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How
do I make deposits?
For initial account funding, you have two options:
1. Wire Transfer:
a. Instructions on how to complete
a wire transfer for initial funding can be found on
the following web page - UmbrellaBank
Wiring Instructions.
b. Advantages:
i. There is no charge for incoming
wire transfers.
ii. The funds get to the bank
more quickly, lock in the current rate, and start
earning interest immediately.
iii. It completes the account
opening process more quickly.
c. Disadvantage: often there is a
cost associated with the wire transfer from the bank
that initiates the transfer.
2. Mail us a Check, Money Order or
Cashier's Check:
a. If you do not wish to have the
funds wired to us, you can mail your initial deposit,
along with your signature card to:
UmbrellaBank.com,
a division of
New South Federal Savings Bank
P.O. Box 101448
Birmingham, AL 35210
b. Advantages:
i. There is no charge for mailed
deposits by UmbrellaBank.
ii. The bank or financial institution
issuing the check, money order, or cashier's check
often charges nothing or less than a wire transfer
to complete the deposit process.
c. Disadvantages:
i. The account opening process
does not continue until the funds are received and
processed. This can result in a delay for you receiving
your CD, checks, ATM/debit card, etc.
ii. If there is a rate change
between the time you complete the application and
the receipt of your funds, you will be given the
current rate at the time the funds are received.
* Please note: You cannot use an online/telephone
transfer, direct deposit, or ACH transaction for
the initial funding of your account.
After the initial deposit is processed, you have more
options available to make deposits into your account:
1. Direct Deposit:
a. The easiest way to make deposits
is to sign up for Direct Deposit services and have
your paycheck or government checks electronically sent
to your account each pay period.
b. Advantages:
i. When funds are directly deposited
into your account, they are available immediately
for your use. By clicking on the direct deposit link
above, completing the information requested, and
providing that page to your employer or government
agency sending you recurring payments, you should
be able to receive the funds electronically with
no delays.
ii. If you have direct deposit
into an UmbrellaBank checking account, you are
eligible for 5,000 Bonus Points if you open an
umbrellaAIR Platinum Visa®. To request a paper
application and postage-paid return envelope, please
e-mail us at custservice@umbrellabank.com.
c. Disadvantages:
i. None that UmbrellaBank is aware
of at this time.
2. Deposits at ATMs:
a. UmbrellaBank is a member of the
Star/Cash Station/MAC Network, which allows our customers
to make deposits at any deposit-taking ATM displaying
one of these logos. See http://www.star-systems.com/ to
locate an ATM near you.
b. Advantage: UmbrellaBank will
not charge a fee specific to the deposit. The ATM
usage and surcharge costs will be based on other
products rules and fee schedules that can be found
on our Truth-in-Savings
Disclosure.
c. Disadvantage: The ultimate decision
on whether or not the deposit will be accepted is
up to terminal owner, which is often the financial
institution that owns the ATM. If the terminal owner
has agreed to accept deposits on behalf of other
financial institutions, and UmbrellaBank is a member
of the respective ATM's network, then the deposit
can be processed.
3. Wire Transfer:
a. Instructions on how to complete
a wire transfer for initial funding can be found on
the following web page - UmbrellaBank
Wiring Instructions.
b. Advantages:
i. There is no charge for incoming
wire transfers.
ii. The funds get to the bank
more quickly and start earning interest immediately.
c. Disadvantage: often there is a
cost associated with the wire transfer from the bank
that initiates the transfer.
4. Online/Telephone Transfer:
a. If you have more than one checking,
savings, or money market account with UmbrellaBank,
you are welcome to transfer funds between the accounts.
b. Advantages:
i. There is no charge for this
type of transaction. The only possibility of a charge
being posted is if you exceed the maximum number
of transactions per cycle (month) on a money market
or savings account.
ii. The funds are available in
the receiving account the same or next business
day, depending on the time of the transfer.
c. Disadvantages:
i. None that UmbrellaBank is aware
of at this time.
