Frequently Asked Questions
Checking
Q.) What do I need in order to open a new checking account?
A.) You'll need a current driver's license or state ID, your Social Security Number (SSN), your physical and mailing addresses, current telephone number(s) and the required opening balance.
Q.) I have direct deposits and automatic payments currently set up with my checking account. How much of a hassle is it going to be to switch my checking account to Brainerd Savings & Loan?
A.) Switching is easier than you think. With our switch kit, we can help transfer your direct deposits and automatic withdrawals to your new Brainerd Savings account. Just bring in your current checking statement when you open your account.
Q.) Do I have to order my checks from you, or can I order them from another source?
A.) We prefer that you order your checks from us for safety reasons. The check printing companies we order from must agree to abide by our privacy polices and do not share customer information. When you order from an outside company, we cannot guarantee that your personal information will not be sold by that company.
Debit and ATM Cards
Q.) Are their any limitations to my debit card use that I should know about?
A.) There is a daily limit of $200 cash that may be withdrawn from any ATM using your debit card. There is also a limit of $500 per day in transactions, including ATM withdrawals. If you need this limit increased for a certain purchase or timeframe, we can accommodate you immediately if you call during business hours.
Q.) I use my debit card for almost all of my shopping. When I swipe my card at the terminal, it always asks for my PIN. Do I have to use my PIN?
A.) No, the merchant is required to offer both debit and credit transaction options. However, it is to your benefit to use it as a credit transaction. At most terminals you can do this by pressing cancel after you swipe your card. Select credit and sign for your transaction. The payment will be processed as a VISA transaction (if your card is a VISA- supplied card), which includes credit card benefits such as zero liability for unauthorized card use and/or streamlined dispute resolution. This protection does not apply when you use the VISA debit card with a PIN number.
It is also safer to use the credit option because you want to protect your PIN number from others who may be viewing your transaction. Brainerd Savings & Loan offers the PHOTO DEBIT CARD. This provides you with even more identity protection and security for your transactions because the retailer can see your picture and signature on the front of the card!
Q.) Is it ok to use my debit card to make purchases on the internet?
A.) It is ok but we do not promote such use because of the high volume of identity theft and fraudulent activity on the internet. We recommend that you use a credit card that does not immediately affect the cash balance in your checking account like a debit card would. PayPal is also available on many web sites.
Q.) My debit card expires this month. When do I get my new one?
A.) You current debit card is good until the end of the month it expires. You will receive a new card approximately 1 week prior to month end. Make sure you sign the back of your new debit card before using!
Q.) Which ATM's can I use without paying a fee?
A.) You will never pay a fee when you use the onsite ATMs at either our Brainerd or Baxter locations. In Minnesota and the U.S., you can also use any ATM with a Shazam Privilege Status logo without being accessed a fee. If you use any other ATM, you will pay a $2.00 Brainerd Savings & Loan fee in addition to any fees accessed by the owner of the ATM. For more information, go to: www.shazam.net
Q.) Can I obtain an ATM card for my savings account?
A.) Yes, our Anytime savings, Money Market savings and Savings Plus accounts offer you ATM card access.
Deposits and Transfers
Q.) What is the routing number that should be used for direct deposits?
A.) Brainerd Savings & Loan's routing number is 291970253.
Q.) How do I wire funds to my account.
A.) Please contact the office at 218.829.5183 for specific information on wire transfers.
Q.) What time do I need to deposit my money by in order for it to be credited to my account the same day?
A.) Brainerd Savings & Loan transactions happen in "real time." That means NO CUTOFF TIME!! Transactions are credited the same day, from 7:30 a.m. when the drive-thru opens, to 5:30 when they close each day. (Restrictions may apply)
Identity Theft
Q.) How does Brainerd Savings & Loan protect me from identity theft?
A.) Your information is kept completely confidential and is never shared with anyone without your authorization. Only the people authorized to sign on an account are able to obtain information on that account. Our direct deposit service and photo debit cards are further ways in which we help protect you against identity theft. For more information, click here.
