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Reviews (7)

Salem Five--Steep Withdrawal Penalty!!!

Posted by: Xoomer01 | Jul 22, 2013

I just chatted with someone at Salem Five to see what the withdrawal penalty on a 5 year CD was and the guy told me 4% of the balance of the CD!  That's too much for me.

Can't Get My Money Back From A Maturing CD

Posted by: Holly415 | Sep 8, 2015

Gave written notice on time that I wanted my money when CD matured. Maureen from bank called me to try to entice me to stay. Told her rates were not good enough and I wanted my money. That was 1 week ago. I still do not have my money? This is outrageous.

Mistakes, Mistakes & More Mistakes!

I've had nothing but trouble with Salem Five.  Here is my experience, you be the judge.

First mistake: they started to withhold interest - when I asked why they said I must have inadvertently "checked off I was subject to backup withholding on my W9".

The next time they screwed up was when they unexpectedly lowered my interest rate without informing me -- after they had assured me several months before that the rate was good thru a certain period. I never would have noticed but learned on the internet that other people had complained of the very same thing. That's when I checked my statement. The problem is that you won't know that your interest rate has been changed in the 30 days previous until you receive your next statement - so it was pretty deceptive. I phoned and demanded to speak to a supervisor who quickly "fixed the problem" when she heard me say I was going to complain online. 

The last time was the final straw. After I'd been with them for a considerable time they informed that my SS# was incorrect and if I didn't send in the proper one within a certain time span I would go into backup withholding.  It was their error.  Obviously someone had mistyped my information.  They refused to admit it but "couldn't locate the original W9". Then to make matters worse they "never received" the form they sent me to fill out.  How odd -- I drove straight to the local post office and mailed it in one of their postage-free envelopes. How could they lose something like that?! I now have to worry about identity fraud.

In the past 35 years I've had dozens of accounts at many different banks & CU's and have never had a problem.  I am obsessively careful when filling out bank documents.

Needless to say, after all this I closed my account.

No Help For Home-Owners

Posted by: sushma | Jun 15, 2013

 

    We have been with Salem Five for last 6 yrs we are a small business and salem five has been charging us 6.50% interest rate on our mortage since 2007, we have made several requests for working with us and findinga a way to make our payment more affordable beacuse with the this economy our business has suffered a lot, Salem Five exec. would not return our call and they keep denying us for loan modification under HARP, we defaulted one month and they stopped accepting payment unless we pay in full, now they have send us forclousre notice and they want all the money including attorney fee and late fee in 30 days, I do not know what will they gain by putting us on street, both me and my husband work full time and all we are asking for is a lower interest rate so our mortage is more affordable, we are actively interviewing for a second job as well we both are college graduates and we are hoping to find something but in the meantime Salem Five is after our house and will not help in any way, every penny we have earned and saved we have put in thsi house and we will literally be on street with our two young boys.....my heart is bleeding right now, we do not deserve to get treated like this.

Horrible, Out Of Touch Disiaster Of A Bank

Salem Five is the WORST bank I have ever dealt with. EVER. They do not clearly explain that if you use their cell phone deposit feature that your check takes additional time to collect, so the convenience means that you don't have to schlep to one of their few branches or ATMs, but instead you can bounce checks. It takes weeks to get a replacement debit card, they screw up the activation process and their "phone service" is horrible at best. This is a bank for neighborhood people only who have plenty of time to sit around waiting for everything.

Worst Bank Ever

I just closed my account at Salem Five. This is the worst bank I have EVER dealt with. A check that was supposed to be direct deposited, wasn't. Next thing I know there are FIVE $35.00 fees posted to my account for NSF. Don't you think they should have alerted me after one? But no... five days later I get 3 letters telling me this has happened. If this lousy bank had a clue they should have put a freeze on my account after the first one or two. They REFUSED to give me the fees back. They took me for $175.00. One $35.00 charge was for a $4.00 charge at a store. Can you believe they charged me $35.00 for a $4.00 charge? Greedy, greedy, greedy! The bank rep. I dealt with kept saying he had to talk to his manager, he didn't have the authority to do anything, etc.. Well - if he can't do anything WHY IS HE WORKING THERE?!? I went to close my account and write a check for the fees. They told me I would have to wait until the check cleared to close the account. I wanted that account closed NOW, so I took out cash from the ATM. Next, they tried to tell me a two cent deposit (from a company who was just making sure my account was real) was "in-process" and I couldn't close the account until that cleared. That was the stupidest thing I had ever heard. I told them my account was being closed TODAY and that I didn't care WHAT it took to close it. Finally they decided to give me the two cents and close my account. I promise you, I will NEVER deal with this bank again. Beware of this bank and NEVER open an account with them. The staff is completely incompetent and their policies are a rip-off!!!

