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Frequently Asked Questions | |||
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Q. What is ShoreBank Direct? A. ShoreBank Direct is the new online channel for ShoreBank. Through this channel you can open our new High-Yield Savings Account which you manage online. You have access to your ShoreBank Direct account 24 hours a day at www.shorebankdirect.com. Q. Why should I open a ShoreBank Direct High-Yield Savings Account? A. Our High-Yield Savings Account is perfect for individuals age 18 or older who wish to:
Q. How do you keep your rates so high? A. Because you open and manage your High-Yield Savings Account completely online, we can offer this great return—plus the convenience of 24-hour access. If you are not comfortable with the idea of managing your account online, ShoreBank offers a full range of conventional bank accounts available through its branches or by mail. For more information, visit www.sbk.com. Q. Can my organization open a ShoreBank Direct High-Yield Savings Account? A. Only individuals are eligible for the ShoreBank Direct High-Yield Savings Account. However, ShoreBank has a full range of products and services designed to meet the special needs of nonprofit organizations and foundations and businesses. If you would like to learn more about how ShoreBank can help your organization maximize its financial value, please call 773-420-5136 (for nonprofits), or 773-420-5133 (for foundations), or 773-420-4327 (for businesses). Q. How do I reach you if I need more help? A. You can call us at 888-864-HYSA (888-864-4972) or e-mail your question to shorebankdirect@sbk.com. If you choose to e-mail us, please do not include any confidential information. You should NEVER send account numbers or other confidential information using a regular, non-secure e-mail account. Q. When can I expect a response? A. ShoreBank Direct Customer Service is staffed during regular business hours (Monday through Friday, 9-5 Central Time). Regardless of when you submit your question, we will do our best to provide an answer by the next business day. Steps to Open an AccountQ. What happens after I submit my application? A. We will e-mail you to let you know whether you are approved, or if we need more information to process your application. Q. What is a trial deposit? A. If you have chosen the “trial deposits” option, ShoreBank will make two small deposits and one withdrawal from the account you are using to fund your ShoreBank Direct account. The withdrawal amount will be equal to the sum of the two deposit amounts. This helps us to verify that the routing information you have provided is correct, and to confirm your ownership of the funding account. Once your application has been approved and you have provided the account and bank routing numbers for your funding account, trial deposits will be made to that account within three to five days. You can check with your funding bank (online, by phone, or in person) to determine the amounts of these deposits. Once you have done that, simply return to your saved application at www.shorebankdirect.com, select "verify my trial deposits," and enter the appropriate amounts. Q. How do I make my initial deposit to my new account? A. The easiest way to fund your account is to make an electronic bank-to-bank transfer from an outside account (just supply the routing and account numbers in the fields provided). The account you use to fund your ShoreBank Direct account must be an existing account, owned by you, in any bank chartered in the U.S. Q. Can I open a joint account? A. Yes. You will need to supply the co-owner’s name, date of birth, and Social Security number. You will then be given an applicant ID number that the co-owner can use to fill in the rest of his or her information. Managing Your AccountQ. How do I manage my account once it has been opened? A. When your new account is opened, you will be asked to register for online banking by visiting www.shorebankdirect.com and following the directions. Once you are registered for online banking, you will be able to manage your account electronically. For security reasons, you will need to re-verify ownership of your funding account when you register for online banking. You will also be asked to verify ownership of any additional accounts you choose to link to your High-Yield Savings Account. (Verification is usually done by means of small trial deposits made by ShoreBank into the account you specify.) Q. What software do I need to access ShoreBank's Online Banking? A. Online Banking is optimized for use with certified/recommended operating systems and browsers. Recommended operating systems are:
Recommended browsers include:
You may not be able to take full advantage of all the features within Online Banking if you use a system or browser not listed above. For more information or to download software, click here to visit our support page. Q. How can I access or add funds to my High-Yield Savings Account? A. After you've registered for online banking, there are two ways to access or add funds to your High-Yield Savings Account:
Q. After I've registered for online banking, what else can I do to manage my High-Yield Savings Account? A. After you've registered for online banking, you can view account balances, transfer funds between accounts, download your transaction history into money management software, and communicate with customer service. You can access practically any account you have at ShoreBank, including:
