FAQs

401(k) Plans

When can I contribute?

You can contribute to your employer’s 401(k) plan as soon as you’re eligible to participate under the terms of the plan. In general, a 401(k) plan can make you wait up to a year before you’re eligible to contribute. But many plans don’t have a waiting period at all, allowing you to contribute beginning with your first paycheck.

Some 401(k) plans provide for automatic enrollment once you’ve satisfied the plan’s eligibility requirements. For example, the plan might provide that you’ll be automatically enrolled at a 3% pretax contribution rate (or some other percentage) unless you elect a different deferral percentage, or choose not to participate in the plan. This is sometimes called a “negative enrollment” because you haven’t affirmatively elected to participate–instead you must affirmatively act to change or stop contributions. If you’ve been automatically enrolled in your 401(k) plan, make sure to check that your assigned contribution rate and investments are appropriate for your circumstances.

Can I also contribute to an IRA?

Yes. Your participation in a 401(k) plan has no impact on your ability to contribute to an IRA (Roth or traditional). You can contribute up to $5,500 to an IRA in 2013, $6,500 if you’re age 50 or older (or, if less, 100% of your taxable compensation). Depending on your salary level, however, your ability to make deductible contributions to a traditional IRA may be limited if you participate in a 401(k) plan.

What are employer contributions?

Many employers will match all or part of your contributions. Your employer can match your Roth contributions, your pretax contributions, or both. But your employer’s contributions are always made on a pretax basis, even if they match your Roth contributions. That is, your employer’s contributions, and investment earnings on those contributions, are always taxable to you when you receive a distribution from the plan.

Should I make pretax or Roth contributions?

Assuming your 401(k) plan allows you to make Roth 401(k) contributions, which option should you choose? It depends on your personal situation. If you think you’ll be in a similar or higher tax bracket when you retire, Roth 401(k) contributions may be more appealing, since you’ll effectively lock in today’s lower tax rates. However, if you think you’ll be in a lower tax bracket when you retire, pretax 401(k) contributions may be more appropriate. Your investment horizon and projected investment results are also important factors. A financial professional can help you determine which course is best for you.

Whichever you decide–Roth or pretax–make sure you contribute as much as necessary to get the maximum matching contribution from your employer. This is essentially free money that can help you reach your retirement goals that much sooner.

What happens when I terminate employment?

Generally, you forfeit all contributions that haven’t vested. “Vesting” means that you own the contributions. Your contributions, pretax and Roth, are always 100% vested. But your 401(k) plan may generally require up to six years of service before you fully vest in employer matching contributions (although some plans have a much faster vesting schedule).

When you terminate employment, you can generally leave your money in your 401(k) plan until the plan’s normal retirement age (typically age 65), or you can roll your dollars over tax free to an IRA or to another employer’s retirement plan.

What else do I need to know?
  • Saving for retirement is easier when your contributions automatically come out of each paycheck.
  • You may be eligible to borrow up to one-half of your vested 401(k) account (to a maximum of $50,000) if you need the money.
  • You may be able to make a hardship withdrawal if you have an immediate and heavy financial need. But this should be a last resort–hardship distributions are taxable events (except for Roth qualified distributions), and you may be suspended from plan participation for six months or more.
  • If you receive a distribution from your 401(k) plan before you turn 59½, (55 in certain cases), the taxable portion may be subject to a 10% early distribution penalty unless an exception applies.
  • Depending on your income, you may be eligible for an income tax credit of up to $1,000 for amounts contributed to the 401(k) plan.
  • Your assets are generally fully protected from creditors in the event of your, or your employer’s, bankruptcy.
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Apple Pay

What is Apple Pay?

Apple Pay is a new way to pay. You can now make purchases using contactless payment technology and unique security features built right into the devices you have with you every day. So you can use your iPhone, Apple Watch, or iPad to pay in a simple, secure, and private way.

Is Apple Pay secure?

Yes. Apple Pay is secure because it processes transactions through a tokenization service. This service replaces a card’s primary account number with a random numerical sequence unique to a specific device, merchant, transaction type or channel.

Actual account numbers are not stored on the device, nor on Apple servers, and cashiers will no longer see your name, credit card number or card security code, helping to reduce potential fraud.

How do I add my South State cards to Apple Pay?

There are two ways to add your South State debit and credit cards to Apple Pay. If you already have a South State card on file with iTunes, you can add it to Apple Pay by entering the security code on the back of your card into the Passbook app.

To add a new or second South State card to Apple Pay, use your device’s camera to capture your card information or type it in manually. Open the Passbook app on your device to view the South State debit and credit cards enrolled in Apple Pay or to add a new South State debit or credit card.

