FAQ
Bill Payment
Q: How do I enroll for the Web Billing and Payment service?
Q: Do I need any special software or hardware to use the Web Bill Payment service?
Q: Can I see a demonstration before signing up?
Q: Who can I pay using the Web Bill Payment service?
Q: When will my payment be sent?
Q: How do I cancel a payment that I have already scheduled? What if the payment has already been sent?
Q: How do I change a variable or recurring payment?
Q: How do I set up my payee so I can receive my bill Online and/or in an E-Bill format?
Q: How do I know if a payment has been sent?
Q: How do I view my scheduled payments?
Q: What do I do if my payee never received my payment?
Q: What if I do not have an account number for one of my Payees?
Q: How many days does it take for my payment to reach the Payee?
Q: What do I do with the part of the invoice or bill that I usually mail back to the Payee with my payment? Doesn’t the vendor need that to process my payment?
Q: Do I need to contact each of my Payees and let them know that I am going to be using an automated bill pay system to pay them?
Q: How do I delete a Payee?
Q: What do I do if one of my Payees’ address changes?
Q: Can I schedule a payment in advance? How far in advance?
Q: What about payments I make every month for the same amount? How can I do this easily without repeating the payment request every month?
Q: Can I place a stop payment on a Web Bill Pay payment?
Q: How is the payment sent to my Payee?
Q: How do I terminate or discontinue the Web Bill Payment service?
Q: When is the money for my payments taken out of my account?
Q: What do I do if I forget my password?
Q: How do I change my user name or password?
Q: What if I want to change my address or billing account for the service?
Q: What is Quick Pay?
Q: What happens if my payment is not made on time?
Q: What happens if someone gets into my bill payment account and schedules unauthorized transactions?
Q: What are E-Bills?
Q: Should I continue to pay my bill from a particular E-Biller with a check until I receive my first E-Bill from that biller?
Q: How do I know when I have new E-Bills to pay?
Q: Will I still receive a paper bill in the mail from the E-Biller?
Q: When should I expect to receive my E-Bill each month?
Q: If I don’t understand something on my e-bill what should I do?
Q: Without a check stub or a canceled check, how can I prove that I made a payment?
BusinessMAX Online
Q: How do I sign up for BusinessMAX Online?
Q: How do I access BusinessMAX Online?
Q: How frequently is my business account information updated?
Q: Can I have 24-hour access to my accounts?
Q: Can I take a "test drive" demonstration of BusinessMAX Online to try it out?
IRA
Q: Should I have an IRA if I have a company retirement plan?
Q: Who is eligible for an IRA?
Q: What about spousal IRAs?
Q: What are rollover IRAs?
Q: Can I convert from a traditional IRA to a ROTH IRA?
Mortgage Loans
Q: What is a mortgage?
Q: What does loan to value (LTV) mean? How does it determine the size of my loan?
Q: What types of loans are available and what are the advantages of each?
Q: When does an adjustable rate mortgage (ARM) make sense?
Q: What are the advantages of 15- and 30-year loan terms?
Q: Can I pay off my loan ahead of schedule?
Q: Are there special mortgages for first-time homebuyers?
Q: How large of a down payment do I need?
Q: What is included in a monthly mortgage payment?
Q: What factors affect mortgage payments?
Q: How does the interest rate factor into securing a mortgage loan?
Q: What happens if interest rates decrease and I have a fixed rate loan?
Q: What are discount points?
Q: What steps need to be taken to secure a loan?
Q: How are pre-qualifying and pre-approval different?
Q: What is RESPA?
Q: What is a good faith estimate, and how does it help me?
Q: What responsibilities do I have during the lending process?
Q: What happens after I've applied for my loan?
Q: What makes up the closing costs?
Q: What can I expect to happen on closing day?
Online Banking
Q: How do I sign up for Online Banking?
Q: What will I need to get started?
Q: How do I access Online Banking?
Q: What accounts will be available?
Q: Can I use Online Banking with MS Money® or Quicken®?
Q: How frequently is my account information updated?
Q: Can I have 24-hour access to my accounts?
Q: Can I make transfers between my accounts and make loan payments?
Q: Can I issue a stop payment request on Online Banking?
Q: Can I learn more about Online Banking?
