Frequently Asked Questions
Questions? Use our list of frequently asked questions below, or contact us for more information.
Online Bill Pay is a service that allows you to pay virtually anyone or any company through your online banking account. You determine who you want to pay, when you want to make the payment and which account you want the payment to come from. It's safe, secure and easy to use.
Here's a quick list of the many ways you can benefit from using Online Bill Pay.
- Save time. With Online Bill Pay, you can receive and pay your bills online, all in one place. That means no more visiting multiple websites to pay bills or trips to the post office to mail checks. In addition, smart features such as recurring payments allow you to automate regular bill payments.
- Save money. Paying bills online saves on postage, envelopes, late fees and checks. If you pay just 10 bills per month, you can easily save over $110.00* per year.
- Stay organized. Your payment history is stored in your online account for 18 months, so you won't have to sort through paper receipts or visit multiple websites to access past transactions.
- Gain peace of mind. Paying bills electronically means no risk of mailed checks getting lost or stolen. Plus, you can stop worrying about missing a bill payment when you set up reminders and automated recurring payments.
- Help the environment by saving paper. With Online Bill Pay, there are no checks to write or envelopes to mail. That's good news for you and the environment.
*Savings are approximate and based upon the average annual cost of stamps, envelopes and checks required for paying 10 bills per month.
Paying bills online is one of the safest ways to pay your bills. Online Bill Pay helps guard against identity theft from lost or stolen checkbooks, bills and statements. It also increases your privacy because only you can access your account information, account numbers and payment history. As a result, you maintain tighter control of your account with real-time access to your payments activity.
Yes, as long as you have a checking account at Simmons Bank. However, you cannot pay bills to payees located outside the United States.
It's easy to enroll for Online Bill Pay. Log in to your online banking through either the mobile app or web browser, click on the Bill Pay tab, and follow the instructions on the screen to enroll.
After you have enrolled in Online Bill Pay, the first step is to add a payee: the person or company you wish to pay. Here’s how easy it is:
- Log in to your account and go to the Bill Pay tab.
- Click the "Add a Payee" button on your home page dashboard.
- Enter the requested information. Typically this information can be found on your latest bill statement.
Once you add your payee, you can start making payments in seconds.
Bill Payments are sent one of two ways—electronically or by paper checks. The majority of payments are delivered electronically. Your payment information, such as your account number, is sent via secure transmission. All other payments are made by paper checks that are mailed via the U.S. Postal Service.
Most scheduled payments are sent electronically and funds are withdrawn from your account on the payment date. Bill Payments sent via the U.S. Postal Service will clear your account after the payee has negotiated the check.
There is no limit to the number of payees you may set up through Simmons Bank Bill Payment.
You may set up payments in any of the following frequencies:
- One-Time
- Weekly
- Every other week
- Every four weeks
- Monthly
- Every other month
- Twice a month
- Every six months
- Annually
You may make multiple payments to the same payee as long as the payment amounts are different.
Yes, just set the payment date for a valid future date.
Yes. If a monthly recurring payment is set up to be paid on the 15th and the current date is November 12th, a payment will be scheduled for the month of November and set up to occur the 15th of every month until the expiration date is reached. However, if the payment is set up to be paid on the 15th and the current date is November 16th, the first payment will occur on December 15th.
When scheduling a recurring payment that may end up falling on a weekend or holiday in the future, you will be presented with the choice of whether the bill payment should be made before or after the weekend or holiday.
If the payment was remitted to the Payee by check, you may place a stop payment on the check if it has not cleared your account. You may request a stop payment through Simmons Bank online banking by selecting Stop Payments for the account on which the check was drawn. Then complete and submit the stop payment form. You may also request a stop payment by contacting a Simmons Bank Financial Center. Note: Fees may apply to stop payment requests.
If the payment was remitted to the Payee electronically, you may not stop the payment. You will need to contact the Payee for a refund of the payment
Check payments should be scheduled seven (7) to ten (10) business days in advance of when you want the payment to actually be delivered to the payee. Electronic payments should be made three (3) to five (5) business days in advance of when you want the payment to be posted to the payee. Note: You may want to set up a payment to yourself so you may see how the system works.