How do I use Apple Pay?

To use Apple Pay, your iPhone 6 or iPhone 6 Plus must be running iOS 8.1 or above, and you must have an iCloud account. To make a purchase at a retailer that has a contactless payWave terminal, hold your device over the terminal and accept the charge with your fingerprint or passcode when prompted. A subtle vibration and beep lets you know the purchase was successful.

If asked to verify the last four digits of your card number when making a purchase, instead provide the last four digits of the device account number. The device account number can be found by selecting the ⓘ icon while viewing your card in Passbook. You may also be asked to provide a signature or debit card PIN to complete your transaction.

Can I use Apple Pay for in-app purchases?

Yes. You can use Apple Pay on your iPhone 6, iPhone 6 Plus, iPad Air 2 and iPad Mini 3 to make purchases within participating mobile apps. Simply look for the Apple Pay logo while completing your in-app purchase.

How can I change my default card in Apple Pay?

The first credit or debit card you add to Passbook automatically becomes your default card. This is the card that will appear when you use Apple Pay at a contactless payment reader when checking out. To change your default card, simply open settings and select the Passbook & Apple Pay tab.

What happens if my card is lost or stolen?

If your card is lost or stolen during normal business hours, call us at (800) 277-2175 to deactivate it.

If your card is lost or stolen after normal business hours, please call one of the following numbers:

  • ATM or VISA® Debit Cards, call (800) 523-4175
  • Personal Credit Cards, call (800) 558-3424
  • Business Credit Cards(866) 552-8855

You will no longer be able to use your card within Apple Pay, so you should also remove the card from Apply Pay. When you receive your new card, you will need to add it to Apply Pay.

How do I remove a card from Apple Pay?

To remove a card from Apple Pay, select the card in Passbook and click on the ⓘ icon in the bottom corner to view the back of the card. Scroll to the bottom to find the ‘remove card’ option. After deleting, you can re-add this card to Apple Pay at any time.

What happens if I replace, update or lose my Apple Pay device?

If you replace or update your device, your South State debit or credit card(s) will not be transferred automatically. You will need to set up Apple Pay again and re-add your cards on the new device.

If your device is ever lost or stolen, you can use Apple’s Find My iPhone to quickly put your device in Lost Mode to suspend Apple Pay or completely wipe the device clean, or call us at (800) 277-2175.

You can continue to make purchases using your physical card even when the device account number is suspended on Apple Pay.

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Bank to Bank Transfers

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BillPay

How do I pay my bills online?

The first time you use BillPay, you will need to agree to the BillPay agreement and verify your information.  Once that is set up, you will be able to follow these simple instructions to pay all of your bills online.

  1. Log in to Online Banking.
  2. Click BillPay at the top of the screen.
  3. Click Add A Bill.
  4. Set up each payee you would like to have access to with the BillPay system (see instructions below).
  5. Enter in the amount and date of payment next to the company or person you would like to pay.  Click Make Payments at the bottom.  You will have a chance to review and confirm all payments.

Please note: If you have BillPay set up on multiple accounts, please be sure to select the account you wish to pay your bill from the drop-down box in the Payment Center.

How do I set up a payee?

If you are paying a company and you have an account number – search for the company name (or you can enter all information from a current bill).  Enter additional information such as account number and mailing address.

If you are paying a company and you do not have an account number – search for the company using a telephone number (or you can enter all information from a current bill).  Enter additional information such as an account number and mailing address.

If you are paying a person you have two options – mail a check through BillPay or send money electronically.

To mail a check through BillPay, search for the person using a publicly listed telephone number or enter their name, mailing address, and telephone number.  To pay a person electronically, without knowing any personal information, click here to learn about Popmoney.

What are e-bills?

An e-bill (electronic bill) is an electronic version of a paper bill that you can view and pay online.  Receiving e-bills enables you to access your bills anytime through Online Banking, reduces paper clutter, and gives you enhanced security by reducing the amount of personal information traveling through unsecure mailboxes.

How do I know if a vendor offers e-bills?

Once you are logged in to Online Banking and have clicked on BillPay, you will see your list of payees.  For those that offer e-bills, you will see an icon beside each name.  Click on the icon and follow the steps to start receiving e-bills.

Can I pay bills from more than one checking account?

Yes, you can.  Simply contact our Customer Care Center and one of our personal bankers will be happy to make the change.  You can contact them by calling 1-800-277-2175 Monday through Friday from 8 A.M. to 6 P.M. and Saturday from 8 A.M. to 2 P.M.

How do I set up and validate my external accounts?

