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 Frequently Asked Questions

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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About Us

Asheville Savings Bank, chartered in 1936, has 13 banking centers and approximately 165 employees in the counties of Buncombe, Henderson, McDowell, Madison and Transylvania in western North Carolina. It is the oldest, locally managed, financial institution in Buncombe County.

 

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Business Accounts

  1. What is the minimum opening deposit for business accounts?
    Answer: The minimum opening deposit for a business checking account ranges from $100 - $200 depending on the type of account being opened. The minimum opening deposit for a business savings account is $50. Click here to learn more about all of our business account options.
  2. What documentation is required to open a business account?
    Answer: In order to open a business account, you will need to provide documentation verifying your business and physical address. Additional documentation can vary depending on the type of your business; please contact your local Banking Center for help in determining what documentation to bring with you when you come to open a business account.
  3. Is personal information for the account signers required?
    Answer:Yes, Information and photo identification of each account signer is required. We will need the following from each signer:  Legal Name, Proof of Physical Address, Social Security Number, Date of Birth, Valid Photo ID, and second form of ID.
  4. How can I add or change the signers of my business if needed? 
    Answer:Business signers can be changed at any time. Simply contact an Asheville Savings Bank Customer Service Representative to determine what type of documentation is required.
  5. How can I access my business account information?
    Answer: Access to your business account through Business Online Banking or Telephone Banking is available 24 hours a day to make keeping track of things easy. The phone number for Telephone Banking is 800.785.5253. The first time you call you will be asked to enter your account number and your four-digit personal identification number. Your personal identification number is the last 4 digits of your social security number. You may elect to change your personal identification number using the automated customer service line.
  6. If I decide this account is not right for me, do I have to close it to change the type of account?
    Answer: No. Simply visit an Asheville Savings Bank banking center and a customer service representative will help you select the business account product that best meets your needs.
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Careers

  1. What is the best way to apply for a position at Asheville Savings Bank?
    Answer: You may apply for positions online at the www.ashevillesavingsbank.com Careers page. There you will be able to view all open positions and complete the online application process.
  2. Can I attach a cover letter and resume?
    Answer: Yes. You will find a section on the application that allows you to browse and upload your documents.
  3. What is a pre-employment assessment?
    Answer: It is an online questionnaire that asks you to choose your best response to work-related situations. A pre-employment assessment is part of our online application process and is required when you submit your first application. The assessment portion of the application must be completed in order for your application for employment to be considered. You need only take the assessment one time even if you apply for multiple positions or apply at a later date. 
  4. How can I be sure that my application was received?
    Answer: Candidates who complete the application process will receive an immediate response by email confirming receipt of their application; however, you must include your email address in the application in order to receive a response.
  5. Will I be contacted for an interview?
    Answer: Due to the large volume of applications received, not everyone will be contacted for an interview. Your credentials will be reviewed and the most qualified applicants will be contacted regarding the position.

Contact-Secure Email Information

  1. Why does the bank use ZixCorp secure email to send information to customers?
    Answer: The protection of your personal financial information is of utmost importance to us.
  2. How does the ZixCorp secure email keep information protected?
    Answer: This system encrypts the message and keeps it safe while traveling over the internet.
  3. Do I have to be a customer of ZixCorp to receive secure messages?
    Answer: No, just follow the simple instructions to retrieve your encrypted communication.

Contact Us

  1. As a bank customer how can I send an electronic message to the bank and know that the information contained in that message is delivered in a secure manner?
    Answer: If you log in to Internet Banking you can send a secure message by selecting the “Contact Us” link in Online Banking.
  2. If I am not a bank customer can I securely communicate with the bank over the Internet?
    Answer: Yes, on the Contact page you can create an account that will enable you to send a secure message to the bank.
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Debit Cards

