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Frequently asked questions about our Jumbo Deposit Account

Frequently asked questions about our Jumbo Deposit Account

Here are some helpful answers compiled by our Jumbo Deposit Account specialists. We invite you to consider this great interest-bearing account with flexible options to ensure even your largest deposits can be fully FDIC insured.

Q: DOES THE JUMBO DEPOSIT REQUIRE A MINIMUM BALANCE?
||  A: There is no minimum balance requirement, but larger deposits earn higher interest rates.

Q: IS THE JUMBO DEPOSIT A SAVINGS ACCOUNT?
||  A: The Jumbo Deposit Account is actually a money market account. When you log into online banking to see your account, your Jumbo Deposit Account will show up as a checking account, which is how money market accounts appear in our system.

Q: ARE THERE CHECKS WITH THIS MONEY MARKET ACCOUNT?
||  A: No, we do not offer checks with this account. But, we do have a number of different options for accessing your money, including transfers to your Heritage Bank checking account, where you can write out checks.  Check out Accessing your Jumbo Deposit Account for all your options.

Q: ARE THERE ANY SERVICE CHARGES WITH A JUMBO DEPOSIT ACCOUNT?
||  A: The only regular service charge with a Jumbo Deposit Account is a $15 per month charge if you are not enrolled in eStatements. If you do not have a valid email address on your account, you are not able to receive eStatements, and therefore will be charged $15 per month for mailed paper statements. You can avoid this fee by enrolling in eStatements.

As with any money market, if you do more than six (6) withdrawals per month out of this account, there is a $30 service charge. There might be some other services that could result in a fee, such as closing your account within the first six (6) months, or a dormant account fee. But all of that is outlined in the disclosures that you’ll receive when you open the account.

Q: CAN I HAVE MORE THAN ONE JUMBO DEPOSIT ACCOUNT?
||  A: Certainly! You can open as many Jumbo Deposit Accounts as you want!

Q: WHEN OPENING A JUMBO DEPOSIT ACCOUNT, DO I NEED TO SEND ANYTHING TO HERITAGE BANK?
||  A: Yes, within the online application, you will find a list of required documents. The list will vary depending on whether you are opening a consumer or non-consumer account. When opening a consumer account, you can print and sign all the required documents right from the application process. After you complete the application and we receive those required forms, your account can be opened.  Please note that we will send you some additional documents to sign and return for non-consumer accounts.

Q: HOW DO I PUT MORE MONEY IN OR TAKE MONEY OUT OF MY JUMBO DEPOSIT ACCOUNT?
||  A: Much of the activity can be managed through online/mobile banking. Check out Accessing your Jumbo Deposit Account for all your options.

Q: WHAT ARE THE FUNDING OPTIONS FOR A JUMBO DEPOSIT ACCOUNT?

||  A:  You have several options for funding your Jumbo Deposit Account:

  1. ACH transfer- as part of your application, you can fund your new account for $10,000.  Once your account is funded, just select “Contact Us” within our online banking program and submit your request, including the routing number, account number and the amount you want to transfer in or out to your other financial institution- up to $4 million
  2. Paper check can be mailed to or dropped off at any of our locations.
  3. Wire transfer
  4. Transfer from another Heritage Bank account
  5. Mobile deposit within your online banking/mobile banking

 

Q: HOW SOON DOES MY MONEY START EARNING INTEREST?
||  A: The money deposited into a Jumbo Deposit Account earns interest on the same day we receive it.

Q: WILL THE INTEREST RATE FOR THE JUMBO DEPOSIT ACCOUNT CHANGE? 
||  A: The Jumbo Deposit Account is a money market account and the rate is subject to change at any time.

Q: CAN I LOCK IN THE INTEREST RATE?
||  A: As a money market account, the Jumbo Deposit Account interest rate is a variable interest rate, so you cannot lock the rate. If you’d like to lock in a rate on your money, you may be interested in our Triple Option CD.

Q: HOW DO I GET FDIC COVERAGE ON DEPOSITS LARGER THAN $250,000?
||  A: Not everyone can structure their JDA within the FDIC rules to get full FDIC coverage.  So, we offer a great feature with our Jumbo Deposit Account for customers just like you. We have partnered with Promontory Interfinancial Network LLC to offer a product called Insured Cash Sweep (ICS).  This program allows participating banks across the United States to electronically transfer (sweep) money between member banks to ensure every customer with an ICS account is fully FDIC insured.

