Deposit FAQs

What is a mutual savings bank?

A mutual savings bank has no stockholders and is instead governed by a board of corporators and directors from the local communities it serves. A mutual savings bank serves the people, businesses, nonprofits and communities in the areas surrounding its branches. It does not issue stock and therefore cannot be bought or sold. However, it is for-profit because it must have capital to grow, to expand products and services for the community, and to meet regulatory guidelines. A mutual savings bank's unique structure allows it to prioritize its customers over stockholders, which results in better loan and deposit rates, lower fees, and support for a variety of nonprofit organizations and community initiatives. 

What is overdraft protection?

Overdraft Protection is a service that helps you avoid costly fees, inconvenience and embarrassment if you accidentally overdraw your checking account. Contact your local branch to learn more.

Can I open an account online?

We cannot open new Saco & Biddeford Savings accounts online at this time. To request new account information, please contact a customer service representative or visit your nearest branch.

How do I find balance sheet, income statement and more financial information about the Bank?

Visit the FDIC Institution Directory and enter our FDIC Certificate #17743.

Are my deposit accounts FDIC insured?

Yes! Each individual customer at Saco & Biddeford Savings is insured by the FDIC up to $250,000. If you have more than $250,000 on deposit, your funds still could be fully protected. Under the insurance rules, money held in different types of ownership accounts (Joint Accounts, Retirement Accounts, etc.) are separately insured by the FDIC. Contact us for more information. To determine, on a per-bank basis, how the insurance rules and limits apply to you, visit the FDIC's Electronic Deposit Insurance Estimator.

How do I securely upload a document to Saco & Biddeford Savings?

Learn about our Secure Upload feature.

What should I do if I am an apparent victim of identity theft?

Check out these important steps from the Federal Trade Commission.

How do I activate my Debit Card?

To activate or set a personal identical number (PIN) for your card before making a point-of-sale purchase, please call the card services activation line at 1-866-544-1013 and follow the instructions provided. Note: For personal cards, please use your personal information for activation. For business cards, please use your business information.

What if my Debit Card is lost or stolen?

If you believe that your card or PIN has been stolen or someone has transferred or may transfer money from your account without your permission, please call us at (207) 284-4591 or 1-877-722-6243 or contact our Customer Care Department. Our regular business days are Monday through Saturday (excludes holidays). If you are calling outside regular business hours, you may report a lost or stolen ATM/Debit Card by calling 1-800-754-7128.

If my Debit Card number was fraudulently used, am I liable for any activity?

Cardholders are generally not responsible for unauthorized activity on their accounts (limitations do apply). Should unauthorized charges occur, we’ll help resolve the matter for you. We encourage all customers to monitor their statements regularly for any unusual activity. If you see any signs that your card information may have been fraudulently used, please contact us immediately.

What is the daily limit on my debit card?

Standard limits on Debit Cards are $2,000 for purchases and $500 for ATM withdrawals. You can ask to modify these limits by contacting Customer Care at (207) 284-4591 or by visiting your local branch.

Why do I have a limit on my debit card?

We place limits on Debit Cards to reduce exposure of funds to fraudulent activity should your card data be compromised.

Why is my debit card not working for my online purchase?

Typically, there are three reasons for online debit card purchases to be declined:

1. Insufficient available balance. You could have pending transactions that affect your available balance.
2. Purchase exceeds daily limit. The standard daily limit for purchases is $2,000. You can request to increase this limit temporarily by contacting Customer Care at (207) 284-4591 or visiting your local branch.
3. Order placed outside U.S. or Canada. If the company you are ordering from is located in a country outside the U.S. or Canada, your card may be blocked to limit fraud. Contact Customer Care to have this block temporarily removed. Note: Please also notify us if you plan to travel and use your card abroad.

What are external transfers?

External transfers let you transfer money between your Saco & Biddeford Savings accounts and your accounts at other financial institutions. To set up external transfers, you’ll need to validate your external accounts through small dollar deposits. Please note that outgoing funds incur a fee.

What’s the difference between available balance and current balance?

Your available balance shows funds available for withdrawal and purchases. The most common reason for a difference between your available and current balance is a debit card purchase that has not yet cleared your account but has created a hold for the authorized transaction amount.

If the website is down, can I still get to Online Banking?

Yes. In the unlikely event that our main website is down, you can access the Online Banking log-in page here. As long as our Online Banking site is up, you’ll be able to log in and access your accounts.

Why can’t I have the same Online Banking user ID/password as my spouse, significant other or children?

For security purposes, we require individual Online Banking credentials for each customer. Since some parties may not be permitted to view/access all of your accounts, this practice reduces the risk of unauthorized access.

How do I get the Mobile Banking app for my personal accounts?

Download the Mobile Banking App from the app store for your device. 

Android

iOS

What do I need to log in to my Mobile Banking App?

You’ll use the exact same login ID and password that you use to log in to Online Banking. Please ensure that you have enrolled in two factor authentication (2FA). To learn more about 2FA click here.

What are some of the Mobile Banking features?

Mobile Banking lets you perform the following functions:

• View account balance and history information
• Transfer between eligible internal accounts
• Deposit single checks electronically
• Find branch and ATM locations
• Submit bill payments or add new payees

What is Mobile Check Deposit?

Mobile Check Deposit is a secure and convenient way to deposit a check into your eligible Checking or Savings Account using the Saco & Biddeford Savings mobile app and the camera on your mobile device.

What types of checks can be deposited through Mobile Check Deposit?

