Is my Personal Data Safe During the Upgrade?
Yes, your personal data and account information is safe and secure, as always.
Will My Funds Still Be Safe and Secure?
Yes, your funds are secure and will be throughout the upgrade and after. All Main Street Bank accounts continue to be insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per account and Depositors Insurance Fund (DIF) for all deposits above what is insured by the FDIC, meaning 100% of your deposits at Main Street Bank are insured.
Why are you making these changes?
It’s important for us to be able to offer you better banking experience, and upgrading our systems is necessary for us to be able to do that. With this upgrade, we’ll be able to offer you a better service, and more easily adapt to new technology and features in the future.
Think of it as making improvements to a house, while also leaving space for adding future updates when the time comes. This upgrade will set us up to be more flexible and to add enhancements that may become available in the future.
Does this mean you are changing your name?
No, we are not changing our name, our locations, or our hours as part of this technology upgrade. Most importantly, we are keeping our most valuable asset – our people. You can still expect to see and work with our employees when you visit a branch or office.
How Will I Have Access to My Funds?
You may wish to plan ahead for payments, transfers, wires and cash withdrawals prior to the weekend of May 6th-7th. To ensure you have cash available during the upgrade, a Main Street Bank Card or another source of electronic funds is needed. If you have any questions, please contact us at 508-481-8300 or email [email protected] Also, while Debit/ATM card service will be available during the upgrade, your real-time data on funds available may not be. To be safe and to be sure you have the funds you need, we are requesting you make any necessary adjustments ahead of time.
Will Wire Transfers Still Go Through?
Yes. We ask that you plan ahead and request your Wire Transfers before 2:00 p.m. Friday, May 5th.
Will Accounts Change?
In most cases, accounts will not change aside from a name change. Those accounts that will have a change in features have been sent a letter communicating any changes that will happen as of May 8th. Accounts, balances and history will not change, but Account Names will be updated.
I read that deposit account statement dates will be changing. What will my statement date be and is this a permanent change?
Yes, when we update to the new system, all consumer deposit account statements will cut on the 5th of the month. All money market and business deposit account statements will cut on the last day of the month.
This will begin on May 5th, when the final statements on our old system will cut, and from then on, all deposit account statements will cut on these dates.
I received a separate letter regarding my deposit account. Why?
All deposit accounts that earn interest (except for CDs) were notified of an update to the way interest will be calculated, starting on May 6. Interest will be compounded monthly and credited monthly.
I have a Kasasa Account. What is the Neighborhood Rewards account?
On May 8, all Kasasa Checking accounts will be moved to our new Neighborhood Rewards Checking account, which still has all the benefits of earning rewards, but offers more ways you can qualify!
What you get with Neighborhood Rewards:
- Earn $5 credit every month*
- Get ATM fee refunds up to $15 per month*
How to earn rewards:
- Keep your checking account active with at least 5 transactions (any combination of deposits, withdrawals, and/or payments from your account) each month.
- Use at least 5 of the following Main Street Bank services:
- Sign up for e-Statements
- Use Zelle®**
- Have a savings account
- Have a direct deposit of at least $500 in your checking account each month
- Have an automatic loan payment to a Main Street Bank loan
- Have a Main Street Bank loan
- Make at least 12 Debit Card purchases per month
- Have $5,000 in combined Main Street Bank deposits
- Have $50,000 in combined Main Street Bank loans
* Earn $5 credit. ATM fees incurred during qualification cycle will be reimbursed up to $15 and credited. Minimum to open Neighborhood Rewards account is $10. No transaction limitations apply to the Neighborhood Rewards account. No monthly service fee.
To earn your rewards, you must have a minimum of five transactions on your Neighborhood Rewards account. Additionally, you must complete at least five of the following transactions and activities:
- Be enrolled and receive e-Statements
- At least one Zelle transaction initiated by you
- At least one active savings account, excluding Passbook Savings
- Minimum $500 accumulative direct deposit
- At least one automatic loan payment, coming from a Main Street Bank account to a Main Street Bank loan
- At least one outstanding consumer loan or mortgage
- At least 12 debit card transactions
- A minimum of $5,000 combined deposit account balance
- A minimum of $50,000 combined outstanding loan balance (consumer or mortgage)
- The transactions and activities must post and settle to your Neighborhood Rewards account during each monthly qualification cycle.