Visa Credit Card
Q: Is there a fee for my Platinum Edition or Gold Edition Visa?
Q: Can I use my Platinum Edition or Gold Edition Visa to get cash?
Q: Is credit insurance available to cover my credit card balance?
Q: How can I protect my credit cards against loss or theft?
Q: Does this Visa Credit card have purchase protection and extended warranty?
Q: Can I apply for a Business Edition Visa Card for my business use?
Q: Can I view my Visa Credit Card statement online?
WebPay for Small Business
Q: What is CheckFree WebPay for Small Business?
Q: How does CheckFree WebPay work for Small Business?
Q: How am I billed for bill payment service?
Q: How do I change my business information?
Q: How secure is my bill payment and business information?
Q: What is a payee?
Q: Who can I pay using my bill payment service?
Q: What if a payee I want to make a payment to isn't on the list of payees I have to choose from?
Q: Do I need to contact the payees I decide to pay with CheckFree WebPay for Small Business?
Q: Can I add the same payee to my payee list more than once?
Q: What do I do if the payee has not received or credited my payment?
Bill Payment
Q: How do I enroll for the Web Billing and Payment service?
A: The enrollment process is quick and easy. To sign up for Bill Payment, print and complete the enrollment form available on our web site, and mail it to Bank of Tennessee, Customer Care Department, P.O. Box 4980, Johnson City, TN 37602. You may also sign up for Bill Payment by visiting your local Bank of Tennessee office or by calling us toll free at (866) 378.9500.
Q: Do I need any special software or hardware to use the Web Bill Payment service?
A: To use the Web Bill Payment service, you only need a browser (capable of 128-bit U.S. Security Encryption) installed on your PC, e.g., the latest versions of either Microsoft’s Internet Explorer or Netscape’s Navigator. If you do not have sufficient browser encryption, you will receive an "Insufficient Browser Encryption" error message when you try and log on to the Web Billing and Payment service. In addition to the error message, you will be provided with links to sites where you can obtain the required encryption upgrades for your browser.
Q: Can I see a demonstration before signing up?
A: Yes, click on the Online Banking button (either the personal or business tab) on Bank of Tennessee’s home page and test drive the system.
Q: Who can I pay using the Web Bill Payment service?
A: You can pay almost any individual or entity as long as the individual or entity has an address in the United States or its possessions/territories (i.e., American Samoa, Guam, Marshall Islands, Micronesia, N. Mariana Islands, Palau, Puerto Rico and the Virgin Islands) or the payee is receiving mail at an FPO or APO address (APO - Abroad, APO - America or APO - Pacific). Payee examples include: your monthly telephone bill, utility bill, rent, credit card bills, day care, or sending a check to your son/daughter who’s away at college. Contact Bank of Tennessee at (866) 378.9500 for further information.
Q: When will my payment be sent?
A: Payments scheduled after 5 PM EST will be processed the next business day. The earliest possible date to schedule a payment (four business days from today if your request is received before 5 PM EST) will be pre-filled on your payment screen.
Q: How do I cancel a payment that I have already scheduled? What if the payment has already been sent?
A: Go to the Bills link, and select Payment List. Click on the Stop link next to the payment you wish to cancel, and then select Yes to confirm your action. Note: if your payment is in process or has already been processed, you will not be able to cancel your payment online. Call us at (866) 378.9500 for further information.
Q: How do I change a variable or recurring payment?
A: Go to the Bills link, and select Payment List. Then select Edit next to the payment you wish to change. Make your changes, and then select Change Payment. Click Yes to confirm your action. Note: if your payment is in process or has already been processed, you will not be able to change your instructions. Call us at (866) 378.9500 for further information.
Q: How do I set up my payee so I can receive my bill Online and/or in an E-Bill format?
A: The fastest way to add payees is to choose from the pre-defined list. All E-Bill capable merchants appear in this pre-defined list, and are marked by an asterisk (*) in front of their names. Follow the instructions on this page to indicate you wish to receive E-Bills from the merchants that have this option available. Call us at (866) 378.9500 for further information.
Q: How do I know if a payment has been sent?
A: A list of all bill payment transactions is listed in the Payment List (under Bills). Payments are either designated as:
- "Pending", meaning the payment has not been processed,
- "Processing", meaning the payment is in process, or
- "Processed" if the payment has already been sent.
