AUTOMATED TELEPHONE BANKING
Oxford BANK VISA CHECK/ ATM CARD
HOME EQUITY LOANS
SAVINGS & MONEY MARKET (MMDA)
Q: What types of accounts do you offer?
A: We offer a wide variety of competitive checking, savings, money
market, certificates of deposit (CDs) and individual retirement
Q: What is a 1099 form and when can I expect to receive it?
A: A 1099-Int form is used by financial institutions to notify customers
the amount of earned interest reported to the Federal government.
If the amount of interest earned by a customer is less than $10, a
1099-Int form is not required. Banks are required to mail their
1099-Int forms to their customers by January 31st for interest paid
in the prior year.
Q: When do I receive a statement on my account?
A: Monthly statements are mailed to customers with checking, savings
and/or money market accounts. Statements on IRA's are sent
annually at year-end. Customers with certificates of deposits are
not sent statements, though they do receive a notice when interest
has been paid on their account or prior to the account maturing.
Customers with multiple accounts at Oxford Bank may be eligible
to receive a combined statement. This offers you the convenience of
getting all your account information at one time.
Q: How do I notify the Bank of a change of address?
A: You may contact your nearest branch.
Q: What should I do if my checkbook, deposit/withdrawal slips,
ATM/VISA Check Card or statement are lost or stolen?
A: You should notify us IMMEDIATELY by contacting your nearest
branch, or call 800-335-1064.
Q: How can I get a copy of a check (deposited item or
statement) on my account?
A: You may request a copy of a check (deposited item or statement)
by contacting your nearest branch.
Q: How can I order more checks (withdrawal or deposit slips)
for my account?
A: You may reorder supplies by contacting your nearest branch
or online using Oxford Bank's preferred provider Harland
AUTOMATED TELEPHONE BANKING <top>
Q: How can I reach a Representative?
A: Our Telephone Banking and Internet Banking Representatives can be
reached by contacting any one of our branches for assistance or
contacting us online.
Q: When can I reach a Representative?
A: See Banking Hours for branch location hours.
Q: What Telephone Banking services do you provide?
A: Our customers can transfer money between accounts, get balance
and transaction information, obtain rate and product information,
and get loan payment information. For more information, visit our
Telephone Banking page, stop in one of our branch locations.
Oxford BANK VISA CHECK/ ATM CARD <top>
Q: How does a VISA Check Card differ from a credit card?
A: A VISA Check Card withdraws money directly from your checking
account with no annual fees or finance charges, whereas a credit
card is a loan against a pre-determined line of credit.
Q: How does a VISA Check Card differ from an ATM card?
A: An ATM card can be used to withdraw money from an ATM or
purchase items at a merchant with a PIN pad, whereas a VISA
Check Card can be used exactly like an ATM card, but can also
be used anywhere credit cards are accepted. In addition, the daily
purchase limits are higher with a VISA Check Card (debit card).
Q: What are the benefits of using a VISA Check Card?
A: VISA Check Cards are accepted anywhere credit cards are
accepted, including online or placing orders over the phone.
There is no need to carry a checkbook or wait for check
approval. It is possible to receive cash back at a merchant
with a PIN pad. All of your withdrawals and purchases will
show up in detail on your bank statement.
Q: What does it cost to have a VISA Check Card?
A: VISA Check Cards (debit cards) are issued to customers free of
charge. While you may incur some fees for using your card at
non-Oxford Bank locations, you will not be charged a fee if you
use your card at an Oxford Bank ATM location or you use it to
purchase goods or services at a merchant location that accepts
Q: Can anyone with an ATM card upgrade to a VISA Check
A: A VISA Check Card must be associated with a checking account
and cannot be issued for savings accounts. A current customer
must be in good standing with Oxford Bank in order to upgrade
to a VISA Check Card.
Q: How can a VISA Check Card be used?
A: There are three ways to use a VISA Check Card:
Note: There is no ATM service charge to use any Oxford Bank
ATM if you are an Oxford Bank customer using an Oxford Bank
VISA or ATM card.
- To make purchases anywhere credit cards are accepted,
select the "credit" option; sign the receipt just as you
would when using a credit card;
the amount of the purchase will be deducted automatically
from your checking account.
- To receive cash back at the time of purchase
select the "check" option;
enter your PIN number;
select the amount of cash you would like back;
the amount of the purchase AND the amount of the cash
back will be deducted automatically from your checking
- To withdraw cash or make deposits at an ATM
use your VISA Check Card at more than 600,000 ATMs
worldwide by entering your PIN;
the withdrawal or deposit amount will be deducted or
added automatically to your checking account.
Q: After I have requested my VISA Check Card, when can I
expect to receive it?
A: VISA Check Card (debit cards) are usually received by customers
within 7-10 business days from the date of order.
Q: I just received my VISA Check Card and it says I need to
activate it. How do I do this?
A: For security reasons, we require that you activate your VISA Check
Card. Activation requires that you use your card just one time at
any ATM or merchant that processes transactions requiring a PIN
number. Once you do just one transaction with your PIN, your
VISA Check Card can then be used at any merchant location that
accepts credit cards.
