First Nations Bank News
Getting the Most Out of Your Checking Account
Here's some ways to manage your checking account
Set up Direct Deposit
One of the easiest ways to get the most out of your checking account is to set up direct deposit.
How to set up direct deposit
- Your employer likely has a direct deposit form or online site. Remember to bring a voided check with you when you start a new job to supply the information needed.
- You can also download our direct deposit form, fill out the information and transfer the information onto your employer’s direct deposit form when you get to work.
Sign up for Online Banking and Mobile Banking
Enrolling in online banking allows you to monitor your accounts, including your transaction history and your balance, simply by logging in. Mobile banking allows you to do the same via your phone or tablet. Additionally, by banking online you can quickly access accounts, order checks, pay bills and transfer money, track spending, set alerts and manage your accounts from almost anywhere.
Take advantage of your Debit Card
With a debit card, you can access your checking account conveniently and securely, without the hassle of cash or checks. You can use a debit card at millions of locations worldwide, including places that don’t take checks such as online merchants. Debit cards can also be used at ATMs for deposits, withdrawals and transfers between your accounts. With debit cards, your purchases and withdrawals are deducted directly from your checking account. Debit cards also offer security if your card is lost or stolen or if fraudulent purchases occur.
Transfer funds between accounts
If you have a checking and savings account at Bank of Bourbonnais and these accounts are titled the same, it’s usually fairly easy to transfer money between your accounts. You can link your accounts to transfer between them. If you know you have a certain amount of money in your checking account at a certain time each month, you might consider setting up an automatic transfer to your savings account. Automating the process can be a great way to build your savings.
Manage Overdraft Fees
You’re charged an overdraft fee when you spend more money than you have in your account. The best way to avoid these fees is to keep an eye on your account balance or to set up alerts. At Bank of Bourbonnais we offer deficit transfers, which allows you to link an eligible checking account to other eligible accounts for a fee to cover you in case of an overdraft.
Take advantage of Alerts
If you’re enrolled in online banking, you can set up alerts to notify you via email or text of certain activity. For example, you can set up balance alerts for when the funds in your account drop below a certain amount, which can help you avoid overdraft fees. Just make sure we have your up-to-date cell phone number and email address.
Set up Automatic Payments
Setting up automatic payments for recurring bills can help ensure you pay your bills on time with no hassles. This common checking account feature can help eliminate worry (no need to wonder whether your check was lost in the mail), save you money on stamps and free up your time. Automatic payments can also be a good way to help ensure your bills are paid on time when you are traveling.
Know how you're protected
Security features to help protect you if your debit card is lost or stolen are available, including monitoring for unusual activity, and protection against liability for fraudulent transactions reported within a specified period. It’s also important to know that federal law limits your responsibility if your debit card is stolen, but you must act quickly!
* Disclosure 1 - The Annual Percentage Rates (‘APRs’) are accurate as of July 26, 2023. The total term of the Home Equity Line of Credit (‘HELOC’) is 24 months. The APR is a variable rate based on an index of the highest Prime Rate reported each day in the Money Rates section of the Wall Street Journal (the “WSJ Prime”), minus a margin of .50% with a floor of 5.50%. On July 26, 2023, the WSJ Prime Rate was 8.50% resulting in the following APR for loan amounts from $50,000.00 to $400,000.00: 8.00% (Prime -.50%). The minimum APR is 5.50% and the maximum APR is 15.00%. Rates are subject to change daily. Interest only minimum payments required and will result in a balloon payment. Minimum loan amount is $50,000.00 and Maximum loan amount is $400,000.00. A Minimum draw of $10,000.00 is required within 15 calendar days of closing. The minimum for additional draws is $250.00. There is an annual fee of $50, but it will be waived for the first year. Offer applies to lines secured by owner occupied, one-to four-family residences with a maximum Combined Loan to Value (CLTV) of 75%. Property insurance is required and flood insurance may be required. Consult a tax advisor regarding the deductibility of interest. Pricing shown assumes borrower meets underwriting guidelines and has an initial draw of $10,000.00 within 15 calendar days of closing, otherwise credit may not be available. See your loan officer for details. No Closing Costs. First Nations Bank reserves the right to withdraw, suspend, or alter this offer at any time without notice. 7/26/2023.
* Disclosure 2 - The Mortgage Rates and Annual Percentage Rates (APR) shown above are the current rates as of 02/28/2024 for a Rate & Term Refinance (No Cash-out) Loan with 360 monthly payments of $1,450.14 for 30 years and 180 monthly payments of $1,769.82 for 15 years. Monthly payments include principal and interest and do not include property taxes and insurance premiums. The actual payment will be greater. The rates and payments are based on the following assumptions: property is a single-family primary residence located in Cook County, IL based on a 45 day lock period, conforming loan amount of $200,000, a first lien position with a loan-to-value (LTV) of 80%, a credit score of 720 and borrower-paid finance charges of $2,200.
Interest rate and program terms are subject to change without notice and may be subject to pricing adjustments related to loan type, property type, property location, occupancy type, loan amount, loan-to-value, credit score, refinance with cash out and other conditions. Your final rate, points, finance charges and costs may be higher or lower than those shown above based on information relating to these factors, which may be determined after you apply. The annual percentage rate (APR) is the cost of credit over the term of the loan expressed as an annual rate. The APR shown above is based on the interest rate and borrower-paid finance charges of $2,200 and does not take into account any other loan specific finance charges or costs that you may be required to pay.
Loan approval is subject to credit approval and program guidelines. Property insurance is required and flood insurance may be required. Mortgage insurance may be required depending upon loan guidelines. If mortgage insurance is required, the mortgage insurance premium could increase the APR and the monthly mortgage payment.
To lock a rate, you must submit a loan application to First Nations Bank and receive confirmation from a mortgage loan officer that your rate is locked.