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FAQs

When using the Bill Payment option how is the transaction completed?

When using the Bill Payment option how is the transaction completed

We process our customer’s requests for bill-pay via paper checks. We advise that you complete the transaction in the same manner you would if you were writing the check by allowing up to 10 days for mailing. This is not an automatic transfer, we do not process our bill-pay checks as an ACH transaction.

What is the daily limit for a debit card?

Our standard daily limits are $250.00 ATM withdrawal and $500.00 debit purchases.

What does it take to open a checking or savings account?

It takes 3 items open an account: 2 forms of ID, documentation of current address and $100.00.

If I have a checking account and a loan with South Ottumwa Savings Bank can I make an automatic loan payment?

We do offer options for automatic payments, you may set up a transfer from your checking account to your loan using our Online Banking, or you may stop in the bank and sign up for an automatic loan payment.

How long does it take to get a debit card?

It takes approximately 2 weeks to receive your debit card.

How do I reorder checks?

You can order checks by calling Deluxe Checks directly at 877-838-5287 or visit Deluxe Checks online.

You may come into the bank to fill out the stop payment order or you may submit a stop payment order using our Online Banking.

Call 1-800-831-4766 or you can use our Online Banking.

How can I sign up for Internet Banking?

We offer a couple of quick, simple ways to sign up. On our website you may fill out the Online Banking application, after verification of your application you will receive a temporary password from our Account Information Department, or you may stop in the bank and fill out a form.

How can I find out if a check has cleared my account, what my account balance is, or how much my Direct Deposit is?

You can call 1-800-831-4766 or you can use our Online Banking.

Yes, by signing up for an e-statement a notification will be e-mailed to you when your statement is ready to be viewed in our Online Banking.

We do not charge when one of our ATM's is used, although other banks can charge if you use their ATM. We do charge $1.00 per transaction when another bank's ATM is used.

Will my living trust avoid income taxes?

No, the purposes of creating a revocable living trust are to avoid conservatorships, probate, and to reduce or eliminate federal estate taxes. It is not a vehicle for reducing income taxes.

What is a trust?

A revocable living trust is a complete will substitute. It can control all of your assets during your life and after your death. When you set up a living trust, you must transfer the title of your assets including stocks, bonds, certificates of deposit, real estate, etc., from your personal name into the name of your trust. The assets titled in the trust name will not go through probate.

Is a living trust only for the rich?

No, while a living trust is not necessary for every person it can help anyone who wants to protect his or her family from unnecessary probate costs, attorney’s fees, executor’s fees, and court costs, or who needs to protect a beneficiary’s interest from ex-spouse’s, other creditors, disability or financial mismanagement.

How much do you charge to manage my account?

Our standard trust fee is a percentage of the total market value of your assets.

Can I change the terms of my living trust?

Yes, while you are alive and competent you can alter your living trust or even revoke it at any time.

Can I act as my own trustee?

Yes, if you are competent to handle your affairs now, you certainly may act. It is a good idea to name a successor trustee in the event of incapacity or death.

Do you provide Certificate of Deposit rate quotes?

Call one of our main branches, stop in or email us and a representative of SOSB will quote current CD specials and the best available rate.


Resource Links

Federal Trade Commission U.S.A. Patriot Act Annual Credit Report Deluxe Check Re-Order FDIC FDIC: Electronic Deposit Insurance Estimator (EDIE) National Consumer’s League Internet Fraud Watch Savings Bond Orders Shazam ATM Locator

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