Automated Clearing House (ACH). An electronic network for financial transactions in the United States. ACH processes trillions of dollars worth of credit and debit transactions in batches. ACH credit transfers include direct deposit payroll and vendor payments. ACH direct debit transfers include consumer payments on insurance premiums, mortgage loans, and other kinds of bills. Debit transfers also include new applications such as the point-of-purchase (POP) check conversion pilot program sponsored by NACHA - The Electronic Payments Association. Both the government and the commercial sectors use ACH payments. Businesses increasingly have customers pay via ACH, rather than via credit or debit cards.
Business Day. Banking business days are Monday through Friday, excluding holidays recognized by the Federal Reserve Bank. Business conducted after 4:00 pm on a business day, or on Saturday, Sunday, or Federal Reserve Bank holidays will be effective on the next business day. The only exception to this is online Express Transfers which are effective immediately.
Bridge Loan. Bridge loans are temporary loans that bridge the gap between the sales price of a new home and a home buyer's new mortgage, in the event the buyer's home has not yet sold. The bridge loan is secured by the buyer's existing home. The funds from the bridge loan are then used as a down payment on the move-up home.
Business Debit Cards - A business debit card is a quick and easy way to access cash from your Oak View Bank accounts.
Cashier's Checks - Our bank checks are available as an added service to those customers looking for a secure way to make payments rather than using a personal check.
Cash Management. Cash management refers to a broad area of banking services involving the collection, handling, and usage of cash and is offered primarily to larger business customers.
Check Images. A check image is a digital copy of a check you wrote that has posted to a checking or savings account. It's faster than requesting a paper copy of a check you've written. Once you are signed up for online banking, you can view a copy of your check online immediately, and the images remain available online for 16 months. The check image is legal proof of a transaction; the original check is not needed.
Debit Cards - A VISA debit card is a quick and easy way to access cash from your Oak View Bank accounts.
Direct Deposit. Direct deposit automatically places your paycheck, pension, Social Security, or other regular monthly income into your checking, savings, or Money Market account. It's convenient, secure, and saves trips to the bank
Early Withdrawal Penalty. If withdrawals of principal are made from a certificate of deposit (CD) outside of the Grace Period, an Early Withdrawal Penalty fee will be assessed. The amount of the penalty is based upon the term of the Certificate of Deposit. The purpose of this fee is to allow the bank some assurance that the money is intended to remain at the bank for the full term of the CD, thus allowing the bank to invest the funds at a higher rate and, therefore, to pay a higher rate of interest to the depositor.
Encrypted. A message put into a coded form that cannot be read without the decryption equipment. This allows sensitive information to be transmitted via the internet without concern of unauthorized persons being able to intercept the information.
eStatements- Keep your monthly statements online where they are safer and more easily accessible than paper statements.
Farmer Mac Loan Program. Farmer Mac provides a secondary market for agricultural mortgage loans. To be eligible for the Farm & Ranch program, loans must meet Farmer Mac' s credit underwriting, collateral valuation, documentation and loan servicing requirements. Eligible collateral includes:
FDIC Insurance. Deposits in Oak View National Bank are covered up to $250,000, per depositor per ownership category, just as they would be at any other bank in the country. You may have more coverage depending upon how the accounts are set up. For more information on the FDIC or to determine coverage, go to http://www.fdic.gov/deposit/deposits/. All U.S. commercial banks pay an insurance premium to the FDIC in order to provide you with insurance protection on your deposit accounts in their bank. While the Federal government stands behind the fund, the banking industry provides 100% of the funding. The FDIC does not insure the money you invest in stocks, mutual funds, life insurance policies, annuities, or municipal securities even if you purchase these products through an FDIC insured bank.
