Connect Five 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 Connect Five™ 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.
A monthly maintenance fee will be imposed each month the balance in the account falls below $500 any day of the month or statement period. The monthly maintenance fee will be waived if the primary account owner is under the age of 26.
Monthly maintenance fee will be waived for the first month for new account openings.
Fees and Charges: Please refer to our Fee Schedule for information about fees and charges.
Additional Conditions: To avoid our paper statement fee you must register for Online Banking and enroll in electronic statements and documents. Customers may elect to receive paper statements instead and pay the applicable fee.