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Consumer Regulation E Disclosure



The Electronic Fund Transfers we are capable of handling for consumers are indicated below, some of which may not apply to your account. Some of these may not be available at all terminals. Please read this disclosure carefully because it tells you your rights and obligations for these transactions. You should keep this notice for future reference.


(a) Prearranged Transfers.

Preauthorized credits. You may make arrangements for certain direct deposits to be accepted into your checking and/or savings account(s).

Preauthorized payments. You may make arrangements to pay certain recurring bills from your checking and/or savings account(s). (Fees may apply.)

(b) Telephone Transfers.

You may access your account(s) by telephone at anytime using a touchtone phone, your account numbers, and taxpayer and personal identification numbers to:

  • Transfer funds between your checking and savings account(s).
  • Make loan payments from your checking and savings account(s).
  • Get checking and savings account(s) information.
  • Get certificate of deposit and Individual Retirement Account(s) information.
  • Get loan account(s) information.

Call toll free at 1-866-570-4636

(c) ATM Transfers.

You may access your account(s) by ATM using your ATM Card or Check Card and personal identification number to:

  • Make deposits to checking and/or savings account(s).
  • Get cash withdrawals from your designated checking and/or savings account(s). There is no limit as to the number of times in a day you may use your card. Our daily withdrawal limit is $500.00 or the amount of the available balance of your selected account, whichever is less.
  • Transfer funds between your checking and savings account(s).
  • Get information about your checking or savings account(s).

(d) Point-Of-Sale Transactions.

Using your card:

You may access your checking account to purchase goods in person, by phone, or by computer, pay for services in person, by phone, or by computer, get cash from a merchant, if the merchant permits, or from a participating financial institution, and do anything that a participating merchant will accept.

You may not exceed our standard daily POS transaction limit of $2,000.00 or the amount of available balance of your selected account, whichever is less.

(e) Computer Transfers.

You may access your account(s) by computer anytime by signing onto and selecting the Online Banking Option and entering your User Name and Password to:

  • Transfer funds between checking and/or savings account(s)
  • Make payments from checking and/or savings accounts to loan accounts with us.
  • Make payments from checking or savings accounts with us to other vendors through the Bill Pay feature.
  • Get checking and/or savings account(s) information.
  • Get Certificate of Deposit (CD) or Individual Retirement Account (IRA) information.
  • Get loan account information.

You may also access your account(s) by web-enabled cell phone at or downloading the app. You may be charged access fees by your cell phone providers based on your individual plan. Web access is needed to use this service.

(f) Electronic Fund Transfers Initiated by Third Parties.

You may authorize a third party to initiate electronic fund transfers between your account and the third party’s account. These transfers to make or receive payment may be one-time occurrences or may recur as directed by you. These transfers may use the Automated Clearing House (ACH) or other payments network. Your authorization to the third party can occur in a number of ways. For example, your authorization to convert a check to an electronic fund transfer or to electronically pay a returned check charge can occur when a merchant provides you with notice and you proceed with the transaction (typically, a merchant will post a sign and print the notice on a receipt). In all cases, these third party transfers will require you to provide the third party with your account number and financial institution information. This information can be found on your check as well as on a deposit slip. Thus, you should only provide your financial information (whether over the phone, the internet, or via some other method) to trusted third parties whom you have authorized to initiate these transfers. Examples of these transfers include, but are not limited to:

  • Electronic check conversion
  • Electronic returned check charge


ATM Operator/Network Fees:

When you use an ATM not owned by us, you may be charged a surcharge fee by the ATM operator or any network used (and you may be charged a fee for a balance inquiry even if you do not complete a fund transfer). Bank of Salem will also charge a $1.00 fee when you use an ATM not in our network.

Except for charges indicated above, we do not charge for Electronic Fund Transfers.


(a) Terminal Transfers. You will get a receipt at the time you make any transfer to or from your account using one of our terminals. You will receive a copy of the merchant receipt at the time that the Point of Sale transaction is originated with your Check Card. You may not get a receipt if the amount of the transfer is $15.00 or less.

(b) Preauthorized Credits. If you have arranged to have direct deposits made to your account, you can call us at the telephone number listed at the end of this disclosure to find out whether or not the deposit has been made. You may call our 24 hr Information Hotline at toll-free at 866-570-4636. You may also access your account through Online Banking with your user id and password to find out whether or not the deposit has been made.

(c) In addition, You will get a monthly account statement from us, unless there are no transfers in a particular month. In any case you will get a statement at least quarterly.


(a) Right to stop payment and procedure for doing so. If you have told us in advance to make regular payments out of your account, you can stop any of these payments. Here’s how:

Call or write us at the telephone number or address listed at the bottom of this disclosure, in time for us to receive your request three business days or more before the payment is scheduled to be made. You may request a stop payment through online banking (using the appropriate Secure Email form accessible after signing on with your password to a secure session of Online Banking) in time for us to receive your request three business days or more before the payment is scheduled to be made. If you call, we may also require you to put your request in writing and get it to us within 14 days after the request is made.

We charge $25.00 for each stop payment.