Federal Housing Administration (FHA) Mortgage Loans. The Federal Housing Administration (FHA) mortgage Loan program was created to make home ownership accessible to more people, and is administered by the US Department of Housing and Urban Development (HUD). FHA does not actually lend money; it reimburses FHA lenders when borrowers default on FHA home loans. This reduces the lenders' risk which makes these loans easier to qualify for, and keeps borrowers' costs down. FHA mortgages are especially well-suited to meet the needs of borrowers who need to finance more than 80 percent of their home' s purchase price or appraised value. There are eligibility limits as to the type of property you can purchase. FHA loans carry advantages and drawbacks that you should be aware of before you decide that an FHA mortgage is right for you.
FHA mortgage lenders offer a variety of home loans designed to meet many needs, including:
Federal Home Loan Bank of Atlanta (FHLB). The FHLB sets aside a significant portion of its earnings each year to fund affordable housing programs for homeowners. As an owner/member of the FHLB, Oak View National Bank has access to those homeowner assistance programs. Programs include first-time homebuyer, foreclosure recovery, energy efficiency, accessibility rehabilitation, veteran' s assistance, and more. Programs take the form of grants or low interest loans.
Fixed Rate Mortgage. A fixed rate mortgage guarantees the interest rate for the life of the loan. A fixed interest rate offers a predictable payment of principal and interest giving you peace of mind that your payment will not increase due to a future increase in the interest rate.
International Services - A complete array of funds transfer capabilities and foreign currency services are available to you through one of our service partners.
IOLTA - Interst on Lawyers Trust Accounts (IOLTA) is a unique and innovative way to increase access to justice for individuals and families living in poverty and to improve our justice system. Without taxing the public, and at no cost to lawyers or their clients, interest from lawyer trust accounts is pooled to provide civil legal aid to the poor and support improvements to the justice system.
IRA - Roth. Roth IRAs are a great, tax-efficient way to save for retirement. A Roth IRA is an individual retirement account that offers a valuable future tax break: Tax-free income in retirement. The benefit of a Roth IRA compared to a traditional IRA depends on the individual's tax bracket--both now and when he or she retires. Although there is no up-front tax deduction for Roth IRA contributions as there is with a traditional IRA, Roth distributions are tax-free when you follow the rules. And because every penny you stash in a Roth IRA is your money-not a tax-subsidized gift from Uncle Sam-you can tap your contributions (but not your earnings) any time tax-free and penalty-free.
IRA - Traditional. A traditional IRA is a way to save for retirement that gives you tax advantages. Contributions you make to a traditional IRA may be fully or partially deductible, depending on your circumstances. Generally, amounts in your traditional IRA (including earnings and gains) are not taxed until distributed.
Lockbox Services - Lockbox allows you to put your resources to better use by employing a more efficient system to receive and deposit customer payments. Lockbox is designed to reduce the time it takes for you to receive payments and update your records to show payments have been made.
Letters of Credit - Provide assurance to vendors and any third party that they will receive full payment of contract under any agreed upon circumstances. By initiating a letter of credit, third parties know that your project or purchase is backed up the financial strength of your community bank.
Medallion STAMP Guarantee - A special signature guarantee for the transfer of securities. It is a guarantee by us, Oak View National Bank that the signature is genuine and is required by transfer agents. Offered to clients only.
Night Deposit - Our night depositories are safe and a convenient way for our clients to make deposits after regular banking hours.
Notary Services - Onsite notaries are available at any time without appointment for our customers.
Overdraft Protection. A checking account feature in which a person has an ability to write checks for more than the actual account balance. Instead of being charged a bounced check fee, overdraft protection will in effect provide the account holder with an instant transfer from savings or a line of credit.
Popmoney - An innovative personal payment service. Popmoney allows you to send and receive money as easily as you send and receive e-mail and text messages. It's built on the industry's leading online money movement platform (ACH) and utilizes superior risk management and fraud protection services. Simply log in to our bill pay service and click Popmoney.
Pre-Qualification. A mortgage prequalification will give you an idea of how much you can borrow for your new home and, therefore, can establish the amount you can afford to pay for a house. A prequalification letter from a qualified lender can give the seller confidence that you will be able to complete the transaction and, therefore, may be an advantage to you when negotiating a contract to purchase a home.
