Our Customer Service team can answer all your questions about the eCentive Account! Here are answers to some frequently asked questions to get you started!
Q: DO I HAVE TO LIVE IN THE UNITED STATES TO OPEN AN ECENTIVE ACCOUNT?
|| A: At this time, we can open accounts for U.S. Citizens and Resident Aliens. We are not able to open accounts online for non-U.S. Persons/Non-Resident Aliens; however, we can open an account for a Non-U.S. Person/Non-Resident Alien who is able to physically come into one of our branch locations.
Q: CAN I OPEN AN ECENTIVE ACCOUNT ANYWHERE IN THE UNITED STATES?
|| A: Yes, but the person opening the account must provide regular identification documents.
Q: IS THERE A DIFFERENCE BETWEEN THE END OF THE CALENDAR MONTH AND THE END OF THE BUSINESS MONTH?
|| A: There is a difference between the end of the calendar month and the end of the business month, and that varies by month. The business month ends on the last normal business day of each month. For instance, the last business day of June 2019 was Friday, June 28.
Q: FOR MY ECENTIVE ACCOUNT, DO I NEED TO MAKE ALL MY 10 TRANSACTIONS BEFORE THE LAST BUSINESS DAY OF THE MONTH?
|| A: A: For an eCentive account, 10 transactions a month need to be posted to your account as one of the qualifiers for the higher interest rate. Depending on where you make purchases, the vendor might batch those charges daily, or maybe weekly. The bank does not have control over that. If you wait until the last business day of the month to do one or more of your 10 transactions, they might not get posted to your account by the cutoff date.
Q: WHY DOES IT APPEAR THAT I’M EARNING A DIFFERENT INTEREST RATE THAN YOU ADVERTISED?
|| A: Throughout the month, an eCentive Account will show the higher interest rate. On the last business day of the month, just before the statement is cut, Heritage Bank will recalculate the interest, based on whether the accountholder has met the qualifications. If an eCentive Account is closed mid-month, Heritage Bank will not pay accrued interest.
Q: IS THERE A “GRACE PERIOD” THE FIRST MONTH WHERE I WILL RECEIVE THE HIGHER RATE OF INTEREST WITHOUT MEETING THE ECENTIVE ACCOUNT QUALIFICATIONS?
|| A: No, there is not. Accountholders must meet the qualifications during the first month.
Q: IS THERE A MINIMUM SPENDING AMOUNT REQUIRED FOR THE 10 DEBIT CARD PURCHASES?
|| A: No, but all purchases need to be processed AND posted by the last business day of the month to qualify. Purchases should be made early in the month to avoid not meeting the monthly requirement. ATM transactions do not count towards the eCentive Account requirements.
Q: FOR THE REQUIREMENT OF 10 DEBIT CARD PAYMENTS AND/OR PURCHASES PER MONTH, DO THESE NEED TO BE PIN-BASED TRANSACTIONS OR CAN THEY BE SIGNATURE BASED?
|| A: As long as the 10 debit card payments and/or purchases are not ATM withdrawals, they will count, regardless if they are PIN or signature based.
Q: IS THERE A DAILY LIMIT ON MONEY I CAN TRANSFER INTO THE ECENTIVE ACCOUNT FROM ANOTHER BANK?
|| A: Our transfer service has a $4,000 daily limit. This is explained in the Digital Banking Terms & Conditions disclosure received when you first used the service. If you choose to use transfer services provided by the sending bank or send a wire to us, there is not a limit. You can also mail a check for deposit but regulations require the bank to hold the check until the funds clear. The hold time and hold limits may vary depending on the amount of the check (Reg CC).
Q: HOW ARE THE TRANSFER LIMITS DETERMINED FOR BANK-TO-BANK TRANSFERS USING TRANSFER NOW?
|| A: Heritage Bank is one of the few institutions of our size to be able to offer this service. Because of the fraud we’ve experienced since rolling out bank-to-bank transfers, we’ve had to implement some tighter controls in an effort to manage the risks. Setting a $4,000/$10,000 limit is one of those changes we had to make. When you have been a customer with us for 90 days, you are welcome to apply for a higher limit.
Q: HOW LONG CAN I SEE TRANSACTIONS IN DIGITAL BANKING? HOW ABOUT ESTATEMENTS?
|| A: Within Digital Banking and/or eStatements, you can always view at least 18 months of transactions.
Q: HOW IS INTEREST CALCULATED?
|| A: Interest is calculated by using a daily periodic rate. This method applies a daily periodic rate to the principal in the account each day. When the eCentive qualifications are not met, you will receive the base rate. When qualifications are met, the rate for balances up to $25,000 is given the special higher rate. This rate will apply back to the beginning of the month at that time. More information about specific rates is available on our Interest Rates page.
Q: WILL I RECEIVE INTEREST FOR THE WHOLE MONTH ON A DEPOSIT MADE LATE IN THE MONTH IF I HAVE MET ALL THE MONTHLY REQUIREMENTS?
|| A: No, interest accrues each day on the actual balance in the account at the end of that day.
Q: CAN I HAVE MORE THAN ONE ECENTIVE ACCOUNT?
|| A: Yes, primary accountholders are limited to two eCentive Accounts. All qualifications must be met for each account monthly to earn the higher rate of interest on each account.
Q: WHAT COUNTS TOWARD AN AUTOMATIC WITHDRAWAL OR DEPOSIT FOR THE MONTHLY REQUIREMENT OF AN ECENTIVE ACCOUNT?
|| A: The requirement is an automatic withdrawal or deposit that is initiated by another institution or company. Other examples would be an automatic deposit from an employer or pension plan, or an auto pay for a bill initiated by the payee company. An auto pay needs to be set up using the checking account number (not a debit card) to fulfill this requirement.