5. ACH Transfer from Another Bank/Financial
Institution:
a. If the bank
holding the funds you wish to transfer to UmbrellaBank
has outbound ACH ("send") capability, you
are welcome to have the money sent to your UmbrellaBank
deposit account via ACH.
b. Advantages:
i. The money gets to UmbrellaBank
and is available for your use more quickly.
ii. UmbrellaBank does not charge
for incoming ACH.
c. Disadvantage: The bank/financial
institution holding the funds may charge for the outbound
ACH transaction.
6. Mailed checks, money orders, or
cashier's checks:
If you receive other checks, such as from a friend or
relative, or want to write checks to deposit funds from
another non-UmbrellaBank account, you can mail them along
with a completed deposit slip to UmbrellaBank in self-addressed
envelopes that were provided to you in your Welcome Packet.
Should you misplace the envelopes, you can send your
deposits to:
UmbrellaBank, a division of
New South Federal Savings Bank
P.O. Box 101448
Birmingham, AL 35210
If you need additional self-addressed deposit envelopes
or deposit slips, just e-mail us at custservice@umbrellabank.com and
we'll send you an additional supply right away. Please
do not send cash. Mail-in deposits should be in the form
of a personal check, bank check or money order and always
include a completed deposit slip.
a. Advantages:
i. There is no charge for mailed
deposits by UmbrellaBank
ii. The bank or financial institution
issuing the check, money order, or cashier's check
often charges nothing or less than a wire transfer
or outbound ACH transfer to complete the deposit
process.
b. Disadvantages:
i. There will be a delay between
when you send the funds and when they start earning
interest at UmbrellaBank. Although we do our best
to process the funds and make them available in your
account the same business day they are received,
we cannot account for the amount of time it takes
for the deposit to get from your location to our
P.O. Box.
ii. The funds will not be available
for your use as quickly as an outbound ACH transaction
or wire transfer.
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If
I mail a check for deposit, how can I get cash while
I'm waiting for the check to arrive?
If you have a
constant lag between the time you mail a deposit and
the need to access those funds sooner, you should apply
for UmbrellaBank's Overdraft
Protection. Overdraft Protection provides
for an unsecured revolving line of credit to protect
your UmbrellaBank Checking Account.
It provides the money you need, when you need it. Once
another deposit is posted to your account, simply pay
off the outstanding balance by faxing written instructions
to 1.888.211.5304 or e-mail us using our Online Message
Center when you login to the Online Banking System. Keep
in mind that Direct
Deposit is the quickest and most convenient
way to have funds available immediately.
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How
do I get cash?
When you open
either a Checking, Savings or Money Market account,
you will also receive a FREE UmbrellaBank ATM
Card or VISA
Debit Card. You can use either your ATM Card
or VISA Debit Card at ATMs located around the world to
access cash 24 hours a day, 7 days a week. You can also
use your VISA Debit Card at most grocery stores, gas
stations, hotels, and other merchants, and request "cash
back" on your purchase, at no extra charge. You
can use your VISA Debit Card anywhere VISA is accepted.
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What
if I need more cash than my ATM withdrawal limit allows?
The ATM withdrawal
limit is $500 per day. If you need additional
cash on a regular basis, upon written request, UmbrellaBank
will evaluate your banking needs and adjust your ATM
limits accordingly.
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Do
you charge for ATM (Automated Teller Machine) services?
UmbrellaBank's Checking products
are service charge free, which
means we will not charge you for using an ATM. Plus,
depending on the type of Checking product
you choose, you will also be reimbursed for ATM surcharges. Click
here to find the Checking product
that best fits your needs.
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Can
I still write checks?
Absolutely.
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Will
my UmbrellaBank checks
be considered out-of-state checks?
Whether or not
your checks are considered local or non-local depends
on where you live. There
are twelve regions defined within the United States and
UmbrellaBank is in region seven. Region seven
encompasses Wisconsin, Michigan, and parts of Illinois,
Indiana and Iowa. Most places that allow you
to write a check have procedures in place for protection,
so it is seldom that they deny a person based on where
the check is drawn. You can also use your UmbrellaBank Debit
Card or Credit
Card in place of checks anywhere in the world
that VISA is accepted.
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What is the
difference between an ATM Card and a Debit Card
An ATM
Card may be used to withdraw cash at
any CIRRUS ATM located throughout the world.
