Bringing You the Future of Banking Today
Latest Updates to Your Deposit Account Agreement
We’re pleased to introduce real-time processing for all our consumer and commercial deposit accounts. When this process is implemented, deposit and withdrawal items will process chronologically throughout the day as we receive them, eliminating the gap in time between when transactions are received and then processed. When these transactions come into the bank, they will be posted to your account. This improvement brings changes to the way we deliver deposit account services that are reflected in your Deposit Account Agreement (DAA) section 7(t). No action is required, but we encourage you to review the updated DDA.
COMMERCIAL ACCOUNT AGREEMENT
Faster Transactions with Real-Time Processing
What’s changing?
- We’re transitioning to a real-time processing system that posts transactions to your account faster. Deposit and withdrawal items post throughout the day, instead of the end-of-day batch-based processing approach.
- Transactions will be reflected in the actual order of items as they are presented for processing. We’ll no longer post deposits before withdrawals or electronic transactions before paper.
- Real-time processing presents the possibility that withdrawals (payments) may post to your account prior to an expected credit or deposit that is received later the same day. It's important to maintain careful records and account management practices to avoid the potential for transactions being declined or insufficient funds fees.
What’s not changing?
- If you’re enrolled in Treasury Management Services, such as Zero Balance Accounts, Investment Sweeps, Loan Sweeps, or Controlled Disbursements, your accounts will continue to operate under the terms of the Treasury Management Master Services Agreement.
- When subscribed to same day reporting, Treasury Internet Banking will continue to make transactions available in near real-time throughout the day.
New Deposit Account Agreement
The bank is moving to a real-time processing system for posting transactions to accounts, which allows you to effectively manage your accounts to avoid potential changes in fees. The changes are outlined in your new Deposit Account Agreement.
Important Statement Information
Cutoff Statement
As part of our transition to the new platform, a statement will be delivered by mail or electronically that includes all transactions processed on our legacy system. This will be a partial-month interim statement and no Paper Statement Fees or Monthly Maintenance Fees will be applied to this statement. In addition, you will receive a statement on your normal statement processing date that includes transactions processed on our new Core Platform. Monthly Maintenance Fees will be waived for this statement for Personal and Business accounts. Paper Statement Fees will apply to accounts that have not opted out of paper statements through Digital Banking. There is no charge for eStatements. All other applicable fees listed on the Personal Schedule of Fees and Business Schedule of Fees will continue to apply.
For customers who use Commercial Checking accounts, all standard monthly fees are applicable. If you have any questions regarding commercial checking account fees, please contact your relationship manager.
3. The new ‘Activity Count’ section includes the total number of items posted to the account during the statement period.
Frequently Asked Questions
Why is a system upgrade necessary?
The system conversion is an important technological advancement for the Bank and our clients. The new system paves the way for the products you’ve been asking for and provides enhancements to current services. Although the legacy system served us well in the past, we want to be able to serve you better now and in the future.
Will my account number change?
No, there is no change to your account number or the Bank’s routing number.
Is there a change to how I make payments, transfers, withdrawals, or deposits to my account?
No, there is no change to how you initiate a transaction on your account. You may continue to use your debit card, write checks, and use our online and mobile services as you do today. Direct Deposit and ACH transactions will continue to process as expected.
Will the change to real-time processing impact how the bank calculates interest or dividends on my account?
No. Interest or dividends on your account will be calculated just as it is today. Real-time processing still imposes an end-of-day cutoff on the processing of items on the account. Like today, your accounts Collected Balance at the end-of-day cut-off is used for calculating interest.
What are some best practices for managing my account with the bank moving to a real-time processing system?
We recommend the following best practices:
- Enroll in Treasury Internet Banking to view transactions in real time
- Set up real-time alerts
- Enroll in Treasury Management Services such as Investment and Loan Sweeps to ensure you are effectively managing your cash position
Where can I get more information?
This webpage will be updated periodically as needed with conversion details or you may speak with one of customer care representatives for more information by calling 800-287-0301 Mon - Sat, 7:00 a.m. - 10:00 p.m. CT.