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
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.
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.