Although bill payments may be scheduled for the current Business Day or any date in the future at any time, they will only be processed twice a day at 7:00 a.m. Central Time and 2:00 p.m. Central Time. If you attempt to schedule a payment for the same Business Day after 2:00 p.m. Central Time, the payment will be processed the following Business Day at 7:00 a.m. Central Time. Anything scheduled on a non-Business Day, will be processed the Business Day prior to the non-Business Day unless you indicated otherwise while setting up the bill payment.
To cancel or change a scheduled payment, the request must be submitted before the 2:00 p.m. Central Time processing time on the scheduled payment date. Otherwise the payment will be processed according to its instructions.
If the payment is remitted to the Payee electronically, the money will be withdrawn from your account at the time the payment is processed.
If the payment is remitted to the Payee by check, the money will be withdrawn from your account when the check clears your account just as if you had written the check from your checkbook.
If the Payee is an electronic recipient, the payment will not be processed if funds are not available. The payment will attempt to process each day until either the funds are available, the payment is deleted, or it has tried to process for five (5) business days.
If the Payee is a check recipient, the payment will be processed according to your instructions. If funds are not available when the check is presented for payment, we may either refuse to honor the check or complete the transaction and thereby overdraw the account. In either event, you are responsible for any Insufficient Funds charges that may be assessed.
The memo will appear on paper check remittances. The memo field will not be transmitted to an electronic recipient.
Since check payments made to Payees are drawn on your checking account, you may view and print a copy of a cleared Bill Payment check through Simmons Bank online banking. Simply find the check in your list of Transactions and click on the check number. An image of the check will be displayed for you to view and/or print.
Bill Payment history records are available for 18 months.
Contact Simmons Bank Customer Support toll free at 1-866-246-2400 between 7:30 a.m. CT and 6:00 p.m. CT each banking day, and 8:00 a.m. CT to noon CT on Saturday.
Simmons Bank Card Controls is a feature available for debit and credit card customers using Simmons Bank Online and the Simmons Bank Mobile app. Card Controls give you control over how your debit and credit card(s) can be used. These alerts can also help you identify potential fraud on your account.
To enroll in these card controls, click on ‘Card management’ shown on your account home page, then click ‘Alerts and protections’. From there, you can make your card control selections.
Notification settings: You can set up notifications for when a transaction on your card is blocked or when a transaction has been processed. These alerts can be sent via email or text message depending on your preferences.
You can also view demos of Simmons Bank Online and Simmons Bank Mobile anytime for help navigating these platforms.
Yes, you may register additional accounts for which you are the primary cardholder through the “Add Account” function.
No. After you have completed the enrollment process and selected a unique username and password, using Simmons Bank Credit Card Digital Services is easy. Simply enter your username and password on the welcome page to access the website.
You may remove an account using the “Remove Account” function.
One of our highest priorities is to ensure your privacy and peace of mind by employing some of the most advanced online security in the industry. Every step of the way, we provide you with the state-of-the-art encryption of all data transmitted between your computer and our secure site. Most browsers today utilize an encryption method called Transport Layer Security (TLS). TLS is software-based security protocol that encodes data before it is transmitted over the Internet. Once you enroll you will be able to use a self-selected username and password system that serves as our first line of security. We recommend that you do not share this information and that you memorize it or keep it in a safe place.
A web browser is computer software that allows you to view the content and graphics displayed on a website. Simmons Bank Credit Card Digital Services requires the minimal browser levels of Microsoft Internet Explorer (MSIE) 4.0 to support the 128-bit secure link between your browser and the website. If your browser is insufficient a pop-up will alert you upon entering the website. We suggest upgrading to the latest version of your web browser. This website is supported by the following web browsers: Google Chrome, Microsoft Edge, Mozilla Firefox and Safari.
For security reasons, Simmons Bank Credit Card Digital Services will automatically sign off after fifteen minutes of inactivity. If this happens, you will be required to sign on again. We encourage you to use the sign off function for maximum security when you’re finished with the system or you walk away from your computer.