Q: How do I view my scheduled payments?
A: Your Payment List is found under Bills. The payment list shows all of the payments you have scheduled through the service for the past 30 days and 30 days into the future (this list can be filtered by payee or date.) Canceled payments do not appear in the Payment List; however, they are shown in Transmission History under Customer Care.
Q: What do I do if my payee never received my payment?
A: If you have a question regarding a payment, use the Inquire feature within Payment List (under Bills) to send a Problem Report. The problem report will be sent by e-mail. Please provide a payee contact name (if possible), address, and phone number. You will receive a response to your inquiry within 48 hours. Check View Messages in Customer Care for responses.
Q: What if I do not have an account number for one of my Payees?
A: Sometimes you will want to set up a Payee with whom you do not have an actual account number; however, the Web Billing and Payment system requires an account number value for every Payee that you establish. In these cases, simply type in an appropriate annotation (e.g., if paying your dentist for your child’s orthodontic work, you could type in "Pat’s orthodontic work" or "Pat’s 10/15 appointment"; if sending money as a birthday gift, you could type in "Happy Birthday".) Note: The maximum length for this account number field is 25 alphanumeric characters.
Q: How many days does it take for my payment to reach the Payee?
A: While it is anticipated that most transactions will be processed four (4) Business Days before your selected Scheduled Payment Date, it is understood that, due to circumstances beyond the control of the Service, particularly delays in handling and posting payments by slow responding companies or financial institutions, some transactions may take a day or even a few days longer to be credited by your Payee to your account with the Payee. For this reason, it is necessary that all Scheduled Payment Dates selected by you be no less than five Business Days before the actual due date.
Q: What do I do with the part of the invoice or bill that I usually mail back to the Payee with my payment? Doesn’t the vendor need that to process my payment?
A: No. You can simply throw that part away. The Bill Pay Service provides all of the necessary information to the Payee with each payment.
Q: Do I need to contact each of my Payees and let them know that I am going to be using an automated bill pay system to pay them?
A: No, that isn’t necessary.
Q: How do I delete a Payee?
A: See the Online help within the Bill Payment Service for assistance in deleting a payee.
Q: What do I do if one of my Payees’ address changes?
A: Click on the "Payees" button on the main Web Billing and Payment menu, then select the View Payees option; here you will be able to change the address for any Payee you select (simply click on the Payee name and a screen will be presented where you can change the address.) Use the Web Billing and Payment system online help for additional assistance, if needed.
Q: Can I schedule a payment in advance? How far in advance?
A: Yes. You can schedule a payment up to one year in advance of the payment due date. Do not forget to allow five business days in between the scheduled payment date and the due date. A good example of when you might use a payment that far in advance could be to pay annual dues to an organization or association, or to send a "birthday or anniversary" check to someone special. To state "Happy Birthday" on the check simply type this in the account number field. The Account Number field cannot be left blank.
Q: What about payments I make every month for the same amount? How can I do this easily without repeating the payment request every month?
A: You can establish a recurring payment; a recurring payment must be made at a specified frequency (e.g., weekly, biweekly, monthly, quarterly, tri-annually, semi-annually, or yearly) for the same amount with each occurrence. Use the service’s online help for assistance in establishing a recurring payment.
Q: Can I place a stop payment on a Web Bill Pay payment?
A: Yes, at certain times during the payment-scheduling period. Please contact us at (866) 378.9500 for further information.
Q: How is the payment sent to my Payee?
A: Your payment is sent electronically or by paper check. While many payments will be made electronically, some payees cannot receive electronic payments (such as individuals). Those payees will be sent payments by paper check. For other payments, the method which is used will depend on many variables; however, all transactions will be itemized on your monthly statement.
Q: How do I terminate or discontinue the Web Bill Payment service?
A: In the event you wish to discontinue the Service, you must contact CheckFree Corporation within ten (10) days prior to the actual service discontinuation date. You must request the service discontinuation via the Web Bill Payment secure messaging system or by written correspondence sent via the mail. Written notice must be signed and sent to CheckFree Corporation at Financial Services Account Maintenance, PO Box 182477, Columbus, OH 43218-2477.
Q: When is the money for my payments taken out of my account?
A: Your account will be debited on your scheduled payment date. If a payment is sent via laser draft, funds will be debited similar to a personal check (when the check is presented for payment).
Q: What do I do if I forget my password?
A: If you forget your password, you will need to call CheckFree Customer Care at (877) 238.7275. We will send you a letter by US mail identifying your password.
Q: How do I change my user name or password?
A: Click on the Customer Care link in the navigation area and follow the instructions located within this section of the application. Please contact us at (866) 378.9500 for further information.
Q: What if I want to change my address or billing account for the service?
A: You can change the address on your account by clicking on User Info under Customer Care. Please contact customer service at (877) 238.7275 if you wish to change the billing account for the BillPay service.
Q: What is Quick Pay?
A: Quick Pay allows you to pay more than one variable one-time payment on a single page, choosing either from your entire Payee List or from your Categories. Once you choose your payees or categories, all you need to do is complete the amount and date for each payee, and select Pay Bills.
Q: What happens if my payment is not made on time?
A: With the CheckFree Guarantee, if the Service does not properly complete a bill payment on time, we will pay any late fees or finance charges (up to $50 per transaction) as long as your account is in good standing with the merchant. We will also be liable to you if we fail to stop a payment based on your timely order to do so. However, you are responsible for scheduling your bill payment sufficiently in advance of its due date, not its late date, to avoid the imposition of late fees and excess finance charges, in accordance with the Service Terms and Conditions.
Q: What happens if someone gets into my bill payment account and schedules unauthorized transactions?
A: Through the CheckFree Guarantee, as long as you notify CheckFree within two (2) business days of when you first suspect fraud, your liability for unauthorized transactions is limited to only $50. This is similar to the protection provided by most major credit cards.
Q: What are E-Bills?
A: E-Bills are bills sent to you electronically by the payee. You can choose to either have the BillPay service pay the bills automatically (under a certain dollar amount) through E-Bill Auto-Pay, or pay the bills according to your own schedule and payment amount. Note: Not all merchants are set up for the E-Bill service. E-Bill capable merchants are indicated by an asterisk (*) in the pre-defined payee list.
Q: Should I continue to pay my bill from a particular E-Biller with a check until I receive my first E-Bill from that biller?
A: Yes. You should continue paying your bill as usual until you receive your bill through your online service. Most billers will use their established billing cycle, so you should receive your E-Bill around the same time of the month that you receive your paper bill now. If you have already paid your bill using a check and your first E-Bill is a duplicate, you can just file it away and pay your next bill using the service.
Q: How do I know when I have new E-Bills to pay?
A: When you log on with your online service provider, you'll see the number of new bills, statements, and notices you've received. Also, you receive a reminder e-mail to notify you of new bills in your account mailbox if they have not been viewed within four days of delivery.
Q: Will I still receive a paper bill in the mail from the E-Biller?
A: No. You will no longer receive your paper bill. However, you can print out any bill if you would like to keep a paper copy for your records. Your bills, statements, and notices are available online for six months from their arrival date; then they are archived.
Q: When should I expect to receive my E-Bill each month?
A: You can expect to receive your bill at approximately the same time of the month that your paper bill arrives now.
Q: If I don’t understand something on my e-bill what should I do?
A: You have two choices for contacting an E-Biller: you can look in your bill for a telephone number or you can fill out an online support form. To send a support request to the E-Biller, access the appropriate Help location on their website. To find a telephone number, look for a Contact Us or Customer Service section in the bill.
Q: Without a check stub or a canceled check, how can I prove that I made a payment?
A: One of the advantages of paying your bills using this service is that your payment cannot get lost in the US mail, and there are generally far fewer opportunities for errors to occur. However, in the event that you do need to provide proof of payment, there are many different tracking systems in place. Your bank statement will reflect debits to your account, showing the payee as the E-Biller. In addition, the service archives previous versions of your e-bills as well as the confirmation numbers for your bill payments.
BusinessMAX Online
Q: How do I sign up for BusinessMAX Online?
A: Click on Apply Now or contact our Customer Care department at (866) 378.9500.
Q: How do I access BusinessMAX Online?
A: After you have signed up for BusinessMAX Online and have received your welcome letter containing your User ID and Password, you simply click on the Business button under Online Login on bankoftennessee.com.
Q: How frequently is my business account information updated?
