Important Notices

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What does this mean for you? When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

Effective May 11, 2018, new rules under the Bank Secrecy Act will aid the government in the fight against crimes to evade financial measures designed to combat terrorism and other national security threats.

EACH time an account is opened for a covered Legal Entity, we are required to ask you for identifying information (name, address, date of birth, social security number as well as identification documents) for:

Each individual that has beneficial ownership (25% or more); and,

One individual that has significant managerial control, of the Legal Entity.

If you are opening an account on behalf of a Legal Entity, you will be required to provide the appropriate documentation and to certify that this information is true and accurate to the best of your knowledge.

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do. Review our policy here.

ALERT!!  YOUR PAYMENT MAY CHANGE-PLEASE ADJUST YOUR RECORDS

Salem Co-operative Bank must send an annual escrow disclosure showing what was paid in and out of your escrow account during the year.  Based upon your total annual tax bill, adjustments may need to be made to the account to ensure you have enough money in the escrow account to pay taxes for this coming year.

Banks are allowed to hold up to two months escrow in the account at any given time, Salem Co-operative Bank holds only a one month cushion.

Page 1 of the disclosure:

This page is an estimate of what we think will be required for upcoming property taxes based upon what was paid for the prior year.

Paragraph 2:

This will state if your account is over or short.  You will owe the Bank the shortage, and it will be collected over a period of 12 months unless the shortage is less than 1 month’s deposit, (be sure to make any changes to on-line banking or automatic payments from a checking account) as this amount will be reflected in your monthly bill and you will receive a late charge if not paid within the 15 day grace period.

You may be getting a check back for having a surplus in the escrow account.  If you believe the taxes will increase this year, I strongly recommend re-depositing the check to your escrow account.  Because you get a check back now is no guaranty you will not be short funds next year, we must use the figures we have now and disburse any additional back to you.

Paragraph 4:

Important information regarding your new monthly escrow payment.  Prepare for any increases or decreases that will appear on your next billing statement.

Page 2 of the disclosure:

Actual payments made from the escrow account for last year along with last year’s projection.