Encryption is a security device that keeps information that passes through the internet private and secure. This site uses Hyper Text Transfer Protocol Secure (HTTPS) which is a secure communications protocol that is used to transfer sensitive information between your web browser and a web server. This ensures that you are communicating with the server that you expect and that nobody else can intercept information. To maximize protection, Simmons Bank Credit Card Digital Services requires you to use 128-bit encryption. You will see the icon of a padlock on the bottom toolbar of your browser that indicates the information being transmitted is protected and encrypted.
There are several things you can do to protect your Simmons Bank credit card account:
- Never reveal your username and password to anyone.
- Never write down your username or password where anyone can find it or figure out what it is.
- Change your password frequently within your profile.
- Always sign off before leaving your computer.
- Always sign off before accessing other websites.
Visa Secure adds an extra layer of protection by helping to confirm your identity through One Time Passcode, during select online transactions. Visa Secure lets you enjoy extra security and peace of mind when shopping online at participating merchants.
When you make an online purchase at a participating merchant, a box may automatically pop-up asking for a One Time Passcode. This is similar to the way your bank asks for your PIN at the ATM. When you correctly enter One Time Passcode your card issuer confirms that you are the authorized cardholder and your purchase continues.
When you correctly enter One Time Passcode during an online purchase at a participating merchant, you confirm that you are the authorized cardholder and your purchase continues. If the One Time Passcode is answered incorrectly, the purchase will not go through. So even if someone knew your card number, they would not be able to use your account at that merchant.
Aside from the added protection that Visa Secure provides, the only impact to your purchase will be that you will need to enter One Time Passcode when the request box pops up, and then wait a few seconds while your card issuer confirms your identity.
Yes, but you will not be asked to enter One Time Passcode at these merchants. To complete your purchase, simply follow the traditional checkout process.
This pop up box may appear when you are shopping online at participating Visa Secure merchants. Once you have confirmed your identity by correctly entering One Time Passcode, you will be able to continue with your purchase.
If you don’t receive One Time Passcode, this may mean that the contact information that is registered to your account is not up to date. Please contact Simmons Bank Credit Card at 1-800-272-2102.
If you are not able to confirm your identity through One Time Passcode sent to your mobile, unfortunately you will not be able to proceed with your purchase at this time. Please contact Simmons Bank Credit Card at 1-800-272-2102.
eBill is a feature that allows you to receive and pay electronic versions of paper bills directly from your Online Bill Pay account.
eBills are delivered directly to your Online Bill Pay account. Once you set up an eBill for a company you do business with, an eBill comes directly from that payee to your account. Examples of businesses that offer eBills are cable service providers, phone service providers, utility providers and credit card companies.
You can sign up to receive an electronic notice to alert you when an eBill has been delivered to your bill pay account. You can receive these notices in the form of emails or text alerts to provide an extra reminder when a payment is due.
If a payee offers eBill, there will be a “Set up eBill” link listed with that payee on your Online Bill Pay dashboard.
With eBill, everything you need is in one convenient location. Using eBill allows you to streamline your Bill Pay routine and have online access to your bills. That means you won't have to keep track of paper bills. In addition, you can view past bill summaries at a glance.
This will depend on any options you may need to choose when setting up a Payee for eBills. If you have any questions, please contact the Payee to verify whether you will receive a paper and/or electronic statements.
Contact Simmons Bank Customer Support toll free at 1-866-246-2400 between 7:30 a.m. CT and 6:00 p.m. CT each banking day, and 8:00 a.m. CT to noon CT on Saturday.
Simmons Bank eStatements are an alternate method of delivering periodic statements to you.
The traditional paper delivery of statements and notices via the U.S. Postal Service is replaced with an email notice to your email address indicating that your statement/notice is ready for viewing through Simmons Bank online banking.
Yes.
No, the service is free.
eStatements notices and statements are available for most deposit accounts and loan accounts.
To use the Simmons Bank eStatement service, you must have the following:
- An active Simmons Bank online or mobile banking account
- An account eligible for eStatements
- An email address
Login to Simmons Bank online banking or mobile app; choose an account; select Documents; and follow the instructions on the screen.
eStatement customers have their statements saved on Simmons Bank online banking for 18 months. We begin accumulating your statements after you enroll in eStatements.
