Frequently Asked Banking Questions
Q: Are my deposit accounts FDIC insured?
A: American Bank and Trust Company, N.A., is a member of the FDIC. Effective, July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act ("Reform Act") signed by President Barack Obama made permanent the current standard maximum deposit insurance amount of $250,000. The FDIC coverage limit applies per depositor, per insured depository institution, for each account ownership category:
Single Accounts (owned by one person) $250,000 per owner
Joint Accounts (two or more persons) $250,000 per co-owner
IRAs and certain other retirement accounts $250,000 per owner
Trust Accounts $250,000 per owner per beneficiary subject to specific limitations and requirements
Employee Benefit Plan Accounts $250,000 for the non-contingent, ascertainable interest of each participant
Government Accounts $250,000 per official custodian
Corporation, Partnership and Unincorporated Association Accounts $250,000 per corporation, partnership or unincorporated association
We are also a participant in the FDIC’s Transaction Account Guarantee Program. Our participation in the FDIC’s Temporary Account Guarantee Program means that unlimited deposit insurance coverage is available through December 31, 2010 for any non-interest bearing transaction account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules. On January 1, 2011, the standard FDIC insurance coverage limit will return to $250,000 for all deposit categories. Additional information about FDIC insurance coverage for customers is available by visiting the FDIC official web site www.fdic.gov or by contacting a Branch Manager or Relationship Specialist at our nearest office serving you.
We also offer the CDARS® (Certificate of Deposit Account Registry Service) program which provides FDIC insurance coverage of up to $50 million per depositor. Please contact a Relationship Specialist at our branch office nearest you for complete details.
Q: What are your cut-off times for same day banking transaction credit?
A: We have different daily cut-off times depending upon the type of transaction you choose. Over-the-counter transactions are same business day until 5PM (Central Time). ATM Transactions are same business day until 6PM (Central Time). AmBank By Phone and AmBank Online Internet Banking transactions are same business day until 10PM (Central Time). Bill Payments transacted using AmBank Online Internet Banking are same day until 8PM (Central Time). Business Days are defined as Monday through Friday, excluding Federal Holidays.
Q: How do I set up Direct Deposit of my payroll check?
A: After your checking application has been approved, you will receive our routing and transit number and your account number. If your employer participates in a direct deposit program, simply provide this information to the human resources or payroll department at your company, and your direct deposit will usually begin within thirty days.
Q: How do I set up Direct Deposit of my Social Security check?
A: After your checking application has been approved, you will receive our routing and transit number and your account number. Simply contact us, and have your Social Security Number and account information available to set up your direct deposit right over the phone.
Q: Can I get information about my account by phone?
A: Yes! Account information is available with our Client Services Representatives (1-877-626-2265 or firstname.lastname@example.org) during business hours at any of our offices or go to our AmBank By Phone, Voice Response System, for automated account information.
Q: Is interest paid on my checking account?
A: Yes! If you want a checking account that pays a market rate of interest, check out our Image Plus Checking Account, Ultimate Checking Account, Money Market Account or Ultimate Money Market Account for details.
Q: How are your deposit interest rates determined?
A: Deposit Interest Rates are determined internally by our Asset / Liability Committee. Several factors are considered when determining our deposit pricing, including, but not limited to: the current market demand for the product in question, our current cost of funds (including sources & uses), our analysis of peer bank pricing for similar products, and the current 91-day U.S. Treasury Bill Interest Rate.
Q: Can I open an account if I don't live in the United States? What if I live in the United States but am not a citizen yet?
A: At this time, we only accept applications from persons residing within the United States with valid U.S. tax identification numbers (Social Security Numbers). If you have questions, contact us. We'd like to hear from you.
Q: Can I do all of my banking with you?
A: Yes! Thanks to the convenience of Direct Deposit, ATMs, Telephone Banking, Mobile Banking and Online Banking, everyday banking activities can be performed on your own time. Contact us with questions about your banking needs.
Q: Can I look at all of my transactions at any time?
A:Yes! With Online Banking, you have access to your account information 24 hours a day, 7 days a week!
Q: How frequently is my information updated?
A: Your account information is updated every business day with new transactions that posted to your account the previous day.
Q: Are wire transfers possible to and from my checking account?
A: Yes! Funds can be transferred to and from accounts by wire transfer or via ACH (Automated Clearing House) debits or credits. Contact us for details.
Q: How do I make a deposit to my account from a remote location?
A: You can do most of your banking by using direct deposit, ATMs or ACH (Automated Clearing House) transactions. We also offer a bank-by-mail service, which allows you to mail non-recurring deposits. Contact us for details on a method that's best for you.
Q: When do I have access to use Internet Banking?
A: As soon as you sign-up and receive confirmation from us, you will have access to your account information 24 hours a day, 7 days a week! For more information, go to our online banking page.
Q: How can I protect my non public, personal information from the threat/risk of Identity Theft?
A: Customers are encouraged to visit the Federal Trade Commission’s official web site www.ftc.gov/idtheft for information and tips on combating the growing problem of Identity Theft. While viewing the FTC web page, scroll down the right-hand column under the heading of “Key Publications,” and click on the Take Charge: Fighting Back Against Identity Theft for information on effective ways you can help protect yourself against the crime of Identity Theft, as well as pro-active actions you can take if you believe you may be a victim of Identity Theft.
Q: What special responsibilities do I have if I write a check on my account?
A: When issuing a handwritten check, you agree to legibly write checks with ink (black or blue) on a sufficiently contrasting tamper-resistant safety paper that is readable when automated check processing equipment scans and converts your original paper check document into an electronic image or substitute image document using the prevalent check processing standards of banks in the United States. Checks issued using ink jet printers, laser printers or other printing equipment must be documents that are resistant to unauthorized post-issue alterations using reasonable commercially available document security features. Such checks must also be readable when automated check processing equipment scans and converts your original paper check document into an electronic image or substitute image document using the prevalent check processing standards of banks in the United States. You, as the maker of the check, are responsible for claims, disputes, or losses arising from an unreadable image caused by an original check document not conforming to these requirements.
Q: Are there special rules or transaction fees for Electronic Funds Transfers from my account?
A: When you use an American Bank and Trust Company, N.A., Visa® branded card at a merchant that settles in currency other than US dollars, Visa® will charge an International Service Assessment (ISA) fee to complete the transaction regardless if there was a currency conversion involved to convert your transaction to US dollars.
- If there was no currency conversion involved with your transaction (“single-currency transaction”) the ISA fee is 0.8% of the transaction amount.
- If there was a currency conversion involved with your transaction (“multi-currency transaction”) the ISA fee is 1% of the transaction amount.
An international transaction is defined by Visa® as a transaction where the issuer’s country (i.e., the card-issuing financial institution’s country) is different than the merchant’s country.
Depending upon the merchant you patronize, any transaction could qualify as an international transaction, including Internet based transactions.