Common Questions
Online Banking
What services are available with online banking?
With Minnesota First online banking services, you can check your account balances, confirm which checks, deposits, withdrawals and ATM transactions have cleared, transfer funds between your checking and savings accounts, and download transactions to financial packages.
Who do I call if I need help with online banking?
If you have questions concerning our online services, please call a bank representative at our main location at 507-289-0411.
If I share an account with someone else, do we both need to enroll or can we share an online account?
For your security, we require every online banking customer to have a unique User ID. There is only one login and password for any one account.
Are my deposits safe?
Your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000 per depositor. To learn more about FDIC, visit them online at www.fdic.gov.
Savings Accounts
How is interest calculated on my savings account?
Interest compounds and is credited to your account monthly based on your statement cycle.
Can I add a joint owner to my account?
Yes. If you would like to add a joint owner to your account, simply call us and a bank representative will assist you.
Will I still receive a statement for my savings account in the mail?
Yes. Our bank sends a monthly statement on all savings accounts. If you do not receive your monthly statement, please call a bank representative for assistance.
Can I order more deposit slips and envelopes?
Absolutely! Our bank always provides FREE deposit slips and prepaid envelopes for all deposit accounts.
Who should I contact if I have problems with my savings account?
We always want to give you the answers you need, when you need them. So if you ever have a question on your account, please feel free to contact a bank representative.
Loans
How do I make my loan payment?
There are several options available to make your loan payment: transfer funds from your online banking account FREE, have a payment automatically withdrawn from your account monthly, or mail payments in every month.
Are there any penalties for paying my loan off early?
No. Our bank does not assess any penalties for early payoff. If you would like to make additional principal payments to your loan, please contact a bank representative for assistance.
How will I receive my loan proceeds?
Our bank offers several options to receive your loan proceeds. We can either disburse funds to your checking or savings account, or if you prefer, mail you a check.
How is a variable rate different from a fixed rate?
Fixed rates do not change over the term of the loan. A variable rate, known as a floating or adjustable rate, can change over the term of the loan. Variable rates adjust periodically and are based on a standard market rate outside bank control.
How is a secured loan different from an unsecured loan?
With a secured loan, customers are backing the loan with a pledge of collateral, such as a car or home. With an unsecured loan, also known as a signature loan, the loan is not backed by any collateral.
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