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Salem Five Direct Reviews

I've had an eOne Checking account since July 2007, and an eOne Savings acocunt since January 2012. I can understand the complaints that other people on this site have had with ACH deposits *initiated from SalemFive* (the fee does not apply if the other bank initiated the deposit) and restrictions with very large sums of money (but if you have over $25,000 available to invest, why are you putting it in a standard savings account?). However, I have definitely had polar opposite experiences with their customer service compared to what other reviewers seem to be saying. I've had to call them for at least a dozen various reasons (inform of travel, fix a failed ACH transfer, inquire to a returned bill pay, etc.), and every time, I've gotten a live, native-English speaking, intelligent human within 30 seconds (they have a one-level phone tree). They've answered my question or fixed the problem almost immediately each time. The worst situation I had was where a large transfer from my external mutual fund account failed to show up in my checking account. SalemFive got me and my mutual fund company on a three-way conference call. I'm still not entirely clear what went wrong, but they fixed the problem and the money showed up in my checking account an hour later, while both companies offered to pay the late fee for my then-late tuition bill for me. The products they offer have been perfect for

me. I've never encountered any service charge from them, and they refund all ATM fees, including from international ATMs, for up to $15 in fees per month. I've never lived near any of their physical branches, but I feel completely free to go to any ATM I run into. Their bill pay is quick and free (offering a regular and expedited - 1-2 day delivery - delivery speed). I don't use the debit card much, but that gives small rewards for using it. There are no minimums to maintain, no minimum number of debit card transactions, and no monthly fees. They don't have the best interest rates out there, but they have been consistently in the top 20 or so (as listed on this website) on both the checking and savings accounts. The biggest difficulty I've had with my accounts is related to finding ways to deposit money into the account. They accept NYCE Shared Deposit, but there aren't many of those ATMs around, even in NYC. They do send you free postage-paid deposit envelopes (with a nice and obscure "Service Center" address), but mailing deposits is still a pain.

Overall though - I've had a fantastic experience with this bank, and have recommended them to many of my friends. No fees, great products, and superb customer service seems hard to beat to me. Plus, they're a small bank so they get you away from the BoA and other corporate behemoths.


Category: Savings

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