Q. What if I already have accounts at ShoreBank? A. Once you have registered for ShoreBank Direct online banking to manage your High-Yield Savings Account, you will also see your other ShoreBank accounts and will be able to manage them online. Q. How is interest on my ShoreBank Direct High-Yield Savings Account calculated? A. Funds from electronic deposits begin to accrue interest on the day they are received. Interest on your ShoreBank Direct High-Yield Savings Account is accrued daily and compounded monthly. It will be added to your balance at the end of each month. If you close your account or transfer out all of the funds before interest is credited, you will lose the accrued interest. Q. How will I receive statements for my ShoreBank Direct High-Yield Savings Account? A. Managing your account online saves money and conserves paper, so ShoreBank offers electronic statements for ShoreBank Direct accounts. You will receive an e-mail when your statement is ready to be viewed. Q. How often will I get a statement? A. Statements for ShoreBank Direct High-Yield Savings Accounts are available every quarter. You will also receive a statement for any month during which there has been activity in your account. When your statement is ready for you to view, you will receive an e-mail notification. Q. Is it possible to get a paper statement? A. Yes. If you wish to receive a hard copy of your statement, contact customer service at 888-864-HYSA (888-864-4972) or shorebankdirect@sbk.com. Please refer to the ShoreBank Direct Fee Schedule for the associated fee for processing a paper statement. Q. What is a "linked" account? A. A linked account is an existing account at any bank chartered in the U.S. that you “link” electronically to your ShoreBank Direct High-Yield Savings Account. Once you have established the link with your ShoreBank Direct account, you can make a deposit by transferring funds from the linked account into your ShoreBank Direct account. To make a withdrawal from your ShoreBank Direct account, simply transfer funds from your ShoreBank Direct account into your linked account. Q. How many accounts can I link to my ShoreBank Direct High-Yield Savings Account? A. You can link up to six accounts to your ShoreBank Direct High-Yield Savings Account. To add or delete a linked account, log onto our online banking site at www.shorebankdirect.com, click the Funds Transfer button, and follow the instructions. Q. How long will it take for money I withdraw to appear in my linked account? A. Funds moved from your ShoreBank Direct High-Yield Savings Account to a linked account will appear in 3-4 business days. Availability of those funds will depend upon the terms and conditions specified by the institution where your linked account resides. Q. How often can I make deposits to my ShoreBank Direct High-Yield Savings Account? A. You may make an unlimited number of electronic deposits to your ShoreBank Direct High-Yield Savings Account by transferring funds from a linked account. Q. How often can I make withdrawals from my ShoreBank Direct High-Yield Savings Account? A. You may make up to six withdrawals a month from your ShoreBank Direct High-Yield Savings Account. If you make more than six withdrawals from your ShoreBank Direct High-Yield Savings Account during a monthly statement period, you will be charged a fee for each excess transaction. (Please refer to the ShoreBank Direct Fee Schedule for the associated fee.) If there are repeated violations of the transaction limits, ShoreBank will close your account and return your funds. Q. Can I set up a direct deposit into my ShoreBank Direct High-Yield Savings Account? A. Yes. To set up a direct deposit to your ShoreBank Direct High-Yield Savings Account, provide your payroll administrator with ShoreBank Direct's routing number, 071004226, and your ShoreBank Direct High-Yield Savings Account number. Q. When are deposits available for withdrawal? A. Your initial deposit will be available for withdrawal within 3-4 business days after you verify ownership of the linked account. Subsequent deposits from your linked account will be available for withdrawal the day we receive your deposit (3-4 business days after the transfer was initiated). Q. Can I access my ShoreBank Direct High-Yield Savings Account by going to a teller at a ShoreBank branch? A. Managing your High-Yield Savings Account online is what allows ShoreBank Direct to offer higher interest rates than those typical for regular Savings Accounts. Q. How do I close my High-Yield Savings Account? A. To close your High-Yield Savings Account, you may transfer all the funds out of the account electronically, then send us a message using the Secure Forms within online banking asking us to close your account. Please note that if you close your account or transfer out all the funds before interest is credited at the end of the month, you will lose the accrued interest. Privacy and SecurityQ. How does ShoreBank keep my account and personal information secure? A. Your privacy and security are very important to ShoreBank. ShoreBank Direct employs online account management software that incorporates the latest security features for your protection. As technology improves, ShoreBank will continue to upgrade its systems. For more information, please review the ShoreBank High-Yield Savings Account Agreement and Disclosures by clicking here. Q. Are the funds in my account insured? A. Your deposits at ShoreBank are FDIC-insured up to the insurance limit. On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009. Individually and jointly owned deposits are separately covered, so if you have a joint account with ShoreBank as well as a single account, your maximum FDIC coverage is $500,000. Q. How can I be sure that an e-mail I receive is really from ShoreBank? A. Unless it is encrypted, e-mail is not secure. Neither ShoreBank nor any other reputable firm will ask you to send sensitive information (such as account identifiers or Social Security numbers) via e-mail. If you receive such an e-mail, do not reply. Q. What if I forget my password? A. Just select "Forget your password?" on the log-in page and follow the directions. You will be able to reset your own password if you can confirm your identity by responding correctly to several verification questions (these are the questions you selected and answered during the online banking registration process). Note: If you have not yet logged in successfully for the first time, the self-reset option will not work. Please call us at 1-800-905-7725 (M-W 8am-5pm, Th-F 8am-6pm, Sat 8am-2pm, Central Time) so that we can reset the password for you.
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