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The transition will begin on Friday, October 19, 2018 at 5pm. Sage Bank branches will be open regular hours for the weekend and open as Salem Five Bank branches on Monday, October 22, 2018.
Beginning October 22nd, we are available to answer your questions at any Salem Five location or through our Contact Center at (800) 850-5000; Monday–Friday 8am – 6pm EST, Saturday 9am – 3pm and Sunday 11am – 3pm (Contact Center Only). Additionally, we're available via email at Mail@SalemFive.com or by online chat via SalemFive.com.
No, that will not change. With Salem Five, account balances in excess of the FDIC limit of $250,000 are fully insured by the Depositors Insurance Fund (DIF), replacing, but equal to, Sage Bank's coverage through the Share Insurance Fund (SIF).
There is no expected disruption in ATM service during the transition. You should expect to be able to withdraw funds. However, you will not be able to make deposits during the weekend of the transition, account balances from ATM machines may not be up-to-date until Tuesday, October 23rd, and ATM withdrawal limits may be affected.
Beyond our branch ATM locations, with Salem Five, you can leverage the Allpoint® ATM network for fee-free access to more than 55,000 ATMs nationwide. For more information about where you can find an Allpoint® ATM near you, visit http://www.allpointnetwork.com/locator.aspx.
Yes, there will be changes to your debit rewards benefits. Please refer to the Account Summary delivered within this mailing to review your new Salem Five product information. Then, please click here for additional information about your new debit rewards.
Additionally, eligible customers will receive their rewards payout on Friday, October 19th, 2018, in lieu of receiving it at the end of the month.
Yes, as a Salem Five customer, transactions will post to your account differently than they do now. “Posting” is the process by which banks record transactions received for credit to (eg, deposit) or debit from (eg, withdrawal) your account. When a transaction is “posted,” the monetary value of that transaction is added to or subtracted from the balance of your account. For more details about these changes, please review your Banking Agreement & Disclosures booklet and refer to page 4.
Online Banking/Bill Pay, Personal and Small Business
Sage Bank's online banking, bill payment, mobile banking and telephone banking will have limited functionality (inquiry only mode) beginning at 5pm Friday, October 19th through 9am Monday, October 22nd. You can begin using Salem Five's online banking, bill payment, mobile banking and telephone banking platforms starting at 9am on Monday, October 22nd.
Your username will remain the same. You will be prompted to reset your password when you log in for the first time to Salem Five online banking. For your temporary password, please log in to your Sage Bank online banking portal and review your messages or refer to your full transition kit that was mailed to you in mid-September. Still have questions? Contact the Salem Five Contact Center at (800) 850-5000 or click here.
Yes, external transfers are available to you after you visit SalemFive.com and log in to your online banking for the first time. However, your external accounts within Sage Bank's online banking system will not be converted to your Salem Five Online Banking and will need to be reestablished. Additionally, your external transfer limits will change.
Because Sage Bank online banking will no longer be available, please make note of your current external accounts within your Sage Bank online banking before October 19th, so that you can easily set up them again on or after Monday, October 22nd, within Salem Five online banking. Once you log in to Salem Five online banking, you will find external transfers by choosing the ‘Transfers’ tab, and clicking the ‘External Account Transfer’ link.
Yes, Popmoney, Salem Five's person-to-person payment service, is available to you after you visit SalemFive.com and log in to your online banking for the first time. However, your iPay payees within Sage Bank's online banking system will not be converted to your Salem Five online banking and will need to be setup again.
Because Sage Bank online banking will no longer be available, please make note of your current payees so you can easily set up them again on or after Monday, October 22nd, within Salem Five online banking. Once you log in to Salem Five online banking, you will find Popmoney by choosing the 'Pay People" tab.
Yes, Salem Five online bill pay will be populated with the payees and automatic bill pays you established within Sage online banking with 12 months of bill pay history. Beyond 12 months, we recommend that you download your bill history prior to Thursday, October 18th, 2018 for your records.
