FAQ


How can I order checks? 
You can order checks online, by phone or in a banking office. 

What is my current account balance?
Access your account balance online. Use Border State Bank Online banking to view your checking, savings, money market, CD, mortgage, personal loan and personal credit line balances. There is no charge for this service. 

Access your account balance with out 24 Hour Telephone banking: Call 1-866-BSB-24HR anytime to set up access to your accounts via our convenient telephone banking. You can find out the balance of any of your BSB accounts via our telephone banking. You can also transfer funds and learn the amount of your last deposit with phone banking. 

When will I receive my 1099 and 1098 statements? 
Border State Bank mails all 1099-INTs, 1099-DIVs, 1099-OIDs, 1099-Rs, 1099-A, 1099-Cs and 1098s by January 31 each year. 

If you have questions about your 1099 or 1098 statement, call our bookkeeping department at: 1-218-528-3258 weekdays, 8:00 a.m. to 5:00 p.m.

How can I request a stop payment?
Request a stop payment by phone: Please call any Border State Bank from 8:00 a.m. to 5:00 p.m. to place a stop payment request over the phone. You will need to come to sign the official order. 

Request a stop payment in a banking office: Visit a banking office near you and a Personal Banker will assist you. 

How can I send a wire transfer?

To request a wire transfer, visit a banking office near you and a Personal Banker will assist you. 

How can I order a copy of a check or deposit?
Order a copy of a check or deposit online: If you are enrolled for Online Banking, log in to your account. Click on the "Services" tab then the "Bank Mail" button. 

Order a copy of a check or deposit by phone: If you do not have Online Banking, and do not wish to enroll now, please call any Border State Bank to order a copy of a check or deposit over the phone. 

Order a copy of a check or deposit in a banking office: Visit a banking office near you and a Personal Banker will assist you. 

How can I order a copy of a statement?
You can print a copy of your statement through our on-line banking service. 

Order a copy of a statement online: If you are enrolled for Online Banking, log in to your account. Click on the "Services" tab then the “Bank Mail” button. 

Order a copy of a statement by phone: If you do not have Online Banking, and do not wish to enroll now, please call any Border State to order a copy of a statement over the phone. 

Order a copy of a statement in a banking office: Visit a banking office near you and a Personal Banker will assist you. 

How can I request a replacement for an existing Debit Card or ATM Card?
Request a replacement Check Card or ATM Card by phone: Call or stop by any Border State Bank. 

Where can I find Border State Bank’s current Certificate of Deposit (CD) rates?
Get current and Special Offer CD rates online. We have many CD products available; for these CD rates, please call any Border State Bank from 8:00 a.m. to 5:00 p.m. 

How much does Border State Bank’s Online banking cost?
Border State Bank’s Online Banking is FREE for all accounts. You can access up to 3 months of account history, access Online Statements and make transfers at no charge. 

How should I send sensitive information to the Bank?
Since email is not a secure method of communication, please do not send any sensitive information (e.g. Social Security or account numbers) via email. If your request requires you to share sensitive information, you should either call Border State Bank, or send the information vial regular mail. 

I still haven't received my coupon book. Where do I send my first payment?
If you have a payment that is due, please send your first payment to the following address. Please include your Social Security Number on the check or money order.

Border State Bank
Attn: Bookkeeping
2020 Main Street North, PO Box 69
Badger, MN 56714

When you receive your coupon book, you may then begin using the regular payment address. It can take up to 14 days to receive your coupon book after Border State documents the details of your agreement. 


Banking Terms


AGI - Adjusted Gross Income
The amount used in the calculation of an individual's income tax liability; one's income after certain adjustments are made, but before standardized and itemized deductions and personal exemptions are made.

Amortization
The payment of a debt in installments over an agreed-upon period, during which principal and interest are paid off.

APR - Annual Percentage Rate
The annual cost of a mortgage, including interest, mortgage insurance, and the origination fee (points), expressed as a percentage.

APY - Annual Percentage Yield
A percentage rate reflecting the total amount of interest paid on a deposit account (checking, savings, CDs, IRAs), based on the interest rate and the effect of interest compounding for one year.

ARM - Adjustable Rate Mortgage
A mortgage in which the interest rate is adjusted periodically according to the pre-selected index.

Assets
Personal possessions of value, including cash, real estate and investments.

