FB&T Frequently Asked Questions | Byline Bank

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General Questions

ABOUT THE ACQUISITION

Why the Change?
Byline Bank and FB&T are joining together to better serve you. Together, we bring you our stronger, combined bank to deliver and expand the products and services you have valued while remaining a neighborhood bank, committed to the community.

Who is Byline Bank?
Byline is a lot like FB&T. We’re both local banks that invest heavily in the individuals, businesses, nonprofits and communities we’re privileged to serve. Byline is a full-service community and commercial bank offering a full array of banking products and loan services tailored to meet the needs of our customers. Byline operates 50+ full service branch locations across the local neighborhoods we call home.

Is FB&T now officially Byline Bank?
FB&T has legally become part of Byline and you are now doing business with Byline.

How will I be impacted?
While FB&T has legally become part of Byline, you won’t see many immediate changes to your FB&T accounts or services for now. You’ll continue to visit the same branches and continue to use your existing FB&T accounts, checks and debit cards. Byline Bank’s Privacy Policy is posted to both www.firstbt.com and www.bylinebank.com. But most importantly, you’ll continue to have the same dedicated, personal service you’ve come to expect from FB&T over the years. Our commitment to you and our communities will not change. We’re committed to making this transition a seamless one, and we’ll share frequent updates about any changes coming in the future.

How can I learn more about potential impacts?
Feel free to call your banker or local branch with any additional questions. They’re here to help you every step of the way. As we have more information, we’ll update you about our progress through mailed letters, email and on this page.

CONVENIENT LOCATIONS, SERVICE & HOURS OF OPERATION

Will FB&T branch locations and hours remain the same?
For now, all FB&T branch locations and hours of operation will remain the same. Byline and FB&T have very little overlap in their branch networks, which is a key reason why we’re a good fit.

Can I begin banking at Byline locations?
Not yet. We’re still working to seamlessly integrate our two banks. Once our brands and systems fully merge, you’ll also be able to access any of Byline’s 50+ branch locations. We’ll continue to send you detailed updates as the progress of our union.

When can I access Byline’s ATM network?
Beginning June 1, 2018, FB&T customers will gain surcharge-free access to Byline Bank-owned ATMs. After we finalize our brand and systems integration, FB&T customers will also gain access to thousands of free Allpoint network ATMs all around the nation. FB&T customers will continue to receive reimbursement for up to six (6) transaction fees from any ATM worldwide per monthly statement up to a maximum of $20. We will notify you in advance if this changes.

What will happen to the FB&T employees I work with today?
You’ll continue to work with the familiar faces you work with today. Byline recognizes and values the relationships that FB&T has built with its customers and communities. At the center of each relationship are talented people who are committed to continuing to provide you with great customer service.

COMMUNITY COMMITMENT 

Will Byline continue FB&T’s commitment to the community and local nonprofits?
Yes! Like FB&T, Byline is a local community bank that is committed to being actively involved in the Chicagoland communities where we live and work.

MORE TO COME

As more information becomes available we’ll continue to update these FAQs. Please check back here and look for more communications from Byline Bank. We’re committed to you, our customers, and our communities.

 

Personal Banking

DEPOSIT PRODUCTS

What will happen to my accounts, checks and deposit slips?
For now, it’s business as usual. Please continue to use your same accounts, checks and deposit slips. Your personal deposit products will eventually transfer to comparable Byline accounts but you’ll be notified of any changes before they occur.

Will I need to notify anyone about my direct deposits?
We don’t anticipate any disruption to your direct deposit service at this time. You’ll be notified about any potential changes and actions if needed.

Will the interest rate on my Certificate of Deposit (CD) remain the same?
Yes. Your current FB&T CD rate will remain unchanged through the date of its maturity even after our two banks merge. Please refer to the FB&T rate sheet for additional information about CD rates.

Will the rates on my interest-bearing Deposit Accounts (Money Market, HSA, Savings, etc.) remain the same?
Yes. For now it’s banking as usual. If your account is a rate-driven account today, you will continue to earn interest. We’ll let you know if there will be any changes to your accounts as we get closer to the integration of our two banks.

If I have accounts at both FB&T and Byline currently, how does that affect my FDIC insurance coverage?
Special FDIC insurance rule protects customers with deposits over the $250,000 limit for at least six months after a merger. If you have concerns regarding FDIC coverage, please contact your banker. FDIC insurance generally covers depositors with account balances totaling up to $250,000. When two banks merge, a special FDIC insurance rule protects customers with deposits over this $250,000 limit. This rule specifies that a customer’s deposits will be separately insured — as if the two banks are still operating separately — for six months from the date of acquisition (June 1, 2018, in this instance).
This six month grace period gives you the opportunity to restructure accounts if you have accounts at both institutions and your newly combined deposit balance could exceed the $250,000. If the combined balance of all of your deposits is less than $250,000 your money will remain fully insured.
With a Certificate of Deposit (CD) account, the FDIC allows separate deposit insurance coverage to continue until the CD’s earliest maturity date, after the six month grace period. CDs that mature during the six-month grace period that are renewed for the same term and dollar amount with accrued interest continue to be separately insured until the first maturity after the six month period. If a CD matures during the six month grace period and is renewed on any other basis, the funds would be separately insured only until the end of the six-month grace period.

