Institution for Savings Main Office - Newburyport

Frequently Asked Banking Questions  

We've compiled answers to commonly asked questions about our accounts, processes, and more.   

What do I need to open a bank account?   

To open a bank account at the Institution for Savings, you will need to provide several pieces of information and documents. Requirements may vary slightly depending on the account type, but generally, you will need:   

  • A government-issued ID to prove your identity and prevent fraud. This can include a driver's license, passport, or national ID card. This helps ensure that you are who you say you are and protects against fraudulent activity.   
  • Your Social Security Number (SSN) or Tax Identification Number (TIN) for tax reporting purposes.   
  • Proof of address, such as a utility bill or lease agreement, with your name and address.   
  • An opening deposit is the initial amount of money you need to deposit when you first open the account.  

What types of accounts can I open?   

The Institution for Savings offers a variety of accounts to meet your personal and/or business banking needs. For personal use, we offer Checking, Savings, Money Market, Certificates of Deposits (CDs), Individual Retirement Accounts (IRAs), and Residential Loans. For businesses, we offer Checking, Savings, Money Market, CDs , and Commerical Loans.   

While all of our accounts can be opened in person at one of our 15 full-service offices, many accounts, such as savings and checking, can be opened online. Check out our product pages for more information.  

What is online banking, and how do I enroll?   

Online banking allows you to transfer funds, deposit funds, pay bills, and manage your account using your computer or mobile device instead of doing them in person. You can do this through our website or in our mobile app. Here are some common features and benefits of online banking:   

  • Customers can view their account balances, transaction history, and account statements online.   
  • Transfer money between accounts that you have at our Bank or at another bank.   
  • Make one-time payments or set up recurring payments for bills such as utilities, rent, or mortgages.   
  • Deposit checks using your smartphone or tablet. Take a photo of the check and submit it through the mobile app.   
  • Set up alerts to receive notifications about your account activity, such as low balances or large withdrawals.   
  • Enhanced security measures to protect your accounts and personal information, such as encryption, multi-factor authentication, and 24/7 monitoring for unusual activity.   

Follow the steps on our online form to enroll in and be approved for online banking.   

How safe is mobile banking?  

Very safe! All data input and shown via Mobile Banking is safeguarded and encrypted utilizing Secure Socket Layer (SSL) technology. We also secure information through robust connections known as firewalls. Only gadgets approved to interact with the mobile banking system can establish a connection. 

Furthermore, we mandate users to sign into Mobile Banking using the identical User ID and Password combination as Online Banking. The Mobile Banking application also verifies all devices prior to including them in the roster of supported devices to guarantee that all transactions are completely encrypted and secure.   

Is there a limit on my Institution for Savings ATM/Debit card??   

Yes. Your daily ATM cash withdrawal limit is set at $500, meaning you can withdraw up to $500 in cash per day. Additionally, you can use your ATM/Debit card to make point-of-sale (POS) purchases (at grocery stores, gas stations, etc.) for up to $1500 per 24-hour period. These limits are to protect you by mitigating fraud. You should be aware of these limits and plan their transactions accordingly to avoid any inconveniences.  

Have a question we didn’t answer? Give us a call at 978-462-3106 or visit one of our offices.