A: Four times daily. 10:00am, 12:30pm, 3:00pm, 5:00pm.
Q: Can I have 24-hour access to my accounts?
A: Yes, BusinessMAX Online is available 24 hours a day for your convenience.
Q: Can I take a "test drive" demonstration of BusinessMAX Online to try it out?
A: Yes! Click here. The page that comes up will ask for a User ID and password. Use bot001 as the User ID and ibanking as the password. These instructions are also printed on that page. You'll then be able to experience all the features and services that BusinessMAX Online offers.
IRA
Q: Should I have an IRA if I have a company retirement plan?
A: Over 40% of retired Americans say they didn't save enough for retirement. An IRA is an excellent way to have savings in addition to Social Security and a company retirement plan.
Q: Who is eligible for an IRA?
A: Most taxpayers who have earned income are eligible for an IRA. Some high-income individuals are excluded from Roth IRAs. The phase out for individuals is $95,000 - $110,000; $150,000 - $160,000 for joint filers. For complete details, check with your tax advisor.
Q: What about spousal IRAs?
A: Your spouse can have his or her own IRA even if they don't earn income. The same $2,000 annual contribution limits apply.
Q: What are rollover IRAs?
A: A rollover IRA is established when you have a distribution from a previous retirement plan. It is very common for people who change employers to take their 401(k) balance and "roll it over" into a Self-Directed IRA.
Q: Can I convert from a traditional IRA to a ROTH IRA?
A: Yes, however, when you convert, the tax liability must be paid. The new tax law gives you two options (1) pay the taxes out of the balance and roll over the remaining balance, or (2) pay the taxes with the other funds and roll over the entire amount. A rollover or transfer to a Roth IRA from a Traditional IRA is not permitted if either (1) your adjusted income exceeds $100,000 or (2) you are married and file a separate tax return. (Note: For individual tax advice please consult your tax advisor.)
Mortgage Loans
Q: What is a mortgage?
A: Generally speaking, a mortgage is a loan obtained to purchase real estate. The "mortgage" itself is a lien (a legal claim) on the home or property that secures the promise to pay the debt.
Q: What does loan to value (LTV) mean? How does it determine the size of my loan?
A: The loan to value ratio is the amount of money you borrow compared with the price or appraised value of the home you are purchasing. Each loan has a specific LTV limit. For example: With a 95% LTV loan on a home priced at $50,000, you could borrow up to $47,500 (95% of $50,000), and would have to pay,$2,500 as a down payment. The LTV ratio reflects the amount of equity borrowers have in their homes. The higher the LTV the less cash homebuyers are required to pay out of their own funds.
Q: What types of loans are available and what are the advantages of each?
A: Bank of Tennessee has many fixed rate and adjustable rate mortgage products to offer you. Call us at (866) 378.9500 to learn more.
Q: When does an adjustable rate mortgage (ARM) make sense?
A: An ARM may make sense if you are confident that your income will increase steadily over the years or if you anticipate a move in the near future and aren't concerned about potential increases in interest rates.
Q: What are the advantages of 15- and 30-year loan terms?
A: 30-Year: In the first 23 years of the loan, more interest is paid off than principal, meaning larger tax deductions. As inflation and costs of living increases, mortgage payments become a smaller part of overall expenses. For 15-year:The loan is usually made at a lower interest rate. Also, equity is built faster because early payments pay more principal.
Q: Can I pay off my loan ahead of schedule?
A: By sending in extra money each month or making an extra payment at the end of the year, you can accelerate the process of paying off the loan. When you send extra money, be sure to indicate that the excess payment is to be applied to the principal only. Most lenders allow loan prepayment, though you may have to pay a prepayment penalty. Ask your lender for details.
Q: Are there special mortgages for first-time homebuyers?
A: Lenders offer several affordable mortgage options which can help first-time homebuyers overcome obstacles that may make purchasing a home more difficult. Lenders may now be able to help borrowers who don't have a lot of money saved for a down payment and closing costs, have no or a poor credit history, have substantial long-term debt, and/or have experienced income irregularities.
Q: How large of a down payment do I need?
