Q Are Merchants Bank deposit accounts FDIC insured?
A Yes! Each individual customer at Merchants Bank is insured by the FDIC up to $100,000.

Q How do I set up Direct Deposit of my payroll check?
A After your Merchants Bank checking application has been approved, you will receive Merchants Bank's routing and transit number and your account number. If your employer participates in a direct deposit program, simply provide this information to the human resources or payroll department at your company, and your direct deposit will usually begin within thirty days.

Q How do I set up Direct Deposit of my Social Security check?
A After your Merchants Bank checking application has been approved, you will receive Merchants Bank's routing and transit number and your account number. Simply call the Social Security office at 1-800-772-1213, and have your Social Security Number and account information available to set up your direct deposit right over the phone.

Q Can I get information about my account by phone?
A Yes! Customer Service is available between the hours of 8:15 a.m. and 4:45 p.m. Monday through Thursday and 8:30 a.m. through 6:00 p.m. Friday.

Q Can I open an account if I don't live in the United States? What if I live in the United States but am not a citizen yet?
A As stated on our application, at this time, we only accept applications from persons residing within the United States with valid U.S. tax identification numbers (Social Security Numbers). If you have questions, contact us. We'd like to hear from you.

Q Can I do all of my banking with Merchants Bank?
A Yes! Thanks to the convenience of Direct Deposit, ATMs, and the Mastermoney checkcard, everyday banking activities can be performed from the comfort of home. Contact us with questions about your banking needs.

Q How do I make a deposit to my account from a remote location?
A You can do most of your banking by using direct deposit, ATMs or ACH (Automated Clearing House) transactions. Merchants Bank also offers a bank-by-mail service which allows you to mail non-recurring deposits. Contact us for details on a method that's best for you.

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Q How frequently is my Merchants Bank information updated?
A Merchants Bank updates all customer information nightly. Whether you access Online Banking, or contact us directly, your account information is updated nightly to reflect all account activity.

Q Can I look at all of my transactions at any time?
A Yes, with Online Banking, you have access to your account information 24 hours a day, 7 days a week!

Q After I have signed up online for electronic bill payment, how long does it take for my User Kit to arrive in the mail?
A Once you have completed the sign-up form at the Web site, your User Kit will arrive in the mail within 5-10 business days.

Q How does bill payment work?
A To help you understand the process, we have provided a diagram.

Q How long does it take to set up a new payee in the bill payment system?
A Once you have entered a new payee into the Electronic Bill Payment System, it takes two business days to set up the payee to receive payments.

Q Even though it takes two business days to set up a new payee, can I still enter a bill payment to the new payee during those two business days?
A Yes. You may enter a payment to your new payee immediately; however, the payment will not actually be made until the payee is set up. Any payments made to the payee before the payee is added to the system will be delayed in reaching the payee by approximately two business days.

Q After I make a bill payment, how long does it take for the money to be debited from my account?
A The money will be debited electronically from your account within 1-3 business days starting on the business day following the payment date. If you make a payment on Monday, you can expect the money to be debited from your account by Wednesday or Thursday of the same week.

Q How long does it take for a payment to reach the payee?
A A payment that generates an ACH payment will credit the payee's account within 1-3 business days; whereas, a paper check will take up to 10 days.

Q How do I actually use the Electronic Bill Payment System?
A Step-by-step instructions can be accessed by pressing the help button within Online Banking.

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Q I'm still hesitant about banking online. Can other people see my account information?
A Your account information is just as secure as it is at your physical brick and mortar bank. We've taken every step possible to be sure our system meets the latest security standards, including using the latest security encryption methods and software.

Q What about filling applications out online? How secure is that?
A Filling out applications online is as secure as the Online Banking System. Your entire session, from beginning to end, is encrypted. Our system supports 128-bit encryption, so you can also use the latest browser from Netscape or Microsoft that supports this security level. In fact, the highest encryption Netscape and Microsoft browsers support is 128-bit, so you will be using the highest bit encryption currently available if you use a 128-bit encryption capable browser.

Q I keep hearing a lot about encryption? What exactly is it, and why does it make everything more secure?
A Encryption is basically a way to rewrite something in a code which can then be decoded later with the right key. The encryption we use employs a mathematical process for the key which is made up of a certain number of bits (hence, 128-bit encryption). The higher the number of bits, the better the encryption. While using our Online Banking System, all communication from you to the system and from the system to you is encrypted using a maximum of 128 bits. In other words, when you send information to the system, your browser encrypts it using a 128-bit key, then send it to the system. The system then decodes the information you sent it using the key (which is predetermined when your Online Banking session is started) and processes it.

Q What about information that is stored? Is it encrypted as well?
A Information stored on our system is also encrypted using at least 128 bits.

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