If your account is eligible for an imaged statement, then YES! If your printed statement would include images of cleared checks, then your eStatement will, as well.
No, enrollment is immediate. Some notices are not eligible for enrollment in the electronic delivery service and will be received via U.S. Postal Service mail.
Yes. You may select which accounts are enrolled in the eStatement service. If the account is not selected, a paper statement/notice will be produced.
Yes. The lead account in your combined statement will be eligible for eStatements. Once the lead account is enrolled in eStatements, the entire combined statement will be sent via eStatement.
No. You may have one service or the other. You may print your statement/notice from Simmons Bank online banking at any time.
You can un-enroll at any time. Once logged into Simmons Bank online banking, choose an account; click on Document; choose Sign Up/Changes; and deselect the account(s) for which you want to receive paper statements/notices.
Contact Simmons Bank Customer Support toll free at 1-866-246-2400 between 7:30 a.m. CT and 6:00 p.m. CT each banking day, and 8:00 a.m. CT to noon CT on Saturday.
Switch your Direct Deposit to Simmons and get paid early
Switching your direct deposit to Simmons Bank is fast and secure using online or mobile banking. Simply sign in and choose Direct Deposit Switch to begin.
Once set up, you can receive your paycheck up to two days early for quicker access to your money.{213}
Deposit Switching allows you to change where your paycheck is deposited, either partially or fully, to a Simmons Bank account.
Deposit Switching uses automated methods to connect directly to your payroll account, enabling real-time updates to your direct deposit settings with your employer.
No, this service is provided at no cost.
Not a problem. Deposit Switching provides a pre-filled form that you can submit directly to your employer to facilitate switching your direct deposit to Simmons Bank.
Deposit switches typically take 1-2 pay cycles.
You may go directly to your employer/payroll provider's website to establish or reset your password. If you do not know your payroll provider or do not have access to an online user account through your employer/payroll provider, you will need to contact your employer for assistance or select the Form option.
- You can log in directly to your employer/payroll provider system to verify the update.
- You may also set up balance and transaction alerts in Digital Banking under Alerts.
Yes, you may use this service to switch direct deposit Social Security and other government payments. You will need your login credentials for that government agency’s website to complete the process.
Yes, Deposit Switching is a tool provided by Pinwheel, which employs secure methods, including device-enabled solutions that use saved passwords or biometrics. 
If I have trouble with Deposit Switching, who can I contact for help? Call us at 866.246.2400
Simmons Bank external transfers allow you to send or receive funds from your account(s) at other financial institutions, including transferring funds to a Simmons Bank loan for payment. Once enrolled, you can log into your Simmons Bank online banking and setup your accounts at other financial institutions. We will send a small transaction to your other account that you will need to get the amount of and then enter it into our online banking to verify that you have access to the other account.
Contact Simmons Bank Customer Support toll free at 1-866-246-2400 between 7:30 a.m. CT and 6:00 p.m. CT each banking day, and 8:00 a.m. CT to noon CT on Saturday.
Simmons Bank Mobile Deposit allows you to deposit checks to any of your Simmons Bank checking or savings accounts using the camera on your smartphone or tablet. Using the Simmons Bank Mobile App for iPhone or Android, login and select the "Deposit" quick action on your dashboard or select "Deposit Check" from the menu. Select the account where the deposit should credit, enter the amount of the check and take a picture of the front and back of the check.
Mobile deposit is available to Simmons Bank online and mobile banking customers who are at least 18 years of age and have the most recent Simmons Bank App for iPhone or Android.
To use the Simmons Bank Mobile Deposit service, you must have the following:
- An active Simmons Bank online banking login; and
- The most recent version of the Simmons Bank Mobile App for iPhone or Android.
If you qualify for mobile deposit, the service will be available to you automatically.
Yes. We will add all of your open and active accounts to Mobile Deposit.
Checks made payable to you and drawn on a bank within the United States can be deposited through Mobile Deposit. Some business size checks (the long ones) do not work with Mobile Deposit.