Q: WHAT IS THE STATEMENT CYCLE FOR THE ECENTIVE ACCOUNT?
|| A: Our statement cycle is monthly through the last business day of each calendar month.
Q: WHEN I OPEN AN ECENTIVE ACCOUNT, DO YOU RUN A “SOFT” PULL OR A “HARD” PULL FOR VERIFICATION PURPOSES?
|| A: We do neither a soft or a hard pull. Heritage Bank does not run a credit report for eCentive Account openings. We only do verification through public record data sources. Consumers who have placed a freeze at the credit bureaus would not need to lift those to proceed with opening an eCentive Account.
Q: DO YOU PROVIDE COUNTER CHECKS? ALSO, WHAT DOES IT MEAN IN YOUR ECENTIVE ACCOUNT DISCLOSURE THAT HERITAGE BANK RESERVES THE RIGHT TO APPROVE CHECKS?
|| A: No, we do not provide counter checks, but you may order checks directly from our website or you may use another reputable check printing service. Your checks may be declined if, for various reasons, the checks cannot be processed correctly through regular channels (ex: incorrect routing number, acct number, illegible printing). We reserve the right to ask you to discontinue the use of these checks and order corrected checks.
Q: AM I AUTOMATICALLY ENROLLED IN ESTATEMENTS WHEN I OPEN AN ECENTIVE ACCOUNT?
|| A: Yes, with an online application, you will automatically be enrolled in eStatements. If you open your account at one of our branch locations, you will need to complete the eStatement enrollment process.
Q: HOW DO I OPEN AN ECENTIVE ACCOUNT IF I AM ALREADY A CUSTOMER?
|| A: As an existing customer, the best way to open a new eCentive Account is from within your own Digital Banking.
Q: IF I AM RETIRED FROM WORKING, WHAT SHOULD I ENTER WHEN THE ONLINE APPLICATION ASKS FOR MY EMPLOYMENT?
|| A: If you are retired, please enter the occupation that you are retired from such as “Retired Farmer.”
Q: I ACCIDENTALLY CLICKED THAT I WANTED TO ORDER CHECKS. WILL THEY BE SENT AND MY ACCOUNT CHARGED?
|| A: Yes, please contact our customer service team right away to cancel or we will process your request.. Call or Text to 320-235-5720 or call toll free 1-800-344-7048.
Q: HOW LONG WILL THIS HIGH ECENTIVE ACCOUNT INTEREST RATE LAST?
|| A: The eCentive Account is a variable rate account and the interest rate could change at any time. However, this is not a promotional (or teaser) rate. Heritage Bank prides itself in offering our customers a competitive rate.
Q: IS IT SECURE TO EMAIL MY ECENTIVE ACCOUNT DOCUMENTS TO HERITAGE BANK?
|| A: It is never secure to use general email to send documents to someone. To help prevent fraud, Heritage Bank has secure option for sharing private information and switched to e-Sign.
Q: HOW LONG WILL IT TAKE FOR MY ECENTIVE APPLICATION TO BE APPROVED?
|| A: Our goal is to approve applications within two business days, if not sooner!
Q: CAN I ORDER CHECKS FROM A CUSTOMER SERVICE REPRESENTATIVE?
|| A: Yes, or you can order checks from any Heritage Bank customer service representative or from our website as well.
Q: DOES INTEREST START ACCUMULATING THE DAY OF THE APPLICATION?
|| A: No, interest starts accumulating on the date that the money is deposited into the account. For instance, if you fund your eCentive Account with a personal check, the check is generally deposited the same day and interest will start to accrue. If you choose to fund via ACH, there is a delay of a couple days while the verification process happens. As soon as money is credited to the account, interest will start to accrue.
Q: IS THE CUSTOMER NOTIFIED IF A HOLD IS PLACED ON A CUSTOMER’S OPENING DEPOSIT?
|| A: Yes, that is included in the disclosures; however, we also communicate that information via email sent when the account is opened.
Q: HOW SOON ARE DEBIT CARDS BEING ORDERED FOR A NEW ECENTIVE ACCOUNT?
|| A: Debit cards are ordered immediately after the account agreement has been eSigned by all accountholders.
Q: HOW DO I MAKE THE CHECK OUT THAT I’M SENDING IN THE MAIL TO FUND MY ECENTIVE ACCOUNT?
|| A: Make the check payable to yourself and endorse the back with “For Deposit only at Heritage Bank NA.” Remember to include your signature as part of the endorsement as well.
Q: HOW CAN HERITAGE BANK OFFER THIS KIND OF RATE ON A CHECKING ACCOUNT, VS. A SAVINGS ACCOUNT?
|| A: The eCentive Account is a kind of hybrid account, offering a high-interest rate if you do certain things each month… use your debit card a certain number of times; have automated transactions and receive paperless eStatements.
There’s no catch! Heritage Bank is passing the savings back to you as a reward for using your eCentive Account! We save money when you choose debit cards instead of paper checks, opt for digital banking or ATM transactions, and sign up for paperless eStatements to replace mailed paper statements.
The rate is high enough that you might not see the need to keep a separate savings account! That’s a reasonable idea to help simplify your banking and your life.
Q: CAN I USE MOBILE DEPOSIT FOR MY OPENING DEPOSIT?
|| A: Not yet, but we are working to add this to our Digital Banking services! Watch for improvements coming soon!
Q: I WANT TO ADD BENEFICIARIES/OTHER ACCOUNT OWNERS/SIGNERS. WILL I BE ABLE TO DO THAT?
|| A: Yes, you can do this in the Comments section of the application, or after the account is opened you can send us a secure message in Digital Banking with all the information.