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.
Is your free checking really free?
There are no service charges with EZAccess as long as you get signed up for Online Banking and eStatements. Your EZAccess is $8 monthly if you don’t sign up for these 2 services.
Do you offer free checking for students and seniors?
Yes. Our EZ Access and Access NOW accounts are free for students and seniors age 55 and up, regardless of the balance you keep in your account. E-statements are required to avoid the $8 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 10 days, you should give us a call and let us know that your check order has not arrived.
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 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 an 18 month or 60 month CD term 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.
What all do I need to apply for a home loan?
Check out our Home Loan Checklist. Click Here
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.
Opening Accounts Online
What kind of accounts can I open online?
You can open a checking, savings, and CD account online. Click here to open an account online. If you use online banking, sign in and click Open An Account to use a pre-filled application. It’s even quicker!
What will I need to open an account online?
You’ll need your social security number, a driver’s license or other state-issued identification, and the routing number and account number (if you are funding from an existing bank account). You can also mail or drop a check by the bank.
How long do I have to wait before I can use my account?
Your account will be open within 1 to 2 business days.
Online Banking & Billpay
How do I log into online banking?
You can log into online banking from the home page of our website. You only need your User ID and Password.
Is online banking free?
Yes. Online banking is free.
I don’t understand how bill pay works. How do I get more comfortable with the idea of using online bill pay to pay my bills?
Click here for a short and easy-to-follow video that will allow you to see what bill pay looks like and how it works. This video is very helpful. If you’ve watched the video and you are ready to get signed up and start paying bills online, click here. If you prefer talking with one of our Bankers, stop by and we will show you how bill pay works. We’ll even get you signed up. Bring a couple of bills with you and we’ll walk you through setting up your payment for those bills.
Can multiple cards be linked to one registered CardValet account?
Yes; cardholders can register multiple cards within a single CardValet app. Additional cards can be added within the “Settings – Add Card” screen.
If a parent registers a card for a child, what stops that child from changing the controls placed on the card?
Each person who registers a card will have access to controls and alerts for the card. In many cases, the child will not know about CardValet unless the parent shares the information.
When cardholders receive a reissued or replacement card, will they have to update their cards within the application?
If the card number is new, then the user must “add” the new card number to the user’s profile. In addition, the user may delete the old card by accessing Settings > Manage Accounts.
What exactly is the range of the “My Location?” controls, and will this control setting impact internet transactions?
The My Location controls and alerts will check to ensure the merchant location is within a five (5) mile radius of the device set as “primary” within CardValet. These controls impact “card present” transactions only, therefore internet transactions are not impacted
Can cardholders block all international transactions?
Yes, International transactions can be blocked using the “International” location control. Transactions will be limited to the United States.
Can I turn my card off and on?
Yes. When the card is "on," transactions are allowed in accordance with each cardholder's usage control settings. When the card is "off," no purchases or withdrawals are approved until the card is turned back "on." This control can be used to disable a lost or stolen card
How do I sign up for alerts?
Alerts can be set up from Online Banking or Mobile Banking.
Can I specify times that I wish to receive alerts?
Yes. You can set a “do not disturb” timeframe. Any alerts generated during that time will be sent after the “do not disturb” time frame ends.
How can I receive my alerts?
Set up alerts in Online Banking as text messages, emails, and messages to your Online Banking secure inbox. From the Alerts tab, choose your contact options, set a Do Not Disturb timeframe, and pick your alerts. You can also set up alert notifications in our Mobile Banking App. Once logged in, click on More and then Alerts.
Is there a charge for receiving alerts?
We do not charge for alerts. Standard text message rates apply.
Can I review past alerts?
Yes. Log on to Online Banking and click on the Alerts tab, and then Sent Alerts. It displays a list of your alerts with the details. You can mark as read or delete past alerts from here. You can also view your past alerts from our Mobile Banking App.
What is the easiest way to get Mobile Banking access?
Search for MyBank2Go in the App Store or Google Play.
What do I do if my mobile device is lost or stolen?
If your smartphone, tablet or laptop is lost or stolen, it's unlikely that someone could access your banking account information unless they also know your Online Banking user name and password.
Do I have to be signed up for Online Banking to use the Mobile App?
Yes. You can sign-up for online banking from our website home page. Click on “Enroll Now.”
Which accounts will I be able to access from the mobile app?
You will be able to access all of your accounts from your mobile app.
Can I use multiple devices to access mobile banking?
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 need to be signed up for Online Banking to use Mobile Banking. You can sign-up for online banking from our website home page. Click on “Enroll Now.” It’s easier to download the Mobile Banking App. Search for MyBank2Go in the App Store or Google Play.
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 charge only $.50 per item deposited.
What is Popmoney?
Popmoney is a person to person payment that you can send/receive directly to an account using your mobile phone.
How does the receiver accept their money?
The person you are sending the money to will access their payment at either popmoney.com or through their bank's online billpay service.
Is Popmoney instant?
There is a same day or 3 day option.
What is the cut off time for Popmoney?
Does it cost to send Popmoney?
Same day delivery is $1.50. 3 day delivery is $0.75.
Do payments sent expire?
Yes, after 10 days.
Can I set up a reoccurring or future dated payment?
Can I send money internationally?
Is there a limit to how much Popmoney I can send?
You can click the "View Limits" link when sending money. The next day limit is $100 and 3-day limit is $1,000.
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?
Yes. You can transfer money from external accounts at other banks to make loan payments at our bank.
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.
Where can I use my debit card?
You can use your debit card for purchases anywhere MasterCard is accepted.
Can I pick my own pin for my debit card?
Yes. Call 800-992-3808 to change your PIN to something that you prefer.
I forgot my pin for my debit card… what should I do?
Call 800-992-3808 to change your PIN.
Are there limits on my card?
Yes. You are limited to $300 per day at ATMs, and $600 per day for purchases. Give us a call if you need these limits adjusted.
Do you allow transactions to process if there isn’t enough money in my account?
No. In this situation, your transaction will be declined.
I’ve misplaced my debit card. What do I do?
Call us immediately. If we are not open, call 800-472-3272. The best way to minimize unauthorized use of your debit card is to call immediately after discovering your debit card is lost. If you are using the CardValet® App, log into the App and turn your Debit Card Off.
Will I be able to use my debit card after it has been hotcarded?
No. You will not be able to use your debit card after it has been hotcarded. If your debit card has been lost or stolen and you have brought that to our attention, we will immediately hotcard your debit card. Once your debit card has been hotcarded, it can’t be used by somebody else. If your debit card has been hotcarded, we will order you a new debit card. It will take up to 14 days before you receive a new debit card.
Are there any fees to use my debit card?
We do not charge any fees when you use your card to pay for purchases. If you use your card at another bank’s ATM, you will be charged by that bank (typically $2 to $3) and by Marion County Savings Bank ($1).
How do I get signed up for EZBanker?
Call 1-855-EZBANKER (1-855-392-2653), tollfree, & Select Option 2 for New User Instructions. After you set up a four-digit Personal Identification Number, you can start using the system for transfers and to check balances and make loan payments. You’ll need your account numbers handy to make transfers and loan payments.
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.