External Transfers

FAQs: External Transfers

• What are External Transfers?

  External Transfers allow you to conveniently transfer money between your personal Salem Five Checking or Savings account(s) and your personally owned Checking or Savings account(s) at other financial institutions within the United States.

• How do I get started with External Transfers?

  To get started, simply log into the Salem Five Mobile App or Online Banking and select ‘Transfers’ then ‘External Transfers’. Add and verify the account(s) you have with another financial institution to begin transferring money between accounts.

• Are there any fees associated with Salem Five External Transfers?

  There are no fees for incoming external transfers initiated by you from the Salem Five Mobile App or Online Banking. A $3.00 fee applies to Instant and Next-Day outgoing external transfers.

• What type of accounts are eligible for External Transfers?

  Most Salem Five personal Checking, Savings, and Money Market accounts are eligible. Please note that Business Checking, Savings, and Money Market accounts are not eligible.

• What type of accounts are NOT eligible for External Transfers?

  The following account types are not eligible for External Transfers:

  • Business Accounts
  • Loan Accounts (including Credit Card and Equity accounts)
  • Certificate of Deposits (CDs) or other time-based accounts
  • Individual Retirement Accounts (Brokerage/IRAs)
  • International Accounts
• Can I transfer to someone else’s account?

  No, you must be an owner on both accounts involved in the External Transfer.

• Why do I have to validate my email address?

  Validating your email address ensures that we have an accurate email address on file for you. You will receive email communications about your External Transfer activity and it is important that these emails are delivered to your current email address.

• How long will it take for an external transfer to be credited/deposited?

  The delivery speeds available to you can be viewed on the External Transfers page. Choose the ‘To’ and ‘From’ accounts, enter the amount then ‘Frequency’ and the delivery information will be displayed. You’ll be able to view the date the transfer will be completed and any associated fees.

• What is the maximum External Transfer amount I can make between accounts?

  For security reasons, the Bank has established limits for External Transfer transactions:
  
  Standard Delivery:
  Is within 1-3 business days (not including weekend days)
  
  

  LIMITS	INBOUND	OUTBOUND
  Daily	$25,000	$25,000
  Rolling 30 Days*	$25,000	$25,000

  
  
  

  Next Day Delivery:
  Will only display for eligible accounts. $3.00 fee for outbound only.
  
  

  LIMITS	INBOUND	OUTBOUND
  Daily	$2,000	$2,000
  Rolling 30 Days*	$5,000	$5,000

  
  

  Instant Delivery:
  Will only display for eligible accounts. $3.00 fee for outbound only.
  
  

  LIMITS	INBOUND	OUTBOUND
  Daily	$2,000	$2,000
  Rolling 30 Days*	$5,000	$5,000

  
  * Your rolling 30-day limit is the maximum you can send over a period-of-time going back 30 days.
• Can I setup a recurring External Transfer?

  Yes, you may set up a recurring transfer. When initiating the initial transfer, use the 'Frequency' menu to choose from the variety of options of how often you would like future transfers to occur automatically.