Incompetent Service From Salem Five Bank

My husband and I both opened 30 month CD’s at Salem Five bank in MA and wanted readers to be aware of the terrible service we received from this bank. At the time of opening the account I was told that it could be converted to a trust but a week after opening the account I was told that was not the case. We decided to leave the CD’s in a non trust account. Both accounts matured in late April 2015 and I called in March 2015 for the procedure to close the account. I was told a letter with this request could be faxed to the bank and we did so. In early April we received a phone message saying that the letter to close the account had to be mailed in and a fax was not acceptable. We mailed the letters in one envelope and called on April 11, 2015 to verify their receipt. On May 4 I called the bank to ask when the checks were mailed out. Mine was mailed two days after maturity and they had not yet closed my husband’s account (matured on 4/30/15) because they did not have his letter to close the account! After speaking with the manager and providing the name of the employee who verified that the letters had been received, we were told that they needed time to “research” the matter. My husband asked for the check to be sent via overnight mail. The manager called back later that morning and indicated that the letter had been located and agreed to send the check by overnight mail.
The agents at this bank routinely provide misinformation and they seem incapable of handling basic procedures such as closing an account or recording the fact that letters to close the account were received. In my experience, banks close the CD on the date of maturity not two days later and the request to close the account at maturity does not disappear from the records. We are frustrated with the amount of follow up needed to recover our CD deposits and will not do business with this bank again.



Health
A

Health Grade Components

Overall
FDIC Certificate #23296
Year Established1855
Employees535
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.75%
Return on Equity - YTD7.05%
Annual Interest Income$33.0MM
Assets and Liabilities
AssetsQ1 2016vs Q1 2015$3.83B$3.68B
LoansQ1 2016vs Q1 2015$2.73B$2.45B
DepositsQ1 2016vs Q1 2015$2.85B$2.77B
Equity CapitalQ1 2016vs Q1 2015$411.1MM$387.0MM
Loan Loss AllowanceQ1 2016vs Q1 2015$21.8MM$21.7MM
Unbacked Noncurrent LoansQ1 2016vs Q1 2015$16.1MM$21.3MM
Real Estate OwnedQ1 2016vs Q1 2015$4.7MM$3.5MM
Rates
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* The APY shown varies based on the deposit amount. Expand the listing to see APYs for other deposit amounts.

Salem Five Savings Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.10%--Gold Star Saver
0.10%--Star Savings
0.10%--Smart Student Saver
0.05%--Statement Savings Account

Salem Five Money Market Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.15%*$100k*-Star Money Market Account
OTHER TIERS: 0.02% Up to $10k | 0.05% $10k - $50k | 0.10% $50k - $100k
0.12%*$100k*-Advantage Money Market
OTHER TIERS: 0.02% Up to $10k | 0.05% $10k - $100k
0.10%*$100k*-Online Money Market
OTHER TIERS: 0.02% Up to $10k | 0.05% $10k - $100k
0.05%$500-Retirement Money Market

Salem Five Checking Account Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
0.02%--Star Checking
0.02%--Gold Star Checking
0.02%--Smart Student Checking

Salem Five CD Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%$10k-60 Month CD Special
1.75%$10k-48 Month CD Special
1.35%$10k-36 Month CD Special
1.30%$25k-60 Month Callable CD - 12 Month Lock
1.30%$10k-30 Month CD Special
1.25%$10k-18 Month CD Special
1.20%$10k-24 Month CD Special
1.15%$500-60 Month CD
1.00%$500-42 - 59 Month CD
1.00%$10k-13 Month CD Special
0.90%$25k-36 Month Callable CD - 6 Month Lock
0.90%$25k-36 Month Callable CD - 12 Month Lock
0.70%$10k-12 Month CD Special
0.65%$500-30 - 41 Month CD
0.40%$500-18 - 29 Month CD
0.25%$500-12 - 17 Month CD
0.20%$10k-9 Month No Penalty CD
0.15%$2,500-182 - 364 Day CD
0.10%$2,500-91 - 181 Day CD

Salem Five IRA Rates

APYMINMAXACCOUNT NAMEVIEW DETAILS
2.00%$2k-60 Month IRA Special
1.75%$2k-48 Month IRA Special
1.35%$2k-36 Month IRA Special
1.30%$2k-30 Month IRA Special
1.25%$2k-18 Month IRA Special
1.20%$2k-24 Month IRA Special
1.15%$500-60 Month IRA
1.00%$500-42 - 59 Month IRA
1.00%$2k-13 Month IRA Special
0.70%$2k-12 Month IRA Special
0.65%$500-30 - 41 Month IRA
0.40%$500-18 - 29 Month IRA
0.25%$500-12 - 17 Month IRA
0.15%$500-182 - 364 Day IRA
0.10%$500-91 - 181 Day IRA
Locations

Salem Five has 30 locations. Click to view all Salem Five locations.