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

MINIMUM BALANCE REQUIREMENTS. You must deposit at least $10.00 to open this account in person or $100.00 if opened online or by mail.

Please see "ADDITIONAL INFORMATION REGARDING YOUR ACCOUNT" section below for additional minimum balance requirements.

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. No transaction limitations apply to this account.

ADDITIONAL INFORMATION REGARDING YOUR ACCOUNT. A monthly maintenance fee will be imposed in each statement period, in accordance with the Fee Schedule. The monthly maintenance fee will be waived if you meet any one of four criteria: a) 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 current statement cycle date of your Star Checking account. This date can be found on the top right hand corner of page one of your monthly statements, under the heading "Statement Ending."; b) you have your payroll or monthly Social Security payment directly deposited to your account; c) you establish and maintain an automatic transfer from this account to pay a Salem Five Mortgage, excepting Home Equity products; or d) the combined ledger balances in your account and its companion Star Savings account total at least $1,500 as of the current statement cycle date of your Star Checking account.

CASH BACK DEBIT REWARDS PROGRAM - Terms and 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 transactions do not qualify. Cash Back Debit Rewards is at the rate of 0.005 for each 1.00 debit card purchase (when you choose credit). Rewards accrued are rounded up to the nearest penny and 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 for which you have qualified or received debit rewards. Any taxes related to debit rewards are the recipient's sole responsibility. Program may be terminated or changed at any time at our sole discretion.

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