You've Got Questions? We've Got Answers.
Below you will find a host of commonly asked questions and answers sorted by category. If you can’t find what you’re looking for, please give us a call at (360) 754-3400 or Contact Customer Service.
How long does it take to have funds available after I deposit a check with mobile check deposit?
Checks deposited before 4 p.m. PST will be available at midnight that day. Checks deposited after 4 p.m. will not be available until midnight the following day.
How do I turn off my multi-factor authentication questions?
In order to best protect your personal information, you can’t turn off your multi-factor authentication questions, but you can change the questions you would like to have asked. Log into your online banking and click on Profile.
What do I need to write on my check to have it accepted in mobile check deposit?
Endorse the check with your signature and write “For OlyFed Mobile Deposit Only”
What is the daily limit on depositing through mobile check deposit?
$5,000 a day.
Do you have limits on online transfers?
Transfers from savings and money market accounts to another account or to third parties by preauthorized, automatic, telephone, or computer transfer or by check, draft, debit card or similar order to third parties are limited to six per statement cycle.
Transfers from checking accounts are unlimited.
Can I reset my password?
Yes, you can change your password in online banking under Profile or click “Forgot Password” and you will be prompted to answer security questions and choose a new password.
Can I change my address online?
You can request an address change by emailing firstname.lastname@example.org and we will mail you an address change form to sign. Email addresses can be changed in online banking under Profile.
How do I turn Touch ID on for OlyFed Mobile?
Log into your mobile app and go to “More”. You will be able to enable Touch ID there.
Do you offer text banking?
Yes, you can access transaction history, balances, branch locations and ATM locations. Sign up for text banking in your online banking under Profile.
How many months of eStatements are available to me for review in online banking?
eStatements start when you sign up for them and will continue to be available online for five years. If you need copies of statements, any branch can get you copies.
What do I need to enroll in Online Banking?
You will need your:
- Social security number or Tax ID number
- Email address
- One of your account numbers
Why is the amount in “pending activity” on Online Banking higher than the amount I signed for when using my debit card?
Some merchants may estimate your final bill and request authorization for this higher amount. The authorization will reduce your available balance until the final transaction from the merchant is processed (typically 2-3 days).
Can I use Online Banking to setup alerts to notify me about account activity?
Yes, you may select to receive email and mobile text alerts for your accounts under “Alerts” in Online Banking.
Why did I get locked out of Online Banking?
For your security, access may become locked for any of the following:
- Incorrect password
- Incorrect answers to security questions
How do I enroll in paperless statements in Online Banking?
Log into on Online Banking and click on the account you would like to enroll in eStatements. Click on “Documents” to enroll. Make sure you have Adobe Acrobat Reader.
How do I update my contact information?
Contact any of the branches to update your information such as address, phone number and email address.
Can I make multiple payments at once in bill pay?
Yes, in the payment center, you can pay as many bills as you need in one session.
How do I transfer funds from another bank?
OlyFed offers External Transfer which allows you to transfer to and from other banks, credit unions and brokerage firms.
In Online Banking, navigate to the Transfer screen and launch External Transfer. Set up your accounts at other banks and transfer between them easy and efficiently.
What should I do with my check after I enter it through mobile deposit capture?
We recommend keeping your check for 45 days to ensure that the check clears successfully.
Can I download transactions into Money Management programs?
Absolutely, log into Online Banking, click on the account you want to download and click the heading “Download”. We are compatible with Microsoft Money, QuickBooks 2005 & newer and Quicken 2005 & newer.
Is there a limit to the amount of money you can send through POPMoney?
Limits for payments are as follows:
- Daily Limits: $1,000
- Monthly Limits: $4,000
- Daily Limits: $500
- Monthly Limits: $4,000
- Number of transactions a day: 15
- Number of transactions a month: 30
- Minimum transaction amount: $5.00
- Under $250: Free
- Over $250 3 Day: $1.00
- Over $250 Next Day: $2.00
How to I order checks for my account?
Re-ordering checks is a breeze at OlyFed. Enjoy multiple options for re-ordering checks, deposit slips and accessories. Re-order your checks online, in person at your nearest branch or by calling (360) 754-3400. If ordering online, log into online banking, mouse over the Accounts Tab and navigate to a Checking, Savings or Money Market account and select Re-Order Checks.
