Salem Five

I Love Them!

Posted by: |

I had to write this review because I am shocked at these ratings. This bank is GREAT! Great products, no fees, good service, up to date with the times. I have the SalemFive Direct eOne Savings and Checking combo with an interest rate of 1.5%. Not bad for complete freedom to your money! Other Banks don't have a rate like this for CD's! I do agree; however, that their penalty for breaking a CD is much too high - they need to fix that!

If You Can Put Up With A 150-Year Old Institution . . .

Posted by: |

This 150-year old brink-n-mortar bank is trying to join the 21st century by becoming an "internet bank" - it fails msierably.They have no clue how internet banking works! And interest in learning how either. They think people still use horse-n-buggy for transport and women wear very tight corsetts.

So, why am I trusting them with my money? They have very conservative thinking - which is good. Their state - Massechussetts - forces them to insure a much higher limit than FDIC. They pay better interest rates. And I don't have to see their CEO or bank employees in person to aggravate me further.

They have STUPID limits on incoming deposits - as if Butch Cassidy is going to deposit their loot into this bank.

The CEO must be a complete idiot not to hire top-notch software talent to learn from them to become an internet bank.

4% Penalty For Early CD Withdrawal Is Disgusting

Salem Five should be ashamed for having a 4% of principal redemption penalty for breaking a CD early. Most customers are local citizens and they are stuck with bad rates and during the rising rate environment, management of Salem Five has showed how little they care about their customers.

Stay Away From Here

Posted by: |

Fees are insane and customer service is not very helpful. Lost my job and overdrew my account by 9 dollars; was charged a 35 dollar fee. Deposited money to get back in the positive, but was not able to get the fee reversed or even reduced.

When I went to close my account, I was told I needed something notarized; which I cannot even afford until I start my new job. Just lacking compassion plus high fees. Stay away



Health Grade Components

FDIC Certificate #23296
Year Established1855
Primary RegulatorFDIC
Profit Margin
Return on Assets - YTD0.58%
Return on Equity - YTD4.99%
Annual Interest Income$87.4MM
Assets and Liabilities
AssetsQ2 2022vs Q2 2021$6.26B$5.79B
LoansQ2 2022vs Q2 2021$4.40B$4.06B
DepositsQ2 2022vs Q2 2021$4.76B$4.37B
Equity CapitalQ2 2022vs Q2 2021$718.7MM$662.9MM
Loan Loss AllowanceQ2 2022vs Q2 2021$60.1MM$54.2MM
Unbacked Noncurrent LoansQ2 2022vs Q2 2021$19.1MM$24.7MM
Real Estate OwnedQ2 2022vs Q2 2021$915.00K$0

Rates for Salem Five are currently being reviewed.



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