No. We will use what is called a substitute (or electronic) deposit slip to post the deposit to your account. You will only need to take a picture of the front and bank of the check being deposited.
Yes. You should sign the back of your check and write "For mobile deposit at Simmons Bank only" below your signature.
Once you verify that the funds have been applied to your account correctly, you should shred the check.
You will receive an email when your deposit is accepted. Please ensure that your email address is current. You can also see the status of your deposit in our app.
A Mobile Deposit might be rejected for several reasons. You will receive an email with details if your deposit is rejected. Please ensure that your email address is current.
Mobile Deposits are posted to accounts throughout each banking day. If your mobile deposit exceeds your per-item limit, a two-to-three-day hold will be placed for the amount exceeding the limit.
Contact Simmons Bank Customer Support by sending a message in your online or mobile banking or by calling toll free at 1-866-246-2400 between 7:30 a.m. CT and 6:00 p.m. CT each banking day, and 8:00 a.m. CT to noon CT on Saturday.
Mortgage information is available for viewing online. You may also make payments to your mortgage online from any Simmons Bank checking or savings account.
If you are not enrolled in Simmons Bank online banking and you wish to view your Simmons Bank mortgage loan online, you will need to enroll in Simmons Bank online banking. Enrolling in Simmons Bank online banking is fast and easy. Fees may apply.
There are four benefits of refinancing:
- Lower your interest rate.
- Reduce your monthly payments.
- Pay off your current mortgage quicker.
- Use the equity in your house.{269}
Most lenders require that you have some equity in your home before attempting to refinance. Having equity in your home means your current mortgage balance is less than the value of the home. The amount of equity required depends on the reason for refinancing, the property type, and the loan program being used. Contact a Simmons Bank mortgage loan officer to determine what refinance options might be available and beneficial for you.
To help lock-in the interest rate you want, fill out a mortgage loan pre-qualification application online. The interest rate you are quoted on the day your mortgage loan application is accepted is the rate you can lock-in to, if you choose to do so. You are only able to lock-in your interest rate for a certain amount of time called the lock period. One of our friendly mortgage loan advisors will gladly go over your loan application with you to make sure you have considered all of your financing possibilities and to discuss the lock-in rate and period.
Closing on a refinanced mortgage is completed the same as closing on a first mortgage. On the closing date, you will read and sign all of the closing documents and pay the closing costs.
To discover how much you can afford to spend on your new house, you will need to see how much you can afford to pay each month toward a mortgage loan.
In general, lenders prefer that your monthly mortgage payment is about 30% or less of your gross monthly income. Lenders also look at your back end ratio (debt in comparison to income).
Closing costs include lender fees, third-party fees, and pre-paid items (interest, taxes and hazard insurance). The lender should provide you with a Loan Estimate that includes closing costs soon after your application has been received.
When you look at refinancing, you will need to consider whether the money you save will outweigh the fees you will pay to refinance. If a prepayment penalty is included in your current mortgage, you will want to take the fee associated with prepayment into consideration in your refinancing decision. Before you refinance, check your current mortgage loan papers for any prepayment penalties.
Prequalifying lets you know how much you can afford to pay for a house, and it demonstrates to the seller that you are serious about buying. Prequalifying also makes the final application process move quicker and smoother.
Income tax reductions. Interest paid on a mortgage loan and property taxes can often be deducted from your taxable income. With the deduction, it is sometimes less expensive to own a home than to rent. The longer you pay on your mortgage, the more equity that builds up in your home. You may borrow money against this equity, and the interest on a loan against equity in a home can sometimes be tax deductible. Please consult a tax professional for more information.
Closing costs include lender fees, third-party fees, and pre-paid items (interest, taxes and hazard insurance). Closing costs will vary based on your loan amount, type of refinance, and loan program. The lender should provide you with a Loan Estimate that includes closing costs soon after your application has been received.
The security and privacy of your financial information is a priority with Simmons Bank. Simmons Bank online banking utilizes several features to help protect your privacy:
- Simmons Bank online banking ID & Password. You must use the correct combination of online banking ID & Password to access your Simmons Bank online banking account. You have the option to change your Password as often as you like.
