Helpful Answers to the Most Frequently Asked Questions
Checking Account Answers You May Want to Know
What is an overdraft fee / returned check fee?
A fee is charged to your account for each non-sufficient funds (NSF) transaction, whether paid or returned. The difference between the two fees is that an overdraft fee is charged when a NSF item is paid, and a returned check fee is charged when a NSF item is returned unpaid. Reliance Bank will strive to pay your overdrafts when possible; however, please be aware that Reliance Bank is under no obligation to pay items when your account has non-sufficient funds, even if prior NSF transactions were paid.
What is an overdraft?
An overdraft occurs when money is withdrawn or transactions (checks, debit card purchases, electronic funds transfer, etc.) are paid from the checking account when there are not enough funds.
How do transactions post to my account?
The order in which transactions post to an account is as follows:
- debit card
- automatic withdrawals
- checks in number order
What does ACH auto debit transaction mean?
ACH stands for Automatic Clearing House, which is an electronic network for financial transactions. Anytime you pay a bill with a check, have an automatic payment set up, etc., ACH is the system that handles the movement of the money. In terms of the requirements for Reward Checking, an ACH auto debit transaction is any type of automatic bill payment that would be handled through the ACH system. Phone bills, electric bills, and mortgage payments are some examples of the number of automatic payments that would count.
What kind of transactions count towards the “12 minimum” for Reward Checking?
Any kind of point-of-sale transaction will count towards the requirement. Point-of-sale refers to purchases made with an electronic register and authenticated using either PIN or signature. Any time you swipe your debit card to pay for a good or service and either sign your name or enter your PIN, it will count towards the requirement. Internet-based transactions will also count towards the 12 minimum required transactions once they POST and SETTLE during the qualification cycle. Please note that RETURNS will not count towards the minimum, even if you swipe your debit card in order to have the money put back into your account. Only the sale of goods and services will count. If a customer has 11 debit card transactions and then makes a return, they still only have 11 debit card transactions.
What is the “qualification cycle” for Reward Checking?
The qualification cycle is the time period in which you must meet the requirements for Reward Checking. The exact dates vary from month to month, but always runs from the last business day of the previous month to the last business day of the current month. HOWEVER, please see the qualification cycle posted on the website for the exact dates of each cycle. Those are the official dates during which requirements must be met. View Qualification Cycle information.
Planning on Savings? Helpful Answers for you!
What are excessive transactions regarding my savings account?
Current federal regulations limit the number of transactions that may occur from a savings, money market, or similar non-transactional account. Known as Regulation D, it was implemented to help stabilize the money supply at the national level. Currently preauthorized and third-party transfers are limited to a maximum of 6 per statement cycle. If you feel such limitations will be a burden, please consider opening up a transactional account, such as a checking account.
Mobile Deposit Answers for People On the Go
What type of mobile device will work with Mobile Deposit?
Reliance Bank’s Mobile Deposit is available on iPhone 3GS, 4, 4S, 5 and 6; and Android models. The phone’s camera must have a resolution of 2 megapixels or higher.
How can I view the checks I have deposited and how long are they available to be viewed?
Deposited check images can be accessed through the Deposit History screen in the Mobile Banking app where they are encrypted and stored for 45 days.
What should I do with the check after I submit it for deposit using the Mobile Deposit service?
After you verify through Online or Mobile Banking that your deposit has been posted you should mark the check as Electronically Presented and store in a secure place for 30 days or until you receive your account statement. Then you should destroy the check by shredding.
How should I endorse the check I am depositing?
Please include the endorsement of all payees and include the words “For Reliance Bank Mobile Deposit Only” below your signature.
What should I do if I need additional help with Mobile Deposit?
If you need further assistance you can review the Mobile Deposit tutorial found on our website at www.reliancebank.com, or please call us at 814-949-6255 and a member of our Deposit Operations Team will be happy to help you.
How secure is this service and will the check images be saved on my mobile device?
Mobile Deposit provides the following multi-layered security measures: Multi-factor authentication including, login credentials, device recognition, & geographic location recognition; encryption of locally stored data; and Secure Socket Layer (SSL) connection requirement. No check images are stored on the device.
What is Mobile Deposit?
Mobile Deposit allows you to take a picture of the front and back of your endorsed check with your camera-enabled smartphone. The image is then transmitted and deposited into your account. You will need to deposit each check separately.
Is there a fee for Mobile Deposit?
There is no fee for Mobile Deposit; however, normal messaging and data charges from your mobile carrier may apply.
How quickly will the deposits I make be available?
Deposits made by 4:00 pm EST on any business day will be available the next business day. You will be able to view the deposit through your Online Banking/Mobile Banking history the next business day as well. All deposits are subject to review and/or final approval by the Bank.
Is there a limit to the dollar amount that I can deposit using Mobile Deposit?
You may deposit up to $2,500 per day. Any amount attempted to deposit over this limit daily will be rejected at the time of deposit.
Can I deposit to any account?
Any checking account that is viewable on Mobile Banking is eligible.
How do I enroll for Mobile Deposit?
If you are enrolled in Reliance Bank’s Mobile Banking app, you are enrolled in Mobile Deposit. You will see the Deposit icon on your mobile screen within the Mobile Banking app. If you are not yet enrolled in Mobile Banking, you will need to download the RelianceBank app from the Google Play or iTunes Store. If you are new to Online Banking, your Deposit icon may not appear until the next business day after you enroll in Online Banking and Mobile Banking.