  1. What do I need to do to begin using my Debit Card?
    Answer: Before you can use your Asheville Savings Bank Debit Card, you will need to activate your card by calling the following toll-free number: 1.800.785.5253 or you may use it at an Asheville Savings Bank ATM.
  2. What happens if I do not activate my Asheville Savings Bank Debit Card when I receive it?
    Answer: If you have not activated your Debit Card by a certain date, your card will be canceled in order to protect you and Asheville Savings Bank from possible fraud.
  3. What happens if I do not use my Asheville Savings Bank Debit Card for a period of time?
    Answer: If you have not used your Asheville Savings Bank Debit Card during a six month period, your card may be canceled in order to protect you and Asheville Savings Bank from possible fraud.
  4. Is the Debit Card also a Credit Card?
    Answer: No, this is not a credit card. All your purchases are automatically deducted from your checking account. Your Asheville Savings Bank Debit Card deducts funds like a check without the hassle of writing a check. The Debit Card works like two cards in one: it combines the access of an ATM card with the universal buying power of a MasterCard® Debit Card, providing convenience and flexibility.
  5. How does a  Debit Card work?
    Answer: Your Asheville Savings Bank Debit Card is a debit card that allows you to access ATMs and perform point-of-sale transactions. When used at an ATM, you will be asked to key in your Personal Identification Number (PIN). When paying for purchases with our card, in most cases, you will simply hand your card to the cashier who will treat the transaction the same as a credit card. At other times, you may be given the choice as to whether you wish the transaction to be treated as a debit transaction or as a credit transaction. When used as a debit transaction, you will be asked to key in your PIN. A credit transaction does not require a PIN; however, it does require a signature depending on the transaction amount.
  6. Which account is connected to my Asheville Savings Bank Debit Card and the transactions?
    Answer: Your Primary Checking Account will be used.
  7. How do I keep track of my transactions?
    Answer: Record them the same way you do with checks and your current ATM card transactions in your checkbook. Always get a receipt for the transaction, whether at an ATM or the grocery store, and enter into your check register for easy record keeping. Your monthly bank statement will also list each transaction in detail. You can also access your account online and verify your transactions.
  8. Is there a fee to use my Asheville Savings Bank Debit Card?
    Answer: There's no annual or monthly fee, no ATM fees at Asheville Savings Bank ATMs and there are no point-of-sale fees when you use your Debit Card to make purchases. Also there's no fee when the Debit Card feature is used. Regular fees for other ATM transactions using your PIN still apply.
  9. What happens if my Debit Card is lost or stolen?
    Answer: As soon as you discover your card is missing, call the following toll-free number in order to preserve your rights and limit your liability: 1-800-222-3230, Monday through Friday, 8:30 a.m. to 5:00 p.m. After hours call 1-800-236-2442.

 

