Connect Five Checking Account Disclosure

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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 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 two (2) statement cycles for new account openings.
  

Fees and Charges: Please refer to our  Fee Schedule for information about fees and charges.

Your account may consist of a transaction sub-account and a savings sub-account and the Bank may periodically transfer funds between these two sub- accounts. This process will not, however, affect your available balance, access to your funds, your interest earnings, the availability of FDIC insurance, your periodic statement, or any other feature of the overall account.

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