The Bank Of Salem

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Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts

All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.

The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

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Health Savings Accounts

A Health Savings Account (HSA) is a tax advantaged medical savings account available to individuals who are enrolled in a High Deductible Health Plan (HDHP). The funds contributed to the account are not subject to federal income tax at the time of deposit. Consult your health plan provider to confirm that you are eligible to have a Health Savings Account.

Minimum opening balance is $25.00
Rate of interest is established each month on the basis of prevailing market conditions.
Interest is paid monthly and monthly statements provided.
No maintenance fees or service charges

For a list of frequently asked questions about HSA’s, see: http://www.ustreas.gov/offices/public-affairs/hsa/faq_basics.shtml