Frequently Asked Questions

Banking

Are my deposit accounts FDIC insured?

Yes, Each individual customer's account is insured by the FDIC. On July 21, 2010, the standard insurance amount was permanently increased to $250,000 per depositor for each ownership category.

What is 1st Colonial’s routing number?

031207869

How do I set up Direct Deposit of my payroll check?

After your checking account application has been approved, you will receive our routing and transit number and your account number. If your employer participates in a direct deposit program, simply provide this information to the human resources or payroll department at your company, and your direct deposit will usually begin within 30 days.

How do I set up Direct Deposit of my Social Security check?

After your checking account application has been approved, you will receive our routing and transit number and your account number. Simply contact the Social Security Administration and have your Social Security number and account information available to set up your direct deposit.

Can I access my account information by phone?

Yes. Account information is available from our customer service team at 856-858-1100 (#0) during business hours, or ask about Bank by Phone, 855-669-9637, for automated account information 24/7.

Is interest paid on my checking account?

Interest is paid on our NOW Checking account for balances over $1,000.00.

Can I view my account transactions at any time?

Yes. Utilizing online banking or our mobile banking application, you have access to your account information 24 hours a day, 7 days a week.

How frequently is my information updated?

Your account information is updated every business day with new transactions that posted to your account the previous day.

Are wire transfers possible to and from my checking account?

Yes. Funds can be transferred to and from accounts by wire transfer or via ACH (Automated Clearing House) debits or credits. Contact us for details.

How do I place a stop payment?

You can stop payment through your online banking account or by stopping in one of our branches

How do I report lost/stolen debit cards?

During normal business hours please contact us at 877-785-8550, or 1-800-500-1044 after hours.

What is the difference between my Balance and my Available Balance?

Your Available Balance is your Balance minus any pending debit card transactions and/or any outstanding holds (for example, holds on deposited checks, fraud/legal holds, or temporary debit authorization holds). Any checks you may have written or ACH transactions that have not posted to your account, Bounce Protection funds, or any funds from accounts(s) you have linked for overdraft (for example, deposit overdraft protection and/or overdraft line of credit) are not reflected in your Balance or Available Balance.

Online Banking

What is Online Banking?

Online Banking is a secure tool that allows you to use a personal computer with an Internet connection to conduct your banking online.

What can I do with Online Banking?

You can: View your latest account activity, Transfer funds between accounts, Pay recurring, occasional and one-time bills

Is any of my personal information stored in the Online Banking product?

Yes. The Online Banking product securely stores your User ID, password and user preferences.

How current is my online banking information?

Your account information is updated throughout the business day with new transactions posted to your account on an on-going basis.

What accounts can I access through Online Banking?

You can access your checking, savings, certificate and loan accounts from the Online Banking service. Our Online Banking Product is intended to give you as much access, security, and versatility as possible.

How much account information can I view at once?

The system will show up to 90 days of transactions and information. Your account statements will also become available for up to the past 12 months.

How can I view my account details?

You can view your accounts by date, check number, amount or type, in ascending or descending order.

When can I use Online Banking services?

With Online Banking, you have access to your account information 24 hours a day, 7 days a week!

How long can I be inactive before being logged out of the Online Banking product?

The inactivity time out default is set for two minutes.

What is required to use the Online Banking service?

All you need to use Online Banking is a computer with Internet access and a secure browser that supports 128 bit encryption. Browsers that are officially certified include Microsoft Edge, Safari, Google Chrome as well as Mozilla Firefox.  To ensure compatibility only use current updated versions.

How do I access Online Banking?

You must first complete the Online Banking Registration Form by clicking the Enroll Now within the Login box area of the home page of our website. Once your registration application is received, we will process your request. You will be notified by email when you can access your accounts online. You must have an existing checking/savings account before banking online.

Can I create my own password?

Yes. You create your password when you fill out the registration form using the guidelines outlined on the form. You may also change your password at any time through the My Profile link.

How do I reset my online banking password?

Enter your user ID, and a link to reset your password will appear.

How do I find my online banking user name?

Call 877-785-8550 to speak with the digital banking department.

How do I sign up for Online banking?

Click on the “enroll” button and complete sections 1- 3 that are requested and click submit. If all information matches you will be notified that you are now enrolled.

How do I sign up for E-Statements?

Once enrolled in online banking click on the account drop down box, and then click on statements. Next will be two options “view statements” and “statement preferences”. Click on “preferences” to select your delivery method.

Are their limits for Mobile banking deposits?

There is a daily limit for Mobile deposits of $5,000.00 and a transaction limit of no more than 5 deposits daily. The multi-day limit of $7,500.00 total deposited in 5 days and no more than 10 checks deposited in 5 days.

Online Bill Payment/Presentment

What is Online Bill Payment?