There are two ways a customer can set up and validate an external account:

Online Banking Credential Verification

  • The customer enters their Online Banking login credentials for the other bank. This confirms the customer has access to their account via Online Banking with the other financial institution
  • Transfer capability will be available immediately after verification

Trial Deposit Verification

  • Customers will receive two small credits in their external account. It may take 1-2 days to receive.
  • Once the amounts have been received, they will login to South State Online Banking to confirm the deposits. Customers can not send funds until this step is complete.
  • The “Manage Accounts” section is where the customer will enter the Trial Deposit amounts.
  • If the Trial deposit is entered incorrectly, the customer will need to remove the account and re-enter the information to begin the validation process again.

 

 

Why are some bills paid immediately and others in 3-5 days?

Some vendors accept payments electronically, enabling us to pay them within one or two days.  Others do not accept electronic payments so a check must be mailed to them.  Depending on the location of where the check is being mailed, it may take three to five days for it to be received.

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How do I enroll?

Visit on of our local branches and a banker will be happy to enroll you for Business Link.

Is Business Link secure?

Yes, Business Link is secure. With our enhanced online security, you are protected by three levels of security. Each time you login to Business Link, you are required to have an Access ID and Password. In addition to this you will be able to verify that you are entering our site by one of the following; a green website address bar, “Fiserv, Inc.” or “Trusted”, or a padlock icon.

How do I change my Password?

Once logged in to Business Link, navigate to the Account Service tab. Next, click on Change Password. From here you can update your Password.

Can I export my transactions?

Yes. To export, click on an account. Hover on Transactions and then click All Transactions. Next, click the Export Transactions link on the top left side. Select your date range, file type, and Account to export and click Export. After the file has processed to 100%, click the Download Export button. You will then have the option to open or save your file.

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Exchange Traded Funds

Who can buy ETFs?

When they were first introduced, ETFs were primarily made available to large investors. Over time, it has become easier for individual investors to add these funds to their portfolios. Individual investors can purchase ETFs through a broker, just as they would purchase stocks.

What are advantages of ETFs?

Traditional mutual funds are bought and sold based on their net asset value at the close of business each trading day, while ETFs can be traded throughout the day from market open to market close.

ETFs allow investors to diversify their holdings within a group of securities. For example, if you believe in the prospects of the biotechnology industry but would like to buy a diversified group of biotechnology stocks (rather than just one or two companies) for a relatively small sum, an ETF can help.

ETFs also may have lower costs than those of an actively managed mutual fund. Because of the passive management and structure of ETFs outlined above, it may have lower annual taxable distributions.

Because ETFs make the in-kind redemptions outlined above, an ETF doesn’t need to hold on to cash, which can lead to cash lag and cause the realization of capital gains or losses, as seen in mutual funds.

Unlike traditional mutual funds, ETFs can be sold short by investors. Generally, an investor buys a stock expecting the value to increase. Short sales, however, are different. An investor who believes that a particular stock will decline in value can borrow shares of that stock from a brokerage firm (for a fee) in what is known as a short sale. If the value goes down, the investor makes money; if the value goes up, the investor loses money. Keep in mind that the potential for unlimited losses makes short selling very risky. An ETF also can be bought on margin or traded using stop orders or limits orders.

ETFs also have no minimum investment requirements, or redemption fees for brief holding periods.

What are disadvantages of ETFs?

ETFs must be purchased through a broker, and a brokerage commission must be paid when you buy shares of an ETF. An investor trading in and out of an ETF will incur trading costs, which can make ETFs less suited to systematic investing programs such as dollar cost averaging, and reduce or eliminate any cost efficiencies.

While an ETF offers a less expensive way to diversify among many securities, remember that an individual ETF tends to be comprised of securities in a given asset class, which may share similar behavior. ETFs can be combined with other ETFs and other types of investments to create a broadly diversified portfolio.

An ETF doesn’t necessarily trade at its net asset value, and bid-ask spreads may be wide for thinly traded issues or in volatile markets.

What are the technical differences between ETFs and mutual funds?

From a technical standpoint, an ETF works a bit differently than a mutual fund does, even a passively managed mutual fund that tracks the same index as the ETF. Mutual funds essentially buy and sell securities for cash on the open market; the process for an ETF is more complex.

An ETF is created when a large institutional investor, often a bank, broker-dealer, or other financial services firm, assembles large holdings of securities into a portfolio that approximates a specific market index–for example, the Nasdaq 100. The financial institution, known as an authorized participant (AP), exchanges those securities with the ETF’s manager, receiving in return large blocks of ETF shares. Those blocks, each of which may include anywhere from 10,000-100,000 ETF shares, are known as creation units. The authorized participant may hold those creation units in its portfolio(s), but it may also break them up and sell ETF shares in smaller quantities to other investors–for example, individual investors who buy and sell them on the open market as they might any other security.