Mobile Deposit accepts most domestic-originated checks in U.S. dollars. However, not all items are eligible for Mobile Check Deposit, including the following prohibited items:

• Third-party checks (payable to any person or entity other than yourself or not payable to the owner of the account where the item is being deposited)
• U.S. Treasury Department checks
• U.S. Savings Bonds
• Foreign checks (not drawn on U.S. banks and or payable in U.S. currency)
• Travelers checks
• Checks payable jointly, unless deposited into a Deposit Account in the name of all payees
• Checks created remotely or converted to a substitute check as defined in Reg. CC as a paper reproduction of an original check
• Checks dated more than six (6) months prior to the date of deposit or dated in the future
• Checks that you know or suspect, or should know or suspect, are altered on the front, fraudulent or otherwise not authorized by the owner of the account on which the they’re drawn
• Checks that are irregular (check amount number differs from written amount)
• Checks drawn on your own bank account
• Checks that have previously been submitted through Mobile Check Deposit 24/7 service or through a remote deposit service offered at another financial institution

How do I endorse the back of the check?

All checks submitted via Mobile Check Deposit must be endorsed with your signature and the words “For Remote Deposit at SBSI Only” on the back. Checks submitted for deposit without this restrictive endorsement may be rejected. If a check is made payable to two payees, both parties must sign it. It must also contain the restrictive endorsement outlined above and must be deposited into an account owned by both parties.

When will my deposit be available, and what are the deposit cutoff times?

If we receive a mobile deposit before 3:00 p.m. EST, funds will generally be available by 5:00 p.m. on the same day. If we receive a mobile deposit after 3:00 p.m. EST, funds will generally be available by 5:00 p.m. on the next business day. Business days are Monday - Friday.

Weekends and Holidays: Deposits submitted to Saco & Biddeford Savings after 3:00 p.m. EST on Friday, throughout the weekend and on federal holidays will be processed and funds made available by 5:00 p.m. on the next business day.

Are there dollar limits on items I deposit?

Yes, there is a $3,000 daily limit and a $6,000 monthly limit.

How do I know if a Mobile Check Deposit went through?

Once you’ve submitted your deposit, you can tap the “Recent” button at the bottom of the app screen, then tap “Check Deposits” to review the current status of your deposit. Note: Please keep in mind deposit cutoff times, Mobile Check Deposit processing and general funds availability timeframes. Mobile check deposits are not immediately available in your account. (See “When will my deposit be available, and what are the deposit cutoff times?”)

What should I do with my check after I deposit it?

Once you’ve confirmed that your mobile deposit has posted to your account, please store your check in a secure place for 30 days after transmission in case the Bank requests it. After 30 days, please write VOID on the check and destroy it by cross-cut shredding.

How do I sign up for Mobile Deposit?

Important: You must be enrolled in Online Banking to make mobile deposits within Mobile Banking.

Download the Mobile Banking App and set up your device to use our Mobile Deposit service.

What is an eStatement, eNotice or eBill?

An eStatement, eNotice or eBill is an electronic copy of your statement, notice or bill which is presented to you through an electronic delivery channel such as Online Banking or the eStatements Direct service.

Do I have to be an Online Banking customer to have eStatements, eNotices and/or eBills?

No. However, if you’re an Online Banking customer, you can view your eStatements, eNotices and eBills by clicking on the Documents tab. 

Don’t want Online Banking? No problem! Access your eStatements, eNotices and eBills using our eStatements Direct Service. Self‑enroll in eStatements Direct Service

Signing up for eStatements/eNotices/eBills without Online Banking? View step-by-step guide

Can I have eStatements, eNotices and/or eBills on more than one account?

Yes, you can sign up for eStatements, eNotices and/or eBills for any eligible account for which you are a signer and currently receive periodic statements, notices and/or bills.

How do I sign up for eStatements?

Already enrolled in Online Banking and eStatements? Log in to Online Banking and navigate to the Documents tab. Then click on Preferences to select electronic delivery for notices and tax statements. Use the drop-down options to select electronic statements and/or notices for each individual account.

Already enrolled in Online Banking but not eStatements? Log in to Online Banking and navigate to the Documents tab to begin the enrollment process. It only takes a few seconds.

Want eStatements without Online Banking? No problem! Self-enroll in our new eStatements Direct Service or View step-by-step guide to signing up for eStatements/eNotices without Online Banking.

Can I receive eStatements, eNotices and/or eBills in addition to a printed statement?

No. Once you sign up for eStatements, eNotices and/or eBills, printing of your documents will stop. You can stop receiving electronic documents and resume paper delivery at any time by making the change under the Documents tab on the eStatements page or by contacting Customer Care at 207-284-4591 or 1-877-722-6243.

How do I know when my eStatements, eNotices and/or eBills are available?

If a new eStatement, eNotice and/or eBill is available for viewing, you’ll receive an email notification. Please remember that it’s your responsibility to keep your email address up to date in the system.

What do I need to receive eStatements, eNotices and/or eBills?

To receive your banking documents electronically, you’ll need the following:

• PC or similar device with Internet access
• Valid user ID and password to Saco & Biddeford Savings Institution’s Online Banking
• Application or self-enrollment for eStatements Direct
• Valid email address
• Adobe Acrobat Reader (Download at no charge here.)
• Optional – Hard Drive space or a storage device if you wish to save copies of your statements
• Optional – Printer if you wish to print copies of your statements

What if I can’t find a statement, notice or bill?

If you’re missing an electronic document, please contact Customer Care at 207-284-4591 or 1-877-722-6243. They’ll be happy to research the issue for you.