A service that allows you to set up payments online to just about anyone. You select the person or company to make a payment to and the payments system will withdraw the money from your account and send the payee a paper check or an electronic payment. You can schedule a one-time payment in advance, or set up payments to reoccur automatically.

We recommend that you schedule your payment a minimum of four (4) business days before the actual bill due date to allow time for electronic processing, or for mailing if a paper check is sent. The Online Bill Pay system determines whether a payment is sent electronically or by check, based on whether the payee accepts electronic payments and other guidelines.

Please note that the payee may not post the payment immediately, so you may need to contact them to confirm receipt.

Who can use the service?

All 1st Colonial Community Bank online banking customers are eligible to use our Bill Pay service. Please contact your account representative or customer service at 856-858-1100 or CustomerService@1stcolonial.com for more information.

How are payments made?

The Bill Pay Provider (a third party vendor) makes the payment for you and the amount is automatically deducted from your account. Depending on the payee, payments are sent as paper checks or electronic payments. All you need to do is to set up a list of payees to whom you want to make payments. A payee can be any company, service, or individual. The recipient is entered into the system initially and the records are saved for future transactions.

After the payees list is set up, you can schedule your payments. Payments can be one-time only or recurring. Recurring payments are automatically rescheduled on the date you specify.

How do I know if the company or person received my payment?

Look for the payment to move from the Pending Payments section to the Recent Payments section. You can see a list of pending and recent payments for a particular payee in the Payment Assistant.

You can see a list of pending and recent payments for all payees in the Payment Center.

If the payment was processed normally, you will see the amount of the payment. If you canceled the payment, or if it failed during processing, you will see the status of the payment.

You can also check the status of the payment in Bill History. If the status is Paid, the payment has been sent to the payee. In some cases, you may see the date when the payee posted the payment to your account.

When you set up your bill reminders, you can select an option to receive an e-mail message when the payment is sent. The message contains any posting information that the payee sends us. If you want to confirm that the payment has been posted to your account, contact the payee. It may take a few days for the payee's payment system to show the credit to your account.

Can I change a payment?

Yes. If the payment has not started processing, you can change the:

Account from which to make the payment

Date you want the payee to receive the payment

Payment amount

Change the Payee. If a payment is made to the wrong recipient, it can be canceled and resubmitted to the correct recipient.

Who can I make payments to?

Anyone in the U.S., if you have their mailing address. We have many companies already on our national database, but you may add anyone to the payee database as long as you supply the mailing address.

Can I make payments to anyone outside of the U. S.?

You cannot use Online Bill Pay to pay any company or person with an address outside the United States or its territories.

What are Automatic Payments?

An Automatic Payment can be set to make a recurring payment for the same amount on a particular schedule (for example, your mortgage payment), or can be set to automatically pay any E-bill. The Online Bill Pay system can automatically pay an E-bill regardless of the payment amount, or you can choose to set a limit on the amount automatically paid. For example, you can have the system pay bills under $100, but for bills over $100, you will receive a message that the minimum amount due on your bill exceeds your maximum limit. In this case, schedule the bill on the Payment Center page.

Residential Lending

What is the first step when beginning a home search?

Before you begin your homes search, you should meet with a lender to get pre-qualified. At this point, it is NOT necessary to provide tax returns, bank statements, pay stubs, W-2s or any other important documents.

How do I keep my credit clear while my new home loan is in process?

Don’t do anything that could alter your credit score. Don’t do any of the following:
Apply for a new credit card, auto loan, or other types of credit.
Co-sign a loan with someone.
Change jobs, become self-employed, or quit your job.
Skip payments on existing credit accounts, utility bills, or loans.
Charge up your existing credit on big-ticket items, like furnishings for a new house.

Can I still get a mortgage if I have bad credit or have filed bankruptcy?

Having good credit helps to get a more competitive mortgage interest rate, but perfect credit isn’t required.

If you have a low credit score or have filed bankruptcy in the past, you can work toward improving your credit.

What is the difference between pre-approved and pre-qualified?

When a homebuyer is pre-qualified, he or she has provided the lender with the basic information to determine which loan program the homebuyer may qualify for. Whereas, when a homebuyer is pre- approved, the lender has collected, verified and presented the information needed for underwriting and approval.

What is the difference between interest rate and APR?

Your interest rate is the monthly cost you pay on the unpaid balance of your home loan. An Annual Percentage Rate (APR) includes both your interest rate and any additional cost or prepaid finance charges such as the origination fee, points, private mortgage insurance, underwriting and processing fees (your actual fees may not include all of these items). While your interest rate is the rate at which you will make your monthly mortgage payments, the APR is a universal measurement that can assist you in comparing the cost of mortgage loans offered by different mortgage lenders.

What are the closing costs?

