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Checking
What do I need to start a checking account?

If you are age 18 or over, you will need a photo ID with a current address, your social security card, and $50 to open a checking account. If you do not have a photo ID with a current address, you will need to bring a utility or other bill showing a current address. If you are under age 18, you will need your social security card, a parent’s or guardian’s photo ID with a current address, their social security card, and $50 to open a checking account. Your parent or guardian must also be a signer and owner on the account.

Do you offer free checking for students?

Yes. Our EZChoice and Fusion accounts are free for students up to and including age 23, regardless of the balance you keep in your account. E-statements are required to avoid a paper statement fee.

Can I set up Auto Transfers for free?

Of course! Just let us know and we’ll ask you to sign a form to get them started. If your transfer is coming from an account with another bank into a checking with our bank, you’ll need to contact your other bank to get that set up. You can also schedule 1-time and recurring transfers in online banking.

I re-ordered checks and I haven’t received them yet. Should I be concerned?

If it’s been more than 15 business days, you should give us a call and let us know that your check order has not arrived.

Savings
What do I need to start a savings account?

If you are age 18 or over, you will need a photo ID with a current address, your social security card, and $50 to open a checking account. If you are under age 18, you will need your social security card, a parent’s or guardian’s photo ID with a current address, their social security card, and $50 to open a savings account. Your parent or guardian must also be a signer and owner on the account.

Can I get a Debit or ATM Card with my Savings Account?

ATM cards are available with Savings Accounts. You can withdraw money at any of our ATMs for free. There is a $1.50 per transaction fee for using another bank’s ATM, in addition to fees that bank will also charge you for using their ATM.

How many withdrawals can I make?

Withdrawals and transfers made in person with a Teller or at an ATM are unlimited. Any automatic or pre-authorized transfers, including those made online or using mobile and telephone banking, are limited to 6 per statement cycle.

CDs & IRAs
Can I transfer an existing IRA to your bank?

We transfer IRAs all the time for our customers! Just let us know that you would like to move or transfer your IRA to our bank and we’ll take care of the details.

Can I draw my money out of my CD before my maturity date if I need to?

Yes, you will lose 90 days interest for shorter-term CDs and 180 days interest for longer-term CDs when withdrawing early.

What are the investment options available for IRA funds?

You can choose between any of our 12 month to 60 month CD terms with MCSB. Other non-FDIC insured investment options are available through Mid-America Financial Resources.

When do your CD interest rates change?

This is a great question. We monitor our interest rates every week. As a community bank, we do our best to maintain the most competitive interest rates for our deposits and loans. We may not always be the most competitive, but we work hard to offer the best interest rates. Interest rates are posted weekly in our lobby. You can also call to get our most current interest rates.

Home Loans (Purchase)
What are the options for making my loan payments?

You can make your loan payments in the lobby, at the drive up, via online or mobile banker, or with automatic payments.

Can I see my loan payoff amount on Mobile Banker?

Yes, you can see your payoff for that day on Mobile Banker.

Home Loans (Refinance)
Can I refinance several loans into one loan?

Yes, we refer to this as a consolidation loan. It’s a great way to simplify your payments and can also help with your monthly budget.

Can a refinance save me money?

Yes, a refinance can save you money. It can lower your payments or allow you to take extra money that can be used for home improvements, travel or other needs.

Home Equity Loans or Lines
What is the difference in a Home Equity Line of Credit and a Home Equity Loan?

With a Line of Credit, as you pay down your credit line, your balance is available for future needs. You simply write a check from your line of credit, whenever, and for whatever you need. You can also transfer money from your credit line using online and mobile banking. With a home equity loan, you’ll have a fixed payment for a fixed period of time.

Can I use a Home Equity Line of Credit for whatever I need?

Yes, and it simplifies the process of getting extra cash when you need it. Your credit line can be used for home improvements, vacations, a new lawnmower, an extra vehicle, school expenses, appliances, or any need. Instead of getting a loan every time you need money, you can simply access your existing home equity line of credit.

First-Time Home Buyer
What is a USDA Rural Development loan?

A USDA loan is a type of mortgage loan that is guaranteed by the U.S. Dept. of Agriculture.

