Questions? We've got answers.
Is my online account application secure?
We make every effort to ensure that your data is transmitted to us securely. In particular, Berkshire Bank uses secure socket layer (SSL) encryption, an industry standard for online security. Encryption is a method of scrambling data using a mathematical formula that is intended to make the data unintelligible to anyone that may intercept it as it travels over the Internet. Although no method of security can ever be absolutely guaranteed, SSL technology is designed to prevent your data from being unscrambled by unknown parties.
How long will the application process take to complete?
Our online application process provides an
easy and
secure way to open your new checking, savings and money market accounts and will require less than
5 minutes of your time.
What personal information do I need to get started?
To get started, you and any joint account owner must be a U.S. Citizen or other U.S. Person. You will also need the following information for each account owner:
- Social Security Number
- Home Address
How do I make my opening deposit?
You can
transfer money from an account at another bank (ACH) or use your debit/credit card. If you are transferring money from an account at another bank, please have the account information found on your checks or deposit slips available for reference. ACH and debit/credit card transactions will be initiated at the time of account opening and can take up to seven business days for the funds to become available after the application is successfully processed. For accounts opened in our Reevx Lab locations and funding with cash or checks, you can visit the closest MyTeller machine and our staff will gladly assist you with processing the opening deposit.
How will I know when the account opening process is completed?
At the end of the quick account opening process you will receive an on-screen confirmation with a “You’ve been approved!” message. This message will include a summary of the accounts opened including the account name, account number, routing and transit number and the initial balance you pledged. In addition, you will receive an email to the address provided as a confirmation. This email will provide you with tips on how to activate your full banking relationship with online banking and our mobile applications. Please note, the email will not include account numbers in order to protect your privacy.
Can I use the “back button” in my browser during the account application process?
No. You will not be able to use the “back” button during the application process.
When will my opening deposit be available?
ACH and debit/credit card transactions will be initiated at the time of account opening and can take up to seven business days for the funds to become available after the application is successfully processed. For accounts funded at our MyTeller machines, cash deposits are immediately available; check deposits will be available according to your MyTeller’s instructions and in accordance with Berkshire Bank’s Funds Availability disclosure.
Once your funds are available, they will be included in the ‘available balance’ column online. Please note that you will receive the rate offered on the product you chose as of the day your application is complete.
When will I have access to my new account?
You will be prompted to enroll in online banking as soon as the account is successfully opened; you can generally expect to see the account in online banking within 1 business day. Additionally, you can review your account via Berkshire Bank’s telephone banking system by dialing 888.685.8300.
What is backup withholding?
Backup withholding is a type of withholding for federal income taxes on certain types of income, including interest income on bank deposits. It can be used when a name and social security number do not match IRS records or if a taxpayer owes federal income taxes. Most taxpayers are exempt from backup withholding and the IRS will notify you if you are required to have backup withholding.
Who is defined as a U.S. person?
U.S. law treats U.S. persons and foreign persons differently for tax purposes. Therefore, it is important to be able to distinguish between these two types of taxpayers. The term ''U.S. person'' means a citizen or resident alien of the United States. For tax related questions please contact your professional tax advisor or refer to the IRS’ website.
What is FATCA?
The Foreign Account Tax Compliance Act (FATCA) is an important development in U.S. efforts to combat tax evasion by U.S. persons holding accounts and other financial assets offshore. Under FATCA, certain U.S. taxpayers holding financial assets outside the United States must report those assets to the IRS if they are over the reporting threshold. For tax related questions please contact your professional tax advisor or refer to the IRS’ website.
What if I have questions or need help?
If you have any additional questions you may call our customer service center at 800-773-5601. Our hours of operation are Monday through Friday 7:00 am – 7:00 pm Eastern Time, and Saturday 8:30 am – 2:00 pm Eastern Time.