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 Woori
America Bank FAQ |
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General Questions
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Q:
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What
happens if I lose my ATM card, or it's stolen and has fraudulent
charges on it? |
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A:
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You
should keep your Woori America ATM card in a secure place in order
to safeguard against potential loss or theft. If your card is lost
or stolen, notify us immediately by calling any Woori America Bank
Branch. If you report your card lost or stolen within two days of
your discovery of its loss or theft, you may be liable only for
the first $50 in fraudulent charges. Otherwise, you will be
wholly responsible. |
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Q:
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Are
there any ATM transactional fees? |
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A:
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Woori
America Bank charges $1 for each withdrawal transaction and $.80
for each transfer transaction if you use your ATM card in other
banks rather than Woori America Bank. If you are using ATM machines
in Woori America Bank, there will be no transactional fee charged
for Woori customers. |
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A:
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ACH
is the abbreviation of Automated Clearing House. It enables automatic
credits and debits among banks, businesses, and individuals. For
example, you can pay your monthly insurance payment through this
ACH system. If you sign up for the automatic payment form with the
company that you pay regularly, the money will be debited from your
account automatically. You can also receive money automatically
credited to your account. Many commercial businesses dealing with
credit cards or lottery are using ACH to expedite their business
cycle. |
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Q:
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What
happens to the account left untouched for a long time? |
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A:
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According
to the New York State Abandoned Property Law, all the banks in New
York State have to tender the balance of the account abandoned without
any transaction or confor last 5 years. The money will be forwarded
to the Comptroller of New York State. Every July,Woori America Bank
informs this fact to those dormant accounts holders through telephone
or certified mail. If the accounts remain dormant until the end
of October, Woori America Bank will return the money to the State.
If the account holder wants the money back, he/she has to contact
Office of Unclaimed Funds, New York State Comptroller, State Office
BLDG., Albany, NY 12235 (Tel. 1-800-221-9311 or 518-474-4038). |
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Accounts
Information |
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Q:
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What
kind of fees and charges are there to maintain accounts? |
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A:
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Checking
and Savings Accounts? |
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Description |
Interest Paid |
Minimum
To open
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Direct
Deposit
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To avoid
Monthly Service Fee
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Monthly Service Fee |
| Regular Personal Checking |
No-interest checking with unlimited check writing and ATM access |
N/A |
$50 |
Yes |
Maintain average daily balance of $500 |
None with average daily balance of $500 or $10 per statement cycle |
| Free Checking |
No minimum balance, no monthly account fee, and no hassles |
N/A |
$25 |
Yes |
No service fee |
None |
| eZ Checking |
This account are designed to provide more economical and simpler |
N/A |
$50 |
Yes |
None
with a combined average daily balance of $1,500 |
None
with a combined average daily balance of $1,500 or $10 per statement
cycle if it falls below $1,500 |
| Interest NOW Checking |
Interest bearing checking account with unlimited check writing and ATM access
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Monthly |
$50 |
Yes |
Maintain average daily balance of $1,000 |
None with average daily balance of $1,000 or $10 per statement cycle |
| Regular Business Checking |
No-interest checking with unlimited check writing |
N/A |
$500 |
Yes |
Maintain average daily balance of $1,000 |
None with average daily balance of $1,000 or $12 per statement cycle |
| Premier Business Checking |
VIP
Checking A/C |
N/A |
$1,000 |
Yes |
None
with a combined average daily balance of $50,000 |
None
with a combined average daily balance of $50,000 or $30 per
statement cycle if it falls below $50,000 |
| Business Interest Checking |
Interest bearing checking account with unlimited check writing and ATM access
for non profit entities and sole ownership |
Monthly |
$1,000 |
Yes |
Maintain average daily balance of $5,000 |
None with average daily balance of $5,000 or $12 per statement cycle |
| Junior Savings |
Most economical account for children under 18 featuring no monthly maintenance
fee |
Monthly |
$1 |
Yes |
No monthly fee |
No monthly fee |
| Statement Savings |
No need to carry a passbook |
Monthly |
$50 |
Yes |
Maintain average daily balance of $100 |
None with average daily balance of $100 or $4 per statement cycle |
| Priority Money Market |
Interest
bearing checking A/C |
Monthly |
$1,000 |
Yes |
Daily
average balance of $3,000 or more |
