At Bank of Commerce, being your bank is a lot more than a place to keep your money. It’s helping you be smarter about your finances.
Below are short tips to help you learn about money and banking.
What’s a Debit Card?
Debit Card is an easy way to use the money in your Checking account. You can use your Debit Card to pay for purchases just about anywhere – gas stations, convenience stores, malls, online stores and more. The payment amount will come right out of your Checking account. The amount of money available on your Debit Card is the same as the balance in your Checking account.
What’s a PIN?
With your Debit Card, you will get a Personal Identification Number or “PIN”. Your PIN is entered when you use an ATM or make a purchase. Make sure you’re the only one who knows your PIN – this helps protect access to your money.
What’s the difference between a Debit Card and a Credit Card?
Your MyBOC account comes with a Debit Card. A Debit Card has the same available balance as your Checking account and doesn’t charge interest. You can’t spend any more money than you have in the account, which helps you avoid building unmanageable debt. And, since the money is coming right out of your Checking account, it doesn’t need to be paid back.
A Credit Card has a credit limit and usually charges interest and fees. You can continue spending with the Credit Card until you’ve reached the limit. The full amount you’ve spent must be paid back in monthly payments, with interest and any fees. Late payments can affect your credit history, and usually include high late fees. Be careful about building Credit Card debt – it can be very hard to pay back.
What do I do if I lose my Debit Card?
It’s very important that you report a lost Debit Card immediately, in order to protect your financial information from identity theft. If you can’t find your card during business hours, you can call the bank to report it. If you lose it after business hours, you can call 800.383.8000. Once it’s reported, we’ll delete your lost or stolen card and send you a replacement card, with a new card number, free of charge.
How do I know how much money I have in my account?
The easiest way to check your account balance is online, using free Mobile or Online Banking at www.mboc.com. You can also check your balance by calling our Customer Care Center at 800.421.2575.
Do I need to balance my Checking account?
Balancing your account means always knowing how much money is in your account, including any checks you’ve written that haven’t been deducted from your balance. If you need help with this, click HERE for BALANCE A CHECKBOOK. This will teach you how to keep track of your balance so you always know how much you have to spend.
What is Online Banking?
This is a free service that lets you manage your account any time, through the banks’ secure websites. You can check the balance of your account; view your recent transactions, transfer money and more.
How do I sign up for Online Banking?
You can sign up any time! To jump to Merchants Bank of Commerce please click here. Then, click the Enroll to sign up today.
What about Mobile Banking?
Access your online banking through your mobile phone.
What is Text Banking?
It’s a fast way to get account information on the go. Use it to check your accounts — just text a short command and get a reply in seconds.
Text this command:
Here’s what you get:
BAL or BAL<account nickname>
Receive account balance
HIST <account nickname>
Receive account history
XFER <from account nickname>
Transfer funds between accounts
Receive a list of contact points for information on text banking
Stop all text messages to the mobile device
Through simple and secure text queries, text banking is the fastest, easiest way for customers to see a snapshot of their accounts. While the service is free text messaging and Web access charges imposed by cell phone carriers may apply.
Does it cost money to use an ATM?
We don’t charge you to use one of our ATMs or to use another bank’s ATMs. However, if you use another bank’s ATM, they may charge you a fee. You have access to the MoneyPass® Surcharge free ATM network so you will not be charged when using an ATM in that network. An easy way to avoid a fee, and save a trip to the ATM, is to get cash back during a Debit Card purchase.
How do I add money to my account?
You can deposit cash or checks into your account using:
- payroll direct deposit
- some of our ATMs
- an Online Banking transfer from another account
- Our bank lobbies
- Our drive up windows
What’s the big deal about saving?
The easiest way to save up for something you’re buying or doing is to open up a Savings account. You can then transfer money from your Checking to your Savings account, so the money isn’t available for spending in your Checking account. If you sign up for CENTS-ABILITY savings, every debit card purchase will be rounded up to the next whole dollar and the difference automatically transferred to your savings. Once you decide you need to use the money you’ve saved up, it’s easy to transfer the amount you want right back into your Checking account.
What is an overdraft?
If you accidentally write a check for more than you have in your account, this will cause an overdraft, or a negative balance. Overdrafts will usually cost you a fee. Overdraft history is also part of your financial record, and too many can make it difficult for you to open accounts at other financial institutions. Steer clear of overdrafts and always know the balance in your account.
Should I worry about Identity Theft?
Everyone needs to take steps to protect their information from identity theft. For you, this means:
- Keep your Debit Card in a safe place, and make sure you always know where it is. Don’t share your Debit Card PIN with anyone, and don’t write it on your card. Don’t write your PIN on a piece of paper that you keep in your wallet. It’s only four numbers, so memorizing it should be easy.
- Keep your checks in a safe place – they have your personal and account information on them. If you lose your checks or Debit Card, report it to us immediately. We’ll probably want to close your account and give you a new account and Debit Card for your safety.
- Always log on to Online Banking from a trusted computer. If you walk away from the computer, be sure to log out of Online Banking. Shred any documents that have your personal and account information on them, rather than throwing them in the regular trash. Only use trusted bank ATMs and trusted online stores. When shopping online, make sure you’re on a secure site – the web URL will start with https or you should see a lock symbol on the lower right side of the screen.
- Keep your social security card and birth certificate in a safe place (definitely NOT in your wallet!).
At Merchants Bank of Commerce, being your bank is a lot more than a place to keep your money. It’s helping you be smarter about your finances.
Below are resources we have hand picked that will help you better manage and understand your finances.
Balance your Account
Follow these simple instructions and use this handy online form to successfully balance your account.
Use this online form to understand what goes into a budget and then quickly calculate a monthly budget.
This handy site is great for college planning, and it’s extremely useful at any age, since it offers tips for Elementary, Middle, High School and College years.
Credit Cards & Students
Start out money smart with these tips to use credit wisely.
Parents – this site is for you
You’ll find all kinds of information related to your child’s success – in school, financially, and after graduation.
Savings Goal Calculator
Use this quick calculator to determine how long it will take you to save toward your goal.
Show me the future
Play this futuristic game to find out if you can make the right choices in the ‘real’ world! Fill in fictional information about yourself and your highest level of school completed, and the game gives you an identity with a probable salary, which you get to move through life.
Teen Business Link
Interested in starting your own business? Find out all you need to know from the Small Business Administration (SBA).
Help with your Homework
With a library of over 2,400 videos covering everything from arithmetic to physics, finance to history, Khan Academy helps you learn whatever you want, whenever you want, at your own pace. And they have a complete section devoted to Banking and Money.
Go to http://khanacademy.org
Financial Education from the FDIC
The Federal Deposit Insurance Corporation (FDIC) has developed a special section on their website called Money Smart that is dedicated to helping people learn about finances. It is specially geared to people with no banking experience.
You Can Deal With It
You CAN make sense of the complicated world of student aid. Need to pay for college but don’t know where to begin? You’ve come to the right place. Student aid is available to help you cover school-related expenses. Take a few minutes and get to know the basics: