IMPORTANT NOTICE: REVIEW YOUR MORTGAGE STATEMENT FOR ESCROW PAYMENT CHANGES. BE SURE TO ADJUST ACH PAYMENTS TO AVOID PAYMENT SHORTAGES AND LATE CHARGES.
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Stay informed on the latest happenings in the banking industry, including security tips and news about Salem Co-operative Bank.
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.
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