eOne Checking Account Disclosure

This disclosure describes the terms and features of the eOne Checking Account offered by Salem Five Cents Savings Bank. Please refer to our Consumer Banking Services Agreement and current Fee Schedule for additional information of importance to you.

If you have any questions about information provided here, please allow a bank representative to answer them for you.

Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account daily.


Eligibility: Eligibility is limited to consumers who apply online and who do not have an existing checking account with Salem Five Cents Savings Bank at the time of application. 

Interest Rate Information:

The Interest rate on your account is 0.01% with an Annual Percentage Yield of 0.01%.

Your interest rate and annual percentage yield may change.  At our discretion, we may change the interest rate on your account daily.

The maximum balance you may have in your account on any day is $1,000,000 plus any interest credited and ATM surcharges reimbursed.  Any funds in your account in excess of $1,000,000 will be swept overnight into your eOne Funding account, where it will earn a variable rate of interest and annual percentage yield as disclosed to you at the time you opened that account.  If, the following day, your balance is less than $1,000,000, available funds in your eOne Funding account will be swept back into your eOne account to target the maximum permissible balance.

Compounding and Crediting
: Interest will be compounded monthly and will be credited to your account monthly.

If you close your account before interest is credited, you will not receive the accrued interest.

Minimum Balance Requirements: You must deposit at least $10 to open this account.

Balance Computation Method: We use the daily balance method to calculate the interest on your account.  This method applies a daily periodic rate to the principal in the account each day.

Accrual of Interest on Non Cash Deposits: Interest begins to accrue no later than the day we receive credit for the deposit of non cash items. (for example, checks).

Fees and Charges:  This account is designed for customers who bank electronically through ATMs, mobile devices, telephone, and online.  If at any time you conduct a transaction at one of the Bank’s branches, the Bank will assess your account a branch transaction fee for the applicable statement period. Additionally, the Bank will assess your account a monthly paper statement fee if you do not elect to receive Online Statements within 30 days of account opening or if at any time you discontinue receiving Online Statements.

Please refer to our current Fee Schedule for additional information about fees and charges. 

Additional Conditions:  If you elect to receive your monthly periodic statements electronically (“Online Statement”) paper copies will not be mailed to you. The Online Statement you receive will be a statement showing account activity for your eOne Checking Account. You must notify us immediately of any changes to your email address as provided on your original account application. Notify us at: mail@salemfive.comThis e-mail address is being protected from spambots. You need JavaScript enabled to view it or by clicking on “Contact Us” within Salem Five Online Banking.  Failure to notify us of a change in your email address will impede our ability to provide Online Statements and additional important information.

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