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Valet Account FAQs
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Find answers to commonly asked questions about Firstrade's Valet Asset Management Account.
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What is the initial deposit requirement to open a Valet account?
A Valet account must be funded with at least $10,000 in cash or marketable securities.
Are foreign accounts eligible for Valet?
Yes. The customer must provide a Form W-8BEN and a passport copy with their application. If a passport copy is not available, a government issued photo ID can be accepted. A valid mailing address must also be provided. (Checkbooks and the Visa® Debit Card cannot be delivered to a P.O. Box).
Are there accounts for which Valet may not be appropriate?
The following types of accounts are not eligible for a Valet Asset Management Account: Estate, Custodial (UGMA/UTMA), Investment Club, IRA/Retirement, and certain trust accounts.
Does Valet offer a money market fund?
Yes. All Valet accounts come with a money market fund with a competitive rate. Sweep activity occurs daily.
Is direct deposit available?
Valet clients can have payroll, Social Security, or other government benefits deposited directly into their Valet Account. They can do this by requesting a direct deposit form from their Benefits Administrator and attaching a copy of a voided Valet check.
How long will it take for my checks to arrive?
Checks are typically mailed within 10 business days after account approval. The checkbooks are sent via third class mail. For an additional fee charged to their Valet Account, you may request to have checks sent through First Class Mail for $4.25 plus tax, Overnight delivery for $17.95 plus tax, or Next Day Delivery for $15.49 plus tax. Additional postage may apply for international accounts. These rates are subject to change by the USPS.
How do I reorder checks?
Reorder forms are included in the check package. Reorder fees depend on the style of checks ordered: wallet, end-stub desk book and business style.
For wallet style checks (6"x 2 ¾"), the fee is $10.00 for 150 checks.
For End-Stub Desk book checks (6" x 2 ¾"), the fee is $25.00 for 300 checks.
For Business Style checks (8 ¼" x 3"), the fee is $35.00 for 300 checks and 150 deposit slips.
How is checking activity reported on the Valet statement?
Check writing activity is reported in the Cash Management section of your Valet Account statement. The payee, check number, date written, expense code category, and the amount of the check are displayed.
When will I receive my Visa® Gold debit card?
The Visa® Gold debit card is mailed out within two to four business days after the account is coded for check writing privileges. The debit card is mailed via first class mail.
When will I receive the PIN for the debit card, for ATM cash withdrawals?
For security purposes, the PIN is mailed separately from the debit card. It is mailed five business days after the debit card is sent. You will be able to access cash worldwide from more than 627,000 ATM's displaying the VISA, PLUS, MAC and NYCE logos.
My Visa® Debit Card has been lost or stolen. What should I do?
Please contact PNC's customer service immediately to report the lost or stolen card. Their telephone number is 800-222-2367. The original card account will be closed and a new card account will be opened and mailed to the customer within 24 hours.
How are debit card transactions displayed on the Valet statement?
Debit card transactions appear in the 'Cash Management' section of the Valet statement. Merchandise purchases are listed in order by transaction date and include the merchant description, transaction number and the amount. ATM transactions appear separately and include the total amount withdrawn, ATM fee, and location.
Is there a maximum number of times that I can use the Visa® Gold debit card in one day?
No, as long as they do not exceed the $15,000.00 maximum daily limit. The limit includes ATM withdrawals, card purchases and cash (teller) advances. (Your account's daily limit may be lower.) The limit for ATM withdrawals is $1,000.00 or the daily limit the bank has imposed, whichever is lower.
Can the Visa® debit card be used to make ATM deposits?
No. The debit card may be used for cash withdrawals only.
What is included in the Valet Year-End Summary Statement?
The year-end summary includes 1099 income and transaction detail, gain/loss information and a recap of checking and debit card transactions by category.
How does web bill payment work?
Valet customers can register separately with MyBillCenter. The link is http://mybillcenter.paytrust.com. With MyBillCenter, you can receive, review, pay and organize all your bills on-line. You may elect to receive the bills securely on-line and view the details at your own convenience. Customers can decide when to pay, how much to pay and from which account. Additionally, you may use other bank accounts to pay for your bills.
What are the subscription fees for MyBillCenter?
For the "Pay Only" feature, the fee is $5.00 per month for up to 25 bills. Additional bills over 25 will be $0.50 each.
For the "Full Bill Management" feature, the fee is $7.50 per month for up to 25 bills. Additional bills over 25 will be $0.40 each.
The fees are charged directly to your Valet Account. It is not included in the annual Valet account fee.
How can I earn rewards points for using my Visa® Gold Debit Card?
Please register your card at www.visa.com. One point is earned for every dollar spent with the debit card, exclusive of ATM transactions and cash advances. At this time, only domestic United States customers can enroll in this program.
What can I redeem my points for?
You may redeem points for hotel accommodations, car rentals, and airline travel to domestic and international destinations of your choice. Maximum point accumulations are 2,500 per month and they are not transferable. Quarterly Travel Rewards Statements are mailed to you directly, if you have at least 5,000 travel points. Statements show all points that will expire within the next 90 days. Unused points expire after five years.
Who do I contact to redeem points, inquire about my points, or to make travel reservations?
Please call 1-800-581-7786. Customer service is available between the hours of 9:00AM to 8:00PM Eastern Standard Time, seven days a week.
What is the annual fee for a Valet account?
The annual fee for the Valet Account is $80.00 per year. The annual fee is charged on the one-year anniversary.
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