Transfers between accounts can be done through Online Banking, our mobile app, or by calling a customer service representative (a service fee may be charged based on account type).
You can obtain this information through our free Online Banking service, our mobile app, or by contacting a customer service representative during our regular banking hours.
Generally, direct deposits are set up for payroll. If your place of employment participates in direct-depositing, your employer can assist you. You can enroll online to set up direct deposit of US Treasury checks, like social security, at https://www.ssa.gov/deposit/
There are various ATM locations throughout the area. Keep in mind that using your Debit/ATM card at any of our Northwoods Bank branch locations will be surcharge-free.
In addition, Allpoint ATM Network is a program that provides Northwoods Bank customers with a broad base of surcharge-free ATM locations.
While you may accomplish this through our stop payment form, we recommend visiting or contacting one of our bank locations to ensure timely completion of the proper paperwork.
You will be asked to provide as much information about the transaction as possible, including:
Yes. Any abnormal activity on your account, including, but not limited to, foreign transactions, may be mistaken as fraudulent activity. Please notify us of your travels prior to your departure to ensure that your account does not become restricted. It may be wise to consider changing the daily restrictions on your Debit/ATM card, as well. Contact a Northwoods Bank customer service representative for assistance.
Yes, Northwoods Bank offers electronic statements (E-Statements), which are available free of charge. Online Banking enrollment and a valid email address are required.
Easy! Click here for your credit report and score. You are also granted one free credit report per year at annualcreditreport.com from each of the nationwide consumer credit reporting companies; however this free report will not give you your credit score.
Yes. All loans with Northwoods Bank can be set up with automatic payments through Online Banking or by visiting one of our bank locations for the appropriate forms.
A Certificate of Deposit (CD) is a product that pays a fixed interest rate for a set period of time. It is intended that the CD be held until maturity, at which time the money may be withdrawn together with the accrued interest.
You will need to bring in the original Certificate of Deposit. If you are not able to locate your original, you will need to complete an Affidavit of Indemnity Bond.
We recommend using up-to-date browsers such as Microsoft Edge or Google Chrome. Internet Explorer uses outdated technology and will soon be discontinued.
In order to have access to an account, you must be listed as an owner, a joint owner, or authorized signer on the account. If you are having this issue, please contact a customer service representative or visit one of our bank locations.
Not a problem! As long as you know the answers to the Security Questions you selected during registration, you can access your account from any computer.
Be careful not to select ‘Private Computer’ when logging in on a public computer.
Northwoods
Bank of Minnesota uses the latest Internet security available, including
encrypted communications (TLS), firewalls, and multifactor
authentication. We require answering challenge questions or entering a
one-time passcode during each login. We also utilize a transparent
authentication product that monitors various non-personal information such as
location, device type, and time of day to reduce fraud.
The initial daily purchase limit is $1000, and the initial ATM daily cash limit is $500. You can request a change in these amounts. There may be a fee for a temporary debit card increase.
The expiration date on your current card is listed as a month and a year, which means that your card will be valid through the last day of that month. A new card will be mailed to you automatically before the month’s end.
Please contact us ahead of time with information about where you are traveling, dates you will be gone and how you can be reached in order to ensure that your account does not become restricted.
You can activate your debit card by calling 800-992-3808, follow the prompts to verify identity and to create your PIN. You can also contact a customer service representative.
The chief advantage of using a debit card is speed. It is much faster than using checks, more secure than cash, and you can use a debit card to withdraw cash at an ATM, giving you access to your account 24/7. In addition, traveling abroad with a debit card eliminates the need for a money exchange.
For your security, we do not have access to your current PIN number. Contact a customer service representative or stop by one of our branch locations for assistance, and we can give you a toll-free number to call to change your PIN.
When using your debit card for purchases, the transaction amount will be deducted from your account automatically. You can also use your debit card at any ATM location by using your PIN code.
When using a debit card at an ATM, you can choose to access any checking or savings accounts connected to your card. When using the debit card for a purchase, only funds from your primary checking account will be accessed.
Yes. Each time you use your debit card, the system views your balance to verify that you have the funds available for the transaction. If your balance is lower than the transaction amount, your card may be rejected
There are various ATM locations throughout the area. Keep in mind that using your Debit/ATM card at any of our Northwoods Bank branch locations will be surcharge-free.
