FAQ

SaveSmart Direct is a high interest-bearing personal savings account that is established, accessed, and maintained exclusively online.

You are able to open your SaveSmart Direct account online and enjoy the convenience of accessing and maintaining your online account from your home, office, or wherever you have Internet access. In addition to convenience, you will get a higher return on your money than with a traditional savings account.

Your deposits at BankAF Direct are FDIC insured. For general information about the FDIC, visit their web site, www.fdic.gov.

Opening a SaveSmart Direct savings account is quick, easy, and convenient. Just click on “apply now” and complete our easy online enrollment. The only requirements are that you are at least 18 years old, have a valid tax identification number (social security number), and have an existing U.S. bank account, or credit card (Visa or Master Card) to fund your new account. If you still have questions, please call our Customer Service Team at 1-888-842-3456.

SaveSmart Direct accounts can be initially funded either by an existing Bank of American Fork account, an account you may have at another financial institution, or a credit card (Visa or Master Card up to $100). After your account is approved you can fund your account with existing Bank of American Fork accounts through online banking or via wire transfer from other financial institutions you may work with. To initiate a wire you will need to provide the other institution your SaveSmart Direct account number (found in the top right corner of your Signature Card) and the Bank of American Fork's routing number (124301025). Please note that although the Bank of American Fork does not charge for wire transfers to and from SaveSmart Direct accounts, your other financial institutions may.

There is a $10 minimum deposit to open this account. Please keep in mind that a SaveSmart Direct account is a tiered account that earns different levels of interest based on how much money is in the account. The more you deposit the higher the interest rate (view disclosures)!

If you are setting up your new SaveSmart Direct account for the first time, you will be given the opportunity in the online application process to add one additional Co-Applicant (you will need their personal information) and up to four Beneficiaries. If you have an existing SaveSmart Direct account, and would like to add a Co-Applicant or a Beneficiary, we request that you apply for a new SaveSmart Direct account including your desired account modifications. Once your new account is created you can transfer the balance of the legacy account into the new account and request that the legacy account be closed if desired. If you have any questions please contact the Customer Service Team by either a secure message (click "Contact Us" in your personal online banking account) or call us toll free at 1-888-842-3456, Monday – Friday, 7:15 a.m. – 6:15 p.m. MST.

SaveSmart Direct does not currently support accounts opened in the name of a Trust. However, a Trust can be added as the Payable on Death Beneficiary. If you have any additional questions please contact our Customer Service Team either by email at customercare@bankaf.com or call us toll free at 1-888-842-3456, Monday - Friday, 7:15 a.m. - 6:15 p.m. MST.

A SaveSmart Direct savings account gives you the freedom to access your account whenever you need it and from wherever you are through Bank of American Fork's online banking. You can view balances, search statements, transfer money, and much more. If you are not already a Bank of American Fork customer with a personal online banking account, one will be created for you after your online account application is approved. You can also call our Customer Service Team, Monday – Friday, 7:15 a.m. – 6:15 p.m. MST at 1-888-842-3456 for additional assistance with your account.

Online transfers between your Bank of American Fork accounts are immediate. Initial funding made electronically via ACH and inbound Bank-to-Bank Transfers (electronic transfer service for external accounts) are subject to a five business day hold before funds can be withdrawn. Please note initial account funding made by credit card or from an existing Bank of American Fork account are immediately available upon deposit.

Deposits and withdrawals are initiated online through our electronic transfer service (Bank-to-Bank Transfer) available in our online banking. Deposits and withdrawals pass between your external accounts and your Bank of American Fork savings accounts via Bank-to-Bank Transfer.

Bank-to-Bank Transfer (electronic transfer service for external accounts) can take 2 to 4 business days to move money, depending upon what time of day you initiate your transfer. This is true for all inbound and outbound Bank-to-Bank Transfers initiated between your Bank of American Fork Accounts and those you may have at other financial institutions.

Six transfers can be made during each thirty (30)-day account statement cycle by pre-authorized (scheduled), automatic, Internet, or telephone transfers. Transfers in excess of three per month will be assessed a $1.00 fee for each transfer thereafter (view disclosures).

Bank of American Fork offers the SaveSmart Direct account at no monthly cost. However, there may be fees assessed for not maintaining a monthly balance of $10 or transfers exceeding three. A monthly minimum balance fee of $1.50 will be assessed if the daily balance is below $10 at month end. Also an excess savings withdrawal fee of $1.00 per withdrawal applies to each account debit (withdrawal) above the allowable number of three per month (view disclosures).

By default your statements are mailed to you. However you can register for eStatements (electronic statements) through your personal Bank of American Fork online banking account by selecting eStatements from the main menu and registering your account(s) for electronic delivery. eStatements will be available for secure electronic download monthly and stored online for 60 days.

You can set up direct deposits into your SaveSmart Direct savings account by providing our routing number (routing number is 124301025) and your SaveSmart Direct savings account number to the company that will be sending the funds to your account.

If you have an existing SaveSmart Direct account, and would like to remove a Co-Applicant or Beneficiary, we require that you open a new SaveSmart Direct account and include your desired account updates. Once your new account is created you can transfer the balance of the legacy account into your new account and request that the legacy account be closed if desired. If you have any questions please contact our Customer Service Team by either a secure message (click "Contact Us" in your personal online banking account) or call us toll free at 1-888-842-3456, Monday – Friday, 7:15 a.m. – 6:15 p.m. MST.