Do you have a free checking account?
Yes, we have three free checking accounts. Our Freestyle and Journey accounts offer a host of features, benefits and banking options for today’s on-the-go lifestyle. We also offer our free Jump Start checking account for youth under the age of 19.
Is the money in my checking account insured?
Yes, all checking accounts are insured by the FDIC up to $250,000.
How do I choose the best checking account for me?
Our personable, caring and knowledgeable bankers are here to help you decide what account will work best for your financial needs and lifestyle. Or visit our Checking page which provides a helpful comparison chart, which also outlines the features and benefits of each account.
How do I view my checking account activity?
Our mobile and online banking systems provide accurate and up-to-date information on all your account activity. Sign up for online banking today.
How can I add a signer on my account?
You can add a signer to any of your accounts by visiting any of our convenient branch locations and having one of our helpful bankers assist you in adding this person to your account. Please be sure the person you are adding brings with them a government id, along with their social security number.
Is there an easy way to transfer my accounts to OlyFed?
Switching to OlyFed has never been easier with ClickSWITCH, which allows you to digitally transfer your direct deposits and automatic payments in just a few minutes with just a few clicks of your mouse.
Where is my routing number on my check?
At the bottom of your check, you will see three groups of numbers. The first group is your routing number, the second is your account number and the third is your check number.
Do you offer overdraft protection?
Yes, this service is available to customers to help cover checks or electronic funds transfers that may clear against an insufficient balance in their checking account. This service directly ties a checking account to a savings, money market or second checking account. OlyFed does not charge a fee to set up this service. There is a $5 fee per Overdraft Protection transfer.
How do I stop payment on a check?
To place a stop payment on a check or an ACH debit transaction, call or visit your local branch. You can also initiate stop payments through online banking.
Do you offer Safe Deposit Boxes?
Yes, we offer Safe Deposit Boxes to customers and non-customers alike. The boxes are located in every branch. Sizes and availability may vary from branch to branch. Customers are billed yearly on June 1st for their rental.
Do you offer wire transfers and what are the limits?
Yes, this is an electronic transfer of funds from one financial institution to another. Initiated by the customer from the sending institution, a wire transfer is a quick, safe way to transfer funds between institutions. See account fees for more details.
Do you offer money orders and what are the limits?
A money order is a safe way for you to pay for things when cash is not accepted for a purchase. A Money Order is also a safe way for customers to send money through the mail. They can be cashed and deposited as a check, and, money order’s can make the payment process safer and more secure. Customers receive unlimited Money Order per day. Money Orders are limited to $2,500.
Do you have a night deposit drop?
Yes, each branch has a night deposit that is available for your use. The night deposit allows you to make deposits after-hours that will be credited to your account on the follow business day. Receipts are mailed for every deposit made to the night deposit. OlyFed does not charge a fee for this service.
Do you provide Notary Service?
Yes, this service is provided free of charge to our customers only. Notarization is a written statement, or certification, in which the Notary Public has positively identified the party or parties who signed the document.
Where are your ATMs located?
OlyFed has ATM’s at all 8 of its branch location; however, and more importantly, we are part of the ATM Money Pass Network, which provides our customers with access to more than 33,000 surcharge free ATM’s nationwide.
What is an Association Bank Check?
An Association Check, is issued and guaranteed by the bank. When a checking account holder obtains a bank check, the bank removes the specific amount of money from the payers account and moves it into a separate account. Since the money is taken directly from the payer’s account and set aside for the recipient, a bank check cannot bounce. Bank checks have no dollar limit and are available only to OlyFed customers.
What is OlyFed’s routing number?
Do you offer customized repayment plans?
Your loan officer will work closely with you to help you find a loan program that has a repayment plan to fit your budget.
Do you offer loan modifications?
Yes. Please contact one of our loan officers at (360) 754-3400 to get the process started.
What is a Portfolio Lender?
A portfolio lender is a bank that originates mortgage loans and holds them for the life of the loan instead of selling them in the secondary market. OlyFed is a portfolio lender.
What things do I need to provide to get pre-qualified for a home loan?
The following items are needed to start the pre-qualification process for your loan:
–Social Security Number for all borrowers who are listed on the mortgage loan.
–Date of Birth for all borrowers who are listed on the mortgage loan.
