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Temporary Liquidity
Guarantee Program
Beginning July 1, 2010, the Bank of Salem will no longer participate in the FDIC's Transaction Account Guarantee Program. Thus, after June 30, 2010, funds held in noninterest-bearing transaction accounts will no longer be guaranteed in full under the Transaction Account Guarantee Program, but will be insured up to $250,000 under the FDIC's general deposit insurance rule. |
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Checking Services and FeesOVERDRAFT PRIVILEGE SERVICE: (A Discretionary Overdraft Service)
Overdraft Privilege Service means you can avoid high charges from merchants for returned checks, and you have new convenience and flexibility in managing your funds. No application is needed, and there is a 30 day waiting period for new accounts. Payment of overdrafts up to $700.00 ($400.00 on free checking accounts) will normally be considered. Overdraft privilege is not a loan and there are no interest charges. We will charge our normal non-sufficient funds or overdraft charges, as set forth in our fee schedules, for each item that would create an overdraft on your account. Overdraft privilege is a non-contractual customer courtesy that can be withdrawn at anytime. Of course, we can’t promise to pay every overdraft, not all accounts are eligible, and some restrictions do apply. (Contact the bank for a complete Overdraft Privilege Service Description).
Automated Teller Machines (ATMs)
Automated Teller Machine (ATM) Cards allow access to Checking, NOW, Savings, or Money Market Deposit Accounts through the bank’s ATMs located at the Branch Facility at 1001 South Main Street and our Main Bank Facility at 100 West Fourth Street. Our ATM Cards also allow access to your deposit accounts at ATMs worldwide displaying the CIRRUS/MasterCard or SHAZAM logos.
There are no fees assessed for transactions done at the Bank of Salem’s ATMs. There is a $1.00 charge per transaction done at non-proprietary ATM’s.
 Privileged Status ATM Network
The Bank of Salem has joined with a group of independent, community financial institutions, to provide you with a no-surcharge guarantee. Privilege Status is a program that allows Bank of Salem customers to use ATMs of other Privilege Status financial institutions with NO SURCHARGE FEES. Currently there are hundreds of Privileged Status ATM’s available to you. Just look for the Privileged Status Logo at ATM’s and you won’t pay a surcharge fee. Click on this link for locations of Privileged Status ATM’s.
Debit Cards
THE BANKchek card functions like a MasterCard or VISA credit card, but transactions post directly to the customer’s checking account. THE BANKchek card also functions as an ATM Card to access banking services 24 hours a day.
Use your THE BANKchek Debit MasterCard at millions of locations instead of cash and checks. THE BANKchek card reduces the need to carry large sums of cash and eliminates delays caused by check approval processes.
There are no fees assessed for purchases made with THE BANKcheck card. There is a $1.00 charge per transaction done at non-proprietary ATM’s.
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