Transfer funds between banks
With Online Banking, it's easy to transfer funds between your personal Salem Five checking or savings account and your accounts at other U.S. financial institutions. After a one-time setup process, you can easily transfer between Salem Five and your other accounts within Online Banking.
External Transfers FAQs
What are Salem Five External Transfers?
Salem Five External Transfers allow you to conveniently transfer money online between your personal Salem Five checking or savings account(s) and your personal checking or savings accounts at other financial institutions within the United States.
How do I get started with Salem Five External Transfers?
To get started you will need to Login to Salem Five Online Banking and add the account(s) you have with another financial institution. Not enrolled in Salem Five Online Banking? Enroll here.
To begin using Salem Five External Transfers, select the "Transfer Funds" tab and click on the "Getting started with external transfers" link on the left menu. Initially you will be greeted with some important information about this feature.
Are there any fees associated with Salem Five External Transfers?
There are no fees for incoming or outgoing external transfers initiated from your Online Banking account.
What is the maximum External Transfer amount I can make between accounts?
For security reasons, the Bank has established limits on the amount of funds that can be transferred via External Transfers. External Transfers from your account are limited to $5,000 per transaction; $5,000 in aggregate per day; and $20,000 in aggregate per rolling 30 days. You may make a maximum of 3 external transfers from your account per day and a maximum of 25 external transfers from your account per rolling 30 days.
External Transfers into your Salem Five account are limited to $15,000 per transaction, $25,000 in aggregate per day and $25,000 in aggregate per rolling 30 days. There is no charge for incoming transfers. You may make a maximum of 3 external transfers to your account per day and a maximum of 25 external transfers to your account per rolling 30 days.
We reserve the right to change your External Transfer dollar limit at any time. If we decrease the dollar limit, we will notify you as required by law, but we may not notify you if we are restricting your transfer limits for security purposes or because of excessive overdrafts to your Salem Five account.
Can I setup a recurring External Transfer?
Can I setup a scheduled External Transfer?
When are External Transfers processed?
External Transfers are processed each business may take up to three (3) business days to be received into your account.
What is the cut-off time to cancel External Transfers?
The cut-off time to change or delete an External Transfer is before 7:00 p.m. Eastern Standard Time on the day of your origination.