We Appreciate You!
In honor of YOU and in support of the dairy industry, we'll be hosting an open house at each of our locations.
Sauk Centre - June 12th 10:00 a.m. to 5:00 p.m.
Long Prairie - June 19th 10:00 a.m. to 5:00 p.m.
Pelican Rapids - June 26th 10:00 a.m. to 5:00 p.m.
Join us for hot dogs, ice cream and refreshments. We appreciate your business!
Message from the CEO
Welcome to Minnesota National Bank’s NEW E-Newsletter! In our on-the-go, fast paced society; our E-Newsletter will be a great way for you to stay up to date on what’s going on at Minnesota National Bank and how we can make your life easier.
The headlines continue to blast us with news of how banks are “over stressed”, needing more bailout money and failing their customers. It’s been my goal and the goal of Minnesota National Bank to reassure our customers and the communities we belong to, that we’re not a big bank seeking a bailout. We’re in uncertain times and uncharted waters, but you can trust that our service and advice are always given with your best interests in mind.
I hope you enjoy our first E-Newsletter and the many more that will follow. This edition contains articles on identity theft, frequently asked mortgage related questions and remote deposit, a new product to MNB business customers. It also contains links to our website, your one stop destination for financial related information.
Thanks for being a customer of Minnesota National Bank and enjoy our NEW E-Newsletter!
‘Dial-A-Bank’ – Save Time With the Push of a Button
Not enough time in your day? Save precious time using our automated telephone banking service. In addition to providing automated, reliable service 24 hours a day, 365 days a year, the telephone banking service allows you to “zero out” if assistance from a customer service representative is needed during business hours. It’s so simple and so convenient. Whether it’s from home, the office or during travel, it’s all you need to complete your day-to-day banking needs.
Simple prompts allow you to check balances, review transactions, transfer funds between accounts, make loan payments and much more. Looking to see if a particular check has cleared your account? Telephone banking allows you to enter a check number to determine its status. Would you like to know the last five checks posted to your account? Telephone banking will list them for you.
Telephone banking is completely secure, but remember, don’t share your Security Code or bank account numbers with anyone.
Best of all, the telephone banking service is free. To get started, contact a Person Banker at your favorite MNB location. We will be happy to help you get started.
Sauk Centre – Personal Bankers/Customer Service Representatives – Call toll-free 877-655-5211Donna Hartigan – donna.hartigan@mn-bank.comLinda John – linda.john@mn-bank.comLisa Rutten – lisa.rutten@mn-bank.comJoyce Brinkman – joyce.brinkman@mn-bank.comKathy Banke – kathy.banke@mn-bank.com
Long Prairie – Personal Bankers – Call toll-free 877-732-2133Michele Tschida – michele.tschida@mn-bank.comMichelle Blair – michelle.blair@mn-bank.com
Pelican Rapids – Personal Bankers – Call toll-free 877-863-6688Amanda Backstrom – amanda.backstrom@mn-bank.comShelley Gummeringer – shelley.gummeringer@mn-bank.com
Can Remote Deposit Help Your Business?
Remote Deposit Capture has been called “The most important development the (U.S.) banking industry has seen in years” by the Federal Reserve and others.
Remote Deposit Capture, in its most simple terms, is a service which allows a commercial user to scan checks and transmit the scanned images and / or ACH-data to Minnesota National Bank for posting and clearing. The basic requirements for an RDC service currently include a PC, an internet connection, a check scanner and a service provider such as Minnesota National Bank. Checks you receive at your business can be scanned to create a digital deposit. This digital deposit is then transmitted to Minnesota National Bank who then accepts the deposit, posts the deposit to your account and assigns availability based upon your availability schedule.
Key Benefits:
v Make Deposits on demand or even make multiple deposits a day with minimal time and effort.
v Extend your deposit timeframe, increase funds availability, and avoid missed deposit deadlines
v Minimize or completely eliminate visits to the bank.
v Deposit funds into the account of your choice.
v Eliminate duplicate posting entries and errors by downloading deposit batch files already reconciled through the Remote Deposit Capture system into your existing accounting system.
v View all location information at the same time, while in your office or on vacation.
v Information is secured using SSL encryption and pre-determined access rights ensuring the protection of confidential information.
v View historical checks at a moment's notice anytime you need.
v Standardized and customized reporting assists in providing information that can better business practices and cash flow management.
v No hunting through photocopies to retrieve check information – simply search for past checks online.
v Minimize or eliminate employee safety concerns when traveling to make deposits.
v Reduce processing costs by not only decreasing the true cost of making a check deposit, but also through cost savings in time and energy expended to make the deposit, look up historical data and balance information.
