ICFS FAQ
We have answers to
questions that ICFS customers frequently ask. If you have questions
that are not listed here, please contact us.
FAQs
I. Opening an account
II. Statement and account information inquiry
III. Inquiry through the Internet and automated
telephone inquiry system
IV. Time deposit accounts and savings accounts
V. Account transfer, wire transfer and
checks
VI. ATM card, credit card and other services
VII. Deposit insurance
I. Opening an Account
What
are the advantages of ICFS deposit accounts?
If you are
outside of the United States and need to make a deposit, conduct a wire
transfer, or diversify your savings investments in US$, ICFS deposit
accounts offer you safe and convenient service. There are also potential
tax advantages on interest earnings for qualified individuals and businesses.
(Please consult your tax advisor)
Who
is qualified to open an ICFS account?
An ICFS deposit
account is designed specially for foreign individuals or businesses.
If you are in the US,
you probably won't need this type of account. In consideration of the
laws and regulations, and cost of service, Far East National Bank (FENB)
has special requirements for the applicant's qualifications.
How can I
open an account or obtain the required application forms?
To obtain the
applications forms or additional account information, you can contact
our friendly staff at ICFS.
Can my children,
who are minors under 18 years of age, open an account with ICFS at FENB?
How do we proceed?
Yes, you can open an "In Trust For Account".
To open an account, our staff will send you all the necessary
documents upon request.
Do I need
to close the account personally?
No. You will only need to fill out the Written Instruction and mail
it to Far East National Bank. If you have previously signed the Fax
Message Indemnity Agreement, you may send the instruction to the bank
via fax. Please go to Transaction Forms to obtain the required
forms online. Once you complete all the required forms, you may fax
it to the following number:
ICFS fax: (213)
687-2542
For Taiwan customers,
toll free fax: 0800-222-999
II. Statement and Account Information Inquiry
Besides
the monthly statement, is there any other way to get more immediate access to
account balances and detailed information?
Yes. There are two ways:
24-hour
toll-free Chinese Telephone Inquiry System
USA: 1-800-753-8449
Taiwan:
0080103729
Online
Banking: Go to Online Banking to download an application.
What
is the difference between the Interest Rate and APY on the statement
or deposit certificate?
Interest Rate is a simple rate for calculating interest. Annual Percentage
Yield (APY) is a compounded annual rate, the result of interest rolling
on top of interest. For example, if the interest on a savings account
is added monthly onto the principal and the interest is recalculated
every month based on the new balance, then its APY will be greater than
its simple interest rate. If the interest is not compounded, i.e. transferred
to another account, then the APY will be equal to the simple interest
rate.
I
have not received my statement for a long time. I don't know why and
don't know how to ask for it.
Answer:
The statement frequency depends on your account type:
If
your account is a Money Market Deposit Account (MMDA), NOW Account or
Checking Account, the bank statement is sent out at the beginning of
every month. If you have not received the statement for a long time,
it might be lost in the mail. Please contact an ICFS service assistant.
If
you have a savings account, FENB will send you a quarterly bank statement
via mail in the beginning of these months: January, April, July, and
October.
If
my bank statement is lost, can I get another copy?
Yes, you can obtain a copy by completing the Fax Transaction Instruction
form. You will be charged US$10.00 per statement. If you just wish to
know the balance or account information, please consider other methods
of inquiry.
III. Using Telephone Inquiry System and Online Banking
How
can I apply for telephone inquiry service?
You don't need to apply for the service. As long as your account is
open and the initial deposit is processed, you may call the toll free
number (Taiwan
: 0080103729/USA: 1-800-753-8449)
and access your account information using a Personal Identification
Number (PIN).
What
are the services available on the Telephone Inquiry System? How do I
use them?
Authorized callers can access the Telephone Inquiry System to listen
to account balance, to check itemized transaction for deposits &
withdrawals, and to conduct inter-account transfers. Please click "Bank
by Phone" on our website for service details and instructions for
using the Telephone Inquiry System.
Why
can't I access the Telephone Inquiry System?
Under the following circumstances you might not be able to access the
service:
-
Your
first deposit has not been processed; therefore, the account is not
active.
-
You
have entered an incorrect PIN.
There
are some connection difficulties, or our technicians are executing system
maintenance operations. Please try again later.
If
you continue to encounter problems, please contact our bank during business
hours.
Can
I change my PIN for the Telephone Inquiry System?
Yes. After accessing the Telephone Inquiry System the first time with
your starting PIN, you can then select the PIN change option on the
menu and change your PIN according to the prompts.
How
do I apply for eBanking service?
The procedures to set up eBanking services are as follows:
What
services are provided with Online Banking?
Online Banking provides the following services:
IV. Time Deposit Accounts
What
are the interest payment methods and frequency options for a Time Deposit
Account (TDA)?
Customers may choose to have the interest either added to the principal
at maturity or transferred to another deposit account. The available
frequency options are as follows:
At
Maturity Option: the interest will be paid at end of the Time Deposit
term (Note: interest will be paid at least yearly when TDA term is over
one year).
At
Monthly Option: the interest will be paid monthly. This option only
applies to Prime Rate Time Deposit Account and Prime Linked Time Deposit Account
a. interest transferred
to another deposit account
b. interest check to be sent to customer
My
Time Deposit Account (TDA) has matured and I did not contact FENB about
renewal. What will FENB do?
The maturity notice is mailed to the customer two weeks prior to the
TDA maturity date. The customer has ten calendar days from the maturity
day to withdraw funds from the TDA without penalty. If the funds are
withdrawn or the term is changed, the interest accrued during the grace
period will not be paid. After the grace period, the account will automatically
renew for the same term even if the account holder takes no action.
