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Salem Five Direct Reviews

Average Rating:
Based on 10 reviews

Fees And Limits - Beware!!!

I recently opened up a Salem Five account, after all 1.25% guaranteed til Apr 2012, that's for me!

However, be very careful before you open an account.  It turns out they charge $3 for every ACH transfer out.  As well, they cap monthly debits at $25,000 per mo.  And you can only ACH in $20,000 (although you can send them a check if you want to deposit more).  Still - even if you deposit more, they won't allow you to take out more than $25k per month and will charge you $3 to get it.

Worst fee structure and limits I've ever found.  Stay far away!

They Will Hold Your Money Hostage!!!

I just opened a Salem Five Savings account and am very disappointed by all the hidden terms.  Your money will go into the account very easily, but beware, they will make it very hard to get it back.  After I opened the account I called to verify some of the things I read (a little too late.)  The rep told me that if I did not want to keep the account, I could just have an external bank account transfer the money out (without any fees).  Well, I tried that, and they replied to my external bank that my funds were frozen.  Yet, if I login to my account, it says they are available for withdrawal.

It's just another example of the ugly side of banking.  Steer clear!

Salemfive Fees And Lack Of Customer Service

Stay away from this bank. The people running this bank could care less about customers. SaleFive will fee you constantly

Disrespectful Of Existing Customers

Hard to figure out what your rate is, but if you're an existing customer, be aware, it's .75%, not 1% as shown on the "front page."   1% is only for new money.....so if you're a loyal customer....forget about it, you're of no importance in this Banks opinon.

Worst Bank I've Ever Dealt With - Run For The Hills!

Everything already noted here by others is true - but on top of that made major errors with my account, the last one possibly leaving me open to identity fraud.  They screwed up so bad that I am not even going to cash the last check sent to close out my account (only pennies) for fear of being fee'd for something!

Salem 5 Direct Savings Account

I share the concerns noted so I called the bank.  They claim that there are no fess or limits if you initiate the transfer from your external account rather than from Salem 5.  Seems wired, but if it works then I will revise my rating up.