Corporate Online Banking FAQs
Do I need to have a special checking account to use Salem Five Corporate Online Banking?
For Salem Five Corporate Online Banking billing purposes, you can have any type of business checking account.
- Will the earnings credit on the Business Premium checking account reduce the cost of using Salem Five Corporate Online Banking?
How long does it take to receive my Salem Five Corporate Online Banking User ID and Password?
Approximately 1-2 days after completed agreement(s) and enrollment forms have been submitted.
Will I be provided with a user's manual to learn about and use the product?
There is extensive online help to lead you through all the steps needed to perform transactions. You can also call Salem Five's Customer Support at (800) 850-5000 if you still need help.
I need help. Is there someone I can talk to?
Of course, we’re always ready to listen. Just call our product specialists at (800) 850-5000. They are available Monday through Thursday 8:15 am to 5:00 pm and Friday 8:15 am to 4:30 pm.
Do I have to install any software on my PC to use this product?
No, you can access the login screen by going to salemfive.com and clicking on the "Corporate Online Banking" login tab. Additionally, all future enhancements will be done "behind the scenes" and will automatically be available the next time you log in.
What is the required length of my password?
The minimum length is 8 characters with a maximum length of 12. Your password is not case sensitive and can contain letters and/or numbers.
How often do I need to change my password?
The system will force you to change your password every 90 days. Additionally, you may change your password at any time and require user password changes more frequently if you wish.
I have a Mac. Is the direct interface between QuickBooks® and Salem Five Corporate Online Banking compatible with a Mac?
No. Unfortunately, the Salem Five Corporate Online Banking is only Windows® compatible.
Can I link all of my business accounts to Salem Five Corporate Online Banking?
You identify the accounts to be linked when you sign up for the service. You may link checking, money market and savings accounts as well as term loans and lines of credit. Certificates of Deposit can't be linked. After the initial set up, you may add or delete accounts at any time by notifying us in writing.
What types of reports can I view and print?
You can view summary and detailed transaction reports on all of your deposit accounts. You can also print the results of your transaction searches. For loan accounts you can view and print all of your loan information including your payment and advance history for lines of credit.
- Can I add and delete users? Can I assign different users different levels of authority?
What type of bill payments can I make through Salem Five Corporate Online Banking?
Salem Five Corporate Online Banking enables you to make all your payments via ACH (Automated Clearing House) for direct deposit of payroll, vendor payments and consumer credits and debts. Bill payments can also be made to individuals or business entities, but can take up to 10 business days to reach their destination.
What type of tax payments can I make through Salem Five Corporate Online Banking?
Salem Five Corporate Online Banking enables you to make most federal and state tax payments with easy-to-use templates.
What type of loan payments can I make through Salem Five Corporate Online Banking?
Salem Five Corporate Online Banking enables you to make payments to your Salem Five business loan(s).
How long does it take to effect transfers between accounts?
Transfers are immediate. You can view your recent transfer by going to detail account reporting, and viewing the real-time transactions information.
Can I view today's activity through Salem Five Corporate Online Banking?
Yes, you can view real-time information on all your deposit accounts, such as incoming wires, ACH or checks paid.
I would like to name my accounts "Payroll Account" and "Operating Account." Am I able to do this?
Yes, you may add or modify account names.
I have already released an ACH batch. Can it be reversed?
Yes, but you must call (800) 850-5000 before the ACH cut-off time listed on the disclosure page found under the Customer Support menu option and then have Salem Five cancel the batch.
What is Salem Five's SWIFT Code for wire payments?
Salem Five's SWIFT Code is #SAVVUS33.
What are the cut-off times for ACH, Wire, Transfers, Bill Payments or Stop Payments?
View the disclosure page to find out the cut-off times for all of these transactions, under the Customer Support menu option.