First Midwest Bank Loan Application – Writing checks is easy, with a little practice. When writing cheques, always use a blue or black ink pen and write neatly. Each time you write a check, you will fill in the following six fields:
If you have a job, chances are you get paid by check. To deposit the check, you must endorse it. That means you sign your name in ink on the back of the cheque. Sign your name as it is written on the cheque. If your name is spelled incorrectly, write your name correctly on the next line.
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Sign your name as it is written on the front of the cheque. Sign it when you are ready to cash it or deposit the money into your account. Once the check is signed on the back (endorsed), someone else can get your money if you lose the check.
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Do this when you want to give the money to someone else. Write “Pay with the order” and the person’s name below. Then sign your name below. Now only that person can cash the check. (See example.)
When you want your check to be very secure, such as when you mail it to your financial institution, use this type of endorsement. Write “For Deposit Only” and sign. Now the check can only be deposited in your account, not cashed. (See example.)
There are a few things you need to know about using checks. Here’s the first one, and it’s a big one:
Do not write checks for more money than you have in your account. You may have heard it called “bouncing a check,” or “writing a bad check.” The financial institution calls it non-sufficient funds (NSF).
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But…it’s easy to stop things from happening. Keep track of how much money you have in your checking account, and don’t write checks for more than that amount.
Don’t erase mistakes on a check. Write the check void and next to its number in the check book and tear the check, or correct the check and write your initials next to the mistake.
Don’t use a pencil, use a pen. People can erase the numbers when you write with a pencil. Always use a blue or black ink pen.
Keep all your checks in a safe place. Checks are money and can be stolen and used by others, just like cash. If your checks are ever lost or stolen, call your financial institution immediately!
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Keep track of your ATM withdrawals and debit card withdrawals – they add up quickly.
In this section we will talk about how to keep records. The first thing we’ll cover is how to reconcile your accounts. That means you’ll see how much you’ve deposited into your account, how much you’ve spent and how much you have left. To reconcile your account you do two things: First, look at your checking account and your statement together and compare them. Here’s how to get started.
Most of the time, your checkbook balance and statement won’t match. This is normal. This happens because of the outstanding checks we discussed earlier and any deposits you made after the statement was printed.
Your statement will include a reconciliation form (usually on the back). This is a form to help you resolve your account. Like every other form we’ve talked about, there are spots for you to fill in.
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If you think there is an error in your statement, please call us or write to us directly at the telephone number or address shown on the front of your statement.
You can deposit money and checks into your account in a variety of ways. When you are ready to deposit money at your financial institution, you must fill out a form called a deposit slip. You will find your deposit slips in your checkbook, behind the checks. They are under pressure on both sides. As with the checks and the checkbook, there are fields that you must complete. Use a pen to fill in the form. It is very important that you write neatly. These are the spots to fill on your deposit slip.
Your canceled checks may be in the envelope with your statement. You can get pictures or images of the checks you wrote, or a paper document or picture of a substitute check (go to page 11). These are the checks you have already written and cleared (paid out of your account) at your financial institution. Any checks you have written that have not cleared are called outstanding checks.
The purpose of your monthly statement is to provide you with information about your account activity each month. Here are the different sections:
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Remember, if there’s anything you don’t understand about your account, call the number you see on your statement to get your questions from your financial institution’s customer service.
A checking account helps you keep track of the money in your checking account. Here you write everything you do with your account. When you deposit or withdraw money, or when you use your ATM or debit card, write it directly in the checkbook.
When you write something in your checkbook, we record a transaction. So let’s look at a checkerboard and how it works.
Bad check: a check written when there are insufficient funds in the account. Also called a bounced check.
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Check 21: Federal legislation passed in 2004 that allows financial institutions to create and submit substitute checks from electronic images for processing.
Clearing Check: A check that has gone through the financial institution’s processing center and is listed on your monthly statement.
Debit Card: A card that can be used at an ATM or at a merchant. Unlike a credit card, the funds are deducted from your checking account.
Electronic Check: When you write a check to a merchant and the merchant sends the check back to you. The check is converted to an automatic withdrawal to your checking account.
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Endorsement: To sign your name on the back of a check to cash or deposit it.
Insufficient funds fee: The fee charged by a financial institution or financial business when a check does not clear.
Reconciliation: Once you have confirmed that your checkbook balance is the same as your financial institution’s balance for your account.
Statement: The documentation you receive each month from your financial institution that lists all activity on your account for the month.
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Transaction: When money goes into or out of your account. May include deposits, withdrawals, payments, fees, ATM transactions or transfers.
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You have not selected a banking location. Please select a location so we can provide accurate information about products available in your area. Chicago-based First Midwest Bank has bought Milwaukee-area commercial lender Park Bank for about $195 million, giving the Illinois bank’s scrappy presence in Wisconsin.
The purchase of parent company Park Bank Bankmanagers Corp. by First Midwest Bancorp Inc.
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“We like the Milwaukee Marketplace,” said Michael L. Scudder, chairman and chief executive officer of First Midwest, in an interview Wednesday after the announcement. “This is not trying to extend Chicago. This is trying to build on what we’re doing in Milwaukee, and we just think it’s a great market to be able to compete with and we have a great team to do it.”
As part of the deal, which is expected to close late this year or early 2020, David Werner, president and CEO of Park Bank, will serve as Milwaukee and Southeast Wisconsin market president for First Midwest.
First Midwest, a much larger institution than Park Bank with assets of $17.5 billion, brings new services and greater financial strength to Park’s customers now and in the future. Even if Milwaukee loses a good-sized bank’s corporate headquarters in the merger, First Midwest said it plans to expand — not shrink — community involvement in the Milwaukee area.
“We are part of the fabric of communities. That’s who we are as an institution,” said Mark G. Sander, president and chief operating officer of First Midwest. “If anything, I think our investment in Milwaukee will increase because we have more resources.”
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Established in 1985, Park Bank is known locally as a lender to small and medium-sized businesses. It is the 20th largest bank based in Wisconsin, according to data from the Federal Deposit Insurance Corp.
Park Bank has three branches – two in Milwaukee and one in Brookfield – and about 100 employees. In 2018, Park Bank posted a profit of $15.8 million, according to the FDIC.
First Midwest has more than 125 locations, with 2,200 employees, throughout Chicago, northwest Indiana, central and western Illinois, and eastern Iowa
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