(b) Notice of varying amounts. If these regular payments may vary in amount, the person you are going to pay will tell you, 10 days before each payment, when it will be made and how much it will be. (You may choose instead to get this notice only when the payment would differ by more than a certain amount from the previous payment, or when the amount would fall outside certain limits that you set.)

(c) Liability for failure to stop payment of preauthorized transfer. If you order us to stop one of these payments three business days or more before the transfer is scheduled, and we do not do so, we will be liable for your losses or damages.


(a) Liability for failure to make transfers. If we do not complete a transfer to or from your account on time or in the correct amount according to our agreement with you, we will be liable for your losses or damages. However, there are some exceptions. We will NOT be liable, for instance:

  • If, through no fault of ours, you do not have enough money in your account to make the transfer.
  • If the transfer would go over the credit limit on your overdraft line (if applicable)
  • If the automated teller machine where you are making the transfer does not have enough cash.
  • If the terminal or system was not working properly and you knew about the breakdown when you started the transfer.
  • If circumstances beyond our control (such as fire or flood) prevent the transfer, despite reasonable precautions that we have taken.
  • If a legal order directs us to prohibit withdrawals from the account.
  • If you, or anyone you allow, commits any fraud or violates any law or regulations.
  • If you have not properly followed the instructions for Online Banking.
  • There may be other exceptions stated in our agreement with you.


We will disclose information to third parties about your account or the transfers you make:

  1. Where it is necessary for completing transfers; or
  2. In order to verify the existence and condition of your account for a third party, such as a credit bureau or merchant; or
  3. In order to comply with government agency or court orders; or
  4. If you give us written permission
  5. As explained in the separate Privacy Disclosure.


(a) Consumer Liability.

Tell us at once if you believe your card and/or code or password has been lost or stolen. Telephoning is the best way of keeping your possible losses down. You could lose all the money in your account. If you tell us within 2 business days after you learn of the loss or theft, you can lose no more than $50 if someone used your card and/or code without your permission. Also, if you do NOT tell us within 2 business days after you learn of the loss or theft of your card and/or code or Online Banking password, and we can prove we could have stopped someone from using your card and/or code or Online Banking password without your permission if you had told us, you could lose as much as $500. Also, if your statement shows transfers made with your card and/or code or other means that you did not make, tell us at once. If you do not tell us within 60 days after the statement was mailed to you, you may not get back any money you lost after the 60 days if we can prove that we could have stopped someone from taking the money if you had told us in time. If a good reason (such as a long trip or hospital stay) kept you from telling us, we will extend that time period.

(b) Contact in event of unauthorized transfer. If you believe your card and/or code been lost or stolen or that someone has transferred or may transfer money from your account without your permission, call or write us at the telephone number or address listed at the end of this disclosure.


In Case of Errors or Questions about Your Electronic Transfers, Call or Write us at the telephone number or address listed below, as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transfer listed on the statement or receipt. We must hear from you no later than 60 days after we sent the FIRST statement on which the problem or error appeared.

(1) Tell us your name and account number (if any).

(2) Describe the error or the transfer you are unsure about, and explain as clearly as you can why you believe it is an error or why you need more information.

(3) Tell us the dollar amount of the suspected error.

If you tell us orally, we may require that you send us your complaint or question in writing within ten (10) business days. We will determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to 45 days (90 days if the transfer involved a new account, a point-of-sale transaction, or a foreign-initiated transfer) to investigate your complaint or question. If we decide to do this, we will credit your account within 10 business days for the amount you think is in error, so that you will have the use of the money during the time it takes us to complete our investigation. If we ask you to put your complaint or question in writing and we do not receive it within 10 business days, we may not credit your account. An account is considered a new account for 30 days after the first deposit is made, if you are a new customer. We will tell you the results within three business days after completing our investigation. If we decide that there was no error, we will send you a written explanation. You may ask for copies of the documents that we used in our investigation.


A. An entry may be transmitted through the ACH.

B. The rights and obligations of the Receiver concerning an entry are governed by and construed in accordance with the laws of the State of New York, unless the receiver and the RDFI have agreed that the laws of another jurisdiction govern their right and obligations.

C. Credit given by the RDFI to the receiver for the entry provided by Subsection 3.3.1 (Availability of Credit Entries to Receivers) is provisional until the RDFI has received payment as provided for in Section 4A-403 (a) of Article 4A.

D. If the RDFI does not receive such payment for the Entry, the RDFI is entitled to a refund from the Receiver in the amount of the credit to the Receiver’s account, and the Originator will not be considered to have paid the amount of the Credit Entry to the Receiver.

E. These rules do not require the RDFI to provide the Receiver with notice that the RDFI has received the Entry unless the RDFI has agreed to do so.

Bank of Salem
207 West Church Street
PO Box 338
Salem, AR 72576
(870) 895-2591

Business Days/Hours (excluding Federal Holidays):

Lobby: Monday-Thursday 8:00-3:30 Friday 8:00-5:00

Drive Thru: Monday-Friday 8:00-5:00 Saturday 8:00-12:00

If after hours, call 800-500-1044 to report a lost or stolen card.

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