1 We re here for you We hope you have found this guide helpful. In the future, anytime you have a question about your account, visit a Webster branch or call us. You can rely on Webster for whatever assistance you need, delivered with our We Find a Way spirit days a week, 7 a.m. 10 p.m. WebsterBank.com A guide to Managing your checking account. Helpful information and tips to avoid fees A Guide to Managing Your Checking Account is not a substitute for your Deposit Account Disclosure or Fee Schedule. Information provided in this guide is accurate as of July 15, 2011 and is subject to change at any time without notice. To be certain you have the most up-to-date information, we encourage you to contact us. PERSONAL BANKING Webster Bank, N.A. Member FDIC FN /12 The Webster Symbol, Webster Bank and Webster We Find a Way are registered in the U.S. Patent and Trademark Office.
2 About Webster Bank Table of Contents Webster Bank was founded in Connecticut during the Great Depression, more than 75 years ago, to help people realize their dreams of home ownership. Today, we are still committed to helping our customers realize their dreams and achieve their financial goals. Webster is among the top 50 banks in the United States. Webster provides business and consumer banking, mortgage, insurance, financial planning, trust and investment services. We are dedicated to providing superior service for all your banking needs including convenient branch and ATM locations, online and mobile banking. We are also dedicated to providing banking services that fit your schedule,including online and mobile banking as well as extended hours in our Customer Care Center Taking care of your checking account 4 Knowing how your account works 5 o How your transactions are processed 6-7 o When your deposits become available 8-9 Avoiding overdrafts Using Webster services to simplify banking
3 Making banking easier for you Taking care of your checking account Knowing how your account works At Webster, opening your checking account is just the beginning. We provide ways to make banking convenient and worry-free, too. You can use this guide to help take charge of your account. It explains how to: o Keep track of your checking account balances and transactions. o Manage the timing of your deposits and payments. o Avoid overdraft fees. o Take advantage of services that simplify banking. Using the information and tips in this guide may also help you eliminate the extra expense and inconvenience caused by overdrawing your account. Avoiding unnecessary fees keeps more of the money in your account working for you. Webster is providing this guide as part of our We Find a Way approach to help you get the most out of your banking experience. You can stay in control of your finances and avoid unnecessary fees by following these suggestions: 1. Record your transactions right away. Write all transactions in your check register or its electronic equivalent. Deduct the amounts of checks, ATM withdrawals, Debit Card purchases and automatic bill payments. 2. Review your transaction history. To be sure you have recorded all transactions in your check register, go to WebsterBank.com and view your pending and posted transaction history once a day, a week, monthly whatever works for you. 3. Check your account balance. Be sure that the funds in your account are available before you write a check, make a withdrawal or purchase. If your balance won t cover it, you may choose to delay it or make a deposit. You can verify your balance on WebsterBank.com. 4. Compare your statement to your checkbook. Compare all transactions listed on your statement with those recorded in your check register. Contact us immediately if you notice any discrepancies. 5. Balance your checkbook. Follow the steps shown on the back of printed monthly statements. This section describes how money moves in and out of your account and when deposited funds are made available for you to use. Understanding the impact on your account may help you plan your deposits and withdrawals so you can avoid late payments or overdraft fees. Your account offers FREE online banking. It s easy to monitor balances, track account activity, pay bills and more. For details, go to WebsterBank.com
4 How your transactions are processed Order of Posting Transactions Each Banking Day. Transactions are posted in the following order. Within each category, transactions are posted in dollar amount order, from highest to lowest. This means that there is less risk that an important payment, such as your mortgage payment, will be returned unpaid. It also means that your balance will be depleted by large transactions first. If you have insufficient available funds to cover all the transactions that are processed in any day, overdraft/insufficient funds fees will be incurred, and there may be more fees than if we posted items in a different order. Category Transaction Type Deposits Cash withdrawals and transfer debits Debit Card transactions using your PIN Debit Card transactions not using your PIN, for example, using your signature Checks you write that are converted by the payee to electronic transactions Checks you write that are not converted by the payee to electronic transactions 4 Online bill payments sent electronically Online bill payments sent by check Pre-authorized withdrawals (ACH) such as gym memberships, car payments, etc. 5 Bank fees Paper checks, online bill payments by check, some ACH items, and fees are posted at night. Other transactions may show as pending transactions on WebsterOnline and ATM mini-statements and are reflected in your available balance during the day. Online