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Health Savings Account

  1. What is a HealthStyle HSA Account? 
    Answer: Federal laws created Health Savings Accounts (HSAs) to help you save for qualified medical expenses and retiree health expenses on a tax-free basis. The funds in an HSA belong to you and are completely portable. Any unused funds remain in the account and are rolled over to the next year.
  2. Is a HealthStyle (HSA) right for me?
    Answer: A Health Savings Account (HSA) is a savings account similar to an IRA that works in combination with a high-deductible health insurance plan. The high deductible helps keep premiums low while the savings element allows you to accumulate funds that can be used toward medical expenses. 
  3. What is a High Deductible Health Plan (HDHP)?
    Answer: A High Deductible Health Plan (HDHP) is a health insurance plan that has a high minimum deductible that does not cover all of the costs of medical expenses. The deductible forces the insurance holder to pay the first portion of a medical expense before the insurance coverage kicks in. The minimum deductible for a plan to fall into the category of an HDHP varies each year.
  4. What is the maximum amount I can contribute to my HealthStyle HSA account? 
    Answer: For the Year 2015, HSA holders can choose to save up to $3,350 for an individual and $6,650 for a family (HSA holders 55 and older get to save an extra $1,000 which means $4,350 for an individual and $7,650 for a family) and these contributions may be 100% tax deductible from gross income. In 2016, the contribution limits will remain the same for an individual at $3,350 and increase to $6,750 for a family (HSA holders 55 and older get to save an extra $1,000 which means $4,350 for an individual and $7,750 for a family).
  5. What are Qualified Medical Expenses?
    Answer: Qualified medical expenses are expenses paid for medical care, that are not covered by insurance and that are incurred after your HSA has been established. Qualified medical expenses are described in Section 213(d) of the Internal Revenue Tax Code. The expenses must be primarily to alleviate or prevent a physical or mental defect or illness, including dental and vision. A list of these expenses is available on the IRS Web site in IRS Publication 502, "Medical and Dental Expenses."
  6. How do I get reimbursements from my HealthStyle HSA account?
    Answer: Payment or reimbursement for medical expenses can be accomplished in a variety of ways. • When a medical expense is incurred, pay using your Asheville Savings Bank HSA Debit Card or check drawn on your HSA account. • Use an Asheville Savings Bank check to withdraw funds to reimburse you for qualified expenses. • You may withdraw cash at any ATM to pay providers or reimburse yourself for qualified medical expenses incurred. There is no service charge for withdrawals at ATMs owned and operated by Asheville Savings Bank. In addition, a cash withdrawal may be made at any Asheville Savings Bank location.
  7. What happens to my HealthStyle HSA account if I change jobs?
    Answer: The Internal Revenue Service addresses the regulation of HSAs and other high-deductible health plans in Publication 969. In this publication, it specifies that HSAs are portable, meaning that the funds in your HSA belong to you. There isn't a vesting schedule associated with HSAs, meaning that 100 percent of the money in the account goes with you. Even if your new employer does not offer a high-deductible health plan, you can still use your HSA for qualified medical expenses; you just may not be able to make additions to the account. If you leave your job and do not have benefits that start right away, the IRS also permits you to use your HSA account to pay for COBRA coverage. Qualified withdrawals from your HSA may be tax-free.
  8. What happens if I don’t use all the funds in my HealthStyle HSA account each year? 
    Answer: There is not a time limit for using the funds in your HSA. In fact, you can allow the funds to roll from year to year.
  9. What happens to the HealthStyle HSA funds if my status changes and I am no longer eligible for an HSA account?
    Answer: If you are no longer covered by a High Deductible Health Plan (HDHP), enroll in Medicare or become a dependent on someone else’s tax return, you will no longer be eligible to contribute to the account or establish a new HSA account. However, you can continue to use the funds tax-free to pay your qualified medical expenses.
  10. Who will verify that my HealthStyle (HSA) funds are used for qualified expenses?
    Answer: As the HSA owner, you are responsible for maintaining accurate and complete records necessary to provide any documentation required by the IRS to support activity on the HSA account. Keeping receipts for all qualified medical expenses is recommended. Qualified medical expenses are those expenses that would generally qualify for medical and dental expense deductions. These are explained in IRS publication 502 and 969. These publications can be ordered from the IRS by calling 1-800-TAX-FORM (1-800-829-3676) or by visiting their website. Asheville Savings Bank does not provide tax advice. Tax advice should be obtained from a tax professional.
  11. How can I make deposits to my Asheville Savings Bank HealthStyle HSA account?
    Answer: The preferred method is by payroll deduction through your employer. Post tax deposits can also be made as follows:

    • In person, at any of our 13 locations
    • By recurring payment (ACH)* from another account
    • Via Online Banking* transfer from another Asheville Savings Bank account
    • By mail
    Send a check and deposit ticket to:
    Asheville Savings Bank Attn: HSA Administrator
    PO Box 652 Asheville NC 28802

    *ACH and internet banking transfers are always recorded as current year contributions.
  12. What do I need to know when making a deposit at an Asheville Savings Bank Banking Center?
    Answer: Post-tax contributions can be made at any Asheville Savings Bank office. Use the deposit ticket included with your checks or ask a teller for a HSA deposit ticket. Between January 1 and April 15, it is important to inform the teller if the contribution is for the current or prior year. The Teller will provide a form for designating the tax year between January 1 and April 15.
  13. Will my account be closed if I have a negative balance?
    Answer: Yes, if your account goes into the negative, and remains in the negative for 55 consecutive days, it will be closed.

