Star Money Market 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 Money Market 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.

Eligibility Requirements: Account must be opened with funds not currently on deposit with Salem Five Bank.

*Interest Rate Information: Click here to view current rates 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.

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

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

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 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.

Transaction Limitations: You will be permitted to make no more than 6 combined pre-authorized, automatic or telephone transfers per calendar month from your Star Money Market 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. There are no limits on the number of transfers or withdrawals that you may make in person at any of our branches or at an ATM. There will be no check access with this 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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