- Technology. Simmons Bank online banking utilizes the Secure Sockets Layer (SSL) protocol to communicate with your computer. SSL Security protects data in three ways:
- Authentication
This keeps another server from impersonating the Simmons Bank online banking server - Encryption
This scrambles the data while it is being transferred. - Data Integrity
This verifies that the information sent by you to Simmons Bank wasn't altered during the transfer. The system detects if data was added or deleted after you sent the message. If any tampering has occurred, the connection is dropped.
- Authentication
- Automatic Sign Off. If there is no activity on your Simmons Bank online banking session for ten (10) consecutive minutes, the Simmons Bank online banking server will automatically sign you off.
To access Simmons Bank online banking, you will need a personal computer that has an established connection to the internet through your choice of Internet Service Providers (ISPs) and a browser that is compatible with the online banking service.
The first time you logon, you will be prompted to change your Password for security reasons. You will also be prompted to set up some security information and verify the email address on file. After that, it's up to you!! You may immediately begin:
- Viewing account balances, including checking, savings, loans, and lines of credit.
- Transferring funds between your deposit accounts and to make payment on your loans.
- Viewing account transaction history.
- Downloading transactions into your financial management software.
- E-mailing us with questions or support inquiries.
No. You must use the twelve-digit number the first time you logon. After that, you may create an "alias" for yourself. Simply click on Settings, then Security and assign yourself an easy to remember logon name.
You can select "Forgot?" and follow the instructions on the screen to reset your password.
During each session in which you use Simmons Bank online banking, the Bank will pass a "Cookie" to your browser for the purpose of identifying you during that session. A "Cookie" is security data that is given to an Internet browser by a web server that is returned by the browser to the server on subsequent transmissions to identify the user and encryption information. When you log onto Simmons Bank online banking, a "Cookie" enables the Bank to process multiple transactions during the same communication session without you having to provide your Simmons Bank online banking ID and password for each individual transaction. Whenever you log off of Simmons Bank online banking, or whenever you remain logged on to Simmons Bank online banking for ten (10) consecutive minutes without actively using Simmons Bank online banking to obtain new account information or conduct a transaction, the same "Cookie" is no longer accepted by the server and must be renewed through re-entry of your Simmons Bank online banking password. A new "Cookie" is used for each log-on session, so no one may use the "Cookie" to access your account without entering your Simmons Bank online banking password.
Simmons Bank online banking is online and real-time. Most transactions that occur on your account are available immediately through Simmons Bank online banking.
Contact Simmons Bank Customer Support toll free at 1-866-246-2400 between 7:30 a.m. CT and 6:00 p.m. CT each banking day, and 8:00 a.m. CT to noon CT on Saturday.
The best way to avoid overdraft and bounced check fees is to manage your account so you don't overdraw it.
- Keep track of how much money you have in your checking account by keeping your check register up-to-date.
- Record all checks when you write them and other transactions when you make them. Don't forget to subtract any fees.
- Pay special attention to your electronic transactions. Record your ATM withdrawals and fees, debit card purchases, and online payments.
- Don't forget about automatic bill payments you may have set up for utilities, insurance or loan payments.
- Keep an eye on your account balance. Remember that some checks and automatic payments may not have cleared yet.
- Review your account statements each month. Between statements, you can find out which payments have cleared and check your balances by calling Simmons Bank 24-Hour Telephone Banking or by checking online using Simmons Bank online banking or at any Simmons Bank ATM. Be Sure to find out the actual amount in your account – your account balance not including any funds available to you through "courtesy overdraft protection", or "bounce coverage", plans.
Sometimes mistakes happen. If you do overdraw your account, deposit money into the account as soon as possible to cover the overdraft amount plus any fees. Depositing money into your account can help you avoid additional overdrafts and fees.
