Can I still use my present supply of checks?
Unless you have been notified by letter with specific instructions that your account number will change, you may continue to use your Soy Capital Bank checks. As you need to re-order checks, visit your local First Mid banking center or call the Customer Support Center at 877-888-5629.
If you are notified that your account number is changing, you will receive a complimentary supply of checks with your new account information.
If you currently order checks from a vendor other than Harland Clarke or Deluxe, you will need to provide them with your account number and First Mid’s routing number, which is 071102076. Your local banking center can assist you with this.
Will the interest rate I am earning on my Certificate of Deposit change?
Your current interest rate is assured to maturity on your certificate of deposit account .
Will my new checking account come with any additional benefits?
First Mid’s checking accounts come with many free features such as a Visa® debit card, Online Banking, Online Bill Pay, and Mobile Banking with Mobile Deposits. Some of our accounts also offer waived foreign ATM fees.
If you would like more benefits, you may want to switch your checking account after April 8th to one of our value-added accounts. Classic Checking and Premier Checking offer Cash-Back Rewards, AD&D Insurance and $hopping Discounts. And, Premier Checking is our only account that also offers an Identity Theft Protection Program. To learn more about these checking options, visit www.firstmid.com.
Will I continue to receive a statement with my deposit account?
Yes. First Mid offers both paper and eStatements through our Online Banking system. Checking accounts receive monthly statements. Savings accounts receive quarterly statements, but current account balances may be viewed within Online Banking.
eStatements: If you are currently enrolled in eStatements, this service will continue after the conversion.
Paper Statements: If you currently receive a paper statement and would like the convenience of an electronic statement, first sign up for Online Banking at www.firstmid.com and then enroll in eStatements.
Your statement may arrive on a different day of the month than it currently does. If you had multiple accounts combined into one statement, you will continue to receive a combined statement. If your previously combined statement is not combined from First Mid, please contact our Customer Support Center at 877-888-5629.
For checking and savings accounts, you will receive a paper final statement for transactions through April 5, 2019 from Soy Capital Bank.
With certificates of deposit, you will receive a year-end statement from First Mid.
What happens to my interest payments on my CDs and IRAs?
• If interest is currently posted to your CD and/or IRA, this will continue.
• If interest currently transfers to a Soy Capital Bank deposit account, this will continue to your First Mid account.
• If interest currently transfers to another financial institution, this process will remain the same.
If you would like to make any changes to how your interest payment is distributed, please contact your local First Mid banking center.
Direct Deposit and Automatic Payments or Transfers
What happens to my pre-authorized automatic deposits or withdrawals to my account?
Any pre-authorized transactions will continue without interruption for a period of time. Please verify on your statement and/or on Online Banking that all transactions that you are expecting are processed to your account properly. Contact the Customer Support Center at 877-888-5629 or your local First Mid banking center if you need assistance.
We will send a notification containing your new account information to the sending party for each transaction received by First Mid. Action may be required by you to change your account number and routing number for some companies. If so, First Mid will contact you. You may also contact each vendor directly after Monday, April 8 to provide them with First Mid’s routing number and account number to ensure no disruption in service.
Please verify that all automatic transactions that you are expecting have processed to your account. If you have been notified that your account number is changing, please refer to your letter for more information.
If you receive Social Security income in the form of a direct deposit, you must contact the Social Security Administration to update your account information with First Mid’s routing number. The Social Security Administration will NOT allow First Mid to request this change on your behalf.
First Mid’s routing number is: 071102076
I currently have an automatic transfer between my deposit accounts at Soy Capital Bank. Will those continue?
Yes. Any transfers you currently have set up between accounts at Soy Capital Bank will continue automatically after conversion. Please review your statements and notify us immediately if a transfer does not occur.
Recurring or scheduled transfers through Online Banking will not continue.
I currently have two signatures required on my Checking account at First Bank & Trust. Will this continue?
No. Two signature accounts will not be monitored by First Mid. You can continue to have two signature lines on your checks, however First Mid will not monitor. If you choose to have the two signatures monitored there will be a $50 .00 monthly fee. You may want to contact your local Soy Capital Bank location prior to conversion to discuss options.
I currently have the ability to complete transfers to/from my accounts at another institution. Does First Mid offer this feature?
If you currently have an external transfer set up, it will continue. If you wish to establish any new external transfers, please visit any of our First Mid banking centers to initiate the request.
Will my stop payments remain in effect?
Stop payments associated with funds coming out of your account (debit) will remain in effect; however, deposit (credit) stops that you have set up on your account will not convert. If a deposit posts to your account that you did not authorize or you wanted stopped, please contact your First Mid banking center and we will assist you in returning the item.
Individual Retirement Account (IRA)
Will First Mid become the custodian of my IRA?
First Mid will become the new custodian of all IRA plans as of the close of business on April 5, 2019. These plans include Traditional, Roth, SEP and Educational IRAs. If you have questions about the transfer of the custodians, please contact the Customer Support Center at 877-888-5629.
Tax Reporting for your IRA
You should have already received your 2018 tax forms 5498 from Soy Capital Bank or the account balance as of December 31, 2018. You will receive future tax forms as required by the IRS from First Mid.
Required Minimum Distributions
If you need to take a Required Minimum Distribution (RMD), please remember you must do so prior to December 31, 2019. You will no longer receive a reminder from either Soy Capital Bank or First Mid.
If you currently have an automatic distribution set up, these will continue. If you wish to set up an automatic distribution of your RMD, please visit any First Mid banking center.