Salem Five Bank
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FDIC insurance covers depositors' accounts, whether using a physical branch office, salemfive.com or salemfivedirect.com, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit. The standard insurance amount is $250,000 per person, per bank, per ownership category.
Salem Five Direct is an online division of Salem Five, an innovative bank located in Salem, Massachusetts with over 160 years of banking experience. At Salem Five Direct you will find unique products not available through the Salem Five branch network and therefore will change from time to time.
FDIC insurance covers depositors' accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit. The standard insurance amount is $250,000 per person, per bank, per ownership category.To learn more about the Federal Deposit Insurance Corporation or understand if your specific accounts are covered, use the FDIC Electronic Deposit Insurance Estimator tool (EDIE) at www.fdic.gov/edie/
Salem Five is serious about business and understands how community businesses contribute to the health of our communities. We've got a variety of innovative and practical banking solutions for businesses of all sizes. How can we help yours
Visit any Salem Five branch location for an ever-advancing suite of products - in-branch, online, mobile and voice banking. Salem Five's mortgage, insurance, investments and Business Banking experts are here to help you achieve your goals.
If you need access to your account on a day we are closed, Salem Five gives you access to your banking information and features 24 hours a day, 7 days a week through Online Banking and by calling Salem Five Telephone Banking at (800) 255-7787.
Salem Five is proud to be serving generations of New England homeowners. Our expert loan officers and state-of-the-art technology make the process fast and easy, so that you can focus on finding the home that is right for your family. We have financed more homes than any other Massachusetts bank, and we are ready to put our experience to work for you. Are you ready to make your move View our current rates, download our mobile app to use our mortgage calculators or pick a topic from the menu below.
A reverse mortgage, or home equity conversion mortgage (HECM), is a federally regulated loan available to home owners 62 and older in which the bank makes payments to the borrower on your home equity percentage.
Salem Five (also known as Salem Five Cents Savings Bank or Salem Five Bank) is a traditional American mutual savings bank founded in 1855. The bank provides financial services including private banking, checking, deposit, and savings accounts. In addition, Salem Five Bank also offers mortgages, HELOCs, insurance, and commercial lending such as aviation and construction loans. The company headquarters is located at 210 Essex Street in Salem, Massachusetts.
A preliminary investigation determined that the suspect entered the bank, approached two tellers, and demanded cash while claiming to have a firearm. He then fled on foot with an undisclosed amount of cash. No injuries were reported.
Salem Five Direct is a subsidiary of Salem Five Bank, based in Salem, Mass., with branches across the Boston area. It began in New England in 1855 as a small savings bank and has grown to provide lending, retail and internet banking, personal and commercial insurance, and wealth and trust management services. Salem Five is a mutually owned bank, meaning that it is not publicly held and has no stockholders.
Pro: Salem Five rewards consumers who want to keep all of their banking in one place. For consumers who prefer to keep all of their accounts in-house, Salem Five offers a bundled checking and savings account option for additional value.
Salem Five Direct touts several benefits of the eOne Savings account, including free online banking, a free mobile banking app, mobile deposit and text alerts. The bank says an account holder can move money in and out of an eOne Savings account at any time.
Salem Five has apps for Android, iPhone, iPad and Kindle Fire devices. The iOS and Android apps let a Salem Five Bank or Salem Five Direct customer with online banking look at balances, pay bills, make deposits, transfer funds, access debit card controls and find branch and ATM locations. The iOS app earns a rating of 4.7 out of 5 stars in the App Store. The Android app receives a rating of 4.2 out of 5 stars from Google Play users.
Forbes Advisor rates banks based on various factors, including their fees, interest rates and ATM networks, among other characteristics. We assign separate ratings to financial institutions and their individual products, such as checking accounts, savings accounts and certificates of deposit (CDs). We rate banks based on a scale of one to five stars, with one star as the poorest rating and five stars as the best.