bill payments paid by check will post on the day the check clears, not on the day you request payment. Within each of these five categories, priority is given to higher dollar amount payments such as your mortgage, insurance or auto loan. When you request your account balance from a Webster associate, view it on WebsterOnline or on ATM mini-statements, we provide two balances: Current balance is the amount of money in your account from the prior day s closing balance adjusted for certain transactions received by Webster throughout the day. These transactions are shown as pending transactions on WebsterOnline. Available balance is the amount of money available for immediate withdrawal. Any funds that are subject to holds are not included in this balance until the hold is removed. Your account balance fluctuates throughout the day based on the transactions you make and when your deposited funds become available. 6 7
5 When your deposits become available Once you make a deposit into your checking account, you ll want to know when your funds will be available for withdrawal. The chart below provides an overview of Webster s policy. For complete details, see Webster s Deposit Account Disclosure for Consumer Accounts. Same Day The Next Business Day 2 After the Day of Deposit The Second Business Day After the Day of Deposit Cash Wire transfers Electronic direct deposits and transfers Checks drawn on-us Checks drawn on banks located in CT, MA, RI and the NY metro area The first $200 of a day s deposits of checks drawn on banks OUTSIDE the CT, MA, RI and the NY metro area Federal Reserve Bank Checks, Federal Home Loan Bank Checks and U.S. Postal Money Orders U.S. Treasury Checks Cashier, certified and teller checks, state and local government checks (from state in which the branch or ATM is located) deposited using a special deposit ticket 1 The remaining funds of checks drawn on banks OUTSIDE the CT, MA, RI and the NY metro area 1 Special Deposit slips for next-day availability are available upon request. 2 Business day: every day except Saturdays, Sundays and federal holidays. Other conditions may apply. Please refer to the section of your Deposit Account Disclosure entitled Your Ability to Withdraw Funds. Additional information about deposits and funds availability: ATMs: When you use a Webster ATM to make a deposit, the first $100 of a business day s deposits will be available to use immediately. Deposits made after an ATM s cut-off time are considered to be made the next business day. Checks: If a deposited check is returned to Webster from the paying bank marked insufficient funds, we will deduct the full amount plus any fees from your account. Holds: Sometimes a hold may be placed on funds you deposit by check, delaying your ability to withdraw for a longer period, under the following circumstances: o We believe a check you deposit will not be paid. o You deposit checks totaling more than $5,000 on any one day. o You redeposit a check that has been returned unpaid. o You have overdrawn your account repeatedly in the last six months. o There is an emergency, such as failure of communications or computer equipment. If you make your deposit in person, we will notify you if we decide at that time to delay your ability to withdraw funds and when the funds will be available. However, if your deposit is not made in person, or if we decide to delay funds availability after you have left the bank office, we will mail you the notice by the business day after we receive your deposit. Your funds will generally be made available no later than five additional business days beyond the normal availability schedule. 8 9
6 Avoiding Overdrafts Webster Debit Card Overdraft Services for Consumer Accounts How overdrafts work: At Webster, we may allow you to overdraw your account at our discretion, based on certain factors- such as the length of time you ve had your account with Webster and the balances you ve maintained. When we allow you to overdraw your account, we may charge an overdraft fee. If you would like us to consider allowing an overdraft for purchases using your Debit Card (ATM card or Visa Check Card), you will need to opt in to Webster s Debit Card Overdraft Services. (See How to opt-in below.) Please keep in mind that this is not a guarantee that all overdrafts will be authorized. Debit Card Overdraft Services. At the time when you make a Debit Card purchase, a request for authorization is usually sent to us. When this occurs we will immediately reduce your available balance by the amount of the authorization. This will help you keep closer track of your balance available for spending. Please note that the dollar amount of the hold may be different from the actual purchase amount. This is more likely to happen at car rental agencies, restaurants, hotels, gas stations, and other merchants that typically request an authorization that may differ from the purchase amount. When we receive the actual transaction, usually within two days, we will adjust your available balance if needed based on the amount of the transaction. If we do not receive the transaction within (3) business days, we will adjust your available balance as if you had not done the transaction. How to opt-in: Call Click WebsterBank.com/overdraftservices Visit your local branch If you do not wish to opt-in: You don t need to do anything. However, please note that we will not authorize Debit and ATM card purchases if you have insufficient funds available in your account. You can always change your decision about opting-in later. Simply let us know. At Webster, we continue to develop new and better tools to help you track