eOne Savings Account Disclosure
This disclosure describes the terms and features of the eOne Savings 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.
Eligibility: Eligibility is limited to consumers who apply online and who do not have an existing checking or savings account with Salem Five Bank at the time of the application, except that consumers with an existing eOne Checking Account are eligible for the eOne Savings Account. Only funds not previously on deposit with Salem Five are eligible for this account.
Interest Rate Information:
The Interest rate on your account is 4.90% with an Annual Percentage Yield of 5.01%
Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily.
The maximum balance you may have in your account on any day is $1,000,000 plus any interest credited. Any funds in your account in excess of $1,000,000 may be swept overnight into your Statement Savings account, where it will earn a variable rate of interest and annual percentage yield as disclosed to you at the time the account is opened.
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.
Minimum Balance Requirements: You must deposit at least $10 to open this account.
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 day we receive credit for the deposit of non-cash items. (for example, checks).
Transaction Limitations: You will be permitted to make no more than 6 combined pre-authorized, automatic or telephone transfers per calendar month from your account to another of your Salem Five deposit accounts or to third parties. If you exceed these restrictions, we may assess an excess debit fee.
Fees and Charges: This account is designed for customers who bank electronically through ATMs, mobile devices, telephone, and online. If at any time you conduct a transaction at one of the Bank’s branches, the Bank will assess your account a branch transaction fee for the applicable statement period. Additionally, the Bank will assess your account a monthly paper statement fee if you do not elect to receive eStatements within 30 days of account opening or if at any time you discontinue receiving eStatements.
Please refer to our Fee Schedule for additional information about fees and charges.
Additional Conditions: You must register for online banking at salemfive.com. Once registered, you must enroll in eStatements whereby you agree to receive your monthly periodic statements electronically. Once you enroll, paper copies of your statements will not be mailed to you and you will not receive your original cancelled checks. Images of your paid checks, however, will be provided with your eStatements and are available to you within Salem Five Online Banking. You must notify us immediately of any changes to your email address as provided on your original account application. Notify us at: mail@salemfive.com or by clicking on “Contact Us” within Salem Five Online Banking. Failure to notify us of a change in your email address will impede our ability to provide Online Statements and additional important information.