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.
If you have any questions about the information provided, please contact a bank representative for assistance.
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.