Frequently asked questions about our
personal banking services
Here are some of the questions we often hear from our customers and we have listed them on this page for your convenience. If you do not see what you are looking for, please give us a call at 781.749.2200 or email us at info@hinghamsavings.com. Our customer service representatives will be happy to assist you.
General Information and Debit/ATM Cards
Deposits
Funds Availability
General Information and ATM/Debit Cards
How
do I contact Customer Service?
Please call 781.749.2200 Monday through Thursday 8:30 - 4:00, Friday 8:30
- 6:00 or Saturday 8:30 - 1:00. You may also contact us online
by email. Our customer service representatives will be happy to answer
any questions you may have regarding Hingham Institution for Savings.
back to FAQs
How Safe is my money and
is HIFS FDIC insured?
Hingham Institution for Savings is a member
of Federal Deposit Insurance Corporation (FDIC) and the Deposit Insurance
Fund (DIF). At least the first $100,000 of your money (IRA accounts to $250,000) is insured by the FDIC, for each depositor. All
deposits above this amount are insured by the DIF.
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Where can I use
my ATM/Debit Card?
You can use it to get cash at over half a million ATMs worldwide and to
make purchases at merchants displaying the Cirrus®, Maestro®,
NYCE®, and STAR® symbols. Select merchants in these networks will
allow cash back from your account when you make a purchase. In addition
to the locations listed above, the Hingham Institution for Savings Debit
Card with the MasterCard® logo is accepted at over 21 million MasterCard
locations worldwide.back to FAQs
What if I've lost
my ATM or debit card and need a replacement?
Call the Hingham Savings Main Office at 781.749.2200.
back to FAQs
Is there a fee for
using non-HIFS ATMs?
Yes. This is considered a "foreign transaction" because it did
not occur at an HIFS ATM. Our current fee for each foreign transaction
is $1.00. back to FAQs
What is a debit card?
A debit card is a way to 'pay now' using cash you already have in your
checking account. In contrast, with credit card you 'pay later' with a
line of credit that you borrow from. Because debit card transactions are
deducted from checking right away, there's no monthly bill and no interest
on purchases (unless the withdrawal activates your HIFS overdraft line).
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What is the SUM
Network?
When you use an ATM at a location where you don't have an account, that
institution may charge you an access fee or surcharge. SUM is a program
whose members do not pay an ATM surcharge. Hingham Institution for Savings
is a member of the SUM Program, so all you have to do is look for ATMs
that have the SUM logo, and you won't pay a surcharge. There are more
than 2,800 SUM ATMs throught the Northeast. back
to FAQs
Are there any fees
for using a debit card?
It's not a credit card, so you don't have to pay a monthly bill or finance
charges. The money you spend is deducted from your checking account at
the time of purchase. No fees are charged for debit card transactions.
back to FAQs
How do I make
debit card purchases?
There are different ways to authorize transactions when making a purchase
- that is, you may press credit or debit, and in some cases your signature
is required. back to FAQs
What is the difference
between a Merchant Transaction and a Point of Sale (POS) Transaction?
With a merchant transaction you must "sign your name"
as a credit transaction. A Point of Sale Transaction is a PIN-generated
transaction you must complete by entering your PIN (personal ID code).
In either case, your purchase is deducted from your account.
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When is a debit
card purchase deducted from checking?
That depends on whether you used your HIFS PIN to authorize the transaction.
Here's how it works: · With PIN-based debit transactions, the amount
is deducted immediately from your checking account and the purchase details
usually appear in your account the next business day. With signature-based,
Internet, and phone transactions, the funds are held immediately (so they're
not available for withdrawal) and the transaction details appear online
in your account within one to three business days. Internet and phone
transactions may not appear in your account until after the merchandise
ships. back to FAQs
How do I track
debit card purchases?
Each purchase is detailed with your online checking account info on PCBANK24.
It also appears on your monthly bank statement (both the print and online
versions). Signature-based transactions are identified as "Debit
Card Purchases" and show the amount spent, the date, and the merchant
where you used your HIFS debit card. PIN-based purchases are identfied
as "Point-of-Sale transactions" on your statement. You will
get a receipt for each transaction which you will have to remember to
deduct from your checkbook balances. back
to FAQs
What's the daily
spending limit for my debit card?
