SALEM – Bail for a man accused of robbing the Sovereign Bank in Peabody last month was set at $500, after his plea of not guilty.William J. Heil, IV, 30, of 109 Wethersfield St., Rowley, entered his plea Thursday morning in Salem Superior Court to a charge of stealing by putting in fear, a crime that carries a potential life sentence in state prison.Judge Howard J. Whitehead set his bail at $500 at the joint recommendation of the prosecutor and defense, but left the door open for a bail review at another court hearing.About 2:45 p.m., a robber walked into the Sovereign Bank on Route 114 in Peabody and handed a note to the teller that read “Money Now.”The male teller, in fear of his life, turned over $400 in cash and the holdup man fled the bank on foot.Peabody detectives Doug Marcus and Brian Richard responded to the scene and spotted a man matching the description of the bank thief in a nearby car wash parking lot.When they began to approach, the man, later identified as Heil, turned and bolted westbound on Andover Street. Following a brief foot pursuit, Marcus caught up with him and arrested Heil.Heil was later identified by the teller as the robber.No weapon was displayed during the robbery, according to Assistant District Attorney Jean M. Curran.Heil currently is serving a sentence for violating his terms of probation on an unrelated case.His next scheduled court date is Feb. 19 for a pretrial conference.