Account Opening

• How do I open an account? (Checking, Savings or CDs)

  Existing Customers can simply log in to Salem Five Online Banking to open a new account directly from your dashboard.
  
  Easily open an account online by visiting our personal accounts page to explore your options. Once you find the account that fits your needs, click any “Open an Account” button to begin the application process online. You can also view current rates before applying.
  
  Always feel free to stop by any of our branch locations during business hours. Our team will be happy to assist you in person and answer any questions you may have.

• 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.

• 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.

• When will my account be opened?

  Your account will be opened once we receive your initial deposit and all required account opening documentation.

• How soon after I open an account will I receive my ATM/Debit card and checks?

  You should receive your debit card and checks within seven to ten business days of opening your account.

• Am I able to add a beneficiary to my account?

  Yes, you are permitted to add up to 4 beneficiaries (individuals) per deposit account. To submit a request for the addition of a beneficiary, log into Online Banking and send us a secure message or step into your local Salem Five location.
  
  

• How do I add a signer to my 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.
  
  For your security, please do not send sensitive personal information via unsecured email.
• 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.