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.

Are you eligible for a VA loan?

Today's Tuesday tip comes from Becky Pederson, Marine Corp Veteran and Real Estate Loan Officer at our downtown Missoula bank. "If you are wondering if you are eligible for a VA loan, you can go to the VA website and get your certificate of eligibility. It will tell you if your eligible and if you will have to pay an upfront funding fee." http://stockman.info/Vp2i50Ce3aS

Opening Your First Checking Account

Today’s Tuesday Tip comes to us from Kathy Smail, Consumer Lender/CSR at our Stanford Bank: Making enough money to open your first checking account can be an exciting time in your life, but if you’re under 18 years of age, there are certain things to keep in mind.
First, you must have an adult on the account with you. This is usually a parent or other older family member, but it can also be a court appointed legal guardian. Regardless of age, we are also required to get specific information on all owners and/or signers on the account.
This information includes your social security number and date of birth, as well as your driver’s license information (if you have one) such as issue date, expiration date, driver’s license number and your name exactly as it reads on the driver’s license. If you don’t have a driver’s license or a passport, a State ID is also an acceptable form of identification, as well as your Social Security card. We also need both your mailing address AND your physical address (no, you can’t live in a PO Box!). We may also ask for your mother’s maiden name for verification purposes if a problem should arise on your account at a later date.
Don’t know how to balance a checkbook? No problem! The reverse side of your account statement gives you detailed instructions on how to do that. Overdraft charges can add up fast, so make sure to keep close tabs on all checks written, debit card charges, and ATM withdrawals, etc!
When you are in Stanford, be sure to contact Kathy. If you are outside of Stanford, contact any of our banks to open your first checking account.

Operating Line of Credit

Today's Tuesday tip is from Simon McCann, commercial/ag loan officer in Missoula.
An operating line of credit is a short-term, loan where a borrower has up to a pre-set amount in which they can borrow during the loan term. These loans are designed to help businesses bridge their cash flow gap between when accounts payable are settled and accounts receivable are collected. Operating lines allow commercial businesses to purchase inventory and cover monthly expenses until the revenue from their sales is realized. Similarly, Ag businesses can use an operating line to cover production expenses until they market their Ag commodities..
If you are in the Missoula area, contact Simon when you need an Ag loan. Outside of Missoula you can find an Ag Loan Officer at locations across the state.

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.