your spending and manage your checking account. Here is additional, specific information and services that can help you avoid overdrafts. Read your monthly statement In addition to balancing your checkbook and understanding how your deposits are processed, reading your statement carefully is key to avoiding overdrafts. Webster adds features from time to time that make our statements more useful to you. For example, in addition to the usual record of transactions, Webster has some changes that we hope will assist you in understanding your account and avoiding fees. For example, you can receive a record of the total overdraft/insufficient funds fees (NSF fees), if any, that you have been charged during the current cycle, as well as for the year-to-date and any fees refunded to you. Seeing these fees each month can help you stay aware of the cost of an overdraft, while assisting you in maintaining an accurate checkbook balance. Webster services that can help avoid overdrafts: Automatic Transfer Overdraft Protection. This service links your Webster checking account to your Webster savings or to another Webster checking account. Transfer fees may apply. Please refer to your Fee Schedule. Overdraft Line of Credit. Apply for a Webster Overdraft Line of Credit. Once the line is established (subject to credit approval) your checking account transactions are covered up to your available credit line. You pay interest based on the amount covered. An annual fee may apply. Use Webster Online Banking. WebsterOnline is a valuable tool that helps you stay up-to-date on your account activity and balance, and guard against overdrafts. Plus, you can easily move money between your accounts with immediate transfers between Webster accounts, a one-time transfer or recurring future transfers. Telephone banking. Call to access your account information by phone, or for more information on our other services. Call, Click, or Visit to add any of these services to your account. We re always happy to help you. Call us at , visit any of our branches, or go to our website at WebsterBank.com 1 Federal regulations limit the number of transfers from a savings account to a maximum of six per statement cycle from the following categories: preauthorized transfers, including overdraft protection; telephone transfers; electronic transactions, including WebsterOnline transactions, Check Card payments to third parties, Automated Clearing House (ACH) transactions and wire transfers; and checks. For each transaction above the limits, there will be a fee charged to your account on the last day of your statement cycle and your privilege to make transfers may be suspended or terminated, or the account may be closed
7 Webster services that simplify your banking: Webster offers a variety of services designed to help you make the most of your account. Direct Deposit provides safety and faster access to your money. Your paycheck, Social Security checks, pension and other payments can be automatically added to your account with funds immediately available to use. You can get a direct deposit form from your employer, at a Webster branch or at WebsterBank.com. Webster Online Banking gives you direct control over your accounts plus convenient access 24 hours a day, seven days a week, through WebsterOnline. Review your account balances. Track your deposits and withdrawals. See most items even before they have been posted to your account by viewing pending transactions. There is even an Account Features page which explains how to fully set up and take advantage of all the convenient services that are included with your account. You can also learn more about how Account Alerts can help keep you informed in real-time when your balance falls below your established threshold. Visit WebsterOnline.com for more information. Webster Online Bill Pay is a convenient way to handle bills instead of writing checks. You set up which payments to have deducted from your account and the schedule, allowing enough time for processing and delivery before the payment due dates. You can also set up alerts to notify you in advance of any future payments to allow you time to check your balance. If com WebsterBank.com panies do not accept electronic payments, Webster will accept your payment request and send the vendor a paper check at no charge. In that case, you will need to schedule your payment date earlier, building in extra days for mail delivery and for the company to post the payment to your account by the due date. Statement edelivery reduces paper clutter and the threat of identity theft. Get your statement faster by enrolling in paperless statements through WebsterOnline. Telephone Banking allows you to check your balances, monitor your transactions and transfer funds, 24 hours a day, seven days a week. A Webster Visa Check Card is available at no extra charge with your checking account, just by asking for it. Accepted at millions of merchant locations and ATMs worldwide, a Webster Visa Check Card looks like a credit card, but acts like a check because your purchases and cash withdrawals are deducted from your checking account. Visa s Zero Liability policy protects you 100% against fraud for all of your check card transactions that take place on the Visa system.* To learn more about any of these services, go to WebsterBank.com, stop by a local branch or call * Visa s Zero Liability policy covers U.S. issued cards only and does not apply to ATM transactions, PIN transactions not processed by Visa, or commercial card transactions. Cardholder must notify issuer promptly of any unauthorized use
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