The original basket of securities is held at a custodial bank and monitored by the ETF’s manager. When an authorized participant wants or needs the individual securities rather than ETF creation units, it simply assembles enough ETF shares to make up a creation unit. It returns the creation unit to the ETF in exchange for the equivalent securities (based on the creation unit’s net asset value), plus any cash accumulated from dividends. Those individual securities can then once again be sold on the open market, or if borrowed, returned to individual owners who loaned them to the authorized participant.

Creation units are constantly created and redeemed by an ETF, depending on supply and demand. The authorized participant’s decision about whether to hold creation units or the shares they represent may be determined by their relative values. The AP may be able to profit by using arbitrage to take advantage of any difference between the value of the creation unit and the aggregated value of the underlying securities. However, competition typically tends to keep ETF prices relatively close to the NAV of the underlying securities.

The exchange of creation units for the securities that make up the ETF’s index involves no cash and is considered an in-kind trade. As a result, it doesn’t trigger any capital gains for the fund itself and in turn, individual investors in shares of the ETF. By contrast, when a mutual fund sells shares of the securities it holds–for example, to meet shareholder redemptions–it may incur capital gains. By law, those gains must be distributed each year to the mutual fund’s shareholders, for whom that distribution is considered a taxable event.

The in-kind exchange of creation units for the underlying securities minimizes or eliminates internal capital gains for an ETF, which in turn results in tax efficiencies for the individual investor in it.

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General Banking

How can I send a secure message?

Within Online Banking login and click on Secure Message within the Welcome Sentence at the top. Within Business Link login and click on the envelope icon on the right side near the Transactions header.

What are the different transfer options available to me?

We have three options for transfers:  Bank to Bank Transfers, Popmoney and Wire Transfers.

  • Bank to Bank Transfers allow you transfer funds to and from your account at another financial institution.
  • Popmoney allows you to electronically send funds to another individual without knowing any personal financial information about that person.
  • A Wire Transfer allows you to send funds electronically to another person inside or outside of the U.S.  You must have the following information to send a wire transfer:  Name and address of the person receiving the funds, their bank and bank address, and their account number and routing number.

 

What identification do I need to open an account?

What identification do I need to open an account?

You will need a primary and secondary form of identification (ID). Examples of a primary ID are a State Issued Driver’s License, State Issued ID, USA or Foreign Passport or Military ID. Secondary forms of ID include a Voters Registration card, College or Student ID, Auto Registration/Insurance Card, Insurance or Utility bill (with current address and dated within the last 30 days), Property Tax bill, or Pay Stub (issued within the last 30 days).

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Health Savings Account

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Mobile Banking

What is Mobile Banking?

Mobile Banking is a way to access your accounts through your mobile phone. Depending on the type of phone you have you can view balances, transfer funds, pay bills and find a branch or ATM.

Is there a cost for Mobile Banking?

No, Mobile Banking is a free service. Please remember you must first be enrolled in Online Banking to use Mobile Banking. Message and Data rates may apply.

Do I need Internet access to use Mobile Banking?

No. We also offer Text Banking. Any mobile phone with texting capabilities can instantly view balances, recent transactions, and locate a branch or ATM.*

 


*Message and data rates may apply.

Do I need a specific mobile phone or device to use Mobile Banking?
  • South State Mobile App1 – iPhone2 and Android phones, iPad,and Android tablets
  • Mobile Internet Browser – Any mobile phone with Internet access
  • Text Banking – Any phone with text capabilities

1.  iPhone and iPad are trademarks of Apple, Inc. Android is trademark of Google, Inc.

2. iPhone 2 and 3G models are not compatible with the Mobile app

If I buy a new phone or upgrade, do I need to do anything to my Mobile Banking account?

Yes, even if your number remains the same.  For security purposes your Mobile Banking enrollment is tied to your specific phone.  To ensure that Mobile Banking will work properly once you’ve purchased a new phone you will need to un-register your old phone and register under your new phone.

  • Log in to Online Banking
  • Hover on Customer Service then click Account Services
  • Scroll to the Mobile Banking section
  • Click Manage Devices
  • Choose “Stop using this phone for Mobile Banking” from the drop down box
  • Then, click “Go”
  • Next, click “Add New Phone” and follow the prompts to register your new phone

If you receive the following message when attempting to launch the app again, please click the Register button in the top right hand corner. “You registration is no longer valid.  Please re-register your device.”

Is Mobile Banking secure?

Absolutely. Here are a few ways that we keep your information safe.