The amount you can spend daily is based primarily on: · How you
authorize the transaction - that is, with your signature or by entering
your PIN · The type of account you have · Your available
checking balance (which includes any funds you may have available through
your HIFS overdraft line). Debit card limits are: $500 in 24 hours at ATM and $2000 in 24 hours at a Point of Sale (POS), but may be less if systems are offline. back to
FAQs
What happens
if I have a dispute about a transaction?
If you believe there was an unauthorized debit transaction against your
account, you must notify us immediately. Call us at 781.749.2200 and a
customer service representative will help you process your claim.
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What is a primary
checking account?
It's the checking account from which funds are deducted when you use your
debit card or withdraw cash from an ATM. If you have more than one checking
account and aren't sure which is the primary one, when you conduct a transaction
with your HIFS Debit Card at an HIFS ATM, the primary checking account
is the one listed first. You can also find out by calling 781.749.2200.
back to FAQs
What is a signature-based
debit transaction?
It's one that you authorize by signing a receipt -- on paper or electronically
- as opposed to entering your HIFS PIN. back
to FAQs
Deposits
What is Direct
Deposit?
Direct Deposit is a service that deposits any regularly scheduled payment,
such as your paycheck, into your HIFS checking, savings or insured money
market account. Because your employer transfers your paycheck directly
to your HIFS account, you don't have to worry about lost or stolen checks.
Better yet, as soon as your paycheck is deposited, it's available to you
as cash. back to FAQs
What types of
funds can be directly deposited into my account?
As a general rule, any ongoing payment is a good candidate for Direct
Deposit. Your paycheck is a good example, but you'll have to check with
your company's Payroll department to find out if they offer Direct Deposit.
Many government checks may also qualify, including: · Social Security
checks · Federal paychecks, dividend or interest payments ·
Civil Service retirement payments · Railroad retirement payments
· Veterans Administration compensation. back
to FAQs
How do I sign
up for Direct Deposit?
Talk with one of our Customer Service Representatives. They can show you
how easy it is to sign up, and can even assist you in transferring your
Direct Deposit from another bank to HIFS. Check with your company's Payroll
department (or other payor) about how to sign up. Typically, companies
provide their own direct deposit form for you to use.
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Do I get a record
of Direct Deposits?
Generally, your employer will provide a paystub that itemizes such things
as your gross and net pay, and your withholdings and deductions. You should
check with your employer about this. back
to FAQs
How does HIFS'
clearing process work to make funds available to my account?
The clearing process begins when a deposited check is credited to your
account. The process is not complete until the bank on which the check
is drawn either honors it or returns the check to HIFS unpaid.
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Funds Availability
How long does it take for
funds to become available for withdrawal?
It depends on the type and amount of deposit. Wire transfers and electronic
payments (such as Social Security checks or payroll deposits) are available
the same day we receive them. · U.S. Treasury Checks, Federal Home
Loan Bank Checks, and U.S. Postal Money Orders are available the next
business day after you deposit them. · Cashier's Checks, Teller's
Checks, Certified Checks, and state and local government checks can be
made available the next day, but they may require special handling. For
more detail call us at 781.749.2200 and our customer service representative
can answer your specific questions. back
to FAQs
Does HIFS consider
Saturday a business day?
No. Saturdays and Sundays, and federal holidays that fall on a weekday
(Monday to Friday), are not business days. If a bank deposit is received
after the close of a business day, or on a weekend or holiday, then the
next business day is considered the official day of receipt.
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What are my
limits on transfers and withdrawals?
Federal Regulation D limits the number of pre-authorized withdrawals you
can make from these accounts: GoldLink Money Market Account, Money Market
Account. The limit is six withdrawals, of which no more than three may
be made by check. Other withdrawals that are included in the limitation
are: transfers and payments made via personal computer, transfers and
payments initiated by phone, payments authorized in advance. NOTE: The
following are NOT included in the limit: withdrawals made at a branch,
withdrawals made at an ATM. back to
FAQs
How much cash per day can
I withdraw from an ATM?
You can withdraw up to $200 per day with your ATM card or $500 per day
with your debit card from any HIFS checking, statement savings or money
market account, up to your account balance. back
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