Q: Should I sign the back of my VISA Check Card?
A: Yes. For your protection, never leave the signature panel on the
reverse side of your card blank. When a transaction is performed
at a merchant location, merchants will compare the signature on
the back of the card against the sales receipt. If you neglect to
sign your card and you should lose it, someone could find it and
sign it themselves, in which case the signature on the receipt would
match the signature on the card and the merchant would approve
the transaction. Also remember that cards are not valid until they
Q: I would like to change my Personal Identification Number
(PIN) on my ATM or VISA Check Card. What do I need to
A: Visit any of our branch locations to change your PIN number. Once
your new PIN number has been selected, you can use it immediately.
Q: What should I do if my ATM or VISA Check Card is not
A: Visit your nearest branch location.
Q: What should I do if I lose my ATM or VISA Check Card?
A: Notify us IMMEDIATELY so that we can restrict your card and protect
your account. You have the option of visiting your nearest branch
location or calling 800-335-1064.
Q: If I notice charges on my account for ATM or VISA Check
Card transactions that I do not recall performing, or they
are for an amount different than what I authorized,
what do I do?
A: If you notice erroneous charges on your account relating to ATM
or VISA Check Card transactions, you must notify us in writing
within 60 days from the statement date that the transactions
appeared. Upon receipt of written notification, we will promptly
investigate the matter. While our investigation could take
between 45-90 days to complete, we will ensure that a
temporary credit is issued to you within 10 business days while
Q: Can I have more than one ATM or VISA Check Card?
A: No. For your protection, we will issue you only one ATM or
VISA Check Card depending on the type of accounts you have
with Oxford Bank. However, if accounts are shared, each
customer can have their own ATM or VISA Check Card. If your
ATM or VISA Check Card should become damaged, please
contact us and we will promptly reissue you a new card.
Q: Are there any withdrawal or purchase limits associated
with my ATM or VISA Check Card or ATM card?
A: Each day, you may withdraw a maximum of $500 cash using your
VISA Check Card or $500 per day with your ATM card.
Additionally, with your VISA Check Card you can purchase up
to $2500 of merchandise at any merchant that accepts VISA.
Q: What types of checking accounts do you offer?
A: Oxford Bank has a variety of checking options to meet your needs.
For example: We offer both interest and non-interest bearing
accounts. Other options include checking accounts that use your
balances in other Oxford Bank accounts to offset charges, as well
as offer additional banking benefits and conveniences. We are
eager to help you select the account that's right for you. Visit
Checking Accounts or contact us.
Q: Can I earn interest on my checking account?
A: Oxford Bank offers a number of different checking accounts that
Q: What should I do if I lose a check or it is lost in the mail?
A: You should notify us IMMEDIATELY by contacting your nearest
Q: Do I get my checks back in my statement?
A: Oxford Bank offers many checking accounts that return your checks
with your statement.
Q: If I accidentally write a check and there is not enough
money in my account to cover it, what happens?
A: If a check is presented for payment against an
account with insufficient funds, the check will be returned,
unless there are funds in an Overdraft Protection line of credit
account or your account has Bounce Protection. An insufficient
funds charge may apply.
Q: How do I stop payment on a check or a pre-authorized
A: To place a stop payment, you may contact your nearest branch. A
stop payment fee will apply.
CREDIT CARDS <top>
Q: What type of credit cards can I apply for at Oxford Bank?
A: Oxford Bank offers a variety of credit card options through our
partnership with VISA and MasterCard. For more information about
the credit card services that Oxford Bank offers, stop by your
nearest Oxford Bank branch location or email us.
Q: Does Oxford Bank offer credit cards for small businesses?
A: Check with your Oxford Bank branch office to find out more about
Business Credit Card options for small businesses.
HOME EQUITY LOANS <top>
Q: How long does it take to get a home equity loan with Oxford
A: Oxford Bank strives to complete the entire home equity loan process
as quickly as possible. Generally speaking, it takes
approximately ten business days from start to finish. Your
experience may vary, depending on the complexity of your loan.
Q: What do I need to get started with applying for a home
A: Simply call the Oxford Bank Finance Center at 248-969-7222 to get
your application started. A knowledgeable customer service
representative will guide you through the application process and
work to get your loan approved and closed as quickly as possible.
Q: How do I calculate the available equity in my home?
A: Oxford Bank offers home equity loans and lines of credit up to 100%
of loan-to-value. To figure out how much equity you have, use the
Appraised Value $___________
Minus Outstanding Mortgage(s) - $___________
Equals available equity $___________
Q: What's the difference between a fixed rate, fixed term home
equity loan and a home equity line-of-credit?
A: A fixed rate, fixed term home equity loan is a specific dollar amount
borrowed for a specific period of time. The borrower cannot add on
to the loan and must repay the agreed upon monthly payment until
the loan is paid in full. A home equity credit line provides a revolving
source of funds for all your borrowing needs. With a credit line, you
may access and repay your credit line, up to its limit, however often
you wish, up to maturity.
Q: What types of auto loans are available at Oxford Bank?