Mobile Internet Browser and South State Mobile Apps:

  • 128-bit encryption masks your sensitive information
  • Password is required each time you log in
  • Account numbers are masked for your protection

Text Banking:

  • View accounts by nicknames you set, not account numbers
  • No detailed personal information is sent
How do I enroll for Mobile Banking?

South State Mobile App and Table Apps

  • Go to the App Store (iTunes or Google Play)
  • Search for South State Bank
  • Download App
  • Login using your Online Banking Access ID and Password

Mobile Internet Browser and Text Banking

  1. Log in to Online Banking.
  2. Choose Customer Service, then Account Services. Scroll to the Mobile Banking enrollment section and follow the prompts.
  3. After enrolling a text message will be delivered to your phone with instructions on how to activate Mobile Banking.
What is my Mobile Banking password?

The password used for Mobile Banking is the same as the password you use to log in to Online Banking. If you change your Online Banking password, your Mobile Banking password will also change.

Can I pay bills through Mobile Banking?

Yes, through the Mobile Internet Browser or Mobile App. You can add new payments, as well as view, modify or cancel pending payments. Message and Data rates may apply. Not available with Text Banking.

Can I set up new people to pay using Popmoney through Mobile Banking?

Yes, using our Mobile App or Mobile Internet Browser.

  • Once logged in to Mobile Banking
  • Click Payments then Pay Other People (Popmoney)
  • Click Send Money
  • Then, click on the “Pay To” field

You will then have the option to either Add a new contact or Add from phone.  Add from phone will pull your contact information from your Address Book.

What are the text banking short codes?

BAL + Account Nickname to get your balance
HIST+ Account Nickname to get recent transactions
BRANCH + Address or Zip to find the nearest branch
ATM + Address or Zip to find the nearest ATM

Can I use the South State Mobile Banking App on any device?

The following devices1 are supported:

  • iPhone2and Android phones
  • iPad
  • Android Tablets:
    • Acer A5xx
    • Nexus 7 II, 7 & 10
    • Nook HD+
    • Galaxy Tablet
    • Galaxy Note

 


1. iPhone and iPad are trademarks of Apple, Inc. Android is trademark of Google, Inc.

2. iPhone 2 and 3G models are not compatible with the Mobile app

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Mobile Deposits

How do I make a deposit using Mobile Deposits?

It’s secure and easy to use.  Simply log in to our Mobile Banking app and follow these steps:

  1. On the back of each check, sign your name and write “Mobile Deposits on (current date).”
  2. Log into Mobile Banking using your smartphone or tablet.
  3. Tap Deposits at the bottom of the app.
  4. Tap New Deposit, then enter the check amount you are depositing and tap continue.
  5. When prompted, take a photo of the front and back of your check.
  6. Confirm your deposit details and tap Yes or No.
  7. To review your pending deposit, go to Deposits and tap on Deposit History. It may take up to three business days for the funds to be available in your account.
How do I know my deposit was received?

At any time you can see the status of the deposit by selecting Deposits and then View Deposit History. Once your deposit is accepted, it will turn green within Deposit History. It could take up to three days for you to have access to the funds.

What types of checks can I not deposit through Mobile Deposits?
  • Checks payable to any person or entity other than the person or entity that owns the account into which the check is being deposited.
  • Checks payable jointly, unless deposited into an account in the name of all payees.
  • Checks containing an alteration on the front of the check, or which you know or suspect are fraudulent or otherwise not authorized by the owner of the account on which the check is drawn.
  • Checks drawn on a financial institution located outside the U.S.
  • Checks not payable in U.S. currency.
  • Checks dated more than six (6) months prior to the date of deposit.
  • Checks that have previously been submitted through Mobile Deposits or through a remote deposit capture service offered at South State Bank or any other financial institution.
  • Checks or items that are drawn or otherwise issued by the U.S. Treasury Department.
  • Checks drawn on a home equity line of credit, or other convenience checks.
  • Traveler’s checks, money orders, or savings bonds.
  • Checks without a check number in the MICR line at the bottom of the check
  • Checks without an account number in the MICR line (Example: counter checks)
  • Checks encoded with a dollar amount
  • Checks with writing or printing that obscures any part of the MICR line
When will my deposit be available if I use Mobile Deposits?

Generally, Mobile Deposits received prior to 6 PM EST Monday – Friday are processed on the business day of receipt.  Deposits received Monday – Friday after 6 PM EST, on Saturdays, Sundays, or on bank holidays will be processed on the next business day.

Funds deposited through Mobile Deposits will generally be available for withdrawal three (3) business days from the day of the deposit.  However, funds may not be made available to you for longer periods of time under certain circumstances. Deposits are subject to limits, verification and other restrictions, as outlined in the South State Bank Online Banking Agreement.