ONLINE & MOBILE BANKING AND BILL PAYMENT

Will there be changes to online and mobile banking?
Not at this time. For now, your FB&T mobile access and online banking accounts will remain the same. As we work through the merger of our two banks, we’ll provide additional information about Byline’s online and mobile banking platform.

What action is needed for payments I make through online bill payment?
No action is needed at this time. We’ll provide additional information about Byline’s online banking platform as we work through the details.

I currently view my account statements online. Can I continue to view my FB&T statements online after the transition?
Yes, but we recommend you download your 2017 and 2018 monthly statements to ensure you have your account history.

DEBIT CARD

Will my ATM/debit card and/or PIN change?
Please continue to use your existing FB&T ATM/debit card until further notice. You’ll be issued a new Byline debit card in the future, but we’ll provide you with all the information you need in advance of receiving your new card.

SAFE DEPOSIT BOX

What will happen to my safe deposit box?
No changes. Your box will remain in its present location and your keys will remain the same.

LOANS

What will happen to my FB&T HELOC, mortgage or personal line of credit?
Your consumer loan will legally transfer ownership to First Bank & Trust (a division of Byline Bank) on June 1, 2018. You’ll be receiving letters in the mail from us shortly with additional information. For now, your payment process will not change. In the meantime, if you have any questions, please feel free to contact your loan/account representative who can provide you with further information.

 

Business Banking, Commercial Banking and Treasury Management

LOANS

Can I continue to make my business and commercial loan payments the same way I do now?
Yes. In the coming months, we’ll alert you well in advance if anything should change.

Will my loan number remain the same?
Yes. For now, you’ll continue using the current loan number you have. If there are any required actions in the future, we’ll be sure to notify you in advance.

DEPOSIT PRODUCTS

What will happen to my accounts, checks and deposit slips?
For now, it’s business as usual. Please continue to use your same accounts, checks and deposit slips. Your business deposit products will eventually transfer to comparable Byline accounts, but you’ll be notified of any changes before they occur.

Will the interest rate on my Certificate of Deposit (CD) remain the same?
Yes. Your current FB&T CD rate will remain unchanged through the date of its maturity even after our two banks merge. Please refer to the FB&T rate sheet for additional information about CD rates.

Will the rates on my interest-bearing Deposit Accounts (Money Market, Savings, etc.) remain the same?
For now it’s banking as usual. If your account is a rate-driven account today, you will continue to earn interest. We’ll let you know if there will be any changes or enhancements to your accounts as we get closer to the system conversion of our two banks.

If I have accounts at both FB&T and Byline currently, how does that affect my FDIC insurance coverage?
Special FDIC insurance rule protects customers with deposits over the $250,000 limit for at least six months after a merger. If you have concerns regarding FDIC coverage, please contact your banker. FDIC insurance generally covers depositors with account balances totaling up to $250,000. When two banks merge, a special FDIC insurance rule protects customers with deposits over this $250,000 limit. This rule specifies that a customer’s deposits will be separately insured — as if the two banks are still operating separately — for six months from the date of acquisition (June 1, 2018, in this instance).
This six month grace period gives you the opportunity to restructure accounts if you have accounts at both institutions and your newly combined deposit balance could exceed the $250,000. If the combined balance of all of your deposits is less than $250,000 your money will remain fully insured.
With a Certificate of Deposit (CD) account, the FDIC allows separate deposit insurance coverage to continue until the CD’s earliest maturity date, after the six month grace period. CDs that mature during the six-month grace period that are renewed for the same term and dollar amount with accrued interest continue to be separately insured until the first maturity after the six month period. If a CD matures during the six month grace period and is renewed on any other basis, the funds would be separately insured only until the end of the six-month grace period.

TREASURY MANAGEMENT

Will there be any changes to my treasury or cash management services, including lockbox, ACH, positive pay, wire transfers, remote capture, etc.?
Not at this time. You’ll be notified in the coming months about any changes or enhancements.

BUSINESS ONLINE & MOBILE BANKING

Will there be changes to online and mobile banking?
Not at this time. For now, your FB&T mobile access and online banking accounts will remain the same. As we work through the merger of our two banks, we’ll provide additional information about Byline’s online and mobile banking platform.

I currently view my account statements online. Will I be able to view my FB&T statements online after the transition?
Yes, but we recommend you download your 2017 and 2018 monthly statements to ensure you have your account history.

BUSINESS DEBIT CARD

Will my ATM/debit card and/or PIN change?
You and your employees may continue to use your FB&T business debit cards. We’ll notify you with details about when you’ll be issued new Byline debit cards.

 

Wealth Management and Trusts

WEALTH MANAGEMENT

Will there be any changes to my existing investment management, trust or other wealth management services?
No. Your products and services will remain the same. If you have any questions, we invite you to reach out directly to your account officer.