A: There are mortgage options available that only require a down payment of 5% or less of the purchase price. But the larger the down payment, the less you have to borrow, and the more equity you'll have. Mortgages with less than a 20% down payment generally require a mortgage insurance policy to secure the loan. When considering the size of your down payment, consider that you'll also need money for closing costs, moving expenses, and - possibly -repairs and decorating.
Q: What is included in a monthly mortgage payment?
A: The monthly mortgage payment mainly pays off principal and interest. But most lenders also include local real estate taxes, homeowner's insurance, and mortgage insurance (if applicable).
Q: What factors affect mortgage payments?
A: The amount of the down payment, the size of the mortgage loan, the interest rate, the length of the repayment term and payment schedule will all affect the size of your mortgage payment.
Q: How does the interest rate factor into securing a mortgage loan?
A: A lower interest rate allows you to borrow more money than a higher rate. Interest rates can fluctuate as you shop for a loan, so ask-lenders if they offer a rate "lock-in" which guarantees a specific interest rate for a certain period of time. Remember that a lender must disclose the Annual Percentage Rate (APR) of a loan to you. The APR shows the cost of a mortgage loan by expressing it in terms of a yearly interest rate. It is generally higher than the interest rate because it also includes the cost of points, mortgage insurance, and other fees.
Q: What happens if interest rates decrease and I have a fixed rate loan?
A: If interest rates drop significantly, you may want to investigate refinancing. Most experts agree that if you plan to be in your house for at least 18 months and you can get a rate 2% less than your current one, refinancing is smart. Refinancing may, however, involve paying many of the same fees paid at the original closing, plus origination and application fees.
Q: What are discount points?
A: Discount points allow you to lower your interest rate. They are essentially prepaid interest, With each point equaling 1% of the total loan amount. Generally, for each point paid on a 30-year mortgage, the interest rate is reduced by 1/8 (or.125) of a percentage point. When shopping for loans, ask lenders for an interest rate with 0 points and then see how much the rate decreases with each point paid. Discount points are smart if you plan to stay in a home for some time since they can lower the monthly loan payment.
Q: What steps need to be taken to secure a loan?
A: The first step in securing a loan is to complete a loan application. To do so, you'll need the following information: 1)Pay stubs for the past 2-3 months, 2) W-2 forms for the past 2 years, 3) Information on long-term debts, 4) Recent bank statements tax returns for the past 2 years, 5) Proof of any other income, 6) Address and description of the property you wish to buy, and 7) Sales contract. During the application process, the lender will order a report on your credit history and a professional appraisal of the property you want to purchase.
Q: How are pre-qualifying and pre-approval different?
A: Pre-qualification is an informal way to see how much you may be able to borrow. You can be 'pre-qualified' over the phone with no paperwork by telling a lender your income, your long-term debts, and how large a down payment you can afford. Without any obligation, this helps you arrive at a ballpark figure of the amount you may have available to spend on a house. Pre-approval is a lender's actual commitment to lend to you. It involves assembling the financial records mentioned in the previous question and going through a preliminary approval process.
Q: What is RESPA?
A: RESPA stands for Real Estate Settlement Procedures Act. It requires lenders to disclose information to potential customers throughout the mortgage process. RESPA is meant to protect borrowers from abuses by lending institutions. RESPA mandates that lenders fully inform borrowers about all closing costs, lender servicing and escrow account practices, and business relationships between closing service providers and other parties to the transaction. For more information on RESPA, visit the web page at http://www.hud.gov/fha/sfh/res/respahm.html
Q: What is a good faith estimate, and how does it help me?
A: It's an estimate that lists all fees paid before closing, all closing costs, and any escrow costs you will encounter when purchasing a home. The lender must supply it within three days of your application so that you can make accurate judgments when shopping for a loan.
Q: What responsibilities do I have during the lending process?
A: To ensure you won't fall victim to loan fraud, be sure to follow all of these steps as you apply for a loan: Be sure to read and understand everything before you sign. Refuse to sign any blank documents. Do not buy property for someone else. Do not overstate your income. Do not overstate how long you have been employed. Do not overstate your assets. Accurately report your debts. Do not change your income tax returns for any reason. Tell the whole truth about gifts. Do not list fake co-borrowers on your loan application. Be truthful about your credit problems, past and present.
Q: What happens after I've applied for my loan?