A: Oxford Bank offers a variety of rates and terms on new and used car
loans. To apply for a car loan, please visit the Oxford Bank location
Q: What other loans can I find at Oxford Bank?
If you don't see a particular category for the loan you seek, please
contact your Oxford Bank branch.
A: Oxford Bank offers the following options:
Q: I want to buy my first home, but I am unsure what to do
A: There are several steps you should take:
- Look at your own financial situation. Establish a good credit
history by paying your bills by the due dates - including your
rent. Use credit sparingly and do not charge credit cards up to
the limit. Try to save money for a down payment and closing
costs. Oxford Bank has several first-time homebuyer programs
that need very little money down; however, you should always
have some cash in reserve to handle emergencies, moving
expenses, turning on utilities, etc.
- Decide how large of a house payment you feel comfortable
paying each month. This generally gives a good starting point
in pre-approving you for a mortgage.
- Make an appointment to visit an Oxford Bank loan representative for pre-approval consideration. We will be glad to analyze
your individual financial position, assist in determining your
maximum mortgage, and put you in the right direction for
Q: How long do I have to be on my job?
A: There is no mandatory time to be on a job. However, you must show
income stability to handle the future mortgage payments. In
underwriting a mortgage, emphasis is given to the last two years
with no gaps in employment over 30 days. If you are self-employed,
two year's tax returns should be available.
Q: What is a sales contract?
A: This is a legally-binding agreement between buyer and seller which,
when accepted by all parties, confirms the purchase price of the
property. Usually the buyer places a small amount of money in
deposit as good faith (called "earnest money"). Do not sign any sales
contract unless you have reviewed it carefully and perhaps even had
it reviewed by an attorney. A contract is often contingent upon many
things, such as mortgage loan approval, inspections of well and/or
septic systems, satisfactory building inspection and termite
inspection. You should make sure your rights are protected.
Q: Do I really need a building inspection?
A: If you are buying a new home, you will have warranties on the roof,
furnace, air conditioning, etc., and your own inspection of the home
may be sufficient. However, the older the home, the more that can
be wrong with it. Care should be taken to inspect the following:
- The foundation for cracks and leaks
- The roof should have 3 to 5 years of remaining life
- The plumbing should meet local code with no leaks
- The heat exchanger in a gas furnace should not be cracked
- The electrical service should be adequate
Q: What does the term "fixed-rate" versus "adjustable rate"
A: Fixed-rate mortgage has the same total principal and interest
payment (P&I) every month. In addition to that amount, a monthly
installment of taxes, insurance, and private mortgage insurance will
be added to create the total monthly mortgage payment. An
adjustable-rate mortgage allows the interest rate charged to go up
or down depending on market conditions. There are usually caps
placed on the rates to provide the borrower protection against the
rate going up too high. Because of the interest rate changes, the
principal and interest amount can change at certain intervals set
established in the mortgage. These loans tend to have a higher
rate of risk. You have the chance that the payment may go down,
but you have the same chance the payment may increase.
Q: With a fixed rate loan, can my payment ever change?
A: Yes, while the principal and interest stay the same, your taxes and
insurance paid monthly will change according to tax assessments
and increases in homeowner's insurance costs.
OVERDRAFT PROTECTION <top>
Q: What does Oxford Bank provide in the form of checking
account overdraft protection?
A: For peace-of-mind and the ultimate in convenience, Oxford Bank
offers checking account customers the opportunity to apply for
an Overdraft Protection line of credit. This credit line kicks in when
your checking account reaches a zero balance. It provides the
ability to write a check for more than your cash balance and the
opportunity to write your own loan check when and where you
need it most.
Oxford Bank also offers Bounce Protection which is an
overdraft privilege requiring no action on your part.
With no paperwork to sign, your Bounce Protection will be
automatically assigned. As long as you maintain your account
in good standing (defined as making regular deposits and bringing
your account to a positive balance at least once every 30 days),
Oxford Bank may honor overdrafts up to the Bounce Protection
limit on your account. The bank's normal non-sufficient funds
(NSF) fee of $30 for each transaction will be deducted from your
limit. You will receive an overdraft notice in the mail each time
overdraft items are paid.
SAVINGS & MONEY MARKET (MMDA) <top>
Q: What savings accounts do you offer?
A: Oxford Bank offers a variety of ways for you to invest and watch
your money grow.
Q: How much do I need to open an account?
A: Savings accounts can be opened with as little as $25 and money
money market deposit accounts can be opened with a minimum of
Design Note: ("Savings" links to Savings Account page and "money market
deposit accounts" links to its corresponding web page.)
Q: Can I write checks on my savings account?
A: If you are looking for the convenience of writing checks against a
savings account, a money market deposit account has limited check
Q: Are there any restrictions to how many transactions I can
make on my money market account?
A: Federal regulations limit you to six transfers per month, of which
only three may be payments made by check or electronic card
transfer (point-of-sale) to a third party. In-branch and ATM
transactions are unlimited.
Q: Can I have an ATM or VISA Check Card with a savings account?
A: Only ATM cards may be issued to a customer with a savings account.