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FAQs

Q: What Does SSL Mean?
A: SSL stands for Secure Sockets Layer. It's an agreed upon format (a.k.a. protocol) for transmitting data or private documents between two devices (such as your home PC and our computer) over the Internet. SSL works by using a private key to encrypt (code/translate) the data that's being transferred over the SSL connection. Both Netscape Navigator and Microsoft's Internet Explorer browsers use SSL, and many websites (including ours) use this protocol to obtain confidential information from their customers.

Q: What is Encryption?
A: Encryption is the coding/translation of information for transmission back and forth between two points (such as your home PC and our computer). It's the most effective way to achieve security over information being sent from one point to another; it protects your information so it can't be intercepted and read by a third party while being transmitted to us. When you submit your electronic application to us, the information is converted into an encrypted format. Once within our system, the information is decoded back into its original characters through our use of a secret key.

Q: What is 128 Bit Encryption?
A: There are basically two types of encryption: Standard and High. Standard Encryption can be, for example "40 Bit" while High would be "128 Bit". The numbers refer to the size of the key used to encrypt the message. With the ever-increasing computing power of potential criminals, it is becoming more necessary to use larger keys. Roughly speaking, the 128 Bit (High) Encryption is 309,485,009,821,345,068,724,781,056 times stronger than a "40 Bit" (Standard) Encryption! Amalgamated Bank applies 128 Bit "High" Encryption for its Online Banking processes.

Q: How do I verify the browser version I am using?
A: To get this information, click the "Help" option on your toolbar, then click the "About..." option. A new window should pop up with information about the browser version.

Q: How do I verify the version of Adobe Acrobat I am using?
A: To get this information, click the "Help" option on your toolbar, then click the "About..." option. A new window should pop up with information about the version of Adobe Acrobat installed on your computer.

Q: Can I save my application and finish it later?
A: No. The application process generally takes 10-15 minutes to complete, so please make sure that you have enough time set aside before starting the process.

Q: Which account is right for me?
A: Since we offer several different accounts, we recommend that you click here to review your options. If you still have a question about which account is to open, please feel free to contact us.

Q: What if I don't have any of the pieces of identification on your list?
A: If you do not have any of the identification we have requested, you may still be able to open an account at one of our branches. Before you come to see us, please call the branch where you plan to open your account to discuss your identification issues.

Q: I am an existing customer who lives overseas, and I want to open a joint account with someone who is not an existing customer.
A: To open an account online, all overseas applicants must be current Amalgamated Bank customers.

Q: How long will it take to open an account when I apply online?
A: Once we receive all the necessary documentation from you, it should take no longer than two (2) business days to open your account.

Q: How will I be notified when my account is open?
A: You will be notified via both E-mail and U.S. Mail when your accounts have been opened. You'll also receive instructions about viewing your new account information online at that time.

Q: How do I fund an account that I open online?
A: To fund an account online, you can either transfer funds from your account at another financial institution, fund by sending us a check or if you are already an Amalgamated Bank customer, you can also transfer funds from your existing account. No matter which method of funding you choose, please ensure that sufficient funds are available to be transferred.

Q: Is direct deposit required with an account I open online?
A: Although direct deposit is not required when you open an account online, we certainly recommend it. Direct deposit is a safe and convenient method of funding your account.

Q: Is there a minimum balance I need to deposit or maintain to avoid a fee? What are the monthly fees?
A: Minimum opening deposits and monthly fees vary from account to account. Please click here to view this information for all of the accounts you can open online.

Q: Are there any fees for using the ATM?
A: There are no fees if you use an Amalgamated Bank ATM. Fees may apply if you use machines at other locations. Transactions at Shared Network ATMs and POS terminals are $1.00 per transaction.

Q: Where are your branches located?
A: Please click here to see a complete list of our branch locations.

Q: What are your interest rates?
A: Please click here to view our interest rates.

Q: Do I get a Debit/ATM card?
A: If you would like a Debit or ATM card, you can request one as part of this process. Certain restrictions apply to these cards; please contact us for further information.

Q: Do you have Internet Banking?
A: Yes we do. Registration for AmalgamatedOnline®, our Internet banking product, is part of the account opening process.

Q: Do I have to be a Union Member to bank with Amalgamated?
A: No, you do not have to be a member of a union to bank with us.

Q: Do you offer free checks? How do I order checks?
A: Although we are no longer able to offer initial free checks due to printing costs, they are competitively priced. Prices may vary depending on the style of check you order. If you wish to order more checks, you can place an order through AmalgamatedOnline®, or you can go to any branch and speak with a customer service representative.

Q: Are my canceled checks returned to me?
A: You will receive front and back images of all your paid checks.

Q: Does the Bank offer overdraft protection?
A: Yes, a Personal Line of Credit is available with checking accounts. Once your account application is processed and approved, you can submit or download an application online, or apply in person at any one of our branches.

Q: Are my deposit accounts FDIC insured?
A: Yes. All deposit accounts are insured up to $250,000 for each depositor in accordance with the rules of the FDIC.

Q: Are there any special customer rules for deposits to a new account?
A: If you are a new customer, there are rules that apply during the first thirty days your account is open. For example, funds from most check deposits will not be available for use until nine business days after the day of the deposit. For a detailed answer to this question, please refer to "Rules for New Accounts" on page 21 in Section IV of the "Information About Our Consumer Accounts and Services", which is available online.

Q: What happens if I do not agree to the terms and conditions of the disclosure?
A: If you do not agree to the terms and conditions in our disclosure, you will not be able to open an account with us.

Q: What is an "ownership type"?
A: An ownership type indicates whether an account has one signer (an individual account), two signers (a joint account), and whether or not a beneficiary has been designated. If you are opening a Checking, you cannot designate a beneficiary.

