Salem Five Direct Bank Review
Posted by Best Bank Rates under [ Founded in 1855 and headquartered in Salem, Massachusetts, Salem Five Cents Savings Bank was known as the “Nickel Bank” because the first day’s deposits ranged from five cents and upward. Throughout the Civil War, two World Wars, the Great Depression and other moments of challenge and prosperity, Salem Five has stood strong and steadfast, offering financial services to the citizens of greater Salem and beyond. Today, we are strong, well capitalized and one of the most innovative banks.
Community Leader
Salem Five has built a reputation as the leading bank in Salem throughout the 20th century, playing a major role in the rebuilding of Salem after the Great Fire of 1914, which ravaged much of the city. In the 1950’s, when the city’s largest employers left in search of cheap labor, Salem Five funded the restoration of the great mills, which today have been converted into offices and light manufacturing. Salem Five was a major force behind the revitalization of downtown Salem in the 1970’s and 80’s and, as a driving force in Salem’s waterfront development efforts, funded the transformation of Pickering Wharf into a flourishing commercial, residential and recreational shopping area. Salem Five also played a key role in the movement to revitalize the National Park Service’s Salem Maritime National Historic Site, one of the city’s most valuable assets.
The 1990’s saw the emergence of Salem Five as a leading innovator in electronic banking. As the first New England bank to launch an internet bank in 1995, salemfive.com at Salem Five continues to lead the internet banking world.
Today, with assets in excess of $2.3 billion, we’re a leading financial services institution that offers a complete array of products and services for consumers and small businesses. Through our various subsidiaries – Salem Five Mortgage Company, LLC, Salem Five Investment Services, LLC, our full-service brokerage company (securities offered through Linsco/Private Ledger, Member NASD) and Salem Five Insurance Agency, LLC which offers life, property and casualty insurance, we meet the financial needs of consumers and small businesses everywhere!
Phone: 1-800-322-BANK (2265)
Local: (978) 745-5555
Request more information here.
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2 Comments on “Salem Five Direct Bank Review”
‘SalemFive does not deserve my (or your) business’
SalemFive does not deserve my (or your) business until they make drastic changes to their sign-up process and customer service. My story (background): I had Netbank for at least 10 years, then they went out of business and IngDirect took over my account. Because I do lots of int’l travel, I needed low ATM fees and internet access –
Anyway, I researched checking accounts for days, read the reviews and ultimately chose Salem Five e-banking for their rates and fees. Applying was a nightmare. I applied online, then received an email asking for a copy of my driver’s license and SSN card. I sent .pdf copies of mine and my joint account holder. We both have excellent credit.
After this, we received an email stating that we were APPROVED — Welcome! Then in big Red, bold letters on the bottom it stated I had 10 days to send a signed hardcopy and my initial deposit.
I complied — even though it was xmas holidays and I was traveling too. This process started early December 2007, I just received notice that they are returning my deposit and withdrawing my application since I failed to provide the needed information. Their customer service during the process has been terrible and insulting regarding the tone of their emails.
Salem Five is not able to deliver and they don’t deserve my (or your) business. I rate them as one star — they did nothing but waste my time. bob
I totally agree, I have read about this experience on many websites and also thought they might be a good choice. Now they have all my information (mothers maiden name, all my credit info, ssn#, etc.
I realize everytime I give this information I leave another track for someone to compromise their security. Their idea of personal responsibility is to make us give them all our information, then deny our application because they really were not ready for internet business, and then we worry where our into is.
I’m sorry to rant, but I am not a terrorist, I am debt free, and no one wants my business. Although, for foreign travel, I do like Capitol One credit card. Anyway, thanks for saying what I read and think, john