When you are completing the Jumbo Deposit Account application, you will be given the opportunity to apply for an ICS account, too. After you complete the application for your ICS account, we’ll get your ICS account established in the Promontory program. When you make deposits into your JDA, we electronically sweep money from your JDA to your ICS account to be deposited with other banks participating in this program. The convenience is that you don’t need to manage multiple accounts or multiple banks to get additional FDIC coverage… you can manage all of your money with Heritage Bank.

Q: CAN I SIGN UP FOR ICS LATER, AFTER I HAVE OPENED THE JUMBO DEPOSIT ACCOUNT?
||  A: Certainly.  We’ll send you a couple documents via secure email that will need to be signed. Once those are returned to us, then your ICS feature will be all set up and ready to go. Please keep in mind, if you are opening a Jumbo Deposit Account without ICS, but additional FDIC insurance may be important to you, you’ll want to make sure you have your JDA ownership structured appropriately. We can help you set that up for future growth.

Q: I HAVE OTHER ACCOUNTS AT HERITAGE BANK. DO YOU KEEP TRACK OF HOW MUCH MONEY I HAVE IN THOSE ACCOUNTS TO MAKE SURE MY MONEY IS FULLY COVERED WITH FDIC INSURANCE?
||  A: As the account holder, you would be responsible for setting up the ownership of your accounts in a way that works for you, including for FDIC coverage.

Q: WHAT DOES ICS STAND FOR?
||  A: ICS stands for Insured Cash Sweep. A cash sweep is when we automatically transfer money from one account to another, according to prearranged instructions vs. you having to monitor the balances in multiple accounts and manually transfer money from one account to another to meet your money needs.

Q: IF MY DEPOSIT IS SWEPT TO OTHER BANKS, DOES MY MONEY EARN THE SAME INTEREST RATE AT THESE OTHER BANKS?
||  A: Yes, you earn the interest rate that Heritage Bank advertises because your relationship is with Heritage Bank.  You get the same rate on your ICS money as you get on your Jumbo Deposit Account.

Q: WHY WOULDN’T I SKIP THE ICS PROCESS AND JUST DEPOSIT MY MONEY AT THE BANKS OF MY CHOICE?
||  A: By securely depositing your money into a Jumbo Deposit Account with the ICS feature, you earn a great interest rate, conveniently view the entire deposit on one monthly statement and can trust that your deposit is fully FDIC insured.

Q: IN ADDITION TO HERITAGE BANK, WILL I KNOW THE BANKS WHERE ICS HAS DEPOSITED MY MONEY?
||  A: When you sign up for the ICS feature, we will provide you online login information for Promontory, so you will be able to see where your deposits are held. We will also send you a monthly statement of your ICS account, which also shows this information.

Q: WITHIN ICS, CAN I INDICATE WHICH BANKS I WANT MY MONEY IN? I HAVE ACCOUNTS AT OTHER BANKS AND NEED TO BE SURE NOT TO SURPASS THE FDIC LIMITS AT THOSE BANKS
||  A: Yes. When you complete the paperwork for the ICS account, you can indicate which banks you do not want to deposit your money in, so as not to surpass FDIC limits at the other banks.

Q: HOW WILL I KNOW HOW MUCH MONEY IS IN MY JUMBO DEPOSIT ACCOUNT AND ICS ACCOUNTS?
||  A: After you open your JDA and ICS accounts, you will need to enroll in online banking. Once enrolled, you will see two checking accounts when you log in, one for JDA and one for ICS. Money Market accounts are displayed as checking accounts in our system.

Q: CAN I TRANSFER MONEY INTO MY ICS ACCOUNT?
||  A: Transfers are processed through your Jumbo Deposit Account and you won’t actually do transfers directly to your ICS account. When you make deposits to your Jumbo Deposit Account, we will automatically sweep money to your ICS account, so you always maintain full FDIC coverage.

Q: HOW DOES THE ICS FEATURE WORK WITH MY JUMBO DEPOSIT ACCOUNT?
||  A: When you sign up for the ICS feature, you will do all of your transactions through your Jumbo Deposit Account. When you have money to put into the ICS account or want to take money out of the ICS account, we will electronically sweep the money back and forth. Your Jumbo Deposit Account is designed with coding to manage the balance and protect the deposit from exceeding FDIC limits.

Q: I HAVE A TRUST. HOW MUCH FDIC COVERAGE DO I GET?
||  A: It depends on whether it is a Revocable trust or Irrevocable Trust.  The best way to determine FDIC coverage is to go to FDIC.gov/edie.

 

 

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