ONLINE BANKING

Important Announcement

 

IMPORTANT NOTICE: Banking Systems Upgrade July 12th 5:00 P.M. PST – July 16, 2018 8:00 A.M. PST

At Preferred Bank, we strive to exceed your expectations. We have and will continue to invest in innovative products, technology and services to deliver the Preferred Banking experience you deserve.

As part of our commitment to provide you with the very best in client experience, we are pleased to announce that we are upgrading our banking and internet solutions. Our new systems will help us continue to provide you with excellent customer service that you come to expect, while enabling us to offer the most up-to-date products and services.

UPGRADE GUIDE

 

ACCOUNTS                                                                                                                                                   

Account Numbers & Checks: 

  • Your account number will not change.  You may continue using your current checks and deposit slips.

Automated Internal Transfers: 

  • If you have automatic transfers between your accounts, these services will continue after the upgrade.

BANK STATEMENTS                                                                                                                                    

Current Statement Cycle: 

  • Your statement cycle will not change after the core systems upgrade.  However, an extra cut-off statement will be produced for accounts that cycle at month-end.

10th Statement Cycle Accounts:

  • If your statement cycles on the 10th of every month, your statement will generate on July 12th instead of July 10th.

Month-End Statement Cycle Accounts – Extra Cut-Off Statement:

  • You will receive two statements in the month of July if your statement cuts off at month-end.  On Thursday, July 12, 2018, a statement will generate for all demand deposit, money market and savings accounts (excludes certificates of deposit), and the statement will reflect activity from July 1st – July 12th.  Accrued interest will be paid on that date and will reflect on your extra cut-off statement.  However, you will not be service charged an account maintenance fee on your July 12th statement. 

CD-ROM Statements:

  • You will receive two CD-ROMs in the month of July, if your statement cuts off at month-end.  See above bullet for more detailed information regarding Extra Cut-Off Statement

BILL PAY                                                                                                                                                      

The Bill Pay Module in Online Banking will not be available during the blackout period of July 9, 2018 – July 15, 2018:

  • Ensure bills are entered and remitted prior to the “blackout” period.
  • Bills will need to be submitted for payment on or before July 5, 2018 at 2:00 P.M. PST.
  • Utilize other payment methods, to include writing a check during the blackout period.
  • Download or print your Bill Pay history before July 9, 2018.
  • On July 16, 2018, please confirm your Bill Pay history by clicking on the “Bill Pay” tab. 

 

Your scheduled payments and bill payees will carry over to upgraded system.  On July 16, 2018, please confirm your Online Bill Pay by clicking on the “Bill Pay” tab.  Changes to Bill Payment Processing will include:

  • Effective July 16, 2018, if a bill cannot be paid electronically, a check will be drafted directly from account.  The debit from your account will occur when the payee negotiates the check.
  • Any outstanding checks issued by your current Bill Payment service that have not been negotiated by the payee after ninety (90) days of issuance will be refunded to you electronically.

CASH VAULT SERVICES – LOOMIS                                                                                                         

There will be no changes to your Cash Vault Services.

 

DEBIT CARDS                                                                                                                                              

There will be no reissuance of your debit cards or Personal Identification Numbers (“PINs”).  However, the following changes will take affect:

  •  The new Phone Number to report your card lost or stolen “hot card” is 1-888-297-3416.

NOTE:  Clients with only a Savings Accounts tied to the Debit Card will only be able to conduct ATM transactions. 

 

LOANS                                                                                                                                                          

Loan numbers and payment dates will stay the same.  

 

LOCKBOX SERVICES                                                                                                                                 

There will be no changes to your Lockbox Services.

 

MOBILE BANKING                                                                                                                                       

Your Mobile Banking credentials are similar to your Online Banking credentials.  Please review the Online Banking section below for your credentials. 

  • On July 12, 2018, please delete “Preferred Bank Mobiliti Business” APP, it will be discontinued on this date.
     
  • On July 16, 2018, please download our new Enhanced “PB Mobile” APP.