Q: What information do I need to open a joint account?
A: A detailed list of required information for all account owners, individual and joint, can be found on the introductory page of the application process. Please note that each co-applicant has to sign the signature form.

Q: Can I have more than one joint owner on my account?
A: Joint accounts can have two owners - the "primary" account owner, and the "joint" account owner.

Q: How many owners are permitted on an account?
A: Generally, you can have a maximum of two owners - the "primary" account owner, and the "joint" account owner.

Q: How many beneficiaries are allowed on my account?
A: If you are opening a Statement Savings, Money Market or a USAVE Time Deposit Account, you can name one beneficiary. You cannot name a beneficiary on a Checking Account.

Q: What's a promo code?
A: A promo code is a series of numbers and letters that you may have received from Amalgamated Bank in conjunction with a promotion or offer. Your promo code is indicated on the communication material you may have received from us. Examples of communications are a brochure that you received in the mail or a web page ad. You can enter this offer code on your online application.  If you do not enter the promo code you will not receive the bonus, so be sure to enter the code you received in the "promotional code" field when you open an account online.

Q: Is there a limit on the number of checks I can write?
A: There is no limit to the number of checks you can write against any of our personal checking accounts, nor are there any "per check" charges. However if you are opening a Money Market Account, you can only write three checks per statement period. If you exceed this limit, there is a fee.

Q: I want to open a checking account, but I don't see it on the list of accounts.
A: If you choose to name a beneficiary, you do not have the option of opening a checking account. To open a checking account, please start this process again. When you get to the "Account Ownership" page, select one of the "Without Beneficiary" options.

Q: What is the penalty policy for early withdrawals of CD's /Time Deposit Accounts?
A: If you withdraw any of the funds deposited to the USAVE® Time Deposit account before the maturity date, the following penalties may be imposed:

  • If your USAVE® Time Deposit has a maturity of more than 30 days but not more than one year, you may forfeit one month's interest with the principal being invaded, if necessary, to assess this penalty.
  • If your USAVE® Time Deposit has a maturity of more than one year, you may forfeit three months' interest with the principal being invaded, if necessary, to assess this penalty.
  • No penalty will be imposed in case of an early withdrawal resulting from the death or judicially declared incompetence of the depositor.

Q: Will I receive a statement on my CD account?
A: When your USAVE® Time Deposit account is opened, we will issue a statement with the opening and maturity dates, the opening dollar amount, the amount of interest it will earn, and the total dollar amount at maturity. If you let the account automatically roll over, you will receive a renewal notice approximately one week after the renewal date.

Q: Where do I find the routing number on my check?
A: On a personal check, the routing number is the first set of nine numbers you see printed at the bottom of the check. On a business check, it is the second set of numbers. A symbol or space sometimes separates it from the remaining printed numbers.

Q: What is an "ACH Debit"?
A: An ACH Debit is a paperless transfer of funds from one account to another. For example, an ACH Debit can be used to remove funds from your account to pay a third party, such as a utility company. The transaction details are transmitted electronically between financial institutions instead of by paper check.

Q: I plan on making my opening deposit by check. To whom should I make it payable? Where do I send it?
A: Please make your check payable to "Amalgamated Bank for the account of ". You should mail your check, along with the other required documentation, to:

Amalgamated Bank
Bank Operations - 6th floor
275 Seventh Ave
New York, NY 10001

Q: I already have a Debit Card with a checking account linked to it. Can I have another one?
A: Each account owner can only have one Debit or ATM Card.

Q: Can I have more than one checking account linked to a Debit Card?
A: Yes, you can have more than one checking, savings or money market account linked to a card. One account of each type is designated as your "Primary" account. You will have the option of accessing all accounts when you use an Amalgamated Bank ATM. You may not have this option if you use a machine at another location. When conducting a Point of Sale (POS) transaction, only your "Primary" account will be accessed.

Q: Are there any fees associated with your Debit/ATM Cards?
A: There are no fees if you use an Amalgamated Bank ATM. Fees may apply if you use a machine at other locations. Transactions at Shared Network ATM’s and POS terminals - $0.75 per transaction unless waived.

Q: How long will it take to receive my ATM/Debit Card?
A: You will receive your Debit or ATM Card within ten business days after we have approved your application and opened your account.

Q: I do not want my home address to appear anywhere on my account. Can I give you my Post Office Box instead?
A: You can give us a Post Office Box as a mailing address, but we must also have your home address for our records. Our account application process allows you to make this distinction.

Q: I don't have an email address. Can I still open an account?
A: In order to open an account online, the primary account owner must have an e-mail address. If you do not have an email address, please visit any one of our branches to open an account.

Q: I don't have any of the pieces of identification on your list/The joint party does not have one of the pieces of identification on your list.?
A: If you do not have any of the identification we have requested, you may still be able to open an account at one of our branches. Before you come to see us, please call the branch where you plan to open your account to discuss your identification issues.

Q: I live overseas, but there is no place for me to enter a foreign address.?
A: If you are an existing customer who lives overseas, and you are an AmalgamatedOnline® user, please login to open an account. If you are not an AmalgamatedOnline® user, please contact your branch about opening an account. If you live overseas, but you are not an existing Amalgamated Bank customer, we cannot open an account for you.

Q: When can I make additional deposits into my new account?
A: You can make additional deposit to your account as soon as you receive your account number. To make a deposit with your new account number now, go to your nearest banking center.

Q: Can I authorize Amalgamated Bank to fund my account on a recurring basis by debiting my account at another financial institution?
A: At the present time, this funding method is only available for making your opening deposit.


 

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