Frequently Asked Questions
General Questions
What types of products and services does ES&L provide?
Elmira Savings & Loan provides a complete range of full-service banking products and services for individuals and businesses in the area. At ES&L, we have designed our products and services with our customers in mind - traditional products delivered in a high-tech, highly personal manner.
How should I notify ES&L regarding a change of address?
Please send us a written request (including name, date and account number) to the address below and we will change your mailing address on our system:
300 W. Water St.
Elmira, NY 14902
What should I do to prevent someone from stealing my identity?
- Don't give out financial information or your Social Security Number over the telephone unless you initiated the call and you know with whom you are dealing. Remember that it could be a stranger claiming to be from your bank.
- Report lost or stolen checks immediately, so we can stop payment on the checks.
- Protect your new, current, and canceled checks; always store them in a safe place.
- Safeguard your ATM Personal Identification Number (PIN). All passwords and account numbers should always be safeguarded.
- Shred any financial statements, documents, or bank statements, including credit card bills and pre-approved credit card offers, prior to disposing of them.
- Contact creditors if your regular monthly or quarterly bills do not reach you. Your billing statements contain valuable information that thieves can use.
- Reconcile monthly and quarterly account statements immediately to assure your account activity is correct. Contact us if any discrepancy is discovered.
- Never leave your checkbook, wallet, or other personal information unprotected even when you're at home. Individuals that enter your house should not be able to gain access to your personal or financial information.
Is Elmira Savings & Loan part of a larger banking conglomerate?
No, ES&L has been independently owned and operated since our inception in 1888. Today, we are a publicly held, federal thrift committed to providing quality financial products to our customers in the Southern Tier of NY and the Northern Tier of PA.
Is ES&L stock traded on any of the major stock exchanges?
Currently, ES&L Bancorp stock is closely held and does not trade on a major exchange.
Deposit Services
What documentation is required in order for me to open a deposit account with ES&L?
The USA Patriot Act requires banks to take extra security precautions to help the government fight the funding of terrorism. Federal law requires all financial institutions to obtain name, Social Security Number, address, and date of birth from all account holders. In addition, you will be asked for a driver's license or other government-issued photo ID.
How are my deposits insured?
Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC), a government sponsored entity. Each depositor with ES&L has $100,000 coverage for each ownership category. For instance, you may have up to $300,000 in FDIC insurance if you have a $100,000 individual account, a $100,000 joint account with another individual, and a $100,000 Individual Retirement Account (IRA). Please see the FDIC website for more details (click here).
How do I have funds wired to my account(s)?
To wire funds into your ES&L account please give the following instructions to the institution the funds are being wired from:
To: ES&L ELMIRA NY
ABA #221372274
For Final Credit to: (your name)
Account number: (your account number)
A $15.00 fee is charged for the receipt of an incoming wire.
Please notify the Bank prior to wiring money into your account.
What happens to my original checks?
In most cases, original checks will be enclosed in your monthly statement and mailed to you.
How do I sign up for direct deposit?
After opening your ES&L checking or savings account, you will receive a routing and transit number along with your account number. If your employer participates in a direct deposit program, simply provide this information to the human resources or payroll department at your company, and your direct deposit will usually begin within thirty days.
If you are interested in having your Social Security or pension check directly deposited into an ES&L account simply contact one of our Customer Service Representatives at (607) 733-5533.
What is the difference between the Annual Percentage Yield (APY) and the interest rate?
The Annual Percentage Yield is defined as a percentage rate reflecting the total amount of interest paid on an account, based on the interest rate AND the frequency of compounding for a 365 day period. Accounts where the interest earned is left in the account to compound, will have a higher stated APY than an account where the interest is taken out either by means of check or transfer to another account.
Loan Services
How do I know if I will qualify for a loan with your bank?
Speak to one of our loan representatives. They can calculate your debt-to-income ratio, and explain which mortgage option might be right for you. If you don't qualify for a traditional mortgage they can explain the other financing options that may be available. Similarly, our consumer loan officer can help identify loan opportunities that will help meet your financing needs. There is no charge for this service, and you are not required to apply.
What are "points"?
A point is pre-paid interest and each point is equal to 1% of the amount you borrow. For instance, if you borrow $100,000 with one point, the point will be equal to $1,000. Generally, points are paid at closing. Paying points up-front normally allows you to obtain a lower interest rate.
Do you offer a first-time homebuyers program?
ES&L is one of the area's most prominent SONYMA lenders. SONYMA, State of NY Mortgage Association, offers excellent financing packages for first-time buyers (there are limitations on household income as well as purchase price). For more information go to www.sonyma.org.
What is Private Mortgage Insurance (PMI)?
This insurance protects lenders against loss due to foreclosure or loan default. Mortgage insurance is required on conventional fixed-rate residential mortgages with less than a 20% down payment
Does ES&L offer escrow accounts?
Yes, you can establish an escrow account for property taxes.
Will ES&L sell the servicing on my residential mortgage to another investor?
Currently, we do not sell the servicing portion of your loan after closing. All payments will be sent to us, and our staff members will address any questions or concerns that you have.
When will the rate change on my adjustable rate mortgage?
We currently offer adjustable rate mortgages that re-price at 1, 3, 5 and 7-year intervals. The details specific to your loan will be disclosed to you in your commitment letter and closing documents.
Is the interest on a Home Equity Loan or Line tax deductible?
In most cases your interest would be fully deductible, however, we recommend that you always consult with your tax advisor for advice pertaining to your individual circumstances.
ATM/Debit Cards
What is the difference between ES&L's ATM and Debit Card?
