Salem Five is headquartered in Salem and is the 9th largest bank in the state of Massachusetts. It is also the 226th largest bank in the nation. It was established in 1855 and as of March of 2018, it had grown to 583 employees at 35 locations. Salem Five has an A health rating.
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!
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.
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!!!
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.
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.
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.
|FDIC Certificate #||23296|
|Return on Assets - YTD||1.01%|
|Return on Equity - YTD||10.01%|
|Annual Interest Income||$43.9MM|
|Assets and Liabilities|
|Assets||Q1 2018vs Q1 2017||$4.72B$4.19B|
|Loans||Q1 2018vs Q1 2017||$3.49B$3.05B|
|Deposits||Q1 2018vs Q1 2017||$3.43B$3.08B|
|Equity Capital||Q1 2018vs Q1 2017||$481.9MM$444.3MM|
|Loan Loss Allowance||Q1 2018vs Q1 2017||$30.3MM$25.0MM|
|Unbacked Noncurrent Loans||Q1 2018vs Q1 2017||$11.3MM$13.6MM|
|Real Estate Owned||Q1 2018vs Q1 2017||$1.2MM$2.2MM|
Rates for Salem Five are currently being reviewed.