In addition, Allpoint ATM Network is a program that provides Northwoods Bank customers with a broad base of surcharge-free ATM locations.
If you lose or misplace your debit card, be sure to contact us right away. One of our customer service representatives can help you deactivate your card and order a replacement. There is a $20 replacement fee.
You may access your statements online by logging into your Online Banking account, clicking on the account and clicking on the ‘Documents’ tab of the page.
If applying for your first mortgage loan, the initial step you should take is to make an appointment at your local Northwoods Bank branch to discuss your options with a loan officer. You can also visit our Home Mortgage Loan Center to learn more information.
0% - 20% down depending on the type of loan you qualify for plus closing costs, which will vary depending on the type and the loan amount
Amount of down payment required depends on which mortgage program best fits your needs. Northwoods Bank has programs available to finance up to 102% of the purchase price.
First step is to get preapproved with a Northwoods Bank Mortgage Lender. You will be given a “Preapproval Letter” to take to the realtor. Northwoods bank of Minnesota works with many excellent realtors, and we can recommend a number of realtors to choose from.
We have a number of financial calculators on our website that can help you evaluate your ability to repay a loan. We recommend first time borrowers speak to a loan officer to see what they may qualify for. For more information, contact us.
Taxes, Homeowners insurance, and Private Mortgage Insurance (PMI) may be required depending on the loan type. Other costs to consider when purchasing are home improvements that need to be done (painting, etc.).
That depends on your income and additional monthly payments, i.e. car, credit card, etc.
Northwoods Bank of Minnesota offers a “mortgage calculator” to determine how much mortgage you can afford; or stop in to visit with our mortgage lender and they will perform a “prequalifaction” at no cost to you.
It depends on your current payment, interest rate and number of years left on your mortgage. If you can lower your current mortgage interest rate, and recover the closing costs of the refinance within 18 – 20 months, this would indicate a “positive” move to refinance, provided you plan to stay in the home 3 or more years. Stop in to visit with a mortgage lender, and we can go through the numbers at no cost to you.
A credit score, also known as a FICO score, is a number assigned to a person that indicates his or her ability to repay a loan. Lenders use credit scores to evaluate potential default risk of a borrower. A credit score is determined by a person’s credit information, typically provided by credit bureaus.
Easy! Click here for your credit report and score. You are also granted one free credit report per year at annualcreditreport.com from each of the nationwide consumer credit reporting companies. However this free report will not give you your credit score.
Northwoods
Bank of Minnesota uses the latest Internet security available, including
encrypted communications (TLS), firewalls, and multifactor
authentication. We require answering challenge questions or entering a
one-time passcode during each login. We also utilize a transparent
authentication product that monitors various non-personal information such as
location, device type, and time of day to reduce fraud.
We offer a variety of business loans including real estate loans, equipment loans, working capital loans, lines of credit and SBA loans. Please visit our lending center for more information.
Terms on a loan vary, and depend on the type of loan, purpose, collateral and cash flow, and other factors. Terms can range anywhere from 1 to 20 years, and loan to values range from 50 to 80 percent. Please visit our lending center for more information.
We ask for 3 to 5 years of business and personal tax returns if you are an existing business; or a business plan, 3 to 5 years of projections and 3 to 5 years of personal tax returns if you are a new business. We also ask for a personal financial statement and articles of organization / incorporation (if applicable). Please visit our lending center for more information.
Although the loan is made to the business, we also analyze your personal income to make sure there are sufficient funds to cover personal living expenses and debt service.
When analyzing a business loan, we look at several factors. First, we want to make sure that the cash flow generated from the business is sufficient to make payments on the existing and proposed debt. We will also analyze the collateral, or have it appraised, to ensure the proposed loan will meet our loan to value requirements. In addition to cash flow and collateral value, we will also consider how long the business has been in existence, type of business, experience of management, personal credit history and revenue and cash flow trends among other factors.
The length of time it takes to close a loan depends on the size and complexity of the loan. Closing times can range from a couple days to a couple of weeks.
Interest rates on business loans depend on several factors including the type of loan, loan terms, cash flow and collateral value, etc. For more information fill out our contact form.