Ask A Banker Videos
See our bankers in action as they talk about specific products and services offered by Waukesha State Bank!
What is the difference between a HELOC and a Home Equity Loan?
Presented by: Kaleena Frankulin, Personal Banker - Downtown Waukesha Office, NMLS #1668994
The biggest difference between a Home Equity Line of Credit and a Home Loan is how you access the funds. So a HELOC works as a credit card, where you get up to a certain dollar amount and you can draw off of it as you need it. The home loan, on the other hand, you get all of the money up front and you pay it back in installments over a set period of time, like 5, 10 or 15 years. The HELOC does have a variable interest rate so it could change based on the market. The home loan does have a fixed rate throughout the whole length of the loan. So ask yourself what you're using them for. The HELOC would be good if you don't know the certain dollar amount, such as a remodeling project that you have multiple of. The home loan, on the other hand, if you know a certain dollar amount, like a college fund for a child or a debt consolidation, I would go with that route.
What is a HELOC? How can I use it?
Presented by: Gerry Benton, Bank Manager - Meadowbrook Rd. Office, NMLS #1151292
Your home is an investment. A Home Equity Line of Credit allows you to access those funds for literally anything you might need. Some examples are a home remodeling project, a new car, or education expenses. HELOCs are great for when you don't know how much you're going to need, when you don't want to take out of savings, or for emergencies, like when your water heater or furnace breaks down. Much like a credit card, you can use it, pay it down and use it again. We offer competitive rates because your home is a great source of collateral. Take advantage of your investment today.
What is an ACH?
Presented by: Matthew Fischer, Personal Banker - E. Main St. Office, NMLS #2137050
When it comes to banking, ACH stands for Automated Clearing House, which is a network that coordinates electronic payments and automated money transfers. ACH processing is the electronic payment method used to transfer funds between savings and checking accounts.
Some examples of ACH transactions you might be aware of are:
- Vendor payments made by businesses
- Bank-to-bank transfers
- Recurring bill payments
- Direct deposits from your employer
What is CardValet?
Presented by: Amanda Gosseck, Teller Supervisor / Personal Banker - New Berlin Office, NMLS #1770948
CardValet is an easy-to-use mobile app that gives you control. You can control your Waukesha State Bank debit card by setting up up to three locations, such as home, work or school, to limit where your transactions can take place. You can also set a radius for each of those locations. You're in control with CardValet. You can even control your spending by setting up limits for transaction dollar amounts, whether it's $10 per transaction, or $100. Receive as many or as little alerts as you'd like. You can set up CardValet to get notifications on all debit card transactions, or just the ones you want. Want to know when you're debit card is used online? Set a notification. You have the control with CardValet.
What Would I Keep in a Safe Deposit Box and Why?
Presented by: Lorena Graterol-Jordan, Teller Supervisor / Personal Banker - Menomonee Falls Office, NMLS# 2052541
Video Transcript: Renting a Safe Deposit Box can give you peace of mind when it comes to keeping your items protected as they are a secure, private and cost effective way to store essential records, documents or other valuables that would be difficult or expensive to replace. A Safe Deposit Box is a contained metal box that is stored in the most secure area of the bank, and is essential for storing items like birth and death certificates, social security cards, passports, legal documents, wills, and much more. We have many sizes to accommodate your items and specific needs at various locations throughout Waukesha County. Call or visit your local office today to find out more!
What is a Certificate of Deposit?
Presented by: Mark Schreiber, Personal Banker - W. Sunset Dr. Office, NMLS # 1476183
Video Transcript: One of the products we offer is a Certificate of Deposit, or CD. By agreeing to leave your funds untouched for a specific amount of time, you earn a higher interest rate. The longer you agree to leave your money in, the higher your rate. You can choose as little as 30 days, or as long as 7 years. You can also open one for as little as $500. You can make any changes to your CD up to 9 days after maturity without any penalties, otherwise an early withdrawal fee applies. So if you're looking for an account with a guaranteed rate of return, you might consider CDs.
What is a Bridge Loan?
Presented by: Scott Hart, Senior Sales Manager, NMLS #: 526247
Video Transcript: A bridge loan simply liquidates the equity of your current home to use as a down payment towards the purchase or construction of your next home. Although not all bridge loans are created equal. At Waukesha State Bank, we have structured our program to tap into 90% of the appraised value of your home. And then after closing, you’ll make interest-only payments, making the transition into your next home much easier on your monthly budget.
What is an SBA Loan? What makes it a good choice for a small business owner?
Presented by: Mike “Big Mike” Danielson, Assistant Vice President - Commercial Banking Officer
Video Transcript: SBA Loans, to me, are awesome, and the reason why is it helps a lot of new business owners. I personally do a lot of SBA lending where people are buying a business that’s for sale, or maybe they’re starting a business from scratch.
What makes SBA unique is you can borrow your entire budget to both – let’s say in an acquisition – to buy the business and to also have your piggy bank of operating capital along the way. SBA lending really is a lot like other lending, the structure is a little different, but what it does is it gives the bank some extra assurance in the event that something goes wrong.
When you’re starting a business, a lot of it’s based on an estimated, or estimates or projections we call it, which is basically an educated guess as it what it’s going to do. When you’re buying a business that’s already existing, you can look at historically how it has done, and you can gauge the aptitude of the buyer, but there is no guarantee that they’re going to make it work out exactly the same, so there is a little bit of unknown. SBA will allow you to do – to lend against that with projections, which again is an educated guess of how you think it’s going to do. It will also cover any collateral coverage, or shortfalls in collateral, that you may have. When you’re buying a business from someone, a lot of the value of the business is that business owner’s blood, sweat and tears, which we can’t put a price on to pledge as collateral for a loan, so the SBA program allows banks to lend in situations where there is a shortfall of collateral.
So for those two reasons, SBA financing is wonderful for acquiring businesses, as well as starting new businesses from scratch.