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Classic Five Money Market Account Disclosure
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This disclosure describes the terms and features of the Classic Five Money Market 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:
If your daily balance is less than $250,000, or at least $100,000, the interest paid on the entire balance in your account will be 2.37% with an annual percentage yield of 2.40%.
If your daily balance is less than $100,000, or at least $75,000, the interest paid on the entire balance in your account will be 2.37% with an annual percentage yield of 2.40%.
If your daily balance is less than $75,000, or at least $50,000, the interest paid on the entire balance in your account will be 2.37% with an annual percentage yield of 2.40%.
If your daily balance is less than $50,000, or at least $25,000, the interest paid on the entire balance in your account will be 0.10% with an annual percentage yield of 0.10%.
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 0.10% with an annual percentage yield of 0.10%.
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 0.10% with an annual percentage yield of 0.10%.
If your daily balance is less than $5,000, the interest paid on the entire balance in your account will be 0.10% with an annual percentage yield of 0.10%.
Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily.
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 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 you are enrolled in the Debit Card Round Up Program and have at least one Debit Card Round Up Credit post to the account during your monthly account cycle.
Monthly maintenance fee will be waived for the first two (2) statement cycles 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).
Transaction Limitations: Savings and Money Market accounts are considered accounts that may generate a limited number of pre-authorized, automatic or telephone transfers per calendar month. This also includes overdraft deposit sweeps or transfers or withdrawals by check, debit card, or similar order payable to third parties. If you generate an excessive number of these types of transactions we may require you to change your account to a Checking account, which is not considered a limited transaction account.
Fees and Charges: Please refer to our Fee Schedule for information about fees and charges.