 

Discontinued Mobile APP  New “PB Mobile” APP
 Old Mobile App  New Mobile App

 

We are excited to announce the new features in Mobile Banking:

 
  • 4-Digit Passcode Access
  • Ability to Switch Users
  • Search for Transactions
  • Transaction Details
  • Low Balance Push Notification
  • Deposits Push Notification
  • Alerts
  • Card Controls

 Please note for extra security precautions, the following features have been discontinued:

  • Instant Balance Settings
  • Approval Bill Pay
  • Approve Internal Transfers
  • Initiate ACH Transactions
  • Approve Positive Pay 

 

ONLINE BANKING                                                                                                                                        

Key Dates:       

Prior to July 12, 2018 at 3:00 P.M. PST:

  • Download all your Statements.
  • Download all your ACH Origination Templates.
  • Download all your Wire Transfer Templates.
  • Update your Contact Information, to include Email Address & Cell Number.
     

July 5, 2018 at 2:00 P.M. PST:

  • Bills will need to be submitted for payment on or before July 5, 2018 prior to 2:00 P.M. PST.
  • Bill Pay will not be available from July 9, 2018 – July 15, 2018.
  • Download or print your Bill Pay history before July 9, 2018. 

July 12, 2018 at 3:00 P.M. PST: 

  • All ACH files from July 12, 2018 - July 15, 2018 will be submitted for processing on July 12, 2018.
     

July 12, 2018 at 3:00 P.M. PST – July 15, 2018 “Blackout Period”:

  • Last day to access your existing online banking.
     

July 16, 2018 at 8:00 A.M. PST: 

  • The new system will be ready for you to use.
     

Contact Information: 

  • Ensure that we have your current contact information.  If changes are needed, please update by going to Online Banking no later than July 11, 2018 to avoid long delays.
     

Business Online Banking Administrators:

  • We recommend that you print your users’ entitlements on or before July 12, 2018.
  •  On July 16, 2018, please validate your users’ entitlements by clicking on the “Administration” tab.
     

Business User IDs & Passwords: 

  • Note that the Preferred Online Banking URL has changed.  You will need to visit our website at www.preferredbank.com to login to our new Preferred Online Banking initially and, subsequently, save the new URL in your “Favorites” as desired. 
  •  If you are currently a Company Administrator or a Company Representative, your User ID will remain the same.
    NOTE:  If the User ID contains a “.” (period), the symbol will be dropped. 

 

  • To log on to the new system on and after July 16, 2018, you will use the temporary password, which will include the last 4-digits of your firm’s Tax ID Number listed on the account.
     
    • Example:  ABC Anywhere
    • Tax Identification :  12-3456789
    • ABC Anywhere Temporary Password:  6789
  •  You will be prompted to select a permanent password for future use.  Your password is case-sensitive and must be a minimum of 10 characters in length.  Your password must include:
     
    • At least one number
    • At least one Upper Case Letter
    • At least one Lower Case Letter, and
    • At least one Special Character such as &*_%@!$-
  • NOTE to ADMINISTRATORS:  Ensure that you provide your end-users the above outlined instructions to reset their passwords.
      

Security Data: 

  • If you are an existing Online Banking customer, you have used Multi-Factor Authentication for some time.  It consists of your security data such as security challenge questions.
  • When you first log on to enhanced Online Banking after the upgrade, you will be asked to select three new security questions.  Your previously entered security data will not be retained through the upgrade, as it is highly confidential.
     

ACH Block Filter:

  • You now have the capability of blocking ACH transactions via Online Banking.
     

ACH Origination:

  • For existing ACH Origination clients, your ACH File layout will be not converted.  Your file layout will need to be reformatted in the new Online Banking system.  However, we highly recommend that you conduct the following:
  • Download or print ACH Origination templates prior to July 12, 2018.
  • On July 16, 2018, please confirm your ACH Origination template by clicking on the “ACH” tab.
  • ACH Origination will be set to 2-day prefunding, 1-day prefunding is no longer available.
     

Account Titles:

  • The Account Titles will not convert to the new Online Banking system.  The “Account Nickname” will be the account type.  To reassign your Account Titles, click on the “Change Account Name” tab.

 
Alerts: 

  • We have a new “Alerts” feature in Online Banking.  To set up alerts, click on the “Options” tab.
     

Automatic Transfers: 

  • If you previously set up automatic recurring transfers within Online Banking, we anticipate that these will carry over in the new system.  However, we highly recommend that you conduct the following:
    • Download or print your Automatic Transfer templates prior to July 12, 2018.
    • On July 16, 2018, please confirm your Automatic Transfer templates by clicking on the “Transfers” tab.

Check Images and Statements: 

  • You check images and statements will not convert to the new Online Banking system, ensure that you download your bank statements to your workstation prior to July 12, 2018.
     

Debit Cards Control:

  • You now have the ability to hot card your card, activate your card and order a replacement card via Online Banking.  Simply click on the “Debit Card” tab.
     