Home Mortgages

  1. What are Discount Points and how do they benefit me?
    Answer: Points are considered a form of interest. Each point is equal to one percent of the loan amount. You pay them, up front, at your loan closing in exchange for a lower interest rate over the life of your loan. This means more money will be required at closing, however, you will have lower monthly payments over the term of your loan.
  2. Will I need to have an attorney for my loan closing?
    Answer: We do require that an attorney perform the closing function of your mortgage loan. You do have the flexibility to choose your attorney and provide the attorney's name to your Mortgage Loan Originator.
  3. Can I apply for a loan before I find a property to purchase?
    Answer: Yes, applying for a mortgage loan before you find a home may be the best thing you could do! If you apply for your mortgage now, we'll issue an approval subject to you finding the perfect home. We'll issue a pre-qualifications letter online instantly. You can use the pre-qualification letter to assure real estate brokers and sellers that you are a qualified buyer. Having a pre-qualification for a mortgage may give more weight to any offer to purchase that you make.

    When you find the perfect home, you'll simply call your Mortgage Loan Originator to complete your application. You'll have an opportunity to lock in our great rates and fees then and we'll complete the processing of your request.
  4. How will a past bankruptcy or foreclosure affect my ability to obtain a Home Mortgage?
    Answer: If you've had a bankruptcy or foreclosure in the past, it may affect your ability to get a new mortgage. Unless the bankruptcy or foreclosure was caused by situations beyond your control, we will generally require that two to four years have passed since the bankruptcy or foreclosure. It is also important that you've re-established an acceptable credit history with new loans or credit cards.
  5. Can I borrower funds to use towards my down payment?
    Answer: Yes, you can borrow funds to use as your down payment! However, any loans that you take out must be secured by an asset that you own. If you own something of value that you could borrow funds against such as a car or another home, it's a perfectly acceptable source of funds.
  6. What is the maximum percentage of my home's value that I can borrow?
    Answer: The maximum percentage of your home's value depends on the purpose of your loan, how you use the property, and the loan type you choose, so the best way to determine what loan amount we can offer is to complete our online application.

 

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Investment Services

  1. Do you offer investment services?
    Answer:Through a relationship with LPL Financial, Asheville Savings Investment Services consultants are able to offer a personal approach to investing and retirement planning to help guide you step-by-step on the path to working toward your long-term financial goals. Click here to see a full list of products and services that are available. You can set up a meeting at any one of our banking centers to speak with an Asheville Savings Investment Services consultant.
  2. Are securities and advisory services offered directly from Asheville Savings Bank?
    Answer: No, securities and advisory services are offered through LPL Financial, a registered investment advisor, member FINRA/SIPC.  For more information about LPL Financial, visit www.lpl.com.For more information on FINRA, please visit the FINRA website. For more information on SIPC, please visit the SIPC website. Insurance products offered through LPL Financial or its licensed affiliates. The investment products sold through LPL Financial are not insured Asheville Savings Bank deposits and are not FDIC Insured. Asheville Savings Bank and Asheville Savings Investment Services are not registered brokers/dealers nor affiliates of LPL Financial.
  3. Does it cost anything to meet with a financial consultant?
    Answer: No, and it is easy to get started. Call 1.800.222.3230 ext 8441 to schedule a complimentary, no obligation consultation with a financial consultant.
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Lost or Stolen Cards

  1. What do I do if my debit card is lost or stolen?span>
    Answer: As soon as you discover your debit card is missing, please call the following toll-free number(s) in order to preserve your rights and limit your liability: Call 1.800.222.3230, Monday through Thursday from 9am-5pm and Friday from 9am-6pm. After hours, please call 1.800.236.2442.




Loans - Business

  1. How are business loan rates set?
    Answer: Pricing is risk based and takes into many factors in order to quote the most competitive rate.
  2. What initial items will be required when applying for a business loan?
    Answer: A financial package consists of: A personal financial statement for each owner, a complete set of three years personal and business tax returns, an interim profit and loss statement and balance sheet. Other items by request based on the loan request may be made.
  3. How do I get started?
    Answer: The best way to get started is to talk to one of our commercial lending experts.

