Give yourself peace of mind next shopping season, and start preparing now. Below are some answers to the most common questions we receive about Holiday Helper accounts.
What is the time frame for Holiday Helper accounts?
These accounts usually run from October to October the following year, however, you can open a Holiday Helper account at any time. We usually announce the dates in late September.
When will I get my Holiday Helper money?
The date does vary year to year, but in general, you will receive your funds the first full week of October. We will take deposits until the Friday before the funds are disbursed. If set up to direct deposit the funds into a Field & Main checking or savings account, then the funds will automatically be deposited and available for use the first full week of October. This is what we recommend so that you don’t have to wait on a paper check to arrive in the mail.
Is there a minimum amount I must put into my Holiday Helper?
We ask for an opening deposit of $5.
Can I set up a direct deposit into my Holiday Helper?
Yes. You would need to set this up through your employer or we can set up a transfer from a Field & Main account. You can also make a deposit anytime you wish either by check, cash, transferring from another account, or setting up an automatic funds transfer for a specific amount on a specific day or intervals. You may also set up a recurring transfer on your online banking.
Can I have just a holiday helper account with your bank?
Yes. However, if you have a checking or savings account with Field & Main Bank, we can deposit your funds directly into one of those accounts at the end of the term. This is what we recommend, since it allows you to receive your funds sooner, and is more secure than mailing a paper check.
Do I have to open a new Holiday Helper each year, or will it remain open with the same account number after the funds are distributed to me in October?
If you deposit into your Holiday Helper within 30 days of the funds being distributed for the “season,” the account number will be the same. If the account has a $0 balance for more than 30 days, the account will close automatically, and you would need to contact a Relationship Banker to have the account reopened.
Are there any fees or restrictions to a Holiday Helper?
There are not any fees if you leave it for the entire term or “season.” Because it is an account designed to help you save for the holidays, you are not allowed to withdraw from the account throughout the year. If you find you must have the funds before the annual disbursement, there will be a $10 fee, and your account will be closed. You will not be allowed to open another one until the next “season.” If an account is closed before the end of the term or “season,” you will forfeit any accrued interest; accrued interest is only paid at the end of the term when funds are disbursed.
Are Holiday Helper accounts individual or can they be joint?
They can be opened as an individual account or they can be joint accounts. We just need to ensure that we have a W-9 on file for all owners of the account.
For more information on Holiday Helper accounts give us a call today at (888) 831-1500.
Give yourself a peace of mind next shopping season, and prepare now. Contact a Field & Main relationship banker to get started saving today. Call (888) 831-1500, email service@fieldandmain.com or visit your nearest Field & Main banking center.
