Account Opening FAQs

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

  Existing Salem Five customers can simply login to Salem Five Online Banking.

  Easily open accounts online from the personal accounts page. Find the account that you want to open and click on any of the "Open an Account" buttons to get started. When viewing our current rates page, simply click on the account name to get started with your online application.

  You can visit any of our locations during business hours and work with one of our associates to learn more about opening accounts.

  To download Salem Five's Direct Deposit Authorization form, click here. You will need to print, sign and mail it to the following address:

  Salem Five Bank
  ATTENTION: Customer Service
  210 Essex Street
  Salem, MA  01970

• What information do I need to apply online?
  • Social Security Number for all applicants
  • Driver's License Number or State-issued Photo ID for all applicants (you will need to upload a copy)
  • Joint Account Holder Information
  • Routing and account number for other financial institution (if funding electronically)
• 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 letter or fax with the following information about the joint signer. Once we receive the information, we will process the application and send a new signature card for both signers to sign and submit to us.

  • Name
  • Address
  • Date of Birth
  • E-mail address
  • Home phone number
  • Social Security Number
  • Driver's license or State ID number and expiration date
  • Mother's maiden name
• I live outside the United States. Can I open an account?

  You must have a verifiable permanent U.S. residential address and a valid U.S. Social Security Number to apply online for an account.