FAQs Archive - Page 3 of 3 - McMinnville Area Chamber of Commerce

Q: Where can I find information about First Federal's business banking options?

You can visit our website at www.FirstFedWeb.com , stop by one of our six branches in Yamhill County, or give us a call at 888-317-8333.

Q: How do I select the right business banking account(s) for my business?

Business banking can be a bit different than your personal banking. You’ll find that many of the needs are similar, they just serve a different purpose. It is important to write down your list of must-haves in order to do business with a banking institution. Here are some things to consider: Fraud Protection: This is an absolute must. In the event of an account breach, theft, or unauthorized charges how quickly will the bank be able to act? Check Signing Authorization: If your business includes a partner or staff members, will your business checks require one signature or two? Make these decisions before opening your account and you’ll avoid the headaches of making changes later. Minimum Monthly Balance: You’ll want to ensure you can maintain the minimum daily or monthly balance in your business accounts. Some business accounts offer monthly fee waivers if the account balance stays above a specific amount every month. Fees: Every banking institution has different fees, and some don’t offer any type of incentive or option to waive them. Account Services: Don’t forget to consider what additional services might the banking institution offer, such as mobile and online capabilities, foreign currency exchange, ordering checks, and digital statements. Reputation: Take the time to check out positive, negative, and neutral reviews online. Negative reviews do not always mean it’s a bad bank, just a bad situation. Do not feel pressured to open an account with the first bank you sit down with. Explore your options with both large and small financial institutions. Some smaller banks may offer more options and better incentives. Their size may also allow them to have better safety protocols in place.

Q: What is Mobile Deposit?

Mobile deposit is a convenient feature that makes it simple to quickly and securely deposit checks using your smartphone or tablet. You just take a photo of the front and back of your check and follow the instructions you see on-screen.

Q: What can I do to keep my business banking information secure?

There are several things you can do to protect your identification and password. Make your passwords long, strong and complex. That means at least twelve characters, with uppercase and lowercase letters, numbers, and symbols. Avoid common words, phrases or information. Do not open emails or click links from unknown senders. Double check that no one is watching when you enter your username and password. Try to memorize your username and password rather than writing them down. If you do write down your username and password, store that document in a secure place. Do not share your username and/or password with others. Report any unusual account activity immediately. Do not give your information to anyone requesting it over the phone unless you have initiated the call. Always log out of the system when you are done.

Q: Why should I choose a Community Bank?

Community banks are depository financial institutions that focus on the needs of families and small businesses in their communities. They are integral to local economies through their community giving, dedication as good neighbors, and above all, their critical role in providing reliable financial services to Oregonians. Community banks, particularly through lending to small businesses, play a significant role in local economic development efforts and job creation. They help build the communities they also call home.