USDA loans can finance a home purchase entirely, meaning borrowers are not required to pay a down payment.  The USDA charges a 1% guarantee fee rural development loans.  The USDA also allows financing up to 101% of the appraised value allowing borrowers to possibly include the guarantee fee as well as other closing costs depending upon the appraised value.

What are the requirements for a USDA loan?

An applicant must meet the guidelines for monthly income, credit history and debt-to-income ratio. The property must also meet eligibility guidelines.

What does my credit score need to be to qualify?

We currently require a minimum credit score of 640.  This does not guarantee eligibility for financing.  The USDA has other credit restrictions for applicants that have had foreclosure, bankruptcy, short sales or other serious financial hardships in the past.

Are there household income restrictions?

Yes, each county has a different income threshold depending on the total household size.  These income thresholds apply to ALL parties in the household that have income not just the applicants for the loan.

What are the property eligibility requirements?

Most importantly the USDA requires the property to be owner occupied as the principal dwelling.  The USDA does NOT allow for the property to be income producing.  Therefore NO farms, multi-family properties or properties with acreage in income producing programs (such as the conservation reserve program) are eligible.

USDA requires that the property pass inspection from the HUD Handbook 4000.1.  Any safety related issue such as structural, HVAC, electrical, plumbing, roof or WDO termite issue would need to be resolved prior to closing.

Mobile Deposit
What is Mobile Deposit?

Mobile Deposit, available through our Mobile Banking App, lets you make a deposit from your smartphone by taking a picture of your check.  You can sign-up for Mobile Banking on the app. Search for MyBank2Go in the App Store or Google Play.  Once signed up, your username and password works on both Mobile and Online Banking.

Is there a daily limit that I can deposit on the Mobile App?

Yes. You can deposit $1500 per item and $2500.00 per day from the app.

What types of checks can I deposit?

You can deposit checks payable in U.S. dollars, including personal, business, and government checks. They must also be payable to, and endorsed by the account holder.

When will my deposit be available?

Deposits made before 4:00 pm will be posted on that same day’s business and are available for checks clearing on your account.  You won’t see your deposit posted to your account in Online or Mobile Banking until the next day.  Funds will be available for withdrawal within 1 to 2 business days.

What should I do with a paper check after making a mobile deposit?

You can properly dispose of the check once you see the deposit in Online or Mobile Banking.

Is there a fee for using Mobile Deposit?

We do not charge for mobile deposits.

Bank-to-Bank Transfers
Can I set up re-occurring transfers?

Yes. Bank-to-Bank Transfers can be set up for one-time, recurring, instant or future-dated transfers.

Can I pay my loan payments with Transfer Now?

You can transfer money from external accounts at other banks to make loan payments at our bank.
You cannot make loan payments at other banks with Transfer Now.

What Types of accounts can I transfer money to?

You can transfer funds in and out of checking, savings, brokerage and money market accounts, to and from different financial institutions.

Municipal Leases
What is a Municipal Lease?

A Municipal Lease is a simple, cost-effective way to finance 100% of your equipment cost. You’ll lock into a fixed rate and set payment that will not change, simplifying your budget. A lease is a full payout contract, with no surprises at the end of the lease. The interest from the lease is tax-exempt. This tax-exempt savings gets passed on to the municipality in the form of a lower interest rate. Leases are quick and easy to finalize!

Who Qualifies for a Municipal Lease?

Counties, Cities, Villages, Colleges, Police & Fire Departments, Ambulances, School Districts, Hospitals, and other Municipal Districts

What can be financed?

Finance equipment needs including printers, copiers, backhoes, tractors, computers, appliances, etc. A lease allows you to purchase needed equipment now, without waiting for your next budget for approval.

How are they structured?

Equipment can be financed for a term that matches the useful life of the equipment. 100% of the equipment cost, including costs for delivery and installation, can be included in the financing. Payments can be structured monthly, quarterly, semi-annually, or annually.

What are the benefits of a Municipal Lease?

Municipal Leases offer several benefits including no required down payment, no required voter approval, low up-front cost, low interest rate, and easy to finalize.

Are there any prepayment penalties?

No. The lease can be paid off at any point prior to the lease maturity date without prepayment penalties.