In addition to the FDIC protection, the Massachusetts Depositors Insurance Fund (DIF) insures all deposits above that amount. The DIF is a private, industry-sponsored insurance fund that insures every deposit above FDIC limits at Massachusetts-chartered savings banks. Salem Five says no depositor has ever lost a penny in a bank insured by both the FDIC and the DIF.
BROOKFIELD, Wis.--(BUSINESS WIRE)-- Fiserv, Inc. (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that Salem Five, a $4.2 billionMassachusetts-based bank, has selected Fiserv as a new technology partner. The selection was made with a particular emphasis on advancing the banks' digital focus and enhancing business banking capabilities. The bank will further these strategic priorities by implementing the DNA account processing platform from Fiserv along with a range of digital banking, payments, and commercial and cash management solutions. The commercial and cash management solutions selected by the bank are part of the expanded set of commercial banking capabilities offered by Fiserv following the recent acquisition of Online Banking Solutions.
\"Salem Five has a sophisticated approach to technology, looking beyond the bells and whistles to consider how technology can enable the entire customer relationship,\" said Byron Vielehr, group president, Depository Institution Services, Fiserv. \"This is an approach that we at Fiserv share, and we are committed to helping the bank get the most out of their technology, including the commercial and cash management capabilities Fiserv is able to offer as a result of our acquisition of Online Banking Solutions.\"
The bank selected DNA to ensure retail and business customers have the most innovative tools to collaboratively manage their finances. The bank wanted the most modern platform available that could grow with Salem Five for the long term, and they appreciated the robust DNA roadmap.
Salem Five has a long history of supporting the financial needs of businesses throughout the Greater Boston business community, including providing financing for transformative initiatives. Serving this important market of community businesses continues to be a strategic imperative for the bank, aligning with their mission as an independent mutual bank. Salem Five will enhance their commercial and cash management capabilities with a modern cash management platform from Fiserv, allowing them to deliver the user experience and functionality business users expect. Salem Five will also add tools to streamline account analysis and billing and facilitate treasury management tasks such as positive pay and reconciliation to meet the needs of commercial customers.
In addition to supporting the bank's overall goal of digital transformation, the addition of robust online and mobile banking capabilities, including electronic payments and image capture, will help Salem Five meet the expectations of today's more digitally focused customers, including those that are served via its nationwide direct bank business.
CARMEL, Ind., Nov. 1, 2021 /PRNewswire/ -- Baker Hill, the leading financial technology provider in delivering solutions for loan origination, risk management, and analytics, today announces an expanded partnership with Salem Five Bank. The bank has upgraded to Baker Hill NextGen, Baker Hill's unified solution that streamlines loan origination and portfolio monitoring.
Salem Five is a highly regarded community savings bank founded in 1855 providing financial services for people and businesses across eastern Massachusetts that include banking, mortgage lending, loans, insurance, and investments. By upgrading from Baker Hill's legacy product to Baker Hill NextGen, Salem Five Bank will be able to leverage efficiencies and drive incremental proficiencies to the lending process while gaining access to all functions within a singular platform. Salem Five Bank plans to use this opportunity to increase focus on their small business and commercial lending offerings.
Salem Five Bank's decision to transition to the Baker Hill NextGen solution was driven by a desire to improve the lending system for commercial and small business lending, benefiting every person in the loan workflow from customers to the loan processing and servicing teams. Specifically looking to utilize the end-to-end loan origination platform and reporting, as well as the ability to centralize everything in one platform, the bank can greatly improve current proficiencies.
Nell McPherson is the banking editor at Bankrate, where she leads a team of reporters dedicated to helping readers make the best decisions about their savings and checking accounts, CDs and money market accounts.
Salem Five, a bank with $3.3 billion in assets and 29 retail branches in Essex, Middlesex, and Suffolk counties, said that chief executive Joseph M. Gibbons plans to retire in 2015; he will be succeeded by executive vice president and chief financial officer Ping Yin Chai, a 32-year employee of the bank. 59ce067264