The monthly qualification cycle for all rewards is the period beginning one (1) banking day prior to the first day of the current statement cycle through one (1) day prior to the close of the current statement cycle. The monthly statement cycle occurs on the fifth day of the month.
** Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Will my Loan Payments Address Change?
Yes. We have a new PO Box for loan payments to be mailed to:
Main Street Bank
PO Box 986541
Boston, MA 02298-6541
Will Checks Be the Same?
Checks will not change, and you can continue to use your existing checks.
Will Online/Mobile Banking Change?
Online/Mobile Banking will be upgraded. Your account will migrate to the new system, but we ask that you Pre-Register prior to Friday, May 5th. Please follow this link starting Monday, April 3rd. During the upgrade, when online/mobile banking is unavailable, you will be able to use your Main Street Bank Debit/ATM card at any time and your PIN will not change. While Debit/ATM card service will be available during the upgrade, your real-time data on funds available may not be. To be safe and to be sure you have the funds you need, we are requesting you make any necessary adjustments ahead of time.
Will Bill Payments Process?
Automatic or electronic payments that you set up prior to 3:00 p.m., May 5th will continue to process. Keep in mind that the upgrade may fall on a payday, so prepare for new end of the month payments prior to the deadline.
Will Direct Deposit be Affected?
Direct deposits that you receive, such as social security, will continue to occur without interruption.
Will Overdraft Protection Still Be Available?
Yes. Overdraft Protection Services will remain the same.
Will my Debit/ATM card or PIN Change?
No. You will be able to use your Main Steet Bank Debit/ATM card at any time during and after the upgrade Your PIN will not change.
Will my Statement Change?
Yes. Your new statement will look different, but will still have all your accounts merged and showing on one statement as your current statements do for deposit accounts only, not including loan accounts.
Will I still have access to past e-Statements?
You will have access to the last 7 years of e-Statements.
What Other Electronic Services Will Be Affected?
It is recommended that electronic services like Stop Payment, Travel Notification Forms, Change of Address Forms, Internal Transfers, Debit Card requests, Check Reorders or any items that require electronic processing should be requested prior to 5:00 p.m., Friday May 5th. New requests will be available after the upgrade starting May 8th.
What Changes Will Be Made To my Mortgage and/or Tax Escrow Procedures?
None. Your mortgage statements will also remain the same.
What Changes Will Be Made To Consumer Loans?
None. Your statement will look different after the upgrade, but your Consumer loans will still be included in your monthly statement.
Will Apple and Samsung Pay work during the conversion weekend?
Yes, you can continue to use these payment services during the conversion weekend.
Will the branches be open on Saturday, May 6th?
No. Our branches will close at the normally scheduled times on Friday, May 5th and will reopen as usual on the following Monday, May 8th.
Will your Routing and Transit Numbers change?
No. Our Routing and Transit Numbers will remain the same, and all current payments using these numbers will continue to function as normal.
Will there be a change to how transactions are posted to my account?
Yes. Payment order of items – Transactions may post in the order Main Street Bank selects. We process online transactions, telephone transfers, deposits or withdrawals done at the teller window, ATM withdrawals and Point-of-Sale (POS) transactions in real time as they occur. We process ACH transactions (credits then debits), in the morning and evening on the day they are processed. We process checks and similar items, in serial number order on the day they are processed. Other credit transactions such as a deposit at an ATM or mobile deposit will be credited as they are received. The order in which items are paid is important if there is not enough money in your account to pay all of the items that are presented. If an item is presented without sufficient funds in your account to pay it, we may at our discretion, pay the item (creating an overdraft) or return the item as insufficient funds. The amounts of the insufficient funds fees are discussed elsewhere. We encourage you to make careful records and practice good account management. Refer to the Funds Availability Disclosure Agreement to know when deposits of funds become available.