Checking & Savings Accounts, Debit Card & Savings Bonds FAQs
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Checking & Savings Accounts, Debit Card FAQs
Q: Why is there a difference between my actual balance and my available balance?
A: Funds deposited at ATM machines and checks deposited inside our branch offices have various holds placed on them. The number of days funds are held depends on the ownership of the ATM, the type of check deposited, and the geographic location of the bank the check is drawn on.
Q: I have a fee for checking-card activity. What does it mean, and why did I get it?
A: The fee for checking-card activity is for the use of your debit card at an ATM.
Q: How does my debit card work?
A: You can use your debit card just like a ATM card at an ATM, which means that you will need to enter a PIN. You can also use your debit card at stores the same way you use a credit card. The difference is that when you use a credit card, you're borrowing money and potentially incurring a finance charge. When you use your North Shore Bank debit card, you're using money already in your checking account. It’s like writing a check, but without the paper. You can even use your card to order items over the phone and the Internet. To keep an accurate record of your account balance, record your debit card transactions in your checkbook immediately. For security purposes, never give your PIN to anyone.
Q: Do I need to use my PIN to make a debit card purchase in a store?
A: Not usually. Some stores may ask you to enter a PIN, but most stores will treat your debit card the same as a credit card, requiring just a signature. At grocery stores, gas stations and other merchants with keypad terminals, just punch the "credit" button-- no PIN should be needed. Treating your transaction as a "credit" will ensure that the merchant's name appears on your Online Banking statement. When you use your debit card at an ATM, you will always need a PIN.
Q: Are there spending limits on my debit card?
A: For your protection, there is a daily spending limit of $2,000 as long as the money is available in your account. ATM machine withdrawals have a daily limit of $500, which is subject to change based on individual ATM machines. If you are trying to make a purchase over the $2,000 daily limit, the merchant must call the number (1-888-437-0103) on the back of your debit card to initiate a manual authorization.
Q: Am I charged for using my debit card?
A: In some cases, there may be a charge. All North Shore Bank ATMs can be used free of charge by our customers. If you use a non-North Shore Bank STAR® ATM terminal, you may be charged for more than 5 ATM transactions per month, depending on your account type. You may also be assessed charges by the owner of the machine that you are using. If you use a non-North Shore Bank terminal outside of the STAR® network, your account will be charged a fee by North Shore Bank, plus any additional machine charges.
Q: When will my checking account be charged for debit card activity?
A: Your checking account will be charged at the time of the transaction. If your card accesses only your savings account, your savings account will be charged.
Q: Can I use my North Shore Bank debit card outside of Wisconsin ?
A: Yes. However, when using your North Shore Bank debit card outside of Wisconsin and outside of the STAR® network using your PIN, your account will be charged a fee plus any additional charges from the owner of the ATM. If you use a STAR® ATM terminal outside of Wisconsin, your account will not be charged a fee by North Shore Bank but it may be assessed charges by the owner of the machine that you are using. When using your North Shore Bank debit card out of the state without your PIN, no charges from North Shore Bank will be applied.
Q: Is there a limit on how often I can use my North Shore Bank debit card?
A: You can use your debit card as often as you like at any merchant location with no North Shore Bank charge, subject to daily limits. For your protection, there is a daily spending limit of $2,000 as long as the money is available in your account. ATM machine withdrawals have a daily limit of $500, which is subject to change based on individual ATM machines. All North Shore Bank checking accounts allow you to make as many free withdrawals from North Shore Bank ATMs as often as you would like.
Q: When I use my North Shore Bank debit card, are funds withdrawn instantly from my checking account?
A: North Shore Bank puts an immediate hold on funds to cover your debit-card transaction, although the transaction may not show up on your account for a few days.
Q: What happens if I overdraw my checking account when I use my debit card?
A: Normally, debit-card purchases will be authorized only if you have sufficient funds in your checking account. However, if an overdraft should occur when the transaction is presented for payment against the account, regular North Shore Bank overdraft fees apply.
Q: How does overdraft protection work?
A: For statement savings and money-market accounts, the two accounts for which overdraft protection is available, you must have funds in your account to cover the entire negative balance, including the service fee. For credit cards, the overdraft is made in increments of $50, including the fee.
Q: What if an automatic withdrawal creates an overdraft on my account?
A: If an automatic withdrawal creates an overdraft and a deposit is made the same day, you will not be charged. If a deposit is not made the same day, the automatic debit may be returned and a normal non-sufficient funds (NSF) charge will be applied.
Q: What's the difference between a CREDIT card and a DEBIT card?
A: A CREDIT card allows you to make monthly payments from a revolving line of credit, with the limit set by the issuer or bank. Generally, if you pay the entire balance at the end of the month, you will not be charged interest.
A DEBIT card is linked to your checking or savings account, so the amount of your purchases is deducted directly from that account. A DEBIT card functions as a paperless checking account. There are no interest charges with debit-card purchases.
Q: Why do people use Debit cards?
A: A debit card offers you the convenience of paperless check writing, deducting the money directly from your checking or savings account. It can also be used as a debit to make purchases worldwide. Other advantages include:
- Confidentiality
- Ease of money management
- Peace of mind
- No finance charges
Q: What countries do not accept debit cards?
