Making Deposits FAQs

• How can I make a deposit into my Salem Five account?

  You have several options:

  • With Salem Five Mobile Deposit you can securely deposit checks on the go using your smartphone.
  • At all Salem Five locations and full-service ATMs.
  • By mail: Enclose your deposit in an envelope and send to:
    Salem Five Bank
    Contact Center
    P.O. Box 840
    Salem, MA  01970-9970
  • By direct deposit. You can arrange direct deposit of payments you receive on a regular basis, such as your payroll.
  • By wire transfer. You may have funds from another financial institution wired to a Salem Five account. Incoming wire transfers are assessed a fee. Salem Five's routing number is: 211370558.
  • By external transfer within Salem Five Online Banking. Or, via external transfer from another financial institution into your Salem Five account using Salem Five's routing number: 211370558.
  • To request a postage-paid envelope for your deposit, Click here.
• How do I arrange Direct Deposit?

  To set up a direct deposit from your employer, you will need:

  • Salem Five's routing number (211370558)
  • Your Salem Five account number
  • Our address:
    Salem Five Bank
    210 Essex Street
    Salem, MA 01970

  You can also find the form to set up Direct Deposit here.

• Where do I mail deposits?

  Mail deposits to:

  Salem Five Bank
  Contact Center
  P.O. Box 840
  Salem, MA 01970-9970

• How will I know that my deposit has been received?

  We will post your deposit on the day that we receive it. Once the deposit has been posted, if you are an Online Banking customer, you will see the funds in your account under available balance. You may check your account status by logging in to Online Banking from our website.

• What is the difference between a bank check and a money order?

  Money orders are only valid up to $1,000 and you will need to fill out the payee information and sign it yourself. A Bank Check also called a "Salem Five Official Check" can be for any amount. The money must be withdrawn from a Salem Five account and made to a specific payee. Both types of checks are available for Salem Five account holders only.

• When will my funds be available?

  Funds from the following deposits will be available on the same business day that we receive your deposit: cash, wire transfers, electronic payments (direct deposit).

  Funds from checks you deposit generally are available to you on the first business day after the day we receive your deposit. For determining the availability of your deposits, every day is a business day, except Saturday, Sundays and federal holidays. ATM deposits made after 3:30 pm ET, (settlement time) or on a non-business day will be considered deposited on the next business day.

  Longer delays may apply. Please refer to our Funds Availability Policy.

• What information do I need to receive a domestic or foreign wire transfer into my Salem Five account?

  You will need to provide the bank sending the wire transfer with the following:

  • Wire to:  Salem Five Bank, 210 Essex St, Salem MA 01970
  • ABA Routing Number:  211370558
  • Name of the customer whose account is being credited
  • Account number

  An incoming wire transfer fee will be assessed to the recipient of the wire, per our Consumer Banking Fee Schedule.

• What information do I need to make a domestic wire transfer from my Salem Five account?

  To initiate a wire transfer to another domestic Financial Institution, you will need the following:

  • Name, address and ABA Routing Number of the receiving bank
  • The name on the account being credited, the address and account number of the beneficiary

  See our Consumer Banking Fee Schedule for domestic wire transfer fee information.

  For additional information, please contact your local Salem Five store or call the Contact Center at (800) 850-5000.

• What information do I need to make a foreign wire transfer from my Salem Five account?

  To initiate a wire transfer to an International Financial Institution, you will need the following:

  • Name, address, country and account number of the recipient
  • The name, address, country and SWIFT Code of the receiving bank

  See our Consumer Banking Fee Schedule for foreign wire transfer fee information.
  For additional information, please contact your local Salem Five store or call the Contact Center at (800) 850-5000.

• What is a SWIFT Code?

  A SWIFT code is a code used to identify the country, bank and branch that an account is registered to. When you send money to a bank account overseas, you’ll need this code to ensure that your money is going to the right place. A SWIFT code is sometimes called a BIC (Bank Identifier Code), but they are exactly the same thing.

  Salem Five’s SWIFT Code is: SAVVUS33