Your Debit
Card may also be used to deduct funds
from your account at any CIRRUS ATM located throughout
the world. In addition, a Debit Card can
be used in place of cash anywhere in the world that
VISA is accepted. Merchants will process
your Debit Card as a credit card, but will deduct
the payments directly from your checking account.
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When
will my funds be available?
Electronic deposits,
such as direct deposit of payroll or social security,
will be available the day we receive the deposit.
For determining
the availability of your deposits, every day is a business
day, except Saturdays, Sundays and federal holidays.
If you make a deposit before 6:00 P.M. CT on a business
day, we will consider that day to be the day of your
deposit. If you
make a deposit after 6:00 P.M. CT or on a non-business
day, we will consider that the deposit was made on the
next business day.
Please remember
that even after we have made funds available to you,
and you have withdrawn the funds, you are still responsible
for checks you deposit that are returned to us unpaid
and for any other problems involving your deposit.
In some cases,
we will not make all of the funds you deposit by check
available to you on the first business day after the
day of your deposit. Depending on the type of check
that you deposit, funds may not be available until
the fifth business day after the day of your deposit. However, the first
$100 of your deposits will be available the first business
day after we receive your deposit. For a detailed
explanation of funds availability, see our Funds
Availability disclosure.
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When
I deposit a check, when are the funds available to
me?
For new accounts,
you may access up to $100 of your funds the business
day following your deposit. The remainder of your balance will
be available after the tenth business day. This
policy is only in effect for the first 30 days and does
not apply to items that are directly deposited.
For existing accounts,
availability of funds is determined by a number of
factors including the amount of the check, the type
of check and the location of the bank on which the
check is drawn. For
a detailed explanation of funds availability, see our Funds
Availability disclosure.
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How
often do I receive statements?
At UmbrellaBank you're
only a click away from reviewing up to 60 days of your
most recent banking activity. Checking, Savings and Money
Market account statements are available
online 24 hours a day, 7 days a week. If you
would like to receive hard copy statements as well, contact
us at custservice@umbrellabank.com or
login to you Online Banking account and send us an e-mail
at the Online Message Center.
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How
do I report a card(s) or check(s) lost or stolen?
In the unfortunate event that your card(s)
or check(s) is stolen, contact our customer service center immediately at
1.866.862.7355 (toll-free).
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What
accounts are eligible for me to transfer funds between?
You may transfer funds Online.
Transfers can be made between Checking, Savings, Money
Market, Credit
Card accounts, or any combination thereof.
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Are
there limits on the number of transfers I can make?
You have no limits
on the number of transfers to and from your checking
account in a given month. For savings and money market accounts,
by Federal Regulation, you are limited to six withdrawals
or transfers per monthly statement cycle, with no more
than three checks to a third party per statement cycle. If
you still have additional questions, please link to our Truth-in-Savings
Disclosure, or e-mail our customer service center
at custservice@umbrellabank.com.
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When
will my transfer take place?
Account transfers
take place as soon as you perform the transaction online
or via the telephone. The
transfer will occur real-time and appear immediately
in your available balance and current balance if the
transfer is effective for the current day. Should
you post the transfer after 8:00 p.m. Central Time, your
available balance and current balance will not be updated
until the following day's nightly processing is complete.
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What
is the difference between the "current balance" and
the "available balance" for my checking account?
The current balance
is the total amount of funds in your account that have
gone through nightly processing. The available
balance takes into consideration any check holds and
transactions that have been done that day, before our
nightly processing.
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Is
there any limit on the dollar amount of a stop payment?
There is no minimum on maximum dollar
amount limit. You need to decide is placing a stop payment
on a check is worth the fee charged for that service.
Please refer to our account
disclosures.
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Is
there a maximum future date for transfers?
There is no maximum future date.
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What
time of the day are scheduled transfers processed?
Scheduled transfers are processed at
8:00 p.m. Central Time, Monday through Friday. Transfers
entered after 8:00 p.m. Central Time are processed the
next business day.
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Are
there pre-determined maintenance times for Online Banking
in which the product may not be available?
Yes. The scheduled maintenance time
for Online Banking is on Sundays from 2:00 a.m. until
4:00 a.m. Central Time. The scheduled maintenance time
for Bill Payment services is on Thursdays from 1:00 a.m.
to 2:00 a.m. Central Time.
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