper Statement Fee if you fail to register for, or at any time you withdraw your agreement to receive eStatements. Please refer to the Fee Schedule provided to you.

You must notify us immediately of any changes to your email address as provided on your original account application. Notify us at: mail@salemfive.com or by clicking on "Contact Us" within Salem Five Online Banking. Failure to notify us of a change in your email address will impede our ability to provide eStatements and additional important information.

Cash Debit Rewards Program – Terms & Conditions:  Rewards apply to point-of-sale, non-PIN based debit card transactions (when you choose "credit") with no minimum purchase amount and no cap to the cash rewards you may earn. ATM and PIN based transactions do not qualify. Cash Debit Rewards is at the rate of $0.05 for each point-of-sale signature-based debit card purchase (when you choose "credit"). Rewards accrued are credited to your account on the last day of the statement cycle in which the purchase is posted. 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. Any taxes related to debit rewards are the recipient's sole responsibility. Program may be modified or terminated at any time at our sole discretion. The Cash Debit Rewards program is affiliated with Star Checking, Gold Star Checking, Smart Student Checking, On-the-Job Star Checking and eOne Checking accounts only.

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