Q.) What if I get a call about my account?
A.) Shazam (the company that manages our debit cards and ATMs) or Brainerd Savings & Loan may call you if there appears to be suspicious or unusual activity on your debit card. However, it is always best not to give out and personal information over the phone. Call Brainerd Savings & Loan directly and ask to speak with an account representative. It's important to note that Shazam or Brainerd Savings & Loan will never email you asking for personal information. If you get any emails, please do not respond.
Home Buying
Q.) How do I know when it's a good time to buy a home?
A.)Owning your own home is the American dream. It's also the largest investment most of us will ever make so it's important to have the right information to make a smart purchase. Here's what you'll need:
Enough money to make monthly mortgage payments. Duh! If a mortgage payment will bust your budget, you can't get rid of your landlord yet.
Enough income to pay property taxes and homeowner's insurance.The mortgage isn't the only cost you'll have each month. You also have to pay taxes and insurance.
The ability to maintain the property. Keeping a home in good repair is crucial or its value decreases and you'll lose money. Do the work yourself or pay someone to do it. Either way, you can't ignore the peeling paint and the window that won't close.
A decent credit record. If you have lots of late payments, have declared bankruptcy or left old debts unpaid, it's harder to get a mortgage. And if you do get one, your bad credit record will make you pay a much higher interest rate.
Here's what you won't need:
A big down payment. It's best to make a big fat down payment so you can skip paying private mortgage insurance and lower your monthly payments, but you can buy a house for almost nothing down.
Experience. In most major cities, real estate companies hold homebuyer education classes for first-timers. Go, even if you have no immediate plans to buy. The information you get can lead you to other sources of help.
Visit our Homebuyer Tools page for more information on home buying.
Kids and Money
Q.) We have had to reduce the amount of allowance that our kids receive due to several economic setbacks in our family. Any ideas for helping kids understand this?
A.) Situations such as this can provide an ideal time for parents to "talk money" with their children. You can be an example of a good money manager. Here are some things to consider:
Take your kids with you to the bank when making your bank transactions.
Talk openly about money with your kids.
Discuss the difference between needs and wants, the value in saving and budgeting, and the consequences of not doing so.
Pay your bills on time; be a conscious spender and an active saver.
Provide older children with information about the dangers credit cards and excessive debt.
Most importantly, be honest about the family financial situation - making promises about buying bigger homes, larger TVs and faster cars "when the economy improves" is setting everyone up for disappointment and mistrust. Help your children learn to save by opening a Kid's Club account at our Baxter or Brainerd location. It makes a great gift for a new baby too!
These sites offer more information about how to help kids learn more about managing money.
Currency and Coins
Q.) Does the government ever make changes to the money we use?
A.) The U.S. government typically redesigns currency every seven to ten years in order to help reduce counterfeiting. Improvements in security features, aggressive law enforcement and educational efforts designed to inform the public about how to check their currency have kept incidents of counterfeiting to a minimum. A new $10 note was issued on March 2, 2006. This redesigned currency is harder to fake and easier to check.
Q.) When was the Lincoln penny created?
A.) The Lincoln one-cent coin made its first appearance in 1909 in honor of the 100th anniversary celebration of Abraham Lincoln's birth. At the time, it marked a radical departure from the accepted styling of United States because it was the first portrait coin in the regular series. The likeness of President Lincoln is an adaptation of plaque sculptor Victor David Brenner had created several years earlier.
You can find more information on coins and currency at the U.S. Mint website at www.usmint.gov
Refer-a-Friend Program
Q.) What is the Refer-a-Friend program all about?
A.) It is our ongoing customer rewards program. You earn $10 worth of Brainerd Area Chamber bucks to spend at area retailers EACH time someone you refer opens an account or takes out a loan at Brainerd Savings & Loan. Just make sure and tell them to mention your name!
