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Club Five Checking Account Disclosure
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This disclosure describes the terms and features of the Club Five Checking℠ deposit 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.
In this document, the words "you" and "your" refer to the consumer who maintains a deposit account with the Bank. The words "we" and "us" refer to Salem Five Cents Savings Bank.
If you have any questions about information provided here, please allow a bank representative to answer them for you.
Interest Rate Information: Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily. Your current interest rate will be available through online banking, on your account statement, or by contacting us.
If your daily balance is $25,000 or more, the interest paid on the entire balance in your account will be 0.05% with an annual percentage yield of 0.05%.
If your daily balance is less than $25,000, or at least $10,000, the interest paid on the entire balance in your account will be 0.01% with an annual percentage yield of 0.01%.
If your daily balance is less than $10,000, or at least $5,000, the interest paid on the entire balance in your account will be 0.01% with an annual percentage yield of 0.01%.
If your daily balance is less than $5,000, or at least $2,500, the interest paid on the entire balance in your account will be 0.01% with an annual percentage yield of 0.01%.
If your daily balance is less than $2,500, or at least $10, the interest paid on the entire balance in your account will be 0.01% with an annual percentage yield of 0.01%. If your daily balance is less than $10, no interest is paid.
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.
You must maintain a minimum balance of $10 in order for the account to earn interest each day. Interest will accrue for each day the balance is at least $10.
Minimum Balance Requirements: You must deposit at least $10 to open this account.
A monthly maintenance fee will be charged for any statement cycle if the combined balances of your qualifying Salem Five relationship accounts are less than $25,000 on the date your Club Five Checking statement is generated. Qualifying relationship balances include your personal checking, savings, money market, time deposit (CD), and IRA deposit accounts, as well as the outstanding balances of your personal consumer loans. Closed-end mortgage loans are not included.
Monthly maintenance fee will be waived for the first month for new account openings.
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 business day we receive credit for the deposit of non-cash items (for example, checks).
Fees and Charges: Please refer to our Fee Schedule for information about fees and charges.