The renewal interest rate will be the prevailing interest rate posted
on the maturity date of the original time deposit.
What
should I do if I do not want to renew the Time Deposit Account?
To discontinue the renewal of your TDA, the customer is required to submit
a written request to FENB either in person, by mail, or by fax. Customer
must provide instructions to transfer the funds to a deposit account
or request a check to be sent upon maturity. (Instructions must be given
prior to or during the grace period to avoid penalty.)
If
the Time Deposit Account has not yet matured, but I need the money urgently,
what can I do?
You may withdraw the funds with penalty. Or, you can borrow money in
US currency or NT dollars against the funds on your TDA. (Note: The
borrowing is subject to credit approval and a minimum amount may be
imposed.) If you choose to withdraw the funds, a written request to
FENB must be submitted in person, by mail, or by fax. Customers will
need to provide instructions to transfer the funds to a deposit account
or request a check to be sent.
How
do I borrow money against the funds in my Time Deposit Account?
A hold for loan collateral will be placed on your TDA. Please contact
the ICFS service assistant for more details.
My
account is opened with the San
Francisco branch. Can I withdraw funds at the
Los Angeles
branch?
Yes. As long as you have an account with FENB, you may withdraw funds
at any one of our branches.
V. Account transfer, wire transfer and checks
I
want to wire funds to my account at FENB. What do I do?
Provide the wiring bank the following information:
Account
No.: Your account number
Beneficiary:
Your account name
Receiving
Bank: Far East National Bank
Receiving
Bank (ABA#): 122034103
SWIFT
CODE: FENBUS6L
Bank
Address: Two California
Plaza, 350 S. Grand Avenue, 41st Floor
Los Angeles, CA 90071. U.S.A.
Bank
Phone No.: 213-687-1250
I
want to wire funds from my account at FENB to another bank. What do
I need to do? How much is the fee?
To
send wires, complete the "Fax Transaction Instruction" and
forward it to your ICFS service assistant for processing.
The
wiring fee is US$25.00 for domestic (within
the U.S.
)
and US$30.00 for international wires (outside
the
U.S.).
Is
there any fee for transferring funds between my own accounts at FENB?
The transfer limitation and the transfer fee depends
on the account type:
If
both your accounts are either NOW or checking accounts, the transfers
are unlimited at no charge.
If
you have a savings account, three withdrawals are allowed per calendar
quarter without charge.
Additional withdrawals
will be charged $1.50 per withdrawal if the daily minimum balance in
the account is less than $1,000. If you have a Money Market Deposit
Account (MMDA), a per item fee of $10.00 will be charged for each debit
transaction (withdrawal, check paid, automatic
transfer or payment out of this account) in excess of six during a statement
cycle.
How
do I deposit checks into my account?
If you are outside the
U.S., you can
endorse the checks and deposit them by mail to an ICFS office. If you
are in the U.S.,
you may deposit them at any FENB branch.
How
do I endorse the checks?
If
the check is made payable to you, sign your name on the back of the
check and write "For Deposit Only" along with your account
number.
If
the payee line is blank, print your name on the payee line and follow
step (1).
If
the check is not made payable to me, can I still deposit it into my
account?
No. If the payee is not the account owner, then the check is considered
to be a "Third Party Check." The issuer of the Third Party Check
has three years of recourse; therefore, FENB cannot accept this kind
of check.
How
do I deposit a traveler's check into my account?
Write
your name on the payee line on the face of the check.
Endorse
the back of the check and write " For
Deposit Only" along with your account number.
What does it mean when I receive a Deposit Receipt for checks deposited?
Receiving a Deposit Receipt means the funds
have been credited to your account.
What does
it mean when I receive a Notice of Hold on a Deposited Check?
Receiving a
Notice of Hold on a Deposited Check means the funds are not available
until the specific date indicated on the notice.
When does
FENB start calculating interest on local checks deposited into my account?
The
interest begins to accrue no later than the business day we receive
credit for the deposit of non-cash items (for example, checks).
VI. ATM card, credit card and other services
How
do I apply for an FENB ATM card?
Complete the "Fax Transaction Instruction Form" to apply for
an ATM card.
Can
the FENB ATM card be used outside of the United
States to withdraw funds?
Yes. It may be used to withdraw local currency at any ATM displaying
the PLUS(TM) or STAR(TM) logos.
Is
there a limit to the number of, or the amount
of withdrawals using an ATM card?
Yes. In order to minimize unauthorized use when the card is lost, the
number and the amount of withdrawals are limited as follows:
From
Monday midnight to Thursday 3:00 PM, the maximum number of withdrawals
per day is three, and each withdrawal cannot exceed US$100.
From
Thursday 3:00 PM to Sunday midnight, the maximum number of withdrawals
per day is five, and each withdrawal cannot exceed US$100.
Is
there any charge for using an ATM card to withdraw funds?
There is no charge for withdrawing funds at an FENB ATM. However, if
you withdraw funds at another bank’s ATM, FENB will charge a US$1.00
fee per transaction. The host bank may also assess a surcharge.
How
do I change the PIN for my ATM card?
The change can be made at FENB ATMs only.
How
do I apply for a credit card? What forms do I need to fill out?
Please contact
an ICFS service assistant to request a credit card application.
If
I want to set up direct payment of utility bills from my FENB account,
what do I have to do?
You should request the “Direct Transfer Agreement Form” from your utility
companies. You need to provide FENB's routing
number (
ABA#: 122034103) on the agreement form.
Can
I request a Deposit Verification Letter?
Yes, simply complete the "Fax Transaction Instruction form". The cost is $15
each.
VII. Tax regulations and deposit insurance
Is
my savings at FENB insured?
Yes. Each account is insured up to US$100,000. For other information,
please refer to the FDIC web page.
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