None with average daily balance of $3,000 or $15 per statement cycle |
| Regular Money Market |
Earn high interest rate with convenience of writing limited number of checks
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Monthly |
$500 |
Yes |
Maintain average daily balance of $1,000 |
None with average daily balance of $1,000 or $10 per statement cycle |
| Priority Money Market |
Pays out even higher interest for higher balance savers |
Monthly |
$500 |
Yes |
Maintain average daily balance of $3,000 |
None with average daily balance of $3,000 or $15 per statement cycle |
| Regular Club Savings |
If you need to build your future financial plan, open a club savings account
today! |
At maturity |
$1,000 (minimum contract) |
N/A |
If canceled before maturity, a fixed charge of $10 and additional penalty
will be charged |
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| Education Club Savings |
Have children going to college? This long term savings plan is right
for you. |
At maturity |
$1,000 (minimum contract) |
N/A |
If canceled before maturity, a fixed charge of $10 and additional penalty
will be charged |
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| Certificate of Deposit |
Lock in a guaranteed, fixed rate with your choice of terms up to 5 years
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Monthly and at maturity |
$1,000 |
N/A |
If canceled before maturity, early withdrawal penalty will be charged |
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| IOLA Account |
For lawyers who want to get out of hassles associated with banking |
Monthly |
$1,000 |
Yes |
Maintain average daily balance of $1,000 |
None with average daily balance of $1,000 or $12 per statement cycle |
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Q:
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Please
explain about Club Savings Account. |
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A:
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Woori
America Club Savings Account is designed to make your future financial
plans possible with small monthly deposits. You can choose from
our flexible terms up to 10 years and amounts in accordance to your
personal resources and plans. The minimum contract amount is $1,000
and if canceled before its maturity, $10 penalty fee will be charged
and substantial interest penalties may apply for early withdrawal
of funds. |
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Q:
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What
happens if I lose my check? |
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A:
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You
have to report the lost check by calling the bank first. Then, visit
a Woori America Bank branch within 2 weeks and fill out the Stop
Payment Request. Filing Stop Payment will cost you $15. It will
be effective for the next 6 months and if you need, you have to
file the Stop Payment form again after 6 months. However, to file
Stop Payment Request, you have to know the accurate check number.
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Q:
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What
form of identification do I need to open an account with Woori America
Bank? |
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A:
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•
Personal Account
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Social
security card and a personal ID with photograph on it |
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Sole Ownership Business and Partnership
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Business
certificate, social security card, and personal ID |
• Corporation
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Certificate
of Incorporation or its filing receipt, Corporate seal, Tax
ID number, and personal ID of the company representative. |
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Q:
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What
happens if the account holder passes away? |
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A:
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Generally
the balance under the name of the deceased will be under the direction
of the Last Will and Testament. However, in case there is no Will
left, his family has to bring Letters of Administration certificate
(balance over $10,000) or Small Administration certificate (balance
less than $10,000) from the Surrogate Court located in 88-11 Sutphin
BLVD, Jamaica, NY. (Administration Clerk, 7th FL). You may have
to carry the bank statement with you. |
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A:
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IRA
is the abbreviation of Individual Retirement Account. Applicants
must be under the age of 70.5 at the time of contract. Woori America
Bank currently offers Regular IRA, Roth IRA, and Education IRA.
Single applicant can deposit up to $2,000 per year and married applicants
can deposit up to $4,000 per year (when both working), or up to
$2,250 per year (when only one person working). Withdrawal is possible
only after the applicant becomes 59.5 years old. These accounts
can be made up of Certificates of Deposit account with maturity
from 3 months up to 5 years. Substantial interest and tax penalties
may occur due to early withdrawal of funds. |
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Q:
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Is
the security of account guaranteed? |
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A:
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Woori
America Bank does guarantee the protection of the account and account
information. However, the Bank has to follow the court orders or
governmental orders, such as Subpoena, Restraining Notice, or Levy.
