eOne Checking Account Disclosure
This disclosure describes the terms and features of the eOne Checking 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, a bank representative will be happy to assist you.
Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily.
Eligibility: Eligibility is limited to consumers who apply online and who do not have an existing checking account with Salem Five at the time of application.
Interest Rate Information:
The Interest rate on your account is 0.01% with an Annual Percentage Yield of 0.01%.
Your interest rate and annual percentage yield may change at any time.
Compounding and Crediting:
Interest is compounded monthly and credited monthly. If the account is closed before interest is credited, accrued interest will not be paid.
Minimum Balance Requirements:
You must deposit at least $10 to open this account.
Balance Computation Method:
We use the daily balance method to calculate interest.
Accrual of Interest on Non-Cash Deposits:
Interest begins to accrue no later than the business day we receive credit for deposits such as checks.
Fees and Charges:
This account is designed for electronic banking. If transactions are conducted at a branch, a branch transaction fee may apply.
Please refer to our Fee Schedule for details.
Additional Conditions:
If you choose electronic statements, paper statements will not be mailed.
You must notify us immediately of any changes to your email address at: mail@salemfive.com
You may also update your information through the “Contact Us” option in online banking.
Failure to update your email may prevent delivery of important account information.