Loans - Personal

  1. What types of personal loans does Asheville Savings Bank offer and how can I apply?
    Answer: Visit our personal loans page to read about our different loan options and to also start the application process
  2. What is a Debt to Income ratio?
    Answer: It is the total of a consumer’s debt obligations divided by the person’s gross income. This ratio determines the borrower’s capacity to repay the loan.
  3. What is a Loan to Value ratio?
    Answer: It is the total amount of loans secured by the same collateral divided by the value of the collateral.
  4. What is Simple Interest?
    Answer: A method of calculating interest in which the interest rate is applied to the outstanding principal balance on the loan.
  5. What is Consumer Credit?
    Answer: It is an extension of credit from a lender to an individual for personal, family or household purposes. In exchange for this credit, the borrower agrees to repay the borrowed amount plus any finance charges and service fees according to a schedule.
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Merchant Services – North American Merchant Services (NAMS)

  1. Does NAMS support wireless payment processing?
    Answer: Yes, several solutions for wireless processing are available. Contact a banking center for details.
  2. Does it cost me anything to get a price quote from NAMS?
    Answer: Rate quotes are complimentary and have no obligation.
  3. How do I contact NAMS?
    Answer: Contact one of our banking centers (link to banking centers and locations) who will put you in touch with the local account executive.

 

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NonProfit Account

  1. Does Asheville Savings Bank offer any accounts specifically for nonprofit organizations?
    Answer: Yes, we do offer a NonProfit Checking account. Click here for all of the details on this account including specific requirements.
  2. Are there any requirements to open this account?
    Answer: To open a NonProfit account, you must provide proof that the organization is tax exempt under Section 501(c) (3), 501(c) (4), 501(c) (6), 501(c) (10), or 501(c) (19) as defined by the Internal Revenue Code. Homeowner associations as defined by section 528 of the Internal Revenue Code are also eligible.

 

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Online Banking Services For Business

  1. What type of online banking services does Asheville Savings Bank offer specifically for businesses?
    Answer: Click here for a full description of our online services specifically for business customers.
  2. How do I enroll for online banking services for my business?
    Answer: You can begin the enrollment process through the Asheville Savings Bank website, AshevilleSavingsBank.com; by clicking "Enroll" to the right of the Business Online Banking log in.
  3. How do I receive my business online banking service credentials?
    Answer: You will create your login credentials during the enrollment process.
  4. How long is business online banking account history stored?
    Answer: Business online banking account history builds up to 18 months, beginning the date the account is linked to online banking services. If you elect to receive your statements electronically, you will have access to a rolling 18 month period of monthly statements.
  5. How often does my business online banking password change?
    Answer: Business online banking requires all users to change their password every 90 days. For security purposes, you are required to use a new password each time – passwords can only be reused every 16 times.
  6. Who at my company can contact Asheville Savings Bank to have a password reset?
    Answer: Asheville Savings Bank will only reset passwords for the company administrator or authorized co-users.

Online Banking Services – Personal

  1. How do I enroll for Personal Online Banking?
    Answer: You can enroll through the Asheville Savings Bank website, AshevilleSavingsBank.com; by clicking the “Enroll” link to the right of the personal online banking login.
  2. I tried to enroll using the Asheville Savings Bank website and was told my enrollment would be complete in 1-3 business days. What happened?
    Answer: When using the enrollment form on the Asheville Savings Bank website, you must validate your identity by entering one of the following:

    i. A deposit account number and last statement balance

    ii. A loan account number, original principal amount, and amount of last payment

    iii. A Debit or ATM card number and PIN

    If any of this information is entered incorrectly, our system is unable to validate you as our customer and your enrollment enters a “Pending” status. Pending enrollments are reviewed daily. Once your enrollment is complete, you will be sent a confirmation email.

