Salem Five Home

Frequently Asked Questions (FAQs)

Account Opening

  • Existing Customers can simply log in to Salem Five Online Banking to open a new account directly from your dashboard.

    Easily open an account online by visiting our personal accounts page to explore your options. Once you find the account that fits your needs, click any “Open an Account” button to begin the application process online. You can also view current rates before applying.

    Always feel free to stop by any of our branch locations during business hours. Our team will be happy to assist you in person and answer any questions you may have.

  • To complete your online application, please have the following information ready:

    • Social Security Number for all applicants
    • Driver’s License or State-issued Photo ID for all applicants (You’ll need to upload a copy during the application process)
    • Joint Account Holder Information (if applicable)
    • Routing and Account Number if funding via ACH from another financial institution

     

    Having this information ready will help ensure a smooth and secure application process.

  • You can make your check payable to Salem Five, with your name on the memo line.

  • Your account will be opened once we receive your initial deposit and all required account opening documentation.

  • You should receive your debit card and checks within seven to ten business days of opening your account.

  • Yes, you are permitted to add up to 4 beneficiaries (individuals) per deposit account. To submit a request for the addition of a beneficiary, log into Online Banking and send us a secure message or step into your local Salem Five location.

  • Send us a secure message through Online Banking or mail us a letter with the following information about the person you’d like to add:

    • Full Name
    • Complete Address
    • Date of Birth
    • Social Security Number
    • Primary Phone Number
    • Email Address
    • Valid Driver’s License or State-issued Photo ID Number and expiration date (a copy will also be needed)
    • Mother’s Maiden Name
    • Occupation (If retired please use previous occupation before retiring)

    Once we receive the information, we’ll begin processing the request and send a new signature card that both account holders are required to sign and return.

    For your security, please do not send sensitive personal information via unsecured email.

  • You must have a permanent U.S. residential address that is verified by the United States Postal Service, a valid U.S. Driver's License or State-issued Photo ID and a valid U.S. Social Security Number (SSN) to apply online for an account.

Making Deposits

  • You have several convenient options for making a deposit:

    • Use Salem Five Mobile Deposit to securely deposit checks anytime, anywhere using your smartphone
    • Make deposits at any Salem Five branch or full-service ATM
    • Mail your deposit to: Salem Five Bank, ATTN: Contact Center, P.O. Box 840, Salem, MA  01970-9970
      • Need a postage-paid envelope? Click here to request one
    • Set up direct deposit for recurring payments like payroll
    • Have funds wired from another financial institution, Salem Five’s Routing Number is 211370558
      • Note: Incoming wire transfers are subject to a fee
    • Transfer funds from another Financial Institution; initiate the transfer from your Salem Five Online Banking or send the funds using your other bank’s transfer service

  • To set up a direct deposit from your employer, you will need:

    • Salem Five's routing number (211370558)
    • Your Salem Five account number
    • Our address:
      Salem Five Bank
      210 Essex Street
      Salem, MA 01970

    You can also find the form to set up Direct Deposit here.

  • Mail deposits to:

    Salem Five Bank
    Contact Center
    P.O. Box 840
    Salem, MA 01970-9970

  • We will post your deposit on the day that we receive it. Once the deposit has been posted, if you are an Online Banking customer, you will see the funds in your account under available balance. You may check your account status by logging in to Online Banking from our website.

  • Money orders are only valid up to $1,000 and you will need to fill out the payee information and sign it yourself. A Bank Check also called a "Salem Five Official Check" can be for any amount. The money must be withdrawn from a Salem Five account and made to a specific payee. Both types of checks are available for Salem Five account holders only.

  • Funds from the following deposits will be available on the same business day that we receive your deposit: cash, wire transfers, electronic payments (direct deposit).

    Funds from checks you deposit generally are available to you on the first business day after the day we receive your deposit. For determining the availability of your deposits, every day is a business day, except Saturday, Sundays and federal holidays. ATM deposits made after 3:30 pm ET, (settlement time) or on a non-business day will be considered deposited on the next business day.

    Longer delays may apply. Please refer to our Funds Availability Policy.

  • You will need to provide the bank sending the wire transfer with the following:

    • Wire to:  Salem Five Bank, 210 Essex St, Salem MA 01970
    • ABA Routing Number:  211370558
    • Name of the customer whose account is being credited
    • Account number

    An incoming wire transfer fee will be assessed to the recipient of the wire, per our Consumer Banking Fee Schedule.

  • To initiate a wire transfer to another domestic Financial Institution, you will need the following:

    • Name, address and ABA Routing Number of the receiving bank
    • The name on the account being credited, the address and account number of the beneficiary

    See our Consumer Banking Fee Schedule for domestic wire transfer fee information.

    For additional information, please contact your local Salem Five store or call the Contact Center at (800) 850-5000.

  • To initiate a wire transfer to an International Financial Institution, you will need the following:

    • Name, address, country and account number of the recipient
    • The name, address, country and SWIFT Code of the receiving bank

    See our Consumer Banking Fee Schedule for foreign wire transfer fee information.
    For additional information, please contact your local Salem Five store or call the Contact Center at (800) 850-5000.

  • A SWIFT code is a code used to identify the country, bank and branch that an account is registered to. When you send money to a bank account overseas, you’ll need this code to ensure that your money is going to the right place. A SWIFT code is sometimes called a BIC (Bank Identifier Code), but they are exactly the same thing.

    Salem Five’s SWIFT Code is: SAVVUS33

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