A: It usually takes a lender between 1-6 weeks to complete the evaluation of your application. Its not unusual for the lender to ask for more information once the application has been submitted. The sooner you can provide the information, the faster your application will be processed. Once all the information has been verified the lender will call you to let you know the outcome of your application. If the loan is approved, a closing date is set up and the lender will review the closing process with you. And after closing, you'll be able to move into your new home.
Q: What makes up the closing costs?
A: There may be closing costs customary or unique to a certain locality, but closing costs are usually made up of the following: Attorney's or escrow fees (Yours and your lender's if applicable). Property taxes (to cover tax period to date). Interest (paid from date of closing to 30 days before first monthly payment). Loan Origination fee (covers lenders administrative costs). Recording fees. Survey fee. First premium of Mortgage Insurance (if applicable). Title Insurance (yours and the lender’s). Loan discount points.
Q: What can I expect to happen on closing day?
A: You'll present your paid homeowner's insurance policy or a binder and receipt showing that the premium has been paid. The closing agent will then list the money you owe the seller (remainder of down payment, prepaid taxes, etc.) and then the money the seller owes you (unpaid taxes and prepaid rent, if applicable). The seller will provide proof of any inspection, warranties, etc. Once you're sure you understand all the documentation, you'll sign the mortgage, agreeing that if you don't make payments the lender is entitled to sell your property and apply the sale price against the amount you owe on your mortgage.
Online Banking
Q: How do I sign up for Online Banking?
A: Sign up for Online Banking by simply clicking on the Online Banking button (either personal or business tab) located on Bank of Tennessee’s home page or come in to one of our banking offices and a representative will get you started.
Q: What will I need to get started?
A: Any Internet-enabled device such as a computer can interface with the Internet Banking System. A home computer that runs on Windows® 3.1 operating system or a newer version (such as Windows 95® or 98®), with a minimum modem baud speed of 14.4 is sufficient. You will also need a Web browser, such as Netscape version 4.08 or 4.51, Microsoft Internet Explorer version 4.01 SP1 or 5.0 or higher, or AOL 3.0 for Windows® 95.
Q: How do I access Online Banking?
A: After you have signed up for Online Banking and have received your welcome letter containing your User ID and Password, you simply click on the Online Banking button on Bank of Tennessee’s home page, located at bankoftennessee.com.
Q: What accounts will be available?
A: You will have access to all your Bank of Tennessee depository and loan accounts. You will need to verify that all appropriate accounts are viewable when you log in to bank online.
Q: Can I use Online Banking with MS Money® or Quicken®?
A: Yes, your history can be exported to personal software such as MS Money® and Quicken®.
Q: How frequently is my account information updated?
A: Daily. Your account information is updated each morning after all transactions from the previous day have been processed.
Q: Can I have 24-hour access to my accounts?
A: Yes, Online Banking is available 24 hours a day for your convenience.
Q: Can I make transfers between my accounts and make loan payments?
A: Yes, The Internet Banking System gives you the ability to transfer funds between your various Bank of Tennessee accounts and make loan payments. The transfers and payments can be made on a one-time basis or scheduled on a recurring basis. Transfers or payments made after 4:00 p.m. Eastern Standard Time will be posted to your account on the following business day.
Q: Can I issue a stop payment request on Online Banking?
A: No, stop payments can't be requested on Online Banking. Please call our Customer Care Dept. toll free at (866) 378.9500.
Q: Can I learn more about Online Banking?
A: Yes. Call a Customer Care Representative toll free at (866) 378.9500, or visit one of our offices.
Visa Credit Card
Q: Is there a fee for my Platinum Edition or Gold Edition Visa?
A: No. You'll get all the exclusive Platinum Edition or Gold Edition benefits, without paying an annual fee.
Q: Can I use my Platinum Edition or Gold Edition Visa to get cash?
A: While your card is a great substitute for cash, sometimes you need the real thing. You can use your card to get cash 24 hours a day at more than 500,000 cash machines and 380,000 banks worldwide.
Q: Is credit insurance available to cover my credit card balance?
A: Yes! You can choose credit insurance that is designed to make your payments when you can't. The insurance plan will make your minimum monthly payments if you become disabled, involuntarily unemployed or if you or your co-card member take an unpaid leave of absence for more than 30 days. Additionally, the life insurance coverage will pay off your account balance up to $10,000 in the event of death. (You can enroll on the credit card application).
