Salem Five Home

Frequently Asked Questions

Account Opening FAQs

  • Existing Salem Five customers can simply login to Salem Five Online Banking.

    Easily open accounts online from the personal accounts page. Find the account that you want to open and click on any of the "Open an Account" buttons to get started. When viewing our current rates page, simply click on the account name to get started with your online application.

    You can visit any of our locations during business hours and work with one of our associates to learn more about opening accounts.

    To download Salem Five's Direct Deposit Authorization form, click here. You will need to print, sign and mail it to the following address:

    Salem Five Bank
    ATTENTION: Customer Service
    210 Essex Street
    Salem, MA  01970

    • Social Security Number for all applicants
    • Driver's License Number or State-issued Photo ID for all applicants (you will need to upload a copy)
    • Joint Account Holder Information
    • Routing and account number for other financial institution (if funding electronically)

  • You can make your check payable to Salem Five, with your name on the memo line.

  • Your account will be opened once we receive your initial deposit and all required account opening documentation.

  • You should receive your debit card and checks within seven to ten business days of opening your account.

  • Yes, you are permitted to add up to 4 beneficiaries (individuals) per deposit account. To submit a request for the addition of a beneficiary, log into Online Banking and send us a secure message or step into your local Salem Five location.

  • Send us a letter or fax with the following information about the joint signer. Once we receive the information, we will process the application and send a new signature card for both signers to sign and submit to us.

    • Name
    • Address
    • Date of Birth
    • E-mail address
    • Home phone number
    • Social Security Number
    • Driver's license or State ID number and expiration date
    • Mother's maiden name

  • You must have a verifiable permanent U.S. residential address, a U.S. State-issued Driver's License or Photo ID, and a valid U.S. Social Security Number (SSN) to apply online for an account.

Making Deposits FAQs

  • You have several options:

    • With Salem Five Mobile Deposit you can securely deposit checks on the go using your smartphone.
    • At all Salem Five locations and full-service ATMs.
    • By mail: Enclose your deposit in an envelope and send to:
      Salem Five Bank
      Contact Center
      P.O. Box 840
      Salem, MA  01970-9970
    • By direct deposit. You can arrange direct deposit of payments you receive on a regular basis, such as your payroll.
    • By wire transfer. You may have funds from another financial institution wired to a Salem Five account. Incoming wire transfers are assessed a fee. Salem Five's routing number is: 211370558.
    • By external transfer within Salem Five Online Banking. Or, via external transfer from another financial institution into your Salem Five account using Salem Five's routing number: 211370558.
    • To request a postage-paid envelope for your deposit, Click here.

  • To set up a direct deposit from your employer, you will need:

    • Salem Five's routing number (211370558)
    • Your Salem Five account number
    • Our address:
      Salem Five Bank
      210 Essex Street
      Salem, MA 01970

    You can also find the form to set up Direct Deposit here.

  • Mail deposits to:

    Salem Five Bank
    Contact Center
    P.O. Box 840
    Salem, MA 01970-9970

  • We will post your deposit on the day that we receive it. Once the deposit has been posted, if you are an Online Banking customer, you will see the funds in your account under available balance. You may check your account status by logging in to Online Banking from our website.

  • Money orders are only valid up to $1,000 and you will need to fill out the payee information and sign it yourself. A Bank Check also called a "Salem Five Official Check" can be for any amount. The money must be withdrawn from a Salem Five account and made to a specific payee. Both types of checks are available for Salem Five account holders only.

  • Funds from the following deposits will be available on the same business day that we receive your deposit: cash, wire transfers, electronic payments (direct deposit).

    Funds from checks you deposit generally are available to you on the first business day after the day we receive your deposit. For determining the availability of your deposits, every day is a business day, except Saturday, Sundays and federal holidays. ATM deposits made after 3:30 pm ET, (settlement time) or on a non-business day will be considered deposited on the next business day.

    Longer delays may apply. Please refer to our Funds Availability Policy.

  • You will need to provide the bank sending the wire transfer with the following:

    • Wire to:  Salem Five Bank, 210 Essex St, Salem MA 01970
    • ABA Routing Number:  211370558
    • Name of the customer whose account is being credited
    • Account number

    An incoming wire transfer fee will be assessed to the recipient of the wire, per our Consumer Banking Fee Schedule.

  • To initiate a wire transfer to another domestic Financial Institution, you will need the following:

    • Name, address and ABA Routing Number of the receiving bank
    • The name on the account being credited, the address and account number of the beneficiary

    See our Consumer Banking Fee Schedule for domestic wire transfer fee information.

    For additional information, please contact your local Salem Five store or call the Contact Center at (800) 850-5000.

  • To initiate a wire transfer to an International Financial Institution, you will need the following:

    • Name, address, country and account number of the recipient
    • The name, address, country and SWIFT Code of the receiving bank

    See our Consumer Banking Fee Schedule for foreign wire transfer fee information.
    For additional information, please contact your local Salem Five store or call the Contact Center at (800) 850-5000.

  • A SWIFT code is a code used to identify the country, bank and branch that an account is registered to. When you send money to a bank account overseas, you’ll need this code to ensure that your money is going to the right place. A SWIFT code is sometimes called a BIC (Bank Identifier Code), but they are exactly the same thing.

    Salem Five’s SWIFT Code is: SAVVUS33

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