Direct Connect (Software Download – Quickbooks & Quicken):

  • If you are a Quickbooks and Quicken user, you can now download the software to Online Banking.  Service Charges may apply, please see our Schedule of Fees and Charges.
     

EDI (Electronic Data Interchange):

  • An electronic communication system that provides standards for exchanging data between two different companies.
     

eStatement: 

  • You will not receive an eStatement for the extra Cut-Off Statement dated July 12, 2018.  If you are currently enrolled, your enrollment is carried over automatically and there is no need for you to reenroll in the eStatement program.  Ensure that you download your eStatement to your workstation prior to July 12, 2018.

 
Loan Payments: 

  • If you previously set up recurring loan payments within Online Banking, we anticipate that these will carry over in the new system.  Please confirm your recurring loan payments by clicking on the “Transfers” tab.
     

Positive Pay:

  • Our new and enhanced Online Banking system includes ACH Positive Pay, Payee Positive Pay, and Reverse Positive Pay.
  •  The cut-off time for Positive Pay decision-making on exception items is 12:00 P.M. PST.  If a decision is not made by the Company to pay or return by the cut-off time, the exception items will be automatically returned.
  •  For existing Positive Pay clients, your Positive Pay file layout will not be converted.  Your file layout will need to be reformatted in the new Online Banking system.
     

Reports: 

  • We have a new “Report” feature in Online Banking.  To create report, click on the “Reports” tab.
     

Transaction History: 

  • Your existing Online Banking history prior to the upgrade will no longer be available.  Please download your statements prior to July 12, 2018.
     

Wire Transfers:

  • Business clients can now remit their wire transfers online, to include foreign exchange wires. 
  •  Your wire transfer templates will convert, however, we highly recommend that you conduct the following:
    • Download or print your Wire Transfer templates prior to July 12, 2018.
    • On July 16, 2018, please confirm your Wire Transfers templates by clicking on the “Transfers” tab.
  •  Initial login for wires will require the last 4 Digits of the TIN, the user will be prompted to personalize the PIN
     

Want to Enroll? 

 If you are not currently an Online Banking user, it is very easy to enroll on and after July 16, 2018:

If you have any questions, please call us at (888) 673-1808.

REMOTE DEPOSIT CAPTURE                                                                                                                    

Key Dates:

July 12, 2018 at 3:00 P.M. PST:  

  • Last day to access the Remote Deposit Capture system.
     

July 13, 2018 – July 15, 2018 “Blackout Period”:

  • Remote Deposit Capture access will not be available during this blackout period.
  • Delete existing Remote Deposit software from your workstation.  This must be completed before your install the new software.
  • Download and install the new software into your workstation.

https://www.remotedepositnow.com
 

July 16, 2018 at 8:00 A.M. PST: 

  • The new Remote Deposit Now system will be ready for you to use.
  • Remote Deposit Capture is accessible via Preferred Business Online Banking.  See the “Online Banking” section above for your login credentials.
     

The new Remote Deposit Now User Guides were sent to you via secure email on June 1, 2018.  If the email is not in your inbox, please check your junk mail.  Otherwise, call us at (888) 673-1808 or email us at TMS@PreferredBank.com and we will be happy to resend.

 

SAFE DEPOSIT BOXES                                                                                                                                 

 There will be no changes.  Going forward, your annual rental fee will be automatically deducted from your designated deposit account.  

 

TELEPHONE BANKING                                                                                                                                                            

The Preferred Telephone Banking Number is the same .When you first use our new Telephone Banking system on and after July 16, 2018, you will be asked to follow a few simple steps to reenroll.

  1. You will be asked to enter the Account Number, Social Security Number or Tax ID Number listed first on your account, and the Zip Code on the account.
  2. You will be prompted to add your permanent PIN of your choice, minimum of 4-digits and maximum of 6-digits. 

To protect your privacy, the new system will no longer provide facsimile statements.  You may obtain an electronic statement by logging into Preferred Online Banking.

 

FOR ASSISTANCE                                                                                                                                           
 

Branch Operations Locations:  To help you with any needs you may have during the upgrade, please contact your branch location, our bank employees will answer your questions about the changes taking place.

Treasury Management Clients:  If you need assistance related to commercial such as Mobile Banking, Online Wires, Positive Pay, Remote Deposit, please call us at (888) 673-1808 or email us at TMS@PreferredBank.com.