Salem Five Bank Main St, Woburn, Massachusetts

Salem Five Bank Reviews

3.3 stars based on 7 reviews

Featured Comments:

• C

  C C

  5.0

  I recently opened accounts with Salem Five at this particular branch. I dealt with Nadia, she was so pleasant, very helpful and made me feel great about switching over my accounts from one bank to Salem Five. 👍👍

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  Response from the owner

  Hi Charlie, thank you for your wonderful review. We will make sure Nadia receives the feedback and thank you for switching to Salem Five Bank!

• W

  William McGrath

  1.0

  I have to agree with all the bad reviews here. I have had a business checking account here since 2012 Was charged $74.00 monthly maintenance fee. REALLY?? I had gotten charged this fee before but never close to this amount. When I questioned this, apparently I was told I had gone over my "transaction limit" for the month. Okay......A little backstory to understand better. Over the course of time since 2012, I have noticed that Salem five never seems to make consumers aware of policy changes/new fees/fee increases. One example would be charges for using ATMs outside their network. That's right. I have to pay their ATM fee and then Salem five charges me ANOTHER fee on top of that!!! That wasn't the case in 2012! I'll bet $74 that out of network ATM use is counted as a "transaction" toward or past the "transaction limit". And I'll bet another $74 they never informed the customers about it! Lol! Do you see what I mean here? The ol' Bait & Switch-a-roo! Anyway.. When asked if they could waive or reduce the $74 fee Liz said no and instead tried to sell me another product. How can I have ANY confidence in your products or services- If you keep changing the rules and denying that you did so/ denying any rectification in the first place?? When I expressed my displeasure and stated that I simply wanted my money back, Liz started walking away. When I followed her, she THREATENED TO CALL THE COPS. Liz didn't like me "raising my voice in front of customers and employees." To which I responded, "If you ran an ethical business you wouldn't be embarrassed in front of your staff and customers. Apparently Salem Five must be in a rut financially. Now give me back the $74 you stole." Liz didn't like that, which prompted a call to law enforcement and further embarrassment. Salem Five is the 21st century version of the mafia- They steal from you and call their legbreakers for protection.

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  Response from the owner

  Hi William, we are sorry to hear of this experience. We are sharing with the branch manager in an effort to better understand what occurred. Thank you for your feedback.

• A

  Anthony

  1.0

  Don’t waste your time applying for a loan here. Total clown show.

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  Response from the owner

  Hi Anthony, sorry to hear about your experience. If you would be willing to share more details, please call us at 1-800-850-5000.

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