Private Mortgage Insurance (PMI). If your down payment on a home is less than 20 percent of the appraised value or sale price, most secondary market lenders will require you to get mortgage insurance. A mortgage insurance policy protects the lender in case you default on the payments. As a borrower, you pay the premiums, and the lender is the beneficiary.
Routing Transit Number. The Routing Transit Number for Oak View National Bank is 051409582. This is the number in the lower left corner of your checks and is used to identify the bank in a financial transaction.
Rate Buy-Downs. A mortgage-financing technique with which the borrower obtains a lower interest rate in exchange for paying a higher up-front fee. This can also work in reverse whereby the borrower agrees to a higher interest rate on the loan in exchange for paying less up-front.
Safe Deposit Boxes - Store your important documents and valuables in a safe deposit box. Our boxes provide exceptional security and protection for your important papers. Oak View offers a wide array of Safe Deposit Boxes to suit the needs of our customers.
SBA 504 Loans. The Small Business Administration 504 Loan Program is designed to provide financing for the purchase of fixed assets, which usually means real estate, buildings and machinery. The 504 program works by distributing the loan among three parties. The business owner invests a minimum of 10% as equity, the bank provides up to 50% as a first lien, and SBA provides 40% as a junior lien to the bank. The maximum amount of the loan is $5 million. The SBA portion usually contains a below market, long-term fixed interest rate.
SBA 7(a) Loans. SBA provides business loans , not consumer loans , so the requirements of eligibility are based on aspects of the business, not the owners. As such, the key factors of eligibility are based on what the business does to receive its income, the character of its ownership and where the business operates. SBA generally does not specify what businesses are eligible; rather, the agency outlines what businesses are not eligible. However, there are some universally applicable requirements. To be eligible for assistance, businesses must:
SBA Guaranteed Loan Programs. The Small Business Administration (SBA) offers assistance to small businesses through several loan and grant programs. The most popular of these programs are SBA 504 Loans and SBA 7(a) Loans.
SBA Preferred Lender Program. Oak View National Bank has achieved Preferred Lender status with the Small Business Administration (SBA). As such, the loan process is streamlined and loan approval and servicing are done by the bank.
STARsf Surcharge - Free ATM network - Over 56,000 ATMS in the network. For a map of STARsf surcharge free ATM's in the local area and nationwide click www.star.com/locator .
Sweep Option. A bank account that automatically transfers amounts that exceed (or fall short of) a certain level into a higher interest earning investment option or line of credit as of the close of each business day. Commonly, excess cash is swept into money market funds.
TeleBanc 24 Hour Banking. TeleBanc is a fast and easy way to access Oak View National Bank 24/7 from anywhere in the US via touchtone telephone, by calling 866.928.4714. For your first login you will need your account number and your TeleBanc PIN (Please contact our offices to obtain this PIN if you do not have this number.)
USDA BUSINESS AND INDUSTRY GUARANTEED LOANS (B&I). The purpose of the B&I Guaranteed Loan Program is to improve, develop, or finance business, industry, and employment and improve the economic and environmental climate in rural communities. A borrower may be a cooperative organization, corporation, partnership, or other legal entity organized and operated on a profit or nonprofit basis; an Indian tribe on a Federal or State reservation or other Federally recognized tribal group; a public body; or an individual. Maximum loan amount is $10 million ($40 million with approved exception).
Veterans Administration (VA) Home Loans. Most VA Home Loans are handled entirely by private lenders and VA rarely gets involved in the loan approval process. VA "stands behind" the loan by guaranteeing a portion of it. If something goes wrong and you can't make the payments anymore, the VA will cover any losses they might incur. The VA loan guaranty is the "insurance" that VA provides the lender.
Wire Transfers - Wire transfers offer the same-day ability to send or receive funds.
- Personal Checking
- Personal Savings and CDs
- Personal Money Market Accounts
- Retirement Accounts
- Personal Credit Cards
- Home Mortgage Loans
- Home Equity Loans and Lines of Credit
- Consumer Loans / Lines of Credit
- Personal Banking - Other Services