ATM
A machine which enables a customer to perform basic banking activities (e.g., checking your balance, withdrawing or transferring funds, etc.) Typically available 24 hours a day.

ATM Card
A card which lets you withdraw your money from ATMs.

ACH - Automated Clearing House 
A nationwide electronic funds transfer network that enables participating financial institutions to distribute electronic credit and debit entires to bank accounts and to settle such entries.

ATM - Automated Teller Machine 
Commonly called an ATM, it's a terminal activated by a magnetically encoded card that allows customers of a bank or other financial institution to conduct certain transactions such as deposits and withdrawals. An interconnection of these terminals allows customers to conduct certain transactions around the nation and the world, usually subject to a surcharge fee.

Automatic transfer
An arrangement that moves money at certain specified times, often monthly, from an interest-bearing or savings account into a non-interest, usually checking, account for the payment of checks or other drafts.

Browser
Short for Web browser, a software application used to locate and display Web pages. The two most popular browsers are Microsoft Internet Explorer and Netscape Navigator. Both of these are graphical browsers, which means that they can display graphics as well as text.

CAP
A maximum rate that a mortgage cannot go above for a set period of time.

Cashier's Check
A check drawn on and issued by a bank. It does not usually bounce because the face amount is paid to the bank when it is issued and the bank then assumes the obligation.

CD - Certificate of Deposit 
A time deposit that is payable at the end of the specified term. CDs generally pay a fixed interest rate and generally offer a higher interest rate than other types of deposit accounts. Terms can range from 7 days to 10 years. If a withdrawal from the CD prior to the end of the term is permitted, a penalty is usually assessed.

Chattel
Personal property that can be moved.

Collateral
Property (real, personal or otherwise) pledged as security for a loan. Also, any supplementary promise of payment, such as a guarantee.

Co-signer
A person who signs a promissory note that is also signed by one or more other parties. All parties take responsibility for the debt if any of the others renege.

Credit Bureau
An agency which collects information about the creditworthiness of individuals.

Credit life insurance
A type of life insurance that helps repay the loan if the consumer becomes disabled. It is optional coverage. When taken out, the cost of the policy is sometimes rolled into the loan principal amount.

Credit limit
The maximum amount of charges a card holder may apply to the account. The Consumer Federation of America suggests people carry credit lines no greater than 20 percent of their gross household income. For example, people with a gross income of $50,000 would cap credit lines at $10,000.

Credit rating
A judgment of someone''s ability to repay debts, based on current and projected income and history of payment of past debts. Sometimes expressed as a number called a credit score.

Credit Rating / Scoring
A ranking (based on detailed financial analysis by a credit bureau) of one's financial history, specifically as it relates to their ability to meet debt obligations. Lenders use this information to decide whether to approve a loan.

Debit Card
Card that lets you access your money from an ATM or make purchases at merchants that accept Visa. The amount of purchase is withdrawn from your checking account as if you had written a check.

Debt-to-available-credit ratio
The amount of money a person has in outstanding debt, compared to the amount of credit available on all of the individual''s credit cards and credit lines. The higher a person''s debt to available credit, the more risky the individual appears to potential lenders.

Debt-to-income ratio
The percentage of before-tax earnings that are spent to pay off loans for obligations such as auto loans, student loans and credit card balances. Lenders look at two ratios. The front-end ratio is the percentage of monthly before-tax earnings that are spent on house payments (including principal, interest, taxes and insurance). In the back-end ratio, the borrower''s other debts are factored in.

Discount point
A sum a borrower pays to a lender to decrease the interest rate of a mortgage. A point equals 1 percent of the loan amount.

Electronic Funds Transfer
Any transfer of funds initiated by electronic means, such as an electronic terminal, telephone, computer, ATM or magnetic tape.

Encryption
The conversion of data into a secret code and used to provide security in the transmission of data. Nationwide requires devices to support 128 bit encryption to access Internet Banking.

Equity
The difference between the value of the Mortgaged Property and the total dollar amount of all Mortgages and other liens secured by the Mortgage Property.

Escrow
Escrow includes all funds collected to cover expenses to be paid under the Mortgage including, but not limited to taxes, special assessments, ground rents and other charges that are or may become first liens on the Mortgaged Property, as well as property insurance premiums and mortgage insurance premiums.

