Online Account Creation Frequently Asked Questions

According to the FDIC, “A joint account is an account owned by two or more people.” It is any deposit account with two or more owners listed on the account documents. By adding a joint owner, you are giving them full access to the account and any funds in the account. There are also special rules to consider for survivorship purposes. Please consult the FDIC’s brochure Your Insured Deposits for more information.

To fund your new account by check please follow a couple of simple steps. First, write the check out for the amount pledged in the new account process and make it payable to yourself. Next, sign the back of the check and add the words "For Deposit Only". Finally, please mail the check to us at: StonehamBank, 80 Montvale Avenue Stoneham, MA 02180, Attn: Online Accounts. We’ll complete the deposit and mail you a receipt.

An occupation description is a generic term describing your type of work. Examples include banker, teacher, law enforcement, etc.

The original principal amount is the amount disbursed by the bank when the loan first opened. You can find the amount on your original loan note. For revolving lines of credit, the original principal amount is often zero.

The security panel code is a three digit number (or four on some American Express cards) located on the back of your debit card. The security panel code, sometimes referred to as the CVV, is directly to the right of the signature box on most cards.

We record the name of your employer as part of our due diligence to identify you during the account opening process.

If your information is incorrect then your new account application may be stopped and your new account may not be opened. If your new account application is stopped due to incorrect information then, for security reasons, you will need to begin a new application so please review the information carefully for errors.

We will use this information to help identify you if you call us for help with the online account opening process.

The note number, also called the account or loan number, is the unique number assigned to your loan. You can find it at the top of your original loan note or in the upper right corner of your monthly loan bill. Enter every number before the dash.

We request the issue date to confirm that you have the physical copy of the license. Current Massachusetts Driver’s Licenses have this in the upper left corner on the front. Older versions had it on the back.

We collect the expiration date to make sure that your license is still valid. Once your license expires, it is no longer a valid form of ID so we need to check the expiration date.

Your e-mail address is required for us to send you a confirmation upon completion of the online account opening process. If you choose to enroll in e-statements, you will also receive a monthly notification when your statement is ready for viewing. Don’t worry, we respect your privacy and won’t sell or share your e-mail with anyone else.

Federal regulations require us to collect certain information about our depositors to accurately identify you and fulfill certain reporting requirements. This includes your social security number.

Your last statement balance, also referred to as your ending statement balance, can be found on your monthly deposit statement. It’s typically the last balance shown at the end of the itemized transaction list.

Direct deposit refers to a special type of ACH transfer that is typically from your employer or a benefit provider such as Social Security. It is often a recurring payment and needs to be setup with the paying party (i.e., your employer or the Social Security Administration) in advance. They will require your new account number as well as StonehamBank’s routing number - 211371586.

Backup withholding is a type of withholding for federal income taxes on certain types of income, including interest income on bank deposits. It can be used when a name and social security number do not match IRS records or if a taxpayer owes federal income taxes. Most taxpayers are exempt from backup withholding and the IRS will notify you if you are required to have backup withholding.

This refers to your current work status. For instance, you could be employed full-time (typically 40+ hours per week) or part-time (less than 40 hours per week), self-employed, or retired. We collect this information to help us comply with federal identification requirements.

Your verification code would have been sent to you via e-mail after you successfully entered all your new account information. It was also shown on the confirmation screen. If you cannot locate your verification code using either of these sources, please contact us at 1-888-402-2265 and we will resend the confirmation e-mail including the verification code.

An internal transfer is a transfer of funds from one account to another account at the same financial institution. You would choose this option to fund your new account if you plan on transferring funds from an existing StonehamBank account.

Electronic transfer refers to an Automated Clearinghouse Payment or ACH for short. This type of transfer is typically made between accounts at different financial institutions. To complete this process, you will need your other bank account number as well as their ABA/routing number. Please note: if you use this method to fund your new account, you will first have to confirm that you have access to the account. This process typically takes 1-2 days.