Q: How can I protect my credit cards against loss or theft?
A: You can protect all your credit cards with Card Registry of America. If your cards are ever lost or stolen, Card Registry of America will provide you with emergency cash and airline tickets, request replacement cards promptly and provide protection against fraudulent charges. (You can enroll on the credit card application).
Q: Does this Visa Credit card have purchase protection and extended warranty?
A: Yes. Nearly everything you buy with your card is protected. If a covered purchase is damaged or stolen within 90 days after you buy it, you'll receive a full replacement or reimbursement. And, most original manufacturers' U.S. warranties are doubled- for up to 12 additional months.
Q: Can I apply for a Business Edition Visa Card for my business use?
A: Yes. You can apply for a Business Edition Visa Card for yourself and all the employees of your business. You can also manage your credit card accounts online.
Q: Can I view my Visa Credit Card statement online?
A: Yes. Once you receive your Visa card, you can logon the credit card site and view your purchases and payments online. You can even pay your monthly bill online. Go to bankoftennessee.com to learn more.
WebPay for Small Business
Q: What is CheckFree WebPay for Small Business?
A: CheckFree WebPay for Small Business lets you schedule and make payments as well as receive and pay bills. You can pay anyone, anytime, anywhere in the United States, from your leasing company to your office suppliers. You can also set up repeating payments, such as lease or utility payments. You can schedule single payments up to a year in advance. The only payments you cannot make through your bill payment service are court-ordered payments and state and federal tax payments.
Q: How does CheckFree WebPay work for Small Business?
A: There are two basic steps involved in using CheckFree WebPay for Small Business to make online payments: (1) Set up your payees and (2) Schedule payments. When you first begin using the service, set up your payee list by adding the payees to whom you want to make payments. You only need to add a payee once. All of your payees are also available for selection on the Write a Check page.
Q: How am I billed for bill payment service?
A: We automatically withdraw service fees for your bill payment service from the payment account you specify as your service fee account. The CheckFree WebPay for Small Business fee and any additional payment fees appear on your monthly statement as a bill payment fee.
Q: How do I change my business information?
A: It's important to keep your business information up-to-date so that we can contact you, if necessary. You can review your business information on the My Profile page. Go to the My Profile page and click Edit in the section that contains the information you want to change.
Q: How secure is my bill payment and business information?
A: Your user name and password are unique identifiers that only you know. As long as you don't share your user name and password with anyone, no one can sign in to CheckFree WebPay for Small Business as you. CheckFree WebPay for Small Business uses SSL (secure sockets layer) which ensures that your connection and information are secure from outside inspection.
Q: What is a payee?
A: A payee is any company, service, or individual you make payments to. Payees can be anyone who bills you, such as your phone company or credit card provider, or individuals, such as your accountant or newspaper carrier.
Q: Who can I pay using my bill payment service?
A: You can pay anyone in the United States that you would normally pay by check or automated debit, with the following exceptions: State and federal tax payments and Court-ordered payments.
Q: What if a payee I want to make a payment to isn't on the list of payees I have to choose from?
A: You can make payments to anyone you would normally write a check to. If you do not find the payee in the provided list, you can add the payee by entering payee information such as your payee account number and the payee's address and phone number. Once you enter the payee information, you can make payments to the payee at any time.
Q: Do I need to contact the payees I decide to pay with CheckFree WebPay for Small Business?
A: No, you do not need to contact your payees if you use this service. We send each of your payments with your payee account number and payee information, so the payees are able to credit your account appropriately.
Q: Can I add the same payee to my payee list more than once?
A: Yes, you can add the same payee to your payee list more than once. You can add multiple payee accounts for the same payee as long as you have different payee account numbers. For example, if your phone company provides your office phone service and your cellular phone service, you can add the company as a payee twice by entering a different account number each time.
Q: What do I do if the payee has not received or credited my payment?
A: Sometimes the payee may not credit your account immediately after receiving a payment. Wait five days after the scheduled payment date to see if the payee credits the payment to your account. If the payment is not applied to your account, call the payee's customer service department to see if it posted. If the payment is not credited to your account or if the payee will not waive late fees, find the payment in Payment History and click Inquire to send us a message about the payment.