Financial Statement
A written report which quantitatively describes the financial health of a company. This includes an income statement and a balance sheet, and often also includes a cash flow statement. Financial statements are usually compiled on a quarterly and annual basis.

Fixed interest rate
An interest rate that's fixed for a length of time: it will not go up or down - even if the variable mortgage rate does.

Gross
The total amount before anything is deducted.

HELOC
An acronym for home equity line of credit.

IRA - Individual Retirement Account
A tax-deferred retirement account for an individual that permits them to set aside up to $2,000 per year, with earnings tax-deferred until withdrawals begin at age 59 1/2 or later (or earlier, with a 10% penalty).

ISP - Internet Service Provide
A company that provides access to the Internet. For a monthly fee or free, the service provider gives you a software package, username, password and access phone number.

Laddering
Staggering deposits into investments such as CDs in order to vary and better the rate of return.

Liability
A financial obligation, claim, debt, or potential loss.

Line of Credit
An agreement negotiated between a borrower and a lender establishing the maximum amount of money a borrower may draw. The agreement also sets out other conditions, e.g., how and when money is to be repaid.

LTV - Loan to Value
The loan amount divided by the lesser of appraised value or purchase price.

Money Order
A financial instrument, issued by a bank or other institution, allowing the individual named on the order to receive a specified amount of cash on demand. Often used by people who do not have checking accounts.

Mortgagee
An institution that gives someone a mortgage (i.e., the building society).

Mortgagor
Someone who takes out a mortgage (i.e., the borrower).

Net
The amount remaining after certain adjustments have been made for debts, expenses or deductions.

NSF - Non-sufficient funds
A situation in which a check (or other type of withdrawal) may not be paid because the balance in the account is less than the check amount.

On-Us Item
Payment that is deposited at the same financial institution on which it was drawn or written, e.g., a cheque that was written by one customer of a bank and deposited by the recipient at another branch of the same bank, or a withdrawal that is made by a customer at his or her own financial institution. These items are not cleared between institutions and therefore are generally not represented in statistics of payments exchanged between financial institutions in the clearings.

Permanent Financing
A Mortgage loan, usually covering development costs, interim loans, construction loans, financing expenses, marketing administration, legal and other costs. The loan differs from the construction loan in that the financing goes into place after the project is constructed and open for occupancy.

PITI
Acronym for the elements of a mortgage payment: principal, interest, taxes and insurance.

PMI - Private Mortgage Insurance
Insurance written by a private company protecting the mortgage lender against loss occasioned by a mortgage default. Required on all loans with a LTV in excess of 80%.

Point-of-Sale
An electronic payment system for retail goods and services, through the use of credit cards or debit cards that directly access and deduct funds from a customer’s checking account. Also known as POS.

Prepaids
Prepaid interest, prepaid real estate taxes and Escrows, initial mortgage insurance premium, hazard insurance premiums, and Escrows associated with a Mortgage transaction.

Refinancing
The repayment of a debt from the proceeds of a new loan using the same property as security.

Rescission
The cancellation or annulment of a transaction or contract by the operation of mutual consent. Refinances require a 3-day rescission period after closing.

Roth IRA
A new type of IRA, established in the Taxpayer Relief Act of 1997, which allows taxpayers, subject to certain income limits, to save for retirement while allowing the savings to grow tax-free. Taxes are paid on contributions, but withdrawals, subject to certain rules, are not taxed at all.

SSL - Secure Socket Layer
An encryption method for secure data transfer.

Tax deferred
Income or other earnings that are not now, but will eventually be, subject to taxation. For example, some retirement plan earnings may be taxed when the owner takes distributions.

Tiered interest rates
The interest rate you receive depends on the balance in your account. When the balance goes beyond a certain level, your entire balance automatically earns interest at the higher rate. Alternatively, if a withdrawal takes your balance below a certain level, your entire balance earns interest at the lower rate.

Title
The legal right to ownership of a property.

Title deeds
Documents showing who owns a property.

Underwriting
The analysis of risk and the matching of it to an appropriate rate and term.

URL - Uniform Resource Locator
The global address of documents and other resources on the World Wide Web, e.g. www.borderstatebank.com

Variable interest rate
An interest rate, which can go up or down in line with general interest rates.

Warranty deed
Purchase document, which transfers ownership from the seller to the buyer.