Frequently Asked Questions
Exactly what equipment and software do I need to access PARKE24?
You’ll need an Internet service provider, a modem (28,800 baud or higher is recommended), and Browser software which supports Secure Sockets Layer (i.e. Netscape 4.x or newer, Microsoft Internet Explorer 4.x or newer. Latest browser version is recommended).
Is the Internet safe and secure for online banking?
Yes. This is a common concern with banking and commerce on the Internet. Data on the Internet is safeguarded by encryption as it moves between systems. Data residing on a system can only be accessed by using an authorized sign-on ID and Passcode. Any kind of breach in the security of our systems would be a serious business issue for the bank. Our success depends on our ability to manage these systems safely and to continue to earn your trust as our customer. Please be assured that we will take every measure possible to protect the financial information and resources you have entrusted to us.
You can help safeguard your information and the banking systems by protecting your Sign-On ID and Pass Code. A proper combination of your Sign-On ID and Pass Code is the only way to get access into your account. Please be careful to keep this information secure.
Can anyone else see my account information?
Your online account information is available through access methods which have been rigorously tested for their secure access. The information is not public. Only you can access it using your Sign-On ID and Pass Code.
What if PARKE24 goes down? Will my payments be made, will my transfers go through?
If PARKE24 and all of our back up systems were to go down, you can be comfortable that any transaction for which you had already processed, prior to the system going down, will go through. If you were in the middle of a transaction and there is some question as to whether the system has received the request, you may feel free to contact the bank to ensure your transaction request has been accepted.
How long does it take for a payment to reach my payee?
Each payment made by PARKE24 will be processed either by check or by electronic funds transfer. If the payment is made through electronic funds transfer, it will take a matter of hours for the payment to reach your payee. Payments made by check, however, will be delivered via the postal service. Delivery could take several days depending on where the payment is to be sent. The safest thing is to always schedule your payments at least seven business days ahead of the date they are due. This will ensure that the payment will be made and processed in time.
What type of accounts are included in PARKE24?
You can access the following types of accounts:
Can I have more than one checking account linked to PARKE24?
Yes. You can link all of your checking accounts to PARKE24.
How current is this information?
All transactions and balance updates are performed once per day. So any transactions you perform today that change your balance (i.e. deposits, ATM withdrawals), will be reflected the following business day.
Should the payment date I give be the date the payment is actually due?
No. You need to allow some time for the payment to reach your payee, so enter a date before the actual due date. Be sure to take into account that, although you can schedule a payment at any time, payments are actually initiated (sent to the payee) only on business days.
How soon are the funds actually taken out of my account?
Bill payments are processed exactly as if you had processed the payment yourself. If the payment is made by an online check, the funds will be taken out of your account when your payee deposits the check and the item clears the Bank. If the payment is made electronically, the funds are withdrawn the date the transaction is processed.
What happens if I don’t have enough money in my account to cover a bill payment?
If your account has sufficient overdraft protection to cover the payment, we’ll draw against that. Otherwise, the payment will be returned for insufficient funds.
When and how are my payments delivered and how can I ensure that my payee receives my payment on the due date?
When you schedule a payment, PARKE24 warehouses the payment until it is time to process it. The time to process will vary depending on how the payment is to be made and how long it will take to get the payment to the payee. Once the system has determined that it is time to process the payment, the payment is changed to a processing status. The payment is then processed by conducting an electronic funds transfer, or a check is produced and made payable to the payee from your account. The check is then sent to the payee via regular mail.
Since the system requires you to submit payment requests seven days in advance, this ensures there is sufficient lead time to process your request and get it to the payee by the date you specify.
Why does it take a few days to process payments?
Although a number of your payees accept payments electronically, many do not. For those that do not accept electronic payments, we must send a check to that payee through the U.S. Mail. Once it is received by the payee, it may also take a day or so for that payee to process the check and post it to your account. Even for electronic payments, it may take two or three days for your payment to be posted. By allowing a few days for processing and delivery, we can guarantee that your bills are paid on time.
What should I do if a payee has not posted my payment?
You need to allow a few days for your payee to process your payment. If your payee has not posted the payment to your account after a few days, send an online message to the Bill Payment Desk to inquire about the status of the payment. Be sure to provide the item’s reference number. The reference number is displayed on the Pay Bills screen under the “Ref #” column. The payment will then be traced and a status response will be sent to you.
How can I prove payments and transfers were made?
With each payment and transfer, you are given a reference number so you know we received it. In addition, payments and transfers will appear on your transaction register so you can see they posted. You’ll also continue to receive your monthly statement in the mail from your payee.
Will I be charged the monthly service fee even if I don’t make any payments?
There is no monthly service fee.
How will the payments be made?
We use two methods of payment:
- Electronic – PARKE24 sends an electronic credit to your payee and electronically debits your checking account on your scheduled payment date.
- Laser Draft – looks and acts just like one of your personal checks.
Can I choose the method of payment?
No. PARKE24 will process the payment electronically if possible. If not, then an Online Check is produced. Over time, some payees which could not accept electronic payment may be able to. They will then begin being paid electronically.
The Federal Deposit Insurance Corporation (FDIC) has permanently increased deposit insurance on all accounts to $250,000 per depositor.