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Wednesday, June 1, 2011 - 11:38 AM
(1 stars)
Fees And Limits - Beware!!!
Salem Five Direct (1 stars)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!
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!
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2. Wednesday, June 1, 2011 - 2:16 PM
Thanks for the info on the Salem Five Direct acount. I have more details in my review of this 1.25% promotion.
It appears they don't have restrictions on the amount of transfers IF you initiate the ACH transfers from another institution like Ally or ING Direct. If someone can confirm this, it would be appreciated.
It appears they don't have restrictions on the amount of transfers IF you initiate the ACH transfers from another institution like Ally or ING Direct. If someone can confirm this, it would be appreciated.
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