How secure is Mobile Deposits?

Your scanned check is transmitted securely through our Mobile Banking app.  It is encrypted and pictures are never stored on your mobile device.

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Mortgage

How much home can I afford?

The home you can afford is based on the amount of mortgage loan you can comfortably support. Generally, the amount of mortgage you qualify for is based on some basic information such as: your income, debts, assets, credit history, current employment situation, and any other obligations you may owe.

Another factor that will impact the amount of home you can afford is how much cash is required for down payment and closing costs.

Should I consider pre-qualification for a mortgage before I shop for a home?

Getting prequalified for your mortgage is an important step before you shop for a home. It tells you how much home you can buy and makes applying for your mortgage easier. A mortgage prequalification can also give you additional leverage with a seller in negotiating the best possible terms of the sale.

 

What types of mortgages are available?
  • Fixed-rate mortgage. You pay the same interest rate and same monthly payment of principal and interest for the duration of the mortgage. The most common terms are 30, 20 and 15 years. Fixed-rate mortgages are best if you plan on being in your home for a while.
  • Adjustable-rate mortgage (ARM). The interest rate stays fixed for an initial interest rate period, which may range from 1 to 10 years. The rate may adjust up or down annually for the life of the loan based on a specified index. An ARM is a good option if you believe interest rates will go down over the next few years or if you plan on staying in your home 5 to 7 years or less.
Are there any special programs for first-time home buyers?

First-time home buyer programs are for individuals who meet certain income requirements, who are financing property in certain census tracts, or who meet other special requirements. We participate in special loan programs throughout the state and USDA Rural Housing Loans. Benefits include:

  • Lower down payments than most other financing options so you will not need as much cash to buy a home.
  • Competitive interest rates.
  • Reduced closing costs and mortgage loan fees.
  • Other restrictions may apply.
What are the benefits of a 15-year mortgage?

A 15-year mortgage allows you to own your home in half the time of a conventional mortgage with a 30-year term. Although payments are higher with a 15-year mortgage, you could save thousands of dollars in interest and build equity faster.

How can I lock my interest rate?

Generally, you must complete a full mortgage application in order to lock a rate. You can work with your loan originator to discuss your mortgage options. He or she will also help you complete the application and lock in a rate when you are ready.

What is an escrow account?

In addition to the principal and interest payment on your mortgage loan, you may elect to impound additional funds each month in an escrow account to pay for property taxes and insurance (or private mortgage insurance). With some mortgage products, impounding for taxes and insurance may be required.

 

Having an escrow account allows you to put aside a small portion each month toward the costs of insurance and property taxes. You send the additional funds each month when you make your mortgage payment. We hold the money in an escrow account and make the payments from the account when they are due.

What should I expect at closing?

While every closing is different, here’s what you can expect. Basically, you’ll sit at a table with your realtor, the realtor for the seller, possibly the seller, and an attorney. The attorney will have a stack of papers for you and the seller to sign. While he or she will give you a basic explanation of each paper, you may want to take the time to read each one and/or consult with your agent to make sure you know exactly what you are signing. Before you go to closing, we will give you a booklet explaining the closing costs, a “good faith estimate” of how much cash you will have to supply at closing, and a list of documents you will need at closing. If you are required to bring funds to closing, make sure you contact the attorney’s office for the exact amount and bring a certified check.

How much cash will I need for closing costs?

Closing costs generally range from 2% to 3% of your loan amount. Closing costs can be divided into three main categories:

  • Lender fees. Fees can include origination and points.
  • Third-party fees. These fees vary by state and the attorney you select to close your loan. They can include attorney’s fees for closing, title exam, credit report, appraisal, title insurance and recording.
  • Prepaid items. These are items collected at the time of closing but are not really considered costs including interim interest, taxes, and hazard insurance.

You will be provided with an estimate of your closing costs soon after your application has been received. These estimates could change if you change the product type or loan amount.

What does NMLS stand for?

The Nationwide Mortgage Licensing System and Registry (NMLS) is the legal system of record for licensing in all participating states, the District of Columbia and U.S. Territories. In these jurisdictions, NMLS is the official and sole system for companies and individuals seeking to apply for, amend, renew and surrender licenses managed in the NMLS on behalf of the jurisdiction’s governmental agencies. NMLS itself does not grant or deny license authority.

Where can I find more resources?

We have use information and resources in our Advice Center and our First Time Home Buyer section.  You can find out more about the Loan Process and download Mortgage Loan Checklist to help you along the way.

