Tuesday Tips

Learn more about banking! Our Tuesday Tips give you quick, easy access to burning questions, courtesy of our Stockman experts!
A young lady, Taylor Cook, is sitting at the desk of a Stockman Bank employee. She is opening her first checking account.
Professional Photo of Jon Von Eschen
 
 
 
 
 
 
 
 
 
 
 
 
 

Why Everyone Needs a Checking Account!

This week's Tuesday tip comes from 12-year-old Taylor Cook from Missoula.

She explains why she opened her first checking account. "I decided to open a checking account because I had so much money in my purse that I had received for gifts and from chores and favors I did for neighbors. I was worried that it would get misplaced or stolen - like the time I was on a trip home from Yellowstone Park. We stopped at a café and I left my purse in the booth. Fortunately, someone found it and turned it in and nothing was taken from it. Putting my money in a bank account makes it secure and ensures nothing will happen to it. A bank card is easy to use and you don’t have to pull bills out of your purse or worry about counting out the exact amount or what to do with all the loose coins. When I opened up my bank account, I was told everything I needed to know about using it, and I learned how to use the ledger to track my spending."
 
To learn more about our checking accounts, get in touch with any of our bank locations near you!

HELOC or Home Equity Loan? Learn the difference.

Ramona DeBoo - Personal Banker & Real Estate Lender at our Conrad bank shares this week's Tuesday Tip.
Have you ever wondered what the difference is between a HELOC - home equity line of credit and Home Equity Loan? Ramona explains the difference between these two kinds of loans.
 
A HELOC allows you to use the equity in your home as a line of credit which can be used for any purpose. The loan can be accessed through a revolving line of credit. You have the ability to draw the funds out as needed or you can use only the portion you need. Typically, a HELOC has a variable interest rate which means your interest rate & payment may change. The interest accrues only on the amount advanced.
 
A Home Equity Loan also allows you to use the equity in your home; this is a term loan where the loan funds are received in a lump sum and you make the same payment every month for a set term or length of time.
 
Both the HELOC and the Home Equity Loans are commonly used for home remodeling and special improvement projects or other financial goals you might have. Both offer a great option to unlock the equity in your home.
 
For more information on these products, if you are in Conrad contact Ramona or call or visit the bank nearest you.
Equal Housing Lender NMLS# 1188414

Introducing the new Stockman Savings Club!

Today's Tuesday Tip is lovingly brought to you by Stevie the sloth, mascot of our sweet and savvy Stockman Savings Club! He invites kids 10 and under to join our Savings Club!
 
"Hi kids! When you make your first deposit* you will receive a special coin bank! And when you save $100 you'll get an adorable stuffed version of me! Already have a savings account with us? No problem! You can still join the club - the more the merrier! We make saving money fun and our club is a great way to start!"
 
Slow and steady savings with Stevie. Start saving today!
 
*Requires a Stockman Bank Savings account. Amount needed to open account and minimum balance required is waived for customers 18 and under.

Opening a personal deposit account!

Today's Tuesday Tip comes from Stephanie Saunders, CSR at our Bozeman Oak bank. Stephanie asks, “Have you ever wondered what you need to bring to the bank when you open a personal deposit account? It may be less than you think!”

For one of our Customer Service Representatives to help you open a personal deposit account, all we need from you is your name, physical address, date of birth, social security number and a valid government issued ID.

Come see us today, we can’t wait to meet you! If you are in the Bozeman area, contact Stephanie. Outside of Bozeman you can talk to a banker at any of our locations across the state.


Documents Needed for your Mortgage Loan

Cheryl VanEvery, VP Real Estate Loan Officer
 
Today's Tuesday Tip comes from Cheryl VanEvery, VP, Real Estate Department Manager in Sidney. She answers the question, "What documents do I need to bring/supply for a mortgage real estate loan?"
 
When initially applying for a mortgage loan you will need to complete a real estate application. This can be done online or by paper.
 
You will then need to supply:
-pay stubs for the last 30 days
-your last 2 years of tax returns with W2’s
-your bank statements for the last 2 months, at a minimum.
 
We will help walk you through the home loan experience!
 

If you are in the Sidney area, contact Cheryl when you’re looking for a home. Outside of Sidney you can find a Real Estate Loan Officer at any of our locations across the state.


Tips for Writing a Business Plan

Jon Von Eshcen, VP Commercial Loan Officer
 
Having a well defined business plan is critical because it can act as a road map to your success. If you’re starting a new business, a business plan helps show your lender what market research you’ve done and sets realistic projections that your banker will need in order to determine any financing needs.
 
A well-defined business plan should include:
1. The nature of the business and the background of the organization.
2. Goals for the business and how they will be attained as well as a time frame.
3. Financial projections and how they will be achieved, as well as a time frame.
 
A business plan should not be a one time thing, I believe it’s important to make changes to it as time goes by and challenges come up. Even well established businesses should have a business plan that can help guide them through economic highs and lows. For more information on writing a business plan click the SBA site here: 

https://www.sba.gov/business-guide/plan-your-business/write-your-business-plan

If you are in the Great Falls area, be sure to stop to see Jon for your business banking. If you're outside of Great Falls, check the map to find your nearest Stockman Bank to set up an appointment, or stop in at your convenience.