Closing costs include items like appraisal fees, title insurance fees, attorney fees, pre-paid interest and documentation fees. These items are usually different for each customer due to differences in the type of mortgage, the property location and other factors. You will receive a good faith estimate of your closing costs in advance of your closing date for your review.

Which amounts are included in my monthly payments?

If you have a fully amortizing mortgage, portions of your monthly mortgage payment go toward loan principal and interest. Interest-only mortgage payments include only the interest that is due on the outstanding principal balance. If your mortgage carries mortgage insurance, a portion of your monthly mortgage payment will pay this also, unless the lender has paid your mortgage insurance or you have paid your mortgage insurance upfront. If you have set up an escrow account for your mortgage, then portions also go toward your property taxes and homeowners insurance.

What is PMI?

Private Mortgage Insurance is provided by a private mortgage insurance company to protect lenders against loss if a borrower defaults. Private Mortgage Insurance is generally required for a loan with an initial loan to value (LTV) percentage in excess of 80%. In most cases, this will mean that you will have to pay Private Mortgage Insurance if your down payment is less than 20% of the value of the home you are purchasing or refinancing. The cost of the mortgage insurance is typically added to the monthly mortgage payment.

Can I lock my interest rate when purchasing a home?

Absolutely. 1st Colonial provides a variety of options to lock in your interest rate. Locking your rate means that the lender is agreeing to provide you with your mortgage at that particular rate, and that it won’t go up (or down) between the time you lock it and the time that you close on your home. If your mortgage is fixed-rate, your interest rate will remain the same throughout the life of the loan. Mortgage interest rates fluctuate constantly, and you don’t want to start shopping for a house operating under a certain interest rate assumption, only to be unpleasantly surprised that interest rates have risen during your house hunt.

What will my rate be?

Rates are based on a variety of factors such as the loan purpose, your credit history and ability to repay, the value of the collateral and the loan amount.

How do I start the application process for a mortgage?

Contact one of our residential lenders or visit the apply online section.

What is an FHA mortgage?

FHA loans are government-insured loans through the U.S. Department of Housing and Urban Development, also called HUD. FHA loans offer an excellent start to first-time home buyers, with options such as a low down payment or a low closing cost option.

How does my escrow account work?

An escrow account is a separate account that holds funds for the purpose of paying bills such as homeowner's insurance and property taxes. The lender collects the funds to be deposited into the account each month along with your monthly payment and then pays the bills for you when they come due. By taking the annual amounts charged for homeowner's insurance, property taxes and other annually paid items and dividing them by 12, a payment amount is determined and is added to your monthly principal and interest payment. Spreading the cost of these expenses over 12 months makes it easier for you to budget those expenses and you won't have to come up with additional cash when bills are due. For some loans, escrow accounts are a requirement.

When is my mortgage payment due?

Your mortgage payment due date is listed on your monthly billing statement or coupon. A late charge is assessed if the payment has not been received and processed by the date noted. It is very important that you establish and maintain good credit by making sure your payment reaches us by the due date each month. Late payments can affect your credit record.

How do I know how much I can afford?

Please contact one of our residential lenders, Our complimentary mortgage calculator can help you with this question as well.

Home Equity

What makes a home equity loan or line of credit an attractive financing option?

Interest rates for home equity loans and lines of credit are typically lower than for other forms of credit because your home is used as collateral – meaning the risk to a bank is less than with an unsecured loan. A lower rate means a lower cost to you — and the interest you pay may be tax deductible as well.

Home Equity Loan or Line of Credit?

Both the home equity installment loan and home equity line of credit offer homeowners looking for cash flexible options depending on if you want the money in a lump sum paid back over a period of time or a line of credit to draw from as you need it for a pre-determined amount.

What can I pay for with a home equity line of credit or a home equity loan?

Because of the competitive interest rates and potential tax advantages of home equity lines and loans, they're convenient ways to finance almost anything, including home improvements/repairs, education, purchasing a vehicle, buying a second property or consolidating higher interest rate balances.

How much can I borrow?

You can borrow as little as $10,000 ? or up to $750,000 depending on your credit history, available equity in the property and your current monthly debt.

Is the interest rate fixed or variable?

Our home equity installment loan has a fixed rate. Our home equity line of credit has a variable rate which changes when the prime rate changes (as published in the money rates section of the Wall Street Journal). In addition, the home equity line of credit includes the option to convert all or a portion of your balance to the fixed rate option.

How long does it take to get a home equity line of credit or home equity loan?

The length of time to process the application varies depending on your situation. Once you’ve signed the documents at closing, the funds will be available after a waiting period of three business days on accounts secured by a primary residence. Typical turn around times are 3-4 weeks from the date we receive your loan application.

Home Equity Loan or Refinance?

Depending on your goals either a home equity loan or mortgage refinance may be the right choice for you. Please contact one of our residential lenders for more information or to discuss your situation.