See our Privacy Disclosure for more information. |
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Q:
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Do
I have to report the interest I earned from the bank on my tax return? |
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A:
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Yes.
The interest earned from accounts in Woori America Bank should usually
be reported for tax purposes in the year after receipt of interest.
It is the account holder¢¥s duty to pay the tax for the
interest income. Certain exceptions may apply. Please consult your
tax advisor. |
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Remittance Information |
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Q:
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Please
explain about remittances to Korea. |
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A:
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There
are two kinds of remittance. One is wire transfer and the other
one is mail transfer. It is much faster and inexpensive to use a
Korean bank to send money to Korea. If you send money from Woori
America Bank to Woori Bank in Korea, it will take one day through
wire transfer. However, if the beneficiary bank is other than Woori
Bank, it will take 2 to 3 days through wire transfer. The remittance
charge to Korea is $12 under $1,000 and $18 above $1,000 in case
of wire transfer. Mail transfer takes about 7 to 10 days. And the
service fee is $5. |
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Q:
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When
the beneficiary receives money, what currency rate applies? Is it
the rate of the receiving day or the rate of the sending day? And,
can the beneficiary receive money as dollar ($), not converted to
won (W)? |
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A:
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Woori
Bank applies the currency rate of the day when the Bank credits
money to the beneficiary¢¥s account. It is possible for
the recipient to withdraw dollars instead of wons, but the recipient
should report to the governmental tax agency when the transferred
amount is over $10,000. |
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Q:
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How
much money can an international student receive from Korea? If the
spouse stays with the student, is it possible to receive more? |
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A:
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An
international student studying in US can receive up to $2,000 for
residential expense. If he/she brought family, they can receive
additional $500 per person. The student can receive tuition, text
expenses that can be proved with documents. |
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Q:
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Is
there any fee of receiving transferred money from Korea? |
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A:
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If
a Woori America Bank customer receives money from Korea, there is
no transfer charge. But if the recipient doesn¢¥t have
an account in Woori America Bank, there is $15 of transfer charge.
Adequate identification will also have to be presented. |
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Safe Deposit Boxes Information |
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Q:
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How
do I apply for a Safe Deposit Box? |
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A:
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Each
bank has different qualification standards. However, Woori America
Bank customers are qualified to apply for a Safe Deposit Box if
he/she maintains over $1,000 of account balance and good history.
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Q:
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What
can I put into a Safe Deposit Box? |
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A:
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You
can place anything into the safe deposit box except cash, explosive
items, or other illegal items or substances. You can protect jewelry,
bonds, stocks, and any other important documents from fire, theft,
and natural disaster by placing them into the safe deposit box. |
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Q:
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What
happens in case of the decease of the safe deposit box holder? |
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A:
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Only
you or other designated signer may access the contents of the safe
deposit box. Otherwise, Woori America Bank follows the Last Will
and Testaments of the holder or the decision of Surrogate Court.
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Loan Information |
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Q:
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What
are the standards of loan qualification? |
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A:
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Loan qualifications:
• Usage of loan - purpose (personal usage, business, realty
purchase, refinance, and
• History
of credit - history of credit according to TRW, transaction history
in the Bank
• Ability to repay - assets under the name of applicant, tax
report
• Financial standing - business financial statements
• Collateral - fair worth of the collateral after examination
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Q:
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Can
I apply to get a loan from Woori America Bank without collateral? |
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A:
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Yes.
If the applicant has a previous transaction history with Woori America
Bank and has a good credit record according to TRW, it is possible.
However, Woori America Bank may ask for a sponsor. The loan amount
will be up to $20,000 for personal loans and $50,000 for business
loans. |
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Q:
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Please
inform me more about TRW. |
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A:
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TRW
is one of major credit service companies that assess, rank and provide
personal credit information. TRW gathers public records of the individual
payments to consumer loan, credit card, home mortgage, and many
other sources. After aggregating the information, TRW places the
credit potential of individual with a number between 1 point to
1,000 points. The lower point means better creditability. Usually,
credit point under 100 is considered to be moderate. |
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