  3. What is the timeframe for account history?
    Answer: Our personal online banking system retains up to 18 months of account history, beginning from the date the account was linked to personal online banking. If you receive your statements electronically, you will have access to a rolling 18 month period of monthly statements.
  4. Can I transfer funds between Asheville Savings Bank accounts online?
    Answer: Yes, you may transfer funds among your checking accounts, savings accounts, money market accounts, and bank loans. All accounts linked to your personal online banking profile will be issued transfer rights.
  5. I was able to transfer between Asheville Savings Bank accounts online before, but now I’m getting an error message. Why?
    Answer: There may be several reasons. For example, accounts that are flagged as Inactive or Dormant are not eligible for online transfers. Please contact your local banking center for assistance.
  6. Are my bill payments sent electronically or paper checks?
    Answer: All bill pay items will post electronically to the customer’s Asheville Savings Bank account. This does not mean, however, that the payment was sent to the payee electronically. Funds for a bill pay item are debited from the customer’s account on the date the payment is sent.
  7. What are the limits for Bill Pay?
    Answer: Individual bill pay transactions cannot exceed $9,999.99. Total daily limit for all bill pay activity is $20,000.
  8. How does a customer sign up for e-statements?
    Answer: To sign up for e-statements, customers will need to login to personal online banking, click the “statements” link in the left-hand navigation column, then follow the on-screen prompts to set up the service.
  9. What are the limits for external transfers?
    Answer: External transfers are limited to $2,500 per transfer, $5,000 daily, and $10,000 monthly. In addition, customers are limited to two external transfers per day and up to six per month. Please contact your local banking center for more information.
  10. What is the timeframe for an external transfer? Is it immediate?
    Answer: An external transfer is processed as an ACH item. It is not immediate. Funds will be posted to the receiving account within 1-3 business days. Funds coming into an Asheville Savings Bank account will be placed on hold for 3 business days after receipt.
  11. What is a one-time security code?
    Answer: It is a randomly generated one-time code we provide. You enter it before completing certain transactions to prevent fraudulent transactions and unauthorized access to your financial information.
  12. Why is a one-time security code needed?
    Answer: It is an extra layer of online banking protection that ensures that your funds and financial information are safe. By requiring the entry of a one-time code and the use of a phone you have on record with us, fraud is prevented even if an unauthorized user learns your online banking user ID and password. It also ensures that you are notified if an unauthorized user attempts to access your account information or complete transactions without your knowledge. 
  13. How do I use a one-time security code?
    Answer: We'll give you the one-time code and you are asked to enter it when we call a number you have on record with us.

 Overdraft Coverage

  1. What types of overdraft coverage options does Asheville Savings Bank offer?
    Answer: Asheville Savings Bank offers several types of overdraft coverage options to choose from. Click here to learn more about each option so that you can decide which one may work best for you. Overdraft coverage provides benefits such as avoiding the embarrassment of returned or rejected items, avoiding charges levied by merchants, and enjoying peace of mind.
  2. What is an everyday debit card transaction?
    Answer: This is a single purchase made with your debit card on a regular day-to-day basis (i.e. grocery stores, gas stations, restaurants).
  3. What is a recurring debit card transaction?
    Answer: This is a payment that you have preauthorized to come out of your account at a regular interval to cover such recurring expenses as utilities, gym memberships, subscriptions, etc
  4. How do I arrange for my everyday debit card and ATM transactions to be covered?
    Answer:Existing Courtesy overdraft customers can agree to the payment of overdrafts for everyday debit card and ATM transactions by reviewing the disclosure and returning the Extended Coverage Consent form to any Asheville Savings Bank banking center, calling us at 828.254.1380, logging into Online Banking and following the link on the Customer Service tab, or visiting any of our 13 banking centers.

  5. Will I have overdraft protection for checks and electronic payments if I do not elect Extended Coverage?
    Answer: Yes, Standard Coverage is automatically available on your account. You will need to elect Extended Coverage by reviewing the disclosure and returning the Extended Coverage Consent form if you wish to cover your everyday debit card and ATM transactions.
  6. What fees will I be charged if Asheville Savings Bank pays my overdraft?
    Answer: Click here to learn about our different overdraft coverage plans and the fees associated with them.
  7. What if I change my mind and want to change the status of my overdraft coverage?
    Answer: You have the ability to change your overdraft coverage status at any time on your account. Contact your local Asheville Savings Bank banking center for more information.

