Frequently Asked Questions (FAQs)

• What is Salem Five Direct?

  Salem Five Direct is an online division of Salem Five Bank, an innovative bank located in Salem, MA with over 150 years of banking experience. You will find unique bank product offerings developed exclusively for clients seeking to conduct business on the internet.

• What information do I need to apply online?

  To complete your online application, please have the following information ready:

  • Social Security Number for all applicants
  • Driver’s License or State-issued Photo ID for all applicants (You’ll need to upload a copy during the application process)
  • Joint Account Holder Information (if applicable)
  • Routing and Account Number if funding via ACH from another financial institution

   

  Having this information ready will help ensure a smooth and secure application process.

• I live outside the United States. Can I open an account?

  You must have a permanent U.S. residential address that is verified by the United States Postal Service, a valid U.S. Driver's License or State-issued Photo ID and a valid U.S. Social Security Number (SSN) to apply online for an account.

• If I start an application and need to log out or get timed out, can I go back to it?

  Yes, click here  to pick up where you left off.

• How do I get to the Application Status Center?

  You can access the Application Status Center by clicking here.

• What do I do if I can’t remember my Application Status Center password?

  Select the ‘Reset your Current Password’ link or, if you are not sure that you set one up, click the ‘If you never set up a password, Click Here’ link.

• Can I add a beneficiary when applying?

  Yes, you are permitted to add up to 4 beneficiaries (individuals) per deposit account. To submit a request to add an additional beneficiary(ies) for an existing account, log into Online Banking and send us a secure message.

• Can I add a joint owner when applying?

  Yes, you will see the option to add a joint owner at the bottom of the ‘Personal Information’ page of the application.
  
  To submit a request to add a joint account holder for an existing account, send us a secure message through Online Banking or mail us a letter with the following information about the person you’d like to add:
  
  

  • Full Name
  • Complete Address
  • Date of Birth
  • Social Security Number
  • Primary Phone Number
  • Email Address
  • Valid Driver’s License or State-issued Photo ID Number and expiration date (a copy will also be needed)
  • Mother’s Maiden Name
  • Occupation (If retired please use previous occupation before retiring)

  
  Once we receive the information, we’ll begin processing the request and send a new signature card that both account holders are required to sign and return.
  
  
• How do I return to the application after reviewing the disclosures?

  When you click the link to review each disclosure, it will open in a new tab. Once you have read the information, close the tab and you’ll be back at the ‘Review Disclosures’ page of the application.

• What are my options for funding the account?

  You may make your initial funding deposit via Debit/Credit Card (up to $100), ACH transfer from another financial institution or by mailing in a check. If you are an existing Salem Five customer, you can transfer funds from an existing account.

• Who do I make the check out to for my initial deposit?

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

• How do I enroll for Online Banking?

  Once your application has been approved and the account opened, you can self-enroll for Online Banking here.