When you:
- Write a check,
- Withdraw money from an ATM,
- Use your debit card to make a purchase, or
- Make an automatic bill payment or other electronic payment for more than the amount in your checking account, you overdraw your account. Simmons Bank has the choice to either pay the amount or not. If we pay even though you don’t have the money in your account, you may be charged a Paid Item Fee (overdraft fee). If Simmons Bank returns your check without paying it, you may be charged a "bounced check" or Return Item Fee (insufficient (NSF) fee). The person or company to whom you wrote the check (e.g. a store, your landlord, or the phone company) may charge you a "returned check" fee in addition to the fee Simmons Bank charges you.
For details on overdrafts and overdraft fees, please click here.
Simmons Bank provides other ways of covering overdrafts that may be less expensive. Inquire at any Simmons Bank location about qualifying for these other options before making your choice. Other options include:
- Automated OD Protection Transfer – Link your checking account to a savings account you have with us. If you overdraw your checking account, Simmons Bank automatically transfers funds from your savings account to your checking account. Transfer fees may apply.
- Simmons Bank Personal Line of Credit – You need to apply for a "line of credit" just as you would apply for a regular loan. If you overdraw your account, Simmons Bank will lend you the funds by using your line of credit to cover the overdraft. You will pay interest on this loan, and there may be an annual fee; however, the overall costs may be less than the costs for Simmons Bank Overdraft Privilege.
- Avoid using these plans as short-term loans — they are costly forms of credit.
- If you overdraw your account, get money back into your account as soon as possible. Remember that you need to put enough money back into your account to cover both the amount of your overdraft and any fees.
- Even if you have one of these plans, there is no guarantee that your bank will cover your checks, ATM withdrawals, and debit card or other electronic transactions that overdraw your account.
- Good account management is the lowest cost way to protect your hard-earned money. If you need overdraft protection every now and then, stop by any Simmons Bank location and discuss your options.
Simmons Bank offers an overdraft privilege plan so that your checks may not bounce. With this plan you'll still pay a Paid item Fee (overdraft fee) to the bank for each item, but you will avoid the merchant's returned check fee and will stay in good standing with the people you do business with. Simmons Bank Overdraft Privilege is subject to approval and pre-approved overdraft limits.
There are four benefits of refinancing:
- Lower your interest rate.
- Reduce your monthly payments.
- Pay off your current mortgage quicker.
- Use the equity in your house.
Most lenders require you have between 5-10% of equity in your home before attempting to refinance. Simmons Bank requires that the loan to value (LTV) ratio not exceed 95%. This means that the amount of the new loan must be equal to or less than 95% of the current appraised value.
To help lock-in the interest rate you want, fill out a mortgage loan pre-qualification application online. The interest rate you are quoted on the day your mortgage loan application is accepted is the rate you can lock-in to, if you choose to do so. You are only able to lock-in your interest rate for a certain amount of time called the lock period. One of our friendly mortgage loan advisors will gladly go over your loan application with you to make sure you have considered all of your financing possibilities and to discuss the lock-in rate and period.
Closing on a refinanced mortgage is completed the same as closing on a first mortgage. On the closing date, you will read and sign all of the closing documents and pay the closing costs.
To discover how much you can afford to spend on your new house, you will need to see how much you can afford to pay each month toward a mortgage loan.
In general, lenders prefer that your monthly mortgage payment is about 30% or less of your gross monthly income. Lenders also look at your back end ratio (debt in comparison to income).
When you look at refinancing, you will need to consider whether the money you save will outweigh the fees you will pay to refinance. If a prepayment penalty is included in your current mortgage, you will want to take the fee associated with prepayment into consideration in your refinancing decision. Before you refinance, check your current mortgage loan papers for any prepayment penalties.
Yes. An appraisal is used to help determine how much equity you have in your home and the amount for which you can refinance your home.
Can't find what you're looking for?
We're here to help!
-
{213} Early Payday applies to certain direct deposit and other Automated Clearing House (ACH) deposit transactions, and is dependent on when the payer’s payment instructions are received by Simmons Bank. Simmons Bank may make funds from these deposits available the same day a payment instruction is received or two days before the listed effective date of the payment, whichever is later. Simmons Bank reserves the right to terminate or change this practice without any notice to you and to place any restrictions or limits Simmons Bank deems necessary.