 

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Personal Accounts

  1. What information is required to open a personal account?
    Answer: You must provide the following information for each account holder: Legal Name, Proof of Physical Address, Social Security Number, Date of Birth, Valid Photo ID, and second form of ID.
  2. How do I know which account is right for me?
    Answer:Click here to learn more about all of our personal account options. You are also welcome to visit any of our 13 banking centers where our team can assist you in choosing the best product to fit your lifestyle and needs
  3. How do I open an account?
    Answer:You can open an account online or you can visit any one of our 13 convenient banking centers to speak with one of our knowledgeable representatives. Click here to get started with the online account opening process.
  4. How do I deposit money into my Asheville Savings Bank account?
    Answer:Deposits can be made in person by visiting any of our convenient banking centers, by direct deposit, or by sending through the mail to: PO Box 652 Asheville NC 28802.
  5. How often will I receive my account statement?
    Answer: You will receive a monthly account statement by mail or you can choose to set up an electronic statement that can be viewed through your online banking.
  6. How can I access my account information after banking hours?
    Answer: 24 hour access is available through online banking, you can download our mobile app through the App Store or through Google Play, or you can access your account information through Telephone Banking. The phone number for Telephone Banking is 800.785.5253. The first time you call you will be asked to enter your account number and your four-digit personal identification number. Your personal identification number is the last 4 digits of your social security number. You may elect to change your personal identification number using the automated customer service line.
  7. What kinds of overdraft protection do you provide?
    Answer: We have several overdraft coverage options to choose from. Click here to learn more. Overdraft coverage provides benefits such as avoiding the embarrassment of returned or rejected items, avoiding charges levied by merchants, and enjoying peace of mind.

 

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Remote Deposit Capture for Businesses

  1. Does Asheville Savings Bank offer Remote Deposit Capture for business customers?
    Answer: Yes, Asheville Savings Bank does offer this service. Click here to learn more information about it. You can also contact your banking center for a demonstration on the Remote Deposit Capture product. If it is determined Remote Deposit Capture would meet your business needs, you will need to complete an application to begin the approval process.
  2. What items can be deposited?
    Answer:Items that are original and substitute checks drawn on financial institutions based in USA or its territories can be deposited.
  3. What items cannot be deposited?
    Answer:  Checks drawn on non-U.S. banks and U.S. Savings Bonds cannot be deposited.
  4. How long does it take for approval and onsite set up?
    Answer: Please allow 10-14 business days for set up. During this time, an Asheville Savings Bank employee will go onsite to your office to install the Remote Deposit Capture software, the scanner, and provide training and materials. Your ease in using the product is our goal and we are available to help you in any way.
  5. How will I know my deposit has been received and processed?
    Answer: The company receives an email notification that the batch of work has been received. Deposits are posted to your business account the same day, if received by 5:00 pm on a business day (6:00pm on Friday).

 

Retirement: Individual Retirement Accounts (IRA)

 

  1. What are the benefits of opening a Traditional IRA?
    Answer: The most often mentioned benefit of a Traditional IRA is tax-deferral. Your contributions and the earnings on those contributions can grow tax-deferred over the life of the account. Also, based on your income you may be able to take a tax deduction for the contribution. Consult your Tax Advisor for more detailed information.
  2. How much can I contribute to my Traditional IRA?
    Answer: For the year 2015, Traditional IRA owners can contribute up to $5,500 or 100% of earned income per year, whichever is less. IRA owners age 50 or older can contribute an additional $1,000 as a catch-up contribution. For the year 2016, Traditional IRA owners can contribute up to $5,500 or 100% of earned income per year, whichever is less. IRA owners age 50 or older can contribute an additional $1,000 as a catch-up contribution. 
  3. What is the difference between a Traditional IRA and a Roth IRA?
    Answers:

    Contribution Limits – The contribution limits for a Traditional IRA and a Roth IRA are the same. For the year 2015, Traditional IRA owners can contribute up to $5,500 or 100% of earned income per year, whichever is less. IRA owners age 50 or older can contribute an additional $1,000 as a catch-up contribution. For the year 2016, Traditional IRA owners can contribute up to $5,500 or 100% of earned income per year, whichever is less. IRA owners age 50 or older can contribute an additional $1,000 as a catch-up contribution.