We encourage you to review the many helpful resources and the “Shopping for Your Home” video on HUD.gov if you are thinking about buying a home. The information provided will help you in assessing how much of a home you can afford, and will provide information on housing counselors in your area. We encourage the use of a housing counselor prior to buying a home. In addition to mortgage personnel, counselors can assist you by providing information regarding questions or concerns surrounding your purchase, fair housing laws, credit issues and foreclosure prevention.

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Online Banking

What is Online Banking?

South State’s Online Banking is a way to access your bank accounts wherever you have Internet access. With Online Banking, you can view detailed information on transactions and account balances, pay a bill or person, transfer funds from on account to another, or use the spending report to see exactly how you are spending your money each month.

Is Online Banking secure?

Yes, Online Banking is secure. With our enhanced online security, you are protected by three levels of security. Each time you login to Online Banking, you are required to have an Access ID and Password.  In addition to this you will be able to verify that you are entering our site by one of the following; a green website address bar, “Fiserv, Inc.” or “Trusted”, or a padlock icon

Are there certain computer requirements for Online Banking?

Yes, South State’s Online Banking supports the following browsers:

  • Apple Safari 4.0
  • Apple Safari 5.0
  • Apple Safari 5.0 for MAC
  • Google Chrome 9.0
  • Microsoft Internet Explorer 7.0
  • Microsoft Internet Explorer 8.0
  • Microsoft Internet Explorer 9.0
  • Mozilla Firefox 3.5
  • Mozilla Firefox 4.0
  • Opera 10.0
  • Opera 11.0

Operating System
Microsoft Windows 7 – 32 bit -All editions

Can I export my transactions?

Yes.  To export, navigate to the Account Activity tab and then click on All Transactions.  Next, click the Export Transactions link on the top left side. Select your date range, file type, and Account to export and click Submit. After the file has processed to 100%, click the Download Export button. You will then have the option to open or save your file. 

How do I update my email address?

Within Online Banking, navigate to the Customer Service tab.  Next, click on Account Services.  From here you can update your email address.

How do I change my Access ID?

For security purposes, you will need to contact our Customer Care Center to make this change.  Our personal bankers will be happy to assist you.  Please call us at 1-800-277-2175 Monday – Friday 8 AM – 7 PM, Saturday 8 AM – 3PM.

What do I need to do if I continue getting the Security Question even though I have registered my personal computer(s)?

Due to different computer settings and the variety of web browsers, there are several solutions to fix a registered computer from displaying the Security Question each time you login. Listed below are the most common solutions. If you need further assistance, please call us at 1-800-277-2175.

Option 1

Delete your cookies so that a new cookie can be saved on your computer. The way you access cookie settings, or browsing history, may be different depending on which Internet browser you use. We are providing links to the most common browsers below and recommend you follow their instructions for deleting your cookies.

The first time you login to Online Banking after deleting your computer’s cookies, please do the following:

  • Answer the security question provided.
  • Select “This is a Personal Computer. Register it”.
  • Click Submit.

Option 2

Verify Adobe Flash Player is installed on your computer.

PC users: go to Start/Control Panel/Add or Remove Programs/Change or Remove Programs Tab.

Mac users: Click on the System Preferences icon or click the Apple icon (top left corner of screen) and select System Preferences. Click on the “Software Updates” icon in the System section. This will launch the Software Update window. Next, click the “Installed Software” tab and find each program and verify that you have the latest version.

If you need to install Adobe Flash Player, please visit http://get.adobe.com/flashplayer/?promoid=BUIGP to download the latest version.

Option 3

Internet Explorer Users

Go to: Tools/Internet Options/ General Tab/under Browsing History. If the Delete browsing history on exit is checked, uncheck it. Click on the Settings button also under Browsing History. Select Every time I visit the webpage under Temporary Internet Files.

Mozilla Firefox Users

Go to: Tools/Options/Privacy tab/Under History. If the Clear History when Firefox closes is checked, uncheck it. 

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Overdraft Protection

What types of overdraft protection does South State offer?

We have standard overdraft practices that come with your account called Automated Overdraft Privilege (AOP)*.

We also offer an overdraft protection plan called Ready Reserve which is a credit-based product and may be less expensive than our standard overdraft practices. This plan may incur interest charges, but not an overdraft fee.

What are the standard overdraft practices that come with my account?

We do authorize and pay overdrafts for the following types of transactions:

  • Checks and other transactions made using your checking account number
  • Automatic bill payments

We will not authorize and pay overdrafts for the following types of transactions unless you ask us to (see below):

  • Everyday debit card purchases and ATM withdrawals

We pay overdrafts at our discretion, which means we do not guarantee that we will always authorize and pay any type of transaction.

If we do not authorize and pay an overdraft, your transaction will be declined.

