Logo   
Issue 16
OMB Connections
April 2017
Excitement is building for a NEW Product Rollout in June! Stay Tuned!
Getting Down to Business                          
bills_coins.jpg Ask the CFPB...How do I stop automatic payments from my bank account?
Federal law provides certain protections for recurring automatic debit payments. You have the right to stop a company from taking automatic payments from your account, even if you previously allowed them. For example, you may decide to cancel your membership or service with the company, or you might decide to pay a different way.

If you decide you want to stop automatic debit payments from your account:
  1. Call and write the company. Tell the company that you are taking away your permission for the company to take automatic payments out of your bank account. This is called "revoking authorization."
  2. Call and write your bank or credit union. Tell your bank that you have "revoked authorization" for the company to take automatic payments from your account. Some banks and credit unions may offer you an online form.
  3. Even if you have not revoked your authorization with the company, you can stop an automatic payment from being charged to your account by giving your bank a "stop payment order." This instructs your bank to stop allowing the company to take payments from your account.
    Here's how you can do a stop payment order:
     
    a. To stop the next scheduled payment, give your bank the stop payment order at least three business days before the payment is scheduled. You can give the order in person, over the phone or in writing.
    b. To stop future payments, you might have to send your bank the stop payment in writing. If your bank asks for a written order, make sure to provide it within 14 days of your oral notification.
     
    c. Be prepared to include a copy of your revocation to the company (see step 1) with your written stop payment order.
  4. Monitor your accounts. Tell your bank or credit union right away if you see a payment that you did not allow (authorize) or a payment that was made after you revoked authorization. Federal law gives you the right to dispute and get your money back for any unauthorized transfers from your account as long as you tell your bank in time.

Be aware that banks and credit unions commonly charge a fee for executing a stop payment order. Further, cancelling your automatic payment does not cancel your contract with the company. If you want to cancel a contract for a service, like cable or a gym, be sure to cancel your contract with the company as well as telling it to stop automatic payments. If you cancel an automatic payment on a loan, you still have to make payments on that loan.

 

If you are having a problem with a bank account or service or another financial product or service, submit a complaint to the CFPB at consumerfinance.gov/complaint or

855-411-2372. 

home_wood_construction.jpg
Construction Loans
Thinking of building that Dream Home? Old Mission Bank is ready to assist with your project. It's not too early to start planning what, where, and how much the cost of your new home will be. Old Mission Bank's construction loan is typically a 6 month term loan with interest only payments. This allows you to pay interest only on the money drawn for the building project. The terms of your end loan are preapproved up front, so upon completion you can quickly transfer the completed construction project to a pay out mortgage.

Old Mission Bank protects your project by following the Michigan Lien Laws and by requiring Title Insurance Endorsements on draws through out the construction project. Title Insurance protects your asset from property title liens by the recording of the Notice of Commencement, preparing a Sworn Statement, and providing Full and Partial Lien Waivers. Your home is one of your largest assets; insuring the title is a important as Hazard/Fire Insurance. Let us partner with you to protect your assets.

Contact one of Old Mission Bank's lending experts today at (906) 635-9910 to discuss your project so you can enjoy your dream home this year!
godly-enter-key.jpgAvoid Identity Theft; Learn How to Recognize Phishing Scams
Simply ask for it. That's the easiest way for an identity thief to steal your personal information.

Each day, people fall victim to phishing scams through emails, texts or phone calls or mistakenly turn over important data. In turn, cybercriminals try to use that data to file fraudulent tax returns or commit other crimes.

The Internal Revenue Service, state tax agencies and the tax industry -- all partners in the fight against identity theft -- urge you to learn to recognize and avoid phishing scams.

[...]It's called "phishing" because thieves attempt to lure you into the scam mainly through impersonations. The scam may claim to be from a friend, a company with whom you do business, a prize award -- anything to get you to open the email or text.

A good general rule: Don't give out personal information based on an unsolicited email request.

Click here to read a few basic tips to recognize and avoid a phishing e-mail.
What to Do When an IRS Letter Arrives in the Mail
The IRS mails millions of pieces of correspondence every year to taxpayers for a variety of reasons.

Below are some suggestions on how to best handle a letter or notice from the IRS:
  1. Do not panic. Simply responding will take care of most IRS letters and notices.
  2. Most IRS notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and provides specific instructions on what to do. Careful reading is essential.
  3. A notice may likely be about changes to a taxpayer's account, taxes owed or a payment request. Sometimes a notice may ask for more information about a specific issue or item on a tax return.
  4. If a notice indicates a changed or corrected tax return, review the information and compare it with your original return.
  5. There is usually no need to reply to a notice unless specifically instructed to do so, or to make a payment.
  6. Taxpayers must respond to a notice they do not agree with. Mail a letter explaining why there is a disagreement with the IRS. The address to mail the letter is on the contact stub at the bottom of the notice. Include information and documents for the IRS to consider and allow at least 30 days for a response.
  7. There is no need to call the IRS or make an appointment at a taxpayer assistance center for most notices. If a call seems necessary, use the phone number in the upper right-hand corner of the notice. Be sure to have a copy of the tax return and notice when calling.
  8. Always keep copies of any notices received with tax records.
  9. Be alert for tax scams. The IRS sends letters and notices by mail. The IRS does not contact people by email or social media to ask for personal or financial information. The IRS will not demand payment a certain way, such as prepaid debit or credit cards. Taxpayers have several payment options for taxes owed.

For more on this topic, visit IRS.gov.

In This Issue
Employee of the Quarter
Anna, CSR/Teller

Anna has been part of the Old Mission Bank team for 7 years. She was voted Employee of the Quarter for 4th Quarter 2016. She is described by her co-workers as reliable, dependable and always willing to go the extra mile. Anna and her husband, Tony, are involved in various community organizations to include: the Knights of Columbus, the Soo Blue Liners, Hospice and the Special Olympics. They were awarded "Family of the Year" in 2016 by the local council of the Knights of Columbus as a result of their time and dedication to the community.

 

Outside of work, Anna enjoys gardening, beekeeping, reading and spending time with her family.  

 

Kudos, Anna!

Employee of the Year - 2016
Jodi, CSR/Teller

Jodi has been part of the Old Mission Bank team for 14 years. She is one of two tellers that work at our Pickford Branch. Jodi has built an excellent rapport with her customers; some customers insist on speaking only with her! Jodi continues to be a dependable employee, always willing to work long hours during times of short-staffing.

 

Jodi and her husband of 26 years, Tom, settled in Pickford, MI 15 years ago. They have 3 children: Jaelinn, Jaykob, and Jeryn. Jodi loves to travel, cook, read and spend time with family.

 

Congratulations, Jodi!

Pack of Facts
Banging your head against a wall burns 150 calories an hour.

When hippos are upset, their sweat turns red.

A flock of crows is known as a murder.

"Facebook Addiction Disorder" is a mental disorder identified by psychologists.

The average woman uses her height in lipstick every 5 years.

Human saliva has a boiling point three times that of regular water.

If you lift a kangaroo's tail off the ground it can't hop.

Bananas are curved because they grow towards the sun.

Polar bears can eat as many as 86 penguins in a single sitting.

King Henry VIII slept with a gigantic axe beside him.

Movie trailers were originally shown after the movie, which is why they were called "trailers."

An eagle can kill a young deer and fly away with it.

Heart attacks are more likely to happen on a Monday.

In 2015, more people were killed from injuries caused by taking a selfie than by shark attacks.
  
  
  

  
Old Mission Bank
2701 I-75 Business Spur
Sault Ste. Marie MI 49783
Main Office: (906) 635-9910
Pickford Branch: (906) 647-9910