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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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Money Market Deposit Account
- Minimum opening balance is $2,500.00.
- You must maintain a minimum daily balance of $2,500.00 to avoid a fee.
- If the daily balance in the account falls below $2,500.00, a $10.00 fee is imposed.
- The rate of interest is established each month on the basis of prevailing market conditions.
- May pay a higher rate of interest than Interest Checking or Savings Accounts.
- Minimum daily balance determines interest rate tier.
- Interest is paid monthly to depositors who have maintained a minimum daily balance of $2,500.00 or more during the month.
- Some restrictions apply to the number of withdrawals or transfers to another account of yours or to a third party by means of a preauthorized or automatic transfer or telephone order or instruction. No more than six (6) transfers may be made by check, draft, debit card or similar order to a third party.
- There is no limit on the number of withdrawals made in person, by mail, by telephone (via check mailed to the customer), or at ATM’s.
- All depositors are eligible.
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