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DEPOSIT SERVICES
CHECKING ACCOUNTS | SAVINGS ACCOUNTS | ACCOUNT SERVICES
CHECKING ACCOUNTS
FREE CHECKING:
- Minimum opening balance is $25.00.
- No minimum balance requirement.
- Unlimited check writing privileges with no per check charges.
- Free starter checks (duplicate checks are recommended).
- Free Internet Banking and Online Bill Pay.
- Free ATM or Debit Card (subject to credit approval)
- Free TeleBanc Telephone Banking.
- Text only statement.
INTEREST CHECKING:
- Minimum opening balance is $500.00.
- Maintain a $500.00 minimum balance, and you’ll avoid the $10.00 monthly fee.
- Tiered interest on all balances.
- There is no limit or fees for the number of checks written each month.
- Individuals, sole proprietorships, nonprofit organizations and governmental until are eligible.
- By law, corporations, partnerships, and other organizations operated for profit may NOT maintain Interest Checking Accounts.
- Monthly statement with check images.
- Free starter checks
- Free MasterCard Debit Card (subject to credit approval).
- Free TeleBanc Telephone Banking.
- Free Internet Banking and Online Bill Pay.
PLATINUM CHECKING:
- Our Best Checking Account for only $6.00 per month.
- Minimum opening balance is $100.00.
- No minimum balance requirement.
- Unlimited check writing privileges with no per check charges.
- Monthly statement with check images.
- Free Checks (one style, 2 boxes per year) or $4.00 off any style.
- Free MasterCard Debit Card (subject to credit approval).
- Free TeleBanc Telephone Banking.
- Free Internet Banking and Online Bill Pay.
- $10.00 off Safe Deposit Box rental with auto debit payment.
- Additional Account Benefits include:
- $5,000.00 Travel Accidental Death Insurance.
- Payment Card and Personal Identity Protection.
- Travel, Hotel and Recreation Discounts.
- Dining Savings.
- Online Shopping Discounts.
- Services Discounts.
- Emergency Travel Assistance Services.
- Pharmacy Savings Program.
PLATINUM 50 CHECKING:
- Minimum opening balance is $100.00.
- No minimum balance and no monthly fee.
- Unlimited checking and first order of 50 checks free.
- Free MasterCard Debit Card (subject to credit approval).
- Monthly statement with check images.
- Free TeleBanc Telephone Banking.
- Free Internet Banking and Online Bill Pay.
- $5,000.00 Travel Accidental Death Insurance.
- Payment Card and Personal Identity Protection.
- Travel, Hotel and Recreation Discounts.
- Online Shopping and Services Discounts.
- Emergency Travel Assistance Services.
PLATINUM 50 PLUS CHECKING:
- All the benefits of Platinum 50 Checking, PLUS....
- Tiered interest on all balances.
- Free Checks (one style, 2 boxes per year), or $4.00 off any style.
- Safe Deposit Box Discount ($10.00 off with auto debit payment.
- $20,000.00 Travel Accidental Death Insurance.
- Pharmacy, Vision, and Hearing Savings Programs.
- Available for one low monthly membership fee of only $4.00.
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SAVINGS ACCOUNTS
REGULAR SAVINGS:
- 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.
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.
- By law, the total number of transfers made to third parties cannot exceed six (6), three (3) of which may be made by check.
- 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.
CERTIFICATES OF DEPOSIT:
- Competitive rates of interest.
- May be purchased in amounts of $1,000.00 or more.
- Terms range from 3 to 60 months and may be automatically renewed.
- Interest rates are established on the basis of amount and term and are fixed until maturity.
- Interest may be paid or compounded quarterly, semi-annually, or annually, depending on the term of the deposit.
- A substantial interest penalty is required for early withdrawal.
INDIVIDUAL RETIREMENT ACCOUNTS (IRA’S):
- Initial contribution may be tax deductible (consult your tax advisor).
- IRA income is deferred.
- Roth and Traditional IRA’s can be purchased in amounts of $1,000.00 or greater.
- Terms from 3 to 60 months are allowed and may be automatically renewable at the option of the depositor.
- Rates are fixed until maturity.
- Structured as certificates of deposit.
- Interest may be compounded quarterly, semi-annually or annually, depending on the term of the deposit.
- A substantial interest penalty is required for early withdrawal of time certificates of deposit and there may also be tax disadvantages (consult your tax advisor).
FDIC INSURANCE:
The Bank of Salem is a member of the Federal Deposit Insurance Corporation. Each depositor insured to at least $100,000.00.
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ACCOUNT SERVICES
OVERDRAFT 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).
ATM CARDS:
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 600 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.
THE BANKCHEK 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.
PRIVILEGE STATUS ATM NETWORK:
The Bank of Salem has joined with a group of independent, community financial institutions, to provide you with 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.
VISA TRAVELMONEY CARDS:
- A prepaid card that may be loaded with U.S. Dollars.
- Minimum amount is $250.00.
- Pin protected.
- Can be used at ATMs or merchants worldwide that accept VISA.
VISA GIFT CARD:
- A prepaid card that can be loaded with amounts between $25.00 and $250.00.
- Can be used anywhere that VISA is accepted.
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