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Q: What is electronic banking?
A:  To most people, electronic banking means 24-hour
access in most locations to cash through an Automated Teller Machine (ATM), or Direct Deposit of paychecks or benefit checks into checking, share draft or savings accounts. Electronic banking, also
known as Electronic Funds Transfer (EFT), uses computer technology instead of checks and other paper transactions. An ATM or debit card with a Personal Identification Number
(PIN) gives you electronic access to your accounts. Q: What do I do if my ATM or debit card is lost or stolen?
A: Call your financial institution right away and follow up with a letter. The longer you wait, the more money you may lose. If you report your ATM or debit card missing before it is used, you will not be held responsible for any unauthorized use. If you report your card missing after it is used, the amount you can be held responsible for depends on how quickly you report the loss.
- Within two business days after you learn of the loss or theft of your card - you can be held responsible for no more than $50 in unauthorized withdrawals.
- After two business days, but within 60 days after the institution sends you a statement showing an unauthorized withdrawal - you could lose up to $500.
- After 60 days - you could lose all the money that was taken from your account after the end of the 60 days and before you report your card missing.
Q: How do I correct EFT errors on my account?
A: Call your institution and follow up with a letter. You have 60 days from the date your statement was mailed to contact your
institution. If you miss the deadline, your institution does not have to investigate.
Once you call the institution, it has:
- Ten business days to investigate the problem
- One business day to correct the error after finding it
- Three business days to tell you the results of the investigation
There is an exception:
If the money in question is returned to your account within 10 business days of when you notified the institution of the error,
the institution can take up to 45 days to investigate. If no error is found, the institution may take back the money in question if it sends you a written explanation.
Q: What is Direct Deposit?
A:
Direct Deposit is the electronic transfer of your salary, government benefit or other payment into your checking, share draft or savings account.
Q: How will I know if a Direct Deposit, such as my Social Security benefit, has been deposited into my account?
A: You can call your institution. Many have automated
telephone lines that let you access account information. You may be able to check your account balance at an ATM. Or you can check your statement when it comes in the mail, Q: What record will I have of my EFT deposits and withdrawals?
A: You will get receipts whenever you use your ATM or debit card. You also will get statements, monthly or quarterly, showing all transactions on your account.
Q: How soon can I use money from a Direct Deposit?
Q: How soon can I use money I deposit into my account?
A: That depends on whether you deposit cash or a check and,
if you deposit a check, the type of check and where it is from. Federal law sets the time limits for "holds" on funds and your access to them. The chart on the following page explains the
different types of deposits and when you have access to those funds.
When will your money be available?
Type of Deposit |
When Available** |
Direct Deposit of federal benefits |
Morning of deposit |
Electronic payments |
Next business day (Mon-Fri) |
First $100 of any non-"next day" check deposited |
Next business day (Mon-Fri) |
Cash (deposited in person)* |
Next business day (Mon-Fri) |
U.S. Treasury checks (deposited in person or at Arms owned by your bank) |
Next business day (Mon-Fri) |
U.S. Postal Service money orders (deposited in person)* |
Next business day (Mon-Fri) |
State or local government checks (deposited in person)* |
Next business day (Mon-Fri) |
Cashiers, certified, or teller's checks (deposited in person)* |
Next business day (Mon-Fri) |
Checks and other money orders drawn on another account at the same bank |
Next business day (Mon-Fri) |
Federal Reserve Bank and Federal Home Loan Bank checks (deposited in person)* |
Next business day (Mon-Fri) |
Checks and non-U.S. Postal Service orders from local banks |
Second business day (after the day of deposit) |
Deposits (of items noted by "*") made at an ATM owned by your bank |
Second business day (after the day of deposit) |
Checks and non-U.S. Postal Service money orders from out-of-town or out-of-state banks |
Fifth business day (after the day of deposit) |
Deposits made at an ATM not owned by your bank |
Fifth business day (after the day of deposit) |
**Maximum Hold allowed by EFA: your funds may be available sooner -- check with your financial institution.
Longer holds may apply if:
- The institution has reason to believe a check you deposit will not be paid
- You deposit checks totaling more than $5,000 on any one day
- You re-deposit a check that has been returned
- You have overdrawn your account repeatedly in the last six months
- There is an emergency such as a failure of communications or computer equipment
- Your account has been open 30 days or less
A:
The money is available too you the morning of the payment date. For example, if your Social Security benefit is due the
third day of each month, your money will be available that morning.
Q: What is an attachment? Can my federal benefits be attached?
A: An attachment allows people you owe to take money from your account by going through the courts. Money in your
account can be attached for any debts you owe to creditors, the federal government or for child support. Supplemental Security Income ESSIG, Social Security, Veterans and
Railroad Retirement benefits are exempt from attachment, with limited exceptions. However, federal salary and Civil Service Retirement payments can be attached.
Account fees are not considered an attachment, but financial institutions can deduct fees, or any other obligations owed to the financial institution, from your account. Q. Where can I get information and assistance?
A:
Agencies responsible for carrying out consumer protection laws that cover financial services also provide information and assistance to consumers. For more information or to file a complaint, contact:
Federal Deposit Insurance Corporation (FDIC)
Division of Compliance and Consumer Affairs
550 Keith Street, New. Washington, DC 20429
1-800-934-3342
<consumer@fdic.com>
(Regulates state chartered banks that are not members of
the Federal Reserve System.)
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