Common use of Disclosure of Account Terms Clause in Contracts

Disclosure of Account Terms. When you open your deposit account, or upon request, you will receive a disclosure of account terms and a fee schedule, which are part of this Agreement. Your account disclosure will provide you with information pertaining to your account, such as the interest rate and applicable annual percentage yield, minimum balance requirements (if any) and method of compounding and crediting interest. If any information in this disclosure or the fee schedule changes, and that change adversely affects you, we will provide notice to you. When required by law, we will notify you in writing at least 30 days prior to the effective date of the change. Deposit Protection Your deposit accounts at Salem Five are fully insured by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The basic insurance amount provided by the FDIC is $250,000 per depositor per deposit category. All deposits above this amount are insured by DIF. Taxpayer Information When you open a deposit account, you are required to certify the Taxpayer Identification Number (TIN) you provide us. You must also certify that you are not subject to backup withholding of federal income taxes. If you are a U.S. person and you fail to furnish us with a certified TIN, if the IRS notifies us that the TIN you gave us is incorrect, or if the IRS notifies you that you failed to report all your interest and dividends on your tax return, we may be required to close your account or withhold a percentage of your interest payments and provide it to the IRS. This is known as “backup withholding”. Account Opening Consumer deposit accounts may only be opened for personal, family or household purposes. Deposit accounts will be considered open once the Bank has received and approved all required account opening documentation. We reserve the right to require additional signature or other verification documentation from you during your account relationship.

Disclosure of Account Terms. When you open your deposit account, or upon request, you will receive a disclosure of account terms and a fee schedule, which are part of this Agreement. Your account disclosure will provide you with information pertaining to your account, such as the interest rate and applicable annual percentage yield, minimum balance requirements (if any) and method of compounding and crediting interest. If any information in this disclosure or the fee schedule changes, and that change adversely affects you, we will provide notice to you. When required by law, we will notify you in writing at least 30 days prior to the effective date of the change. Deposit Protection Your deposit accounts at Salem Five are fully insured by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The basic insurance amount provided by the FDIC is $250,000 per depositor per deposit category. All deposits above this amount are insured by DIF. Taxpayer Information When you open a deposit account, you are required to certify the Taxpayer Identification Number (TIN) you provide us. You must also certify that you are not subject to backup withholding of federal income taxes. If you are a U.S. person and you fail to furnish us with a certified TIN, if the IRS notifies us that the TIN you gave us is incorrect, or if the IRS notifies you that you failed to report all your interest and dividends on your tax return, we may be required to close your account or withhold a percentage of your interest payments and provide it to the IRS. This is known as “backup withholding”. Account Opening Consumer deposit accounts may only be opened for personal, family or household purposes. Deposit accounts will be considered open once the Bank has received funding and approved all required account opening documentation. We reserve the right to require additional signature or other verification documentation from you during your account relationship.

Disclosure of Account Terms. When you open your deposit account, or upon request, you will receive a disclosure of account terms and a fee schedule, which are part of this Agreement. Your account disclosure will provide you with information pertaining to your account, such as the interest rate and applicable annual percentage yield, minimum balance requirements (if any) and method of compounding and crediting interest. If any information in this disclosure or the fee schedule changes, and that change adversely affects you, we will provide notice to you. When required by law, we will notify you in writing at least 30 days prior to the effective date of the change. Deposit Protection Your deposit accounts at Salem Five are fully insured by the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF). The basic insurance amount provided by the FDIC is $250,000 per depositor per deposit category. All deposits above this amount are insured by DIF. Taxpayer Information When you open a deposit account, you are required to certify the Taxpayer Identification Number (TIN) you provide us. You must also certify that you are not subject to backup withholding of federal income taxes. If you are a U.S. person and you fail to furnish us with a certified TIN, if the IRS notifies us that the TIN you gave us is incorrect, or if the IRS notifies you that you failed to report all your interest and dividends on your tax return, we may be required to close your account or withhold a percentage of your interest payments and provide it to the IRS. This is known as “backup withholding”. Account Opening Consumer deposit accounts may only be opened for personal, family or household purposes. Deposit accounts will be considered open once the Bank has received funding and approved all required account opening documentation. We reserve the right to require additional signature or other verification documentation from you during your account relationship.