Security Center Alerts
OPEN 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 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.
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 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 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.