–Address information for current and previous two years. If renting, we will also need a name, address and phone number for the landlord.
-Employment Information including employer’s name, mailing address and phone number for the last two years.
-Proof of Income to include one month of paystubs and two years of W2s for all borrowers who are listed on the mortgage loan.
If you are self-employed, you will be asked to provide two years of tax returns. Approximate Total Debt and Minimum Payment Amounts.
What is the Fair Lending Act?
The Fair Housing Act (FHA) and the Equal Credit Opportunity Act (ECOA) protect consumers by prohibiting unfair and discriminatory practices.
FHA prohibits discrimination in residential real estate related transactions based on race or color, national origin, religion, sex, familial status, handicap.
ECOA prohibits discrimination in credit transactions race or color, national origin, religion, sex, marital status, age, applicant’s receipt of Income from a public assistance program, or whether a person exercises rights granted under the Consumer Credit Protection Act for any credit transaction and through the life of the loan.
When will you perform a credit check?
Yes, a credit check will be performed as part of our underwriting process.
What is the difference between the interest rate and annual percentage rate?
The interest rate is the cost of borrowing the principal loan amount. The annual percentage rate is a broader measure that factors in the fees charged by the lender.
Are their special deals for first-time home buyers?
We offer discounted interest rates and fees for first time home buyers. For details, please speak with one of our knowledgeable and caring loan officers by calling (360) 754-3400.
How much of down payment is required on a home loan?
We have many different loan programs available, some of them requiring as little as 3% down.
Do you offer down payment assistant programs?
No; however, we do offer an Affordable Home Buyer Program. This is a special loan program for potential borrowers with earnings at 80% or less of the median income levels in Thurston and Mason counties.
Applicants can borrow up to 97%* of the purchase price of a home and all but $1,000 of the down payment may come from a family gift or down payment assistance program. In addition, seller paid closing cost is allowed.
Borrowers who qualify for this program receive a discounted interest rate based on current market rates. In addition, qualifying borrowers also receive a reduced loan origination fee, from the typical 1% to a flat fee of $800.00.
All of these special incentives and discounts combine to help reduce the out-of-pocket expenses for the borrower, while also lowering their overall monthly payment.
It’s important to note that this program is for purchases or non-cash out refinancing. If a borrower is refinancing they need to have owned their home for a minimum of 24 months. The maximum loan amount for this program is $260,000.
*Subject to approval. Loans with less than 20% down will require Private Mortgage Insurance (PMI). OlyFed has negotiated a discounted PMI premium for qualifying borrowers to help further lower their monthly payment.
What are origination fees?
An origination fee is a fee charged by a lender on entering into a loan agreement to help cover the cost of processing the loan.
Is there a prepayment penalty?
There are no prepayment penalties on our mortgage or close-ended home equity loans. We do charge an early termination fee of $250 on our Home Equity Lines of Credit if the line of credit is closed within the first three years.
How do I determine my monthly payment?
Your monthly principal and interest payment is based on the loan amount and the term of the loan.
What are the costs I'll need to pay at closing?
Your closing costs may include loan origination fees, appraisal fees, title searches, title insurance, surveys, taxes, recording fees and credit report charges.
What loan programs to you offer?
We currently offer a variety of Home Loans at a term of 15, 20 or 30 years for purchases, refinances and construction for both owner-occupied and investment properties; a variety of options for home equity loans and lines of credit; lot loans; speculative loans. We also offer an affordable home loan program and a first time home buyer program.
Do you guarantee on-time closings?
We work closely with our customers, loan officers and real estate agents to be able to meet all of their expectations for closing dates.
What is LTV?
LTV stands for loan to value. It is a ratio that is calculated by taking the loan amount and dividing it by the value of the home. This is how we determine how much equity you have in your home.
What is the difference between fixed and adjustable rate mortgages?
A fixed rate mortgage has an interest rate that will remain the same throughout the life of the loan.
An adjustable rate mortgage loan has an interest rate that can change throughout the life of the loan. Sometimes the adjustment will occur one time and other times it could occur multiple occasions throughout the life of the loan. Often times, adjustments will be dependent on market conditions at the time that the adjustment is made.
What does it mean when people pay for points to decrease their interest rate?
Mortgage points, also known as discount points, are fees paid directly to the lender at closing in exchange for a reduced interest rate. Olyfed does not have a program in place to allow borrowers to purchase points.
