Security Center Alerts
OPEN Account Disclosure
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About This Account
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.If you have any questions, please contact a bank representative.
Interest Rate Information
No interest is paid on this account.
Minimum Balance Requirements
A minimum $10 opening deposit is required.
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 up to $20.00 in ATM surcharge reimbursements.
Additional Information
If you maintain an Open Savings Account, ATM surcharge reimbursements may be transferred to it monthly. Customers receiving $600 or more in reimbursements will receive a 1099-MISC form and may need to report this as income. Please consult your tax advisor.
Fees and Charges
Please refer to our Fee Schedule for details.
Your account may include both transaction and savings sub-accounts. The bank may transfer funds between them periodically. This will not affect your balance, access to funds, FDIC coverage, or account features.