What fees will I be charged if South State pays my overdraft?

Under our standard overdraft practices for personal checking accounts:

  • If all of your daily transactions overdraft your account $5 or less, we will not charge an overdraft fee.
  • If all of your daily transactions overdraft your account for more than $5, we will charge you a fee of $35 for each item we pay into overdraft.
  • We will limit the number of overdraft fees to 5 items per day.
  • Items that overdraw your account more than $500 will be returned unpaid and you will be charged $35 Non-Sufficient Funds Fee.
  • PLEASE NOTE: Using AOP frequently can cause substantial fees. Please use responsibly.
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Popmoney

What is Popmoney?

Popmoney is a person to person online payment service.  It allows you to quickly send or receive money from virtually anyone you know.  An email address or mobile phone number is all you need to get started.

Is the Popmoney service secure?

Yes. Popmoney uses the same security standards as Online Banking and BillPay to protect your information. We monitor all payments, and proactively identify potentially fraudulent payments and/or suspicious activity.

What information do I need to know about the person I wish to send money to?

Popmoney allows you to send money to virtually anyone in the US, using only their first and last name and e-mail address or mobile number. We will only use the e-mail address or mobile number to notify a recipient of the payment and how to claim the money. The money is sent directly from your account to their bank account.

How do I set up automatic deposits?

Go to the “Preferences” tab within Popmoney and click “Edit” under the Automatic Deposits Settings. Next, select “Yes” and choose your checking account where you want funds sent through Popmoney to be deposited. Please note you will be required to validate the email or phone number. A verification code will be sent to you.

How can I change my personal information after I sign up for Popmoney?

Sign in to BillPay and click the “Popmoney” link. Next, click on the “Preferences” tab. Select the information you need to update and enter the appropriate changes.

Please note: Any changes you make in the Service Setup of Popmoney will be reflected on your entire BillPay account.  If you change your email address or preferred account, it will change on your BillPay account.

Can I set up recurring payments?

Yes, you can under the “Send Money” tab. Simply click the link “Set up a Recurring Payment” when you initiate a new payment. From there you can select how often.

Can I cancel a Popmoney payment?

Yes. Go to the “Activity” tab, find the payment you would like to cancel and click the “Stop Payment” button. If the money has already been deposited into the receiver’s account, you will not see the “Stop Payment” button.

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What is an Extended Validation (EV) certificate?

EV certificates are an anti-phishing security feature, providing a visual confirmation that you are on an authentic website. We have added this new security feature to Online Banking and Business Link so you can easily identify that you are accessing our secure sites.

Will this display in Mobile Banking?

This will not display in Mobile Banking. When accessing your accounts on a mobile device, you are using a secure, direct link to our bank. In addition, mobile sites are not prone to the same phishing as websites accessed from a computer.

What is Phishing?

Phishing is when someone pretends to be a company or trustworthy entity and attempts to obtain personal information (i.e., usernames, passwords, credit card details). This could be done through email, pop up messages or a fake website.

How do I know Online Banking/Business Link is secure?

Depending on your browser, you will see one or all of the following: a green website address bar, “Fiserv, Inc.” or “Trusted”, or a padlock icon. This will indicate the site is secure, and this is how you will identify us, just as we identify you by your Access ID and Password.

Who is Fiserv, Inc.?

Fiserv, Inc. is our partner in providing Online Banking and Business Link services.

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Spending Report

Q. Can I change the category on a transaction listed in my Spending Report?

Yes. If at any time, you want to change the category on a transaction, simply follow the steps below:

  1. Click on an account and then the Account Activity tab.
  2. Click on All Transactions.  This will open a new window.
  3. Click the pencil icon next to the category you wish to change.
  4. Select a new category from the drop down menu.
  5. Click the Save icon.
Q. How can I use these reports to help prepare my taxes?

A. Spending and Income reports allow you to easily pull tax-related categories and export them. These reports can be used to show how much was spent in each category. For example, you can view or export all medical transactions into one report.

Q. How do I download my transactions with categories?
  1. Click on an account and then the Account Activity tab.
  2. Click on All Transactions. This will open a new window.
  3. Select criteria from the drop-down boxes and click Activity Details.
  4. Select the transactions you want to include and click Export.
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Visa Checkout FAQ

What is Visa Checkout?

Visa Checkout simplifies digital payments with secure technology and reliable and convenient service. Store card information for easy access from your tablet, smartphone or computer.

Who can use it?

Customers with major credit and debit cards are able to use Visa Checkout.

How do I use it?

After creating a profile and enrolling your debit and credit cards, you simply look for the Visa Checkout button. You will then enter your username and password and confirm your purchase.

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