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Smart Student Saver 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 Saver 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: Click 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.

ELIGIBILITY REQUIREMENTS

Eligibility is limited to consumers who currently have or open in conjunction with a Smart Student Checking account.

Determination of Rate: At our discretion, we may change the interest rate on your account.

Frequency of Rate Changes: We may change the interest rate on your account every day.

Limitations on Rate Changes: There are no maximum or minimum interest rate limits for this account.

Compounding and Crediting: Interest will 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 $10 to open this account in person or $100 to open online or by mail.
 
Processing Order: Please see our Consumer Banking Services Agreement regarding Processing Order. The processing order of these items is important because if there is not enough money in the account to pay for the items in the order they are processed in accordance with the processing order, there may be an overdraft on your account which may result in overdraft or non-sufficient funds fees or an increase in the amount of these fees.

Balance Computation Method:  We use the daily balance method to calculate interest on your account. This method applies a daily periodic rate to the principal in the account each day.

Accrual on Noncash Deposits: Interest begins to accrue no later than the business day we receive credit for the deposit of noncash items (for example, checks).

Transaction Limitations: You will be permitted to make no more than 6 combined pre-authorized, automatic or telephone transfers per statement period from your account to another of your Salem Five deposit accounts or to third parties. If you exceed these restrictions, we may assess an excess debit fee and convert your account to a transaction account.

ADDITIONAL INFORMATION REGARDING YOUR ACCOUNT:
For any Smart Student Saver account that has a liked titled Smart Student Checking Account please note that interest, signature rewards and surcharge reimbursements will be swept from your Smart Student Checking Account into your Smart Student Saver Account. Beginning on your 24th birthday, Salem Five will convert your account to a Star Savings Account. Salem Five will provide you advance notice of this change and an account disclosure for the Star Savings Account.

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.

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