Deposit FAQs

How can I make deposits into my Salem Five account?

You have several options:

  1. At all Salem Five stores and full-service ATMs. Find a list of all Salem Five locations and full-service ATMs.
  2. Deposits are accepted at over 200 ATMs through the NYCE Deposit Shared Program. Find a list of all NYCE Deposit Shared ATMs here.
  3. By mail. Postage-paid envelopes are provided for your convenience. To request postage-paid envelopes, please click here.
  4. By direct deposit. You can arrange direct deposit of payments you receive on a regular basis, such as your payroll.
  5. 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.
  6. By external transfer within Salem Five Online Banking. Learn More

How do I arrange Direct Deposit?

To set up a direct deposit from your employer, you will need Salem Five's routing number (211370558), your Salem Five account number, and our address:

Salem Five
210 Essex Street
Salem, MA 01970

You can also find the form to set up Direct Deposit in Salem Five's Switch Kit  

Where do I mail deposits?

Mail deposits to:

Salem Five
210 Essex Street
Salem, MA 01970

Can I get bank-addressed stamped envelopes to mail in deposits?

Yes.

How will I know that my deposit has been received?

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 on to Online Banking from our website.

What is the difference between a bank check and a money order?

Money orders are only valid up to $1,000.00 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 The money must be withdrawn from a Salem Five account and made to a specific payee.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.

What is a Relationship CD?

Salem Five Relationship CDs have higher yields on savings than Regular CDs. To open a Salem Five Relationship CD account, you are required to have a Star or Gold Star Checking account.