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March 2023 by Paul R.
Salem Direct Savings: Signing up was extremely cumbersome. Salem does not increase my APY (4.1%) when they increase their published rate however will automatically decrease my rate if they so choose. I initially deposited $100 when applying and then $4900. (application sign-in ID & Password are totally different than account sign in (ludicrous!). I was planning to transfer a much greater amount but, I fortunately read some reviews and realized there were limitations on transfer out. There is a daily limit of $5K daily withdrawals and $20K monthly, only 6 transfers per per cycle or a $10 fee. Nowhere in the application process or on the website was this noted. No way I can transfer the money amounts that I want when they limit withdrawals like that. I will not place any more money in this bank as there is no transparency as to the rules and limitations. Very deceptive practices!
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February 2023 by Corinne W.
Getting customer service response is not timely at all. Fortunately, I opened the eOne Savings account with only $10.00 just to try it out. When I could not get a customer service response, I decided to close the account. It took NINE DAYS for the $10 balance to be placed back in my checking account (external to Salem Five) by ACH transfer.
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February 2023 by John D.
Just like other reviews, they make it beyond painful to get your money out. It's like a trap. I regret ever signing up with this bank.
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January 2023 by Keith B.
Love the high interest rate. But their new-account and external-account-linking processes are extremely convoluted and extremely slow (I'm now in week three of getting all this done). I agree with previous comments about the low transfer limits, too. If I knew all this before I signed up, I would have chosen another bank, even one with a lower interest rate.
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January 2023 by Christina D.
Extremely disappointed at the mortgage service. We were encouraged to finance a home renovation with them by one of their officers. The officer offered a construction loan with very specific terms. We were weary of the final cost of the loan. The officer pushed us hard, saying it was "the best financial decision" to meet our goal. We trusted him thinking he must know the ins and outs of home lending better than us. Just before closing, we were told by a third party (not related to Salem Five) that the product we agreed to had changed. We were now being sold a cash-out refinance. The change was financially significant and was never disclosed to us by anyone at Salem Five. At it's core, Salem Five pulled a bait and switch. When asked about the covert change in product, the officer claimed he had "no idea" and "just found out". He continued to push us to sign and close on the new terms despite putting us over our budget. He said "It is what it is" and "You won't worry about this when you're sitting in your brand new kitchen." We cancelled the application and made a much more financially sound decision with another bank. Overall, be careful when approaching this bank. They appear to be pushing customers hard into products that are a poor fit in order to increase their portfolio.
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November 2022 by Linda R.
recently I overdrafted because I was in the hospital with Covid. I had a family member call and put in a deposit for me. the employee at the bank who said she was the manager lied to me and said the account was all set. a day later the bank charged an additional 35 dollars a 3 dollar charge totaling 78. dollars. I called again and again lied to. this is why I took my savings out of their bank and will continue to speak harshly if the bank. the employees act as though it were their money when they overcharged. I get it. but if I had not been in the hospital fighting for my life I would not have overdrafted 1 thing and it was by 11 dollars.
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November 2022 by Bradley M.
This review concerns online banking. Stay away. This bank has lost two deposits of mine. I had to go to my source funding bank and file a dispute in order to get my money back. After my bank recovered the two deposits, I foolishly decided to give them another chance as they are going thru growing pains. They have fouled up again. I sent them a Secure Message thru their website for instructions on how to get my money out of their bank. I have never heard of a bank misplacing funds before, but SalemFive has managed to do it. Stay away from them.
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June 2022 by Nicholas B.
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. Edit: 1 day after posting this, a transaction went through on my LOCKED card. Put me back into the negative. Have spent an hour on the phone with various unhelpful people. The debit card and the branches are somehow not connected. Will be reporting to the BBB at this point.
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May 2022 by Hannah S.
Absolute trash. We've held a mortgage with these people for 19 years. In February, their system wasn't working when my mom went to pay online, and my mother was forced to pay by check instead. Well, wouldn't you know, the check got lost in the mail. Since I hold the mortgage with her jointly, my credit got dinged 80 points when the mortgage came in late (our first late payment in two decades). She immediately canceled the check and paid by phone, and I disputed the ding with all three credit bureaus. But when I spoke to Salem Five, I was told it was my fault, since we paid late. They can't be responsible for the MAIL, you see, and have patently refused to remove the rating on my credit, which was formerly 815. These people are criminals.
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February 2022 by Mitchell C.
They foreclosed our house with barely any warning so we've been suing them for the past 5 years. AVOID THIS BANK AT ALL COSTS THEY F*CKIN SUCK.
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September 2021 by M B.
Bank is crap treat loyal customers like crap closing my account and taking business elsewhere with so many banking options literally any where would be better !
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July 2021 by Former C.
So I went to the drive-through branch in Georgetown this Saturday to make a deposit and withdraw cash. They gave me $100 too much, so I put it in the envelope and sent it back to the bank branch through the canister. A different teller took the envelope and cash and I explained they had given me too much cash. The first teller then counted his drawer and said he was $100 short and could he now have the cash back. I explained the other teller had taken the envelope with the cash and I no longer had it. The other teller then denied taking the cash and the bank manager came over and said I needed to return the money I HAD ALREADY RETURNED. She then told me she would take the money out of my account if they didn't find it in their drawer. Maybe they should check the teller's pocket. I have been a customer for decades, but no more. Stay away from this bank. They are either very incompetent or very dishonest or both.
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June 2021 by Dennis G.
Salem five is automatically decreasing my interest rates but when the interest rates goes up they won't give you the increase automatically, you have to request it. if I could give them a minus score I would
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April 2021 by Matthew M.
I will be closing all of my accounts with this horrible bank! 3 years and I have never had anything but problems with them. 1- ATM card didn't work for over a year. I asked for assistance 4 and was given a phone number for corporate to fix issues with my card only to be told to go to my branch to handle it and again to be given the same line! 2- was lied to when opening my savings and checking. I asked very specifically for free checking. I was told t hi is is a free checking account! turns out it was not a free check on Kate and they stole money from me! 3- and the third problem is the using of the notaries. I had an expired ID which I renewed online and it was giving state authorize and state issued paperwork providing proof of my identity they refused to take it! I am done with these people I will never pay them to gamble with my money!!!!
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March 2021 by Brigid F.
I wanted to like this bank because its a regional bank. But after banking with them for about 6 years, I'm switching to Citizens. They are incompetent. Every time I've spoken w/customer service, they were wrong. I was in the midwest a while back and needed to buy a computer as mine had died. I went to bestbuy and tried to use my debit card and was declined even though I had enough $$ in my account to pay for it. THEY DECLINED MY CARD FIVE TIMES. Finally, I had to go back to the place I was staying and get my checkbook. They charge exhorbitant overdraft fees and don't even pay the overdraft. They have been snide and condescending to me. I don't overdraft much, but occasionally and each time its close to $40. They are 20 years behind on technology. Inter-bank transfers take close to a week!!!! They hardly have any ATMs. Basically, they suck. My advice is to go elsewhere.