Change of Account FAQs

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Why are you discontinuing the Passbook Savings Account?

Passbook Savings Accounts are a long standing account type where the Customer Service Associate records the majority of transactions made on the account into a small booklet held by the account owner. As with any other account, valid photo identification is required to withdraw any funds. As banking technology has progressed, these account types have not evolved with banking systems:
  • State and Federal governments, along with many employers, may require electronic direct deposit to receive funds
  • The passbook must be presented in person in a bank to conduct transactions on the account, which can be challenging with branch/lobby closures due to the pandemic
  • Increased risk of account takeover fraud if you do not regularly update your passbook as no statements are offered
  • Inability to access your money when you need to – no access to online banking, ATM Cards, etc.

Do I need to bank electronically after transitioning to a Statement Savings Account?

Not at all - if you do not want to add your savings account to an existing Debit Card or get a new ATM Card, you aren’t required to do so.

If you choose not to utilize online banking and/or eStatements, you will be issued a regular account statement to ensure only authorized transactions have posted.

Why is my account type changing?

At Berkshire Bank, we are continuously evaluating our full suite of consumer and business product offerings to ensure that you have access to the most desired account features and products that will help to simply and enhance your banking experience.  From time to time, older account types that do not offer the most current account features are discontinued and customers in those accounts are placed in a similar account type that does offer the most current, innovative features that our customers have come to expect.

How do I identify what product type(s) I am currently in?

If you are an online banking user, you can identify your account type by logging into your online banking account.  A list of your accounts will appear, including the name of the account type(s) that you own.  You can also view your paper or online account statement to identify your account type.  At the top of your account statement, your account type, account number and ending account balance will be listed.

Will my account number be changing?

No.  To ensure minimal disruption to you, there will be no change to your existing account number.  Only the account type and features of your account may change.

What action do I need to take in advance of this change to my account?

No action is required at this time.  Because your account number will not change, you may continue to use the same checks that you currently use today (if your account is a checking account).  Your online banking and mobile banking access will not be interrupted because of this change.  If you have direct deposit or automatic withdrawals/deposits set up to your account, they will not be impacted.  You may also continue to use your same ATM/Debit Card that you are currently using today.

What if, after identifying what my new account type will be, I’ve determined that is not the right account type for me? If there is an alternative account type, I wish to switch over to, what should I do?

If you have decided that the account type your account will be changing over to is not the best fit for you, not to worry.  You have options.  Meeting with a Relationship Banking expert to discuss the account type that will fit your unique financial needs is the best next step.  There are many ways to contact one of our Relationship Banking experts. 

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