Bank Support

Got questions about banking?  Just ask Alex, our expert banker, to get the advice you need to be successful.  Learn more about the refund policy on debit cards. Find out how much of your money held in the bank is insured. Discover the meaning of an estate account.

Question:  I just returned a purchase I made using my debit card.  How long does it take before the money is put back into my account? – Zach from Twin Falls, Idaho

Answer:  To receive a refund from a debit card purchase, you must first contact the merchant to process the refund request.  Then the merchant has to transfer the money back to your bank before it gets credited to your checking account.  The times vary depending on who the merchant uses to process their debit card transactions.  Normally it takes 1-3 business days, but there have been instances when it has taken several weeks.  My recommendation is to contact the merchant to get a more precise timeframe.

Question:  How much of my money held in the bank is insured? – Tracy from Scottsdale, Arizona

Answer:  The Federal Deposit Insurance Corporation (FDIC) insures deposit accounts in the event of a bank failure.  The amount they will insure is up to $250,000 per depositor, per ownership category, per FDIC insured bank.   Your coverage can easily be in the millions depending on what type of account you have, how many owners/beneficiaries each account has, and with how many FDIC insured financial institutions.  While calculating the amount might be complicated, FDIC has an easy online tool call EDIE (Electronic Deposit Insurance Estimator) which will do the calculations for you.

Question:  What is an Estate account? – Brett from Arlington, Texas

Answer:  When a person passes away, in order to manage their assets, an Estate account needs to be opened.  This special type of account is used to collect the deceased person’s cash assets, pay their bills, and distribute funds to their beneficiaries.   The only person who can open an Estate account is the court appointed executor of the estate. To do so, they need to provide the death certificate, an employer identification number (EIN) for the estate, and legal documents naming them as the executor (i.e. Letter of Appointment).

Important: For your specific questions about banking, contact your banking expert, Alex, at: alexexpertbanker@gmail.com

Alex is starting his 15th year in the banking industry.  He has worked for such notable banks as Bank of America, US Bank, and Chase.  Alex has his bachelor’s degree in Business Economic from the University of California Riverside.