But don't take our word for it, see how how it's working for our clients. Read this testimonial from our customer, DRS Acquisitions:
DRS Acquisitions is headquartered just east of Saint Paul, Minn with operations in Sauk Centre. Minnesota National Bank is DRS’ primary bank by choice as, at every level of their operation, MNB continues to provide A+ customer service. For DRS’ Sauk Centre’s 60+ employees it is a local bank in which our employees can cash their paychecks and conduct financial business. For our Woodbury (Admin) location it used to be a struggle to take our customer payments and deposit them in a timely manner. The payments would arrive in the mail and by the time the deposit was prepared, mailed, then deposited into our checking account 3 or 4 days had passed and then there was always the fear of the payment not making it to the bank as it was supposed to. After hearing about and requesting the remote deposit option MNB decided to offer remote deposit as a service and I was elated. Knowing that customer payment(s) that arrive in today’s mail can easily be deposited today (while I’m seated at my desk) and posted to my business checking account by the following morning. Plus receiving an email confirmation of deposit, usually in less that an hour of making the deposit, is reassuring. When cash-flow of the business is tight and I have to meet payroll tomorrow, I know that I don’t have to Overnight a deposit or RUSH to the Saint Paul post office or even drive to Sauk Centre to guarantee next day deposit, simply has made my life much simpler. In fact as I write this paragraph I realize that remote deposit has cleared my plate of one major level of stress.
To MNB employees: THANK YOU;To MNB customers: Remote Deposit saves more time and effort than having to run to the bank around the corner… GO FOR IT!Best Regards,Dennis
Moving?
For security reasons, Minnesota National Bank now requires written authorization from the customer before an address change can be made. Please keep this in mind when requesting a change.
MNB REACTS TO DATA BREACH
As you may know, Heartland Payment Systems, a payment processor for over 250,000 businesses, was the victim of a substantial data breach in 2008. If the figures released were accurate, tens of millions of credit and debit card transactions may have been compromised. In January 2009, we were notified of many Minnesota National customers affected by the breach. Due to the nature of information stolen in the breach, the possibility of thieves creating and using a fake card with your information was quite high. This is why we proactively ordered new cards and cancelled the compromised ones for all those affected.
We appreciated the patience and understanding our customers had with us during this time. With reliance on electronic or “paperless” services growing, disruption can sometimes lead to major inconveniences. However, we felt the inconvenience of cancelling and ordering new cards was minor compared to the hassle of dealing with possible theft in your account.
Unfortunately, this type of activity is on the rise in our society. One way to prevent it from happening to you is to carefully monitor your accounts and report anything suspicious immediately.
The following are other good habits to get into:
v Look over your credit report annually
v Never respond to emails or telephone calls asking for your personal information
v Take copies of the contents in your purse/wallet
v Shred anything containing personal information
v Don’t leave bills in your mailbox for pick up, drop them off at the post office.
E-mail based scam tricks customers
MNB and Shazam have been made aware of an e-mail based card scam that appears legitimate and can be deceiving, which is why we feel it’s important to educate our cardholders. In this scam, consumers are falsely notified by email that their VISA® cards may have been compromised due to fraudulent activity.
The email provides official looking information about Visa’s commitment to fighting fraud, along with a false Case ID number. It also directs cardholders to verify their identity through the internet to continue using online services. Below is a sample email.
Dear Visa Cardholder,
Continuous Monitoring is an integral part of Visa’s multiple layers of security. In addition to other fraud monitoring tools, we can often spot fraud based upon transactions on the card that are outside of the cardholder’s typical purchasing pattern. This allows us to spot fraudulent activity as quickly as possible and acts as an early warning system to identify fraudulent activity. During a recent checkout we detected suspicious activity and your Visa card may have been compromised. Fraudulent activity made it necessary to limit your card for online services. Your Case ID Number is: DD7Q8QQ9EDR7. To conform to our security requirements and in order to continue online services with your card, we must validate your identity. Please click here to verify your identity. Visa takes online security very seriously so that you can shop safely on the Internet. As part of our commitment to fighting fraud, we have the right to investigate, prevent or take action regarding illegal activities, suspected fraud, situations involving potential threats to the physical safety of any person or violations of the terms and conditions for using Visa.
Sincerely,
Visa Customer Service
Please remember, neither Minnesota National Bank nor VISA will ever request personal information, account details or card information over the telephone or through email. You should promptly notify us if you ever receive suspicious calls or emails and you should always monitor your account for unfamiliar transactions.
TAKE ADVANTAGE OF LOW RATES
The whirlwind of economic news is very overwhelming to most people. What should you be doing with your money? What shouldn’t you be doing with your money? There’s a variety of answers to both those questions. What you have to decide is what answer best fits your current situation?