We recommend you avoid scheduling payments for October 19th, 20th or 21st, scheduling their arrival before October 17th to avoid a potential delay. Additionally, pending payments from the weekend of the transition may not post until Wednesday, October 24th.
Depending on your statement cycle, you may receive two statements for the month of October.
If you are a Sage Bank loan customer, in addition to your monthly statement, you may receive important supplementary information about your loan account.
Additionally, if you have a combined statement currently with a linked overdraft account, you will now receive a separate loan statement for your overdraft account. And, if you are currently receiving e-statements, we recommend re-enrolling through Salem Five online banking or with your local Salem Five branch.
Yes, Sage Bank customers will receive a new Salem Five Bank Visa® Debit and/or ATM card in mid- October. You can begin using this card on October 22nd, once you activate your card and select a PIN. To reset your PIN, call the card activation system at (800) 992-3808.
Additionally, your previous Sage Bank Mastercard® Debit and/or ATM card will no longer work as of October 22nd. If you do not receive your new card by October 22nd, please reach out to the Salem Five Contact Center at (800) 850-5000.
Please Note: If you haven’t used your Sage Bank Mastercard® Debit and/or ATM card since December 31, 2016, your card will not be reissued to you. Additionally, if you have custom limits on your ATM or debit card, they will not carry over to your new Salem Five Visa® Debit and/or ATM card. Please review your new card limits in your Banking Agreement & Disclosures booklet.
Your Sage Bank Mastercard® will remain your primary debit and/or ATM card until Monday, October 22, 2018, at which time it will be deactivated. However, please note, for the weekend of the transition only, your card limits may change, and you will have limited withdrawal access.
You may start using your Salem Five Visa Debit and/or ATM card on Monday, October 22nd. Please Note: Do NOT destroy your old Sage card until you have activated and used your new Salem Five Visa Debit and/or ATM card.
Upon receiving your new Salem Five Visa Debit and/or ATM card in mid-October, to activate your card, call the number on the attached sticker from a phone number currently on file with Sage Bank. If you are unsure what contact information is on file or need to change your contact information with Sage Bank, please call or visit your nearest Sage Bank branch.
Verifying your information will also ensure you receive timely notifications about your Salem Five Bank Visa Debit and/or ATM card.
A service of the Salem Five Bank Visa® Debit card is phone call alerts in the event of potential fraud. In addition, if you choose to enroll, you can also receive fraud alerts via SMS text messaging. Please click here for more information about how to enroll in SMS text alerts.
Please Note: If you have a cell phone number on file at Sage Bank, you will receive a SMS text message to enroll in fraud alerts after the weekend of the transition.
After the transition, your funds availability will change. Both cash and check deposits made before 3:30pm Monday through Friday will become available on the next business day. Deposits made via ATM after 3:30pm Monday through Friday and any time on Saturday, Sunday or a federal holiday will become available on the second business day from the day of the deposit.
Yes, you will need to update all recurring payments you have established with your Sage Bank Mastercard using your new Salem Five Bank Visa Debit Card. After deactivation on Monday, October 22nd, payments linked to your Sage Bank Mastercard will not process.
When you first call the telephone banking system after the transition, it will prompt you through resetting your PIN for future use. For this initial call, you will need your account number and your temporary PIN. As the system will indicate, your temporary PIN has been preset. For your temporary password, please log in to your Sage Bank online banking portal prior to October 19th, 2018 and review your messages or refer to your full transition kit that was mailed to you in mid-September. Once you input your temporary password, you will be prompted to create a new 4-digit PIN to use for future transactions with telephone banking.Still have questions? Contact the Salem Five Contact Center at (800) 850-5000 or click here.
Pre-authorized payments are allowed for a maximum of four days after the due date. If your pre-authorized payment is scheduled to withdraw more than four days after your due date, it will need to be rescheduled.