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Types of Banks

Community Banks

A Community Bank is owned and operated by members of the community that it serves. Currently there are nearly 5,000 community banks with a total of $5 trillion in assets and $4 trillion in deposits across the United States.

Community Banks offer essential banking services, including Checking & Savings Accounts, personal and small business loans, home mortgages, etc. Their customers are typically members of the local community.

Money that is kept in the deposit accounts of a Community Bank is used by the community in the form of loans to folks when they apply for a vehicle loan or mortgage, homeowners looking to make improvements to their property, and small businesses with growth in mind.

Community Banks are truly about relationships.

Old Mission Bank was born in Sault Ste. Marie and has been proudly serving the Eastern Upper Peninsula for over 20 years. Our employees shop, live, and make their homes right here. Their kids go to school with yours, they volunteer at the same area non-profits, and attend the same churches that you do. We love being a part of the communities we serve.

Opening an Old Mission Bank Personal Checking, Personal Savings, or Business Checking is an investment in our area. Local dollars + local decisions = local WINS!

 

National Banks

Large banking institutions are able to provide a broad array of financial products and services, and typically possess a large network of ATMs and branches across the country.

National banks regularly charge higher fees than smaller banking institutions and are often less competitive than small and medium-sized lenders.

Even if money is deposited at a local branch of a national bank, there is no guarantee that those funds will stay in the local community.

If you are looking for a friendly banking experience with people who you know and who know our area - a smaller, Community Bank is probably a better fit.

 

Online Banks

While banks that operate entirely online generally charge lower (or no) fees for their products/services, they also lack the personal touch and customer service you will receive at traditional brick and mortar banks.

Online banking can be a big time-saver, letting you avoid trips to the bank and waiting in drive-thru or lobby lines. But, if you have an issue, there may be no one to talk to. Customer service may be “virtual” and impersonal. It can even be hard to find a phone number on some bank websites. Simple transactions like making a cash deposit may not be possible.

Online banks aren’t a good fit for people who rarely use computers and/or don’t have a reliable internet connection.

Want to switch to Old Mission Bank? It’s easy! Click here to switch

 


 

How to Open A Bank Account

  1. Decide which type of account fits your needs.
  2. Make sure you have all the appropriate information/identification:
    • Non-expired Government Issued ID (driver’s license, passport, military ID, state issued ID, etc. – additional acceptable ID options via the Patriot Act)
    • Social Security Number
    • Money to initially fund the account (if necessary)
  3. Provide your personal info and financial history to the bank of your choosing.
  4. Double check all of that information for accuracy.
  5. Sign any required documents
  6. Remember to save copies of all the documents for your own records
  7. Once your account is approved – you can expect to receive your debit card and/or checks in 7-10 business days if you have requested them.

 


 

What is a Checking Account?

Even if you’re new to banking – you’ve probably heard of a checking account before. A Checking Account is a type of basic bank account that allows the customer to easily access their money by either making a withdrawal or a deposit.

Checking Accounts are a great tool to simplify and organize your finances. You can use a Checking Account to pay bills, make everyday purchases, receive money from your friends or family. You can even have your paycheck, tax refunds, and other benefits deposited directly into your account.

Old Mission Bank has Checking Accounts for both Personal & Business customers to help you reach your financial goals.

 


 

What is a Savings Account?

Savings Accounts are safe, flexible, & reliable interest-bearing deposit accounts that are ideal for saving up for a short-term goal (buying a new vehicle or going on vacation) or for simply earning interest on money you don’t need in your checking account.

In fact, Savings Accounts are commonly opened in conjunction with checking accounts. Think of it this way: Checking Accounts contain the money you are willing to spend, and Savings Accounts contain the money you wish to save and grow.

Old Mission Bank has Checking Accounts for both Personal & Business customers to help you reach your financial goals.

Business Savings Account Types

Mission Business Savings

Business Certificates of Deposit (CDs)

Mission Non-Profit Savings

Personal Savings Account Types

Traditional Savings Account

Certificates of Deposit (CDs)

Youth Savings Accounts

Health Savings Accounts

 


 

What is a Money Market Account?

Like a regular Savings Account, a Money Market Account (MMA) allows the account owner to earn interest on their balance – typically at a higher rate than a traditional Savings Account.

There are advantages & disadvantages to having a Money Market Account. Advantages include Federal Deposit Insurance Corporation (FDIC) protection, higher interest rates, check-writing, and debit card privileges. Disadvantages include limited transactions, fees, and minimum balance requirements.

An MMA is better suited for short-term financial goals rather than long-term wealth building.

 


 

What are Certificates of Deposit?

A Certificate of Deposit or CD is a type of savings account that provides an interest rate premium in exchange for the customer agreeing to leave a lump-sum deposit untouched for a predetermined amount of time, typically a term of 12, 18, 24, 36, 48, or 60 months.

The biggest difference between a CD and a Savings Account is that your funds are “locked-in” for this set amount of time. When the term has ended, or matured, and you redeem your CD, you will receive the money you originally invested plus any interest. Cashing out a CD early may cause you to lose money through penalties & other fees.

CDs are widely considered to be one of the safest savings options available. A CD purchased through a federally insured bank, like Old Mission, is insured up to $250,000.

 


 

Fees & How to Avoid Them

Overdraft Fees

An overdraft fee is a charge you receive from your bank when you spend more money than you have available in your bank account, usually your Checking Account. 

Old Mission Bank offers overdraft protection in the form of an auto transfer from another account or Personal Reserve Account.

Returned Check & NSF (Non-sufficient Funds) Fees

A bank will charge a non-sufficient fund fee when a transaction is attempted that can’t be covered by the funds in an account. NSF feeds are also known as “bounced-check” fees.

Stay on top of your account balance by signing up for OMB’s Online Banking where you can monitor your account balances and set minimum balance alerts to keep you on track.

ATM Fees

If you’ve ever traveled outside the Eastern UP and needed cash you’ve probably used an out-of-network ATM and been charged a fee for doing so.

Planning ahead when traveling can help to alleviate these fees and the stress that comes along with them. Make sure to withdraw an appropriate amount of money before you leave the area.

Old Mission Bank customers have access to over 50,000 surcharge free ATMs around the globe.

Minimum Balance Fees

Some banks charge you a minimum balance fee. At Old Mission Bank we can help you avoid these fees by linking your accounts. Simply, tell us which of your accounts you want to be related and we’ll take care of this at no charge to you.

Speak with one of our great OMB Tellers to get this process started.

 


 

OMB Frequently Asked Questions

Q. What is Old Mission Bank’s routing number?
A. Our routing number is 091113980.

Q. My debit card has been lost or stolen – what do I do?
A. If you believe your card and/or PIN has been lost, stolen, or otherwise compromised, please contact us immediately at one of the following numbers:

DURING BUSINESS HOURS (M-F 8:00AM–5:00PM)
Sault Ste. Marie: (906) 635-9910
Pickford: (906) 647-9910
Toll Free: (888) 998-1662

AFTER BUSINESS HOURS OR ON WEEKENDS
Toll Free: (800) 236-2442

For more information about what to do if your debit card is lost or stolen, please click here.

Q. My credit card has been lost or stolen – what do I do?
A. If you believe your card has been lost, stolen, or otherwise compromised, please contact our credit card processor immediately at one of the following numbers:

For Commercial Cards: (866) 552-8855
For Consumer Cards: (866) 234-4691

Q. What are your current mortgage rates?
A. Click here to view our current rates.

 


 

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