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I didn't know where to post this stuff. Someone started a thread about this bank months ago with little success. Apparently, there has been some negative feedback about their customer service and their application process. I thought I'd share these posts with you guys/gals. BTW, I found these comments on the Piggy Banker website.
7 Responses to “Salem Five Direct Update”
1. dogli Says:
June 22nd, 2007 at 9:34 am
I just submitted my application to open a new account with Salem Five Direct on June 20, 2007. Then I received an email from the bank to request a copy of my SSN and a copy of my driver license on June 21. I then faxed them the required documents on June 22. Two hours later, I received an email from the bank telling me that my application has been declined. The reason is that they cannot verify my information! These guys are just ridiculous - all the information I have been submitted are true and I have a credit score of more 730(BTW, this bank will do a hard credit inquiry). So, this offer looks a scam!
DO NOT OPEN THE ACCOUNT WITH THEM!
2. P.Banker Says:
June 22nd, 2007 at 10:47 am
Thanks for the information, Dogli. Anyone else have a bad experience with Salem Direct?
3. dogli Says:
June 25th, 2007 at 3:11 pm
Here’s my follow up with the Salem Five Direct:
1. I requested a copy of Equifax credit report which showed Salem Five Direct had pulled a hard inquiry on my credit report.
2. I called the customer service asking why my account application was declined. The first customer services representative told me that was caused by their computer server error.
3. I then called back and talked with a supervisor, and was told that I was declined because the address on my driver license did not match the address with my account application. I told them it was because I moved server al months ago and did’t get time to update my drive license address. Guess what she said? She said that I should get a new driver license first before I applied for their account. I then asked whether I could submitted other documents, such as utility bill, that had been listed in their email, and was told NO - because I had submitted document already and could not submitted other documents!!!
Obviously, they just don’t want to open account for me. I really don’t understand why - I have an excellent credit history and a credit score of more than 770! The only thing I can think is that my initial deposit was just $200, but I usually do not send initial check with a big amount since it can be lost. Also, I have planned to transfer 150K fund to the new account. I think this bank has discrimination on individuals. Does anyone know where to file a complain against it?
Also, I strongly recommend you to think it again before you submit a new applicaiton with this bank since they could put a new hard inquiry on your credit history and then decline you.
4. I.C. Weiner Says:
August 23rd, 2007 at 7:09 am
lol pfft
5. Kevin Says:
September 5th, 2007 at 11:27 am
I had the same experience, but also had recently moved and stuff. Now my address are all updated and I’m going to try applying again, but who knows…
6. Tracy Says:
September 25th, 2007 at 8:40 am
I had no problems signing up with these guys and I am looking forward to the 5.00% rate on my new checking account. Hope they don’t mess with the rate.
As to filing a complaint for not taking your deposit?! I personally think SalemFive is being way too cautious and it is their “loss” to not take your deposit. But they do need to be careful because of identity theft. If they mess up, their regulators will come down on them. The crooks are making it difficult for you, not SalemFive. Given that background, I think a complaint is a little harsh. Just my two cents.
7. Monica Says:
September 28th, 2007 at 10:04 am
same problem. i was denied the high interest e-checking at salem five. they couldn’t verify info, then stated my credit score (680) wasn’t high enough.
7 Responses to “Salem Five Direct Update”
1. dogli Says:
June 22nd, 2007 at 9:34 am
I just submitted my application to open a new account with Salem Five Direct on June 20, 2007. Then I received an email from the bank to request a copy of my SSN and a copy of my driver license on June 21. I then faxed them the required documents on June 22. Two hours later, I received an email from the bank telling me that my application has been declined. The reason is that they cannot verify my information! These guys are just ridiculous - all the information I have been submitted are true and I have a credit score of more 730(BTW, this bank will do a hard credit inquiry). So, this offer looks a scam!
DO NOT OPEN THE ACCOUNT WITH THEM!
2. P.Banker Says:
June 22nd, 2007 at 10:47 am
Thanks for the information, Dogli. Anyone else have a bad experience with Salem Direct?
3. dogli Says:
June 25th, 2007 at 3:11 pm
Here’s my follow up with the Salem Five Direct:
1. I requested a copy of Equifax credit report which showed Salem Five Direct had pulled a hard inquiry on my credit report.
2. I called the customer service asking why my account application was declined. The first customer services representative told me that was caused by their computer server error.
3. I then called back and talked with a supervisor, and was told that I was declined because the address on my driver license did not match the address with my account application. I told them it was because I moved server al months ago and did’t get time to update my drive license address. Guess what she said? She said that I should get a new driver license first before I applied for their account. I then asked whether I could submitted other documents, such as utility bill, that had been listed in their email, and was told NO - because I had submitted document already and could not submitted other documents!!!
Obviously, they just don’t want to open account for me. I really don’t understand why - I have an excellent credit history and a credit score of more than 770! The only thing I can think is that my initial deposit was just $200, but I usually do not send initial check with a big amount since it can be lost. Also, I have planned to transfer 150K fund to the new account. I think this bank has discrimination on individuals. Does anyone know where to file a complain against it?
Also, I strongly recommend you to think it again before you submit a new applicaiton with this bank since they could put a new hard inquiry on your credit history and then decline you.
4. I.C. Weiner Says:
August 23rd, 2007 at 7:09 am
lol pfft
5. Kevin Says:
September 5th, 2007 at 11:27 am
I had the same experience, but also had recently moved and stuff. Now my address are all updated and I’m going to try applying again, but who knows…
6. Tracy Says:
September 25th, 2007 at 8:40 am
I had no problems signing up with these guys and I am looking forward to the 5.00% rate on my new checking account. Hope they don’t mess with the rate.
As to filing a complaint for not taking your deposit?! I personally think SalemFive is being way too cautious and it is their “loss” to not take your deposit. But they do need to be careful because of identity theft. If they mess up, their regulators will come down on them. The crooks are making it difficult for you, not SalemFive. Given that background, I think a complaint is a little harsh. Just my two cents.
7. Monica Says:
September 28th, 2007 at 10:04 am
same problem. i was denied the high interest e-checking at salem five. they couldn’t verify info, then stated my credit score (680) wasn’t high enough.
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