Complaints

This profile includes complaints for Salem Five Bank's headquarters and its corporate-owned locations. To view all corporate locations, see Find Local Branches.

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Salem Five Bank has 38 locations, listed below.

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• 

  Salem Five Bank

  210 Essex St Salem, MA 01970-3705

• 

  Salem Five Bank

  85 High St Danvers, MA 01923-3111

• 

  Salem Five Bank

  139 Endicott St Danvers, MA 01923-4803

• 

  Salem Five Bank

  89 Pleasant St Marblehead, MA 01945-3389

• 

  Salem Five Bank

  19 Central St Peabody, MA 01960-4337

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:11/05/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  This should have never happened. I have so questions as to how this was even allowed to happen. With that being said, It has been brought to my attention that Salem Five bank allowed someone to cash a stolen check in my name, into their bank account. I was made aware that the check was cashed at a Salem Five Bank. From my bank, where I gotten the check from. In order to get my funds back I had to put in a claim, because it is clear that I did not authorize, nor endorse the check to anyone for deposit so it would mean that it was stolen. I had no idea this had even happened, until I contacted the bank to inquire about the check. After I filed the claim, my bank has since contacted Salem five bank and today I have received email from my bank that they have still not been able to get a response from Salem Five Bank. It has been over 5 months since I have filed the claim and still no response. This has caused so many issues for me and my family. I just want to resolve this issue and receive my funds that were stolen from me and/or a response to my bank with the next steps. I have never used Salem Five Bank, nor have I even heard of the bank until I was told which bank the check was cashed or deposited in. I am willing to go the legal route if this isnt resolved as soon as possible. I hope to hear back from the company as soon as possible.

  Business Response

  Date: 11/10/2024

  Hi, this is ***** ******** from Salem 5 Bank. I am calling to respond to complaint number ******** again, ******** submitted by ***** *******, 705 does not respond to these cases publicly. We will address the matter internally with the complaints. Thank you very much. Have a Nice day

  Customer Answer

  Date: 11/12/2024

  Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. I have not received any calls or emails regarding the complaint. Please feel free to give me a call to discuss the matter, but as of now I havent received and correspondence from you guys. Please get back to me as soon as possible.

  [You must provide details of why you are not satisfied with this resolution.  If you do not enter a reason for your rejection, your complaint will be closed as Answered.]
  
  Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.
  
  FAQ
  
  Regards,

  ******

   

   

  Business Response

  Date: 11/21/2024

  Hi, this is ***** ******** from Salem 5 Bank. I am calling in response to complaint ******* again, that is 2*******. It appears that the party who complained rejected our response. That we would reach out to him in person. I did leave a voice message for the party. Who complained on november 20th at approximately 9 of the clock in the morning, I left him a voicemail. The number provided in the complaint. He has not yet returned my call, but until he does sale and 5 is considering this matter closed. Thank you, bye bye
  

• Initial Complaint

  Date:10/17/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  Per Salem Five Bank, no where does it start that during the application process that a hard inquiry would be triggered for simply open a checking account. No credit was being applied for hence there should be no reason for a hard inquiry pull to be done, in this case, a hard pull was done through ******* just to open a checking account.

  Business Response

  Date: 10/21/2024

  Hi, this is ***** ******** from Salem 5 Bank. I am calling in regards to complaint number ********. Again, that is ******** sales does not respond to these complaints in public forums such as your website, we will address the issue with the customer ************************. Thank you very much

• Initial Complaint

  Date:04/09/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  My account was compromised by someone who committed fraud on my account. I took all of the necessary steps to contact the merchants as well as the bank to report the issues. Days later I receive a provisional credit to my account, but then a branch due to the fact I am a black male decided to restrict my account because they said they have to confirm the charges. So instead of allowing me to access my funds I am met with an illegal business practice. Please show me where in the policy it says that you may give provisional credit and also restrict my account so that I cannot have the access to those funds. I truly feel its because I am a black male at which they assume I have caused the fraud on my own behalf. Upon receiving a call from the security department I was met with rude and abrupt behavior. The information and conversation was recorded by both the bank and I so I will be seeking to take legal action on grounds of discrimination and false accusations. This bank has done nothing but accused me of something I have not done. A merchant from where the fraud took place is willing to speak about what they found in order to clear my name but each and every person I get has to be rude? Due to the color of my skin I feel this is highly discriminatory. I have friends that bank at the same bank and have never had this issue. When given a provisional credit they arent met with a restrictive account. Please provide the policy that shows you will restrict an account after giving a provisional credit. I will need the names of each and every person on my case as well as the employee at the ******* branch who put my account on hold for no apparent reason. Ive done nothing wrong.

  Business Response

  Date: 04/14/2024

  Hello, this is *************************** calling from Salem. 5 Cent Savings Bank. I am calling in regards to complaint ********. We do not respond in public forums. We will address this matter directly with the consumer. Thank you. Bye bye

  Customer Answer

  Date: 04/20/2024

  Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered. 

  [You must provide details of why you are not satisfied with this resolution.  If you do not enter a reason for your rejection, your complaint will be closed as Answered.]

