Notice of Changes in FDIC Insurance Coverage for Transaction Accounts
By federal law, as of 1/1/2013, funds in a noninterest-bearing transaction account (including an IOLTA) will no longer receive unlimited deposit insurance coverage, but will be FDIC-insured to the legal maximum of $250,000 for each ownership category. For more information about FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
The Bank of Salem was founded October 10, 1883 with authorized capital of $13,000. In 1883, the Brooklyn Bridge opened for traffic and there were 38 states in the United States.
Today, 130 years later, the Bank has operating capital in excess of $8,000,000, and is still owned and operated by descendants of the original bank organizers. The Bank continues to offer old fashioned, personal service while keeping up with the latest products and services in the financial industry.
The Bank of Salem has strong capital, stable ownership, experienced management, and an unmatched commitment to our customers and our community. We invite you to become part of our banking tradition.
Avoiding Scams: Sticking to the Basics Can Go a Long Way
1. Never provide passwords, credit or debit card information, Social Security numbers and similar personal information in response to an unsolicited text message, e-mail, call or letter.2. Think twice before opening attachments or clicking on links in unsolicited e-mails and text messages.3. Deal only with reputable merchants, service providers and charities.4. Be on guard against counterfeit checks, cashier's checks or money orders.5. Protect your mail and other documents at home.6. Look at your bank statements and credit card bills as soon as they arrive.7. Periodically review your credit reports and dispute any inaccurate information which could indicate identity theft.