    Contribution Age Limits – With a Traditional IRA you cannot make a contribution within the year you reach 70 ½ years of age. With the Roth IRA, there is no age limit for contributions.

    Income Limitations – A further difference between the two is the amount of your income. Your eligibility to open a Roth IRA is set by your income. If an upper income limit is exceeded, then you cannot contribute to Roth IRA, although this limit can be lowered within certain income ranges. For advice seek help from your financial advisor.

    Minimum Distributions – Roth IRA accounts have no Required Minimum Distribution (RMD) requirements. Traditional IRA owners must begin required minimum distributions (RMDs) the year he or she reaches age 70 ½, at which time the IRA owner may distribute the full balance of the IRA or distribute a minimum amount each year.

    Taxes and Distributions - Distributions from a Traditional IRA are usually treated as ordinary income and may be subject to income tax. You may also be subject to IRS penalties if the amount is withdrawn when the taxpayer is under the age of 59 ½ years. Roth IRA distributions are not subject to any income tax or penalties. This holds true provided that the distribution is taken no earlier than 5 years after the first Roth contribution, and that the distribution is taken due to one of the following reasons:

    - The person has reached the age of 59 ½ years

    - The person is disabled

    - Your beneficiary receives your distribution upon your death

    - Subject to a lifetime limit of $10.000 you buy your first home

  4. What are the Mandatory IRA Distributions?
    Answer: An IRA owner must begin required minimum distributions (RMDs) the year he or she reaches age 70½, at which time the IRA owner may distribute the full balance of the IRA or distribute a minimum amount each year. The first RMD must be distributed by April 1 of the year after the year in which the IRA owner reaches age 70½. For example, an IRA owner who reaches age 70½ in June of 2016 must take his or her first RMD by April 1, 2017. IRA holders who elect to have a minimum amount distributed each year must, for subsequent years, distribute RMDs by December 31 of each year. This means that if the IRA holder defers the first RMD until April 1 of the year after he or she turns 70½, the IRA holder will be required to take a second RMD amount in that same year, which counts as the second year for RMDs. Visit the IRS for more information.

   

 

 

 

Routing Number

 

  1. What is the routing number for Asheville Savings Bank? 
       
  2.     Answer: The routing number is 253170062

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Security

  1. How does Asheville Savings Bank protect my personal financial information?
    Answer: We use a variety of methods to protect your information, such as computer safeguards, and secured files and buildings. Additionally, we maintain other physical, electronic and procedural safeguards to protect customer information, such as passwords, data encryption, firewalls, fraud detection systems, and non-access interval timeouts.
  2. Does the bank ever sell my information to outside marketing firms?
    Answer: Asheville Savings Bank does not sell any customer information to outside marketing firms.
  3. If I cease being a customer of the bank is my personal information still protected?
    Answer: Absolutely, we continue to protect your privacy rights even if you close your accounts or become an inactive customer.
  4. How can I learn more about protecting by personal information and protecting myself from becoming a victim of identity theft?
    Answer: One of the best resources to learn about personal information security and preventing or recovering from identity theft is the Federal Trade Commissions website located at www.ftc.gov.

 

Switching to ASB

  1. Is it easy to change my direct deposit?
    Answer: Yes, we have an easy direct-deposit switch form to help you make the change. Just leave your old checking account open while your direct deposit is in the process of being switched to your new personal or business account.
  2. How long should I leave my old account open?
    Answer: It could take a couple of weeks for your direct deposit and payments to be switched to your new personal or business account. We recommend that you leave your old account open until you have verified that the deposits and payments have been successfully transferred to your new new personal or business account.

 

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Telephone Banking

  1. Can I access my account information via telephone?
    Answer: Yes, you may access your balance and transaction information using our automated customer service line. The phone number is 800.785.5253. The first time you call you will be asked to enter your account number and your four-digit personal identification number. Your personal identification number is the last 4 digits of your social security number. You may elect to change your personal identification number using the automated customer service line.

 

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For general inquiries contact us at:
800 222 3230 | customerservice@ashevillesavingsbank.com | PO Box 652, Asheville, NC 28802

Copyright 2015 Asheville Savings Bank