  I am rejecting the response, due to the fact that I have not received any calls or responses since I filed the complaint, from the Bank outside of this message received. It is not fair to me as the consumer at all that I am still waiting for a response. I cant access ANY of my funds, even the ones not included in the ongoing claim. I cant log into my only banking, I have no idea what is going on at this point. I at least deserve professional and prompt communication from the Bank. Please that is all Im asking. I am highly dissatisfied. 

  
  Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.
  
  FAQ
  
  Regards,

  *******

   

   

  Business Response

  Date: 04/30/2024

  Hi, this is *************************** from Salem 5 Bank. I am calling in regards to a follow up I just received on complaint ********. As noted earlier, the bank will respond to this directly. We do not respond in public forms. Thank you. Have a nice day.

• Initial Complaint

  Date:03/11/2024

  Type:Sales and Advertising Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I'm complaint about predatory overdraft fees that are unreasonable. I ******** my account over a weekend. 5 transactions came out of one app and I was charged a 35 dollar fee for each. I called the bank and tried to fix the situation. I offered to pay 3 of them and I would be all set. I was supposed to receive a phone call the following Monday, but I never got one. When I called back, no one had any idea what I was referring to. I don't think any effort was made to solve the issue. At this point my bank account is -400 dollars and I am not going to give money to the bank if I feel they are stealing it.

  Customer Answer

  Date: 03/22/2024

  I have not heard from the business in response to my complaint.

  Business Response

  Date: 03/31/2024

  Hello, this is ***. 5 Bank calling in response to complaint number 21415252,  we will address this complaint directly with the consumer and the regulators. Thank you.

  Customer Answer

  Date: 04/01/2024

  Better Business Bureau:I have reviewed the response submitted by the business and have determined that the response does not satisfy or resolve my issues and/or concerns in reference to complaint # ********. Please add your rejection comments below; if you do not provide any details, your complaint will be closed as Answered. 

  My complaint wasn't actually addressed in the letter they sent me and some of it was factually inaccurate; and most of it condescending. I spoke to ****** at the bank at the onset of all this. She said she was going to see if she could get the *** fees reversed and she would get back to me the next business day. This never happened. When I called a few days ago, there were no notes on my account. No one tried.  If an effort was made, and there was no resolution, I would understand. 

   

  I used to live in the same building as this bank and had zero issues. When I moved to *******, I have had nothing but problems. 

   

  
  
  Businesses and Customers should be civil, courteous and polite in their responses to complaints. It is important to remain professional and productive when participating in the BBB complaint process.
  
  FAQ
  
  Regards,

  ********

   

   

  Business Response

  Date: 04/08/2024

  This was an additional response to an earlier complaint because customer due to privacy concerns, we cannot respond publicly on the * * * website, the bank has addressed this matter with regulators and considers it closed. Thank you

• Initial Complaint

  Date:02/22/2024

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I filled out all my private information on the application to open a new CD online on February 7, 2024 with this bank. I got my Social Security, my address, my driver license submitted to this banks online form that promised to keep it safe.After not hearing back two days later I have contacted their customer service by phone and they said they would need my driver license another time. I submitted it again as well as my bank ACH information to transfer money to this Bank.A week later I contacted the bank again and was said that the application was still pending. Last week I sent an email request about my applications status to their customer service and received NO reply but the same time my email Account started being filled with TikTok messages in Arabic language.I never had any junk emails until I shared my private info with this shady SalemFive bank.Is looks as if they collect private info from citizens and sell it to a 3rd part without opening advertised CD online.

  Business Response

  Date: 03/28/2024

  Thank you.  We will address. 

   

• Initial Complaint

  Date:02/20/2023

  Type:Service or Repair Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  After the sale of our house we deposited the money into Salem Five for the best rate. When we wanted the money back, transfers to another bank, they refused. Our account was then closed and they told us the check is in the mail. That was over two weeks ago.. for the amount of a house. We asked if they sent it certified mail; at least. They said no. Just regular mail. All of our money is missing and they closed our account never get our money. Its just gone. They keep saying its in the mail. Not sure if thats even legal. Its a large sum. Our house money. And no one can tell us where it is.

  Business Response

  Date: 03/28/2024

  Thank you.  Salem Five will address. 

• Initial Complaint

  Date:08/10/2022

  Type:Product Issues
  Status:

  AnsweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I sent a international wire transfer to ****** in 05/13/22 to Bank Santander in ******. The wire arrived over and they sent back because the beneficiary was wrong. I talked to ******************* manager in Woburn more then 3 times and she said in the end that it ddin't come back to Salem Five. I opened a complaint case with Comission of Banks , FDIC and CFPB. I am just writing here to registered that I tried to solve at Salem Flve Woburn but it didn't work. Can somebody help me .

  Business Response

  Date: 08/29/2022

  Good day. This is ********************* ****** calling from the Salem five bank regarding complaint, I D number ********.

  I just wanted to let you know that this has already been we have we spoke with the complaint regarding this and we answered complaint that he filed with the regulator with the * D I C which was the bank responded to and complaintant received the banks answer so this is all set again. This is in regards to a complaint, I D number ********. Thank you and have a great day