A: View list of countries that currently do not accept Debit Cards.
Q: What should I do if my Debit card becomes lost or stolen
A: As soon as you realize your card has become lost or stolen, call 1-888-437-0103. This number can be reached 24/7.
Q: How can I estimate the adequacy of the FDIC (Federal Deposit Insurance Corporation) insurance on my deposit (i.e., savings, checking and CERTIFICATE of DEPOSITS (CD’s) accounts?
A: You can determine this easily by using the FDIC's Electronic Deposit Insurance Estimator (EDIE).at the FDIC's EDIE Web site.
Savings Bond FAQs
Q: How long will it take to get my savings bonds?
A: You should receive your savings bonds within 15 business days from the date of purchase.
Q: I'm giving a savings bond as a gift, and I don't know the recipient's social security number. What should I do?
A: You do not need to know the recipient’s (“co-owner’s”) social security number in order to purchase a savings bond in their name. As the one buying the savings bond, you can just use your own social security number. When buying saving bonds, social security numbers are used only for record retrieval purposes and do not infer tax liability.
Q: I just received my savings bond, and the name and/or social security number is wrong. What should I do? What about other minor typographical errors?
A: If you receive a bond with an error in the owner's, co-owner's or beneficiary's name, in the social security number or in the issue date, simply bring it to any North Shore Bank location. We will send it to the Federal Reserve Bank for correction. Bonds with other minor typographical errors need not be corrected unless you request it.
Q: How much does a U.S. savings bond cost?
A: If you are purchasing a series EE bond, the price is half the face amount of the bond (a $50 bond costs $25). However, series I bonds are sold at face value (a $100 bond costs $100). Check out other pricing information.
Q: What is the difference between a beneficiary and a co-owner of a U.S. savings bond?
A: A beneficiary has the right to cash the bond only if the owner is deceased. A co-owner has the same rights as the first-named owner to cash a bond.
Q: How long do U.S. savings bonds earn interest, and how is it calculated?
A: Series EE bonds earn interest for 30 years. Series EE bonds purchased on or after May 1, 1997, earn interest based on market yields for 5-year Treasury securities right from the start. The rate for EE bonds will be 90% of the average yields on 5-year Treasury securities for the preceding six months.
Because interest rates vary, no one can predict when bonds will reach face value. They continue to earn interest and may be worth more than face value when cashed in.
Q: Is there a limit on how many U.S. savings bonds I can purchase in a calendar year?
A: Yes. In a single calendar year, a maximum of $30,000 face amount of Series EE savings bonds may be purchased in the name of any one person. Applications submitted with two individuals named as co-owners are allowed up to $60,000 face amount.
Q: Can a personal representative, power of attorney or guardian cash in a savings bond "over the counter"?
A: Yes. A personal representative can cash in a savings bond by providing us with a copy of his or her personal representative papers and a death certificate.
A power of attorney or a guardian cannot cash in a savings bond over the counter. He or she must forward the bonds to a Federal Reserve Bank. View the Federal Reserve's Web site.
Q: Can a minor cash a U.S. savings bond?
A: Yes. As long as the minor understands the transaction and is old enough to sign the request (normally, a minor must be 14), he or she may cash it in. A parent or other person acting on the minor's behalf should not request payment of bonds belonging to a competent minor.
Q: I've either lost my U.S. savings bonds or they were stolen. What should I do?
A: You will need to fill out Form PD 1048 and send it to the Treasury. A duplicate with the same issue date will replace the missing bond(s). To download Form PD 1048 from the U.S. Department of Treasury Web site.
Q: I've gotten married and changed my name. How will I cash in my U.S. savings bonds?
A: Sign the bond with your married name and include the words "changed by marriage from” then sign your birth name. For example: Mrs. Mary D. Jones, changed by marriage from Miss Mary D. Smith.
Q: When is the best time to redeem a U.S. savings bond to maximize my earnings?
A: In general, bonds accrue interest on the anniversary of issue and six months later. There are some exceptions this rule in the case of Series E bonds.
Q: Do I have to claim the interest my U.S. savings bond earned on my taxes?
A: Yes and no. The interest earned by Series E and EE bonds and Savings Notes is subject to federal income tax but not to state or local income taxes. Please consult your tax adviser for more information.
Q: Who can purchase "U.S. Savings Bonds for Education," and how are they registered?
A: The purpose of this program is to benefit taxpayers that pay their own qualified educational expenses or the expenses of a spouse or dependent.
The bond must be registered in the taxpayer's name alone or in the name of the taxpayer and his or her spouse but not the dependent child's name. In addition, the taxpayer must be at least 24 years old before the issue date of the bond.
Q: If I have more questions on U.S. savings bonds, what should I do?
A: If you have further questions regarding savings bonds, please see the U.S. Department of Treasury's Web site.
Still have questions? We can help.
- E-mail us.
- Call us at 877.672.2265.
(8:30 a.m. until 7:00 p.m. CST, Monday through Friday, 9:00 am until 5:00 pm CST, Saturdays, & 10:00 am until 3:00pm CST, Sundays, excluding bank holidays)
- Stop by your neighborhood branch.
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