ES&L ATM Cards allow you to withdraw, deposit or transfer funds from your ES&L accounts.
ES&L Debit Cards allow you to do everything mentioned above, with the added benefit of being used as a form of payment at any merchant that accepts MasterCardTM. When used in this fashion, the charge will be automatically deducted from the ES&L checking or savings account of your choice.
Who is eligible for an ES&L ATM or Debit Card?
All customers with a checking, savings, or IMMA account are offered a FREE ATM card.
ES&L Debit Cards are available to the account holders mentioned above that also meet our credit qualifications. ES&L Debit Cards are also offered at no cost to our customers.
ES&L ATM and Debit Cards are not available to business account holders.
Where can I use my ATM/Debit card?
ES&L is a member of the NYCETM and CirrusTM networks. You can use your card at any ATM Services or cash machine with the NYCETM or CirrusTM symbols.
ES&L Debit Cards can be used at any merchant that accepts MasterCardTM.
Internet Banking
What features are available through Online Banking?
- Review your account balances and transaction history
- Transfer funds between your accounts
- Pay your ES&L loan payments online
- Verify that your checks have cleared
- Send yourself e-mail notifications (when checks clear, when you reach certain balances, etc)
- Track your own Stock Portfolio
Who is eligible for your Online Banking Service?
Anyone who is a primary deposit account holder with ES&L
How much will this service cost me?
Our internet banking service is absolutely free!
How do I sign up?
There are two ways you can register with us:
A) You can go to our website at www.elmirabank.com and sign up through our "online services" link.
B) We also have paper applications that are located in our lobby, or we would be happy to mail one to you.
Are there any special systems requirements?
Yes, there are minimum browser requirements:
Internet Explorer version 5.0 higher
Netscape version 4.7 or higher
You must also enable cookies and Java in your browser
Is it safe for me to bank online?
Our commitment to a secure online banking experience is our number one priority. Your financial information is kept private and secure by utilizing tools such as password protection, an auto timeout feature, limiting the number of bad sign-on attempts, and by using state-of-the-art data encryption.
What accounts can I manage online?
Checking accounts, Savings accounts, Money Market accounts, CDs, Mortgage Loans, Auto Loans, Home Equity Loans, and Lines of Credit
Are my balances current?
Your balances and transaction history are real - time
Loan payments made before 5:00pm will be posted the next business day. Payments made after 5:00pm will take two business days to post.
How can I learn more?
Visit our branch at 300 West Water Street to walk through our interactive kiosk. Mr. Web Banks, our E - Banking spokesman will make you an E - Banking master in no time.
What if I forget my password?
You can reset your password yourself, by clicking on the "Re-Set Password" option and answering three security questions, or you can call ES&L to reset the password for you.
Bill Pay
What is ES&L Bill Pay?
Bill Pay is a convenient way to pay your monthly bills anywhere, at any time. By signing up for this service, you will be able to issue and process merchant payments, electronically or by check, to any company or individual in the United States. Bill Pay saves you time and money by eliminating the need to buy stamps and write paper checks.
How do I sign up for Bill Pay?
Registered Internet banking customers can sign up by clicking on the Bill Pay button after signing on to their online session. You will be requested to read and accept our Bill Pay disclosure. After doing so, you must complete a Bill Pay registration form. After submitting, ES&L will verify and review your application. If you are approved for Bill Pay, you will receive an email notifying you of your approval. Within 72 hours you will receive a second confirmation notifying you that Bill Pay is now enabled. Note: customers that have excessive overdraft history with ES&L may not be approved for the service.
How much will this service cost me?
Bill Pay will be FREE for the first 3 months of use. After this trial period, the service will cost $4.95 per month for 10 transactions. Each additional transaction will cost $0.50.
How does Bill Pay work?
Once your application has been processed, you can begin setting up payees. Payees are set-up by: (1) searching for the vendor in a database of companies that can receive electronic payment, or (2) if a payee is not found in the database, you can manually set them up by providing the vendor's name, address, phone number, and your account number. If a payee is identified in the database (scenario 1), the payment will be sent electronically via an Automated Clearinghouse (ACH) credit. In scenario 2, a paper check will automatically be generated by our third party vendor and sent to the payee via US mail. In either case the payment will be processed on the date that you specify. The funds will debit from your account within 24 hours of this processing date.
How much time should I allow for a payment to reach the payee?
For electronic payments you should plan on setting a process date of at least 3 days prior to the due date indicated on your bill. You should allow 5 days for payments sent by paper check.
Can I edit a payment?
You may only edit payments prior to the processing day you have selected.
What if I don't have sufficient funds to make the payment?
If funds are not available when our third party vendor attempts to debit your account, an Insufficient Funds fee of $25 will be debited from your account. In addition, all other payments that have already been processed are subject to a $25 Insufficient Funds Fee (payments sent via paper check may also be subject to a $25 stop payment fee). Payments that have been set up, but not yet processed, will be frozen until the Insufficient Funds issue has been resolved. ES&L will not take any responsibility for late fees that result from Insufficient Funds incidents.
What if the payment is sent to the wrong payee?
If you select a payee that matches your payment coupon exactly and the payment is routed to a different payee, our third party vendor will be held responsible and will reimburse any payee-imposed late charges up to $50.00. However, if you select a payee with an address that is different from that indicated on the payment coupon, you will be responsible for the late charge.
How can I learn more?
Visit our branch at 300 West Water Street and speak to one of our Customer Service Representatives. ES&L Bill Pay also contains a feature called "Novice Mode" that provides on-screen help tips.
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