How do you get a permit to build?
In order to get a building permit, you will need to file a permit application with the city planning department in the municipality where the project will occur. Most applications will also require that you submit drawn plans showing the work that is to be done and pay a permit fee.
Do you offer a mortgage checklist?
Yes. Please download our checklist PDF. If you have questions, call (360) 754-3400 to speak with one of our knowledgeable and non-commissioned loan officers.
What is mortgage insurance?
Private Mortgage Insurance (PMI) is a type of insurance you may be required to pay when you take out a home loan and make a down payment less than 20%. The insurance protects the lender for at least some of the shortfall if the home is sold in foreclosure for less than the outstanding amount of the mortgage.
What are my total fees and when will I have to pay them?
The total fees that you will pay will vary depending on the loan program that you choose and the loan amount.
How long does the loan process usually take?
Typically the loan process will take approximately 30 days. We have an amazing loan team in place to be able to meet your deadline.
Can I manage my own construction project without hiring a contractor?
Yes, you can manage your own construction project. Our Loan Officers can help guide you through the construction loan process to help prepare you to be your own construction project manager.
Our BUILT application tool provides real-time collaboration with OlyFed for faster draws and simple budgeting. By eliminating paper, email threads and multiple calls, this web-based system can help you stay on-budget and on-time.
Do you offer a business online banking tool?
Yes, we do! Our current online banking system is driven by the Tax ID number associated with your account. Per your request, we can set up your online banking to show both your business and personal accounts, if you are the sole owner of that entity. We are currently in the process of developing a new online banking platform that we anticipate going live later this Spring. Stay tuned for more detail!
What do I need to open a business account?
The PDF document outlines all the information and paperwork you will need to bring with you to open your business account. You can also call or email us if you have any specific questions.
Do you have a checking account for non-profits?
Yes, our Outreach Checking account is specifically designed for our local non-profit organizations, neighborhood associations, churches, special interest groups, service clubs and professional associations.
Are there pre-payment penalties on your loans? What about term length and amortization?
We know all businesses have unique needs, which is why all terms and conditions with our loans are negotiated directly with Business Banking specialists. It’s just another example of the power of banking local.
Do you offer business credit cards?
Yes, we partner with Elan Financial Services to provide you with a wide variety of business credit card options, which provide you with the rewards and flexibility to meet your goals, needs and strategies. Click here for our online application.
Do you offer Business Savings or Money Market options?
Yes, we offer both Business Savings accounts as well as a Premium Money Market accounts for business customers. These accounts provide security for your reserve funds, while providing both a competitive interest rate and the flexibility you need to access your money on short notice.
Do you offer a Health Savings Account (HSA) to help my employees with their high deductible health plans?
Yes, we offer a no fee Health Savings Account (HSA) that provides a tax free way to save and pay for qualified medical expenses. This account even provides a competitive interest rate and its own debit card for ease and convenience of payments.
Do you have the ability to export my online banking information to Quickbooks?
Yes, please contact our digital banking team at (360) 754-3400 or email@example.com so they can help get you set up.
Do you offer payroll solutions?
At this time, we have not identified a provider that fits all our unique business needs in the payroll department. We have referred customers to national providers such as ADP and Paychex; cloud-based providers such as Gusto, Onpay and Paylocity. You may also want to check with some of your local CPA and bookkeeping services in your area, as many of them also provide these services for small businesses.
Do you lend to small businesses? Are you an SBA approved lender?
Yes, we offer all types of business loans to someone who is operating their business in Thurston and Mason Counties. Give us a call at (360) 754-3400 so that we can learn more about how we might be able to partner together help you achieve your unique goals. We are here to help and adept at both the SBA 7(a) and SBA504 programs.
Can you help me buy real estate for my business to occupy?
Yes, we can help with that, give Carrie Whisler a call at (360) 754-3400.
I would like to own commercial real estate as an investment, can you help me?
Yes, we can help with that, give Ken Pekola a call at (360) 754-3400.
I need to accept credit cards at my business and also when I’m out of the office, can you provide a solution?
Yes, we are partnered with Elavon Merchant Services, to provide a comprehensive suite user-friendly payment systems to efficiently manage your transactions and cash flow. Please contact one of our Universal Bankers to get started.