By visiting our website at – www.mn-bank.com – you can use the financial calculators to figure out anything you’d like to know about your finances.
v How much can I afford to borrow?
v Should I consolidate my debt?
v Should I refinance my mortgage?
v How much will I need to save for a major purchase?
Doing a little research into these questions before you go the bank or make a decision will help you make a smarter financial move.
Another smart financial move is taking advantage of the one or two year loan rates currently being offered at Minnesota National. 3.95% A.P.R.* fixed rate loan for one year or 4.95% A.P.R.* fixed rate loan for two years
If the time is right for you to make that purchase or consolidate higher interest rate debt, use these rates and start saving more of your money.
*New funds only. Rate effective 3/1/09. Maximum loan per customer is $50,000. Must have a MNB checking account with automatic payment withdrawal. Notes must amortize monthly for one (two) years, no balloons. Can’t be used to refinance an existing loan with MNB. For a home equity loan or line of credit ($10 annual fee applies) or for a real estate mortgage, rate will be fixed for one (two) years, then subject to current rate or balloon. Monthly payments would be $85.13 (for one year) or $43.84 (for two years) per $1000 financed. Subject to credit approval. Some restrictions may apply. Member FDIC, Equal Housing Lender.
Sauk Centre Lenders – (320)352.5211Audrey Roering – audrey.roering@mn-bank.com Mike Traeger – mike.traeger@mn-bank.com Rick Jennissen – rick.jennissen@mn-bank.com
Long Prairie Lenders – (320)732.2133Sheri Lemke – sheri.lemke@mn-bank.com Scott Hillman – scott.hillman@mn-bank.com
Pelican Rapids Lenders – (218)863.6688Mark Johnson – mark.johnson@mn-bank.comMatt Thomason – matt.thomason@mn-bank.com
Are you in the right checking account?
Checking accounts are a dime a dozen right? Wrong! Competition and technology have lead to the creation of customized accounts – are you in the right one? Your average balance, other relationships with the bank and age all make a difference in the account you should be in. If you’ve never taken the time to look into your options, it may be costing you money.
Here’s a preview of the accounts we offer:
Premium Checking
v Must keep $10,000 in related bank accounts to quality
v Free Bonus Coupon Package full of money saving coupons
Homeowner’s Checking
v Great for those who pay their mortgage automatically or have their mortgage through MNB.
v Reduced rate on a Home Equity Line of Credit
Totally Free Checking
v No minimum balance required
v Absolutely no service charges
Totally Free Plus Checking
v For our customers 55 years of age or better
v FREE checks, safe deposit box and images!
E-Account
v Do all your banking electronically!
v FREE withdrawals from non-network ATM’s (four per month)
Contact a personal banker or customer service representative for more information.
Sauk Centre – Personal Bankers/Customer Service RepresentativesDonna Hartigan – donna.hartigan@mn-bank.com Linda John – linda.john@mn-bank.comLisa Rutten – lisa.rutten@mn-bank.comJoyce Brinkman – joyce.brinkman@mn-bank.comKathy Banke – kathy.banke@mn-bank.com
Long Prairie – Personal Bankers Michele Tschida – michele.tschida@mn-bank.comMichelle Blair – michelle.blair@mn-bank.com
Pelican Rapids – Personal Bankers Amanda Backstrom – amanda.backstrom@mn-bank.comShelley Gummeringer – shelley.gummeringer@mn-bank.com
Why am I getting quoted a different mortgage rate than my neighbor?
This has been a very common question asked by those looking to purchase and refinance. There have been a dizzying number of changes in the mortgage industry since the beginning of 2008. One of the major changes has been a shift to risk-based pricing. Instead of offering the same rate to everyone, the mortgage companies are using a number of variables to quote you an interest rate.
The most common factors affecting the rate are your loan-to-value and credit score. Generally, those with a loan-to-value under 80% and a credit score above 740 are going to be quoted the lowest rates. Obviously, that doesn’t include all of us, so the mortgage companies have created a standardized grid that changes the rate quote based on your unique situation. Another major factor is whether or not you are taking cash-out or just refinancing the first mortgage on your home. In most cases, taking additional cash-out (or consolidating loans) will increase the rate you’ll receive. There are also some other minor factors that are taken into consideration, such as loan size, the total amount of debt on your home and even the state in which you live.
It’s more important than ever to sit down with an expert that can help you review your unique situation. For a free rate quote and consultation, please visit our mortgage experts at Minnesota National Bank!
Mike Traeger – Sauk Centremike.traeger@mn-bank.com877-655-5211
Mark Johnson – Pelican Rapidsmark.johnson@mn-bank.com877-863-6688
Sheri Lemke – Long Prairiesheri.lemke@mn-bank.com877-732-2133