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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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Passbook Savings Accounts
- Minimum opening balance is $100.00.
- Rate of interest is established each month on the basis of prevailing market conditions.
- Interest is paid quarterly to depositors who have maintained an average balance of $100.00 or more during the quarter. If the balance ever falls below $100.00, a maintenance fee of $5.00 is charged for that quarter.
- All depositors are eligible.
- Senior citizens, minors, students, fiduciaries, nonprofit organizations and governmental units are exempt from the maintenance fee, and are paid interest, regardless of the minimum quarterly balance.
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